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Business segment information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business segment information

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)						2024						2023						2024						2023
Merchant Services:
Revenue						$	93,531					$	87,984					$	288,536					$	268,556
Adjusted EBITDA						17,752						17,393						58,377						53,120
B2B Payments:
Revenue						75,140						74,581						214,788						226,118
Adjusted EBITDA						15,264						16,074						42,537						44,741
Data Solutions:
Revenue						61,065						64,080						178,169						167,735
Adjusted EBITDA						17,485						15,317						48,150						38,956
Print:
Revenue						297,313						304,282						909,393						942,839
Adjusted EBITDA						97,407						98,044						282,226						298,015
Total reportable segments:
Revenue						$	527,049					$	530,927					$	1,590,886					$	1,605,248
Adjusted EBITDA						147,908						146,828						431,290						434,832
All other:(1)
Revenue						1,395						6,917						10,329						49,648
Adjusted EBITDA						448						4,130						5,672						22,170
Total:
Revenue						$	528,444					$	537,844					$	1,601,215					$	1,654,896
Adjusted EBITDA						148,356						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).

Reconciliation of adjusted EBITDA to income before income taxes

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)						2024						2023						2024						2023
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 interest						38						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 assets						5,208						(4,324)						29,190						17,618
Income (loss) before income taxes						$	13,509					$	(9,151)					$	60,759					$	20,410

Revenue disaggregated by product and service offerings

The following tables present revenue disaggregated by our product and service offerings:

						Quarter Ended September 30, 2024
(in thousands)						Merchant Services						B2B Payments						Data Solutions						Print						All Other						Consolidated
Checks						$	—					$	—					$	—					$	176,827					$	—					$	176,827
Merchant services						93,531						—						—						—						—						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 Services						B2B Payments						Data Solutions						Print						All other						Consolidated
Checks						$	—					$	—					$	—					$	179,990					$	—					$	179,990
Merchant services						87,984						—						—						—						—						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 Services						B2B Payments						Data Solutions						Print						All Other						Consolidated
Checks						$	—					$	—					$	—					$	534,672					$	—					$	534,672
Merchant services						288,536						—						—						—						—						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 Services						B2B Payments						Data Solutions						Print						All Other						Consolidated
Checks						$	—					$	—					$	—					$	545,061					$	—					$	545,061
Merchant services						268,556						—						—						—						—						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

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