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Business segment information (Tables)

6 Months Ended

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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