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BUSINESS SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION
As of December 31, 2023, we operated 4 reportable business segments, generally organized by product type, as follows:

•Payments – This segment includes our merchant in-store, online and mobile payment solutions; treasury management solutions, including remittance and lockbox processing, remote deposit capture, receivables management, payment processing and paperless treasury management; and payroll and disbursement services, including Deluxe Payment Exchange.

•Data Solutions – This segment includes data-driven marketing solutions and hosted solutions, including digital engagement, financial institution profitability reporting and business incorporation services. This segment also included web hosting and logo design services through June 2023, when we completed the sale of these businesses (Note 6).

•Promotional Solutions – This segment includes business forms, accessories, advertising specialties and promotional apparel.

•Checks – This segment includes printed business and personal checks.

During the first quarter of 2024, we realigned our organizational structure to better reflect our portfolio mix and offerings, and we updated our reportable segments to correspond with these changes. We will complete the segment realignment effective for the quarter ending March 31, 2024, and we will provide initial disclosures based on the realigned segments in connection with our financial results for the first quarter of 2024. We did not operate under the new segment structure during 2023, and we continued to allocate resources and assess performance based on our previous reportable segment structure.

Our realigned reportable segments for the quarter ending March 31, 2024 are as follows:

•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, receivables management, payment processing and paperless treasury management, and Deluxe Payment Exchange.

•Data Solutions – provides data-driven marketing solutions, including digital engagement, financial institution profitability reporting and account switching tools, and business incorporation services.

•Print – provides printed personal and business checks, printed business forms, business accessories and promotional products.

The accounting policies of the segments are the same as those described in Note 1. We allocate corporate costs for our shared services functions to our business segments when the costs are directly attributable to a segment. This includes certain sales and marketing, human resources, supply chain, real estate, finance, information technology and legal costs. Costs that are not directly attributable to a business segment are reported as Corporate operations and consist primarily of marketing, accounting, information technology, facilities, executive management and legal, tax and treasury costs that support the corporate function. Corporate operations also includes other income. All of our segments operate primarily in the U.S., with some operations in Canada. Until the businesses were sold in June 2023, Data Solutions also had operations in portions of Europe and partners in Central and South America, and through May 2022, Data Solutions had operations in Australia. No single customer accounted for more than 10% of consolidated revenue during the past 3 years.
Our chief operating decision maker (i.e., our Chief Executive Officer) reviews EBITDA on an adjusted basis for each segment when deciding how to allocate resources and to assess segment operating performance. Adjusted EBITDA for each segment excludes depreciation and amortization expense, interest expense, net income attributable to non-controlling interest, income tax expense and certain other amounts, which may include, from time to time, asset impairment charges, restructuring and integration expense, share-based compensation expense, acquisition transaction costs, certain legal-related expense, and gains or losses on sales of businesses and long-lived assets. Our Chief Executive Officer does not review segment asset information when making investment or operating decisions regarding our reportable business segments.

Our segment information for the years ended December 31 was as follows:
(in thousands)202320222021
Payments:
Revenue$690,704 $678,580 $510,359 
Adjusted EBITDA152,798 144,605 105,576 
Data Solutions:
Revenue238,817 267,525 262,310 
Adjusted EBITDA55,700 68,214 70,172 
Promotional Solutions:
Revenue541,650 562,917 546,473 
Adjusted EBITDA80,751 79,549 85,384 
Checks:
Revenue721,089 728,988 703,055 
Adjusted EBITDA320,333 320,498 324,224 
Total segments:
Revenue$2,192,260 $2,238,010 $2,022,197 
Adjusted EBITDA609,582 612,866 585,356 

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

(in thousands)202320222021
Total segment adjusted EBITDA$609,582 $612,866 $585,356 
Corporate operations(192,447)(194,736)(177,591)
Depreciation and amortization(169,703)(172,552)(148,767)
Interest expense(125,643)(94,454)(55,554)
Net income attributable to non-controlling interest107 135 139 
Restructuring and integration expense(90,475)(63,136)(58,947)
Share-based compensation expense(20,525)(23,676)(29,477)
Acquisition transaction costs— (130)(18,913)
Certain legal-related (expense) benefit(2,195)730 (2,443)
Loss on sale of investment securities(1,323)— — 
Gain on sale of businesses and long-lived assets32,421 19,331 — 
Income before income taxes$39,799 $84,378 $93,803 
The following tables present revenue disaggregated by our product and service offerings:
Year Ended December 31, 2023
(in thousands)PaymentsData
Solutions		Promotional SolutionsChecksConsolidated
Checks$— $— $— $721,089 $721,089 
Merchant services and other payment solutions
450,384 — — — 450,384 
Marketing and promotional solutions— — 278,200 — 278,200 
Forms and other products— — 263,450 — 263,450 
Treasury management solutions240,320 — — — 240,320 
Data-driven marketing solutions— 192,656 — — 192,656 
Web and hosted solutions
— 46,161 — — 46,161 
Total revenue$690,704 $238,817 $541,650 $721,089 $2,192,260 
Year Ended December 31, 2022
(in thousands)PaymentsData
Solutions		Promotional SolutionsChecksConsolidated
Checks$— $— $— $728,988 $728,988 
Merchant services and other payment solutions437,395 — — — 437,395 
Marketing and promotional solutions— — 272,997 — 272,997 
Forms and other products— — 289,920 — 289,920 
Treasury management solutions241,185 — — — 241,185 
Data-driven marketing solutions— 177,598 — — 177,598 
Web and hosted solutions
— 89,927 — — 89,927 
Total revenue$678,580 $267,525 $562,917 $728,988 $2,238,010 
Year Ended December 31, 2021
(in thousands)PaymentsData
Solutions		Promotional SolutionsChecksConsolidated
Checks$— $— $— $703,055 $703,055 
Merchant services and other payment solutions276,118 — — — 276,118 
Marketing and promotional solutions— — 249,480 — 249,480 
Forms and other products— — 296,993 — 296,993 
Treasury management solutions234,241 — — — 234,241 
Data-driven marketing solutions— 150,772 — — 150,772 
Web and hosted solutions
— 111,538 — — 111,538 
Total revenue$510,359 $262,310 $546,473 $703,055 $2,022,197 
The following table presents revenue disaggregated by geography, based on where items are shipped or services are performed. Substantially all of our long-lived assets reside in the U.S. Long-lived assets of our foreign subsidiaries are located primarily in Canada and are not material to our consolidated financial position.

(in thousands)PaymentsData
Solutions		Promotional SolutionsChecksConsolidated
Year ended December 31, 2023:
U.S.$640,769 $233,090 $518,929 $694,864 $2,087,652 
Foreign, primarily Canada49,935 5,727 22,721 26,225 104,608 
Total revenue$690,704 $238,817 $541,650 $721,089 $2,192,260 
Year ended December 31, 2022:
U.S.$634,945 $248,227 $537,643 $700,170 $2,120,985 
Foreign, primarily Canada and Australia43,635 19,298 25,274 28,818 117,025 
Total revenue$678,580 $267,525 $562,917 $728,988 $2,238,010 
Year ended December 31, 2021:
U.S.$469,102 $227,091 $522,966 $678,229 $1,897,388 
Foreign, primarily Canada and Australia41,257 35,219 23,507 24,826 124,809 
Total revenue$510,359 $262,310 $546,473 $703,055 $2,022,197