Vistaprint 2015 Annual Report Download - page 85

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77
Acquired Intangible Assets
June 30, 2015 June 30, 2014
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Trade Name . . . . . . . . . . . . . . . . . . . . . $ 45,743 $ (7,581) $ 38,162 $ 32,092 $ (4,495) $ 27,597
Developed Technology . . . . . . . . . . . . . 33,270 (15,466) 17,804 27,205 (13,404) 13,801
Customer Relationships . . . . . . . . . . . . 114,616 (21,966) 92,650 77,774 (12,164) 65,610
Customer Network . . . . . . . . . . . . . . . . 4,829 (2,382) 2,447 4,876 (1,670) 3,206
Total Intangible Assets . . . . . . . . . . . . . $198,458 $ (47,395) $ 151,063 $ 141,947 $ (31,733) $ 110,214
Acquired intangible assets amortization expense for the years ended June 30, 2015, 2014 and 2013 was
$24,264, $12,723 and $10,778, respectively. Estimated intangible assets amortization expense for each of the five
succeeding fiscal years is as follows:
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,351
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,329
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,680
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,469
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,471
$ 110,300
10. Other Balance Sheet Components
Accrued expenses included the following:
June 30, 2015 June 30, 2014
Compensation costs (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 62,759 $ 46,375
Income and indirect taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,495 23,190
Advertising costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,275 19,299
Acquisition-related consideration payable (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,400 6,276
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,731 375
Shipping costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,471 4,104
Purchases of property, plant and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,030 3,687
Professional costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,396 2,224
Other (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,269 15,647
Total accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 172,826 $ 121,177
_____________________
(1) The increase in compensation costs is primarily due to an increase in accrued bonus and long-term incentive payments of $10,097, as well
as an increase of $4,282 due to the operations we acquired in fiscal 2015.
(2) The increase is due to the reclassification of the contingent consideration liability of $7,833 and deferred consideration payable in shares of
$4,477 to short-term as of June 30, 2015, as well as the working capital and net debt adjustment relating to our Exagroup acquisition of
$5,090, partially offset by a contingent consideration payment during the period.
(3) The increase is primarily due to the vesting of certain liability based equity awards, as well as an increase in miscellaneous accruals from the
operations we acquired in fiscal 2015.
Other current liabilities included the following:
June 30, 2015 June 30, 2014
Short-term portion of lease financing obligation . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,475 $ —
Short-term capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,497 —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,498 888
Total other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,470 $ 888
Form 10-K