v3.25.2
Business segment information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business segment information
NOTE 13: BUSINESS SEGMENT INFORMATION

We operate the following reportable segments, generally organized by product and service type:

•Merchant Services – provides electronic credit and debit card authorization and payment systems and processing services, primarily to small and medium-sized retail and service businesses.

•B2B Payments – provides treasury management solutions, including remittance and lockbox processing, remote deposit capture, cash application, and payment acceptance solutions, as well as integrated accounts payable disbursements, such as eChecks, Medical Payment Exchange, and Deluxe Payment Exchange+, as well as fraud and security services.

•Data Solutions – provides data, analytics, and marketing services for both business-to-business and business-to-consumer marketing, as well as financial institution profitability reporting and business incorporation services.

•Print – provides printed personal and business checks, business essentials, including printed business forms and business accessories, as well as branded promotional, print, apparel, and digital storefront solutions.

The accounting policies applied to our segments are consistent with those outlined in the Notes to Consolidated Financial Statements included in the 2024 Form 10-K. We allocate corporate costs for shared services functions to our business segments when the costs are directly attributable to a specific segment. This allocation includes certain expenses related to sales and marketing, supply chain, real estate, finance, information technology, and legal services. Costs that cannot be directly attributed to a specific business segment are reported under Corporate operations. These costs primarily include marketing, accounting, information technology, human resources, facilities, executive management, and the legal, tax, and treasury functions that support the overall corporate structure.

Our segments operate primarily within the U.S., with some activities in Canada. The revenue and long-lived assets associated with our foreign operations were not material to our consolidated financial statements for the periods covered by this report. No single customer contributed more than 10% of our consolidated revenue during the six months ended June 30, 2025 and June 30, 2024.

Our Chief Executive Officer serves as our chief operating decision maker (CODM). In this role, he evaluates the performance of each segment and makes resource allocation decisions based on adjusted EBITDA. Adjusted EBITDA for each segment excludes depreciation and amortization expense, interest expense, income tax expense, and certain other amounts that can vary from period to period. These amounts may include asset impairment charges, restructuring and integration expense, share-based compensation expense, certain legal and environmental expenses that fall outside the normal course of business, and gains or losses on the sale of businesses and long-lived assets.

The CODM uses adjusted EBITDA in both the annual planning and interim forecasting processes. On a monthly basis, the CODM reviews variances between actual results and plan, forecast, and prior year results, using this analysis to guide resource distribution and strategic adjustments. Additionally, the CODM compares segment adjusted EBITDA margins to those of competitors. This benchmarking is essential for evaluating the relative performance of our segments within the industry, ensuring that we remain competitive, and identifying areas for improvement. Furthermore, adjusted EBITDA plays a significant role in establishing employee performance-based compensation, aligning employee incentives with our financial goals. The CODM does not review segment asset information when making investment or operating decisions regarding our reportable segments.
The following is our segment information for the quarters and six months ended June 30, 2025 and June 30, 2024:

Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Merchant Services:
Revenue$101,404 $98,527 $199,173 $195,004 
Other segment items(79,667)(79,339)(156,058)(154,379)
Adjusted EBITDA21,737 19,188 43,115 40,625 
B2B Payments:
Revenue$70,982 70,230 $141,137 139,648 
Other segment items(55,367)(56,218)(112,200)(112,375)
Adjusted EBITDA15,615 14,012 28,937 27,273 
Data Solutions:
Revenue$67,829 57,393 $145,056 117,104 
Other segment items(47,462)(41,597)(104,996)(86,439)
Adjusted EBITDA20,367 15,796 40,060 30,665 
Print:
Revenue$281,047 308,745 $572,351 612,079 
Other segment items(190,695)(214,882)(391,165)(427,260)
Adjusted EBITDA90,352 93,863 181,186 184,819 
Total reportable segments:
Revenue$521,262 $534,895 $1,057,717 $1,063,835 
Other segment items(373,191)(392,036)(764,419)(780,453)
Adjusted EBITDA148,071 142,859 293,298 283,382 
All other:(1)
Revenue$— 2,921 $16 8,935 
Other segment items— (1,333)(52)(3,710)
Adjusted EBITDA— 1,588 (36)5,225 
Total:
Revenue$521,262 $537,816 $1,057,733 $1,072,770 
Other segment items(373,191)(393,369)(764,471)(784,163)
Adjusted EBITDA148,071 144,447 293,262 288,607 

(1) Includes the payroll and human resources services business, which we substantially exited during 2024 (Note 6).

The CODM does not review segment expense information. Instead, he receives commentary that discusses variances between planned, forecasted, or prior year adjusted EBITDA amounts. This commentary may include discussion of relevant expense categories, which can vary from period to period based on the drivers of the variances. Additionally, the CODM reviews consolidated expense information as presented in our consolidated financial statements, as well as consolidated expenses for our various shared services support functions.

For all our segments, other segment items primarily consist of cost of revenue, selling expenses, and allocated costs of our shared services functions, including information technology, real estate, and finance costs. For our digital businesses, which include Merchant Services, B2B Payments, and Data Solutions, cost of revenue includes information technology costs, payroll and related expenses, and related overhead. For the Print segment, cost of revenue includes raw materials used to manufacture products, shipping and handling costs, third-party costs for outsourced products, payroll and related expenses, information technology costs, and related overhead. Selling expenses for all segments include costs associated with our sales organization and certain marketing and advertising expenses. They also encompass the costs of our call center operations for the Merchant Services, B2B Payments, and Print segments, as well as external commissions for the B2B Payments and Print segments.
The following table presents the reconciliation of total segment adjusted EBITDA to consolidated income before income taxes:

Quarter Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Total segment adjusted EBITDA$148,071 $144,447 $293,262 $288,607 
Corporate operations(41,609)(41,061)(86,630)(84,763)
Depreciation and amortization expense(33,477)(41,692)(68,756)(83,439)
Interest expense(30,944)(30,197)(62,210)(61,006)
Net income attributable to non-controlling interest37 38 72 65 
Restructuring and integration expense(4,236)(11,029)(12,656)(25,766)
Share-based compensation expense(6,172)(5,009)(11,631)(10,130)
Certain legal and environmental expense— — (512)(300)
Gain on sale of businesses and long-lived assets— 15,401 — 23,982 
Income before income taxes$31,670 $30,898 $50,939 $47,250 

The following tables present revenue disaggregated by our product and service offerings:
Quarter Ended June 30, 2025
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $173,674 $— $173,674 
Merchant services101,404 — — — — 101,404 
Data-driven marketing— — 62,988 — — 62,988 
Treasury management solutions
— 54,484 — — — 54,484 
Forms and other business products— — — 54,178 — 54,178 
Promotional solutions— — — 53,195 — 53,195 
Other payment solutions— 16,498 — — — 16,498 
Other web-based solutions— — 4,841 — — 4,841 
Total revenue$101,404 $70,982 $67,829 $281,047 $— $521,262 
Quarter Ended June 30, 2024
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
other		Consolidated
Checks$— $— $— $179,360 $— $179,360 
Merchant services98,527 — — — — 98,527 
Data-driven marketing— — 52,495 — — 52,495 
Treasury management solutions
— 55,349 — — — 55,349 
Forms and other business products— — — 58,364 — 58,364 
Promotional solutions— — — 71,021 — 71,021 
Other payment solutions14,881 — 14,881 
Other web-based solutions4,898 — 4,898 
Other— — — — 2,921 2,921 
Total revenue$98,527 $70,230 $57,393 $308,745 $2,921 $537,816 
Six Months Ended June 30, 2025
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $348,883 $— $348,883 
Merchant services199,173 — — — — 199,173 
Data-driven marketing— — 134,982 — — 134,982 
Forms and other business products— — — 114,708 — 114,708 
Treasury management solutions
— 108,796 — — — 108,796 
Promotional solutions— — — 108,760 — 108,760 
Other payment solutions— 32,341 — — — 32,341 
Other web-based solutions— — 10,074 — — 10,074 
Other— — — — 16 16 
Total revenue$199,173 $141,137 $145,056 $572,351 $16 $1,057,733 
Six Months Ended June 30, 2024
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $357,844 $— $357,844 
Merchant services195,004 — — — — 195,004 
Data-driven marketing— — 106,819 — — 106,819 
Forms and other business products— — — 122,156 — 122,156 
Treasury management solutions— 110,426 — — — 110,426 
Promotional solutions— — — 132,079 — 132,079 
Other payment solutions— 29,222 — — — 29,222 
Other web-based solutions— — 10,285 — — 10,285 
Other— — — — 8,935 8,935 
Total revenue$195,004 $139,648 $117,104 $612,079 $8,935 $1,072,770