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Business segment information
 9 Months Ended
Sep. 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 nine months ended September 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 nine months ended September 30, 2024 and 2023. The segment information for 2023 has been recast to reflect our current segment structure.

Quarter Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Merchant Services:
Revenue$93,531 $87,984 $288,536 $268,556 
Adjusted EBITDA17,752 17,393 58,377 53,120 
B2B Payments:
Revenue75,140 74,581 214,788 226,118 
Adjusted EBITDA15,264 16,074 42,537 44,741 
Data Solutions:
Revenue61,065 64,080 178,169 167,735 
Adjusted EBITDA17,485 15,317 48,150 38,956 
Print:
Revenue297,313 304,282 909,393 942,839 
Adjusted EBITDA97,407 98,044 282,226 298,015 
Total reportable segments:
Revenue$527,049 $530,927 $1,590,886 $1,605,248 
Adjusted EBITDA147,908 146,828 431,290 434,832 
All other:(1)
Revenue1,395 6,917 10,329 49,648 
Adjusted EBITDA448 4,130 5,672 22,170 
Total:
Revenue$528,444 $537,844 $1,601,215 $1,654,896 
Adjusted EBITDA148,356 150,958 436,962 457,002 

(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 (loss) before income taxes:
Quarter Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2024202320242023
Total segment adjusted EBITDA$148,356 $150,958 $436,962 $457,002 
Corporate operations(43,454)(49,068)(128,217)(146,304)
Depreciation and amortization expense(44,277)(38,857)(127,716)(124,985)
Interest expense(29,905)(32,034)(90,910)(93,982)
Net income attributable to non-controlling interest38 26 103 80 
Asset impairment charge(6,700)— (6,700)— 
Restructuring and integration expense(11,265)(29,364)(37,031)(70,935)
Share-based compensation expense(4,842)(4,539)(14,972)(15,889)
Certain legal-related benefit (expense)350 (1,949)50 (2,195)
Gain (loss) on sale of businesses and long-lived assets5,208 (4,324)29,190 17,618 
Income (loss) before income taxes$13,509 $(9,151)$60,759 $20,410 
The following tables present revenue disaggregated by our product and service offerings:
Quarter Ended September 30, 2024
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $176,827 $— $176,827 
Merchant services93,531 — — — — 93,531 
Promotional solutions— — — 61,264 — 61,264 
Forms and other business products— — — 59,222 — 59,222 
Treasury management solutions
— 58,574 — — — 58,574 
Data-driven marketing— — 56,520 — — 56,520 
Other— 16,566 4,545 — 1,395 22,506 
Total revenue$93,531 $75,140 $61,065 $297,313 $1,395 $528,444 
Quarter Ended September 30, 2023
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
other		Consolidated
Checks$— $— $— $179,990 $— $179,990 
Merchant services87,984 — — — — 87,984 
Promotional solutions— — — 62,309 — 62,309 
Forms and other business products— — — 61,983 — 61,983 
Treasury management solutions
— 59,224 — — — 59,224 
Data-driven marketing— — 59,561 — — 59,561 
Other— 15,357 4,519 — 6,917 26,793 
Total revenue$87,984 $74,581 $64,080 $304,282 $6,917 $537,844 
Nine Months Ended September 30, 2024
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $534,672 $— $534,672 
Merchant services288,536 — — — — 288,536 
Promotional solutions— — — 193,343 — 193,343 
Forms and other business products— — — 181,378 — 181,378 
Treasury management solutions
— 169,000 — — — 169,000 
Data-driven marketing— — 163,339 — — 163,339 
Other— 45,788 14,830 — 10,329 70,947 
Total revenue$288,536 $214,788 $178,169 $909,393 $10,329 $1,601,215 
Nine Months Ended September 30, 2023
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $545,061 $— $545,061 
Merchant services268,556 — — — — 268,556 
Promotional solutions— — — 203,542 1,456 204,998 
Forms and other business products— — — 194,236 — 194,236 
Treasury management solutions— 180,864 — — — 180,864 
Data-driven marketing— — 153,346 — — 153,346 
Other— 45,254 14,389 — 48,192 107,835 
Total revenue$268,556 $226,118 $167,735 $942,839 $49,648 $1,654,896