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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period endedMarch 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from               to               
Commission file number 000-51539
_________________________________
Cimpress plc

(Exact Name of Registrant as Specified in Its Charter)
_________________________________
Ireland98-0417483
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
Building D, Xerox Technology Park A91 H9N9,
Dundalk, Co. Louth
Ireland
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: 353 42 938 8500
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s) Name of Exchange on Which Registered
Ordinary Shares, nominal value of €0.01 per shareCMPR NASDAQ Global Select Market
______________________________
    Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange     Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ     No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes þ     No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
  þ
Accelerated filerNon-accelerated filer
 Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o 
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).  Yes      No þ
As of April 25, 2022, there were 26,105,813 Cimpress plc ordinary shares outstanding.




CIMPRESS PLC
QUARTERLY REPORT ON FORM 10-Q
For the Three and Nine Months Ended March 31, 2022

TABLE OF CONTENTS
Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets as of March 31, 2022 and June 30, 2021
Consolidated Statements of Operations for the three and nine months ended March 31, 2022 and 2021
Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2022 and 2021
Consolidated Statements of Shareholders' Deficit for the three and nine months ended March 31, 2022 and 2021
Consolidated Statements of Cash Flows for the nine months ended March 31, 2022 and 2021
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II OTHER INFORMATION
Item 1A. Risk Factors
Item 6. Exhibits
Signatures




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CIMPRESS PLC
CONSOLIDATED BALANCE SHEETS
(unaudited in thousands, except share and per share data)
March 31,
2022
June 30,
2021
Assets  
Current assets:  
Cash and cash equivalents$161,512 $183,023 
Marketable securities95,637 152,248 
Accounts receivable, net of allowances of $6,614 and $9,404, respectively
66,702 50,679 
Inventory97,919 70,044 
Prepaid expenses and other current assets108,740 72,504 
Total current assets530,510 528,498 
Property, plant and equipment, net298,827 328,679 
Operating lease assets, net79,051 87,626 
Software and website development costs, net92,266 87,690 
Deferred tax assets113,059 149,618 
Goodwill787,572 726,979 
Intangible assets, net171,813 186,744 
Marketable securities, non-current12,116 50,713 
Other assets38,296 35,951 
Total assets$2,123,510 $2,182,498 
Liabilities, noncontrolling interests and shareholders’ deficit 
Current liabilities: 
Accounts payable$229,774 $199,831 
Accrued expenses262,620 247,513 
Deferred revenue59,556 50,868 
Short-term debt10,922 9,895 
Operating lease liabilities, current28,293 26,551 
Other current liabilities27,206 103,515 
Total current liabilities618,371 638,173 
Deferred tax liabilities30,682 27,433 
Long-term debt1,699,434 1,732,511 
Operating lease liabilities, non-current55,888 66,222 
Other liabilities62,753 96,410 
Total liabilities2,467,128 2,560,749 
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests119,834 71,120 
Shareholders’ deficit: 
Preferred shares, nominal value €0.01 per share, 100,000,000 shares authorized; none issued and outstanding  
Ordinary shares, nominal value €0.01 per share, 100,000,000 shares authorized; 44,080,627 shares issued; 26,104,993 and 26,035,910 shares outstanding, respectively
615 615 
Deferred ordinary shares, nominal value €1.00 per share, 25,000 shares authorized, none and 25,000 issued and outstanding, respectively 28 
Treasury shares, at cost, 17,975,634 and 18,044,717 shares, respectively
(1,363,956)(1,368,595)
Additional paid-in capital488,149 459,904 
Retained earnings461,363 530,159 
Accumulated other comprehensive loss(49,623)(71,482)
Total shareholders' deficit(463,452)(449,371)
Total liabilities, noncontrolling interests and shareholders’ deficit$2,123,510 $2,182,498 
See accompanying notes.
1


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited in thousands, except share and per share data)
 Three Months Ended March 31, Nine Months Ended March 31,
 2022202120222021
Revenue$657,412 $573,362 $2,164,727 $1,940,766 
Cost of revenue (1)347,452 296,533 1,110,378 976,115 
Technology and development expense (1)75,291 62,572 212,835 186,097 
Marketing and selling expense (1)194,618 154,472 577,931 474,944 
General and administrative expense (1)50,888 62,358 144,162 147,149 
Amortization of acquired intangible assets14,180 13,506 41,520 40,264 
Restructuring expense3,420 (382)3,418 1,714 
(Loss) income from operations(28,437)(15,697)74,483 114,483 
Other income (expense), net12,321 9,785 38,330 (16,167)
Interest expense, net(24,247)(29,002)(75,304)(89,659)
(Loss) income before income taxes(40,363)(34,914)37,509 8,657 
Income tax expense29,529 3,927 56,208 23,675 
Net loss(69,892)(38,841)(18,699)(15,018)
Add: Net (income) attributable to noncontrolling interest(1,925)(209)(5,027)(2,500)
Net loss attributable to Cimpress plc$(71,817)$(39,050)$(23,726)$(17,518)
Basic net loss per share attributable to Cimpress plc$(2.75)$(1.50)$(0.91)$(0.67)
Diluted net loss per share attributable to Cimpress plc$(2.75)$(1.50)$(0.91)$(0.67)
Weighted average shares outstanding — basic26,102,610 26,003,675 26,090,460 25,984,300 
Weighted average shares outstanding — diluted26,102,610 26,003,675 26,090,460 25,984,300 
____________________________________________
(1) Share-based compensation is allocated as follows:
 Three Months Ended March 31, Nine Months Ended March 31,
 2022202120222021
Cost of revenue$137 $99 $380 $233 
Technology and development expense3,397 2,284 9,655 5,690 
Marketing and selling expense2,961 1,808 8,436 4,247 
General and administrative expense6,209 5,354 17,744 12,901 

See accompanying notes.
2


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited in thousands)
Three Months Ended March 31, Nine Months Ended March 31,
2022202120222021
Net loss$(69,892)$(38,841)$(18,699)$(15,018)
Other comprehensive loss, net of tax:
Foreign currency translation (losses) gains, net of hedges(4,281)(14,571)(922)192 
Net unrealized gains on derivative instruments designated and qualifying as cash flow hedges7,222 5,809 2,799 13,447 
Amounts reclassified from accumulated other comprehensive loss to net loss on derivative instruments4,401 (3,085)17,715 (8,382)
Gain (loss) on pension benefit obligation, net  444 (336)
Comprehensive (loss) income(62,550)(50,688)1,337 (10,097)
Add: Comprehensive (income) loss attributable to noncontrolling interests(1,563)1,260 (3,204)(3,720)
Total comprehensive loss attributable to Cimpress plc$(64,113)$(49,428)$(1,867)$(13,817)
See accompanying notes.
3


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT
(unaudited in thousands)
Ordinary SharesDeferred Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber of
Shares
Issued
AmountNumber
of
Shares
AmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Total
Shareholders’
Deficit
Balance at June 30, 202044,080 $615 25 $28 (18,195)$(1,376,496)$438,616 $618,437 $(88,676)$(407,476)
Restricted share units vested, net of shares withheld for taxes— — — — 118 7,773 (13,366)— — (5,593)
Share-based compensation expense— — — — — — 8,577 — — 8,577 
Net loss attributable to Cimpress plc— — — — — — — (10,755)— (10,755)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 1,765 1,765 
Foreign currency translation, net of hedges— — — — — — — — (609)(609)
Unrealized loss on pension benefit obligation, net of tax— — — — — — — — (336)(336)
Balance at September 30, 202044,080 $615 25 $28 (18,077)$(1,368,723)$433,827 $607,682 $(87,856)$(414,427)
Share-based compensation expense— — — — — — 5,036 — — 5,036 
Net income attributable to Cimpress plc— — — — — — — 32,287 — 32,287 
Redeemable noncontrolling interest accretion to redemption value— — — — — — — (1,086)— (1,086)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 576 576 
Foreign currency translation, net of hedges— — — — — — — — 12,683 12,683 
Balance at December 31, 202044,080 $615 25 $28 (18,077)$(1,368,723)$438,863 $638,883 $(74,597)$(364,931)
See accompanying notes.





4


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (CONTINUED)
(unaudited in thousands)
Ordinary SharesDeferred Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber of
Shares
Issued
AmountNumber
of
Shares
AmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Total
Shareholders’
Deficit
Balance at December 31, 202044,080 $615 25 $28 (18,077)$(1,368,723)$438,863 $638,883 $(74,597)$(364,931)
Restricted share units vested, net of shares withheld for taxes— — — — — 2 (3)— — (1)
Share-based compensation expense— — — — — — 9,572 — — 9,572 
Net loss attributable to Cimpress plc— — — — — — — (39,050)— (39,050)
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — (13,102)(13,102)
Foreign currency translation, net of hedges— — — — — — — — 2,724 2,724 
Balance at March 31, 202144,080 $615 25 $28 (18,077)$(1,368,721)$448,432 $599,833 $(84,975)$(404,788)
See accompanying notes.
5


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (CONTINUED)
(unaudited in thousands)

Ordinary SharesDeferred Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber of
Shares
Issued
AmountNumber
of
Shares
AmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Total
Shareholders’
Deficit
Balance at June 30, 202144,080 $615 25 $28 (18,045)$(1,368,595)$459,904 $530,159 $(71,482)$(449,371)
Restricted share units vested, net of shares withheld for taxes— — — — 54 3,516 (6,095)— — (2,579)
Share-based compensation expense— — — — — — 11,129 — — 11,129 
Net loss attributable to Cimpress plc— — — — — — — (6,698)— (6,698)
Redeemable noncontrolling interest accretion to redemption value— — — — — — — (7,592)— (7,592)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 3,621 3,621 
Foreign currency translation, net of hedges— — — — — — — — 674 674 
Balance at September 30, 202144,080 $615 25 $28 (17,991)$(1,365,079)$464,938 $515,869 $(67,187)$(450,816)
Restricted share units vested, net of shares withheld for taxes— — — — 11 743 (1,062)— — (319)
Share-based compensation expense— — — — — — 12,398 — — 12,398 
Net income attributable to Cimpress plc— — — — — — — 54,789 — 54,789 
Redeemable noncontrolling interest accretion to redemption value— — — — — — — (8,444)— (8,444)
Purchase of noncontrolling interest— — — — — — (272)— — (272)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 5,270 5,270 
Foreign currency translation, net of hedges— — — — — — — — 4,146 4,146 
Unrealized gain on pension benefit obligation, net of tax— — — — — — — — 444 444 
Balance at December 31, 202144,080 $615 25 $28 (17,980)$(1,364,336)$476,002 $562,214 $(57,327)$(382,804)
See accompanying notes.


6


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (CONTINUED)
(unaudited in thousands)
Ordinary SharesDeferred Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber of
Shares
Issued
AmountNumber
of
Shares
AmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Total
Shareholders’
Deficit
Balance at December 31, 202144,080 $615 25 $28 (17,980)$(1,364,336)$476,002 $562,214 $(57,327)$(382,804)
Restricted share units vested, net of shares withheld for taxes— — — — 4 380 (580)— — (200)
Purchase and cancellation of deferred ordinary shares— — (25)(28)— — — — — (28)
Share-based compensation expense— — — — — — 12,727 — — 12,727 
Net loss attributable to Cimpress plc— — — — — — — (71,817)— (71,817)
Redeemable noncontrolling interest accretion to redemption value— — — — — — — (29,034)— (29,034)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 11,623 11,623 
Foreign currency translation, net of hedges— — — — — — — — (3,919)(3,919)
Balance at March 31, 202244,080 $615  $ (17,976)$(1,363,956)$488,149 $461,363 $(49,623)$(463,452)
See accompanying notes.
7


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited in thousands)

Nine Months Ended March 31,
 20222021
Operating activities  
Net loss$(18,699)$(15,018)
Adjustments to reconcile net loss to net cash provided by operating activities:  
Depreciation and amortization133,397 128,696 
Share-based compensation expense36,215 23,071 
Impairment of long-lived assets 19,882 
Deferred taxes26,636 2,513 
Unrealized (gain) loss on derivatives not designated as hedging instruments included in net loss(25,639)18,280 
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency(5,847)2,537 
Other non-cash items(8,204)2,149 
Changes in operating assets and liabilities:
Accounts receivable(17,764)(9,651)
Inventory(31,964)4,982 
Prepaid expenses and other assets(18,776)(5,242)
Accounts payable35,860 10,590 
Accrued expenses and other liabilities26,501 36,159 
Net cash provided by operating activities131,716 218,948 
Investing activities  
Purchases of property, plant and equipment(42,142)(22,736)
Business acquisitions, net of cash acquired(75,258)(36,395)
Capitalization of software and website development costs(49,875)(45,321)
Proceeds from the sale of assets27,466 3,574 
Proceeds from maturity of held-to-maturity investments93,679 — 
Payments for settlement of derivatives designated as hedging instruments(1,880) 
Other investing activities(617)(269)
Net cash used in investing activities(48,627)(101,147)
Financing activities
Proceeds from borrowings of debt  534,051 
Payments of debt(11,149)(639,519)
Payments of debt issuance costs(1,440)(2,461)
Payments of purchase consideration included in acquisition-date fair value(43,647)(1,205)
Payments of withholding taxes in connection with equity awards(3,098)(5,593)
Payments of finance lease obligations(35,099)(5,486)
Purchase of noncontrolling interests(324)(5,063)
Distribution to noncontrolling interest(3,963)(4,599)
Other financing activities(26)(310)
Net cash used in financing activities(98,746)(130,185)