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Business segment information | 9 Months Ended
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Sep. 30, 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 nine months ended September 30, 2025 and September 30, 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 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 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 and nine months ended September 30, 2025 and September 30, 2024:
|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Merchant Services: |  |  |  |  |  |  |  |
Revenue |  | $ | 98,000 |  |  | $ | 93,531 |  |  | $ | 297,173 |  |  | $ | 288,536 |
Other segment items |  | (77,610) |  |  | (75,779) |  |  | (233,668) |  |  | (230,159) |
Adjusted EBITDA |  | 20,390 |  |  | 17,752 |  |  | 63,505 |  |  | 58,377 |
B2B Payments: |  |  |  |  |  |  |  |
Revenue |  | $ | 73,078 |  |  | 75,140 |  |  | $ | 214,215 |  |  | 214,788 |
Other segment items |  | (56,257) |  |  | (59,876) |  |  | (168,457) |  |  | (172,251) |
Adjusted EBITDA |  | 16,821 |  |  | 15,264 |  |  | 45,758 |  |  | 42,537 |
Data Solutions: |  |  |  |  |  |  |  |
Revenue |  | $ | 89,224 |  |  | 61,065 |  |  | $ | 234,280 |  |  | 178,169 |
Other segment items |  | (60,151) |  |  | (43,580) |  |  | (165,146) |  |  | (130,019) |
Adjusted EBITDA |  | 29,073 |  |  | 17,485 |  |  | 69,134 |  |  | 48,150 |
Print: |  |  |  |  |  |  |  |
Revenue |  | $ | 279,945 |  |  | 297,313 |  |  | $ | 852,296 |  |  | 909,393 |
Other segment items |  | (186,399) |  |  | (199,906) |  |  | (577,565) |  |  | (627,167) |
Adjusted EBITDA |  | 93,546 |  |  | 97,407 |  |  | 274,731 |  |  | 282,226 |
Total reportable segments: |  |  |  |  |  |  |  |
Revenue |  | $ | 540,247 |  |  | $ | 527,049 |  |  | $ | 1,597,964 |  |  | $ | 1,590,886 |
Other segment items |  | (380,417) |  |  | (379,141) |  |  | (1,144,836) |  |  | (1,159,596) |
Adjusted EBITDA |  | 159,830 |  |  | 147,908 |  |  | 453,128 |  |  | 431,290 |
All other:(1) |  |  |  |  |  |  |  |
Revenue |  | $ | — |  |  | 1,395 |  |  | $ | 16 |  |  | 10,329 |
Other segment items |  | — |  |  | (947) |  |  | (52) |  |  | (4,657) |
Adjusted EBITDA |  | — |  |  | 448 |  |  | (36) |  |  | 5,672 |
Total: |  |  |  |  |  |  |  |
Revenue |  | $ | 540,247 |  |  | $ | 528,444 |  |  | $ | 1,597,980 |  |  | $ | 1,601,215 |
Other segment items |  | (380,417) |  |  | (380,088) |  |  | (1,144,888) |  |  | (1,164,253) |
Adjusted EBITDA |  | 159,830 |  |  | 148,356 |  |  | 453,092 |  |  | 436,962 |
(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 September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Total segment adjusted EBITDA |  | $ | 159,830 |  |  | $ | 148,356 |  |  | $ | 453,092 |  |  | $ | 436,962 |
Corporate operations |  | (40,943) |  |  | (43,454) |  |  | (127,573) |  |  | (128,217) |
Depreciation and amortization expense |  | (32,252) |  |  | (44,277) |  |  | (101,008) |  |  | (127,716) |
Interest expense |  | (30,529) |  |  | (29,905) |  |  | (92,739) |  |  | (90,910) |
Net income attributable to non-controlling interest |  | 37 |  |  | 38 |  |  | 109 |  |  | 103 |
Asset impairment charge |  | — |  |  | (6,700) |  |  | — |  |  | (6,700) |
Restructuring and integration expense |  | (2,934) |  |  | (11,265) |  |  | (15,590) |  |  | (37,031) |
Share-based compensation expense |  | (5,960) |  |  | (4,842) |  |  | (17,591) |  |  | (14,972) |
Certain legal and environmental (expense) benefit |  | (38) |  |  | 350 |  |  | (550) |  |  | 50 |
Gain on sale of businesses and long-lived assets |  | — |  |  | 5,208 |  |  | — |  |  | 29,190 |
Income before income taxes |  | $ | 47,211 |  |  | $ | 13,509 |  |  | $ | 98,150 |  |  | $ | 60,759 |
The following tables present revenue disaggregated by our product and service offerings:
|  | Quarter Ended September 30, 2025
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions |  | Print |  | All Other |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 173,053 |  |  | $ | — |  |  | $ | 173,053 |
Merchant services |  | 98,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98,000 |
Data-driven marketing |  | — |  |  | — |  |  | 84,656 |  |  | — |  |  | — |  |  | 84,656 |
Treasury management solutions |  | — |  |  | 56,124 |  |  | — |  |  | — |  |  | — |  |  | 56,124 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 54,586 |  |  | — |  |  | 54,586 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 52,306 |  |  | — |  |  | 52,306 |
Other payment solutions |  | — |  |  | 16,954 |  |  | — |  |  | — |  |  | — |  |  | 16,954 |
Other web-based solutions |  | — |  |  | — |  |  | 4,568 |  |  | — |  |  | — |  |  | 4,568 |
Total revenue |  | $ | 98,000 |  |  | $ | 73,078 |  |  | $ | 89,224 |  |  | $ | 279,945 |  |  | $ | — |  |  | $ | 540,247 |
|  | 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 |
Data-driven marketing |  | — |  |  | — |  |  | 56,520 |  |  | — |  |  | — |  |  | 56,520 |
Treasury management solutions |  | — |  |  | 58,574 |  |  | — |  |  | — |  |  | — |  |  | 58,574 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 59,222 |  |  | — |  |  | 59,222 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 61,264 |  |  | — |  |  | 61,264 |
Other payment solutions |  |  |  | 16,566 |  |  |  |  |  |  | — |  |  | 16,566 |
Other web-based solutions |  |  |  |  |  | 4,545 |  |  |  |  | — |  |  | 4,545 |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,395 |  |  | 1,395 |
Total revenue |  | $ | 93,531 |  |  | $ | 75,140 |  |  | $ | 61,065 |  |  | $ | 297,313 |  |  | $ | 1,395 |  |  | $ | 528,444 |
|  | Nine Months Ended September 30, 2025
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions |  | Print |  | All Other |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 521,936 |  |  | $ | — |  |  | $ | 521,936 |
Merchant services |  | 297,173 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 297,173 |
Data-driven marketing |  | — |  |  | — |  |  | 219,637 |  |  | — |  |  | — |  |  | 219,637 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 169,294 |  |  | — |  |  | 169,294 |
Treasury management solutions |  | — |  |  | 164,921 |  |  | — |  |  | — |  |  | — |  |  | 164,921 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 161,066 |  |  | — |  |  | 161,066 |
Other payment solutions |  | — |  |  | 49,294 |  |  | — |  |  | — |  |  | — |  |  | 49,294 |
Other web-based solutions |  | — |  |  | — |  |  | 14,643 |  |  | — |  |  | — |  |  | 14,643 |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | 16 |
Total revenue |  | $ | 297,173 |  |  | $ | 214,215 |  |  | $ | 234,280 |  |  | $ | 852,296 |  |  | $ | 16 |  |  | $ | 1,597,980 |
|  | 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 |
Data-driven marketing |  | — |  |  | — |  |  | 163,339 |  |  | — |  |  | — |  |  | 163,339 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 181,378 |  |  | — |  |  | 181,378 |
Treasury management solutions |  | — |  |  | 169,000 |  |  | — |  |  | — |  |  | — |  |  | 169,000 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 193,343 |  |  | — |  |  | 193,343 |
Other payment solutions |  | — |  |  | 45,788 |  |  | — |  |  | — |  |  | — |  |  | 45,788 |
Other web-based solutions |  | — |  |  | — |  |  | 14,830 |  |  | — |  |  | — |  |  | 14,830 |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,329 |  |  | 10,329 |
Total revenue |  | $ | 288,536 |  |  | $ | 214,788 |  |  | $ | 178,169 |  |  | $ | 909,393 |  |  | $ | 10,329 |  |  | $ | 1,601,215 |

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- Definition The entire disclosure for reporting segments including data and tables. 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