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Business segment information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Business segment information | The following is our segment information for the quarters and six months ended June 30, 2024 and 2023. The segment information for 2023 has been recast to reflect our current segment structure.
|  | Quarter Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Merchant Services: |  |  |  |  |  |  |  |
Revenue |  | $ | 98,527 |  |  | $ | 91,467 |  |  | $ | 195,004 |  |  | $ | 180,572 |
Adjusted EBITDA |  | 19,188 |  |  | 17,300 |  |  | 40,625 |  |  | 35,727 |
B2B Payments: |  |  |  |  |  |  |  |
Revenue |  | 70,230 |  |  | 76,341 |  |  | 139,648 |  |  | 151,537 |
Adjusted EBITDA |  | 14,012 |  |  | 15,192 |  |  | 27,273 |  |  | 28,667 |
Data Solutions: |  |  |  |  |  |  |  |
Revenue |  | 57,393 |  |  | 59,301 |  |  | 117,104 |  |  | 103,654 |
Adjusted EBITDA |  | 15,796 |  |  | 13,382 |  |  | 30,665 |  |  | 23,638 |
Print: |  |  |  |  |  |  |  |
Revenue |  | 308,745 |  |  | 324,517 |  |  | 612,079 |  |  | 638,557 |
Adjusted EBITDA |  | 93,863 |  |  | 104,770 |  |  | 184,819 |  |  | 199,971 |
Total reportable segments: |  |  |  |  |  |  |  |
Revenue |  | $ | 534,895 |  |  | $ | 551,626 |  |  | $ | 1,063,835 |  |  | $ | 1,074,320 |
Adjusted EBITDA |  | 142,859 |  |  | 150,644 |  |  | 283,382 |  |  | 288,003 |
All other:(1) |  |  |  |  |  |  |  |
Revenue |  | 2,921 |  |  | 20,060 |  |  | 8,935 |  |  | 42,731 |
Adjusted EBITDA |  | 1,588 |  |  | 8,239 |  |  | 5,225 |  |  | 18,041 |
Total: |  |  |  |  |  |  |  |
Revenue |  | $ | 537,816 |  |  | $ | 571,686 |  |  | $ | 1,072,770 |  |  | $ | 1,117,051 |
Adjusted EBITDA |  | 144,447 |  |  | 158,883 |  |  | 288,607 |  |  | 306,044 |
(1) Includes our North American web hosting and logo design businesses, which were sold in June 2023, and our payroll and human resources services business, which we are in the process of exiting (Note 6).
Reconciliation of adjusted EBITDA to income before income taxes | 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) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Total segment adjusted EBITDA |  | $ | 144,447 |  |  | $ | 158,883 |  |  | $ | 288,607 |  |  | $ | 306,044 |
Corporate operations |  | (41,061) |  |  | (50,511) |  |  | (84,763) |  |  | (97,236) |
Depreciation and amortization expense |  | (41,692) |  |  | (42,607) |  |  | (83,439) |  |  | (86,128) |
Interest expense |  | (30,197) |  |  | (31,932) |  |  | (61,006) |  |  | (61,948) |
Net income attributable to non-controlling interest |  | 38 |  |  | 26 |  |  | 65 |  |  | 54 |
Restructuring and integration expense |  | (11,029) |  |  | (27,477) |  |  | (25,766) |  |  | (41,571) |
Share-based compensation expense |  | (5,009) |  |  | (5,484) |  |  | (10,130) |  |  | (11,350) |
Certain legal-related expense (benefit) |  | — |  |  | 183 |  |  | (300) |  |  | (245) |
Gain on sale of businesses and long-lived assets |  | 15,401 |  |  | 21,942 |  |  | 23,982 |  |  | 21,942 |
Income before income taxes |  | $ | 30,898 |  |  | $ | 23,023 |  |  | $ | 47,250 |  |  | $ | 29,562 |
Revenue disaggregated by product and service offerings | The following tables present revenue disaggregated by our product and service offerings:
|  | Quarter Ended June 30, 2024
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions |  | Print |  | All Other |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 179,360 |  |  | $ | — |  |  | $ | 179,360 |
Merchant services |  | 98,527 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98,527 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 71,021 |  |  | — |  |  | 71,021 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 58,364 |  |  | — |  |  | 58,364 |
Treasury management solutions |  | — |  |  | 55,349 |  |  | — |  |  | — |  |  | — |  |  | 55,349 |
Data-driven marketing |  | — |  |  | — |  |  | 52,495 |  |  | — |  |  | — |  |  | 52,495 |
Other |  | — |  |  | 14,881 |  |  | 4,898 |  |  | — |  |  | 2,921 |  |  | 22,700 |
Total revenue |  | $ | 98,527 |  |  | $ | 70,230 |  |  | $ | 57,393 |  |  | $ | 308,745 |  |  | $ | 2,921 |  |  | $ | 537,816 |
|  | Quarter Ended June 30, 2023
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions |  | Print |  | All other |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 186,424 |  |  | $ | — |  |  | $ | 186,424 |
Merchant services |  | 91,467 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 91,467 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 71,330 |  |  | 707 |  |  | 72,037 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 66,763 |  |  | — |  |  | 66,763 |
Treasury management solutions |  | — |  |  | 61,166 |  |  | — |  |  | — |  |  | — |  |  | 61,166 |
Data-driven marketing |  | — |  |  | — |  |  | 54,503 |  |  | — |  |  | — |  |  | 54,503 |
Other |  | — |  |  | 15,175 |  |  | 4,798 |  |  | — |  |  | 19,353 |  |  | 39,326 |
Total revenue |  | $ | 91,467 |  |  | $ | 76,341 |  |  | $ | 59,301 |  |  | $ | 324,517 |  |  | $ | 20,060 |  |  | $ | 571,686 |
|  | Six Months Ended June 30, 2024
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions |  | Print |  | All Other |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 357,844 |  |  | $ | — |  |  | $ | 357,844 |
Merchant services |  | 195,004 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 195,004 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 132,079 |  |  | — |  |  | 132,079 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 122,156 |  |  | — |  |  | 122,156 |
Treasury management solutions |  | — |  |  | 110,426 |  |  | — |  |  | — |  |  | — |  |  | 110,426 |
Data-driven marketing |  | — |  |  | — |  |  | 106,819 |  |  | — |  |  | — |  |  | 106,819 |
Other |  | — |  |  | 29,222 |  |  | 10,285 |  |  | — |  |  | 8,935 |  |  | 48,442 |
Total revenue |  | $ | 195,004 |  |  | $ | 139,648 |  |  | $ | 117,104 |  |  | $ | 612,079 |  |  | $ | 8,935 |  |  | $ | 1,072,770 |
|  | Six Months Ended June 30, 2023
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions |  | Print |  | All Other |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 365,071 |  |  | $ | — |  |  | $ | 365,071 |
Merchant services |  | 180,572 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 180,572 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 141,233 |  |  | 1,456 |  |  | 142,689 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 132,253 |  |  | — |  |  | 132,253 |
Treasury management solutions |  | — |  |  | 121,640 |  |  | — |  |  | — |  |  | — |  |  | 121,640 |
Data-driven marketing |  | — |  |  | — |  |  | 93,785 |  |  | — |  |  | — |  |  | 93,785 |
Other |  | — |  |  | 29,897 |  |  | 9,869 |  |  | — |  |  | 41,275 |  |  | 81,041 |
Total revenue |  | $ | 180,572 |  |  | $ | 151,537 |  |  | $ | 103,654 |  |  | $ | 638,557 |  |  | $ | 42,731 |  |  | $ | 1,117,051 |

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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