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Business segment information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Business segment information
NOTE 13:BUSINESS SEGMENT INFORMATION

We 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 the Notes to Consolidated Financial Statements included in the 2024 Form 10-K. We allocate corporate costs for shared services functions to our business segments when the 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 operate primarily within the U.S., with some activities in Canada. 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 during the quarters ended March 31, 2025 and March 31, 2024.

Our Chief Executive Officer serves as our chief operating decision maker (CODM). In this role, he evaluates the performance of each segment and makes resources 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 and environmental 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 plan, forecast, and prior year results, 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 quarters ended March 31, 2025 and March 31, 2024:

Quarter Ended March 31,
(in thousands)20252024
Merchant Services:
Revenue$97,769 $96,477 
Other segment items(76,391)(75,040)
Adjusted EBITDA21,378 21,437 
B2B Payments:
Revenue70,155 69,418 
Other segment items(56,833)(56,157)
Adjusted EBITDA13,322 13,261 
Data Solutions:
Revenue77,227 59,712 
Other segment items(57,534)(44,843)
Adjusted EBITDA19,693 14,869 
Print:
Revenue291,304 303,334 
Other segment items(200,470)(212,378)
Adjusted EBITDA90,834 90,956 
Total reportable segments:
Revenue$536,455 $528,941 
Other segment items(391,228)(388,418)
Adjusted EBITDA145,227 140,523 
All other:(1)
Revenue16 6,014 
Other segment items(52)(2,378)
Adjusted EBITDA(36)3,636 
Total:
Revenue$536,471 $534,955 
Other segment items(391,280)(390,796)
Adjusted EBITDA145,191 144,159 

(1) Includes the payroll and human resources services business, which 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 the reconciliation of total segment adjusted EBITDA to consolidated income before income taxes:

Quarter Ended
March 31,
(in thousands)20252024
Total segment adjusted EBITDA$145,191 $144,159 
Corporate operations(45,021)(43,701)
Depreciation and amortization expense(35,279)(41,747)
Interest expense(31,266)(30,809)
Net income attributable to non-controlling interest35 27 
Restructuring and integration expense(8,420)(14,737)
Share-based compensation expense(5,459)(5,121)
Certain legal and environmental expense(512)(300)
Gain on sale of businesses and long-lived assets— 8,581 
Income before income taxes$19,269 $16,352 

The following tables present revenue disaggregated by our product and service offerings:
Quarter Ended March 31, 2025
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $175,209 $— $175,209 
Merchant services97,769 — — — — 97,769 
Data-driven marketing— — 71,994 — — 71,994 
Forms and other business products— — — 60,530 — 60,530 
Promotional solutions— — — 55,565 — 55,565 
Treasury management solutions
— 54,312 — — — 54,312 
Other payment solutions— 15,843 — — — 15,843 
Other web-based solutions— — 5,233 — — 5,233 
Other— — — — 16 16 
Total revenue$97,769 $70,155 $77,227 $291,304 $16 $536,471 
Quarter Ended March 31, 2024
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
other		Consolidated
Checks$— $— $— $178,484 $— $178,484 
Merchant services96,477 — — — — 96,477 
Data-driven marketing— — 54,325 — — 54,325 
Forms and other business products— — — 63,792 — 63,792 
Promotional solutions— — — 61,058 — 61,058 
Treasury management solutions
— 55,077 — — — 55,077 
Other payment solutions14,341 — 14,341 
Other web-based solutions5,387 — 5,387 
Other— — — — 6,014 6,014 
Total revenue$96,477 $69,418 $59,712 $303,334 $6,014 $534,955