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VISTAPRINT N.V.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended June 30, 2011, 2010 and 2009
(in thousands, except share and per share data)
1. Description of the Business
The Vistaprint group of companies offers micro businesses the ability to market their
businesses with a broad range of brand identity and promotional products, marketing services and
digital solutions. Through the use of proprietary Internet-based graphic design software, localized
websites, proprietary order receiving and processing technologies and advanced computer integrated
production facilities, we offer a broad spectrum of products, such as business cards, website hosting,
apparel, signage, promotional gifts, brochures, online marketing and creative services. We focus on
serving the marketing, graphic design and printing needs of the micro business market, generally
businesses or organizations with fewer than 10 employees and usually 2 or fewer. We also provide
personalized products for home and family use.
Change of Domicile
On August 30, 2009, we moved our place of incorporation of the publicly traded parent entity of
the Vistaprint group of companies from Bermuda to the Netherlands. Vistaprint N.V. was formed as a
limited liability company (naamloze vennootschap) under the laws of the Netherlands. Pursuant to a
scheme of arrangement under Bermuda law approved by the common shareholders of Vistaprint
Limited, among other things, each common share of Vistaprint Limited was exchanged for one
ordinary share of Vistaprint N.V. This change of domicile was accounted for as a merger between
entities under common control and as a result all historical share information has been restated to
reflect its impact. The historical financial statements of Vistaprint Limited for periods prior to this
transaction are considered to be the historical financial statements of Vistaprint N.V. The change of
domicile has not had and is not expected to have a material impact on how we conduct our day-to-
day operations, our financial position, consolidated effective tax rate, results of operations or cash
flows.
2. Summary of Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of Vistaprint N.V., its wholly owned
subsidiaries, and those entities in which we have a variable interest and are the primary beneficiary.
Intercompany balances and transactions have been eliminated.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles (“GAAP”) requires management to make estimates and assumptions that affect the
amounts reported in the consolidated financial statements and accompanying notes. We believe our
most significant estimates are associated with the useful lives and valuation of our long-lived assets,
share-based compensation, income taxes and litigation and contingencies, among others. By their
nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from
those estimates.
Cash, Cash Equivalents and Marketable Securities
We consider all highly liquid investments purchased with an original maturity of three months or
less to be the equivalent of cash for the purpose of balance sheet and statement of cash flows
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