Cimpress : Q3 2021 Financial and Operating Metrics

April 28, 2021 at 04:09 pm EDT

Statement of Income and Margin


Consolidated Statement of Income and Margin Metrics1 In $ thousands, except share count and per share data
FY 2004	FY 2005	FY 2006	FY 2007	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	Q1 16	Q2 16	Q3 16	Q4 16	FY 2016	Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19	Q2 19	Q3 19	Q4 19	FY 2019	Q1 20	Q2 20	Q3 20	Q4 20	FY 2020	Q1 21	Q2 21	Q3 21	FY 2021
STATEMENT OF INCOME:	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	(Sep 15)	(Dec 15)	(Mar 16)	(Jun 16)	Total	(Sep 16)	(Dec 16)	(Mar 17)	(Jun 17)	Total	(Sep 17)	(Dec 17)	(Mar 18)	(Jun 18)	Total	(Sep 18)	(Dec 18)	(Mar 19)	(Jun 19)	Total	(Sep 19)	(Dec 19)	(Mar 20)	(Jun 20)	Total	(Sep 20)	(Dec 20)	(Mar 21)	YTD
Revenue	$58,784	$90,885	$152,149	$255,933	$400,657	$515,826	$670,035	$817,009	$1,020,269	$1,167,478	$1,270,236	$1,494,206	$375,748	$496,274	$436,817	$479,205	$1,788,044	$443,713	$576,851	$550,585	$564,256	$2,135,405	$563,284	$762,054	$636,069	$631,134	$2,592,541	$588,981	$825,567	$661,814	$674,714	$2,751,076	$633,959	$820,333	$597,960	$429,106	$2,481,358	$586,500	$786,145	$578,851	$1,951,496
Cost of revenue5	23,837	36,528	49,858	89,971	154,122	191,944	240,195	287,806	355,205	400,293	451,093	568,572	157,170	197,462	196,911	222,097	773,640	213,050	276,366	268,482	279,077	1,036,975	283,755	360,285	319,209	316,550	1,279,799	302,471	411,496	342,700	344,677	1,401,344	325,665	394,018	309,598	219,590	1,248,871	298,844	385,979	302,022	986,845
Gross profit	34,947	54,357	102,291	165,962	246,535	323,882	429,840	529,203	665,064	767,185	819,143	925,634	218,578	298,812	239,906	257,108	1,014,404	230,663	300,485	282,103	285,179	1,098,430	279,529	401,769	316,860	314,584	1,312,742	286,510	414,071	319,114	330,037	1,349,732	308,294	426,315	288,362	209,516	1,232,487	287,656	400,166	276,829	964,651
Technology and development expense5	8,515	10,839	15,628	27,176	44,828	60,921	78,387	93,626	129,162	164,859	176,344	186,770	48,513	49,424	54,597	57,546	210,080	59,010	56,282	63,236	64,702	243,230	62,103	59,228	61,267	63,160	245,758	58,178	56,707	59,656	62,256	236,797	63,167	64,427	67,693	57,965	253,252	58,489	65,036	62,572	186,097
Marketing and selling expense5	19,138	32,372	51,174	87,887	127,975	159,143	216,574	271,838	375,538	446,116	440,311	472,079	114,714	135,426	124,655	133,707	508,502	132,668	151,358	167,284	159,622	610,932	166,093	200,785	179,591	168,185	714,654	181,673	210,661	170,202	151,327	713,863	160,917	173,336	148,803	90,985	574,041	138,150	182,322	154,472	474,944
General and administrative expense5	3,968	5,813	16,624	23,694	32,572	42,236	58,031	70,659	105,190	110,086	116,574	142,996	33,281	36,655	36,532	39,376	145,844	56,580	48,161	45,730	57,098	207,569	38,778	44,988	44,103	49,089	176,958	41,176	40,216	37,753	43,507	162,652	43,623	51,910	45,148	42,373	183,054	41,812	42,979	62,358	147,149
Loss on contract termination	-	21,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of acquired intangibles3	-	-	-	-	-	-	-	-	-	-	-	24,263	9,714	9,588	10,812	10,449	40,563	10,213	9,879	13,450	12,603	46,145	12,633	12,558	12,941	11,749	49,881	11,301	14,846	14,022	13,087	53,256	13,018	13,150	12,693	12,925	51,786	13,305	13,453	13,506	40,264
Restructuring expense5	-	-	-	-	-	-	-	-	-	-	-	3,202	271	110	-	-	381	-	1,100	24,790	810	26,700	854	11,501	2,331	550	15,236	170	1,026	7,866	2,992	12,054	2,190	1,897	919	8,537	13,543	(86)	2,182	(382)	1,714
Gain on sale of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(47,545)	-	-	-	(47,545)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of goodwill and acquired intangible assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30,841	-	30,841	-	-	9,556	-	9,556	-	-	-	-	-	-	-	-	7,503	7,503	-	-	100,842	-	100,842	-	-	-	-
Total costs and expenses (incl. cost of revenue)	55,458	106,552	133,284	228,728	359,497	454,244	593,187	723,929	965,095	1,121,354	1,184,322	1,397,882	363,663	428,665	454,348	463,175	1,709,851	471,521	543,146	592,528	573,912	2,181,107	516,671	689,345	619,442	609,283	2,434,741	594,969	734,952	632,199	625,349	2,587,469	608,580	698,738	685,696	432,375	2,425,389	550,514	691,951	594,548	1,837,013
Income (loss) from operations	3,326	(15,667)	18,865	27,205	41,160	61,582	76,848	93,080	55,174	46,124	85,914	96,324	12,085	67,609	(17,531)	16,030	78,193	(27,808)	33,705	(41,943)	(9,656)	(45,702)	46,613	72,709	16,627	21,851	157,800	(5,988)	90,615	29,615	49,365	163,607	25,379	121,595	(87,736)	(3,269)	55,969	35,986	94,194	(15,697)	114,483
Other income (expense), net	47	(78)	2,409	(45)	427	(803)	(1,491)	(2,197)	2,350	(63)	(21,630)	20,134	9,242	7,690	(9,003)	18,169	26,098	(2,132)	30,549	(6,582)	(11,473)	10,362	(16,312)	(7,732)	(1,558)	4,570	(21,032)	10,252	9,629	(2,495)	9,090	26,476	15,674	(9,040)	22,537	(6,297)	22,874	(8,754)	(17,198)	9,785	(16,167)
Interest (expense), net4	(83)	(390)	(1,256)	2,863	2,505	324	(343)	239	(1,679)	(5,329)	(7,674)	(16,705)	(8,126)	(10,160)	(10,091)	(9,819)	(38,196)	(9,904)	(9,631)	(11,584)	(12,858)	(43,977)	(13,082)	(12,529)	(12,652)	(14,780)	(53,043)	(13,777)	(16,808)	(16,787)	(15,799)	(63,171)	(15,087)	(15,701)	(17,262)	(27,790)	(75,840)	(30,516)	(30,141)	(29,002)	(89,659)
Loss on early extinguishment of debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(17,359)	(17,359)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (loss) before income taxes	3,290	(16,135)	20,018	30,023	44,092	61,103	75,014	91,122	55,845	40,732	56,610	99,753	13,201	65,139	(36,625)	24,380	66,095	(39,844)	54,623	(60,109)	(33,987)	(79,317)	17,219	52,448	2,417	(5,718)	66,366	(9,513)	83,436	10,333	42,656	126,912	25,966	96,854	(82,461)	(37,356)	3,003	(3,284)	46,855	(34,914)	8,657
Income tax provision (benefit)	(150)	84	783	2,880	4,261	5,417	7,273	9,013	11,851	9,387	10,590	10,441	3,179	6,148	(854)	7,211	15,684	(9,814)	19,601	(17,431)	526	(7,118)	(6,187)	21,825	4,019	(79)	19,578	5,481	14,399	4,091	9,461	33,432	6,115	(93,795)	1,039	5,649	(80,992)	6,794	12,954	3,927	23,675
Loss in equity interests	-	-	-	-	-	-	-	-	-	1,910	2,704	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss)	3,440	(16,219)	19,235	27,143	39,831	55,686	67,741	82,109	43,994	29,435	43,316	89,312	10,022	58,991	(35,771)	17,169	50,411	(30,030)	35,022	(42,678)	(34,513)	(72,199)	23,406	30,623	(1,602)	(5,639)	46,788	(14,994)	69,037	6,242	33,195	93,480	19,851	190,649	(83,500)	(43,005)	83,995	(10,078)	33,901	(38,841)	(15,018)
Net (income) loss attributable to noncontrolling interest	-	-	-	-	-	-	-	-	-	-	$380	$2,900	$749	$328	$3,100	($239)	$3,938	$927	$6	($256)	($189)	$488	($43)	($688)	($663)	($1,661)	($3,055)	$355	($23)	$288	$952	$1,572	$180	($426)	($1,384)	$1,000	($630)	($677)	($1,614)	($209)	($2,500)
Net income (loss) attributable to Cimpress plc	$414	($21,032)	$19,235	$27,143	$39,831	$55,686	$67,741	$82,109	$43,994	$29,435	$43,696	$92,212	$10,771	$59,319	($32,671)	$16,930	$54,349	($29,103)	$35,028	($42,934)	($34,702)	($71,711)	$23,363	$29,935	($2,265)	($7,300)	$43,733	($14,639)	$69,014	$6,530	$34,147	$95,052	$20,031	$190,223	($84,884)	($42,005)	$83,365	($10,755)	$32,287	($39,050)	($17,518)
Diluted net income (loss) per share	$0.03	($1.85)	$0.45	$0.60	$0.87	$1.25	$1.49	$1.83	$1.13	$0.85	$1.28	$2.73	$0.32	$1.81	($1.04)	$0.51	$1.64	($0.92)	$1.07	($1.38)	($1.11)	($2.29)	$0.72	$0.93	($0.07)	($0.24)	$1.36	($0.47)	$2.17	$0.21	$1.09	$3.00	$0.66	$6.81	($3.26)	($1.62)	$3.00	($0.41)	$1.22	($1.50)	$-
Weighted average shares outstanding - diluted (basic in loss case)	12,539,644	11,358,575	42,624,689	45,364,257	46,016,364	44,634,191	45,336,561	44,951,199	38,953,179	34,472,004	34,239,909	33,816,498	33,757,378	32,735,447	31,343,711	32,996,473	33,049,454	31,570,824	32,614,013	31,103,388	31,195,625	31,291,581	32,332,162	32,319,022	30,724,018	30,812,113	32,220,401	30,883,617	31,820,497	31,514,793	31,305,201	31,662,705	30,529,472	27,916,759	26,024,229	25,880,081	27,773,286	25,945,998	26,384,460	26,003,675	25,984
MARGIN METRICS:
Gross profit as a percent of revenue	59.4 %	59.8 %	67.2 %	64.8 %	61.5 %	62.8 %	64.2 %	64.8 %	65.2 %	65.7 %	64.5 %	61.9 %	58.2 %	60.2 %	54.9 %	53.7 %	56.7 %	52.0 %	52.1 %	51.2 %	50.5 %	51.4 %	49.6 %	52.7 %	49.8 %	49.8 %	50.6 %	48.6 %	50.2 %	48.2 %	48.9 %	49.1 %	48.6 %	52.0 %	48.2 %	48.8 %	49.7 %	49.0 %	50.9 %	47.8 %	49.4 %
Contribution profit as a percent of revenue2	38.3 %	45.0 %	42.1 %	40.0 %	41.3 %	40.5 %	40.5 %	40.5 %	38.2 %	39.1 %	41.5 %	41.0 %	37.8 %	41.3 %	36.3 %	36.1 %	37.9 %	32.5 %	34.1 %	31.4 %	32.9 %	32.8 %	31.0 %	34.3 %	31.2 %	32.6 %	32.4 %	27.7 %	32.3 %	31.8 %	35.4 %	31.9 %	32.3 %	38.6 %	33.7 %	38.6 %	35.8 %	35.5 %	36.4 %	32.6 %	35.0 %
Operating income (loss) as a percent of revenue	5.7 %	(17.2)%	12.4 %	10.6 %	10.3 %	11.9 %	11.5 %	11.4 %	5.4 %	4.0 %	6.8 %	6.4 %	3.2 %	13.6 %	(4.0)%	3.3 %	4.4 %	(6.3)%	5.8 %	(7.6)%	(1.7)%	(2.1)%	8.3 %	9.5 %	2.6 %	3.5 %	6.1 %	(1.0)%	11.0 %	4.5 %	7.3 %	5.9 %	4.0 %	14.8 %	(14.7)%	(0.8)%	2.3 %	6.1 %	12.0 %	(2.7)%	5.9 %
Net income (loss) as a percent of revenue	5.9 %	(17.8)%	12.6 %	10.6 %	9.9 %	10.8 %	10.1 %	10.0 %	4.3 %	2.5 %	3.4 %	6.0 %	2.7 %	11.9 %	(8.2)%	3.6 %	2.8 %	(6.8)%	6.1 %	(7.8)%	(6.2)%	(3.4)%	4.1 %	3.9 %	(0.4)%	(1.2)%	1.7 %	(2.5)%	8.4 %	1.0 %	5.1 %	3.5 %	3.2 %	23.2 %	(14.2)%	(9.8)%	3.4 %	(1.8)%	4.1 %	(6.7)%	(0.9)%
1 Quarterly results are unaudited and when added together, may not equal annual results due to rounding. 2 Contribution margin is defined as revenue minus the cost of revenue, the cost of advertising and payment processing, as a percent of total revenue. Historical consolidated advertising expense and payment processing is in the "Operating Metrics" tab of this spreadsheet. 3 During the third quarter of FY2017 we changed the presentation of amortization expense for acquired intangible assets. The expense was previously classified within each of the respective expense lines of our consolidated statement of operations and now is presented as a separate financial statement line item, "Amortization of acquired intangible assets". Periods presented before FY2015 were not recast to reflect this change. 4 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842, which resulted in a change in classification of our Waltham, Massachusetts build-to-suit lease from a finance lease to an operating lease. For the periods from Q1 FY2016 through Q4 FY2019, we presented approximately $28.7 million of expense associated with this lease within interest expense, net. Due to the change in lease classification during Q1 FY2020, we now recognize the impact of all expense related to the lease within operating expenses. We did not recast the prior periods to reflect this change in classification. 5 The amounts in the table above include share-based compensation (SBC) as follows:
Cost of revenue	N/A	N/A	$79	$427	$755	$745	$840	$686	$329	$398	$251	$78	$26	$28	$3	$15	$72	$43	$75	$91	$80	$289	$40	$95	$105	$121	$361	$115	$163	$42	$135	$455	$88	$97	$66	$235	$486	$100	$34	$99	$233,000
Technology and development expense	N/A	N/A	596	2,184	4,108	5,053	5,790	4,178	5,171	9,209	7,041	4,139	1,330	1,422	1,606	1,534	5,892	2,325	3,118	1,123	2,158	8,724	1,856	2,818	3,242	2,664	10,580	2,208	(1,528)	1,320	1,765	3,765	1,734	2,043	2,014	3,212	9,003	2,191	1,215	2,284	5,690,000
Marketing and selling expense	N/A	N/A	159	3,176	3,722	4,021	4,965	3,841	2,692	6,354	5,082	1,952	411	425	387	368	1,591	820	1,480	1,242	1,315	4,857	985	1,858	2,138	1,702	6,683	1,363	(1,877)	1,187	520	1,193	(1,311)	533	1,145	2,336	2,703	1,685	754	1,808	4,247,000
General and administrative expense	N/A	N/A	4,016	2,978	6,162	9,654	10,785	12,972	17,221	16,967	15,412	17,906	4,423	4,191	3,957	3,702	16,273	8,383	6,604	4,084	9,429	28,500	3,928	8,037	7,289	12,261	31,515	5,230	522	1,955	5,175	12,882	4,239	5,652	5,683	5,487	21,061	4,307	3,240	5,354	12,901,000
Restructuring expense	N/A	N/A	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,257	-	6,257	103	506	718	-	1,327	-	-	3,250	171	3,421	664	108	(16)	865	1,621	-	-	-	-
Total share-based compensation expense	N/A	N/A	$4,850	$8,765	$14,747	$19,473	$22,380	$21,677	$25,413	$32,928	$27,786	$24,075	$6,190	$6,066	$5,953	$5,619	$23,828	$11,571	$11,277	$12,797	$12,982	$48,627	$6,912	$13,314	$13,492	$16,748	$50,466	$8,916	($2,720)	$7,754	$7,766	$21,716	$5,414	$8,433	$8,892	$12,135	$34,874	$8,283	$5,243	$9,545	$23,071,000

Balance Sheet


Balance Sheet1 In $ thousands
June 30, 2005	June 30, 2006	June 30, 2007	June 30, 2008	June 30, 2009	June 30, 2010	June 30, 2011	June 30, 2012	June 30, 2013	June 30, 2014	June 30, 2015	Q1 16	Q2 16	Q3 16	Q4 16	June 30, 2016	Q1 17	Q2 17	Q3 17	Q4 17	June 30, 2017	Q1 18	Q2 18	Q3 18	Q4 18	June 30, 2018	Q1 19	Q2 19	Q3 19	Q4 19	June 30, 2019	Q1 20	Q2 20	Q3 20	Q4 20	June 30, 2020	Q1 21	Q2 21	Q3 21
CONSOLIDATED BALANCE SHEET:	(Sep 15)	(Dec 15)	(Mar 16)	(Jun 16)	(Sep 16)	(Dec 16)	(Mar 17)	(Jun 17)	(Sep 17)	(Dec 17)	(Mar 18)	(Jun 18)	(Sep 18)	(Dec 18)	(Mar 19)	(Jun 19)	(Sep 19)	(Dec 19)	(Mar 20)	(Jun 20)	(Sep 20)	(Dec 20)	(Mar 21)
Assets
Current assets:
Cash, cash equivalents and marketable securities	$26,402	$108,127	$108,042	$129,743	$133,988	$172,331	$237,081	$62,203	$50,065	$76,365	$110,494	$99,561	$79,084	$82,920	$85,319	$85,319	$60,937	$49,588	$43,467	$25,697	$25,697	$42,800	$40,064	$49,878	$44,227	$44,227	$48,068	$48,264	$44,258	$35,279	$35,279	$31,234	$36,917	$228,265	$45,021	$45,021	$40,229	$36,883	$36,364
Accounts receivable, net of allowances	1,186	1,465	4,647	6,105	5,672	9,389	13,389	20,125	22,026	23,515	32,145	38,699	36,100	36,992	32,327	32,327	30,121	52,179	51,426	48,630	48,630	58,413	66,876	65,632	55,621	55,621	63,131	68,100	70,095	60,646	60,646	68,518	70,496	46,974	34,596	34,596	47,549	51,404	45,365
Inventory	354	1,407	1,144	2,548	4,384	6,223	8,377	7,168	7,620	12,138	18,356	19,835	20,890	19,640	18,125	18,125	19,510	41,422	44,661	46,563	46,563	56,754	55,263	63,009	60,602	60,602	78,407	75,171	67,203	66,310	66,310	82,282	80,151	70,822	80,179	80,179	91,504	85,932	76,104
Prepaid expenses and other current assets	2,651	3,564	4,962	5,678	12,819	15,059	13,444	26,102	20,520	45,923	55,103	59,274	61,320	64,626	64,997	64,997	64,629	98,786	77,240	78,835	78,835	75,921	73,282	69,231	78,846	78,846	73,855	95,903	92,048	78,065	78,065	87,161	72,751	93,317	88,608	88,608	82,408	84,965	75,717
Assets held for sale	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	46,276	46,276	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total current assets	30,593	114,563	118,795	144,074	156,863	203,002	272,291	115,598	100,231	157,941	216,098	217,369	197,394	204,208	200,768	200,768	175,197	241,975	216,794	246,001	246,001	233,888	235,485	247,750	239,296	239,296	263,461	287,438	273,604	240,300	240,300	269,195	260,315	439,378	248,404	248,404	261,690	259,184	233,550
Property, plant and equipment, net	29,913	50,311	106,192	154,520	193,622	249,961	262,104	261,228	280,022	352,221	467,511	495,097	490,605	497,182	493,163	493,163	495,175	505,278	513,148	511,947	511,947	511,890	507,299	501,115	483,664	483,664	486,284	495,107	498,324	490,755	490,755	362,045	364,155	347,228	338,659	338,659	330,309	332,824	312,560
Operating lease assets, net2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	176,677	173,156	164,391	156,258	156,258	146,557	149,851	84,581
Software and website development costs, net	1,916	2,417	3,841	5,380	6,754	6,426	6,046	5,186	9,071	14,016	22,109	23,332	27,148	31,850	35,212	35,212	39,018	42,856	47,711	48,470	48,470	50,312	52,040	56,279	56,199	56,199	59,046	62,176	64,882	69,840	69,840	70,090	72,148	73,477	71,465	71,465	77,595	82,581	81,677
Deferred tax assets	317	435	-	2,956	7,035	7,277	6,522	327	581	8,762	17,172	19,016	20,772	21,560	26,093	26,093	41,556	18,344	34,248	48,004	48,004	78,748	66,022	66,753	67,087	67,087	68,364	59,336	57,885	59,906	59,906	57,527	160,058	143,571	143,496	143,496	146,807	146,814	135,491
Goodwill	1,556	-	-	-	-	-	4,168	140,429	140,893	317,187	400,629	408,767	399,102	474,736	466,005	466,005	470,819	528,895	516,013	514,963	514,963	525,806	531,199	542,369	520,843	520,843	547,109	727,577	720,734	718,880	718,880	711,670	721,057	615,333	621,904	621,904	637,568	726,813	706,626
Intangible assets, net	-	1,417	1,277	-	-	-	1,042	40,271	30,337	110,214	151,063	155,471	141,589	232,100	216,970	216,970	209,387	292,591	280,133	275,924	275,924	268,678	258,657	250,593	230,201	230,201	218,257	290,242	273,831	262,701	262,701	245,514	235,031	220,827	209,228	209,228	200,493	212,078	194,502
Other assets	1,691	2,249	4,748	9,022	5,275	11,223	3,727	29,390	40,432	28,644	25,213	24,621	25,921	24,905	25,658	25,658	25,163	34,007	29,860	34,560	34,560	26,772	28,238	44,994	54,927	54,927	58,598	50,295	32,022	25,994	25,994	46,751	37,414	35,222	25,592	25,592	21,010	20,368	34,276
Total assets	$65,986	$171,392	$234,853	$315,952	$369,549	$477,889	$555,900	$592,429	$601,567	$988,985	$1,299,795	$1,343,673	$1,302,531	$1,486,541	$1,463,869	$1,463,869	$1,456,315	$1,663,946	$1,637,907	$1,679,869	$1,679,869	$1,696,094	$1,678,940	$1,709,853	$1,652,217	$1,652,217	$1,701,119	$1,972,171	$1,921,282	$1,868,376	$1,868,376	$1,939,469	$2,023,334	$2,039,427	$1,815,006	$1,815,006	$1,822,029	$1,930,513	$1,783,263
Liabilities, noncontrolling interests and shareholders' equity (deficit)
Current liabilities:
Accounts payable	$4,517	$6,240	$9,445	$8,486	$11,347	$16,664	$15,998	$25,931	$22,597	$52,770	$65,875	$65,768	$73,748	$72,068	$86,682	$86,682	$76,858	$116,251	$110,339	$127,386	$127,386	$121,119	$165,798	$147,089	$152,436	$152,436	$159,072	$204,429	$167,611	$185,096	$185,096	$182,858	$216,991	$187,829	$163,891	$163,891	$211,087	$236,540	$174,947
Accrued expenses	10,585	13,716	22,403	35,655	43,724	65,609	68,989	98,402	103,338	121,177	172,826	179,155	200,661	191,757	178,987	178,987	169,828	223,932	201,213	175,567	175,567	186,502	219,707	210,407	186,661	186,661	196,017	237,564	207,918	194,715	194,715	216,000	237,171	190,097	210,764	210,764	243,821	291,039	265,593
Deferred revenue	540	1,924	746	1,893	3,393	4,138	8,819	15,978	18,668	26,913	23,407	23,378	23,593	29,383	25,842	25,842	32,295	25,503	32,802	30,372	30,372	39,239	28,824	34,991	27,697	27,697	30,204	32,132	34,941	31,780	31,780	35,533	32,574	28,096	39,130	39,130	36,390	41,913	42,298
Deferred tax liabilities	-	-	-	-	-	-	-	1,668	1,466	2,178	1,043	1,752	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short-term debt	1,281	2,482	3,202	3,304	8,349	5,222	-	-	8,750	37,575	21,057	18,001	19,331	19,842	21,717	21,717	28,221	46,115	31,216	28,926	28,926	19,941	35,569	26,214	59,259	59,259	39,806	46,549	64,516	81,277	81,277	63,136	73,755	24,364	17,933	17,933	22,666	12,603	9,012
Operating lease liabilities, current2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	36,274	37,698	37,405	41,772	41,772	39,426	38,315	29,508
Other current liabilities	-	-	-	-	-	-	-	-	207	888	21,470	23,889	22,701	24,900	22,635	22,635	24,522	24,234	53,900	78,435	78,435	86,998	89,269	42,922	54,971	54,971	53,054	46,642	42,866	27,881	27,881	12,714	11,444	13,144	13,268	13,268	21,589	40,966	77,669
Liabilities held for sale	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,797	8,797	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total current liabilities	16,923	24,362	35,796	49,338	66,813	91,633	93,806	141,979	155,026	241,501	305,678	311,943	340,034	337,950	335,863	335,863	331,724	436,035	429,470	449,483	449,483	453,799	539,167	461,623	481,024	481,024	478,153	567,316	517,852	520,749	520,749	546,515	609,633	480,935	486,758	486,758	574,979	661,376	599,027
Deferred tax liabilities	-	-	1,225	2,656	1,637	3,151	3,794	18,359	12,246	30,846	48,007	49,970	44,819	72,792	69,430	69,430	67,166	69,676	56,047	60,743	60,743	58,805	57,008	56,089	51,243	51,243	49,109	46,979	45,656	44,531	44,531	37,967	36,216	34,690	33,811	33,811	33,057	30,941	27,612
Long-term debt	15,696	23,046	21,772	19,507	10,465	-	-	229,000	230,000	410,484	493,039	637,316	528,395	676,805	656,794	656,794	654,300	829,998	860,237	847,730	847,730	800,860	664,961	786,401	767,585	767,585	823,836	1,001,900	1,010,599	942,290	942,290	1,164,696	1,296,535	1,647,214	1,415,657	1,415,657	1,331,549	1,258,535	1,332,234
Lease financing obligation	-	-	-	-	-	-	-	-	-	18,117	93,841	107,233	111,972	111,109	110,232	110,232	109,363	108,481	107,540	106,606	106,606	105,679	104,737	103,737	102,743	102,743	104,579	106,971	111,956	112,096	112,096	-	-	-	-	-	-	-	-
Operating lease liabilities, non-current2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	146,678	143,276	134,267	128,963	128,963	119,817	122,006	72,142
Other liabilities	-	-	-	1,946	5,100	6,991	8,207	13,804	14,734	44,420	52,073	62,019	54,424	71,231	60,173	60,173	81,325	78,113	57,284	94,683	94,683	108,607	107,884	120,610	69,524	69,524	71,912	67,447	53,916	53,716	53,716	53,708	49,997	76,972	88,187	88,187	105,845	157,076	92,786
Total liabilities	32,619	47,408	58,793	73,447	84,015	101,775	105,807	403,142	412,006	745,368	992,638	1,168,481	1,079,644	1,269,887	1,232,492	1,232,492	1,243,878	1,522,303	1,510,578	1,559,245	1,559,245	1,527,750	1,473,757	1,528,460	1,472,119	1,472,119	1,527,589	1,790,613	1,739,979	1,673,382	1,673,382	1,949,564	2,135,657	2,374,078	2,153,376	2,153,376	2,165,247	2,229,934	2,123,801
Commitments and contingencies
Redeemable noncontrolling interests	-	-	-	-	-	-	-	-	-	11,160	57,738	65,120	64,833	64,871	65,301	65,301	64,949	41,824	42,604	45,412	45,412	83,841	85,478	87,805	86,151	86,151	91,426	53,371	52,366	63,182	63,182	65,507	68,201	69,682	69,106	69,106	71,209	65,510	64,250
Shareholders' equity (deficit):
Preferred shares, nominal value €0.01 per share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ordinary shares, nominal value €0.01 per share	11	42	43	44	688	698	699	699	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615	615
Deferred ordinary shares, nominal value €1.00 per share3	28	28	28	28	28	28	28
Treasury shares, at cost	-	-	-	-	(29,881)	(29,637)	(85,377)	(378,941)	(398,301)	(423,101)	(412,132)	(547,448)	(546,879)	(550,766)	(548,549)	(548,549)	(549,499)	(598,343)	(597,000)	(588,365)	(588,365)	(627,002)	(638,414)	(675,536)	(685,577)	(685,577)	(685,801)	(696,499)	(708,140)	(737,447)	(737,447)	(969,833)	(1,275,057)	(1,377,022)	(1,376,496)	(1,376,496)	(1,368,723)	(1,368,723)	(1,368,721)
Series A redeemable convertible preferred shares	13,556	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Series B redeemable convertible preferred shares	57,880	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Additional paid-in capital	2,679	146,354	170,029	191,271	212,221	249,153	273,260	285,633	299,659	309,990	324,281	324,370	327,968	335,272	335,192	335,192	339,929	348,732	358,170	361,376	361,376	366,684	378,121	390,758	395,682	395,682	403,005	396,648	403,989	411,079	411,079	415,984	424,058	404,409	438,616	438,616	433,827	438,863	448,432
Retained earnings	(41,017)	(23,077)	4,066	43,098	98,784	166,525	248,634	292,628	299,144	342,840	435,052	442,804	499,121	465,168	486,482	486,482	457,379	492,407	449,477	414,771	414,771	432,273	462,205	459,940	452,756	452,756	434,871	496,745	503,275	537,422	537,422	560,596	745,326	660,442	618,437	618,437	607,682	638,883	599,833
Accumulated other comprehensive income (loss)	258	665	1,922	8,092	3,722	(10,625)	12,877	(10,732)	(11,556)	2,113	(98,909)	(110,653)	(123,158)	(98,864)	(108,015)	(108,015)	(101,249)	(143,915)	(126,858)	(113,398)	(113,398)	(88,325)	(83,093)	(82,476)	(69,814)	(69,814)	(70,586)	(69,322)	(70,802)	(79,857)	(79,857)	(82,964)	(75,494)	(92,805)	(88,676)	(88,676)	(87,856)	(74,597)	(84,975)
Total shareholders' equity (deficit) attributable to Cimpress plc	33,367	123,984	176,060	242,505	285,534	376,114	450,093	189,287	189,561	232,457	248,907	109,688	157,667	151,425	165,725	165,725	147,175	99,496	84,404	74,999	74,999	84,245	119,434	93,301	93,662	93,662	82,104	128,187	128,937	131,812	131,812	(75,602)	(180,524)	(404,333)	(407,476)	(407,476)	(414,427)	(364,931)	(404,788)
Noncontrolling interests	-	-	-	-	-	-	-	-	-	-	512	384	387	358	351	351	313	323	321	213	213	258	271	287	285	285	-	-	-	-	-	-	-	-	-	-	-	-	-
Total shareholders' equity (deficit)	33,367	123,984	176,060	242,505	285,534	376,114	450,093	189,287	189,561	232,457	249,419	110,072	158,054	151,783	166,076	166,076	147,488	99,819	84,725	75,212	75,212	84,503	119,705	93,588	93,947	93,947	82,104	128,187	128,937	131,812	131,812	(75,602)	(180,524)	(404,333)	(407,476)	(407,476)	(414,427)	(364,931)	(404,788)
Total liabilities, noncontrolling interests and shareholders' equity (deficit)	$65,986	$171,392	$234,853	$315,952	$369,549	$477,889	$555,900	$592,429	$601,567	$988,985	$1,299,795	$1,343,673	$1,302,531	$1,486,541	$1,463,869	$1,463,869	$1,456,315	$1,663,946	$1,637,907	$1,679,869	$1,679,869	$1,696,094	$1,678,940	$1,709,853	$1,652,217	$1,652,217	$1,701,119	$1,972,171	$1,921,282	$1,868,376	$1,868,376	$1,939,469	$2,023,334	$2,039,427	$1,815,006	$1,815,006	$1,822,029	$1,930,513	$1,783,263
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding.
2 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842. Before adopting this new standard, operating leases were recognized in the consolidated statement of operations on a straight-line basis over the term of the lease, with impacts of straight-line accounting recognized in other assets and liabilities on the consolidated balance sheet. Beginning in Q1 FY2020, we have recognized operating lease assets and liabilities on the consolidated balance sheet, which replaced the impact of straight-line accounting in other assets and liabilities.
3 In conjunction with the cross-border merger to Ireland, 25,000 Cimpress plc deferred ordinary shares were issued to meet the statutory minimum capital requirements of an Irish public limited company. These deferred ordinary shares will not dilute the economic ownership of Cimpress plc shareholders as they have no voting rights, and do not entitle the holders to dividends or distributions, or to participate in surplus assets beyond the nominal value of the shares.

Cash Flow Statement


Cash Flow Statement1 In $ thousands
FY 2004	FY 2005	FY 2006	FY 2007	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	Q1 16	Q2 16	Q3 16	Q4 16	FY 2016	Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19	Q2 19	Q3 19	Q4 19	FY 2019	Q1 20	Q2 20	Q3 20	Q4 20	FY 2020	Q1 21	Q2 21	Q3 21	FY 2021
Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	(Sep 15)	(Dec 15)	(Mar 16)	(Jun 16)	Total	(Sep 16)	(Dec 16)	(Mar 17)	(Jun 17)	Total	(Sep 17)	(Dec 17)	(Mar 18)	(Jun 18)	Total	(Sep 18)	(Dec 18)	(Mar 19)	(Jun 19)	Total	(Sep 19)	(Dec 19)	(Mar 20)	(Jun 20)	Total	(Sep 20)	(Dec 20)	(Mar 21)	YTD
CONSOLIDATED STATEMENTS OF CASH FLOWS:
Operating activities
Net income (loss)	$3,440	($16,219)	$19,235	$27,143	$39,831	$55,686	$67,741	$82,109	$43,994	$29,435	$43,316	$89,312	$10,022	$58,991	($35,771)	$17,169	$50,411	$(30,030)	$35,022	$(42,678)	$(34,513)	$(72,199)	$23,406	$30,623	$(1,602)	$(5,639)	$46,788	($14,994)	$69,037	$6,242	$33,195	$93,480	$19,851	$190,649	($83,500)	($43,005)	$83,995	($10,078)	$33,901	($38,841)	$ (15,018)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	4,209	5,902	7,786	14,874	25,193	35,713	44,367	50,627	59,427	64,325	72,282	97,500	30,258	31,805	34,454	35,401	131,918	35,405	36,977	43,402	42,616	158,400	42,384	41,299	43,437	41,885	169,005	40,718	44,502	44,334	44,217	173,771	42,535	42,356	41,840	41,212	167,943	42,290	43,597	42,809	$ 128,696
Impairment of goodwill and acquired intangible assets	-	-	-	-	-	-	920	-	-	-	-	-	-	-	30,841	-	30,841	-	-	9,556	-	9,556	-	-	-	-	-	-	-	-	7,503	7,503	-	-	100,842	-	100,842	-	-	-	-
Amortization of premiums and discounts on short-term investments	-	-	-	-	-	-	127	163	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share-based compensation expense	-	-	4,850	8,765	14,747	19,473	22,380	21,677	25,413	32,928	27,786	24,075	6,190	6,066	5,897	5,619	23,772	11,571	11,277	12,797	12,982	48,627	6,912	13,314	13,492	16,748	50,466	8,916	(2,720)	7,754	7,766	21,716	5,414	8,433	8,892	12,135	34,874	8,283	5,243	9,545	23,071
Impairment of long-lived assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	19,882	19,882
Deferred taxes	(527)	(420)	218	1,290	(2,029)	(4,538)	179	1,614	(1,810)	(8,626)	(12,807)	(14,940)	(2,649)	(5,690)	(2,842)	(4,741)	(15,922)	(18,163)	655	(20,341)	(3,509)	(41,358)	(16,589)	9,720	(2,683)	(4,487)	(14,039)	(3,963)	12,207	769	(2,175)	6,838	(960)	(104,615)	(4,415)	3,126	(106,864)	(32)	2,713	(168)	2,513
Loss on sale of equity method investment	-	-	-	-	-	-	-	-	-	-	12,681	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss in equity interests	-	-	-	-	-	-	-	-	-	1,910	2,704	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash gain on equipment	-	-	-	-	-	-	-	-	-	(1,414)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for (recovery of) doubtful accounts	(162)	9	(7)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Abandonment of long-lived assets	-	-	-	1,350	133	1,892	535	486	-	1,529	7	-	-	3,022	6,741	1,216	10,979	-	-	1,730	678	2,408	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(47,545)	-	-	-	(47,545)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on early extinguishment of debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,359	17,359	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in contingent earn-out liability	-	-	-	-	-	-	-	-	-	(588)	2,192	14,890	-	-	-	-	-	16,020	6,746	4,598	12,013	39,377	827	947	-	-	1,774	-	-	-	-	-	-	-	-	(54)	(54)	-	-	-	-
Gain on sale of available-for-sale securities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(2,268)	-	-	(2,268)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized loss on derivatives not designated as hedging instruments included in net income (loss)	-	-	-	-	-	-	-	-	-	-	425	(1,868)	(2,052)	134	2,897	(9,142)	(8,163)	1,811	(6,384)	5,412	14,974	15,813	6,066	(1,525)	4,705	(24,786)	(15,540)	(5,766)	(3,815)	3,649	574	(5,358)	(14,527)	22,075	(12,152)	12,335	7,731	14,628	17,917	(14,265)	18,280
Payments of contingent consideration in excess of acquisition date fair value	-	-	-	-	-	-	-	-	-	-	-	(8,055)	-	-	-	(8,613)	(8,613)	-	-	-	-	-	-	-	(4,639)	-	(4,639)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency	-	-	-	-	-	-	-	-	-	29	748	(6,455)	(7,793)	(3,036)	7,657	(6,027)	(9,199)	3,027	(16,273)	6,031	1,525	(5,690)	8,386	4,889	(8,064)	14,249	19,460	(2,856)	193	3,939	(5,640)	(4,364)	5,028	(3,669)	(2,386)	225	(802)	(4,958)	1,826	5,669	2,537
Other non-cash items	-	-	-	-	-	-	-	71	361	1,329	1,328	4,130	887	643	1,265	2,989	5,784	670	1,049	674	493	2,886	23	794	1,312	2,539	4,668	745	1,675	2,322	4,467	9,209	1,365	1,680	1,891	6,347	11,283	3,192	1,637	(2,680)	2,149
Gain on proceeds from insurance	-	-	-	-	-	-	-	-	-	-	-	-	(1,587)	(1,549)	-	-	(3,136)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
Accounts receivable	(233)	(457)	(266)	(3,124)	(1,257)	276	(3,727)	(3,454)	(1,405)	(1,532)	4,008	2,057	(5,943)	4,314	3,999	4,396	6,766	2,917	(2,095)	2,612	1,267	4,701	(8,839)	(7,617)	1,760	9,573	(5,123)	(7,291)	(4,575)	(1,946)	9,626	(4,186)	(6,595)	(1,645)	21,990	12,909	26,659	(12,448)	(1,811)	4,608	(9,651)
Interest receivable	-	-	(351)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory	(46)	(316)	(1,030)	298	(1,309)	(1,921)	(2,224)	(1,466)	1,150	(525)	(1,055)	(4,491)	(1,710)	(1,377)	1,771	1,305	(11)	(1,220)	(2,967)	(2,949)	(1,563)	(8,699)	(8,985)	1,628	(4,747)	5,036	(7,068)	(11,316)	1,862	377	5,450	(3,627)	(6,410)	(4,270)	2,804	(10,452)	(18,328)	(3,111)	3,621	4,472	4,982
Prepaid expenses and other assets	(281)	(1,774)	(1,682)	(3,177)	(2,173)	(4,879)	3,792	9,936	(5,768)	10,791	(15,336)	8,597	3,157	(5,551)	(1,875)	(3,399)	(7,668)	671	(14,961)	16,679	(1,868)	521	(4,893)	719	4,310	(2,608)	(2,472)	783	(9,180)	3,079	9,793	4,475	737	(2,992)	13,886	315	11,946	2,523	(2,445)	(5,320)	(5,242)
Accounts payable	(522)	1,665	1,649	(240)	2,439	3,148	6,176	(2,610)	5,667	557	14,945	(4,026)	10,520	10,259	(8,283)	13,174	25,670	(7,952)	29,760	(11,900)	15,424	25,332	(1,621)	45,225	(25,156)	3,334	21,782	1,586	47,253	(36,432)	7,428	19,835	(11,038)	35,470	(18,842)	(23,137)	(17,547)	38,684	22,116	(50,210)	10,590
Accrued expenses and other liabilities	3,291	4,939	4,235	7,061	13,457	24,804	19,707	5,996	19,720	11,660	515	41,296	(11,874)	36,858	(13,846)	2,791	13,929	(5,127)	28,521	(16,638)	(27,427)	(20,671)	16,847	20,347	(54,234)	(25,504)	(42,544)	15,658	26,831	(17,107)	(13,579)	11,803	27,505	18,720	(51,886)	42,427	36,766	26,708	22,172	(12,721)	36,159
Net cash provided by (used in) operating activities	9,169	(6,671)	34,637	54,240	89,032	129,654	159,973	165,149	146,749	141,808	153,739	242,022	27,426	134,889	32,905	52,138	247,358	9,600	105,059	8,985	33,092	156,736	16,379	160,363	(32,109)	47,699	192,332	22,220	183,270	16,980	108,625	331,095	62,905	202,192	18,964	54,383	338,444	105,681	150,487	(37,220)	218,948
Investing activities
Purchases of property, plant and equipment	(13,374)	(18,629)	(24,929)	(62,845)	(62,740)	(76,286)	(101,326)	(37,405)	(46,420)	(78,999)	(72,122)	(75,813)	(24,393)	(19,156)	(19,092)	(17,794)	(80,435)	(19,319)	(16,941)	(20,656)	(17,241)	(74,157)	(20,457)	(18,217)	(8,767)	(13,489)	(60,930)	(21,026)	(17,741)	(19,167)	(12,629)	(70,563)	(14,193)	(13,901)	(10,544)	(11,829)	(50,467)	(8,383)	(8,407)	(5,946)	(22,736)
Proceeds from the sale of subsidiaries, net of transactions costs and cash divested	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	93,779	-	-	-	93,779	-	-	-	-	-	-	-	-	(1,124)	(1,124)	-	-	-	-
Business acquisitions, net of cash acquired	-	-	-	-	-	-	(6,496)	-	(180,675)	-	(216,384)	(123,804)	(22,815)	(4,717)	(134,908)	(1,972)	(164,412)	(580)	(206,236)	1,941	-	(204,875)	(110)	-	-	-	(110)	(18,000)	(271,269)	(651)	-	(289,920)	(4,272)	-	-	-	(4,272)	-	(36,395)	-	(36,395)
Purchases of intangible assets	(1,183)	-	-	-	(1,250)	-	-	(205)	(239)	(750)	(253)	(250)	(357)	(45)	(51)	(23)	(476)	(26)	(62)	(22)	(87)	(197)	(24)	(254)	(30)	-	(308)	(22)	-	-	(42)	(64)	-	-	-	-	-	-	-	-	-
Purchases of marketable securities	-	-	(75,705)	(52,399)	(49,487)	(6,078)	(9,804)	-	-	-	(4,629)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Capitalization of software and website development costs	(3,523)	(1,908)	(2,656)	(4,189)	(5,696)	(7,168)	(6,516)	(6,290)	(5,463)	(7,667)	(9,749)	(17,323)	(4,910)	(7,217)	(6,057)	(8,140)	(26,324)	(8,312)	(10,798)	(9,568)	(8,629)	(37,307)	(8,934)	(9,180)	(11,362)	(11,371)	(40,847)	(11,233)	(10,688)	(12,716)	(14,015)	(48,652)	(12,471)	(10,946)	(12,407)	(8,168)	(43,992)	(14,804)	(11,641)	(18,876)	(45,321)
Investment in equity interests	-	-	-	-	-	-	-	-	-	(12,753)	(4,994)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Proceeds from sale of available-for-sale securities	-	-	31,880	57,000	61,117	31,937	100	9,570	529	-	-	-	-	-	-	-	-	-	6,346	-	-	6,346	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale of equity securities	-	-	-	-	-	-	-	-	-	-	449	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the sale of assets	-	-	-	256	-	-	177	-	-	1,750	137	-	-	-	-	-	-	-	-	3,585	282	4,513	-	-	-	401	886	318	205	27	90	640	670	177	786	11	1,644	2,103	1,269	202	3,574
Proceeds from insurance related to investing activities	-	-	-	-	-	-	-	-	-	-	-	-	2,075	1,549	-	-	3,624	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds (payments) for settlement of derivatives designated as hedging instruments	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(12,016)	(12,016)	-	-	27,732	2,059	29,791	-	-	-	-
Other investing activities	-	-	-	-	-	-	-	-	-	(512)	561	-	-	775	-	1,710	2,485	785	442	1,915	1,392	3,888	(1,956)	1,287	(1,796)	(114)	(3,064)	395	(447)	461	-	409	903	217	436	-	1,556	-	(419)	150	(269)
Net cash provided by (used in) investing activities	(18,080)	(20,537)	(71,410)	(62,177)	(58,056)	(57,595)	(123,865)	(34,330)	(232,268)	(98,931)	(306,984)	(217,190)	(50,400)	(28,811)	(160,108)	(26,219)	(265,538)	(27,452)	(227,249)	(22,805)	(24,283)	(301,789)	62,298	(26,364)	(21,955)	(24,573)	(10,594)	(49,568)	(299,940)	(32,046)	(38,612)	(420,166)	(29,363)	(24,453)	6,003	(19,051)	(66,864)	(21,084)	(55,593)	(24,470)	(101,147)
Financing activities
Proceeds from borrowings of debt	6,021	11,361	9,600	1,630	-	-	-	-	408,500	113,712	482,800	367,500	214,999	55,000	246,009	82,000	598,008	87,000	360,000	165,004	125,071	737,075	179,532	131,817	279,159	215,487	805,995	245,096	447,842	233,440	214,229	1,140,607	277,785	356,300	409,515	237,890	1,281,490	99,000	202,000	233,051	534,051
Proceeds from issuance of senior notes	-	-	-	-	-	-	-	-	-	-	-	275,000	-	-	-	-	-	-	-	-	-	-	-	-	-	400,000	400,000	-	-	-	-	-	-	-	210,500	-	210,500	-	-	-	-
Proceeds from issuance of second lien notes	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	271,568	271,568	-	-	-	-
Payments of debt	-	(307)	(1,386)	(2,620)	(3,251)	(3,219)	(13,848)	(5,222)	(179,500)	(104,125)	(273,490)	(581,920)	(73,318)	(162,014)	(96,859)	(98,501)	(430,622)	(82,725)	(165,046)	(150,511)	(141,631)	(539,913)	(237,929)	(252,788)	(168,687)	(318,628)	(974,781)	(206,692)	(268,305)	(206,035)	(266,664)	(947,696)	(74,392)	(218,054)	(310,603)	(734,285)	(1,337,334)	(182,726)	(289,743)	(167,050)	(639,519)
Payments for early redemptions of senior notes	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(275,000)	(275,000)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of early redemption fees for senior notes	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(14,438)	(14,438)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of debt issuance costs	-	-	-	-	-	-	-	-	(1,819)	(1,536)	(1,364)	(6,373)	(8)	-	(62)	-	(70)	-	-	-	(229)	(229)	(3,251)	-	-	(7,378)	(10,629)	(1,458)	(13)	(1,258)	-	(2,729)	-	-	(4,862)	(17,708)	(22,570)	(410)	(641)	(1,410)	(2,461)
Payment of deferred offering costs	-	(255)	(1,387)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds from public offering	-	-	61,380	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of purchase consideration included in acquisition-date fair value	-	-	-	-	-	-	-	-	-	-	-	(11,105)	-	-	(4,350)	(2,980)	(7,330)	-	-	(539)	-	(539)	-	(83)	(2,022)	-	(2,105)	-	-	-	(3,282)	(3,282)	-	-	-	-	-	(648)	-	(557)	(1,205)
Proceeds from issuance of warrants	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22,432	22,432	-	-	-	-
Payments of withholding taxes in connection with equity awards	-	-	-	-	(3,391)	(4,176)	(6,142)	(5,653)	(4,149)	(3,556)	(9,430)	(29,351)	(2,741)	(1,505)	(1,522)	(1,699)	(7,467)	(7,549)	(1,315)	(1,952)	(3,752)	(14,568)	(1,190)	(908)	(982)	(16,618)	(19,698)	(1,766)	(359)	(277)	(3,577)	(5,979)	(359)	(103)	(40,955)	(292)	(41,709)	(5,592)	-	(1)	(5,593)
Payments of finance lease obligations2	-	-	-	-	-	-	-	-	-	-	(1,297)	(5,750)	(2,183)	(4,194)	(3,760)	(3,796)	(13,933)	(3,276)	(3,538)	(5,215)	(3,858)	(15,887)	(4,658)	(4,804)	(4,317)	(3,839)	(17,618)	(4,182)	(4,598)	(3,942)	(4,341)	(17,063)	(2,719)	(2,645)	(2,990)	(1,157)	(9,511)	(1,592)	(1,683)	(2,211)	(5,486)
Purchase of ordinary shares	(5,156)	-	-	-	-	(45,518)	-	(56,935)	(309,701)	(64,351)	(42,016)	-	(127,793)	(14,411)	(11,263)	-	(153,467)	-	(50,008)	-	-	(50,008)	(40,674)	(14,465)	(39,571)	-	(94,710)	-	(14,043)	(12,074)	(29,450)	(55,567)	(231,883)	(305,690)	(89,483)	-	(627,056)	-	-	-	-
Purchase of noncontrolling interests	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(20,230)	-	-	(20,230)	-	-	-	(1,144)	(1,144)	-	(41,177)	-	(44,343)	(85,520)	-	-	-	-	-	-	(5,063)	-	(5,063)
Proceeds from sale of noncontrolling interest	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	35,390	-	-	-	35,390	-	-	-	57,046	57,046	-	-	-	-	-	-	-	-	-
Distribution to noncontrolling interests	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(3,375)	-	-	(3,375)	-	(3,921)	(34)	-	(3,955)	-	(4,599)	-	(4,599)
Proceeds from issuance of ordinary shares	711	47	6,644	13,706	8,321	12,067	14,977	7,013	1,394	4,805	4,425	13,123	282	1,770	1,327	1,326	4,705	-	257	74	5,861	6,192	6,070	2,949	2,497	465	11,981	-	2,891	(134)	646	3,403	-	6	-	-	6	-	-	-	-
Proceeds from issuance of Series B preferred shares, net	28,187	22,688	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of Series A preferred shares	(3,961)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of loans	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(12,000)	-	(4,500)	(4,500)	(21,000)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital contribution from noncontrolling interest	-	-	-	-	-	-	-	-	-	-	4,821	4,160	5,141	-	-	-	5,141	-	1,404	-	-	1,404	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other financing activities	-	-	-	-	-	-	-	-	-	-	-	(118)	(85)	(218)	-	-	(303)	-	1,281	-	-	1,281	-	-	-	-	-	645	(645)	2,319	(175)	2,144	(1,437)	(278)	(454)	53	(2,116)	(11)	(46)	(253)	(310)
Net cash (used in) provided by financing activities	25,802	33,534	74,851	12,716	1,679	(40,846)	(5,013)	(60,797)	(85,275)	(55,051)	164,449	25,166	14,302	(125,572)	129,582	(23,650)	(5,338)	(6,550)	122,805	6,861	(18,538)	104,578	(75,459)	(138,282)	61,577	(25,593)	(177,757)	31,643	118,218	12,039	(79,911)	81,989	(33,005)	(174,385)	170,634	(221,499)	(258,255)	(91,979)	(99,775)	61,569	(130,185)
Effect of exchange rate changes on cash and cash equivalents	20	16	173	32	1,026	(370)	(2,356)	3,804	(3,555)	36	1,239	(8,922)	(1,096)	(1,121)	1,148	(1,569)	(2,640)	601	(4,652)	838	4,001	788	1,843	1,547	2,301	(3,184)	2,507	(454)	(1,352)	(979)	919	(1,866)	(4,582)	2,329	(2,927)	1,597	(3,583)	2,590	1,535	(398)	3,727
Change in cash held for sale	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,042	12,042	12,042	-	-	-	12,042	-	-	-	-	-	-	-	(1,326)	1,326	-	-	-	-	-
Net increase (decrease) in cash and cash equivalents	16,911	6,342	38,251	4,811	33,681	30,843	28,739	73,825	(174,349)	(12,138)	12,443	41,076	(9,768)	(20,615)	3,527	700	(26,158)	(23,801)	(4,037)	(6,121)	(17,770)	(51,729)	17,103	(2,736)	9,814	(5,651)	18,530	3,841	196	(4,006)	(8,979)	(8,948)	(4,045)	5,683	191,348	(183,244)	9,742	(4,792)	(3,346)	(519)	(8,657)
Cash and cash equivalents at beginning of period	3,149	20,060	26,402	64,653	69,464	103,145	133,988	162,727	236,552	62,203	50,065	62,508	103,584	93,816	73,199	76,726	103,584	77,426	53,625	49,588	43,467	77,426	25,697	42,800	40,064	49,878	25,697	44,227	48,068	48,264	44,258	44,227	35,279	31,234	36,917	228,265	35,279	45,021	40,229	36,883	45,021
Cash and cash equivalents at end of period	$20,060	$26,402	$64,653	$69,464	$103,145	$133,988	$162,727	$236,552	$62,203	$50,065	$62,508	$103,584	$93,816	$73,201	$76,726	$77,426	$77,426	$53,625	$49,588	$43,467	$25,697	$25,697	$42,800	$40,064	$49,878	$44,227	$44,227	$48,068	$48,264	$44,258	$35,279	$35,279	$31,234	$36,917	$228,265	$45,021	$45,021	$40,229	$36,883	$36,364	$ 36,364
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding.
2 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842, which resulted in a change in classification of our Waltham, Massachusetts build-to-suit lease from a finance lease to an operating lease. For the periods from Q2 FY2016 through Q4 FY2019, we presented approximately $1 million of quarterly payments related this lease within financing activities. Due to the change in lease classification during Q1 FY2020, the impact of these payments is now presented within operating activities. We did not recast the prior periods to reflect this change in classification.

Segment Revenue


Segment Revenue1 In $ thousands except where noted
Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19	Q2 19	Q3 19	Q4 19	FY 2019	Q1 20	Q2 20	Q3 20	Q4 20	FY 2020	Q1 21	Q2 21	Q3 21	FY 2021
(Sep 16)	(Dec 16)	(Mar 17)	(Jun 17)	Total	(Sep 17)	(Dec 17)	(Mar 18)	(Jun 18)	Total	(Sep 18)	(Dec 18)	(Mar 19)	(Jun 19)	Total	(Sep 19)	(Dec 19)	(Mar 20)	(Jun 20)	Total	(Sep 20)	(Dec 20)	(Mar 21)	YTD
REVENUE:
Vistaprint	$ 294,062	$ 391,401	$ 330,848	$ 329,810	$ 1,346,121	$ 326,286	$ 439,332	$ 366,627	$ 366,896	$ 1,499,141	$ 345,320	$ 443,940	$ 358,660	$ 360,402	$ 1,508,322	$ 343,171	$ 433,305	$ 316,310	$ 244,505	$ 1,337,291	$ 329,291	$ 436,317	$ 327,454	$ 1,093,062
as % of revenue	66 %	68 %	60 %	58 %	63 %	58 %	58 %	58 %	58 %	58 %	59 %	54 %	54 %	53 %	55 %	54 %	53 %	53 %	57 %	54 %	56 %	56 %	57 %	56 %
PrintBrothers	72,853	82,549	77,117	85,669	318,188	91,874	107,366	103,685	107,851	410,776	101,389	116,314	109,305	116,979	443,987	109,290	126,617	109,496	72,518	417,921	100,112	121,806	93,997	315,915
as % of revenue	16 %	14 %	14 %	15 %	15 %	16 %	14 %	16 %	17 %	16 %	17 %	14 %	16 %	17 %	16 %	17 %	15 %	18 %	17 %	17 %	17 %	15 %	16 %	16 %
The Print Group	59,104	69,839	65,359	76,123	270,425	68,612	85,631	80,463	85,767	320,473	71,000	87,740	79,027	88,105	325,872	72,258	87,699	68,537	46,720	275,214	66,437	76,204	59,945	202,586
as % of revenue	13 %	12 %	12 %	13 %	13 %	12 %	11 %	13 %	14 %	12 %	12 %	11 %	12 %	13 %	12 %	11 %	11 %	11 %	11 %	11 %	11 %	10 %	10 %	10 %
National Pen	N/A	N/A	58,828	53,884	112,712	59,717	126,098	81,545	65,906	333,266	65,971	132,951	79,721	69,766	348,409	70,163	127,985	68,362	32,964	299,474	67,649	114,692	62,220	244,561
as % of revenue	N/A	N/A	11 %	10 %	5 %	11 %	17 %	13 %	10 %	13 %	11 %	16 %	12 %	10 %	13 %	11 %	16 %	11 %	8 %	12 %	12 %	15 %	11 %	13 %
All Other Businesses	18,807	34,469	19,983	20,390	93,649	18,704	7,498	6,998	7,030	40,230	7,715	48,256	38,016	42,215	136,202	42,276	49,774	39,237	42,502	173,789	43,478	55,365	44,062	142,905
as % of revenue	4 %	6 %	4 %	4 %	4 %	3 %	1 %	1 %	1 %	2 %	1 %	6 %	6 %	6 %	5 %	7 %	6 %	7 %	10 %	7 %	7 %	7 %	8 %	7 %
Inter-segment eliminations2,3	(1,113)	(1,407)	(1,550)	(1,620)	(5,690)	(1,909)	(3,871)	(3,249)	(2,316)	(11,345)	(2,414)	(3,634)	(2,915)	(2,753)	(11,716)	(3,199)	(5,047)	(3,982)	(10,103)	(22,331)	(20,467)	(18,239)	(8,827)	(47,533)
Total revenue	$443,713	$576,851	$550,585	$564,256	$2,135,405	$563,284	$762,054	$636,069	$631,134	$2,592,541	$588,981	$825,567	$661,814	$674,714	$2,751,076	$633,959	$820,333	$597,960	$429,106	$2,481,358	$586,500	$786,145	$578,851	$1,951,496
2INTER-SEGMENT REVENUE:
Vistaprint	$ 1,113	$ 1,407	$ 1,550	$ 1,620	$ 5,690	$ 1,039	$ 1,896	$ 1,736	$ 958	$ 5,629	$ 1,250	$ 2,088	$ 1,279	$ 1,233	$ 5,851	$ 1,328	$ 2,525	$ 1,607	$ 720	$ 6,180	$ 422	$ 671	$ 611	$ 1,704
PrintBrothers	-	-	-	-	-	424	596	480	569	2,068	358	353	242	273	1,226	243	329	250	112	934	171	242	166	579
The Print Group	-	-	-	-	-	-	354	228	109	691	58	439	112	187	796	432	986	920	3,656	5,994	6,059	6,861	2,409	15,329
National Pen	N/A	N/A	-	-	-	446	1,024	805	681	2,956	750	754	1,280	945	3,729	981	966	981	4,878	7,806	13,076	9,737	5,079	27,892
All Other Businesses	-	-	-	-	-	-	-	-	-	-	-	-	-	112	112	215	241	224	737	1,417	739	728	562	2,029
Total inter-segment revenue3	$1,113	$1,407	$1,550	$1,620	$5,690	$1,909	$3,871	$3,249	$2,316	$11,345	$2,414	$3,634	$2,915	$2,753	$11,715	$3,199	$5,047	$3,982	$10,103	$22,331	$20,467	$18,239	$8,827	$47,533
SEGMENT REVENUE BY GEOGRAPHIC REGION4:
Vistaprint3
North America	N/A	N/A	N/A	N/A	$ 917,125	$227,010	$276,264	$249,749	$260,751	$1,013,774	$246,121	$285,304	$250,229	$259,274	$1,040,928	$247,085	$284,345	$222,294	$174,944	$928,668	$232,095	$268,736	$214,663	$715,494
Europe	N/A	N/A	N/A	N/A	340,286	76,674	132,495	92,881	84,092	386,142	76,670	130,731	86,332	80,034	373,767	74,458	121,143	74,335	55,303	325,239	77,248	126,877	73,524	277,649
Other	N/A	N/A	N/A	N/A	83,020	21,563	28,677	22,261	21,095	93,596	21,279	25,816	20,821	19,860	87,776	20,300	25,292	18,074	13,538	77,204	19,526	40,033	38,656	98,215
Inter-segment revenue	N/A	N/A	N/A	N/A	5,690	1,039	1,896	1,736	958	5,629	1,250	2,088	1,279	1,233	5,851	1,328	2,525	1,607	720	6,180	422	671	611	1,704
Total segment revenue	N/A	N/A	N/A	N/A	$ 1,346,121	$326,286	$439,332	$366,627	$366,896	$1,499,141	$345,320	$443,940	$358,660	$360,402	$1,508,322	$343,171	$433,305	$316,310	$244,505	$1,337,291	$329,291	$436,317	$327,454	$1,093,062
PrintBrothers3
North America	N/A	N/A	N/A	N/A	N/A	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-
Europe	N/A	N/A	N/A	N/A	$ 318,188	91,450	106,770	103,205	107,283	408,708	101,031	115,960	109,062	116,706	442,760	109,047	126,288	109,246	72,406	416,987	99,941	121,564	93,831	315,336
Other	N/A	N/A	N/A	N/A	N/A	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inter-segment revenue	N/A	N/A	N/A	N/A	N/A	424	596	480	569	2,068	358	353	242	273	1,227	243	329	250	112	934	171	242	166	579
Total segment revenue	N/A	N/A	N/A	N/A	$ 318,188	$91,874	$107,366	$103,685	$107,851	$410,776	$101,389	$116,313	$109,305	$116,979	$443,987	$109,290	$126,617	$109,496	$72,518	$417,921	$100,112	$121,806	$93,997	$315,915
The Print Group3
North America	N/A	N/A	N/A	N/A	$ 2,063	$1,016	$1,079	$45	($5)	$2,136	$-	$-	$-	$ -	$-	$-	$-	$-	$ -	$-	$ -	$ -	$ -	$ -
Europe	N/A	N/A	N/A	N/A	$ 268,362	67,596	84,198	80,190	85,663	317,646	70,944	87,302	78,914	87,918	325,076	71,826	86,713	67,617	43,064	269,220	60,378	69,343	57,536	187,257
Other	N/A	N/A	N/A	N/A	N/A	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inter-segment revenue	N/A	N/A	N/A	N/A	N/A	-	354	228	109	691	58	439	112	187	796	432	986	920	3,656	5,994	6,059	6,861	2,409	15,329
Total segment revenue	N/A	N/A	N/A	N/A	$ 270,425	$68,612	$85,631	$80,463	$85,767	$320,473	$71,000	$87,740	$79,027	$88,105	$325,872	$72,258	$87,699	$68,537	$46,720	$275,214	$66,437	$76,204	$59,945	$202,586
National Pen
North America	N/A	N/A	N/A	N/A	$ 62,614	$35,001	$55,286	$40,813	$39,646	$170,746	$38,558	$57,348	$41,697	$41,822	$179,425	$41,542	$54,400	$41,093	$17,597	$154,632	$30,321	$48,678	$33,398	$112,397
Europe	N/A	N/A	N/A	N/A	$ 39,693	19,459	60,820	31,983	20,091	132,353	21,036	62,473	29,895	20,977	134,381	22,313	60,887	21,146	7,700	112,046	20,604	47,578	19,731	87,913
Other	N/A	N/A	N/A	N/A	$ 10,405	4,812	8,968	7,944	5,489	27,213	5,627	12,376	6,849	6,022	30,874	5,327	11,732	5,142	2,789	24,990	3,648	8,699	4,012	16,359
Inter-segment revenue	N/A	N/A	N/A	N/A	N/A	446	1,024	805	681	2,956	750	754	1,280	945	3,729	981	966	981	4,878	7,806	13,076	9,737	5,079	27,892
Total segment revenue	N/A	N/A	N/A	N/A	$ 112,712	$59,717	$126,098	$81,545	$65,906	$333,266	$65,971	$132,951	$79,721	$69,766	$348,409	$70,163	$127,985	$68,362	$32,964	$299,474	$67,649	$114,692	$62,220	$244,561
All Other Businesses3
North America	N/A	N/A	N/A	N/A	$ -	$1	$5	$819	$893	$1,718	$1,727	$41,911	$32,880	$35,698	$112,216	$35,406	$44,221	$35,040	$39,128	$153,795	$38,944	$49,662	$39,407	$128,013
Europe	N/A	N/A	N/A	N/A	$ 78,954	12,678	-	-	-	12,678	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other	N/A	N/A	N/A	N/A	$ 14,695	6,025	7,493	6,180	6,137	25,835	5,987	6,344	5,136	6,404	23,871	6,655	5,312	3,973	2,637	18,577	3,795	4,975	4,093	12,863
Inter-segment revenue	N/A	N/A	N/A	N/A	$ -	-	-	-	-	-	-	-	-	112	112	215	241	224	737	1,417	739	728	562	2,029
Total segment revenue	N/A	N/A	N/A	N/A	$ 93,649	$18,704	$7,498	$6,998	$7,030	$40,230	$7,715	$48,256	$38,016	$42,215	$136,202	$42,276	$49,774	$39,237	$42,502	$173,789	$43,478	$55,365	$44,062	$142,905
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding.
3 In Q4 FY2019 we began reporting the Upload and Print businesses as two separate reportable segments - PrintBrothers and The Print Group. In Q1 FY2020 we moved three businesses previously included in our All Other Businesses segment into our Vistaprint segment. We have recast historical results back to Q1 FY2017 to reflect both of these changes, including inter-segment revenue.
4 Segment revenue by geographic region is in USD.
Note: During Q1 FY2018, we began presenting inter-segment fulfillment activity as revenue for the fulfilling business unit for purposes of measuring and reporting our segment financial performance. We have revised historical results to reflect the consistent application of our current accounting methodology. In addition, we adjusted our historical segment profitability for the allocation of certain IT costs that are allocated to each of our businesses in FY2018.

Segment EBITDA & Other


Segment EBITDA & Other1,2 In $ thousands except where noted
Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19	Q2 19	Q3 19	Q4 19	FY 2019	Q1 20	Q2 20	Q3 20	Q4 20	FY 2020	Q1 21	Q2 21	Q3 21	FY 2021
(Sep 16)	(Dec 16)	(Mar 17)	(Jun 17)	Total	(Sep 17)	(Dec 17)	(Mar 18)	(Jun 18)	Total	(Sep 18)	(Dec 18)	(Mar 19)	(Jun 19)	Total	(Sep 19)	(Dec 19)	(Mar 20)	(Jun 20)	Total	(Sep 20)	(Dec 20)	(Mar 21)	YTD
SEGMENT EBITDA (LOSS):
Vistaprint	$34,875	$78,874	$49,441	$49,412	$212,602	$46,419	$115,635	$75,050	$72,679	$309,783	$65,540	$102,511	$88,097	$93,549	$349,697	$87,303	$138,858	$73,780	$66,393	$366,334	$90,157	$112,331	$64,333	$266,821
as % of segment revenue	12 %	20 %	15 %	15 %	16 %	13 %	25 %	19 %	19 %	19 %	17 %	22 %	23 %	24 %	22 %	23 %	31 %	21 %	27 %	27 %	27 %	26 %	20 %	24 %
PrintBrothers	8,872	8,849	7,064	8,084	32,869	8,468	11,982	9,114	11,565	41,129	10,571	11,691	8,099	13,113	43,474	10,777	16,459	8,686	3,451	39,373	9,715	16,457	7,560	33,732
as % of segment revenue	12 %	11 %	9 %	9 %	10 %	9 %	11 %	9 %	11 %	10 %	10 %	10 %	7 %	11 %	10 %	10 %	13 %	8 %	5 %	9 %	10 %	14 %	8 %	11 %
The Print Group	9,491	12,840	11,058	17,625	51,014	12,223	16,777	15,029	19,500	63,529	11,846	16,368	15,658	20,125	63,997	13,634	18,105	10,934	8,933	51,606	12,183	12,569	6,475	31,227
as % of segment revenue	16 %	18 %	17 %	23 %	19 %	18 %	20 %	19 %	23 %	20 %	17 %	19 %	20 %	23 %	20 %	19 %	21 %	16 %	19 %	19 %	18 %	16 %	11 %	15 %
National Pen	N/A	N/A	(1,497)	2,430	933	2,706	19,367	2,136	5,229	29,438	(16,468)	26,634	113	7,020	17,299	(9,850)	28,099	(1,244)	(9,400)	7,605	(10,671)	18,728	(3,324)	4,733
as % of segment revenue	N/A	N/A	(3)%	5 %	1 %	5 %	15 %	3 %	8 %	9 %	(25)%	20 %	- %	10 %	5 %	(14)%	22 %	(2)%	(29)%	3 %	(16)%	16 %	(5)%	2 %
All Other Businesses	(1,705)	5,184	(904)	(1,559)	1,016	(330)	(3,009)	(3,419)	(3,845)	(10,603)	(4,722)	(2,294)	(1,149)	1,848	(6,317)	1,717	3,668	3,187	8,902	17,474	8,609	10,657	6,515	25,781
as % of segment revenue	(9)%	15 %	(5)%	(8)%	1 %	(2)%	(40)%	(49)%	(55)%	(26)%	(61)%	(5)%	(3)%	4 %	(5)%	4 %	7 %	8 %	21 %	10 %	20 %	19 %	15 %	18 %
Total Segment EBITDA3	51,533	105,747	65,162	75,992	298,434	69,486	160,752	97,910	105,128	433,276	66,767	154,910	110,818	135,655	468,150	103,581	205,189	95,343	78,279	482,392	109,993	170,742	81,559	362,294
Central and corporate costs ex. unallocated SBC4	(24,343)	(24,035)	(23,739)	(23,779)	(95,895)	(27,708)	(27,547)	(28,616)	(28,968)	(112,839)	(30,765)	(29,811)	(31,151)	(29,340)	(121,067)	(34,152)	(35,631)	(34,646)	(29,042)	(133,471)	(29,870)	(30,490)	(32,842)	(93,202)
Unallocated SBC4	(1,457)	(5,305)	(2,011)	(4,573)	(13,346)	(2,072)	(7,486)	(8,600)	(7,040)	(25,198)	(4,068)	11,138	(150)	(3,149)	3,771	499	(2,774)	(3,698)	(954)	(6,927)	(1,150)	(494)	(1,302)	(2,946)
Exclude: share-based compensation included in segment EBITDA	7,467	10,676	6,165	8,423	32,731	6,769	11,801	12,774	11,003	42,347	8,917	(5,612)	4,504	7,594	15,403	4,750	8,325	8,908	11,269	33,252	8,283	5,243	9,545	23,071
Include: Realized gains (losses) on certain currency derivatives not included in segment EBITDA	1,888	6,839	4,591	3,156	16,474	(634)	(3,513)	(4,811)	(2,487)	(11,445)	1,607	7,446	4,836	6,400	20,289	4,838	10,408	5,001	4,286	24,533	1,217	(1,578)	(1,936)	(2,297)
Adjusted EBITDA	35,089	93,922	50,169	59,219	238,399	45,841	134,007	68,657	77,636	326,141	42,457	138,071	88,857	117,162	386,547	79,516	185,517	70,908	63,838	399,779	88,473	143,423	55,024	286,920
Depreciation and amortization	(35,541)	(36,977)	(44,522)	(42,616)	(159,656)	(42,384)	(41,299)	(43,437)	(41,885)	(169,005)	(40,718)	(44,502)	(44,055)	(43,682)	(172,957)	(42,535)	(42,356)	(41,840)	(41,212)	(167,943)	(42,290)	(43,597)	(42,809)	(128,696)
Waltham, MA lease depreciation adjustment5	1,030	1,030	1,030	1,030	4,120	1,030	1,030	1,030	1,030	4,120	1,030	1,030	1,030	1,030	4,120	-	-	-	-	-	-	-	-	-
Proceeds from insurance	(650)	-	(157)	-	(807)	-	(377)	(299)	-	(676)	-	-	-	-	-	-	-	-	-	-	-	-	(122)	(122)
Earn-out related charges	(16,247)	(7,010)	(4,882)	(12,245)	(40,384)	(1,137)	(1,254)	-	-	(2,391)	-	-	-	-	-	-	-	-	54	54	-	-	-	-
Share-based compensation expense6	(11,571)	(11,277)	(6,541)	(12,982)	(42,371)	(6,809)	(12,808)	(12,774)	(16,748)	(49,139)	(8,916)	2,720	(4,504)	(7,596)	(18,296)	(4,750)	(8,325)	(8,908)	(11,269)	(33,252)	(8,283)	(5,243)	(9,545)	(23,071)
Certain impairments and other adjustments	-	-	(9,556)	-	(9,556)	1	(498)	(868)	(1,528)	(2,893)	87	(65)	(786)	(9,936)	(10,700)	176	(936)	(101,976)	(1,857)	(104,593)	(783)	215	(20,563)	(21,131)
Restructuring-related charges	-	(1,100)	(24,790)	(810)	(26,700)	(854)	(11,501)	(2,331)	(550)	(15,236)	(170)	(1,026)	(7,866)	(2,992)	(12,054)	(2,190)	(1,897)	(919)	(8,537)	(13,543)	86	(2,182)	382	(1,714)
Interest expense for Waltham, MA lease5	1,970	1,956	1,897	1,904	7,727	1,911	1,896	1,838	1,844	7,489	1,849	1,833	1,775	1,779	7,236	-	-	-	-	-	-	-	-	-
Gain on purchase or sale of subsidiaries7	-	-	-	-	-	48,380	-	-	(435)	47,945	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Realized (gains) losses on currency derivatives not included in operating income	(1,888)	(6,839)	(4,591)	(3,156)	(16,474)	634	3,513	4,811	2,487	11,445	(1,607)	(7,446)	(4,836)	(6,400)	(20,289)	(4,838)	(10,408)	(5,001)	(4,286)	(24,533)	(1,217)	1,578	1,936	2,297
Total income from operations	($27,808)	$33,705	($41,943)	($9,656)	($45,702)	46,613	72,709	16,627	21,851	$157,800	(5,988)	90,615	29,615	49,365	$163,607	25,379	121,595	(87,736)	(3,269)	$55,969	35,986	94,194	(15,697)	114,483
Operating income margin	(6)%	6 %	(8)%	(2)%	(2)%	8 %	10 %	3 %	3 %	6 %	(1)%	11 %	4 %	7 %	6 %	4 %	15 %	(15)%	(1)%	2 %	6 %	12 %	(3)%	6 %
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding. 2 In Q4 FY2019 we began reporting the Upload and Print businesses as two separate reportable segments - PrintBrothers and The Print Group. In Q1 FY2020 we moved three businesses previously included in our All Other Businesses segment into our Vistaprint segment. We have recast historical results back to Q1 FY2017 to reflect both of these changes, including inter-segment revenue. 5 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842. Our Waltham, MA lease, which was previously classified as build-to-suit, is now classified as an operating lease under the new standard. The Waltham depreciation and interest expense adjustments that were made in comparative periods are no longer made beginning in FY2020, as any impact from the Waltham lease is reflected in operating income. 6 Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to earn-out mechanisms dependent upon continued employment. 7 Includes the impact of the gain on the sale of Albumprinter, as well as a bargain purchase gain as defined by ASC 805-30 for an acquisition in which the identifiable assets acquired and liabilities assumed are greater than the consideration transferred, that was recognized in general and administrative expense in our consolidated statement of operations during the three months ended September 30, 2017. 8In Q4 FY2020, we reorganized technology teams that previously existed within our Vistaprint business and our central teams. The reorganization resulted in the transfer of employees to our central team, which is intended to better align technology tribes and accelerate the Vistaprint re-platforming efforts. We have revised our presentation of prior periods since Q1 FY18 presented to reflect our revised segment reporting for the two changes made during fiscal 2020.
3 SHARE-BASED COMPENSATION INCLUDED IN SEGMENT EBITDA:
Vistaprint	$2,857	$2,609	$2,183	$1,862	$9,511	$2,114	$1,893	$1,730	$1,646	$7,383	$1,892	$1,807	$1,370	$1,083	$6,152	$836	$1,264	$1,131	$3,869	$7,100	$2,364	$1,215	$2,775	$6,354
PrintBrothers	60	59	72	62	253	84	79	92	82	337	96	102	97	88	383	84	81	74	313	552	112	59	73	244
The Print Group	165	333	126	128	752	157	155	371	(74)	609	160	168	125	116	569	87	75	71	162	395	159	33	196	388
National Pen	N/A	N/A	49	98	147	139	139	139	126	543	206	206	206	206	824	221	221	224	489	1,155	359	224	184	767
All Other Businesses	88	81	74	70	313	50	38	9	23	120	1	67	100	333	501	94	94	94	341	623	209	94	109	412
Central and Corporate Costs	4,297	7,594	3,661	6,203	21,755	4,225	9,497	10,433	9,200	33,355	6,562	(7,962)	2,606	5,768	6,974	3,428	6,591	7,315	6,095	23,429	5,080	3,618	6,208	14,906
Total share-based compensation included in Segment EBITDA9	$7,467	$10,676	$6,165	$8,423	$32,731	$6,769	$11,801	$12,774	$11,003	$42,347	$8,917	($5,612)	$4,504	$7,594	$15,403	$4,750	$8,325	$8,908	$11,269	$33,252	$8,283	$5,243	$9,545	$23,071
4 CENTRAL AND CORPORATE COSTS DETAIL:
Corporate costs	$11,779	$13,282	$10,125	$10,008	$45,194	$9,587	$9,381	$9,675	$10,218	$38,861	$10,858	$8,919	$9,807	$8,966	$38,550	$11,725	$12,633	$11,859	$10,362	$46,579	$9,775	$8,226	$12,267	$30,268
Central operating costs	8,076	6,928	8,493	8,813	32,310	13,249	13,266	13,788	13,673	53,976	14,599	15,233	15,601	14,967	60,400	16,685	17,042	16,926	13,643	64,296	14,052	16,381	14,101	44,534
MCP investment	4,488	3,825	5,121	4,958	18,392	4,872	4,900	5,153	5,078	20,003	5,309	5,657	5,743	5,407	22,116	5,742	5,956	5,860	5,037	22,595	6,043	5,883	6,475	18,401
Unallocated SBC	1,457	5,305	2,011	4,573	13,346	2,072	7,486	8,600	7,040	25,198	4,068	(11,138)	150	3,149	(3,771)	(499)	2,774	3,698	954	6,927	1,150	494	1,302	2,946
Total central and corporate costs	$25,800	$29,340	$25,750	$28,352	$109,242	$29,780	$35,033	$37,216	$36,009	$138,038	$34,834	$18,671	$31,301	$32,489	$117,295	$33,653	$38,405	$38,344	$29,996	$140,398	$31,020	$30,984	$34,145	$96,149
DEPRECIATION AND AMORTIZATION8:
Vistaprint	$15,855	$17,217	$19,164	$17,479	$69,715	$18,232	$17,126	$17,704	$17,436	$70,498	$17,024	$16,977	$16,885	$16,431	$67,317	$15,640	$15,042	$14,609	$13,738	$59,029	$13,587	$14,952	$14,881	$43,420
as % of segment revenue	5 %	4 %	6 %	5 %	5 %	6 %	4 %	5 %	5 %	5 %	5 %	4 %	5 %	5 %	5 %	5 %	3 %	5 %	6 %	5 %	4 %	3 %	5 %	4 %
PrintBrothers	5,688	5,451	5,505	5,515	22,159	6,014	6,230	6,675	6,086	25,005	6,413	5,663	5,364	4,668	22,108	5,255	5,553	5,064	5,138	21,010	5,462	5,509	5,493	16,464
as % of segment revenue	8 %	7 %	7 %	6 %	7 %	7 %	6 %	6 %	6 %	6 %	6 %	5 %	5 %	4 %	5 %	5 %	4 %	5 %	7 %	6 %	5 %	5 %	6 %	5 %
The Print Group	8,777	8,116	8,646	8,375	33,914	8,706	8,775	9,026	8,087	34,594	7,731	7,687	7,338	6,681	29,437	6,233	6,609	6,083	5,844	24,769	6,581	6,641	6,630	19,852
as % of segment revenue	15 %	12 %	13 %	11 %	13 %	13 %	10 %	11 %	9 %	11 %	11 %	9 %	9 %	8 %	9 %	9 %	8 %	9 %	13 %	11 %	10 %	9 %	11 %	10 %
National Pen	N/A	N/A	5,277	4,991	10,268	5,095	5,275	5,372	5,804	21,546	5,124	5,319	5,371	5,828	21,642	5,581	5,523	6,294	6,256	23,654	6,067	6,255	6,304	18,626
as % of segment revenue	N/A	N/A	9 %	9 %	9 %	9 %	4 %	7 %	9 %	6 %	8 %	4 %	7 %	8 %	6 %	8 %	4 %	9 %	19 %	9 %	9 %	5 %	10 %	8 %
All Other Businesses	2,520	2,641	1,419	2,702	9,282	807	649	1,137	1,336	3,929	583	5,259	5,905	5,321	17,068	5,973	5,888	6,049	5,845	23,755	5,868	4,391	4,524	14,783
as % of segment revenue	13 %	8 %	7 %	13 %	10 %	4 %	9 %	16 %	19 %	10 %	8 %	11 %	16 %	13 %	13 %	14 %	12 %	15 %	14 %	18 %	13 %	8 %	10 %	10 %
Central and Corporate Costs	2,565	3,552	3,392	3,578	13,087	3,530	3,244	3,523	3,136	13,433	3,843	3,597	3,471	5,288	16,199	3,853	3,741	3,741	4,391	15,726	4,725	5,849	4,977	15,551
as % of segment revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total depreciation and amortization	$35,405	$36,977	$43,403	$42,640	$158,425	$42,384	$41,299	$43,437	$41,885	$169,005	$40,718	$44,502	$44,334	$44,217	$173,771	$42,535	$42,356	$41,840	$41,212	$167,943	$42,290	$43,597	$42,809	$128,696
8 ACQUISITION-RELATED AMORTIZATION AND DEPRECIATION INCLUDED IN TOTAL DEPRECIATION AND AMORTIZATION ABOVE:
Vistaprint	$152	$148	$148	$151	$599	$154	$150	$157	$151	$612	$151	$149	$-	$-	$300	$-	$-	$-	$-	$-	$-	$1,499	$1,499	$2,998
PrintBrothers	4,421	4,278	4,222	4,100	17,021	4,381	4,415	4,596	4,358	17,750	4,224	4,147	3,639	3,346	15,356	3,317	3,334	3,315	3,309	13,275	3,496	3,567	3,608	10,671
The Print Group	5,066	5,031	5,033	4,287	19,417	4,558	4,471	4,669	3,733	17,431	3,431	3,342	3,172	2,461	12,406	2,491	2,610	2,147	2,389	9,637	2,531	2,536	2,548	7,615
National Pen	N/A	N/A	3,549	3,562	7,111	3,574	3,554	3,587	3,555	14,270	3,556	3,547	3,546	3,547	14,196	3,556	3,552	3,565	3,574	14,247	3,612	3,619	3,619	10,850
All Other Businesses	574	562	556	562	2,254	20	22	22	22	86	7	3,729	3,733	3,800	11,269	3,720	3,719	3,719	3,719	14,877	3,719	2,232	2,232	8,183
Total acquisition-related amortization and depreciation included in total depreciation and amortization above	$10,213	$10,019	$13,508	$12,662	$46,402	$12,687	$12,612	$13,031	$11,819	$50,149	$11,369	$14,914	$14,090	$13,154	$53,527	$13,084	$13,215	$12,746	$12,991	$52,036	$13,358	$13,453	$13,506	$40,317
PURCHASES OF PROPERTY, PLANT AND EQUIPMENT:
Vistaprint	$11,599	$8,707	$12,366	$7,872	$40,544	$ 13,946	$ 10,932	$ 4,944	$ 6,176	$ 35,998	$ 12,056	$ 9,378	$ 4,718	$ 6,668	$ 32,820	$ 4,505	$ 6,192	$ 134	$ 5,155	$ 15,986	$ 1,934	$ 2,515	$ 2,411	$ 6,860
as % of segment revenue	4 %	2 %	4 %	2 %	3 %	4 %	2 %	1 %	2 %	2 %	3 %	2 %	1 %	2 %	2 %	1 %	1 %	- %	2 %	1 %	1 %	1 %	1 %	1 %
PrintBrothers	542	847	411	1,512	3,312	1,149	2,870	1,411	1,039	6,469	1,729	647	395	750	3,521	331	668	2,397	919	4,315	925	213	286	1,424
as % of segment revenue	1 %	1 %	1 %	2 %	1 %	1 %	3 %	1 %	1 %	2 %	2 %	2 %	1 %	1 %	1 %	- %	1 %	2 %	1 %	1 %	1 %	- %	- %	- %
The Print Group	4,258	2,337	2,483	2,485	11,563	2,108	2,863	868	3,904	9,743	1,996	2,787	557	2,568	7,908	4,105	4,889	4,949	3,193	17,136	2,887	3,043	980	6,910
as % of segment revenue	7 %	3 %	4 %	3 %	4 %	3 %	3 %	1 %	5 %	- %	3 %	3 %	1 %	3 %	2 %	6 %	6 %	7 %	7 %	7 %	4 %	4 %	2 %	3 %
National Pen	N/A	N/A	1,013	2,701	3,714	2,490	1,219	1,183	1,673	6,565	4,727	2,308	745	566	8,346	2,016	761	728	1,511	5,016	1,452	1,372	679	3,503
as % of segment revenue	N/A	N/A	2 %	5 %	3 %	4 %	1 %	1 %	3 %	2 %	7 %	2 %	1 %	1 %	2 %	3 %	1 %	1 %	5 %	2 %	2 %	1 %	1 %	1 %
All Other Businesses	2,249	3,502	3,814	1,060	10,625	389	211	151	196	947	285	2,362	12,138	2,211	16,996	1,775	595	1,523	349	4,242	954	1,014	744	2,712
as % of segment revenue	12 %	10 %	19 %	5 %	10 %	2 %	3 %	2 %	3 %	2 %	4 %	5 %	32 %	5 %	8 %	4 %	1 %	4 %	1 %	3 %	2 %	2 %	2 %	2 %
Central and Corporate Costs	671	1,548	569	1,608	4,396	375	122	210	467	1,174	233	259	614	(134)	972	1,461	796	813	702	3,772	231	250	846	1,327
as % of segment revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total purchases of property, plant and equipment	$19,319	$16,941	$20,656	$17,238	$74,154	$20,457	$18,217	$8,767	$13,455	$60,896	$21,026	$17,741	$19,167	$12,629	$70,563	$14,193	$13,901	$10,544	$11,829	$50,467	$8,383	$8,407	$5,946	$22,736
CAPITALIZATION OF SOFTWARE AND WEBSITE DEVELOPMENT COSTS:
Vistaprint	$4,216	$5,985	$7,313	$6,917	$24,431	$ 5,504	$ 5,036	$ 6,763	$ 6,154	$23,457	$ 6,264	$ 5,214	$ 6,084	$ 5,807	$23,369	$ 5,422	$ 4,357	$ 5,895	$ 2,707	$ 18,381	$ 6,987	$ 4,429	$ 10,414	$ 21,830
as % of segment revenue	1 %	2 %	2 %	2 %	2 %	2 %	1 %	2 %	2 %	2 %	2 %	1 %	2 %	2 %	2 %	2 %	1 %	2 %	1 %	2 %	2 %	1 %	3 %	2 %
PrintBrothers	263	370	387	1,638	2,658	393	435	532	476	1,836	287	517	437	546	1,787	331	291	90	278	990	406	185	379	970
as % of segment revenue	- %	- %	1 %	2 %	- %	- %	- %	1 %	- %	- %	- %	1 %	1 %	- %	- %	- %	- %	- %	- %	- %	- %	- %	- %	- %
The Print Group	181	299	127	908	1,515	381	581	617	595	2,174	495	703	525	604	2,327	451	424	374	235	1,484	230	433	398	1,061
as % of segment revenue	- %	- %	- %	1 %	- %	1 %	1 %	1 %	1 %	1 %	1 %	1 %	1 %	1 %	1 %	1 %	- %	1 %	1 %	1 %	- %	1 %	1 %	1 %
National Pen	N/A	N/A	-	-	-	-	367	302	813	1,482	900	576	1,035	1,113	3,624	836	979	775	700	3,290	714	355	604	1,673
as % of segment revenue	N/A	N/A	- %	- %	- %	- %	- %	- %	1 %	- %	1 %	- %	1 %	2 %	1 %	1 %	1 %	1 %	2 %	1 %	1 %	- %	1 %	1 %
All Other Businesses	186	180	179	216	761	230	64	59	92	445	90	871	1,098	889	2,948	963	1,116	890	715	3,684	1,061	681	897	2,639
as % of segment revenue	1 %	1 %	1 %	1 %	3 %	1 %	1 %	1 %	1 %	3 %	1 %	2 %	3 %	2 %	2 %	2 %	2 %	2 %	2 %	3 %	2 %	1 %	2 %	2 %
Central and Corporate Costs	3,466	3,964	1,562	1,468	10,460	2,426	2,697	3,089	3,241	11,453	3,197	2,807	3,537	5,056	14,597	4,468	3,779	4,383	3,533	16,163	5,406	5,558	6,184	17,148
as % of segment revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total capitalization of software and website development costs	$8,312	$10,798	$9,568	$11,147	$39,825	$8,934	$9,180	$11,362	$11,371	$40,847	$11,233	$10,688	$12,716	$14,015	$48,652	$12,471	$10,946	$12,407	$8,168	$43,992	$14,804	$11,641	$18,876	$45,321
9 SBC included in segment EBITDA may not sum to total SBC because segment EBITDA excludes restructuring expense, and is therefore excluded from this view as well. Additionally, the accounting value of the Supplemental PSUs (SPSUs) expense or benefit, if any, are included in Central and Corporate Costs.

Operating Metrics


Operating Metrics1 In $ thousands except headcount and where noted
Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19	Q2 19	Q3 19	Q4 19	FY 2019	Q1 20	Q2 20	Q3 20	Q4 20	FY 2020	Q1 21	Q2 21	Q3 21	FY 2021
(Sep 16)	(Dec 16)	(Mar 17)	(Jun 17)	Total	(Sep 17)	(Dec 17)	(Mar 18)	(Jun 18)	Total	(Sep 18)	(Dec 18)	(Mar 19)	(Jun 19)	Total	(Sep 19)	(Dec 19)	(Mar 20)	(Jun 20)	Total	(Sep 20)	(Dec 20)	(Mar 21)	YTD
REVENUE METRICS:
U.S. revenue	N/A	N/A	N/A	N/A	$901,061	N/A	N/A	N/A	N/A	$1,078,544	N/A	N/A	N/A	N/A	$1,361,438	N/A	N/A	N/A	N/A	$1,251,531	N/A	N/A	N/A	N/A
Germany revenue	N/A	N/A	N/A	N/A	$256,069	N/A	N/A	N/A	N/A	$340,881	N/A	N/A	N/A	N/A	$367,375	N/A	N/A	N/A	N/A	$351,348	N/A	N/A	N/A	N/A
Other revenue	N/A	N/A	N/A	N/A	$978,275	N/A	N/A	N/A	N/A	$1,173,116	N/A	N/A	N/A	N/A	$1,022,263	N/A	N/A	N/A	N/A	$878,479	N/A	N/A	N/A	N/A
Physical printed products and other	N/A	N/A	N/A	N/A	$2,076,564	N/A	N/A	N/A	N/A	$2,537,201	N/A	N/A	N/A	N/A	$2,700,167	N/A	N/A	N/A	N/A	$2,431,367	N/A	N/A	N/A	N/A
Digital products/services	N/A	N/A	N/A	N/A	$58,841	N/A	N/A	N/A	N/A	$55,340	N/A	N/A	N/A	N/A	$50,909	N/A	N/A	N/A	N/A	$49,991	N/A	N/A	N/A	N/A
EMPLOYEE HEADCOUNT:
Full-time employees	8,066	9,923	10,323	10,704	10,704	10,892	10,864	10,868	10,814	10,814	11,659	11,986	12,042	12,123	12,123	12,217	12,328	11,710	11,880	11,880	11,695	12,312	12,428	12,428
Temporary employees	456	1,389	586	935	935	1,948	1,953	1,205	1,212	1,212	2,251	2,208	1,411	1,391	1,391	2,092	2,184	839	1,074	1,074	1,540	2,495	1,364	1,364
Total Cimpress headcount at end of period	8,522	11,312	10,909	11,639	11,639	12,840	12,817	12,073	12,026	12,026	13,910	14,194	13,453	13,514	13,514	14,309	14,512	12,550	12,954	12,954	13,235	14,807	13,792	13,792
CONSOLIDATED ADVERTISING SPEND:
Total advertising & commissions expense ($ millions)	$78.3	$94.1	$100.4	$91.1	$363.9	$95.8	$129.2	$108.4	$99.1	$432.5	$112.0	$136.9	$98.1	$80.7	$427.7	$93.1	$96.7	$77.1	$35.6	$302.5	$68.9	$99.9	$77.3	$246.1
as % of revenue	18 %	16 %	18 %	16 %	17 %	17 %	17 %	17 %	16 %	17 %	19 %	17 %	15 %	12 %	16 %	15 %	12 %	13 %	8 %	12 %	12 %	13 %	13 %	13 %
Total advertising & payment processing fees ($ millions)2	$86.4	$103.6	$109.4	$99.4	$398.8	$105.0	$140.8	$118.5	$108.8	$473.1	$123.4	$147.8	$108.7	$91.5	$471.4	$103.5	$109.6	$86.9	$43.8	$343.8	$79.2	$113.8	$87.8	$280.8
VISTAPRINT ADVERTISING SPEND:
Vistaprint advertising & commissions expense ($ millions)3	$69.8	$81.6	$75.2	$70.4	$296.9	$74.9	$90.7	$78.5	$78.3	$322.4	$74.1	$91.8	$62.0	$53.7	$281.6	$52.5	$61.0	$44.9	$18.9	$177.3	$35.2	$66.7	$44.7	$146.6
as % of Vistaprint revenue3	24 %	21 %	23 %	21 %	22 %	23 %	21 %	21 %	21 %	22 %	22 %	21 %	17 %	15 %	19 %	15 %	14 %	14 %	8 %	13 %	11 %	15 %	14 %	13 %
1 Metrics are unaudited, approximate, and when added together may not equal annual results due to rounding.
2 Total advertising and payment processing fees includes the Total advertising and commissions expense above, as well as the fees associated with processing customer payments. This number is used to calculate "contribution margin" included on the income statement tab of this spreadsheet.
3 Vistaprint advertising expense ($ and as a percent of revenue) has been recast to reflect the addition of Vistaprint Corporate Solutions, Vistaprint India and Vistaprint Japan.
Note: values may not sum to total due to rounding.

Non-GAAP Reconciliations

ABOUT NON-GAAP FINANCIAL MEASURES: To supplement Cimpress' consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, Cimpress has used the following measures defined as non-GAAP financial measures by Securities and Exchange Commission, or SEC, rules: Constant-currency revenue growth, constant-currency revenue growth excluding revenue from acquisitions and divestitures made in the last twelve months, upload and print group revenue growth, constant currency revenue growth and profit, adjusted EBITDA, adjusted free cash flow and trailing-twelve-month return on invested capital: •Constant-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period's average exchange rate for each currency to the U.S. dollar. •Constant-currency revenue growth excluding revenue from acquisitions and divestitures made during the past twelve months excludes the impact of currency as defined above. The organic constant-currency growth rate excludes Albumprinter revenue from Q1 FY2017 through Q1 FY2018, Digipri (the part of our Japan business that we previously sold) revenue for Q2 FY2018, VIDA revenue from Q1 FY2019 through Q4 FY2019, BuildASign revenue from Q2 FY2019 through Q1 FY2020, and 99designs revenue for all periods. •Upload and print group revenue growth is the combination of revenue for PrintBrothers and The Print Group in USD, adjusted to exclude inter-segment revenue when conducted between businesses in these segments. Upload and print group constant-currency revenue growth is the combination of revenue for PrintBrothers and The Print Group in constant currencies, adjusted to exclude inter-segment revenue when conducted between businesses in these segments. Upload and print group EBITDA is the combination of segment EBITDA for PrintBrothers and The Print Group. •Adjusted EBITDA is defined as operating income plus depreciation and amortization (excluding depreciation and amortization related to our Waltham, Massachusetts office lease) plus share-based compensation expense plus proceeds from insurance plus earn-out related charges plus certain impairments plus restructuring related charges plus realized gains or losses on currency derivatives less interest expense related to our Waltham, Massachusetts office lease less gain on purchase or sale of subsidiaries. •Adjusted free cash flow is defined as net cash provided by operating activities less purchases of property, plant and equipment, purchases of intangible assets not related to acquisitions, and capitalization of software and website development costs, plus payment of contingent consideration in excess of acquisition-date fair value, plus gains on proceeds from insurance. •Trailing-Twelve-Month Return on Invested Capital is adjusted net operating profit after tax (NOPAT) or adjusted NOPAT excluding share-based compensation, divided by debt plus redeemable noncontrolling interest plus shareholders' equity, less excess cash. Adjusted NOPAT is defined as adjusted EBITDA from above, plus depreciation and amortization (except depreciation related to Waltham lease and amortization of acquired intangibles), plus share-based compensation not related to investment consideration or restructuring, less cash taxes. Adjusted NOPAT excluding share-based compensation removes all share-based compensation expense in Adjusted NOPAT. Excess cash is cash and equivalents greater than 5% of last twelve month revenues and, if negative, is capped at zero. Leases have not been converted to debt for purposes of this calculation. These non-GAAP financial measures are provided to enhance investors' understanding of our current operating results from the underlying and ongoing business for the same reasons they are used by management. For example, as we have become more acquisitive over recent years we believe excluding the costs related to the purchase of a business (such as amortization of acquired intangible assets, contingent consideration, or impairment of goodwill) provides further insight into the performance of the underlying acquired business in addition to that provided by our GAAP operating income. As another example, as we do not apply hedge accounting for our currency forward contracts, we believe inclusion of realized gains and losses on these contracts that are intended to be matched against operational currency fluctuations provides further insight into our operating performance in addition to that provided by our GAAP operating income. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of Non-GAAP Financial Measures" included at the end of this document. The tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliation between these financial measures. Non-GAAP measures are unaudited.

Constant-Currency Revenue Growt


Reconciliation of Constant-Currency Revenue Growth In $ thousands except where noted
Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19	Q2 19	Q3 19	Q4 19	FY 2019	Q1 20	Q2 20	Q3 20	Q4 20	FY 2020	Q1 21	Q2 21	Q3 21	FY 2021
(Sep 16)	(Dec 16)	(Mar 17)	(Jun 17)	Total	(Sep 17)	(Dec 17)	(Mar 18)	(Jun 18)	Total	(Sep 18)	(Dec 18)	(Mar 19)	(Jun 19)	Total	(Sep 19)	(Dec 19)	(Mar 20)	(Jun 20)	Total	(Sep 20)	(Dec 20)	(Mar 21)	YTD
REVENUE GROWTH RECONCILATION BY REPORTABLE SEGMENT:
Vistaprint
Revenue	$294,062	$391,401	$330,848	$329,810	$1,346,121	$326,286	$439,332	$366,627	$366,896	$1,499,141	$345,320	$443,940	$358,660	$360,402	$1,508,322	$343,171	$433,305	$316,310	$244,505	$1,337,291	$329,291	$436,317	$327,454	$1,093,062
% Change	N/A	N/A	N/A	N/A	N/A	11 %	12 %	11 %	11 %	11 %	6 %	1 %	(2)%	(2)%	1 %	(1)%	(2)%	(12)%	(32)%	(11)%	(4)%	1 %	4 %	- %
Currency Impact: (Favorable)/Unfavorable	N/A	N/A	N/A	N/A	N/A	(1)%	(3)%	(4)%	(2)%	(2)%	1 %	2 %	3 %	2 %	2 %	2 %	- %	1 %	1 %	1 %	(1)%	(3)%	(3)%	(2)%
Constant-Currency Revenue Growth	N/A	N/A	N/A	N/A	N/A	10 %	9 %	7 %	9 %	9 %	7 %	3 %	1 %	- %	3 %	1 %	(2)%	(11)%	(31)%	(10)%	(5)%	(2)%	1 %	(2)%
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable	N/A	N/A	N/A	N/A	N/A	- %	- %	- %	- %	- %	- %	- %	- %	- %	- %	- %	- %	- %	- %	- %	- %	(4)%	(6)%	(3)%
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures	N/A	N/A	N/A	N/A	N/A	10 %	9 %	7 %	9 %	9 %	7 %	3 %	1 %	- %	3 %	1 %	(2)%	(11)%	(31)%	(10)%	(5)%	(6)%	(5)%	(5)%
PrintBrothers
Revenue	$72,853	$82,549	$77,117	$85,669	$318,188	$91,874	$107,366	$103,685	$107,851	$410,776	$101,389	$116,314	$109,305	$116,979	$443,987	$109,290	$126,617	$109,496	$72,518	$417,921	$100,112	$121,806	$93,997	$315,915
% Change	N/A	N/A	N/A	N/A	N/A	26 %	30 %	35 %	26 %	29 %	10 %	8 %	5 %	8 %	8 %	8 %	9 %	- %	(38)%	(6)%	(8)%	(4)%	(14)%	(9)%
Currency Impact: (Favorable)/Unfavorable	N/A	N/A	N/A	N/A	N/A	(6)%	(11)%	(18)%	(10)%	(11)%	2 %	4 %	9 %	7 %	5 %	5 %	3 %	3 %	1 %	3 %	(5)%	(7)%	(7)%	(6)%
Constant-Currency Revenue Growth	N/A	N/A	N/A	N/A	N/A	20 %	19 %	17 %	16 %	18 %	12 %	12 %	14 %	15 %	13 %	13 %	12 %	3 %	(37)%	(3)%	(13)%	(11)%	(21)%	(15)%
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable	N/A	N/A	N/A	N/A	N/A	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%	- %	(4)%	(3)%	(2)%	(2)%	(2)%	- %	- %	(2)%
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures	N/A	N/A	N/A	N/A	N/A	20 %	19 %	17 %	16 %	18 %	12 %	12 %	14 %	15 %	13 %	13 %	8 %	- %	(39)%	(5)%	(15)%	(11)%	(21)%	(17)%
The Print Group
Revenue	$59,104	$69,839	$65,359	$76,123	$270,425	$68,612	$85,631	$80,463	$85,767	$320,473	$71,000	$87,740	$79,027	$88,105	$325,872	$72,258	$87,699	$68,537	$46,720	$275,214	$66,437	$76,204	$59,945	$202,586
% Change	N/A	N/A	N/A	N/A	N/A	16 %	23 %	23 %	13 %	19 %	4 %	3 %	(2)%	3 %	2 %	2 %	- %	(13)%	(47)%	(16)%	(8)%	(13)%	(13)%	(11)%
Currency Impact: (Favorable)/Unfavorable	N/A	N/A	N/A	N/A	N/A	(5)%	(10)%	(16)%	(9)%	(10)%	1 %	3 %	8 %	6 %	4 %	5 %	3 %	3 %	1 %	3 %	(4)%	(6)%	(7)%	(6)%
Constant-Currency Revenue Growth	N/A	N/A	N/A	N/A	N/A	11 %	13 %	7 %	4 %	9 %	5 %	6 %	6 %	9 %	6 %	7 %	3 %	(10)%	(46)%	(13)%	(12)%	(19)%	(20)%	(17)%
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable	N/A	N/A	N/A	N/A	N/A	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%	- %	- %	- %	- %	- %	- %	- %	- %	- %
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures	N/A	N/A	N/A	N/A	N/A	11 %	13 %	7 %	4 %	9 %	5 %	6 %	6 %	9 %	6 %	7 %	3 %	(10)%	(46)%	(13)%	(12)%	(19)%	(20)%	(17)%
National Pen
Revenue	N/A	N/A	$58,828	$53,884	$112,712	$59,717	$126,098	$81,545	$65,906	$333,266	$65,971	$132,951	$79,721	$69,766	$348,409	$70,163	$127,985	$68,362	$32,964	$299,474	$67,649	$114,692	$62,220	$244,561
% Change1	N/A	N/A	100 %	100 %	100 %	100 %	100 %	39 %	22 %	196 %	10 %	5 %	(2)%	6 %	5 %	6 %	(4)%	(14)%	(53)%	(14)%	(4)%	(10)%	(9)%	(8)%
Currency Impact: (Favorable)/Unfavorable	N/A	N/A	-%	-%	N/A	-%	-%	(9)%	(3)%	(6)%	1 %	2 %	3 %	2 %	2 %	2 %	1 %	1 %	- %	1 %	(1)%	(3)%	(3)%	(3)%
Constant-Currency Revenue Growth	N/A	N/A	100 %	100 %	N/A	100 %	100 %	30 %	19 %	190 %	11 %	7 %	1 %	8 %	7 %	8 %	(3)%	(13)%	(53)%	(13)%	(5)%	(13)%	(12)%	(11)%
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable	N/A	N/A	(100)%	(100)%	N/A	(100)%	(100)%	-%	-%	(165)%	-%	-%	-%	-%	-%	- %	- %	- %	- %	- %	- %	- %	- %	- %
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures	N/A	N/A	-%	-%	N/A	-%	-%	30 %	19 %	25 %	11 %	7 %	1 %	8 %	7 %	8 %	(3)%	(13)%	(53)%	(13)%	(5)%	(13)%	(12)%	(11)%
Pro Forma Growth Rates:
Pro Forma Revenue Growth in U.S. Dollars	N/A	N/A	(8)%	(5)%	N/A	(5)%	33 %	N/A	N/A	23 %	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Currency Impact: (Favorable)/Unfavorable	N/A	N/A	3 %	3 %	N/A	(2)%	(5)%	N/A	N/A	(4)%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Pro Forma Revenue Growth in Constant Currency	N/A	N/A	(5)%	(2)%	N/A	(7)%	28 %	N/A	N/A	19 %	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Impact of Discontinued Operations	N/A	N/A	3 %	3 %	N/A	4 %	-%	N/A	N/A	1 %	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Pro Forma Constant-Currency Revenue Growth Excluding Discontinued Operations	N/A	N/A	(2)%	1 %	N/A	(3)%	28 %	N/A	N/A	20 %	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
All Other Businesses
Revenue	$18,807	$34,469	$19,983	$20,390	$93,649	$18,704	$7,498	$6,998	$7,030	$40,230	$7,715	$48,256	$38,016	$42,215	$136,202	$42,276	$49,774	$39,237	$42,502	$173,789	$43,478	$55,365	$44,062	$142,905
% Change	N/A	N/A	N/A	N/A	N/A	(1)%	(78)%	(65)%	(66)%	(57)%	(59)%	544 %	443 %	500 %	239 %	448 %	3 %	3 %	1 %	28 %	3 %	11 %	12 %	9 %
Currency Impact: (Favorable)/Unfavorable	N/A	N/A	N/A	N/A	N/A	(3)%	(1)%	1 %	4 %	-%	8 %	14 %	12 %	9 %	9 %	1 %	1 %	2 %	2 %	1 %	3 %	3 %	3 %	3 %
Constant-Currency Revenue Growth	N/A	N/A	N/A	N/A	N/A	(4)%	(79)%	(64)%	(62)%	(57)%	(51)%	558 %	455 %	509 %	248 %	449 %	4 %	5 %	3 %	29 %	6 %	14 %	15 %	12 %
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable	N/A	N/A	N/A	N/A	N/A	78 %	95 %	143 %	121 %	111 %	92 %	(546)%	(470)%	(509)%	(241)%	(453)%	- %	- %	1 %	(25)%	- %	- %	- %	- %
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures	N/A	N/A	N/A	N/A	N/A	74 %	16 %	79 %	59 %	54 %	41 %	12 %	(15)%	- %	7 %	(4)%	4 %	5 %	4 %	4 %	6 %	14 %	15 %	12 %
Inter-Segment Eliminations	($1,113)	($1,407)	($1,550)	($1,620)	($5,690)	($1,909)	($3,871)	($3,249)	($2,316)	($11,345)	($2,414)	($3,634)	($2,915)	($2,753)	($11,716)	($3,199)	($5,047)	($3,982)	($10,103)	($22,331)	($20,467)	($18,239)	($8,827)	($47,533)
Total Revenue
Revenue	$443,713	$576,851	$550,585	$564,256	$2,135,405	$563,284	$762,054	$636,069	$631,134	$2,592,541	$588,981	$825,567	$661,814	$674,714	$2,751,076	$633,959	$820,333	$597,960	$429,106	$2,481,358	$586,500	$786,145	$578,851	$1,951,496
% Change	18 %	16 %	26 %	18 %	19 %	27 %	32 %	16 %	12 %	21 %	5 %	8 %	4 %	7 %	6 %	8 %	(1)%	(10)%	(36)%	(10)%	(7)%	(4)%	(3)%	(5)%
Currency Impact: (Favorable)/Unfavorable	1 %	2 %	2 %	2 %	2 %	(3)%	(5)%	(8)%	(4)%	(4)%	1 %	3 %	5 %	3 %	3 %	2 %	2 %	2 %	1 %	1 %	(2)%	(3)%	(4)%	(3)%
Constant-Currency Revenue Growth	19 %	18 %	28 %	20 %	21 %	24 %	27 %	8 %	8 %	17 %	6 %	11 %	9 %	10 %	9 %	10 %	1 %	(8)%	(35)%	(9)%	(9)%	(7)%	(7)%	(8)%
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable	(13)%	(10)%	(17)%	(11)%	(13)%	(12)%	(16)%	3 %	3 %	(6)%	2 %	(5)%	(6)%	(5)%	(4)%	(6)%	(1)%	(1)%	(1)%	(2)%	(1)%	(2)%	(3)%	(1)%
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures	6 %	8 %	11 %	9 %	8 %	12 %	11 %	11 %	11 %	11 %	8 %	6 %	3 %	5 %	5 %	4 %	- %	(9)%	(36)%	(11)%	(10)%	(9)%	(10)%	(9)%
1 National Pen's reported revenue growth was 100% in Q3 FY2017, Q4 FY2017, Q1 FY2018 and Q2 FY2018 since we did not own this business in the year-ago period.
Note: During the first quarter of FY2018, we began presenting inter-segment fulfillment activity as revenue for the fulfilling business unit for purposes of measuring and reporting our segment financial performance. We have revised historical results to reflect the consistent application of our current accounting methodology.
Note: values may not sum to total due to rounding.

Adjusted EBITDA


Reconciliation of Adjusted EBITDA1 In $ thousands except leverage ratios
FY 2006	FY 2007	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	Q1 16	Q2 16	Q3 16	Q4 16	FY 2016	Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19	Q2 19	Q3 19	Q4 19	FY 2019	Q1 20	Q2 20	Q3 20	Q4 20	FY 2020	Q1 21	Q2 21	Q3 21	FY 2021
Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	(Sep 15)	(Dec 15)	(Mar 16)	(Jun 16)	Total	(Sep 16)	(Dec 16)	(Mar 17)	(Jun 17)	Total	(Sep 17)	(Dec 17)	(Mar 18)	(Jun 18)	Total	(Sep 18)	(Dec 18)	(Mar 19)	(Jun 19)	Total	(Sep 19)	(Dec 19)	(Mar 20)	(Jun 20)	Total	(Sep 20)	(Dec 20)	(Mar 21)	YTD
GAAP operating income (loss)	$18,865	$27,205	$41,160	$61,582	$76,848	$93,080	$55,174	$46,124	$85,914	$96,324	$12,085	$67,609	($17,531)	$16,030	$78,193	($27,808)	$33,705	($41,943)	($9,656)	($45,702)	$46,613	$72,709	$16,627	$21,851	$157,800	($5,988)	$90,615	$29,615	$49,365	$163,607	$25,379	$121,595	($87,736)	($3,269)	$55,969	$35,986	$94,194	($15,697)	$114,483
Depreciation and amortization2	7,786	14,874	25,193	35,713	44,367	50,627	59,427	64,325	72,282	97,487	30,226	31,805	34,561	35,527	132,119	35,541	36,977	44,522	42,616	159,656	42,384	41,299	43,437	41,885	169,005	40,718	44,502	44,055	43,682	172,957	42,535	42,356	41,840	41,212	167,943	42,290	43,597	42,809	128,696
Waltham, MA lease depreciation adjustment	-	-	-	-	-	-	-	-	-	-	(328)	(1,045)	(1,030)	(1,030)	(3,433)	(1,030)	(1,030)	(1,030)	(1,030)	(4,120)	(1,030)	(1,030)	(1,030)	(1,030)	(4,120)	(1,030)	(1,030)	(1,030)	(1,030)	(4,120)	-	-	-	-	-	-	-	-	-
Share-based compensation expense3	4,850	8,765	14,747	19,473	22,380	21,677	25,413	32,928	27,786	24,075	6,190	6,066	5,897	5,619	23,772	11,571	11,277	6,541	12,982	42,371	6,809	12,808	12,774	16,748	49,139	8,916	(2,720)	4,504	7,596	18,296	4,750	8,325	8,908	11,269	33,252	8,283	5,243	9,545	23,071
Proceeds from insurance	-	-	-	-	-	-	-	-	-	-	1,584	1,553	-	824	3,961	650	-	157	-	807	-	377	299	-	676	-	-	-	-	-	-	-	-	-	-	-	-	122	122
Interest expense associated with Waltham, MA lease	-	-	-	-	-	-	-	-	-	-	(350)	(2,001)	(1,975)	(1,961)	(6,287)	(1,970)	(1,956)	(1,897)	(1,904)	(7,727)	(1,911)	(1,896)	(1,838)	(1,844)	(7,489)	(1,849)	(1,833)	(1,775)	(1,779)	(7,236)	-	-	-	-	-	-	-	-	-
Earn-out related charges	-	-	-	-	-	-	-	-	2,192	15,276	289	3,413	883	1,793	6,378	16,247	7,010	4,882	12,245	40,384	1,137	1,254	-	-	2,391	-	-	-	-	-	-	-	-	(54)	(54)	-	-	-	-
Certain impairments and other adjustments	-	-	-	-	920	-	-	-	-	-	-	3,022	37,582	1,216	41,820	-	-	9,556	-	9,556	(1)	498	868	1,528	2,893	(87)	65	786	9,936	10,700	(176)	936	101,976	1,857	104,593	783	(215)	20,563	21,131
Gain on purchase or sale of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(48,380)	-	-	435	(47,945)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restructuring related charges	-	-	-	-	-	-	-	-	-	2,528	271	110	-	-	381	-	1,100	24,790	810	26,700	854	11,501	2,331	550	15,236	170	1,026	7,866	2,992	12,054	2,190	1,897	919	8,537	13,543	(86)	2,182	(382)	1,714
Realized gains (losses) on currency derivatives not included in operating income	-	-	-	-	-	-	-	29	(7,048)	7,450	316	3,319	1,391	837	5,863	1,888	6,839	4,591	3,156	16,474	(634)	(3,513)	(4,811)	(2,487)	(11,445)	1,607	7,446	4,836	6,400	20,289	4,838	10,408	5,001	4,286	24,533	1,217	(1,578)	(1,936)	(2,297)
Adjusted EBITDA1,4	$31,501	$50,844	$81,100	$116,768	$144,515	$165,384	$140,014	$143,406	$181,126	$243,140	$50,283	$113,851	$59,778	$58,855	$282,767	$35,089	$93,922	$50,169	$59,219	$238,399	$45,841	$134,007	$68,657	$77,636	$326,141	$42,457	$138,071	$88,857	$117,162	$386,547	$79,516	$185,517	$70,908	$63,838	$399,779	$88,473	$143,423	$55,024	$286,920
1 This spreadsheet uses the definition of Adjusted EBITDA as outlined above and therefore does not include the pro-forma impact of acquisitions; however, the senior unsecured notes' covenants allow for the inclusion of pro-forma impacts to Adjusted EBITDA.
2 Depreciation and amortization in this reconciliation prior to 2018 may be slightly different than depreciation and amortization on our cash flow statement to avoid double counting software amortization already captured in SBC.
3 SBC expense in this reconciliation excludes any portion already included in restructuring-related charges to avoid double counting.
4 Adjusted EBITDA includes 100% of the results of our consolidated subsidiaries and therefore does not give effect to Adjusted EBITDA attributable to noncontrolling interests. This is to most closely align to our debt covenant and cash flow reporting.
Total Leverage	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	2.20	2.82	2.24	2.60	2.50	2.50	2.66	3.43	3.59	3.45	3.45	3.39	2.58	2.79	2.75	2.75	2.81	3.21	3.19	2.74	2.74	3.00	2.99	3.42	3.57	3.57	3.41	3.53	4.07	4.07
Senior Leverage	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1.04	1.63	1.14	1.55	1.49	1.49	1.59	2.36	2.48	2.38	2.38	2.25	1.59	1.85	1.47	1.47	1.54	2.01	2.02	1.70	1.70	2.03	2.13	2.19	2.15	2.15	1.98	1.90	2.27	2.27
Note: values may not sum to total due to rounding.

Adjusted Free Cash Flow


Reconciliation of Adjusted Free Cash Flow In $ thousands except where noted
FY 2006	FY 2007	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	FY 2016	Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19	Q2 19	Q3 19	Q4 19	FY 2019	Q1 20	Q2 20	Q3 20	Q4 20	FY 2020	Q1 21	Q2 21	Q3 21	FY 2021
Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	(Sep 16)	(Dec 16)	(Mar 17)	(Jun 17)	Total	(Sep 17)	(Dec 17)	(Mar 18)	(Jun 18)	Total	(Sep 18)	(Dec 18)	(Mar 19)	(Jun 19)	Total	(Sep 19)	(Dec 19)	(Mar 20)	(Jun 20)	Total	(Sep 20)	(Dec 20)	(Mar21)	YTD
ADJUSTED FREE CASH FLOW AND SELECTED CASH FLOW METRICS:
Net cash provided by (used in) operations	$34,637	$54,377	$89,032	$129,654	$159,973	$165,149	$146,749	$141,808	$153,739	$242,022	$247,358	$9,600	$105,059	$8,985	$33,092	$156,736	$16,379	$160,363	($32,109)	$47,699	$192,332	$22,220	$183,270	$16,980	$108,625	$331,095	$62,905	$202,192	$18,964	$54,383	$338,444	$105,681	$150,487	($37,220)	$218,948
Purchases of property, plant & equipment	(24,929)	(62,845)	(62,740)	(76,286)	(101,326)	(37,405)	(46,420)	(78,999)	(72,122)	(75,813)	(80,435)	(19,319)	(16,941)	(20,656)	(17,241)	(74,157)	(20,457)	(18,217)	(8,767)	(13,489)	(60,930)	(21,026)	(17,741)	(19,167)	(12,629)	(70,563)	(14,193)	(13,901)	(10,544)	(11,829)	(50,467)	(8,383)	(8,407)	(5,946)	(22,736)
Purchases of intangible assets not related to acquisition	-	-	(1,250)	-	-	(205)	(239)	(750)	(253)	(250)	(476)	(26)	(62)	(22)	(87)	(197)	(24)	(254)	(30)	-	(308)	(22)	-	-	(42)	(64)	-	-	-	-	-	-	-	-	-
Capitalization of software and website development costs	(2,656)	(4,189)	(5,696)	(7,168)	(6,516)	(6,290)	(5,463)	(7,667)	(9,749)	(17,323)	(26,324)	(8,312)	(10,798)	(9,568)	(8,629)	(37,307)	(8,934)	(9,180)	(11,362)	(11,371)	(40,847)	(11,233)	(10,688)	(12,716)	(14,015)	(48,652)	(12,471)	(10,946)	(12,407)	(8,168)	(43,992)	(14,804)	(11,641)	(18,876)	(45,321)
Payment of contingent earn-out liabilities	-	-	-	-	-	-	-	-	-	8,055	8,613	-	-	-	-	-	-	-	49,241	-	49,241	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from insurance related to investing activities	-	-	-	-	-	-	-	-	-	-	3,624	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjusted free cash flow	$7,052	($12,657)	$19,346	$46,200	$52,131	$121,249	$94,627	$54,392	$71,615	$156,691	$152,360	($18,057)	$77,258	($21,261)	$7,135	$45,075	($13,036)	$132,712	($3,027)	$22,839	$139,488	($10,061)	$154,841	($14,903)	$81,939	$211,816	$36,241	$177,345	($3,987)	$34,386	$243,985	$82,494	$130,439	($62,042)	$150,891
Reference:
Value of capital leases	$-	$-	$-	$-	$-	$-	$-	$-	$-	$13,192	$7,535	$2,077	$2,835	$7,187	$2,323	$14,422	$-	$112	$419	$-	$531	$3,565	$3,660	$4,395	$251	$11,871	$-	$140	$1,451	$14	$1,605	$76	$74	$5,480	$5,630
Cash restructuring payments	-	-	-	-	-	-	-	-	-	519	2,608	-	-	7,523	7,499	15,022	4,082	6,844	4,180	2,236	17,342	1,231	425	3,120	1,256	6,032	2,262	494	2,314	4,017	9,087	2,515	1,446	144	4,105
Cash paid during the period for interest	$1,089	$1,789	$1,635	$1,391	$883	$219	$1,487	$4,762	$6,446	$8,520	$37,623	$5,362	$14,793	$7,275	$17,845	$45,275	$8,430	$17,433	$7,991	$22,760	$56,614	$7,549	$22,256	$10,082	$24,053	$63,940	$9,384	$23,929	$9,450	$30,143	$72,906	$9,078	$49,221	$8,015	$66,314
Interest expense for Waltham, Massachusetts Lease	-	-	-	-	-	-	-	-	-	-	(6,287)	(1,970)	(1,956)	(1,897)	(1,904)	(7,727)	(1,911)	(1,896)	(1,838)	(1,844)	(7,489)	(1,849)	(1,833)	(1,775)	(1,779)	(7,236)	-	-	-	-	-	-	-	-	-
Cash interest related to borrowing	$1,089	$1,789	$1,635	$1,391	$883	$219	$1,487	$4,762	$6,446	$8,520	$31,336	$3,392	$12,837	$5,378	$15,941	$37,548	$6,519	$15,537	$6,153	$20,916	$49,125	$5,700	$20,423	$8,307	$22,274	$56,704	$9,384	$23,929	$9,450	$30,143	$72,906	$9,078	$49,221	$8,015	$66,314
Capital expenditures as a percent of total revenue	16.4 %	24.6 %	15.7 %	14.8 %	15.1 %	4.6 %	4.5 %	6.8 %	5.7 %	4.9 %	4.5 %	4.4 %	2.9 %	3.8 %	3.1 %	3.5 %	3.6 %	2.4 %	1.4 %	2.1 %	2.4 %	3.6 %	2.1 %	2.9 %	1.9 %	2.6 %	2.2 %	1.7 %	1.8 %	2.8 %	2.0 %	1.4 %	1.1 %	1.0 %	1.2 %
Capital expenditures plus capital leases as a percent of total revenue	16.4 %	24.6 %	15.7 %	14.8 %	15.1 %	4.6 %	4.5 %	6.8 %	5.7 %	6.0 %	4.9 %	4.8 %	3.4 %	5.1 %	3.5 %	4.1 %	3.6 %	2.4 %	1.4 %	2.1 %	2.4 %	4.2 %	2.6 %	3.6 %	1.9 %	3.0 %	2.2 %	1.7 %	2.0 %	2.8 %	2.3 %	1.4 %	1.1 %	2.0 %	1.5 %
Note: values may not sum to total due to rounding.

Trailing-Twelve Month ROIC


Reconciliation of Trailing-Twelve Month (TTM) Return on Invested Capital In $ thousands except where noted
Q1 16	Q2 16	Q3 16	Q4 16	Q1 17	Q2 17	Q3 17	Q4 17	Q1 18	Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q3 19	Q4 19	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21
(Sep 15)	(Dec 15)	(Mar 16)	(Jun 16)	(Sep 16)	(Dec 16)	(Mar 17)	(Jun 17)	(Sep 17)	(Dec 17)	(Mar 18)	(Jun 18)	(Sep 18)	(Dec 18)	(Mar 19)	(Jun 19)	(Sep 19)	(Dec 19)	(Mar 20)	(Jun 20)	(Sep 20)	(Dec 20)	(Mar 21)
QUARTERLY DATA
Short-term debt	$18,001	$19,331	$19,842	$21,717	$28,221	$46,115	$31,216	$28,926	$19,941	$35,569	$26,214	$59,259	$39,806	$46,549	$64,516	$81,277	$63,136	$73,755	$24,364	$17,933	$22,666	$12,603	$9,012
Long-term debt	637,316	528,395	676,805	656,794	654,300	829,998	860,237	847,730	800,860	664,961	786,401	767,585	823,836	1,001,900	1,010,599	942,290	1,164,696	1,296,535	1,647,214	1,415,657	1,331,549	1,258,535	1,332,234
Redeemable noncontrolling interest	65,120	64,833	64,871	65,301	64,949	41,824	42,604	45,412	83,841	85,478	87,805	86,151	91,426	53,371	52,366	63,182	65,507	68,201	69,682	69,106	71,209	65,510	64,250
Total shareholders' equity	110,072	158,054	151,783	166,076	147,488	99,819	84,725	75,212	84,503	119,705	93,588	93,947	82,104	128,187	128,937	131,812	(75,602)	(180,524)	(404,333)	(407,476)	(414,427)	(364,931)	(404,788)
Excess cash¹	33,271	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(91,917)	-	-	-	-
Invested capital²	797,238	770,613	913,301	909,888	894,958	1,017,756	1,018,782	997,280	989,145	905,713	994,008	1,006,942	1,037,172	1,230,007	1,256,418	1,218,561	1,217,737	1,257,967	1,245,010	1,095,220	1,010,997	971,717	1,000,708
Average invested capital³	712,325	742,206	818,383	847,760	872,190	933,976	960,346	982,194	1,005,741	977,730	971,537	973,952	985,959	1,067,032	1,132,635	1,185,540	1,230,681	1,237,671	1,234,819	1,203,984	1,152,299	1,080,736	1,019,661
Adjusted EBITDA (from reconciliation on prior tab)	$50,283	$113,851	$59,778	$58,855	$35,089	$93,922	$50,169	$59,219	$45,841	$134,007	$68,657	$77,636	$42,457	$138,071	$88,857	$117,162	$79,516	$185,517	$70,908	$63,838	$88,473	$143,423	$55,024
Depreciation and amortization	(30,226)	(31,805)	(34,561)	(35,527)	(35,541)	(36,977)	(44,522)	(42,616)	(42,384)	(41,299)	(43,437)	(41,885)	(40,718)	(44,502)	(44,055)	(43,682)	(42,535)	(42,356)	(41,840)	(41,212)	(42,290)	(43,597)	(42,809)
Waltham, MA lease depreciation adjustment	328	1,045	1,030	1,030	1,030	1,030	1,030	1,030	1,030	1,030	1,030	1,030	1,030	1,030	1,030	1,030	-	-	-	-	-	-	-
Amortization of acquired intangible assets adjustment	9,714	9,588	10,812	10,449	10,213	9,879	13,450	12,603	12,633	12,558	12,941	11,749	11,301	14,846	14,022	13,087	13,018	13,150	12,693	12,925	13,305	13,453	13,506
Share-based compensation not related to investment consideration or restructuring4	(5,388)	(4,331)	(4,785)	(4,488)	(7,467)	(10,676)	(6,165)	(8,423)	(6,769)	(11,801)	(12,774)	(11,003)	(8,917)	5,612	(4,504)	(7,594)	(4,750)	(8,325)	(8,908)	(11,269)	(8,283)	(5,243)	(9,545)
Cash taxes paid in the current period	(4,709)	(6,036)	(344)	(8,661)	(8,555)	(11,754)	(15,658)	(13,375)	(5,369)	(5,083)	(7,436)	(14,390)	(5,449)	(5,512)	(5,140)	(10,246)	(4,472)	(711)	(4,537)	(3,800)	(352)	(4,639)	(8,065)
Adjusted NOPAT	$20,002	$82,312	$31,930	$21,658	($5,231)	$45,424	($1,696)	$8,438	$4,982	$89,412	$18,981	$23,137	($296)	$109,545	$50,210	$69,757	$40,777	$147,275	$28,316	$20,482	$50,853	$103,397	$8,111
Exclude share-based compensation from above	5,388	4,331	4,785	4,488	7,467	10,676	6,165	8,423	6,769	11,801	12,774	11,003	8,917	(5,612)	4,504	7,594	4,750	8,325	8,908	11,269	8,283	5,243	9,545
Adjusted NOPAT excluding SBC	$25,390	$86,643	$36,715	$26,146	$2,236	$56,100	$4,469	$16,861	$11,751	$101,213	$31,755	$34,140	$8,621	$103,933	$54,714	$77,351	$45,527	$155,600	$37,224	$31,751	$59,136	$108,640	$17,656
TTM DATA
TTM Adjusted NOPAT	N/A	N/A	N/A	$155,902	$130,669	$93,781	$60,155	$46,935	$57,148	$101,136	$121,813	$136,512	$131,234	$151,367	$182,596	$229,216	$270,289	$308,019	$286,125	$236,850	$246,926	$203,047	$182,842
TTM Adjusted NOPAT excluding SBC	N/A	N/A	N/A	$174,894	$151,740	$121,197	$88,951	$79,666	$89,181	$134,294	$161,580	$178,859	$175,729	$178,449	$201,408	$244,619	$281,525	$333,192	$315,702	$270,102	$283,711	$236,750	$217,182
TTM Adjusted ROIC (TTM Adjusted NOPAT/avg. invested capital)5	N/A	N/A	N/A	18 %	15 %	10 %	6 %	5 %	6 %	10 %	13 %	14 %	13 %	14 %	16 %	19 %	22 %	25 %	23 %	20 %	21 %	19 %	18 %
TTM Adjusted ROIC ex. SBC (TTM Adjusted NOPAT ex. SBC/avg. invested capital)5	N/A	N/A	N/A	21 %	17 %	13 %	9 %	8 %	9 %	14 %	17 %	18 %	18 %	17 %	18 %	21 %	23 %	27 %	26 %	22 %	25 %	22 %	21 %
1 Excess cash is cash and equivalents greater than 5% of last twelve month revenues and if negative, is capped at zero.
2 Invested capital is debt plus redeemable noncontrolling interest plus shareholders equity, less excess cash.
3 Average invested capital represents a four quarter average of total debt, redeemable noncontrolling interests and total shareholders' equity, less excess cash.
4 Adjusted EBITDA excludes all SBC. We show adjusted NOPAT for the purposes of the ROIC calculation including SBC not related to investment consideration and restructuring, and also without.
5 TTM adjusted ROIC (with and without SBC) is now based on adjusted NOPAT that reconciles to adjusted EBITDA instead of adjusted NOP. With this change in Q1 FY20, there are minor changes to ROIC compared to the ROIC we previously reported.
Note: values may not sum to total due to rounding.

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Cimpress plc published this content on 28 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2021 20:08:06 UTC.

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Apr. 09	Cimpress Insider Sold Shares Worth $433,918, According to a Recent SEC Filing	MT
Apr. 02	Cimpress Insider Sold Shares Worth $511,286, According to a Recent SEC Filing	MT

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Sector Update: Consumer Stocks Advance Late Afternoon	Feb. 01	MT
Top Midday Gainers	Feb. 01	MT
Sector Update: Consumer Stocks Gain in Afternoon Trading	Feb. 01	MT
Cimpress Shares Rise After Company Swings to Fiscal Q2 Earnings, Posts Revenue Gain	Feb. 01	MT
Transcript : Cimpress plc, Q2 2024 Earnings Call, Feb 01, 2024	Feb. 01
North American Morning Briefing : Stock Futures Tick Up as More Tech Earnings Loom	Feb. 01	DJ
Cimpress Swings to Fiscal Q2 Earnings, Revenue Rises	Jan. 31	MT
Cimpress plc announces an Equity Buyback for $150 million worth of its shares.	Jan. 31	CI
Cimpress plc Revises Consolidated Earnings Guidance for the Fiscal Year 2024	Jan. 31	CI
Cimpress plc Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023	Jan. 31	CI
Barrington Raises Price Target on Cimpress to $100 From $91, Keeps Outperform Rating	Jan. 04	MT
Barrington Research Raises Cimpress' Price Target to $100 From $91, Keeps Outperform Rating	Jan. 03	MT
Cimpress plc authorizes a Buyback Plan.	Dec. 13	CI
Transcript : Cimpress plc Presents at Bank of America Securities 2023 Leveraged Finance Conference, Nov-29-2023 10:10 AM	Nov. 29
Cimpress Insider Sold Shares Worth $907,932, According to a Recent SEC Filing	Nov. 16	MT
Cimpress Insider Sold Shares Worth $143,228, According to a Recent SEC Filing	Nov. 06	MT
Transcript : Cimpress plc, Q1 2024 Earnings Call, Oct 26, 2023	23-10-26
Cimpress plc Reports Earnings Results for the First Quarter Ended September 30, 2023	23-10-25	CI
Cimpress Insider Sold Shares Worth $423,311, According to a Recent SEC Filing	23-09-22	MT

	1st Jan change	Capi.
CIMPRESS PLC	+11.66%	2.38B
TOPPAN INC.	-7.67%	7.46B
DAI NIPPON PRINTING CO., LTD.	+7.86%	6.99B
FELLAZO CORP.	+180.00%	1.21B
HONGBO CO.,LTD.	-36.37%	1.2B
DELUXE CORPORATION	-5.41%	893M
SHENZHEN JINJIA GROUP CO.,LTD.	-19.37%	851M
KOSAIDO HOLDINGS CO., LTD.	-6.05%	628M
ENNIS, INC.	-11.00%	505M
GUIZHOUYONGJI PRINTING CO.,LTD	-13.89%	448M

Cimpress plc

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