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35
values, with no asset reduced below its fair value. The identification and evaluation of a potential impairment
requires judgment and is subject to change if events or circumstances pertaining to our business change.
Recently Issued or Adopted Accounting Pronouncements
See Item 8 of Part II, “Financial Statements and Supplementary Data — Note 2 — Summary of Significant
Accounting Policies — Recently Issued or Adopted Accounting Pronouncements."
Results of Operations
The following table presents our operating results for the periods indicated as a percentage of revenue:
Year Ended June 30,
2015 2014 2013
As a percentage of revenue:
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 % 100.0 % 100.0 %
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.1 % 35.5 % 34.3 %
Technology and development expense . . . . . . . . . . . . . . . . . . . . . . . . 13.0 % 13.9 % 14.1 %
Marketing and selling expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.8 % 34.6 % 38.2 %
General and administrative expense . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 % 9.2 % 9.4 %
Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4 % 6.8 % 4.0 %
Other income (expense), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 % (1.7)% — %
Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.1)% (0.6)% (0.5)%
Income before income taxes and loss in equity interests . . . . . . . . . . 6.6 % 4.5 % 3.5 %
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 % 0.8 % 0.8 %
Loss in equity interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — % 0.2 % 0.2 %
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 % 3.5 % 2.5 %
Add: Net loss attributable to noncontrolling interests . . . . . . . . . . . . . 0.2 % — % — %
Net income attributable to Cimpress N.V. . . . . . . . . . . . . . . . . . . . . . . 6.2 % 3.5 % 2.5 %
In thousands
Year Ended June 30, Year Ended June 30,
2015 2014 2013 2015 vs. 2014 2014 vs. 2013
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,494,206 $ 1,270,236 $ 1,167,478 18% 9%
Revenue
We generate revenue primarily from the sale and shipping of customized manufactured products, and by
providing digital services, website design and hosting, email marketing services, as well as a small percentage from
order referral fees and other third-party offerings.
Total revenue by reportable segment for the fiscal years ended June 30, 2015, 2014 and 2013 are shown in
the following table. Fiscal 2015 includes the impact of FotoKnudsen, Easyflyer, Exagroup and druck.at from their
respective acquisition dates in our All Other Business Units segment. Fiscal 2014 includes the impact of Printdeal
and Pixartprinting from their respective acquisition dates in our All Other Business Units segment:
Form 10-K