What changed in this filing

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Item 1. Business

2021-08-06 compared with 2020-08-11 · 92 added, 56 removed, 214 unchanged (41% of the section changed)

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Cimpress is a strategically focused group of more than a dozen businesses that specialize in mass customization, via which we deliver large volumes of individually small-sized customized orders for a broad spectrum of print, signage, photo merchandise, invitations and announcements, writing instruments, packaging, apparel and other categories.

Mass customization is a core element of the business model of each Cimpress business.

Stan Davis, in his 1987 strategy manifesto “Future Perfect” coined the term mass customization to describe “generating an infinite variety of goods and services, uniquely tailored to customers”.

In 2001, Tseng & Jiao defined mass customization as “producing goods and services to meet individual customers’ needs with near mass production efficiency”.

Mass customization is a core element of the business model of each Cimpress business and is a competitive strategy which seeks to produce goods and services to meet individual customer needs with near mass production efficiency.

We discuss mass customization in more detail further below.

We have grown substantially over the past decade, from $0.7 billion of revenue in fiscal year 2010 to $2.5 billion of revenue in fiscal year 2020, and as we have grown we have achieved important benefits of scale.

We have grown substantially over our history, from $0.2 billion of revenue in fiscal year 2006 to $2.6 billion of revenue in fiscal year 2021, and as we have grown we have achieved important benefits of scale.

However, we also believe it is critical for us to “stay small as we get big”.

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We limit all other central activities to only those which must be performed centrally.

Out of more than 12,900 employees we have fewer than 70 who work in central activities that fall into this category, which includes tax, treasury, internal audit, general counsel, corporate communications, consolidated reporting and compliance, investor relations, capital allocation and the functions of our CEO and CFO.

Out of more than 14,000 employees we have fewer than 80 who work in central activities that fall into this category, which includes tax, treasury, internal audit, general counsel, sustainability, corporate communications, consolidated reporting and compliance, investor relations, capital allocation and the functions of our CEO and CFO.

We seek to avoid bureaucratic behavior in the corporate center;

however we have developed, through experience, guardrails and accountability mechanisms in key areas of governance including cultural aspects such as a focus on customers or being socially responsible, as well as operational aspects such as the processes by which we set strategy and financial budgets and review performance, or the policies by which we ensure compliance with information privacy laws.

This strategy has proven to be of great value to us during the recent COVID-19 crisis;

This strategy has proven to be of great value to us during the COVID-19 crisis;

we could not have reacted as proactively, effectively or quickly had we not put in place our strategy and organizational structure several years ago.

Our decentralized model allowed our businesses to respond quickly to local restrictions, customer needs, and the health and safety of our team members, and leaders shared information and best practices across the group.

Our shared strategic capabilities in procurement helped us to address supply chain risks and agree to extensions of supplier payments, the mass customization platform helped us to route orders between production facilities when needed due to temporary closures, and our central finance and legal teams secured the financial flexibility to navigate this period of uncertainty.

Our shared strategic capabilities in procurement helped us to address supply chain risks and partner with our suppliers to delay our payments to them, the mass customization platform helped us to route orders between production facilities when needed due to temporary closures, and our central finance and legal teams secured the financial flexibility to navigate this period of uncertainty.

Our Uppermost Financial Objective

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The Vistaprint production operations for a typical order of 250 standard business cards in Europe and North America require less than 14 seconds of labor for all of pre-press, printing, cutting and packaging, versus an hour or more for traditional printers.

Combined with advantages of scale in graphic design support services, purchasing of materials, our self-service online ordering,

pre-press automation, auto-scheduling and automated manufacturing processes, we allow customers to design, configure, and procure business cards at a fraction of the cost of typical traditional printers with very consistent quality and delivery reliability.

Combined with advantages of scale in graphic design support services, purchasing of materials, our self-service online ordering, pre-press automation, auto-scheduling and automated manufacturing processes, we allow customers to design,

configure, and procure business cards at a fraction of the cost of typical traditional printers with very consistent quality and delivery reliability.

Customers have very extensive, easily configurable, customization options such as rounded corners, different shapes, specialty papers, “spot varnish”, reflective foil, folded cards, or different paper thicknesses.

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Even though we do not expect many other products to reach this extreme level of automation, we do currently produce many other product categories (such as flyers, brochures, signage, mugs, calendars, pens, t-shirts, hats, embroidered soft goods, rubber stamps, photobooks, labels and holiday cards) via analogous methods whose volume and processes are well along the spectrum of mass customization relative to traditional suppliers and thus provide great customer value and a strong, profitable and growing revenue stream.

In response to the pandemic, our mass customization capabilities allowed us to pivot our manufacturing to focus on and produce products that are more relevant to the current environment.

We began producing products such as masks, face shields, and social distancing signage and introduced relevant product templates.

We were able to do this without risk of inventory obsolescence on traditional products since our products are made to order.

In addition, during periods in which our manufacturing plants needed to be temporarily closed, our mass customization platform allowed us to reroute orders to other manufacturing locations to ensure they were fulfilled timely.

Market and Industry Background

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We believe that the vast majority of the markets to which mass customization could apply are still served by traditional business models that force customers either to produce in large quantities per order or to pay a high price per unit.

such as those owned by Cimpress that aggregate a relatively large number of orders and fulfill them via a focused supply chain and production capabilities at relatively high volumes, thereby achieving the benefits of mass customization.

We believe that these large and fragmented markets are moving away from small traditional suppliers that employ job shop business models to fulfill a relatively small number of customer orders and toward businesses such as those owned by Cimpress that aggregate a relatively large number of orders and fulfill them via a focused supply chain and production capabilities at relatively high volumes, thereby achieving the benefits of mass customization.

We believe we are early in the process of what will be a multi-decade shift from job-shop business models to mass customization.

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We believe that Cimpress and competitors who have built their business around a mass customization model are “disruptive innovators” to these large markets because we enable small-volume production of personalized, high-quality products at an affordable price.

Disruptive innovation, a term coined by Harvard Business School professor Clayton Christensen, describes a process by which a product or service takes root initially in simple applications at the bottom of a market (such as free business cards for the most price sensitive of micro-businesses or low-quality white t-shirts) and then moves up market, eventually displacing established competitors (such as those in the markets mentioned above).

Disruptive innovation, a term coined by Harvard Business School professor Clayton Christensen, describes a process by which a product or service takes root initially in simple applications at the

bottom of a market (such as free business cards for the most price sensitive of micro-businesses or low-quality white t-shirts) and then moves up market, eventually displacing established competitors (such as those in the markets mentioned above).

We believe that a large opportunity exists for major markets to shift to a mass customization paradigm and, even though we are largely decentralized, the select few shared strategic capabilities into which we centrally invest provide significant scale-based competitive advantages for Cimpress.

We believe this opportunity to deliver substantially better customer value and to therefore disrupt large traditional industries can translate into tremendous future opportunity for Cimpress.

Until approximately our fiscal year 2012, we focused primarily on a narrow set of customers within the list above (highly price-sensitive and discount-driven micro businesses and consumers) with a limited product offering.

Until approximately our fiscal year 2012, we focused primarily on a narrow set of customers (highly price-sensitive and discount-driven micro businesses and consumers) with a limited product offering.

Through acquisitions and via significant investments in our Vistaprint business, we have expanded the breadth and depth of our product offerings, extended our ability to serve our traditional customers and gained a capability to serve a vast range of customer types.

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Businesses are the primary end users for short-and-medium runs (below 10,000 units).

Cimpress’ recent acquisition of 99designs, which operates within our Vistaprint business, combined with organic investment in design services, has extended our total addressable market.

Vistaprint researched the design spend in two of its largest markets, the U.S.

and Germany, and found that small businesses spend approximately $6 billion annually on design services in these two markets, exclusive of the purchases of the print or digital products that the designs enhance.

Even more importantly, this research found that small businesses in these markets that purchase design services represent the majority of the addressable market for print and digital marketing materials.

We believe that a broader complement of design services should enable Vistaprint to retain customers longer as their needs evolve, as well as both attract new customers and serve existing customers with more complex products and therefore access more of our total addressable market.

Our Businesses

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The combined product assortment across our businesses is extensive, including offerings in the following product categories:

business cards, marketing materials such as flyers and postcards, digital and marketing services, writing instruments, signage, canvas-print wall décor, decorated apparel, promotional products and gifts, packaging, textiles and magazines and catalogs.

Also, we have responded to customer needs with new pandemic-related design templates for existing products as well as launching new products like face masks.

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We believe that our strategy of systematizing our service and production systems enables us to deliver value to customers much more effectively than traditional competitors.

Our businesses operate production facilities throughout the geographies listed above.

Our businesses operate production facilities throughout the geographies listed above, with over 3.3 million square feet of production space in the aggregate across our owned and operated facilities.

We also work extensively with several hundred external fulfillers located across the globe.

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In many cases our businesses can produce and ship an order the same day they receive it.

Our supply chain systems and processes seek to drive reduced inventory and working capital as well as faster delivery to customers.

Our supply chain systems and processes seek to reduce inventory and working capital and improve delivery speeds to customers relative to traditional suppliers.

In certain of our company-owned manufacturing facilities, software schedules the near-simultaneous production of different customized products that have been ordered by the same customer, allowing us to produce and deliver multi-part orders quickly and efficiently.

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Consists of the operations of our Vistaprint-branded websites in North America, Europe, Australia, New Zealand, India and Japan.

This business also includes our Webs business, which is managed with the Vistaprint Digital business, and our Vistaprint Corporate Solutions business which serves medium-sized businesses and large corporations, as well as a legacy revenue stream with retail partners and franchise businesses.

This business also includes our Vistaprint Corporate Solutions business which serves medium-sized businesses and large corporations and our 99designs business which provides graphic design services.

Our Vistaprint business helps more than 15 million micro businesses (companies with fewer than 10 employees) create attractive, professional-quality marketing products at affordable prices and at low volumes.

With Vistaprint, small businesses are able to create and customize their marketing with easy-to-use digital tools and design-templates, or by receiving expert graphic design support.

In October 2020, Vistaprint acquired 99designs to expand its design offering via a worldwide community of more than

150,000 talented designers to make it easy for designers and clients to work together to create designs they love.

Vistaprint’s average order value is about $50, and customers spend about $100 per year;

yet Vistaprint has historically had gross margins of about 60% and advertising spend as a percent of revenue of about 15%.

Vistaprint has had strong free cash flow conversion as its e-commerce model leads to collections from customers prior to the production and shipment of customer orders.

Upload & Print:

In order to increase customer focus, nimbleness and competitiveness, in fiscal year 2019 we eliminated a management oversight layer and created two sub-groups of upload and print businesses.

We refer to these reportable segments as PrintBrothers and The Print Group , each of which focus on serving graphic professionals:

Our Upload & Print businesses are organized in two sub-groups.

We refer to these reportable segments as PrintBrothers and The Print Group, each of which focuses on serving graphic professionals:

local printers, print resellers, graphic artists, advertising agencies and other customers with professional desktop publishing skill sets.

Upload and print businesses have an average order value of about €100 and annual per customer revenue of over €600.

Gross margins vary by business but average about 30% due to wholesale-like pricing and the wide variety of products produced both in owned facilities as well as via third-party fulfillers.

Advertising spend as a percent of revenue is about 5%.

PrintBrothers:

Consists of our druck.at, Printdeal, and WIRmachenDRUCK businesses.

PrintBrothers businesses serve customers throughout Europe, and primarily in Austria, Belgium, Germany, the Netherlands, and Switzerland.

The Print Group:

Consists of our Easyflyer, Exaprint, Pixartprinting, and Tradeprint businesses.

The Print Group businesses serve customers throughout Europe, and primarily in France, Italy, Spain and the UK.

National Pen :

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National Pen serves more than a million small businesses annually across more than 20 countries.

Marketing methods are typically direct mail and telesales, as well as a small yet growing e-commerce site.

Marketing methods are typically direct mail and telesales, as well as a growing e-commerce site.

National Pen operates several brands focused on customized writing instruments and promotional products, apparel and gifts for small- and medium-sized businesses.

National Pen’s average order value is about $200 - $250, and annual revenue per customer is about $300.

Gross margins have historically been about 55% with highly seasonal profits driven in the December quarter.

Significant inventory and customer invoicing requirements in this business drive different working capital needs compared to our other businesses.

All Other Businesses :

With the exception of BuildASign, which is a larger and profitable business, this segment consists of small, early-stage businesses by which Cimpress is expanding to new markets.

These businesses have been combined into one reportable segment based on materiality.

The early-stage businesses in this segment are subject to high degrees of risk, and we expect that each of their business models will rapidly evolve in function of future trials and entrepreneurial pivoting.

Our All Other Businesses reportable segment includes the following:

BuildASign is an internet-based provider of canvas-print wall décor, business signage and other large-format printed products, based in Austin, Texas.

Includes a collection of businesses combined into one reportable segment based on materiality:

BuildASign, the largest of the these businesses with strong profitability and cash flow, and Printi and YSD, small early-stage businesses operating at modest losses, by which Cimpress is expanding into new markets.

BuildASign is an e-commerce provider of canvas-print wall décor, business signage and other large-format printed products, based in Austin, Texas.

In the fourth quarter of fiscal year 2021, we closed a small acquisition under BuildASign in a new product category.

As the online printing leader in Brazil, Printi offers a superior customer experience with transparent and attractive pricing, reliable service and quality.

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Additionally, we work to develop and implement logistics, warehousing, and outbound shipping strategies to provide a balance of low-cost material availability while limiting our inventory exposure.

As mentioned, the central procurement team played a crucial role when impacts of the pandemic became prevalent in March 2020.

The team partnered with Cimpress suppliers to delay more than $30 million of supplier and lease payments previously due before June 30, 2020.

These delays were important given our typical working capital trends, as we would have otherwise experienced cash outflows from working capital in the fourth quarter as revenue declined relative to the last fiscal year.

Our businesses typically rely on proprietary technology to attract and retain our customers, to enable customers to create graphic designs and place orders on our websites, and to aggregate and produce multiple orders in standardized, scalable processes.

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Cimpress businesses, and increasingly third-party fulfillers to our various businesses, can leverage different combinations of MCP services, depending on what capabilities they need to complement their business-specific technology.

MCP is a multi-year investment that remains in its relatively early stages;

however, many of our businesses are leveraging some of the technologies that have already been developed and/or shared by other businesses.

The capabilities that are available in the MCP today include customer-facing technologies, such as those that enable customers to visualize their designs on various products, as well as manufacturing, supply chain, and logistics technologies that automate various stages of the production and delivery of a product to a customer.

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We develop our MCP technology centrally and we also have software and production engineering capabilities in each of our businesses.

Our businesses are constantly seeking to strengthen our manufacturing and supply chain capabilities through engineering improvements in areas like automation, lean manufacturing, choice of equipment, product manufacturability, materials science, process control and color control.

Our businesses are constantly seeking to strengthen our manufacturing and supply chain capabilities through engineering improvements in areas like

automation, lean manufacturing, choice of equipment, product manufacturability, materials science, process control and color control.

Each of our businesses uses a mix of proprietary and third-party technology that supports the specific needs of that business.

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Over the past few years, an increasing number of our businesses have begun to modernize and modularize their business-specific technology to enable them to launch more new products faster, provide a better customer experience, more easily connect to our MCP technologies, and leverage third-party technologies where we do not need to bear the cost of developing and maintaining proprietary technologies.

For example, our businesses are increasingly using third-party software for capabilities such as shopping carts or customer reviews, which are areas that we can benefit from providing a standard e-commerce experience, and are better leveraging engineering resources to focus on technology development from which we derive competitive advantage.

For example, our businesses are increasingly using third-party software for capabilities such as content management, multivariate testing tools and data warehousing, which are areas that specialized best-in-class technologies are better than the proprietary technologies they have replaced.

This allows our own engineering and development talent to focus on artwork technologies, product information management and marketplace technologies from which we derive competitive advantage.

In our central Cimpress Technology team and in an increasing number of our decentralized businesses, we have adopted an agile, micro-services-based approach to technology development that enables multiple businesses or use cases to leverage this API technology regardless of where it was originally developed.

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Each Cimpress business is responsible for ensuring that customer, company and team member information is secure and handled in ways that are fully compliant with relevant laws and regulations.

Because there are many aspects of this topic that apply to all of our businesses, Cimpress invests in a central security team that defines security policies, deploys security controls, and provides services and embeds security into the development processes of our businesses.

Because there are many aspects of this topic that apply to all of our businesses, Cimpress has a central security team that defines security policies, deploys security controls, and provides services and embeds security into the development processes of our businesses.

This team works in partnership with each of our businesses and the corporate center to measure security maturity and risk, and provides managed security services in a way that allows each business to address their unique challenges, lower their cost, and become more efficient in using their resources.

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This is another example of scale advantage, albeit with talent, relative to both traditional suppliers and smaller online competitors that we can leverage across Cimpress.

We estimate that Cimpress has a total addressable market of over $100 billion in North America and Europe, where it is the market leader in the transformation from traditional highly fragmented off-line production to online/mass customized approaches that deliver higher quality, faster speed and lower cost.

We believe that this market is at least $150 billion annually if you include other geographies and consumer products.

Additionally, as described above, through the acquisition of 99designs and organic investment in Vistaprint, we have also expanded this total addressable market to now include the large market for design services.

Though Cimpress is the largest business in our space, we still represent a small fraction of the overall market, and believe there is significant room for growth over the long-term future.

The markets for the products our businesses produce and sell are intensely competitive, highly fragmented and geographically dispersed, with many existing and potential competitors.

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and production and delivery speed.

It is our intention to offer a broad selection of high-quality products as well as related services at low price points and in doing so, offer our customers an attractive value proposition.

It is our intention to offer a broad selection of high-quality products as well as related services at competitive price points and in doing so, offer our customers an attractive value proposition.

Our current competition includes a combination of the following:

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Today’s market has evolved to be much tougher in terms of competition.

This evolution, which has been going on for 20 years, has led to major benefits for the customers in terms of lower prices, faster lead times, and easier customer experience.

This evolution, which has been going on for 20 years, has led to major benefits for customers in terms of lower prices, faster lead times, and easier customer experience.

Cimpress and its businesses have proactively driven, and benefited from, this dynamic.

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For example, in developing markets like India and Brazil where these products are more recently available in an online marketplace, we see stronger growth across all product areas, whereas the market in countries such as Germany is far more mature and therefore more slow growing.

We anticipate that the overall competitive landscape described above will change as a result of the pandemic.

We believe that the shift from traditional to mass customized models may accelerate, and that some of the online competitors that offer a more limited product portfolio or lack scale advantages will have less flexibility to navigate changing customer demand levels.

Our businesses have done well during past economic recessions, because we serve our customers with a fundamentally more competitive business model than the highly fragmented, sub-scale traditional competitors.

Shelter-at-home experiences are making e-commerce and service-at-a-distance experiences like ours more mainstream.

As we have done in past economic downturns, we also have an opportunity to serve millions of individuals who take up self-employment or freelance roles because of our ability to serve the needs of those customers.

Some of these trends were distorted over the last year because of the pandemic, which temporarily altered demand and behavior patterns.

We anticipate that the overall competitive landscape described above has already begun to change as a result of the pandemic, in the following ways:

• New business formation :

Economic data shows that new business formation has increased meaningfully during the pandemic in our top markets:

U.S., UK, France, and Germany.

This often happens in a recession out of necessity:

people who lose employment need to make ends meet and so start their own businesses.

We have an opportunity to serve millions of individuals who take up self-employment or freelance roles because of our ability to serve the needs of those customers – we have demonstrated this in past recessions and expect to be able to do so again.

• E-commerce acceleration :

We believe that the shift from traditional to mass customized models has accelerated as shelter-at-home experiences are making e-commerce and service-at-a-distance experiences like ours more mainstream.

For example, McKinsey has estimated in the U.S.

that 10 years of e-commerce adoption was compressed into three months during the pandemic [1] .

There are similar trends in other countries around the world, according to an OECD policy brief [2] , among other sources.

• Accelerated shift from traditional production to mass customized sources :

Conditions have been very difficult for small traditional suppliers and we believe some of these businesses are unlikely to last beyond the period of time that they are receiving government aid.

We see this through industry news coverage [3] and research [4] and through some of our businesses that sell to these suppliers as bookings from those channels have been harder hit.

One of the reasons for this is small traditional suppliers have a narrower

range of products than Cimpress so as demand for those products dropped significantly, even if temporary, there was less room to maneuver.

• Share gains versus online players :

Additionally, we believe that some of the online competitors that offer a more limited product portfolio or lack scale advantages have had less flexibility to navigate changing customer demand levels.

We saw online competitors [5] who report their revenue publicly down year over year 35% - 40% during the 6-month period from July 1, 2020 to December 31, 2020, while our own revenue declined just 10% in the same period.

[1] https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-us-consumer-sentiment-during-the-coronavirus-crisis#

[2] http://www.oecd.org/coronavirus/policy-responses/e-commerce-in-the-time-of-covid-19-3a2b78e8/

[3] https://www.printweek.com/news/article/industry-bodies-warn-on-carnage-in-print

[4] https://store.whattheythink.com/downloads/printing-outlook-2021/

[5] We note that we have three known competitors with publicly reported revenue

Social and Environmental Responsibility

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Examples of these efforts are:

Environmental - We regularly evaluate ways to minimize the impact of our operations on the environment.

• Environmental:

We regularly evaluate ways to minimize the impact of our operations on the environment.

In terms of combating climate change, we have established and centrally fund a company-wide carbon emissions reduction program to lower the emissions associated with our operations at a rate slightly exceeding the 1.5 o C target pathway, and expect to achieve carbon neutrality by 2040.

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We have also committed to influencing our third-party suppliers to materially expand their use of responsibly forested paper for the products that they customize on our behalf, as well as using either FSC-certified corrugate or packaging materials containing recycled content from post-consumer sources to help ensure our packaging does not contribute to deforestation.

We also have just committed to improve the profile of our plastic-based packaging and products in line with the targets set by the New Plastics Economy Global Commitment, co-sponsored by the United Nations Environment Programme.

We also have also recently committed to improve the profile of our plastic-based packaging and products in line with the targets set by the New Plastics Economy Global Commitment, co-sponsored by the United Nations Environment Programme.

This includes a focus on reduced plastic usage, increased recyclability, and support of products that contain recycled materials.

Fair labor practices - We make recruiting, retention, and other performance management related decisions based solely on merit, based on an individual’s ability to do their job with excellence and in alignment with the company’s strategic and operational objectives.

• Fair labor practices:

We make recruiting, retention, and other performance management related decisions based solely on merit, based on an individual’s ability to do their job with excellence and in alignment with the company’s strategic and operational objectives.

We do not tolerate discrimination on any basis protected by human rights laws or anti-discrimination regulations, and we strive to do more in this regard than the law requires.

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We value individual differences, unique perspectives and the distinct contributions that each one of us can make to the company.

Team member health and safety - We require safe working conditions at all times to ensure our team members and other parties are protected, and require legal compliance at a minimum at all times.

• Team member health and safety:

We require safe working conditions at all times to ensure our team members and other parties are protected, and require legal compliance at a minimum at all times.

We require training on – and compliance with – safe work practices and procedures at all manufacturing facilities to ensure the safety of team members and visitors to our plant floors.

Given the global impacts of the COVID-19 pandemic, we have held our team member health and safety as a top priority, and have implemented measures such as remote working for members who are able to, restrictions on team member travel to be essential only, and increased safety measures at our manufacturing and customer service centers including additional cleaning and sanitary protocols.

Ethical supply chain - It is important to us that our supply chain reflects our commitment to doing business with the highest standards of ethics and integrity.

measures at our manufacturing and customer service centers including additional cleaning and sanitary protocols.

• Ethical supply chain:

It is important to us that our supply chain reflects our commitment to doing business with the highest standards of ethics and integrity.

Each Cimpress business is responsible to ensure its supply chain does not allow for unacceptable practices such as environmental crimes, child labor, slavery or unsafe working conditions.

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Our profitability has historically been highly seasonal.

Our second fiscal quarter, ending December 31, includes the majority of the holiday shopping season and has become our strongest quarter for sales of our consumer-oriented products, such as holiday cards, calendars, canvas prints, photobooks, and personalized gifts.

In fiscal 2020, operating income for our second quarter was greater than our operating income for the entire year, due in part to impairments recognized during our third quarter as well as negative impacts from the COVID-19

pandemic and related restrictions.

Operating income during the second fiscal quarter represented 55% , and 46% of annual operating income in the years ended June 30, 2019 and 2018, respectively.

Our second fiscal quarter, ending December 31, includes the majority of the holiday shopping season and is our strongest quarter for sales of our consumer-oriented products, such as holiday cards, calendars, canvas prints, photobooks, and personalized gifts.

As of June 30, 2021, we had approximately 13,000 full-time and approximately 1,000 temporary employees worldwide.

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Cimpress plc was incorporated on July 5, 2017 as a private company limited by shares under the laws of Ireland and on November 18, 2019 was re-registered as a public limited company under the laws of Ireland.

On December 3, 2019, Cimpress completed the Irish Merger pursuant to which Cimpress N.V.

merged with and into Cimpress plc, with Cimpress plc surviving the merger and becoming the publicly traded parent company of the Cimpress group of entities.

On December 3, 2019, Cimpress N.V., the former publicly traded parent company of the Cimpress group of entities, merged with and into Cimpress plc, with Cimpress plc surviving the merger and becoming the publicly traded parent company of the Cimpress group of entities.

Cimpress N.V., the predecessor company to Cimpress plc, was incorporated under the laws of the Netherlands on June 5, 2009.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business