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Item 1. Financial Statements

2025-05-02 compared with 2025-01-31 · 195 added, 143 removed, 680 unchanged (33% of the section changed)

53 unchanged sentences

(unaudited in thousands, except share and per share data)

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 2025 2024

7 unchanged sentences

Income from operations 40,541 39,238 160,829 181,017

Other income (expense), net 31,678 ( 391 ) 20,186 6,028

Other (expense) income, net ( 9,441 ) ( 3,651 ) 10,745 2,377

Interest expense, net ( 26,995 ) ( 30,158 ) ( 87,575 ) ( 89,946 )

(Loss) gain on early extinguishment of debt ( 696 ) 349 ( 517 ) 1,721

Gain (loss) on early extinguishment of debt 19 — ( 498 ) 1,721

Income before income taxes 4,124 5,429 83,501 95,169

Income tax expense 12,144 10,610 42,290 35,527

Net income 61,615 60,254 49,231 64,823

Net (income) attributable to noncontrolling interests ( 558 ) ( 2,149 ) ( 723 ) ( 2,164 )

Net income attributable to Cimpress plc $ 61,057 $ 58,105 $ 48,508 $ 62,659

Basic net income per share attributable to Cimpress plc $ 2.45 $ 2.18 $ 1.94 $ 2.36

Diluted net income per share attributable to Cimpress plc $ 2.36 $ 2.14 $ 1.86 $ 2.31

Net (loss) income ( 8,020 ) ( 5,181 ) 41,211 59,642

Net (income) loss attributable to noncontrolling interests ( 218 ) 1,203 ( 941 ) ( 961 )

Net (loss) income attributable to Cimpress plc $ ( 8,238 ) $ ( 3,978 ) $ 40,270 $ 58,681

Basic net (loss) income per share attributable to Cimpress plc $ ( 0.33 ) $ ( 0.15 ) $ 1.61 $ 2.22

Diluted net (loss) income per share attributable to Cimpress plc $ ( 0.33 ) $ ( 0.15 ) $ 1.56 $ 2.16

Weighted average shares outstanding — basic 24,834,409 26,216,216 24,990,419 26,432,423

2 unchanged sentences

(1) Share-based compensation expense is allocated as follows:

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 2025 2024

4 unchanged sentences

See accompanying notes.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(unaudited in thousands)

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 2025 2024

Net income $ 61,615 $ 60,254 $ 49,231 $ 64,823

Net (loss) income $ ( 8,020 ) $ ( 5,181 ) $ 41,211 $ 59,642

Other comprehensive income, net of tax:

Foreign currency translation losses, net of hedges ( 21,893 ) ( 2,053 ) ( 15,181 ) ( 5,840 )

Net unrealized gains (losses) on derivative instruments designated and qualifying as cash flow hedges 7,213 ( 10,271 ) ( 1,186 ) ( 2,592 )

Amounts reclassified from accumulated other comprehensive loss to net income for derivative instruments 285 55 569 ( 3,493 )

Comprehensive income 47,220 47,985 33,433 52,898

Comprehensive income attributable to noncontrolling interests 35 ( 2,481 ) ( 523 ) ( 2,402 )

Total comprehensive income attributable to Cimpress plc $ 47,255 $ 45,504 $ 32,910 $ 50,496

Foreign currency translation gains (losses), net of hedges 4,797 1,394 ( 10,384 ) ( 4,446 )

Net unrealized (losses) gains on derivative instruments designated and qualifying as cash flow hedges ( 1,202 ) 7,051 ( 2,388 ) 4,459

Amounts reclassified from accumulated other comprehensive loss to net (loss) income for derivative instruments ( 3,233 ) ( 2,772 ) ( 2,664 ) ( 6,265 )

Comprehensive (loss) income ( 7,658 ) 492 25,775 53,390

Comprehensive (income) loss attributable to noncontrolling interests ( 454 ) 1,450 ( 977 ) ( 952 )

Total comprehensive (loss) income attributable to Cimpress plc $ ( 8,112 ) $ 1,942 $ 24,798 $ 52,438

See accompanying notes.

35 unchanged sentences

Shareholders’

Balance at December 31, 2023 44,604 $ 621 ( 17,971 ) $ ( 1,363,550 ) $ 560,019 $ 297,590 $ ( 47,223 ) $ ( 552,543 )

Issuance of ordinary shares due to share option exercises, net of shares withheld for taxes 15 — — — 687 — — 687

Purchase and retirement of ordinary shares ( 1,086 ) ( 12 ) — — ( 13,659 ) ( 87,058 ) — ( 100,729 )

Share-based awards vested, net of shares withheld for taxes 79 1 — — ( 3,882 ) — — ( 3,881 )

Share-based compensation expense — — — — 18,765 — — 18,765

Net loss attributable to Cimpress plc — — — — — ( 3,978 ) — ( 3,978 )

Redeemable noncontrolling interest accretion to redemption value — — — — — ( 259 ) — ( 259 )

Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges — — — — — — 4,279 4,279

Foreign currency translation, net of hedges — — — — — — 1,641 1,641

Balance at March 31, 2024 43,612 $ 610 ( 17,971 ) $ ( 1,363,550 ) $ 561,930 $ 206,295 $ ( 41,303 ) $ ( 636,018 )

See accompanying notes.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (CONTINUED)

(unaudited in thousands)

Ordinary Shares Treasury Shares

Issued Amount Number

Shares Issued Amount Additional

Capital Retained

Earnings Accumulated Other

Comprehensive

Shareholders’

Balance at June 30, 2024 43,051 $ 604 ( 17,971 ) $ ( 1,363,550 ) $ 570,283 $ 272,881 $ ( 30,364 ) $ ( 550,146 )

10 unchanged sentences

Purchase and cancellation of ordinary shares ( 534 ) ( 6 ) — — ( 7,352 ) ( 35,009 ) — ( 42,367 )

Restricted share units vested, net of shares withheld for taxes 84 1 — — ( 3,823 ) — — ( 3,822 )

Share-based awards vested, net of shares withheld for taxes 84 1 — — ( 3,823 ) — — ( 3,822 )

Share-based compensation expense — — — — 14,495 — — 14,495

5 unchanged sentences

See accompanying notes.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (CONTINUED)

(unaudited in thousands)

Ordinary Shares Treasury Shares

Issued Amount Number

Shares Issued Amount Additional

Capital Retained

Earnings Accumulated Other

Comprehensive

Shareholders’

Balance at December 31, 2024 42,789 $ 601 ( 17,971 ) $ ( 1,363,550 ) $ 576,881 $ 277,562 $ ( 45,962 ) $ ( 554,468 )

Issuance of ordinary shares due to share option exercises, net of shares withheld for taxes — — — — 6 — — 6

Purchase and cancellation of ordinary shares ( 57 ) — — — ( 802 ) ( 3,145 ) — ( 3,947 )

Share-based awards vested, net of shares withheld for taxes 110 1 — — ( 3,148 ) — — ( 3,147 )

Share-based compensation expense — — — — 12,153 — — 12,153

Net loss attributable to Cimpress plc — — — — — ( 8,238 ) — ( 8,238 )

Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges — — — — — — ( 4,435 ) ( 4,435 )

Foreign currency translation, net of hedges — — — — — — 4,561 4,561

Balance at March 31, 2025 42,842 $ 602 ( 17,971 ) $ ( 1,363,550 ) $ 585,090 $ 266,179 $ ( 45,836 ) $ ( 557,515 )

See accompanying notes.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited in thousands)

Six Months Ended December 31,

Nine Months Ended March 31,

Operating activities

6 unchanged sentences

123 ( 1,721 )

Unrealized (gain) loss on derivatives not designated as hedging instruments included in net income ( 12,313 ) 4,868

Unrealized loss (gain) on derivatives not designated as hedging instruments included in net income 6,761 ( 4,552 )

Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency ( 13,720 ) 378

9 unchanged sentences

Purchases of property, plant and equipment ( 68,211 ) ( 44,425 )

Business acquisitions, net of cash acquired ( 658 ) —

Capitalization of software and website development costs ( 47,591 ) ( 43,379 )

18 unchanged sentences

Effect of exchange rate changes on cash 202 613

Net increase in cash and cash equivalents 20,654 143,895

Net (decrease) increase in cash and cash equivalents ( 20,778 ) 24,025

Cash and cash equivalents at beginning of period 203,775 130,313

3 unchanged sentences

(unaudited in thousands)

Six Months Ended December 31,

Nine Months Ended March 31,

Supplemental disclosures of cash flow information

16 unchanged sentences

Basis of Presentation

The consolidated financial statements include the accounts of Cimpress plc, its wholly owned subsidiaries, entities in which we maintain a controlling financial interest.

The consolidated financial statements include the accounts of Cimpress plc, its wholly owned subsidiaries, and entities in which we maintain a controlling financial interest.

Intercompany balances and transactions have been eliminated.

9 unchanged sentences

Ordinary Shares

During the six months ended December 31, 2024, we repurchased 657,193 of our ordinary shares on the open market and through privately negotiated transactions for $ 52,987 .

The repurchased shares were immediately retired after repurchase and therefore have been classified as authorized and unissued shares as of December 31, 2024.

During the nine months ended March 31, 2025, we repurchased 714,667 of our ordinary shares on the open market and through privately negotiated transactions for $ 56,934 .

The repurchased shares were immediately cancelled after repurchase and therefore have been classified as authorized and unissued shares as of March 31, 2025.

Subsidiary Equity Option Awards

During the second quarter of fiscal 2025, we granted subsidiary-level option awards, which provides the founder group of one of our businesses with the option to purchase a 5.25% minority equity interest in each of the principal businesses that are included in our PrintBrothers reportable segment.

During the second quarter of fiscal 2025, we granted subsidiary-level option awards, which provide the founder group of one of our businesses with the option to purchase a 5.25% minority equity interest in each of the principal businesses that are included in our PrintBrothers reportable segment.

The option awards have an expiration date of January 15, 2026, and upon exercise the underlying shares are subject to a ten-year lockup period, while the holders are subjected to non-compete provisions over the period in which they are shareholders, plus an additional two years.

The fair value of the share option is determined as of the grant date using the Black-Scholes valuation model and the fair value is recognized ratably as expense over the non-compete period, as the provision is deemed to be substantive.

No material expense was recognized for any period presented.

Other Income (Expense), Net

The following table summarizes the components of other income (expense), net.

Three Months Ended December 31, Six Months Ended December 31,

2024 2023 2024 2023

Gains (losses) on derivatives not designated as hedging instruments (1) $ 33,632 $ ( 13,668 ) $ 13,063 $ ( 5,356 )

Currency-related (losses) gains, net (2) ( 2,107 ) 13,062 6,560 10,363

During the three and nine months ended March 31, 2025, we recognized $ 562 of share-based compensation expense within general and administrative expense in our consolidated statement of operations related to these awards.

Other (Expense) Income, Net

The following table summarizes the components of other (expense) income, net.

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 2025 2024

Total other income (expense), net $ 31,678 $ ( 391 ) $ 20,186 $ 6,028

(Losses) gains on derivatives not designated as hedging instruments (1) $ ( 14,640 ) $ 9,071 $ ( 1,577 ) $ 3,715

Currency-related gains (losses), net (2) 5,131 ( 12,434 ) 11,691 ( 2,071 )

Other gains (losses) 68 ( 288 ) 631 733

Total other (expense) income, net $ ( 9,441 ) $ ( 3,651 ) $ 10,745 $ 2,377

_____________________

(1) Includes realized and unrealized gains and losses on derivative currency forward and option contracts not designated as hedging instruments.

For contracts not designated as hedging instruments, we realized gains of $ 2,981 and $ 749 for the three and six months ended December 31, 2024, respectively, and losses of $ 2,539 and $ 488 for the three and six months ended December 31, 2023, respectively.

For contracts not designated as hedging instruments, we realized gains of $ 4,434 and $ 5,183 for the three and nine months ended March 31, 2025, respectively, and losses of $ 349 and $ 838 for the three and nine months ended March 31, 2024, respectively.

Refer to Note 4 for additional details relating to our derivative contracts.

(2) Currency-related (losses) gains, net primarily relates to significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility.

In addition, during the three and six months ended December 31, 2023, we recognized gains of $ 2,230 and $ 294 , respectively, on a cross-currency swap designated as a cash flow hedge which hedges the remeasurement of an intercompany loan.

We did not hold any cross-currency swap contracts that were designated as cash flow hedges during the three and six months ended December 31, 2024.

(2) Currency-related gains (losses), net primarily relates to significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility.

In addition, during the three and nine months ended March 31, 2024, we recognized gains of $ 1,748 and $ 1,454 , respectively, on a cross-currency swap designated as a cash flow hedge which hedges the remeasurement of an intercompany loan.

We did not hold any cross-currency swap contracts that were designated as cash flow hedges during the three and nine months ended March 31, 2025.

Refer to Note 4 for additional details regarding our cash flow hedges.

Net Income Per Share Attributable to Cimpress plc

Basic net income per share attributable to Cimpress plc is computed by dividing net income attributable to Cimpress plc by the weighted-average number of ordinary shares outstanding for the respective period.

Diluted net income per share attributable to Cimpress plc gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), performance share units ("PSUs"), and warrants, if the effect of the securities is dilutive using the treasury stock method.

Net (Loss) Income Per Share Attributable to Cimpress plc

Basic net (loss) income per share attributable to Cimpress plc is computed by dividing net (loss) income attributable to Cimpress plc by the weighted-average number of ordinary shares outstanding for the respective period.

Diluted net (loss) income per share attributable to Cimpress plc gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), performance share units ("PSUs"), and warrants, if the effect of the securities is dilutive using the treasury stock method.

Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive.

The following table sets forth the reconciliation of the weighted-average number of ordinary shares.

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 2025 2024

2 unchanged sentences

Weighted average shares issuable upon exercise/vesting of outstanding share options/PSUs/RSUs/warrants (1)(2) — — 851,362 711,196

Shares used in computing diluted net income per share attributable to Cimpress plc 25,906,151 27,179,073 26,145,452 27,129,264

Weighted average anti-dilutive shares excluded from diluted net income per share attributable to Cimpress plc 299,877 192,204 153,799 189,927

Shares used in computing diluted net (loss) income per share attributable to Cimpress plc 24,834,409 26,216,216 25,841,781 27,143,619

Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress plc (1)(2)

2,083,040 955,594 312,874 127,229

__________________

(1) In the periods in which a net loss is recognized, the impact of share options, PSUs, RSUs and warrants is excluded from shares used in computed diluted net loss per share as it is anti-dilutive.

(2) On May 1, 2020, we entered into a financing arrangement which included 7-year warrants to purchase 1,055,377 of our ordinary shares with a strike price of $ 60 that have a potentially dilutive impact on our weighted average shares outstanding.

The weighted average dilutive effect of the warrants for the three and six months ended December 31, 2024 were 248,156 and 294,657 , respectively, and for the three and six months ended December 31, 2023 were 146,506 and 122,412 , respectively.

For the three months ended March 31, 2025, the average share price was below the strike price for the quarter;

therefore, the total outstanding warrants were considered anti-dilutive.

The weighted average anti-dilutive effect of the warrants for the three months ended March 31, 2025 and 2024 was 1,055,377 and 309,000 (anti-dilutive due to our net loss position), respectively, and the weighted average dilutive effect of the warrants for the nine months ended March 31, 2025 and 2024 was 196,438 and 184,608 , respectively.

Recently Issued or Adopted Accounting Pronouncements

3 unchanged sentences

Disaggregation of Income Statement Expenses" (ASU 2024-03), which requires disaggregated disclosure of income statement expenses into specified categories.

The expanded disclosure requirements will be effective starting with our annual report for the fiscal year ending June 30, 2028, as well as each interim period thereafter.

The expanded disclosure requirements will be

effective starting with our annual report for the fiscal year ending June 30, 2028, as well as each interim period thereafter.

Early adoption is permitted, but we do not intend to early adopt this standard.

1 unchanged sentence

2023-09 "Income Taxes (Topic 740):

Improvements to Income Tax Disclosures" (ASU 2023-09), which provides authoritative guidance about

expanded annual disclosure requirements for the income tax rate reconciliation and income taxes paid by jurisdiction.

Improvements to Income Tax Disclosures" (ASU 2023-09), which provides authoritative guidance about expanded annual disclosure requirements for the income tax rate reconciliation and income taxes paid by jurisdiction.

The expanded disclosure requirements will be effective starting with our annual report for the fiscal year ending June 30, 2026.

14 unchanged sentences

The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.

December 31, 2024

March 31, 2025

Total Quoted Prices in

5 unchanged sentences

Currency forward contracts 1,348 — 1,348 —

Currency option contracts 2,146 — 2,146 —

Total assets recorded at fair value $ 13,757 $ — $ 13,757 $ —

17 unchanged sentences

Total liabilities recorded at fair value $ ( 3,036 ) $ — $ ( 3,036 ) $ —

During the six months ended December 31, 2024 and year ended June 30, 2024, there were no significant transfers in or out of Level 1, Level 2, and Level 3 classifications.

During the nine months ended March 31, 2025, and the year ended June 30, 2024, there were no significant transfers in or out of Level 1, Level 2, and Level 3 classifications.

The valuations of the derivatives intended to mitigate our interest rate and currency risks are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument.

3 unchanged sentences

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurement.

However, as of December 31, 2024, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives.

However, as of March 31, 2025, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives.

As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 in the fair value hierarchy.

Our held-to-maturity marketable securities are recognized at an amortized cost.

As of December 31, 2024, we had no held-to-maturity securities.

As of March 31, 2025, we had no held-to-maturity securities.

The following is a summary of the net carrying amount, unrealized losses, and fair value of held-to-maturity securities by type and contractual maturity as of June 30, 2024.

The fair value was determined using quoted prices for identical assets in active markets, which fall into Level 1 under the fair value hierarchy.

We did not record an allowance for credit losses and impairments for these marketable securities during the three and six months ended December 31, 2024 and 2023.

We did not record an allowance for credit losses and impairments for these marketable securities during the three and nine months ended March 31, 2025 and 2024.

June 30, 2024

4 unchanged sentences

Total held-to-maturity securities $ 4,500 $ ( 5 ) $ 4,495

As of December 31, 2024 and June 30, 2024, the carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities approximated their estimated fair values.

As of December 31, 2024 and June 30, 2024, the carrying value of our debt, excluding debt issuance costs and debt premiums and discounts, was $ 1,610,463 and $ 1,616,607 , respectively, and the fair value was $ 1,610,975 and

As of March 31, 2025 and June 30, 2024, the carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities approximated their estimated fair values.

As of March 31, 2025 and June 30, 2024, the carrying value of our debt, excluding debt issuance costs and debt premiums and discounts, was $ 1,607,728 and $ 1,616,607 , respectively, and the fair value was $ 1,568,896 and $ 1,617,364 ,

respectively.

Our debt at December 31, 2024 includes variable-rate debt instruments indexed to Term SOFR that reset periodically, as well as fixed-rate debt instruments.

Our debt at March 31, 2025 includes variable-rate debt instruments indexed to Term SOFR that reset periodically, as well as fixed-rate debt instruments.

The estimated fair value of our debt was determined using available market information based on recent trades or activity of debt instruments with substantially similar risks, terms and maturities, which fall within Level 2 under the fair value hierarchy.

4 unchanged sentences

If a derivative is designated as a cash flow hedge or net investment hedge, then the change in the fair value of the derivative is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings.

At times, we have designated intercompany loans as a net investment hedge, and any unrealized currency gains and losses on the loan are recorded in accumulated other comprehensive loss.

We previously had designated an intercompany loan as a net investment hedge, and any unrealized currency gains and losses on the loan are recorded in accumulated other comprehensive loss.

Additionally, any ineffectiveness associated with an effective and designated hedge is recognized within accumulated other comprehensive loss.

The change in the fair value of derivatives not designated as hedges is recognized directly in earnings as a component of other income (expense), net.

The change in the fair value of derivatives not designated as hedges is recognized directly in earnings as a component of other (expense) income, net.

Hedges of Interest Rate Risk

5 unchanged sentences

Amounts reported in accumulated other comprehensive loss related to interest rate swap contracts will be reclassified to interest expense, net as interest payments are accrued or made on our variable-rate debt.

As of December 31, 2024, we estimate that $ 2,786 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending December 31, 2025.

As of December 31, 2024, we had nine effective outstanding interest rate swap contracts that were indexed to Term or Daily SOFR.

As of March 31, 2025, we estimate that $ 2,818 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending March 31, 2026.

As of March 31, 2025, we had nine effective outstanding interest rate swap contracts that were indexed to Term or Daily SOFR.

Our interest rate swap contracts have varying start and maturity dates through April 2028.

1 unchanged sentence

Notional Amounts

Contracts accruing interest as of December 31, 2024 (1)

Contracts accruing interest as of March 31, 2025 (1)

Contracts with a future start date 380,000

1 unchanged sentence

________________________

(1) Based on contracts outstanding as of December 31, 2024, the notional value of our contracted interest rate swaps accruing interest will fluctuate between $215,000 and $380,000 through April 2028 based on layered start dates and maturities.

(1) Based on contracts outstanding as of March 31, 2025, the notional value of our contracted interest rate swaps accruing interest will fluctuate between $215,000 and $380,000 through April 2028 based on layered start dates and maturities.

Hedges of Currency Risk

5 unchanged sentences

Cross-currency swap contracts designated as net investment hedges are executed to mitigate our currency exposure of net investments in subsidiaries that have reporting currencies other than the U.S.

As of December 31, 2024, we had one outstanding cross-currency swap contract designated as a net investment hedge with a total notional amount of $ 254,547 , maturing during September 2028.

As of March 31, 2025, we had one outstanding cross-currency swap contract designated as a net investment hedge with a total notional amount of $ 254,547 , maturing during September 2028.

We entered into the cross-currency swap contract to hedge the risk of changes in the U.S.

7 unchanged sentences

We have elected to not apply hedge accounting for all other currency forward and option contracts.

During the three and six months ended December 31, 2024 and 2023, we experienced volatility within other income (expense), net, in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward and option contracts.

During the three and nine months ended March 31, 2025 and 2024, we experienced volatility within other (expense) income, net, in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward and option contracts.

We expect this volatility to continue in future periods for contracts for which we do not apply hedge accounting.

5 unchanged sentences

For certain other currencies with a smaller net impact, we hedge nearly all of our forecasted net exposures for the upcoming six months, with a declining hedge percentage out to fifteen months.

As of December 31, 2024, we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were primarily used to hedge fluctuations in the U.S.

As of March 31, 2025, we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were primarily used to hedge fluctuations in the U.S.

dollar value of forecasted transactions or balances denominated in Australian Dollar, Canadian Dollar, Czech Koruna, Danish Krone, Euro, GBP, Indian Rupee, Mexican Peso, New Zealand Dollar, Norwegian Krone, Philippine Peso, Swiss Franc and Swedish Krona:

Notional Amount Effective Date Maturity Date Number of Instruments Index

$ 512,769 March 2023 through December 2024 Various dates through December 2026 653 Various

$ 777,298 June 2023 through March 2025 Various dates through June 2027 632 Various

Financial Instrument Presentation

The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of December 31, 2024 and June 30, 2024.

The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of March 31, 2025 and June 30, 2024.

Our derivative asset and liability balances fluctuate with interest rate and currency exchange rate volatility.

December 31, 2024

March 31, 2025

Asset Derivatives Liability Derivatives

4 unchanged sentences

Derivatives in net investment hedging relationships

Cross-currency swaps Other assets — — — Other liabilities ( 849 ) — ( 849 )

Cross-currency swap Other assets — — — Other liabilities ( 8,558 ) — ( 8,558 )

Total derivatives designated as hedging instruments $ 12,409 $ — $ 12,409 $ ( 8,558 ) $ — $ ( 8,558 )

8 unchanged sentences

Derivatives in cash flow hedging relationships

Interest rate swaps Other assets $ 18,830 $ — $ 18,830 Other liabilities $ — $ — $ —

Interest rate swaps Other current assets / other assets $ 18,830 $ — $ 18,830 Other liabilities $ — $ — $ —

Derivatives in net investment hedging relationships

Cross-currency swaps Other assets 1,043 — 1,043 Other liabilities — — —

Cross-currency swap Other assets 1,043 — 1,043 Other liabilities — — —

Total derivatives designated as hedging instruments $ 19,873 $ — $ 19,873 $ — $ — $ —

3 unchanged sentences

Total derivatives not designated as hedging instruments $ 5,761 $ ( 1,982 ) $ 3,779 $ ( 3,435 ) $ 399 $ ( 3,036 )

The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive loss, net of tax, for the three and six months ended December 31, 2024 and 2023.

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 2025 2024

1 unchanged sentence

Interest rate swaps $ ( 1,202 ) $ 5,623 $ ( 2,388 ) $ 3,673

Cross-currency swaps — ( 2,190 ) — ( 642 )

Cross-currency swap — 1,428 — 786

Derivatives in net investment hedging relationships

3 unchanged sentences

Total $ ( 1,202 ) $ 12,036 $ ( 1,773 ) $ 4,820

The following table presents reclassifications out of accumulated other comprehensive loss for the three and six months ended December 31, 2024 and 2023.

Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Affected line item in the

The following table presents reclassifications out of accumulated other comprehensive loss for the three and nine months ended March 31, 2025 and 2024.

Amount of Net (Gain) Loss Reclassified from Accumulated Other Comprehensive Loss into Income

Affected line item in the

Statement of Operations

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 2025 2024

1 unchanged sentence

Interest rate swaps $ ( 3,879 ) $ ( 1,630 ) $ ( 3,236 ) $ ( 6,126 ) Interest expense, net

Cross-currency swaps — 2,230 — 294 Other income (expense), net

Cross-currency swap

— ( 1,748 ) — ( 1,454 ) Other (expense) income, net

Total before income tax ( 3,879 ) ( 3,378 ) ( 3,236 ) ( 7,580 ) Income before income taxes

1 unchanged sentence

Total $ ( 3,233 ) $ ( 2,772 ) $ ( 2,664 ) $ ( 6,265 )

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for the three and six months ended December 31, 2024 and 2023 for derivative instruments for which we did not elect hedge accounting.

Amount of Gain (Loss) Recognized in Net Incom

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for the three and nine months ended March 31, 2025 and 2024 for derivative instruments for which we did not elect hedge accounting.

Amount of (Loss) Gain Recognized in Net Income

Affected line item in the

Statement of Operations

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 2025 2024

Currency contracts $ 33,632 $ ( 13,668 ) $ 13,063 $ ( 5,356 ) Other income (expense), net

Currency contracts $ ( 14,640 ) $ 9,071 $ ( 1,577 ) $ 3,715 Other (expense) income, net

Total $ ( 14,640 ) $ 9,071 $ ( 1,577 ) $ 3,715

Accumulated Other Comprehensive Loss

The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $ 580 for the six months ended December 31, 2024 :

The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $ 240 , for the nine months ended March 31, 2025 :

Gains on cash flow hedges (1) Gains (losses) on pension benefit obligation Translation adjustments, net of hedges (2) Total

2 unchanged sentences

Other comprehensive loss before reclassifications ( 2,388 ) — ( 10,420 ) ( 12,808 )

Amounts reclassified from accumulated other comprehensive loss to net income 569 — — 569

Amounts reclassified from accumulated other comprehensive loss to net (loss) income

( 2,664 ) — — ( 2,664 )

Net current period other comprehensive loss ( 5,052 ) — ( 10,420 ) ( 15,472 )

Balance as of December 31, 2024

Balance as of March 31, 2025

$ 5,737 $ ( 706 ) $ ( 50,867 ) $ ( 45,836 )

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(1) Gains on cash flow hedges include our interest rate swap contracts designated in cash flow hedging relationships.

(2) As of December 31, 2024 and June 30, 2024, the translation adjustment is inclusive of both the realized and unrealized effects of our net investment hedges.

Gains on currency forward and swap contracts designated as net investment hedges, net of tax, of $ 21,875 and $ 15,042 have been included in accumulated other comprehensive loss as of December 31, 2024 and June 30, 2024, respectively.

Intercompany loan hedge gains, net of tax, of $ 42,159 and $ 48,270 have been included in accumulated other comprehensive loss as of December 31, 2024 and June 30, 2024, respectively.

The carrying amount of goodwill by reportable segment as of December 31, 2024 and June 30, 2024 was as follows:

(2) As of March 31, 2025 and June 30, 2024, the translation adjustment is inclusive of both the realized and unrealized effects of our net investment hedges.

Gains on currency forward and cross-currency swap contracts designated as net investment hedges, net of tax, of $ 14,166 and $ 15,042 have been included in accumulated other comprehensive loss as of March 31, 2025 and June 30, 2024, respectively.

Intercompany loan hedge gains, net of tax, of $ 42,159 and $ 48,270 have been included in accumulated other comprehensive loss as of March 31, 2025 and June 30, 2024, respectively.

The carrying amount of goodwill by reportable segment as of March 31, 2025 and June 30, 2024 was as follows:

Vista PrintBrothers The Print Group All Other Businesses Total

1 unchanged sentence

$ 295,285 $ 149,244 $ 147,688 $ 194,921 $ 787,138

Acquisitions (1) — 1,121 — — 1,121

Effect of currency translation adjustments (2) 1,395 1,596 1,499 — 4,490

Balance as of December 31, 2024

Balance as of March 31, 2025

$ 296,680 $ 151,961 $ 149,187 $ 194,921 $ 792,749

________________________

(1) During the current quarter, we completed the acquisition of a small business that is part of our PrintBrothers reportable segment, which resulted in the recognition of goodwill of $1,121.

(2) Related to goodwill held by subsidiaries whose functional currency is not the U.S.

1 unchanged sentence

Accrued expenses included the following:

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Compensation costs $ 80,023 $ 80,844

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Shipping costs 12,466 10,088

Interest payable (2) 11,162 3,658

Variable compensation incentives 9,916 9,263

Sales returns

Interest payable 2,871 3,658

Professional fees 2,749 2,596

2 unchanged sentences

______________________

(1) The increase in income and indirect taxes, advertising, third party manufacturing, and shipping costs is due to increased sales volumes during our holiday peak season in the second quarter of our fiscal year.

(2) On September 26, 2024, we issued the 7.375% senior notes due 2032 to redeem all of the outstanding 7.0% senior notes due 2026.

The increase in interest payable as of December 31, 2024, is due to the interest on our 7.375% senior notes due 2032 being due on March 15, 2025 as compared to the interest on our 7.0% senior notes due 2026 being due June 15, 2024.

Refer to Note 8 for additional detail.

(1) The increase in advertising costs is due in part to the timing of invoice receipts which resulted in higher accruals at March 31, 2025, as compared to accounts payable at June 30, 2024 .

Other current liabilities included the following:

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Mandatorily redeemable noncontrolling interest (1) $ 9,663 $ —

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Other liabilities included the following:

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Long-term finance lease obligations $ 24,467 $ 28,037

5 unchanged sentences

________________________

(1) During the current quarter, the mandatorily redeemable noncontrolling interests were reclassified from long-term liabilities to current liabilities, since we are required to purchase the outstanding equity interests during the second quarter of fiscal year 2026.

December 31, 2024 June 30, 2024

(1) The increase in long-term derivative liabilities is primarily due to the increase in unrealized losses associated with forward contracts that are intended to mitigate our exposure to fluctuations in various currencies against our reporting currency, the U.S.

The increase in unrealized losses is primarily due to the weakening of the U.S.

dollar against certain currencies, including the Euro and GBP, which are our most significant currency exposures.

Refer to Note 4 for additional details relating to our derivative contracts.

(2) During the current fiscal year, the mandatorily redeemable noncontrolling interests were reclassified from long-term liabilities to current liabilities, since we are required to purchase the outstanding equity interests during the second quarter of fiscal year 2026 .

March 31, 2025 June 30, 2024

7.375% Senior Notes due 2032 (1) $ 525,000 $ —

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_____________________

(1) Balances as of December 31, 2024 and June 30, 2024 are inclusive of short-term debt issuance costs, debt premiums and discounts of $ 4,887 and $ 3,492 , respectively.

(1) On September 26, 2024, we completed a private placement of $ 525,000 in aggregate principal amount of 7.375% Senior Notes due 2032.

We used the net proceeds of this offering plus cash on hand to redeem the $ 522,135 in aggregate principal amount of our 7.0% Senior Notes due 2026 and pay the associated interest and financing fees.

(2) Balances as of March 31, 2025 and June 30, 2024 are inclusive of short-term debt issuance costs, debt premiums and discounts of $ 4,902 and $ 3,492 , respectively.

Our various debt arrangements described below contain customary representations, warranties, and events of default.

As of December 31, 2024, we were in compliance with all covenants in our debt contracts, including those under our amended and restated senior secured credit agreement dated as of May 17, 2021 (as further amended from time to time, the "Restated Credit Agreement") and the indenture governing our 2032 Notes.

As of March 31, 2025, we were in compliance with all covenants in those debt contracts, including our amended and restated senior secured credit agreement dated as of May 17, 2021 (as further amended from time to time, the "Restated Credit Agreement") and the indenture governing our 2032 Notes.

Senior Secured Credit Facility

3 unchanged sentences

No other material changes were made to the terms of the Term Loan B or the Restated Credit Agreement, and the maturity date of the Term Loan B is still May 17, 2028.

As a result of this refinancing transaction, we recognized a loss on extinguishment of debt amounting to $ 696 , which consisted of the non-cash write-off of a portion of unamortized debt discount and deferred financing fees associated with prepaying the Euro Tranche as well as third-party legal fees that were associated with the modification of our debt.

Our Restated Credit Agreement consists of the following as of December 31, 2024:

For the nine months ended March 31, 2025, we recognized a loss on extinguishment of debt as part of this refinancing of $ 696 .

Our Restated Credit Agreement consists of the following as of March 31, 2025:

• a $ 1,075,520 USD Tranche that bears interest at Term SOFR (with a Term SOFR rate floor of 0.50 %) plus 2.50 %, and

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and certain investments and restricted payments, including purchases of Cimpress plc’s ordinary shares and payment of dividends.

In addition, if any loans made under the Revolving Credit Facility are outstanding on the last day of any fiscal quarter, then we are subject to a financial maintenance covenant that the First Lien Leverage Ratio calculated as of the last day of such quarter does not exceed 3.25 to 1.00 .

As of December 31, 2024, the weighted-average interest rate on outstanding borrowings under the Restated Credit Agreement was 6.45 %, inclusive of interest rate swap rates.

In addition, if any loans made under the Revolving Credit Facility are outstanding on the last day of any fiscal quarter,

then we are subject to a financial maintenance covenant that the First Lien Leverage Ratio calculated as of the last day of such quarter does not exceed 3.25 to 1.00 .

As of March 31, 2025, the weighted-average interest rate on outstanding borrowings under the Restated Credit Agreement was 6.44 %, inclusive of interest rate swap rates.

We are also required to pay a commitment fee for our Revolving Credit Facility on unused balances of 0.30 % to 0.45 % depending on our First Lien Leverage Ratio.

We have pledged the assets and/or share capital of a number of our subsidiaries as collateral under our Restated Credit Agreement.

On September 26, 2024, we completed a private placement of $ 525,000 in aggregate principal amount of 7.375% senior unsecured notes due 2032 (the "2032 Notes").

On September 26, 2024, we completed a private placement of $ 525,000 in aggregate principal amount of 7.375% senior unsecured notes due September 15, 2032 (the "2032 Notes").

We issued the 2032 Notes pursuant to a senior notes indenture dated as of September 26, 2024, among Cimpress plc, our subsidiary guarantors, and U.S Bank Trust Company, as trustee (the "Indenture").

We used the net proceeds from the 2032 Notes, together with cash on hand, to redeem all of the outstanding 7.0% senior unsecured notes due 2026 (the "2026 Notes") at a redemption price equal to par of the principal amount, to pay all accrued unpaid interest thereon, and to pay all fees and expenses related to the redemption and offering.

As a result of the redemption, we incurred a gain on the extinguishment of debt of $338 which included the write-off of the associated unamortized debt premium of $ 2,525 which was partially offset by the write-off of unamortized debt issuance costs of $ 2,187 .

For the nine months ended March 31, 2025, we recognized a gain on the extinguishment of debt as part of this refinancing of $ 338 .

The 2032 Notes bear interest at a rate of 7.375% per annum and mature on September 15, 2032.

16 unchanged sentences

Other debt consists primarily of term loans acquired through our various acquisitions or used to fund certain capital investments.

As of December 31, 2024 and June 30, 2024, we had $ 7,241 and $ 9,845 , respectively, outstanding for those obligations that are payable through September 2027.

Our income tax expense was $ 21,151 and $ 30,146 for the three and six months ended December 31, 2024, respectively, as compared to $ 16,795 and $ 24,917 for the three and six months ended December 31, 2023, respectively.

As of March 31, 2025 and June 30, 2024, we had $ 7,208 and $ 9,845 , respectively, outstanding for those obligations that are payable through September 2027.

Our income tax expense was $ 12,144 and $ 42,290 for the three and nine months ended March 31, 2025, respectively, as compared to $ 10,610 and $ 35,527 for the three and nine months ended March 31, 2024,

respectively.

Income tax expense increased versus the prior comparative periods due to an increased full-year forecasted effective tax rate.

Excluding the effect of discrete tax adjustments, our estimated annual effective tax rate is higher for fiscal year 2025 than for fiscal year 2024 primarily due to increased Swiss tax as in the prior comparative periods we had a full valuation allowance in Switzerland, which was partially released in the quarter ended June 30, 2024.

Excluding the effect of discrete tax adjustments, our estimated annual effective tax rate is higher for fiscal year 2025 than for fiscal year 2024 primarily due to increased Swiss tax as the prior comparative periods had a full valuation allowance in Switzerland, which was partially released in the quarter ended June 30, 2024.

O ur effective tax rate continues to be negatively impacted by losses in certain jurisdictions where we are unable to recognize a tax benefit in the current period.

These losses with no tax benefit were excluded in calculating income tax expense for the three and six months ended December 31, 2024 and 2023, in

accordance with GAAP.

These losses with no tax benefit were excluded in calculating income tax expense for the three and nine months ended March 31, 2025 and 2024, in accordance with GAAP.

We continuously analyze our valuation allowance positions and the weight of objective and verifiable evidence of actual results against the more subjective evidence of anticipated future income.

As of December 31, 2024 we had unrecognized tax benefits of $ 16,858 , including accrued interest and penalties of $ 2,356 .

As of March 31, 2025 we had unrecognized tax benefits of $ 17,751 , including accrued interest and penalties of $ 2,476 .

We recognize interest and, if applicable, penalties related to unrecognized tax benefits in the provision for income taxes.

15 unchanged sentences

Balance as of June 30, 2024 $ 22,998 $ 634

Acquisition of noncontrolling interest (1) 866 —

Accretion to redemption value recognized in retained earnings (2) ( 88 ) —

2 unchanged sentences

Foreign currency translation 27 9

Balance as of December 31, 2024

Balance as of March 31, 2025

$ 19,871 $ 937

_________________

(1) During the current quarter, we completed the acquisition of an immaterial business that is part of our PrintBrothers reportable segment.

(2) Accretion of redeemable noncontrolling interests to redemption value recognized in retained earnings is the result of changes in the estimated redemption amount to the extent increases do not exceed the estimated fair value.

Any change in the estimated redemption amount which exceeds the estimated fair value is recognized within net income attributable to noncontrolling interests.

(2) During the current quarter, we purchased 49% of the remaining equity interest in one of the smaller businesses previously acquired and included in our PrintBrothers reportable segment for a total purchase price of $ 4,579 , which consisted of $ 4,059 of cash paid at closing, and $ 520 of a deferred payment that is payable in fiscal year 2029.

(3) During the second quarter of the current fiscal year, we purchased 49% of the remaining equity interest in one of the smaller businesses previously acquired and included in our PrintBrothers reportable segment for a total purchase price of $ 4,579 , which consisted of $ 4,059 of cash paid at closing, and $ 520 of a deferred payment that is payable in fiscal year 2029.

Segment Information

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”), for purposes of making decisions about how to allocate resources and assess performance.

As of December 31, 2024, we have numerous operating segments under our management reporting structure which are reported in the following five reportable segments:

As of March 31, 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.

2 unchanged sentences

• 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.

Pixartprinting's U.S.

facility went live in March 2025, fulfilling orders for other Cimpress businesses as the business expands its offerings and launches its brand in North America.

• National Pen - Serves small businesses across geographies including North America, Europe, and Australia.

10 unchanged sentences

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 were recognized by the fulfiller business, as such there was no inter-segment EBITDA elimination under our prior method.

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.

4 unchanged sentences

administrative costs of our Cimpress India offices where numerous Cimpress businesses have dedicated business-specific team members;

and corporate functions including our Board of Directors, CEO, and the team members necessary for managing corporate activities, such as treasury, tax, capital allocation, financial consolidation, internal audit and legal.

and corporate functions including our tax, treasury, internal audit, legal, sustainability, corporate communications, remote-first enablement, consolidated reporting and compliance, investor relations, and the functions of our CEO and CFO.

These costs also include certain unallocated share-based compensation costs.

6 unchanged sentences

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 present other segment information to the CODM, which includes

purchases of property, plant and equipment and capitalization of software and website development costs, and therefore include that information in the tables below.

We do present other segment information to the CODM, which includes 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.

Three Months Ended December 31, Six Months Ended December 31,

2024 2023 (1)

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 (1) 2025 2024 (1)

16 unchanged sentences

(2) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment.

Three Months Ended December 31, 2024

Three Months Ended March 31, 2025

Vista PrintBrothers The Print Group National Pen All Other Total

7 unchanged sentences

Total external revenue $ 429,989 $ 155,015 $ 82,623 $ 80,428 $ 41,413 $ 789,468

Six Months Ended December 31, 2024

Nine Months Ended March 31, 2025

Vista PrintBrothers The Print Group National Pen All Other Total

7 unchanged sentences

Total external revenue $ 1,355,603 $ 487,820 $ 255,542 $ 290,876 $ 143,755 $ 2,533,596

Three Months Ended December 31, 2023

Three Months Ended March 31, 2024

Vista PrintBrothers The Print Group National Pen All Other Total

8 unchanged sentences

Total external revenue $ 417,631 $ 149,552 $ 85,532 $ 82,043 $ 45,830 $ 780,588

Six Months Ended December 31, 2023

Nine Months Ended March 31, 2024

Vista PrintBrothers The Print Group National Pen All Other Total

12 unchanged sentences

The following table includes segment EBITDA by reportable segment, total income from operations and total income before income taxes:

Three Months Ended December 31, Six Months Ended December 31,

2024 2023 (1)

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 (1) 2025 2024 (1)

17 unchanged sentences

40,541 39,238 160,829 181,017

Other income (expense), net 31,678 ( 391 ) 20,186 6,028

Other (expense) income, net ( 9,441 ) ( 3,651 ) 10,745 2,377

Interest expense, net ( 26,995 ) ( 30,158 ) ( 87,575 ) ( 89,946 )

(Loss) gain on early extinguishment of debt ( 696 ) 349 ( 517 ) 1,721

Gain (loss) on early extinguishment of debt 19 — ( 498 ) 1,721

Income before income taxes $ 4,124 $ 5,429 $ 83,501 $ 95,169

2 unchanged sentences

Refer to the discussion above for further details.

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 2025 2024

7 unchanged sentences

Total depreciation and amortization $ 34,300 $ 37,072 $ 105,057 $ 116,103

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 2025 2024

7 unchanged sentences

Total purchases of property, plant and equipment $ 24,792 $ 10,470 $ 68,211 $ 44,425

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2025 2024 2025 2024

8 unchanged sentences

The following table sets forth long-lived assets by geographic area:

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Long-lived assets (1):

11 unchanged sentences

___________________

(1) Excludes goodwill of $ 777,608 and $ 787,138 , intangible assets, net of $ 65,940 and $ 76,560 , deferred tax assets of $ 90,227 and $ 95,059 , and equity method investments of $ 2,075 and $1,904 as of December 31, 2024 and June 30, 2024, respectively.

(1) Excludes goodwill of $ 792,749 and $ 787,138 , intangible assets, net of $ 61,905 and $ 76,560 , deferred tax assets of $ 87,806 and $ 95,059 , and equity method investments of $ 1,583 and $1,904 as of March 31, 2025 and June 30, 2024, respectively.

Commitments and Contingencies

6 unchanged sentences

All unpaid obligations to our supply chain finance provider are included in accounts payable in the consolidated balance sheets, and payments we make under the program are reflected as a reduction to net cash provided by operating activities in the consolidated statements of cash flows.

The outstanding obligations with our supply chain finance provider that are included in accounts payable in our consolidated balance sheets as of December 31, 2024 and June 30, 2024 were $ 56,151 and $ 62,848 , respectively.

The outstanding obligations with our supply chain finance provider that are included in accounts payable in our consolidated balance sheets as of March 31, 2025 and June 30, 2024 were $ 56,192 and $ 62,848 , respectively.

Purchase Obligations

At December 31, 2024, we had unrecorded commitments under contract of $ 207,240 , including inventory, third-party fulfillment and digital service purchase commitments of $ 93,209 ;

At March 31, 2025, we had unrecorded commitments under contract of $ 374,711 , including third-party cloud services of $ 247,626 ;

inventory, third-party fulfillment and digital service purchase commitments of $ 76,149 ;

software of $ 35,673 ;

third-party cloud services of $ 36,628 ;

production and computer equipment purchases of $ 7,588 ;

insurance costs of $ 5,798 ;

professional and consulting fees of $ 3,714 ;

production and computer equipment purchases of $ 3,041 ;

production-related temporary labor of $ 1,726 ;

advertising of $ 684 ;

and other unrecorded purchase commitments of $ 985 .

12 unchanged sentences

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-Q

Item 1. Financial Statements