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BUSINESS SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
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, cash application, and payment acceptance solutions, as well as integrated accounts payable disbursements, such as eChecks, Medical Payment Exchange, and Deluxe Payment Exchange+, as well as fraud and security services.

•Data Solutions – provides data, analytics, and marketing services for both business-to-business and business-to-consumer marketing, as well as financial institution profitability reporting and business incorporation services.

•Print – provides printed personal and business checks, business essentials, including printed business forms and business accessories, as well as branded promotional, print, apparel, and digital storefront solutions.

The accounting policies applied to our segments are consistent with those outlined in Note 1. We allocate corporate costs for shared services functions to our business segments when these costs are directly attributable to a specific segment. This allocation includes certain expenses related to sales and marketing, supply chain, real estate, finance, information technology, and legal services. Costs that cannot be directly attributed to a specific business segment are reported under Corporate operations. These costs primarily include marketing, accounting, information technology, human resources, facilities, executive management, and the legal, tax, and treasury functions that support the overall corporate structure.

Our segments primarily operate within the U.S., with some activities in Canada. Until June 2023, we also operated our former web hosting business in parts of Europe and through partners in Central and South America. Additionally, until May 2022, our web hosting business had operations in Australia. The revenue and long-lived assets associated with our foreign operations were not material to our consolidated financial statements for the periods covered by this report. No single customer contributed more than 10% of our consolidated revenue over the past three years.
Our Chief Executive Officer serves as the chief operating decision maker (CODM). In this role, he evaluates the performance of each segment and makes resource allocation decisions based on adjusted EBITDA. Adjusted EBITDA for each segment excludes depreciation and amortization expense, interest expense, income tax expense, and certain other amounts that can vary from period to period. These amounts may include asset impairment charges, restructuring and integration expense, share-based compensation expense, certain legal-related expenses that fall outside the normal course of business, and gains or losses on the sale of businesses and long-lived assets.

The CODM uses adjusted EBITDA in both the annual planning and interim forecasting processes. On a monthly basis, the CODM reviews variances between actual results and both the plan and forecast, using this analysis to guide resource distribution and strategic adjustments. Additionally, the CODM compares segment adjusted EBITDA margins to those of competitors. This benchmarking is essential for evaluating the relative performance of our segments within the industry, ensuring that we remain competitive, and identifying areas for improvement. Furthermore, adjusted EBITDA plays a significant role in establishing employee performance-based compensation, aligning employee incentives with our financial goals. The CODM does not review segment asset information when making investment or operating decisions regarding our reportable segments.

The following is our segment information for the years ended December 31. The segment information for 2023 and 2022 has been recast to reflect our current segment structure.

(in thousands)202420232022
Merchant Services:
Revenue$384,038 $364,233 $347,709 
Other segment items(305,498)(289,834)(276,949)
Adjusted EBITDA78,540 74,399 70,760 
B2B Payments:
Revenue287,851 299,196 307,117 
Other segment items(230,763)(237,162)(235,875)
Adjusted EBITDA57,088 62,034 71,242 
Data Solutions:
Revenue234,033 211,788 196,707 
Other segment items(173,590)(165,507)(151,874)
Adjusted EBITDA60,443 46,281 44,833 
Print:
Revenue1,205,077 1,261,283 1,276,775 
Other segment items(828,476)(860,341)(877,730)
Adjusted EBITDA376,601 400,942 399,045 
Total reportable segments:
Revenue$2,110,999 $2,136,500 $2,128,308 
Other segment items(1,538,327)(1,552,844)(1,542,428)
Adjusted EBITDA572,672 583,656 585,880 
All other:(1)
Revenue10,762 55,760 109,702 
Other segment items(5,140)(29,834)(79,570)
Adjusted EBITDA5,622 25,926 30,132 
Total segments:
Consolidated revenue$2,121,761 $2,192,260 $2,238,010 
Other segment items(1,543,467)(1,582,678)(1,621,998)
Adjusted EBITDA578,294 609,582 616,012 

(1) Includes businesses sold during 2023 and 2022, including the web hosting, logo design, strategic sourcing, and retail packaging businesses, and the payroll and human resources services business that we substantially exited during 2024 (Note 6).
The CODM does not review segment expense information. Instead, he receives commentary that discusses variances between planned, forecasted, or prior year adjusted EBITDA amounts. This commentary may include discussion of relevant expense categories, which can vary from period to period based on the drivers of the variances. Additionally, the CODM reviews consolidated expense information as presented in our consolidated financial statements, as well as consolidated expenses for our various shared services support functions.

For all our segments, other segment items primarily consist of cost of revenue, selling expenses, and allocated costs of our shared services functions, including information technology, real estate, and finance costs. For our digital businesses, which include Merchant Services, B2B Payments, and Data Solutions, cost of revenue includes information technology costs, payroll and related expenses, and related overhead. For the Print segment, cost of revenue includes raw materials used to manufacture products, shipping and handling costs, third-party costs for outsourced products, payroll and related expenses, information technology costs, and related overhead. Selling expenses for all segments include costs associated with our sales organization and certain marketing and advertising expenses. They also encompass the costs of our call center operations for the Merchant Services, B2B Payments, and Print segments, as well as external commissions for the B2B Payments and Print segments.

The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes:

(in thousands)202420232022
Total segment adjusted EBITDA$578,294 $609,582 $616,012 
Corporate operations(166,219)(192,447)(197,882)
Depreciation and amortization(165,544)(169,703)(172,552)
Interest expense(123,281)(125,643)(94,454)
Non-controlling interest143 107 135 
Asset impairment charges(7,743)— — 
Restructuring and integration expense(50,450)(90,475)(63,136)
Share-based compensation expense(19,944)(20,525)(23,676)
Acquisition transaction costs— — (130)
Certain legal-related benefit (expense)34 (2,195)730 
Loss on sale of investment securities— (1,323)— 
Gain on sale of businesses and long-lived assets31,207 32,421 19,331 
Income before income taxes$76,497 $39,799 $84,378 

The following tables present revenue disaggregated by our product and service offerings:
Year Ended December 31, 2024
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $702,702 $— $702,702 
Merchant services
384,038 — — — — 384,038 
Promotional solutions— — — 262,009 — 262,009 
Forms and other business products— — — 240,366 — 240,366 
Treasury management solutions— 225,568 — — — 225,568 
Data-driven marketing— — 214,589 — — 214,589 
Other payment solutions— 62,283 — — — 62,283 
Other web-based solutions— — 19,444 — — 19,444 
Other
— — — — 10,762 10,762 
Total revenue$384,038 $287,851 $234,033 $1,205,077 $10,762 $2,121,761 
Year Ended December 31, 2023
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $721,089 $— $721,089 
Merchant services364,233 — — — — 364,233 
Promotional solutions— — — 276,744 1,456 278,200 
Forms and other business products— — — 263,450 — 263,450 
Treasury management solutions— 240,320 — — — 240,320 
Data-driven marketing— — 192,656 — — 192,656 
Other payment solutions— 58,876 — — — 58,876 
Other web-based solutions— — 19,132 — — 19,132 
Other
— — — — 54,304 54,304 
Total revenue$364,233 $299,196 $211,788 $1,261,283 $55,760 $2,192,260 

Year Ended December 31, 2022
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $728,988 $— $728,988 
Merchant services347,709 — — — — 347,709 
Promotional solutions— — — 257,867 15,130 272,997 
Forms and other business products— — — 289,920 — 289,920 
Treasury management solutions— 241,185 — — — 241,185 
Data-driven marketing— — 177,598 — — 177,598 
Other payment solutions— 65,932 — — — 65,932 
Other web-based solutions— — 19,109 — — 19,109 
Other
— — — — 94,572 94,572 
Total revenue$347,709 $307,117 $196,707 $1,276,775 $109,702 $2,238,010