CIMPRESS plcCMPR
CIMPRESS plc Segments Disclosure
Our operating segments are based upon the manner in which our operations are managed and the availability of separate financial information reported internally to the Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”). Our CODM manages our business primarily by reviewing consolidated results by segment as part of the quarterly reporting process using EBITDA to assess performance and allocate resources to our segments.
As of June 30, 2025, we have numerous operating segments under our management reporting structure, which are reported in the following five reportable segments:
•Vista - Consists of the operations of our VistaPrint branded websites in North America, Western Europe, Australia, New Zealand, India, and Singapore. This business also includes our 99designs by Vista business, which provides graphic design services, VistaCreate for do-it-yourself (DIY) design, our Vista x Wix partnership for small business websites, and our Vista Corporate Solutions business, which serves medium-sized businesses and large corporations.
•PrintBrothers - Includes the results of druck.at, Printdeal, and WIRmachenDRUCK, a group of Upload & Print businesses that serve graphic professionals throughout Europe, primarily in Austria, Belgium, Germany, the Netherlands, and Switzerland.
•The Print Group - Includes the results of Easyflyer, Exaprint, Packstyle, Pixartprinting, and Tradeprint, a group of Upload & Print businesses that serve graphic professionals throughout Europe, primarily in France, Italy, Spain, and the United Kingdom. During fiscal year 2025, Pixartprinting expanded their operations to the U.S., launching a new Pixartprinting branded website and opening a new production facility that started fulfilling orders in March 2025.
•National Pen - Serves small businesses across geographies including North America, Europe, and Australia. The pens.com branded business sells through their ecommerce site and is supported by digital
marketing methods as well as direct mail and telesales. National Pen focuses on customized writing instruments and promotional products, apparel, and gifts for small- and medium-sized businesses.
•All Other Businesses - Includes two businesses grouped together based on materiality.
◦BuildASign is a provider of canvas-print wall décor, business signage and other large-format printed products.
◦Printi, a smaller business that is an online printing leader in Brazil.
For purposes of measuring and reporting our segment financial performance, we implemented changes to the methodology used for inter-segment transactions during the first quarter of fiscal 2025. These transactions occur when one Cimpress business chooses to buy from or sell to another Cimpress business. Under the new approach, a merchant business (the buyer) is cross charged the actual cost of fulfillment that includes product (e.g., labor, materials and overhead allocation) and shipping costs. A fulfiller business (the seller) receives inter-segment revenue that includes the product costs plus a markup, as well as the shipping costs. The fulfiller profit is included in the fulfiller’s segment results, but eliminated from consolidated reporting through an inter-segment EBITDA elimination. The new approach allows our merchant businesses to access the ultimate Cimpress cost of fulfillment for a given product and therefore that ultimate Cimpress cost can be used to determine pricing, advertising spend, and other operational decisions. Prior to this change, inter-segment transactions were based on marked-up pricing that resulted in the merchant business recognizing inter-segment cost of goods sold that was equal to inter-segment revenue that was recognized by the fulfiller business, and as such there was no inter-segment EBITDA elimination under our prior method. We have recast all prior periods presented for segment revenue and segment EBITDA to ensure comparability with the current fiscal year. These changes in methodology have no impact on our consolidated financial results.
Central and corporate costs consist primarily of the team of software engineers that is building our mass customization platform; shared service organizations such as global procurement; technology services such as hosting and security; administrative costs of our Cimpress India offices where numerous Cimpress businesses have dedicated business-specific team members; and corporate functions including our tax, treasury, internal audit, legal, sustainability, corporate communications, remote first enablement, consolidated reporting and compliance, investor relations, capital allocation, and the functions of our CEO and CFO. These costs also include certain unallocated share-based compensation costs.
The expense value of our PSU awards is based on fair value and is required to be expensed on an accelerated basis. In order to ensure comparability in measuring our businesses' results, we allocate the straight-line portion of the fixed grant value to our businesses. Any expense in excess of this amount as a result of the fair value measurement of the PSUs and the accelerated expense profile of the awards is recognized within central and corporate costs.
Our definition of segment EBITDA is GAAP operating income excluding certain items, such as depreciation and amortization, expense recognized for contingent earn-out related charges including the changes in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment, share-based compensation related to investment consideration, certain impairment expense, and restructuring charges. We include insurance proceeds that are not recognized within operating income. We do not allocate non-operating income, including realized gains and losses on currency hedges, to our segment results.
Our balance sheet information is not presented to the CODM on an allocated basis, and therefore we do not present asset information by segment. We do regularly present to the CODM the purchases of property, plant and equipment and capitalization of software and website development costs, and therefore include that information in the tables below.
Revenue by segment is based on the business-specific websites or sales channel through which the customer’s order was transacted. The following tables set forth revenue by reportable segment, as well as disaggregation of revenue by major geographic region and reportable segment.
| Year Ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenue: | |||||||||||||||||
| Vista | $ | 1,824,271 | $ | 1,742,494 | $ | 1,614,798 | |||||||||||
| PrintBrothers | 669,151 | 639,571 | 579,050 | ||||||||||||||
| The Print Group | 378,075 | 354,775 | 342,951 | ||||||||||||||
| National Pen | 406,764 | 389,027 | 365,804 | ||||||||||||||
| All Other Businesses | 227,363 | 213,381 | 212,409 | ||||||||||||||
| Total segment revenue | 3,505,624 | 3,339,248 | 3,115,012 | ||||||||||||||
| Inter-segment eliminations (1) | (102,545) | (47,392) | (35,385) | ||||||||||||||
| Total consolidated revenue | $ | 3,403,079 | $ | 3,291,856 | $ | 3,079,627 | |||||||||||
_____________________
(1) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment.
| Year Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| Vista | PrintBrothers | The Print Group | National Pen | All Other | Total | ||||||||||||||||||||||||||||||
| Revenue by Geographic Region: | |||||||||||||||||||||||||||||||||||
| North America | $ | 1,266,169 | $ | — | $ | 140 | $ | 213,093 | $ | 165,796 | $ | 1,645,198 | |||||||||||||||||||||||
| Europe | 454,169 | 664,109 | 351,663 | 156,355 | 133 | 1,626,429 | |||||||||||||||||||||||||||||
| Other | 100,663 | — | — | 5,444 | 25,345 | 131,452 | |||||||||||||||||||||||||||||
| Inter-segment | 3,270 | 5,042 | 26,272 | 31,872 | 36,089 | 102,545 | |||||||||||||||||||||||||||||
| Total segment revenue | 1,824,271 | 669,151 | 378,075 | 406,764 | 227,363 | 3,505,624 | |||||||||||||||||||||||||||||
| Less: inter-segment elimination | (3,270) | (5,042) | (26,272) | (31,872) | (36,089) | (102,545) | |||||||||||||||||||||||||||||
| Total external revenue | $ | 1,821,001 | $ | 664,109 | $ | 351,803 | $ | 374,892 | $ | 191,274 | $ | 3,403,079 | |||||||||||||||||||||||
| Year Ended June 30, 2024 | |||||||||||||||||||||||||||||||||||
| Vista | PrintBrothers | The Print Group | National Pen | All Other | Total | ||||||||||||||||||||||||||||||
| Revenue by Geographic Region: | |||||||||||||||||||||||||||||||||||
| North America | $ | 1,232,126 | $ | — | $ | — | $ | 215,325 | $ | 176,017 | $ | 1,623,468 | |||||||||||||||||||||||
| Europe | 414,407 | 634,905 | 347,619 | 144,704 | — | 1,541,635 | |||||||||||||||||||||||||||||
| Other | 93,751 | — | — | 5,697 | 27,305 | 126,753 | |||||||||||||||||||||||||||||
| Inter-segment | 2,210 | 4,666 | 7,156 | 23,301 | 10,059 | 47,392 | |||||||||||||||||||||||||||||
| Total segment revenue | 1,742,494 | 639,571 | 354,775 | 389,027 | 213,381 | 3,339,248 | |||||||||||||||||||||||||||||
| Less: inter-segment elimination | (2,210) | (4,666) | (7,156) | (23,301) | (10,059) | (47,392) | |||||||||||||||||||||||||||||
| Total external revenue | $ | 1,740,284 | $ | 634,905 | $ | 347,619 | $ | 365,726 | $ | 203,322 | $ | 3,291,856 | |||||||||||||||||||||||
| Year Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
| Vista | PrintBrothers | The Print Group | National Pen | All Other | Total | ||||||||||||||||||||||||||||||
| Revenue by Geographic Region: | |||||||||||||||||||||||||||||||||||
| North America | $ | 1,155,000 | $ | — | $ | — | $ | 216,690 | $ | 181,145 | $ | 1,552,835 | |||||||||||||||||||||||
| Europe | 366,244 | 576,719 | 337,012 | 122,007 | — | 1,401,982 | |||||||||||||||||||||||||||||
| Other | 91,066 | — | — | 7,772 | 25,972 | 124,810 | |||||||||||||||||||||||||||||
| Inter-segment | 2,488 | 2,331 | 5,939 | 19,335 | 5,292 | 35,385 | |||||||||||||||||||||||||||||
| Total segment revenue | 1,614,798 | 579,050 | 342,951 | 365,804 | 212,409 | 3,115,012 | |||||||||||||||||||||||||||||
| Less: inter-segment elimination | (2,488) | (2,331) | (5,939) | (19,335) | (5,292) | (35,385) | |||||||||||||||||||||||||||||
| Total external revenue | $ | 1,612,310 | $ | 576,719 | $ | 337,012 | $ | 346,469 | $ | 207,117 | $ | 3,079,627 | |||||||||||||||||||||||
The following tables include segment revenue and significant segment expenses by reportable segment, as well as our reported measure of segment profit or loss, EBITDA, by reportable segment for the years ended June 30, 2025, 2024, and 2023. Total segment EBITDA shown in the tables below is prior to inter-segment eliminations.
Refer to the subsequent table for a reconciliation of total segment EBITDA to income from operations and income (loss) before income taxes.
| Year Ended June 30, 2025 | |||||||||||||||||||||||||||||
| Vista | PrintBrothers | The Print Group | National Pen | All Other | |||||||||||||||||||||||||
| Total segment revenue | $ | 1,824,271 | $ | 669,151 | $ | 378,075 | $ | 406,764 | $ | 227,363 | |||||||||||||||||||
| Less: Cost of revenue | 818,427 | 475,683 | 235,000 | 199,343 | 131,056 | ||||||||||||||||||||||||
| Segment gross profit | 1,005,844 | 193,468 | 143,075 | 207,421 | 96,307 | ||||||||||||||||||||||||
| Less: Advertising expenses | 278,255 | 25,498 | 28,174 | 75,012 | 39,404 | ||||||||||||||||||||||||
| Less: Other operating expenses (1) | 439,834 | 97,684 | 63,015 | 116,536 | 56,076 | ||||||||||||||||||||||||
| Add: Depreciation and amortization | 53,194 | 13,228 | 20,251 | 12,662 | 18,663 | ||||||||||||||||||||||||
| Add: Other segment items (2) | 6,744 | (163) | (1,066) | 2,898 | 2,393 | ||||||||||||||||||||||||
Segment EBITDA (3) | $ | 347,693 | $ | 83,351 | $ | 71,071 | $ | 31,433 | $ | 21,883 | |||||||||||||||||||
| Year Ended June 30, 2024 | |||||||||||||||||||||||||||||
| Vista | PrintBrothers | The Print Group | National Pen | All Other | |||||||||||||||||||||||||
Total segment revenue | $ | 1,742,494 | $ | 639,571 | $ | 354,775 | $ | 389,027 | $ | 213,381 | |||||||||||||||||||
Less: Cost of revenue | 753,113 | 452,011 | 222,765 | 182,442 | 119,391 | ||||||||||||||||||||||||
Segment gross profit | 989,381 | 187,560 | 132,010 | 206,585 | 93,990 | ||||||||||||||||||||||||
Less: Advertising expenses | 271,126 | 18,759 | 27,816 | 78,212 | 40,582 | ||||||||||||||||||||||||
Less: Other operating expenses (1) | 424,975 | 92,362 | 60,288 | 115,733 | 50,482 | ||||||||||||||||||||||||
Add: Depreciation and amortization | 54,182 | 15,164 | 23,406 | 16,560 | 18,376 | ||||||||||||||||||||||||
Add: Other segment items (2) | 655 | (26) | (885) | 553 | 1,193 | ||||||||||||||||||||||||
Segment EBITDA (3) | $ | 348,117 | $ | 91,577 | $ | 66,427 | $ | 29,753 | $ | 22,495 | |||||||||||||||||||
| Year Ended June 30, 2023 | |||||||||||||||||||||||||||||
| Vista | PrintBrothers | The Print Group | National Pen | All Other | |||||||||||||||||||||||||
Total segment revenue | $ | 1,614,798 | $ | 579,050 | $ | 342,951 | $ | 365,804 | $ | 212,409 | |||||||||||||||||||
Less: Cost of revenue | 724,839 | 426,256 | 223,677 | 174,123 | 118,143 | ||||||||||||||||||||||||
Segment gross profit | 889,959 | 152,794 | 119,274 | 191,681 | 94,266 | ||||||||||||||||||||||||
Less: Advertising expenses | 262,496 | 15,294 | 25,742 | 76,526 | 37,829 | ||||||||||||||||||||||||
Less: Other operating expenses (1) | 477,173 | 83,699 | 58,801 | 115,011 | 59,309 | ||||||||||||||||||||||||
Add: Depreciation and amortization | 58,464 | 18,135 | 22,810 | 21,366 | 17,694 | ||||||||||||||||||||||||
Add: Other segment items (2) | 29,074 | (278) | (1,452) | 1,713 | 9,008 | ||||||||||||||||||||||||
Segment EBITDA (3) | $ | 237,828 | $ | 71,658 | $ | 56,089 | $ | 23,223 | $ | 23,830 | |||||||||||||||||||
(1) For each reportable segment, other operating expenses consists primarily of marketing and selling expense (excluding advertising expenses), technology and development expense and general and administrative expense.
(2) Other segment items primarily includes certain items excluded from our definition of segment EBITDA, which includes expense recognized for contingent earn-out related charges including the changes in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment, share-based compensation related to investment consideration, certain impairment expense, and restructuring charges.
(3) For the years ended June 30, 2025, 2024, and 2023 total segment EBITDA was $555,431, $558,369 and $412,628 respectively. In addition to the adjustments described above as part of other segment items, total segment EBITDA excludes the impact of central and corporate costs which is not considered a reportable segment, as well as the elimination of inter-segment transactions which are included in the reconciliation to income (loss) before income taxes as outlined below.
The following table includes a reconciliation of total segment EBITDA to income from operations and income (loss) before income taxes:
| Year Ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Total Segment EBITDA | $ | 555,431 | $ | 558,369 | $ | 412,628 | |||||||||||
Central and corporate costs | (148,292) | (145,339) | (133,539) | ||||||||||||||
| Elimination (1) | (28,857) | (12,338) | (8,663) | ||||||||||||||
| Depreciation and amortization (2) | (141,131) | (151,764) | (162,428) | ||||||||||||||
Certain impairment and other adjustments | (5,353) | (1,154) | (6,932) | ||||||||||||||
Restructuring-related charges | (5,528) | (423) | (43,757) | ||||||||||||||
Total income from operations | 226,270 | 247,351 | 57,309 | ||||||||||||||
| Other (expense) income, net | (13,582) | 1,583 | 18,498 | ||||||||||||||
Interest Expense, net | (115,231) | (119,822) | (112,793) | ||||||||||||||
| (Loss) gain on early extinguishment of debt | (498) | (666) | 6,764 | ||||||||||||||
Income (loss) before income taxes | $ | 96,959 | $ | 128,446 | $ | (30,222) | |||||||||||
(1) Includes the elimination of inter-segment profit that relates to cross-Cimpress transactions, in which the merchant business is cross charged the actual cost of fulfillment and the fulfiller business receives a markup on the cost to fulfill the related orders. These inter-segment profits are eliminated at a consolidated level. Refer to the discussion above for additional details related to the method for which one Cimpress business chooses to buy and sell to another Cimpress business.
(2) For the years ended June 30, 2025, 2024, and 2023, depreciation and amortization includes costs within our central and corporate costs of $23,132, $24,067, and $23,957, respectively.
| Year Ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Purchases of property, plant, and equipment: | |||||||||||||||||
| Vista | $ | 39,846 | $ | 19,717 | $ | 17,604 | |||||||||||
| PrintBrothers | 9,058 | 6,040 | 4,422 | ||||||||||||||
| The Print Group | 25,083 | 15,078 | 19,683 | ||||||||||||||
| National Pen | 3,698 | 4,737 | 6,003 | ||||||||||||||
| All Other Businesses | 9,404 | 7,732 | 4,793 | ||||||||||||||
| Central and corporate costs | 1,935 | 1,623 | 1,267 | ||||||||||||||
| Total purchases of property, plant and equipment | $ | 89,024 | $ | 54,927 | $ | 53,772 | |||||||||||
| Year Ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Capitalization of software and website development costs: | |||||||||||||||||
| Vista | $ | 26,572 | $ | 25,035 | $ | 22,559 | |||||||||||
| PrintBrothers | 3,084 | 2,192 | 2,010 | ||||||||||||||
| The Print Group | 5,018 | 3,681 | 2,997 | ||||||||||||||
| National Pen | 4,436 | 4,019 | 2,913 | ||||||||||||||
| All Other Businesses | 5,859 | 5,416 | 4,299 | ||||||||||||||
| Central and corporate costs | 19,124 | 17,964 | 23,009 | ||||||||||||||
| Total capitalization of software and website development costs | $ | 64,093 | $ | 58,307 | $ | 57,787 | |||||||||||
Enterprise Wide Disclosures:
The following table sets forth revenues by significant geographic area:
| Year Ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2022 | |||||||||||||||
| United States | $ | 1,488,112 | $ | 1,467,785 | $ | 1,407,691 | |||||||||||
| Germany | 560,173 | 532,537 | 460,516 | ||||||||||||||
| Other (1) | 1,354,794 | 1,291,534 | 1,211,420 | ||||||||||||||
| Total revenue | $ | 3,403,079 | $ | 3,291,856 | $ | 3,079,627 | |||||||||||
(1) Our other revenue includes Ireland, our country of domicile.
The following table sets forth revenues by groups of similar products and services:
| Year Ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Physical printed products and other (1) | $ | 3,328,806 | $ | 3,207,102 | $ | 2,990,041 | |||||||||||
| Digital products and design services | 74,273 | 84,754 | 89,586 | ||||||||||||||
| Total revenue | $ | 3,403,079 | $ | 3,291,856 | $ | 3,079,627 | |||||||||||
__________________
(1) Other revenue includes miscellaneous items, which account for less than 1% of revenue.
The following table sets forth long-lived assets by geographic area:
| June 30, 2025 | June 30, 2024 | ||||||||||
| Long-lived assets (1): | |||||||||||
| United States | $ | 64,615 | $ | 77,095 | |||||||
| Switzerland | 72,971 | 67,201 | |||||||||
| Netherlands | 67,396 | 60,974 | |||||||||
| Canada | 66,725 | 54,848 | |||||||||
| Italy | 41,496 | 37,380 | |||||||||
| Germany | 37,331 | 31,656 | |||||||||
| France | 31,095 | 28,002 | |||||||||
| Australia | 23,915 | 22,131 | |||||||||
| Other | 112,586 | 94,162 | |||||||||
| Total | $ | 518,130 | $ | 473,449 | |||||||
___________________
(1) Excludes goodwill of $826,156 and 787,138, intangible assets, net of $58,348 and 76,560, and deferred tax assets of $61,086 and 95,059 as of June 30, 2025 and June 30, 2024, respectively.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 8, 2025 | Showing above |
| 2024 | Aug 9, 2024 | |
| 2023 | Aug 4, 2023 | |
| 2022 | Aug 5, 2022 | |
| 2021 | Aug 6, 2021 | |
| 2020 | Aug 11, 2020 | |
| 2019 | Aug 9, 2019 | |
| 2018 | Aug 10, 2018 | |
| 2017 | Aug 11, 2017 | |
| 2016 | Aug 12, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.