XML 43 R33.htm IDEA: XBRL DOCUMENT
v3.22.2

Business segment information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Segment Reporting [Abstract] |
Business segment information | Segment information for the quarters and six months ended June 30, 2022 and 2021 was as follows:
|  | Quarter Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Payments: |  |  |  |  |  |  |  |
Revenue |  | $ | 171,154 |  |  | $ | 103,339 |  |  | $ | 337,362 |  |  | $ | 182,777 |
Adjusted EBITDA |  | 34,986 |  |  | 21,199 |  |  | 71,421 |  |  | 39,528 |
Cloud Solutions: |  |  |  |  |  |  |  |
Revenue |  | 68,587 |  |  | 68,067 |  |  | 138,084 |  |  | 130,287 |
Adjusted EBITDA |  | 17,509 |  |  | 18,803 |  |  | 34,836 |  |  | 36,011 |
Promotional Solutions: |  |  |  |  |  |  |  |
Revenue |  | 139,276 |  |  | 134,987 |  |  | 272,519 |  |  | 259,494 |
Adjusted EBITDA |  | 14,596 |  |  | 21,416 |  |  | 31,540 |  |  | 39,131 |
Checks: |  |  |  |  |  |  |  |
Revenue |  | 183,936 |  |  | 171,823 |  |  | 371,003 |  |  | 346,923 |
Adjusted EBITDA |  | 82,564 |  |  | 80,191 |  |  | 165,360 |  |  | 163,725 |
Total segment: |  |  |  |  |  |  |  |
Revenue |  | $ | 562,953 |  |  | $ | 478,216 |  |  | $ | 1,118,968 |  |  | $ | 919,481 |
Adjusted EBITDA |  | 149,655 |  |  | 141,609 |  |  | 303,157 |  |  | 278,395 |
Reconciliation of adjusted EBITDA to pretax income | The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes:
|  | Quarter Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Total segment adjusted EBITDA |  | $ | 149,655 |  |  | $ | 141,609 |  |  | $ | 303,157 |  |  | $ | 278,395 |
Corporate operations |  | (47,918) |  |  | (44,147) |  |  | (101,801) |  |  | (90,428) |
Depreciation and amortization expense |  | (45,047) |  |  | (33,244) |  |  | (86,644) |  |  | (61,024) |
Interest expense |  | (21,349) |  |  | (9,530) |  |  | (41,672) |  |  | (14,054) |
Net income attributable to non-controlling interest |  | 35 |  |  | 29 |  |  | 71 |  |  | 62 |
Restructuring, integration and other costs |  | (15,208) |  |  | (11,979) |  |  | (31,511) |  |  | (27,191) |
Share-based compensation expense |  | (4,896) |  |  | (7,625) |  |  | (13,038) |  |  | (14,367) |
Acquisition transaction costs |  | (12) |  |  | (15,843) |  |  | (61) |  |  | (18,608) |
Certain legal-related expense |  | (162) |  |  | (302) |  |  | (845) |  |  | (302) |
Gain on sale of businesses and facility |  | 17,527 |  |  | — |  |  | 17,527 |  |  | — |
Income before income taxes |  | $ | 32,625 |  |  | $ | 18,968 |  |  | $ | 45,183 |  |  | $ | 52,483 |
Revenue disaggregated by product and service offerings | The following tables present revenue disaggregated by our product and service offerings:
|  | Quarter Ended June 30, 2022
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 183,936 |  |  | $ | 183,936 |
Merchant services and other payment solutions |  | 111,619 |  |  | — |  |  | — |  |  | — |  |  | 111,619 |
Forms and other products |  | — |  |  | — |  |  | 69,404 |  |  | — |  |  | 69,404 |
Marketing and promotional solutions |  | — |  |  | — |  |  | 69,872 |  |  | — |  |  | 69,872 |
Treasury management solutions |  | 59,535 |  |  | — |  |  | — |  |  | — |  |  | 59,535 |
Data-driven marketing solutions |  | — |  |  | 45,470 |  |  | — |  |  | — |  |  | 45,470 |
Web and hosted solutions |  | — |  |  | 23,117 |  |  | — |  |  | — |  |  | 23,117 |
Total revenue |  | $ | 171,154 |  |  | $ | 68,587 |  |  | $ | 139,276 |  |  | $ | 183,936 |  |  | $ | 562,953 |
|  | Quarter Ended June 30, 2021
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 171,823 |  |  | $ | 171,823 |
Merchant services and other payment solutions |  | 47,115 |  |  | — |  |  | — |  |  | — |  |  | 47,115 |
Forms and other products |  | — |  |  | — |  |  | 78,194 |  |  | — |  |  | 78,194 |
Marketing and promotional solutions |  | — |  |  | — |  |  | 56,793 |  |  | — |  |  | 56,793 |
Treasury management solutions |  | 56,224 |  |  | — |  |  | — |  |  | — |  |  | 56,224 |
Data-driven marketing solutions |  | — |  |  | 39,518 |  |  | — |  |  | — |  |  | 39,518 |
Web and hosted solutions |  | — |  |  | 28,549 |  |  | — |  |  | — |  |  | 28,549 |
Total revenue |  | $ | 103,339 |  |  | $ | 68,067 |  |  | $ | 134,987 |  |  | $ | 171,823 |  |  | $ | 478,216 |
|  | Six Months Ended June 30, 2022
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 371,003 |  |  | $ | 371,003 |
Merchant services and other payment solutions |  | 219,889 |  |  | — |  |  | — |  |  | — |  |  | 219,889 |
Forms and other products |  | — |  |  | — |  |  | 139,720 |  |  | — |  |  | 139,720 |
Marketing and promotional solutions |  | — |  |  | — |  |  | 132,799 |  |  | — |  |  | 132,799 |
Treasury management solutions |  | 117,473 |  |  | — |  |  | — |  |  | — |  |  | 117,473 |
Data-driven marketing solutions |  | — |  |  | 87,313 |  |  | — |  |  | — |  |  | 87,313 |
Web and hosted solutions |  | — |  |  | 50,771 |  |  | — |  |  | — |  |  | 50,771 |
Total revenue |  | $ | 337,362 |  |  | $ | 138,084 |  |  | $ | 272,519 |  |  | $ | 371,003 |  |  | $ | 1,118,968 |
|  | Six Months Ended June 30, 2021
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 346,923 |  |  | $ | 346,923 |
Merchant services and other payment solutions |  | 67,417 |  |  | — |  |  | — |  |  | — |  |  | 67,417 |
Forms and other products |  | — |  |  | — |  |  | 149,975 |  |  | — |  |  | 149,975 |
Marketing and promotional solutions |  | — |  |  | — |  |  | 109,519 |  |  | — |  |  | 109,519 |
Treasury management solutions |  | 115,360 |  |  | — |  |  | — |  |  | — |  |  | 115,360 |
Data-driven marketing solutions |  | — |  |  | 73,164 |  |  | — |  |  | — |  |  | 73,164 |
Web and hosted solutions |  | — |  |  | 57,123 |  |  | — |  |  | — |  |  | 57,123 |
Total revenue |  | $ | 182,777 |  |  | $ | 130,287 |  |  | $ | 259,494 |  |  | $ | 346,923 |  |  | $ | 919,481 |
Revenue disaggregated by geography | The following tables present revenue disaggregated by geography, based on where items are shipped from or where services are performed:
|  | Quarter Ended June 30, 2022
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
United States |  | $ | 159,939 |  |  | $ | 63,758 |  |  | $ | 132,886 |  |  | $ | 176,692 |  |  | $ | 533,275 |
Foreign, primarily Canada and Australia |  | 11,215 |  |  | 4,829 |  |  | 6,390 |  |  | 7,244 |  |  | 29,678 |
Total revenue |  | $ | 171,154 |  |  | $ | 68,587 |  |  | $ | 139,276 |  |  | $ | 183,936 |  |  | $ | 562,953 |
|  | Quarter Ended June 30, 2021
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
United States |  | $ | 93,796 |  |  | $ | 59,265 |  |  | $ | 129,321 |  |  | $ | 165,799 |  |  | $ | 448,181 |
Foreign, primarily Canada and Australia |  | 9,543 |  |  | 8,802 |  |  | 5,666 |  |  | 6,024 |  |  | 30,035 |
Total revenue |  | $ | 103,339 |  |  | $ | 68,067 |  |  | $ | 134,987 |  |  | $ | 171,823 |  |  | $ | 478,216 |
|  | Six Months Ended June 30, 2022
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
United States |  | $ | 316,207 |  |  | $ | 124,382 |  |  | $ | 260,128 |  |  | $ | 355,780 |  |  | $ | 1,056,497 |
Foreign, primarily Canada and Australia |  | 21,155 |  |  | 13,702 |  |  | 12,391 |  |  | 15,223 |  |  | 62,471 |
Total revenue |  | $ | 337,362 |  |  | $ | 138,084 |  |  | $ | 272,519 |  |  | $ | 371,003 |  |  | $ | 1,118,968 |
|  | Six Months Ended June 30, 2021
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
United States |  | $ | 162,280 |  |  | $ | 112,777 |  |  | $ | 248,469 |  |  | $ | 334,813 |  |  | $ | 858,339 |
Foreign, primarily Canada and Australia |  | 20,497 |  |  | 17,510 |  |  | 11,025 |  |  | 12,110 |  |  | 61,142 |
Total revenue |  | $ | 182,777 |  |  | $ | 130,287 |  |  | $ | 259,494 |  |  | $ | 346,923 |  |  | $ | 919,481 |

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph a -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 + Details
Name: | us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration