Business segment information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Business segment information

Segment information for the quarters and nine months ended September 30, 2022 and 2021 was as follows:

	Quarter Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Payments:
Revenue	$	169,787	$	160,268	$	507,149	$	343,045
Adjusted EBITDA	36,184		31,598		107,605		71,125
Cloud Solutions:
Revenue	66,739		69,497		204,824		199,784
Adjusted EBITDA	16,034		19,036		50,869		55,047
Promotional Solutions:
Revenue	136,081		130,330		408,600		389,825
Adjusted EBITDA	18,255		17,673		49,795		56,804
Checks:
Revenue	182,431		172,046		553,433		518,968
Adjusted EBITDA	80,478		77,254		245,838		240,979
Total segment:
Revenue	$	555,038	$	532,141	$	1,674,006	$	1,451,622
Adjusted EBITDA	150,951		145,561		454,107		423,955

Reconciliation of adjusted EBITDA to pretax income

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

	Quarter Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Total segment adjusted EBITDA	$	150,951	$	145,561	$	454,107	$	423,955
Corporate operations	(46,359)		(42,832)		(148,159)		(133,259)
Depreciation and amortization expense	(42,304)		(41,906)		(128,948)		(102,929)
Interest expense	(23,799)		(21,494)		(65,471)		(35,548)
Net income attributable to non-controlling interest	35		37		106		99
Restructuring, integration and other costs	(15,319)		(13,894)		(46,830)		(41,085)
Share-based compensation expense	(5,728)		(7,434)		(18,766)		(21,801)
Acquisition transaction costs	(51)		(208)		(112)		(18,816)
Certain legal-related benefit (expense)	1,659		(638)		814		(941)
Gain on sale of businesses and facility	1,804		—		19,331		—
Income before income taxes	$	20,889	$	17,192	$	66,072	$	69,675

Revenue disaggregated by product and service offerings

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

	Quarter Ended September 30, 2022
(in thousands)	Payments		Cloud Solutions		Promotional Solutions		Checks		Consolidated
Checks	$	—	$	—	$	—	$	182,431	$	182,431
Merchant services and other payment solutions	108,255		—		—		—		108,255
Forms and other products	—		—		71,797		—		71,797
Marketing and promotional solutions	—		—		64,284		—		64,284
Treasury management solutions	61,532		—		—		—		61,532
Data-driven marketing solutions	—		46,993		—		—		46,993
Web and hosted solutions	—		19,746		—		—		19,746
Total revenue	$	169,787	$	66,739	$	136,081	$	182,431	$	555,038

	Quarter Ended September 30, 2021
(in thousands)	Payments		Cloud Solutions		Promotional Solutions		Checks		Consolidated
Checks	$	—	$	—	$	—	$	172,046	$	172,046
Merchant services and other payment solutions	103,014		—		—		—		103,014
Forms and other products	—		—		68,646		—		68,646
Marketing and promotional solutions	—		—		61,684		—		61,684
Treasury management solutions	57,254		—		—		—		57,254
Data-driven marketing solutions	—		41,956		—		—		41,956
Web and hosted solutions	—		27,541		—		—		27,541
Total revenue	$	160,268	$	69,497	$	130,330	$	172,046	$	532,141

	Nine Months Ended September 30, 2022
(in thousands)	Payments		Cloud Solutions		Promotional Solutions		Checks		Consolidated
Checks	$	—	$	—	$	—	$	553,433	$	553,433
Merchant services and other payment solutions	328,144		—		—		—		328,144
Forms and other products	—		—		211,517		—		211,517
Marketing and promotional solutions	—		—		197,083		—		197,083
Treasury management solutions	179,005		—		—		—		179,005
Data-driven marketing solutions	—		134,307		—		—		134,307
Web and hosted solutions	—		70,517		—		—		70,517
Total revenue	$	507,149	$	204,824	$	408,600	$	553,433	$	1,674,006

	Nine Months Ended September 30, 2021
(in thousands)	Payments		Cloud Solutions		Promotional Solutions		Checks		Consolidated
Checks	$	—	$	—	$	—	$	518,968	$	518,968
Merchant services and other payment solutions	170,431		—		—		—		170,431
Forms and other products	—		—		218,622		—		218,622
Marketing and promotional solutions	—		—		171,203		—		171,203
Treasury management solutions	172,614		—		—		—		172,614
Data-driven marketing solutions	—		115,120		—		—		115,120
Web and hosted solutions	—		84,664		—		—		84,664
Total revenue	$	343,045	$	199,784	$	389,825	$	518,968	$	1,451,622

Revenue disaggregated by geography

The following tables present revenue disaggregated by geography, based on where items are shipped from or where services are performed:

	Quarter Ended September 30, 2022
(in thousands)	Payments		Cloud Solutions		Promotional Solutions		Checks		Consolidated
United States	$	159,160	$	64,111	$	129,697	$	175,481	$	528,449
Foreign, primarily Canada	10,627		2,628		6,384		6,950		26,589
Total revenue	$	169,787	$	66,739	$	136,081	$	182,431	$	555,038

	Quarter Ended September 30, 2021
(in thousands)	Payments		Cloud Solutions		Promotional Solutions		Checks		Consolidated
United States	$	150,594	$	60,778	$	124,571	$	166,339	$	502,282
Foreign, primarily Canada and Australia	9,674		8,719		5,759		5,707		29,859
Total revenue	$	160,268	$	69,497	$	130,330	$	172,046	$	532,141

	Nine Months Ended September 30, 2022
(in thousands)	Payments		Cloud Solutions		Promotional Solutions		Checks		Consolidated
United States	$	475,368	$	188,494	$	389,824	$	531,260	$	1,584,946
Foreign, primarily Canada and Australia	31,781		16,330		18,776		22,173		89,060
Total revenue	$	507,149	$	204,824	$	408,600	$	553,433	$	1,674,006

	Nine Months Ended September 30, 2021
(in thousands)	Payments		Cloud Solutions		Promotional Solutions		Checks		Consolidated
United States	$	312,874	$	173,555	$	373,042	$	501,152	$	1,360,623
Foreign, primarily Canada and Australia	30,171		26,229		16,783		17,816		90,999
Total revenue	$	343,045	$	199,784	$	389,825	$	518,968	$	1,451,622