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Business segment information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Business segment information
NOTE 15: BUSINESS SEGMENT INFORMATION

Effective January 1, 2024, we revised our reportable business segments to align with structural and management reporting changes that better reflect our portfolio mix and offerings. We now operate the following reportable segments, generally organized by product and service type:

•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, as well as fraud and security services and Deluxe Payment Exchange+, an accounts payable automation solution.
•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 the Notes to Consolidated Financial Statements included in the 2023 Form 10-K. 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, 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, human resources, facilities, executive management and legal, tax and treasury costs that support the corporate function.

All of our segments operate primarily in the U.S., with some operations in Canada. Through June 2023, we operated our former web hosting business in portions of Europe and through partners in Central and South America. Revenue and long-lived assets related to our foreign operations were not material to our consolidated financial statements during the periods covered by this report. No single customer accounted for more than 10% of consolidated revenue during the six months ended June 30, 2024 and 2023.

Our chief operating decision maker ("CODM") is our Chief Executive Officer. He 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, 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 expenses outside of the normal course of business; and gains or losses on sales of businesses and long-lived assets. The CODM does not review segment asset information when making investment or operating decisions regarding our reportable business segments.
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)2024202320242023
Merchant Services:
Revenue$98,527 $91,467 $195,004 $180,572 
Adjusted EBITDA19,188 17,300 40,625 35,727 
B2B Payments:
Revenue70,230 76,341 139,648 151,537 
Adjusted EBITDA14,012 15,192 27,273 28,667 
Data Solutions:
Revenue57,393 59,301 117,104 103,654 
Adjusted EBITDA15,796 13,382 30,665 23,638 
Print:
Revenue308,745 324,517 612,079 638,557 
Adjusted EBITDA93,863 104,770 184,819 199,971 
Total reportable segments:
Revenue$534,895 $551,626 $1,063,835 $1,074,320 
Adjusted EBITDA142,859 150,644 283,382 288,003 
All other:(1)
Revenue2,921 20,060 8,935 42,731 
Adjusted EBITDA1,588 8,239 5,225 18,041 
Total:
Revenue$537,816 $571,686 $1,072,770 $1,117,051 
Adjusted EBITDA144,447 158,883 288,607 306,044 

(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).

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)2024202320242023
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 interest38 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 assets15,401 21,942 23,982 21,942 
Income before income taxes$30,898 $23,023 $47,250 $29,562 
The following tables present revenue disaggregated by our product and service offerings:
Quarter Ended June 30, 2024
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $179,360 $— $179,360 
Merchant services98,527 — — — — 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 $537,816 
Quarter Ended June 30, 2023
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
other		Consolidated
Checks$— $— $— $186,424 $— $186,424 
Merchant services91,467 — — — — 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 $571,686 
Six Months Ended June 30, 2024
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $357,844 $— $357,844 
Merchant services195,004 — — — — 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 $1,072,770 
Six Months Ended June 30, 2023
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $365,071 $— $365,071 
Merchant services180,572 — — — — 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