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v3.22.2.2

Business segment information (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Business segment information | Segment information for the quarters and nine months ended September 30, 2022 and 2021 was as follows:
|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Payments: |  |  |  |  |  |  |  |
Revenue |  | $ | 169,787 |  |  | $ | 160,268 |  |  | $ | 507,149 |  |  | $ | 343,045 |
Adjusted EBITDA |  | 36,184 |  |  | 31,598 |  |  | 107,605 |  |  | 71,125 |
Cloud Solutions: |  |  |  |  |  |  |  |
Revenue |  | 66,739 |  |  | 69,497 |  |  | 204,824 |  |  | 199,784 |
Adjusted EBITDA |  | 16,034 |  |  | 19,036 |  |  | 50,869 |  |  | 55,047 |
Promotional Solutions: |  |  |  |  |  |  |  |
Revenue |  | 136,081 |  |  | 130,330 |  |  | 408,600 |  |  | 389,825 |
Adjusted EBITDA |  | 18,255 |  |  | 17,673 |  |  | 49,795 |  |  | 56,804 |
Checks: |  |  |  |  |  |  |  |
Revenue |  | 182,431 |  |  | 172,046 |  |  | 553,433 |  |  | 518,968 |
Adjusted EBITDA |  | 80,478 |  |  | 77,254 |  |  | 245,838 |  |  | 240,979 |
Total segment: |  |  |  |  |  |  |  |
Revenue |  | $ | 555,038 |  |  | $ | 532,141 |  |  | $ | 1,674,006 |  |  | $ | 1,451,622 |
Adjusted EBITDA |  | 150,951 |  |  | 145,561 |  |  | 454,107 |  |  | 423,955 |
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 September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Total segment adjusted EBITDA |  | $ | 150,951 |  |  | $ | 145,561 |  |  | $ | 454,107 |  |  | $ | 423,955 |
Corporate operations |  | (46,359) |  |  | (42,832) |  |  | (148,159) |  |  | (133,259) |
Depreciation and amortization expense |  | (42,304) |  |  | (41,906) |  |  | (128,948) |  |  | (102,929) |
Interest expense |  | (23,799) |  |  | (21,494) |  |  | (65,471) |  |  | (35,548) |
Net income attributable to non-controlling interest |  | 35 |  |  | 37 |  |  | 106 |  |  | 99 |
Restructuring, integration and other costs |  | (15,319) |  |  | (13,894) |  |  | (46,830) |  |  | (41,085) |
Share-based compensation expense |  | (5,728) |  |  | (7,434) |  |  | (18,766) |  |  | (21,801) |
Acquisition transaction costs |  | (51) |  |  | (208) |  |  | (112) |  |  | (18,816) |
Certain legal-related benefit (expense) |  | 1,659 |  |  | (638) |  |  | 814 |  |  | (941) |
Gain on sale of businesses and facility |  | 1,804 |  |  | — |  |  | 19,331 |  |  | — |
Income before income taxes |  | $ | 20,889 |  |  | $ | 17,192 |  |  | $ | 66,072 |  |  | $ | 69,675 |
Revenue disaggregated by product and service offerings | The following tables present revenue disaggregated by our product and service offerings:
|  | Quarter Ended September 30, 2022
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 182,431 |  |  | $ | 182,431 |
Merchant services and other payment solutions |  | 108,255 |  |  | — |  |  | — |  |  | — |  |  | 108,255 |
Forms and other products |  | — |  |  | — |  |  | 71,797 |  |  | — |  |  | 71,797 |
Marketing and promotional solutions |  | — |  |  | — |  |  | 64,284 |  |  | — |  |  | 64,284 |
Treasury management solutions |  | 61,532 |  |  | — |  |  | — |  |  | — |  |  | 61,532 |
Data-driven marketing solutions |  | — |  |  | 46,993 |  |  | — |  |  | — |  |  | 46,993 |
Web and hosted solutions |  | — |  |  | 19,746 |  |  | — |  |  | — |  |  | 19,746 |
Total revenue |  | $ | 169,787 |  |  | $ | 66,739 |  |  | $ | 136,081 |  |  | $ | 182,431 |  |  | $ | 555,038 |
|  | Quarter Ended September 30, 2021
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 172,046 |  |  | $ | 172,046 |
Merchant services and other payment solutions |  | 103,014 |  |  | — |  |  | — |  |  | — |  |  | 103,014 |
Forms and other products |  | — |  |  | — |  |  | 68,646 |  |  | — |  |  | 68,646 |
Marketing and promotional solutions |  | — |  |  | — |  |  | 61,684 |  |  | — |  |  | 61,684 |
Treasury management solutions |  | 57,254 |  |  | — |  |  | — |  |  | — |  |  | 57,254 |
Data-driven marketing solutions |  | — |  |  | 41,956 |  |  | — |  |  | — |  |  | 41,956 |
Web and hosted solutions |  | — |  |  | 27,541 |  |  | — |  |  | — |  |  | 27,541 |
Total revenue |  | $ | 160,268 |  |  | $ | 69,497 |  |  | $ | 130,330 |  |  | $ | 172,046 |  |  | $ | 532,141 |
|  | Nine Months Ended September 30, 2022
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 553,433 |  |  | $ | 553,433 |
Merchant services and other payment solutions |  | 328,144 |  |  | — |  |  | — |  |  | — |  |  | 328,144 |
Forms and other products |  | — |  |  | — |  |  | 211,517 |  |  | — |  |  | 211,517 |
Marketing and promotional solutions |  | — |  |  | — |  |  | 197,083 |  |  | — |  |  | 197,083 |
Treasury management solutions |  | 179,005 |  |  | — |  |  | — |  |  | — |  |  | 179,005 |
Data-driven marketing solutions |  | — |  |  | 134,307 |  |  | — |  |  | — |  |  | 134,307 |
Web and hosted solutions |  | — |  |  | 70,517 |  |  | — |  |  | — |  |  | 70,517 |
Total revenue |  | $ | 507,149 |  |  | $ | 204,824 |  |  | $ | 408,600 |  |  | $ | 553,433 |  |  | $ | 1,674,006 |
|  | Nine Months Ended September 30, 2021
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 518,968 |  |  | $ | 518,968 |
Merchant services and other payment solutions |  | 170,431 |  |  | — |  |  | — |  |  | — |  |  | 170,431 |
Forms and other products |  | — |  |  | — |  |  | 218,622 |  |  | — |  |  | 218,622 |
Marketing and promotional solutions |  | — |  |  | — |  |  | 171,203 |  |  | — |  |  | 171,203 |
Treasury management solutions |  | 172,614 |  |  | — |  |  | — |  |  | — |  |  | 172,614 |
Data-driven marketing solutions |  | — |  |  | 115,120 |  |  | — |  |  | — |  |  | 115,120 |
Web and hosted solutions |  | — |  |  | 84,664 |  |  | — |  |  | — |  |  | 84,664 |
Total revenue |  | $ | 343,045 |  |  | $ | 199,784 |  |  | $ | 389,825 |  |  | $ | 518,968 |  |  | $ | 1,451,622 |
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 September 30, 2022
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
United States |  | $ | 159,160 |  |  | $ | 64,111 |  |  | $ | 129,697 |  |  | $ | 175,481 |  |  | $ | 528,449 |
Foreign, primarily Canada |  | 10,627 |  |  | 2,628 |  |  | 6,384 |  |  | 6,950 |  |  | 26,589 |
Total revenue |  | $ | 169,787 |  |  | $ | 66,739 |  |  | $ | 136,081 |  |  | $ | 182,431 |  |  | $ | 555,038 |
|  | Quarter Ended September 30, 2021
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
United States |  | $ | 150,594 |  |  | $ | 60,778 |  |  | $ | 124,571 |  |  | $ | 166,339 |  |  | $ | 502,282 |
Foreign, primarily Canada and Australia |  | 9,674 |  |  | 8,719 |  |  | 5,759 |  |  | 5,707 |  |  | 29,859 |
Total revenue |  | $ | 160,268 |  |  | $ | 69,497 |  |  | $ | 130,330 |  |  | $ | 172,046 |  |  | $ | 532,141 |
|  | Nine Months Ended September 30, 2022
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
United States |  | $ | 475,368 |  |  | $ | 188,494 |  |  | $ | 389,824 |  |  | $ | 531,260 |  |  | $ | 1,584,946 |
Foreign, primarily Canada and Australia |  | 31,781 |  |  | 16,330 |  |  | 18,776 |  |  | 22,173 |  |  | 89,060 |
Total revenue |  | $ | 507,149 |  |  | $ | 204,824 |  |  | $ | 408,600 |  |  | $ | 553,433 |  |  | $ | 1,674,006 |
|  | Nine Months Ended September 30, 2021
(in thousands) |  | Payments |  | Cloud Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
United States |  | $ | 312,874 |  |  | $ | 173,555 |  |  | $ | 373,042 |  |  | $ | 501,152 |  |  | $ | 1,360,623 |
Foreign, primarily Canada and Australia |  | 30,171 |  |  | 26,229 |  |  | 16,783 |  |  | 17,816 |  |  | 90,999 |
Total revenue |  | $ | 343,045 |  |  | $ | 199,784 |  |  | $ | 389,825 |  |  | $ | 518,968 |  |  | $ | 1,451,622 |

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- 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 + Details
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- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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