v3.26.1
Business segment information
 3 Months Ended
Mar. 31, 2026
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 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, including eChecks, Deluxe Payment Exchange, and Medical Payment Exchange, and 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 products and digital storefront solutions.

Segment accounting policies – The accounting policies applied to our segments are consistent with those outlined in the Notes to Consolidated Financial Statements included in the 2025 Form 10-K. Corporate costs for shared services are allocated to the segments when they are directly attributable to a segment, otherwise they are reported under Corporate operations.
Unallocated costs primarily include marketing, accounting, information technology, human resources, facilities, executive management, and legal, tax, and treasury functions.

Geographic information and major customers – Our segments primarily operate within the U.S., with some activities in Canada. Revenue and long-lived assets associated with our foreign operations were not material to our consolidated financial statements during the periods presented. No single customer contributed more than 10% of consolidated revenue during the quarters ended March 31, 2026 or March 31, 2025.

Chief Operating Decision Maker (CODM) and performance metrics – Our Chief Executive Officer is the CODM, evaluating segment performance and resource allocation based on adjusted EBITDA. Adjusted EBITDA excludes interest expense, income tax expense, depreciation and amortization 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 actual results versus plan and forecast information, 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 for purposes of investment or operating decisions.

Segment results – The following table presents segment information for the quarters ended March 31, 2026 and March 31, 2025:

Quarter Ended March 31,
(in millions)20262025
Merchant Services:
Revenue$104.9 $97.8 
Other segment items(78.1)(76.4)
Adjusted EBITDA26.8 21.4 
B2B Payments:
Revenue$73.5 70.2 
Other segment items(56.3)(56.9)
Adjusted EBITDA17.2 13.3 
Data Solutions:
Revenue$97.5 77.2 
Other segment items(74.7)(57.5)
Adjusted EBITDA22.8 19.7 
Print:
Revenue$262.2 291.3 
Other segment items(176.5)(200.5)
Adjusted EBITDA85.7 90.8 
Total segments:
Revenue$538.1 $536.5 
Other segment items(385.6)(391.3)
Adjusted EBITDA152.5 145.2 

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 segments, other segment items include cost of revenue, selling expenses, and allocated shared services costs, including information technology, real estate, and finance costs. For our digital businesses (Merchant Services, B2B Payments, and Data Solutions), cost of revenue includes information technology costs, payroll and related expenses, and overhead, and for Merchant Services, residuals paid to ISOs. For the Print segment, cost of revenue includes raw materials, shipping and handling, third-party costs for outsourced products, payroll and related expenses, information technology costs, and overhead. Selling expenses include sales, marketing, and advertising expenses, call center operations (Merchant Services, B2B Payments, and Print), and external commissions (B2B Payments and Print).

Reconciliation to consolidated income before income taxes – The following table presents the reconciliation of total segment adjusted EBITDA to consolidated income before income taxes:

Quarter Ended
March 31,
(in millions)20262025
Total segment adjusted EBITDA$152.5 $145.2 
Corporate operations(34.6)(45.0)
Depreciation and amortization expense(36.7)(35.3)
Interest expense(27.7)(31.3)
Restructuring and integration expense(3.7)(8.4)
Share-based compensation expense(6.7)(5.4)
Certain legal and environmental expense(1.6)(0.5)
Gain on sale of businesses and long-lived assets5.1 — 
Income before income taxes$46.6 $19.3 

Disaggregated revenue information – The following tables present revenue disaggregated by our product and service offerings:
Quarter Ended March 31, 2026
(in millions)Merchant ServicesB2B
Payments		Data
Solutions		PrintConsolidated
Checks$— $— $— $165.9 $165.9 
Merchant services solutions104.9 — — — 104.9 
Data-driven marketing— — 92.5 — 92.5 
Treasury management solutions
— 57.8 — — 57.8 
Forms and other business products— — — 52.4 52.4 
Promotional solutions— — — 43.9 43.9 
Other payment solutions— 15.7 — — 15.7 
Other web-based solutions— — 5.0 — 5.0 
Total revenue$104.9 $73.5 $97.5 $262.2 $538.1 
Quarter Ended March 31, 2025
(in millions)Merchant ServicesB2B
Payments		Data
Solutions		PrintConsolidated
Checks$— $— $— $175.2 $175.2 
Merchant services solutions97.8 — — — 97.8 
Data-driven marketing— — 72.0 — 72.0 
Treasury management solutions
— 54.3 — — 54.3 
Forms and other business products— — — 60.5 60.5 
Promotional solutions— — — 55.6 55.6 
Other payment solutions— 15.9 — — 15.9 
Other web-based solutions— — 5.2 — 5.2 
Total revenue$97.8 $70.2 $77.2 $291.3 $536.5