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Business segment information
 9 Months Ended
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)2025202420252024
Merchant Services:
Revenue$98,000 $93,531 $297,173 $288,536 
Other segment items(77,610)(75,779)(233,668)(230,159)
Adjusted EBITDA20,390 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 EBITDA16,821 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 EBITDA29,073 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 EBITDA93,546 97,407 274,731 282,226 
Total reportable segments:
Revenue$540,247 $527,049 $1,597,964 $1,590,886 
Other segment items(380,417)(379,141)(1,144,836)(1,159,596)
Adjusted EBITDA159,830 147,908 453,128 431,290 
All other:(1)
Revenue$— 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 EBITDA159,830 148,356 453,092 436,962 

(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)2025202420252024
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 interest37 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 ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $173,053 $— $173,053 
Merchant services98,000 — — — — 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 $— $540,247 
Quarter Ended September 30, 2024
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
other		Consolidated
Checks$— $— $— $176,827 $— $176,827 
Merchant services93,531 — — — — 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 solutions16,566 — 16,566 
Other web-based solutions4,545 — 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 ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $521,936 $— $521,936 
Merchant services297,173 — — — — 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 $1,597,980 
Nine Months Ended September 30, 2024
(in thousands)Merchant ServicesB2B
Payments		Data
Solutions		PrintAll
Other		Consolidated
Checks$— $— $— $534,672 $— $534,672 
Merchant services288,536 — — — — 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