Deluxe (DLX) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document

Document - shares	3 Months Ended
	Mar. 31, 2023	Apr. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-7945
Entity Registrant Name	DELUXE CORPORATION
Entity Central Index Key	0000027996
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0216800
Entity Address, Address Line One	801 S. Marquette Ave.
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402-2807
City Area Code	651
Local Phone Number	483-7111
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	DLX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,460,550

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents, including securities carried at fair value of $5,000 as of December 31, 2022	$ 24,622	$ 40,435
Trade accounts receivable, net of allowance for credit losses	221,894	206,617
Inventories and supplies	53,923	52,267
Funds held for customers, including securities carried at fair value of $8,370 and $8,126, respectively	157,380	302,291
Prepaid expenses	34,242	36,642
Revenue in excess of billings	35,932	38,761
Other current assets	26,871	27,024
Total current assets	554,864	704,037
Deferred income taxes	1,263	1,956
Long-term investments	63,989	47,783
Property, plant and equipment, net of accumulated depreciation of $350,142 and $379,988, respectively	125,459	124,894
Operating lease assets	56,448	47,132
Intangibles, net of accumulated amortization of $801,311 and $823,589, respectively	435,572	458,979
Goodwill	1,430,561	1,431,385
Other non-current assets	272,755	260,354
Total assets	2,940,911	3,076,520
Current liabilities:
Accounts payable	158,063	157,055
Funds held for customers	156,652	305,138
Accrued liabilities	185,708	218,404
Current portion of long-term debt	78,845	71,748
Total current liabilities	579,268	752,345
Long-term debt	1,607,855	1,572,528
Operating lease liabilities	58,153	48,925
Deferred income taxes	39,354	45,510
Other non-current liabilities	60,632	52,988
Commitments and contingencies (Note 13)
Shareholders' equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: March 31, 2023 - 43,421; December 31, 2022 - 43,204)	43,421	43,204
Additional paid-in capital	83,800	79,234
Retained earnings	507,992	518,635
Accumulated other comprehensive loss	(40,007)	(37,264)
Non-controlling interest	443	415
Total shareholders' equity	595,649	604,224
Total liabilities and shareholders' equity	$ 2,940,911	$ 3,076,520

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Cash and cash equivalents, securities carried at fair value		$ 5,000
Funds held for customers, securities carried at fair value	$ 8,370	8,126
Accumulated depreciation	350,142	379,988
Accumulated amortization	$ 801,311	$ 823,589
Common stock, par value (per share)	$ 1	$ 1
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	43,421	43,204

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total revenue	$ 545,365	$ 556,015
Total cost of revenue	(250,663)	(249,194)
Gross profit	294,702	306,821
Selling, general and administrative expense	(247,630)	(259,699)
Restructuring and integration expense	(12,941)	(16,244)
Operating income	34,131	30,878
Interest expense	(30,016)	(20,324)
Other income	2,424	2,004
Income before income taxes	6,539	12,558
Income tax provision	(3,759)	(2,878)
Net income	2,780	9,680
Net income attributable to non-controlling interest	(28)	(36)
Net income attributable to Deluxe	2,752	9,644
Total comprehensive income	37	12,147
Comprehensive income attributable to Deluxe	$ 9	$ 12,111
Basic earnings per share	$ 0.06	$ 0.23
Diluted earnings per share	$ 0.06	$ 0.22
Product [Member]
Total revenue	$ 310,226	$ 317,303
Total cost of revenue	(118,436)	(114,361)
Service [Member]
Total revenue	235,139	238,712
Total cost of revenue	$ (132,227)	$ (134,833)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common shares par value [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive loss [Member]	Non-controlling interest [Member]
Balance, beginning of period at Dec. 31, 2021	$ 574,598	$ 42,679	$ 57,368	$ 505,763	$ (31,492)	$ 280
Balance (in shares) at Dec. 31, 2021	42,679
Net income attributable to Deluxe	$ 9,644			9,644
Net income attributable to non-controlling interest	36					36
Net income	9,680
Cash dividends ($0.30 per share for the quarters ended March 31, 2023 and 2022)	(13,282)			(13,282)
Common shares issued	$ 1,531	379	1,152
Common shares issued (in shares)	379
Common shares retired	$ (4,161)	(135)	(4,026)
Common shares retired (in shares)	(135)
Employee share-based compensation	$ 8,182		8,182
Other comprehensive (loss) income	2,467				2,467
Balance, end of period at Mar. 31, 2022	$ 579,015	42,923	62,676	502,125	(29,025)	316
Balance (in shares) at Mar. 31, 2022	42,923
Balance, beginning of period at Dec. 31, 2022	$ 604,224	43,204	79,234	518,635	(37,264)	415
Balance (in shares) at Dec. 31, 2022	43,204
Net income attributable to Deluxe	$ 2,752			2,752
Net income attributable to non-controlling interest	28					28
Net income	2,780
Cash dividends ($0.30 per share for the quarters ended March 31, 2023 and 2022)	(13,395)			(13,395)
Common shares issued	$ 941	324	617
Common shares issued (in shares)	324
Common shares retired	$ (2,034)	(107)	(1,927)
Common shares retired (in shares)	(107)
Employee share-based compensation	$ 5,876		5,876
Other comprehensive (loss) income	(2,743)				(2,743)
Balance, end of period at Mar. 31, 2023	$ 595,649	$ 43,421	$ 83,800	$ 507,992	$ (40,007)	$ 443
Balance (in shares) at Mar. 31, 2023	43,421

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends per share	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 2,780	$ 9,680
Adjustments to reconcile net income to net cash (used) provided by operating activities:
Depreciation	5,303	5,438
Amortization of intangibles	38,217	36,159
Operating lease expense	5,389	5,570
Amortization of prepaid product discounts	8,513	8,924
Deferred income taxes	(6,934)	(7,524)
Employee share-based compensation expense	5,866	8,142
Other non-cash items, net	10,573	8,213
Changes in assets and liabilities:
Trade accounts receivable	(18,355)	12,248
Inventories and supplies	(2,972)	(893)
Other current assets	5,019	(12,731)
Payments for cloud computing arrangement implementation costs	(3,701)	(6,391)
Other non-current assets	(5,521)	(3,082)
Accounts payable	5,193	(5,003)
Prepaid product discount payments	(7,383)	(7,859)
Other accrued and non-current liabilities	(48,693)	(16,626)
Net cash (used) provided by operating activities	(6,706)	34,265
Cash flows from investing activities:
Purchases of capital assets	(25,518)	(20,844)
Other	34	515
Net cash used by investing activities	(25,484)	(20,329)
Cash flows from financing activities:
Proceeds from issuing long-term debt and swingline loans	217,500	146,500
Payments on long-term debt and swingline loans	(175,938)	(137,938)
Net change in customer funds obligations	(145,621)	(99,240)
Employee taxes paid for shares withheld	(2,034)	(4,161)
Cash dividends paid to shareholders	(13,616)	(13,317)
Other	(2,579)	(1,812)
Net cash used by financing activities	(122,288)	(109,968)
Effect of exchange rate change on cash, cash equivalents, restricted cash and restricted cash equivalents	612	1,320
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	(153,866)	(94,712)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of year	337,415	285,491
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$ 183,549	$ 190,779

Consolidated financial statemen

Consolidated financial statements	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated financial statements	The consolidated balance sheet as of March 31, 2023, the consolidated statements of comprehensive income for the quarters ended March 31, 2023 and 2022, the consolidated statements of shareholders’ equity for the quarters ended March 31, 2023 and 2022 and the consolidated statements of cash flows for the quarters ended March 31, 2023 and 2022 are unaudited. The consolidated balance sheet as of December 31, 2022 was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles (GAAP). In the opinion of management, all adjustments necessary for a fair statement of the consolidated financial statements are included. Adjustments consist only of normal recurring items, except for any items discussed in the notes below. Interim results are not necessarily indicative of results for a full year or future results. The consolidated financial statements and notes are presented in accordance with instructions for Form 10-Q and do not contain certain information included in our annual consolidated financial statements and notes. The consolidated financial statements and notes appearing in this report should be read in conjunction with the consolidated audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"). The preparation of our consolidated financial statements requires us to make certain estimates and assumptions affecting the amounts reported in the consolidated financial statements and related notes. We base our estimates on historical experience and on various other factors and assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of our assets, liabilities, revenues and expenses and the related disclosure of contingent assets and liabilities. Actual results may differ significantly from our estimates and assumptions. Comparability – The consolidated statement of cash flows for the quarter ended March 31, 2022 has been modified to conform to the current year presentation. We included proceeds from issuing shares within other financing activities. Previously, this amount was shown separately.

New accounting pronouncements

New accounting pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting pronouncements	In March 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-02, Troubled Debt Restructurings and Vintage Disclosures . This standard modifies the accounting for troubled debt restructurings by creditors and modifies certain disclosure requirements. We adopted this standard on January 1, 2023 and elected to apply it prospectively to modifications occurring on or after January 1, 2023. Adoption of this standard did not impact our financial position or results of operations for the quarter ended March 31, 2023. In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No 2021-01, Reference Rate Reform (Topic 848): Scope , which clarified the scope and application of the original guidance. Effective March 20, 2023, we modified our existing credit facility and our September 2022 interest rate swap agreement (Note 7) to utilize the Secured Overnight Financing Rate (SOFR) as the reference rate in the agreements. In accounting for these modifications, we adopted the reference rate reform guidance on a prospective basis as allowed under the provisions of ASU No. 2022-06, Deferral of the Sunset Date of Topic 848. Adoption of these standards did not have a material impact on our consolidated financial statements.

Supplemental balance sheet and

Supplemental balance sheet and cash flow information	3 Months Ended
	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Supplemental balance sheet and cash flow information	Trade accounts receivable – Net trade accounts receivable was comprised of the following: (in thousands) March 31, December 31, Trade accounts receivable – gross $ 226,718 $ 210,799 Allowance for credit losses (4,824) (4,182) Trade accounts receivable – net (1) $ 221,894 $ 206,617 (1) Includes unbilled receivables of $54,336 as of March 31, 2023 and $43,902 as of December 31, 2022. Changes in the allowance for credit losses for the quarters ended March 31, 2023 and 2022 were as follows: Quarter Ended (in thousands) 2023 2022 Balance, beginning of year $ 4,182 $ 4,130 Bad debt expense 1,466 625 Write-offs and other (824) (556) Balance, end of period $ 4,824 $ 4,199 Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) March 31, December 31, Raw materials $ 11,326 $ 11,563 Semi-finished goods 5,973 7,777 Finished goods 37,240 32,938 Supplies 6,866 6,389 Reserve for excess and obsolete items (7,482) (6,400) Inventories and supplies, net of reserve $ 53,923 $ 52,267 Changes in the reserve for excess and obsolete items were as follows for the quarters ended March 31, 2023 and 2022: Quarter Ended (in thousands) 2023 2022 Balance, beginning of year $ 6,400 $ 5,132 Amounts charged to expense 1,334 773 Write-offs and other (252) (526) Balance, end of period $ 7,482 $ 5,379 Available-for-sale debt securities – Available-for-sale debt securities were comprised of the following: March 31, 2023 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Canadian and provincial government securities $ 9,269 $ — $ (899) $ 8,370 Available-for-sale debt securities $ 9,269 $ — $ (899) $ 8,370 (1) Funds held for customers, as reported on the consolidated balance sheet as of March 31, 2023, also included cash of $149,010. December 31, 2022 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Cash equivalents: Domestic money market fund $ 5,000 $ — $ — $ 5,000 Funds held for customers: (1) Canadian and provincial government securities 9,190 — (1,064) 8,126 Available-for-sale debt securities $ 14,190 $ — $ (1,064) $ 13,126 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2022, also included cash of $294,165. Expected maturities of available-for-sale debt securities as of March 31, 2023 were as follows: (in thousands) Fair value Due in one year or less $ 2,888 Due in two to five years 2,461 Due in six to ten years 3,021 Available-for-sale debt securities $ 8,370 Further information regarding the fair value of available-for-sale debt securities can be found in Note 8. Revenue in excess of billings – Revenue in excess of billings was comprised of the following: (in thousands) March 31, December 31, Conditional right to receive consideration $ 20,928 $ 26,520 Unconditional right to receive consideration (1) 15,004 12,241 Revenue in excess of billings $ 35,932 $ 38,761 (1) Represents revenues that are earned but not currently billable under the related contract terms. Intangibles – Intangibles were comprised of the following: March 31, 2023 December 31, 2022 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Internal-use software $ 497,102 $ (365,240) $ 131,862 $ 529,306 $ (395,514) $ 133,792 Customer lists/relationships 491,951 (323,960) 167,991 497,882 (312,986) 184,896 Technology-based intangibles 97,633 (47,529) 50,104 99,613 (47,478) 52,135 Partner relationships 73,930 (9,411) 64,519 74,682 (9,094) 65,588 Trade names 39,367 (22,217) 17,150 44,185 (26,510) 17,675 Software to be sold 36,900 (32,954) 3,946 36,900 (32,007) 4,893 Intangibles $ 1,236,883 $ (801,311) $ 435,572 $ 1,282,568 $ (823,589) $ 458,979 Amortization of intangibles was $38,217 for the quarter ended March 31, 2023 and $36,159 for the quarter ended March 31, 2022. Based on the intangibles in service as of March 31, 2023, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2023 $ 97,717 2024 96,138 2025 66,435 2026 42,050 2027 32,746 In the normal course of business, we acquire and develop internal-use software. We also, at times, purchase customer list and partner relationship assets. The following intangibles were capitalized during the quarter ended March 31, 2023: (in thousands) Amount Weighted-average amortization period Internal-use software $ 16,918 3 Partner relationships 274 1 Acquired intangibles $ 17,192 3 Goodwill – Changes in goodwill by reportable segment and in total were as follows for the quarter ended March 31, 2023: (in thousands) Payments Data Solutions Promotional Solutions Checks Total Balance, December 31, 2022: Goodwill, gross $ 896,681 $ 432,984 $ 252,775 $ 434,812 $ 2,017,252 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges 896,681 40,816 59,076 434,812 1,431,385 Currency translation adjustment and other (828) — 4 — (824) Balance, March 31, 2023 $ 895,853 $ 40,816 $ 59,080 $ 434,812 $ 1,430,561 Balance, March 31, 2023: Goodwill, gross $ 895,853 $ 432,984 $ 252,779 $ 434,812 $ 2,016,428 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges $ 895,853 $ 40,816 $ 59,080 $ 434,812 $ 1,430,561 Other non-current assets – Other non-current assets were comprised of the following: (in thousands) March 31, December 31, Postretirement benefit plan asset $ 81,424 $ 79,343 Cloud computing arrangement implementation costs 69,279 71,547 Prepaid product discounts 48,106 44,824 Deferred contract acquisition costs (1) 22,645 21,300 Assets held for sale (2) 13,355 — Loans and notes receivable from distributors, net of allowance for credit losses (3) 12,959 13,259 Other 24,987 30,081 Other non-current assets $ 272,755 $ 260,354 (1) Amortization of deferred contract acquisition costs was $2,367 for the quarter ended March 31, 2023 and $1,756 for the quarter ended March 31, 2022. (2) Amount includes the non-current assets of our North American web hosting and logo design businesses that were held for sale as of March 31, 2023 (Note 6). (3) Amount includes the non-current portion of loans and notes receivable. The current portion of these receivables is included in other current assets on the consolidated balance sheets and was $992 as of March 31, 2023 and $961 as of December 31, 2022. Changes in the allowance for credit losses related to loans and notes receivable from distributors were as follows for the quarters ended March 31, 2023 and 2022: Quarter Ended (in thousands) 2023 2022 Balance, beginning of year $ 1,024 $ 2,830 Bad debt (benefit) expense (28) 81 Other — (402) Balance, end of period $ 996 $ 2,509 Past due receivables and those on non-accrual status were not significant as of March 31, 2023 or December 31, 2022. We categorize loans and notes receivable into risk categories based on information about the ability of borrowers to service their debt, including current financial information, historical payment experience, current economic trends and other factors. The highest quality receivables are assigned a 1-2 internal grade. Those that have a potential weakness requiring management's attention are assigned a 3-4 internal grade. The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of March 31, 2023. There were no write-offs or recoveries recorded during the quarter ended March 31, 2023. Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2020 2019 2018 Prior Total Risk rating: 1-2 internal grade $ 1,104 $ 415 $ 4,008 $ 9,420 $ 14,947 3-4 internal grade — — — — — Loans and notes receivable $ 1,104 $ 415 $ 4,008 $ 9,420 $ 14,947 Changes in prepaid product discounts during the quarters ended March 31, 2023 and 2022 were as follows: Quarter Ended (in thousands) 2023 2022 Balance, beginning of year $ 44,824 $ 56,527 Additions (1) 11,784 4,229 Amortization (8,513) (8,924) Other 11 53 Balance, end of period $ 48,106 $ 51,885 (1) Prepaid product discounts are generally accrued upon contract execution. Payments for prepaid product discounts were $7,383 for the quarter ended March 31, 2023 and $7,859 for the quarter ended March 31, 2022. Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) March 31, December 31, Deferred revenue (1) $ 48,526 $ 47,012 Employee bonuses, including sales incentives 17,161 57,398 Interest 16,415 7,314 Operating lease liabilities 14,259 12,780 Wages and payroll liabilities, including vacation 12,095 20,264 Customer rebates 10,059 12,153 Prepaid product discounts 8,580 4,179 Other 58,613 57,304 Accrued liabilities $ 185,708 $ 218,404 (1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $18,683 for the quarter ended March 31, 2023 and $20,238 for the quarter ended March 31, 2022. Supplemental cash flow information – The reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets was as follows: (in thousands) March 31, March 31, Cash and cash equivalents $ 24,622 $ 44,059 Restricted cash and restricted cash equivalents included in funds held for customers 149,010 143,725 Cash and cash equivalents included in other current assets (1) 7,325 400 Non-current restricted cash included in other non-current assets 2,592 2,595 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 183,549 $ 190,779 Non-cash investing activities: Investment in joint venture (2) $ 18,392 $ — (1) Represents the cash and cash equivalents of businesses held for sale as of each date. Our North American web hosting and logo design businesses were classified as held for sale as of March 31, 2023 (Note 6) and our Australian web hosting business was classified as held for sale as of March 31, 2022. (2) In February 2023, we entered into a joint venture focused on launching and marketing a business payment distribution technology platform. We are committed to invest $20,000 over the next 3 years and we have option rights to acquire additional non-controlling ownership interests. During the quarter ended March 31, 2023, we recorded $18,392 for our investment in the joint venture and option rights.

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per share	The following table reflects the calculation of basic and diluted earnings per share. During each period, certain stock options, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. Quarter Ended (in thousands, except per share amounts) 2023 2022 Earnings per share – basic: Net income $ 2,780 $ 9,680 Net income attributable to non-controlling interest (28) (36) Net income attributable to Deluxe 2,752 9,644 Income allocated to participating securities (10) (10) Income attributable to Deluxe available to common shareholders $ 2,742 $ 9,634 Weighted-average shares outstanding 43,317 42,803 Earnings per share – basic $ 0.06 $ 0.23 Earnings per share – diluted: Net income $ 2,780 $ 9,680 Net income attributable to non-controlling interest (28) (36) Net income attributable to Deluxe 2,752 9,644 Income allocated to participating securities (10) (10) Re-measurement of share-based awards classified as liabilities (19) (39) Income attributable to Deluxe available to common shareholders $ 2,723 $ 9,595 Weighted-average shares outstanding 43,317 42,803 Dilutive impact of potential common shares 344 429 Weighted-average shares and potential common shares outstanding 43,661 43,232 Earnings per share – diluted $ 0.06 $ 0.22 Antidilutive options excluded from calculation 1,644 2,063

Other comprehensive income

Other comprehensive income	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other comprehensive income	Reclassification adjustments – Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of comprehensive income Quarter Ended (in thousands) 2023 2022 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 Other income Net actuarial loss (568) (225) Other income Total amortization (213) 130 Other income Tax benefit (expense) 16 (77) Income tax provision Amortization of postretirement benefit plan items, net of tax (197) 53 Net income Realized gain (loss) on cash flow hedges 570 (318) Interest expense Tax (expense) benefit (152) 83 Income tax provision Realized gain (loss) on cash flow hedges, net of tax 418 (235) Net income Total reclassifications, net of tax $ 221 $ (182) Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the quarter ended March 31, 2023 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on debt securities (1) Net unrealized gain (loss) on cash flow hedges (2) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2022 $ (26,872) $ (909) $ 2,593 $ (12,076) $ (37,264) Other comprehensive income (loss) before reclassifications — 123 (2,872) 227 (2,522) Amounts reclassified from accumulated other comprehensive loss 197 — (418) — (221) Net current-period other comprehensive income (loss) 197 123 (3,290) 227 (2,743) Balance, March 31, 2023 $ (26,675) $ (786) $ (697) $ (11,849) $ (40,007) (1) Other comprehensive income before reclassifications is net of income tax expense of $43. (2) Other comprehensive loss before reclassifications is net of an income tax benefit of $1,045.

Divestiture

Divestiture	3 Months Ended
	Mar. 31, 2023
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Divestiture	In January 2023, we entered into an agreement for the sale of our North American web hosting and logo design businesses for an aggregate sales price of $42,000, plus up to $10,000 of additional proceeds contingent upon performance against certain conditions following the closing. We believe that the sale of these businesses allows us to focus our resources on the key growth areas of payments and data, while allowing us to optimize our operations. These businesses generated annual revenue of approximately $66,000 during 2022, primarily in our Data Solutions segment. We anticipate that the sale will close during May 2023 and that we will recognize a gain on the sale. The assets and liabilities of these businesses were classified as held for sale in the consolidated balance sheet as of March 31, 2023 within other current assets, other non-current assets and accrued liabilities. The amounts of these assets and liabilities were not significant to our consolidated balance sheet.

Derivative financial instrument

Derivative financial instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	As part of our interest rate risk management strategy, we entered into interest rate swaps, which we designated as cash flow hedges, to mitigate variability in interest payments on a portion of our variable-rate debt (Note 12). In March 2023, we modified our September 2022 interest rate swap agreement to utilize SOFR as the reference rate in the agreement. Information regarding our accounting for this modification can be found in Note 2. Our derivative instruments were comprised of the following: March 31, December 31, (in thousands) Notional amount Interest rate Maturity Balance sheet location Fair value Fair value March 2023 $ 200,000 4.003 % March 2026 Other non-current liabilities $ (888) — September 2022 interest rate swap: 300,000 3.990 % September 2025 Other non-current assets — 2,409 Other non-current liabilities (7) July 2019 interest rate swap: 200,000 1.798 % March 2023 Other current assets — 1,184

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair value measurements	Funds held for customers and cash and cash equivalents included available-for-sale debt securities (Note 3). These securities included a mutual fund investment that invests in Canadian and provincial government securities and as of December 31, 2022, included a domestic money market fund. The mutual fund investment is not traded in an active market and its fair value is determined by obtaining quoted prices in active markets for the underlying securities held by the fund. The cost of the money market fund held as of December 31, 2022, which was traded in an active market, approximated its fair value because of the short-term nature of the investment. Unrealized gains and losses, net of tax, are included in accumulated other comprehensive loss on the consolidated balance sheets. The cost of securities sold is determined using the average cost method. Realized gains and losses are included in revenue on the consolidated statements of comprehensive income and were not significant for the quarters ended March 31, 2023 and 2022. Information regarding the fair values of our financial instruments was as follows: Fair value measurements using March 31, 2023 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income: Available-for-sale debt securities Funds held for customers $ 8,370 $ 8,370 $ — $ 8,370 $ — Derivative liabilities (Note 7) Other non-current liabilities (895) (895) — (895) — Amortized cost: Cash Cash and cash equivalents 24,622 24,622 24,622 — — Cash Funds held for customers 149,010 149,010 149,010 — — Cash Other current assets 7,325 7,325 7,325 — — Cash Other non-current assets 2,592 2,592 2,592 — — Loans and notes receivable from distributors Other current and non-current assets 13,951 13,295 — — 13,295 Long-term debt Current portion of long-term debt and long-term debt 1,686,700 1,572,251 — 1,572,251 — Fair value measurements using December 31, 2022 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income: Available-for-sale debt securities Cash and cash equivalents $ 5,000 $ 5,000 $ 5,000 $ — $ — Available-for-sale debt securities Funds held for customers 8,126 8,126 — 8,126 — Derivative assets (Note 7) Other current and non-current assets 3,593 3,593 — 3,593 — Amortized cost: Cash Cash and cash equivalents 35,435 35,435 35,435 — — Cash Funds held for customers 294,165 294,165 294,165 — — Cash Other non-current assets 2,815 2,815 2,815 — — Loans and notes receivable from distributors Other current and non-current assets 14,220 13,315 — — 13,315 Long-term debt Current portion of long-term debt and long-term debt 1,644,276 1,574,417 — 1,574,417 —

Restructuring and integration e

Restructuring and integration expense	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and integration expense	Restructuring and integration expense consists of costs related to the consolidation and migration of certain applications and processes, including our financial and sales management systems. It also includes costs related to the integration of acquired businesses into our systems and processes. These costs consist primarily of information technology consulting, project management services and internal labor, as well as other costs associated with our initiatives, such as training, travel, relocation and costs associated with facility closures. In addition, we recorded employee severance costs related to these initiatives, as well as our ongoing cost reduction initiatives across functional areas. We are currently pursuing several initiatives designed to support our growth strategy and to increase our efficiency. Restructuring and integration expense is not allocated to our reportable business segments. Restructuring and integration expense is reflected on the consolidated statements of comprehensive income as follows: Quarter Ended (in thousands) 2023 2022 Total cost of revenue $ 1,153 $ 59 Operating expenses 12,941 16,244 Restructuring and integration expense $ 14,094 $ 16,303 Restructuring and integration expense for each period was comprised of the following: Quarter Ended (in thousands) 2023 2022 External consulting fees $ 7,692 $ 7,859 Internal labor 2,122 1,696 Employee severance benefits 186 1,125 Other 4,094 5,623 Restructuring and integration expense $ 14,094 $ 16,303 Our restructuring and integration accruals are included in accrued liabilities on the consolidated balance sheets and represent expected cash payments required to satisfy the remaining severance obligations to those employees already terminated and those expected to be terminated under our various initiatives. The majority of the employee reductions and the related severance payments are expected to be completed by mid-2023. Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2022 $ 8,528 Charges 488 Reversals (302) Payments (4,833) Balance, March 31, 2023 $ 3,881 The charges and reversals presented in the rollforward of our restructuring and integration accruals do not include items charged directly to expense as incurred, as those items are not reflected in accrued liabilities on the consolidated balance sheets.

Income tax provision

Income tax provision	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax provision	The effective tax rate on pretax income reconciles to the U.S. federal statutory tax rate as follows: Quarter Ended Year Ended Income tax at federal statutory rate 21.0 % 21.0 % Change in valuation allowance 149.5 % 7.2 % Tax impact of share-based compensation 22.3 % 3.2 % Acquisition-related items 9.0 % 0.1 % Payables and receivables for prior year tax returns 4.0 % (0.3 %) Tax on repatriation of foreign earnings 2.7 % 2.2 % Foreign tax rate differences 2.5 % 1.9 % Non-deductible executive compensation 2.2 % 2.2 % State income tax expense, net of federal income tax benefit 1.1 % 2.7 % Sale of business/basis difference in assets held for sale (149.5 %) (15.8 %) Change in unrecognized tax benefits, including interest and penalties (5.8 %) 0.2 % Return to provision adjustments — (1.9 %) Research and development tax credit (1.6 %) (1.2 %) Other 0.1 % 0.8 % Effective tax rate 57.5 % 22.3 % As of March 31, 2023, we classified the assets and liabilities of our North American web hosting and logo design businesses as held for sale in the consolidated balance sheet. As such, we recognized a deferred tax asset for the difference between the book and tax basis of our investment in these businesses, and we recorded a full valuation allowance against the deferred tax asset, as we do not expect to realize the related tax benefit. During the year ended December 31, 2022, we recognized a capital loss for tax purposes related to the sale of our Australian web hosting business, and we recorded a valuation allowance for the portion of the capital loss carryover we did not expect to realize.

Postretirement benefits

Postretirement benefits	3 Months Ended
	Mar. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Postretirement benefits	We have historically provided certain health care benefits for eligible retired U.S. employees. In addition to our retiree health care plan, we also have a U.S. supplemental executive retirement plan. Further information regarding our postretirement benefit plans can be found under the caption “Note 12: Postretirement Benefits” in the Notes to Consolidated Financial Statements appearing in the 2022 Form 10-K. Postretirement benefit income is included in other income on the consolidated statements of comprehensive income and consisted of the following components: Quarter Ended (in thousands) 2023 2022 Interest cost $ 496 $ 280 Expected return on plan assets (1,830) (1,866) Amortization of prior service credit (355) (355) Amortization of net actuarial losses 568 225 Net periodic benefit income $ (1,121) $ (1,716)

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt outstanding was comprised of the following: (in thousands) March 31, December 31, Senior, secured term loan facility $ 972,938 $ 987,375 Senior, unsecured notes 475,000 475,000 Amounts drawn on senior, secured revolving credit facility 253,000 197,000 Total principal amount 1,700,938 1,659,375 Less: unamortized discount and debt issuance costs (14,238) (15,099) Total debt, net of discount and debt issuance costs 1,686,700 1,644,276 Less: current portion of long-term debt, net of debt issuance costs (78,845) (71,748) Long-term debt $ 1,607,855 $ 1,572,528 Maturities of long-term debt were as follows as of March 31, 2023: (in thousands) Debt obligations Remainder of 2023 $ 57,750 2024 86,625 2025 101,063 2026 980,500 2027 — Thereafter 475,000 Total principal amount $ 1,700,938 Credit facility – In June 2021, we executed a senior, secured credit facility consisting of a revolving credit facility with commitments of $500,000 and a $1,155,000 term loan facility. The revolving credit facility includes a $40,000 swingline sub-facility and a $25,000 letter of credit sub-facility. Proceeds from the credit facility were used to terminate our previous credit facility agreement and to fund the acquisition of First American Payment Systems, L.P (First American). Loans under the revolving credit facility may be borrowed, repaid and re-borrowed until June 1, 2026, at which time all amounts borrowed must be repaid. The term loan facility will be repaid in equal quarterly installments of $14,438 through June 30, 2023, $21,656 from September 30, 2023 through June 30, 2025, and $28,875 from September 30, 2025 through March 31, 2026. The remaining balance is due on June 1, 2026. The term loan facility also includes mandatory prepayment requirements related to asset sales, new debt (other than permitted debt) and excess cash flow, subject to certain limitations. No premium or penalty is payable in connection with any mandatory or voluntary prepayment of the term loan facility. Interest is payable on the credit facility at a fluctuating rate of interest determined by reference to the eurodollar rate plus an applicable margin ranging from 1.5% to 2.5%, depending on our consolidated total leverage ratio, as defined in the credit agreement. Through March 20, 2023, the eurodollar rate was derived from LIBOR. Effective March 20, 2023, we modified the credit facility to utilize SOFR as the reference rate in the agreement. Information regarding our accounting for this modification can be found in Note 2. A commitment fee is payable on the unused portion of the revolving credit facility at a rate ranging from 0.25% to 0.35%, depending on our consolidated total leverage ratio. Amounts outstanding under the credit facility had a weighted-average interest rate of 6.72% as of March 31, 2023 and 6.07% as of December 31, 2022, including the impact of interest rate swaps that effectively convert $500,000 of our variable-rate debt to fixed rate debt. Further information regarding the interest rate swaps can be found in Note 7. Borrowings under the credit facility are collateralized by substantially all of the present and future tangible and intangible personal property held by us and our subsidiaries that have guaranteed our obligations under the credit facility, subject to certain exceptions. The credit agreement contains customary covenants regarding limits on levels of indebtedness, liens, mergers, certain asset dispositions, changes in business, advances, investments, loans and restricted payments. The covenants are subject to a number of limitations and exceptions set forth in the credit agreement. The credit agreement also includes requirements regarding our consolidated total leverage ratio and our consolidated secured leverage ratio, as defined in the credit agreement. These ratios may not equal or exceed the following amounts during the periods indicated: Fiscal Quarter Ending Consolidated total leverage ratio Consolidated secured leverage ratio March 31, 2023 4.75 to 1:00 3.75 to 1:00 June 30, 2023 through March 31, 2024 4.50 to 1:00 3.50 to 1:00 June 30, 2024 and each fiscal quarter thereafter 4.25 to 1:00 3.50 to 1:00 In addition, we must maintain a minimum interest coverage ratio of at least 3.00 to 1.00 throughout the remaining term of the credit facility. Failure to meet any of the above requirements would result in an event of default that would allow lenders to declare amounts outstanding immediately due and payable and would allow the lenders to enforce their interests against collateral pledged if we are unable to settle the amounts outstanding. We were in compliance with all debt covenants as of March 31, 2023. The credit agreement contains customary representations and warranties and, as a condition to borrowing, requires that all such representations and warranties be true and correct in all material respects on the date of each borrowing, including representations as to no material adverse change in our business, assets, operations or financial condition. If our consolidated total leverage ratio exceeds 2.75 to 1.00, the aggregate annual amount of permitted dividends and share repurchases is limited to $60,000. As of March 31, 2023, amounts available for borrowing under our revolving credit facility were as follows: (in thousands) Available borrowings Revolving credit facility commitment $ 500,000 Amounts drawn on revolving credit facility (253,000) Outstanding letters of credit (1) (7,818) Net available for borrowing as of March 31, 2023 $ 239,182 (1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states.These letters of credit reduce the amount available for borrowing under our revolving credit facility. Senior unsecured notes – In June 2021, we issued $500,000 of 8.0% senior, unsecured notes that mature in June 2029. The notes were issued via a private placement under Rule 144A of the Securities Act of 1933. Proceeds from the offering, net of discount and offering costs, were $490,741, resulting in an effective interest rate of 8.3%. The net proceeds from the notes were used to fund the acquisition of First American in June 2021. Interest payments are due each June and December. During 2022, we settled $25,000 of these notes via open market purchases.

Other commitments and contingen

Other commitments and contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Other commitments and contingencies	Indemnifications – In the normal course of business, we periodically enter into agreements that incorporate general indemnification language. These indemnification provisions generally encompass third-party claims arising from our products and services, including, without limitation, service failures, breach of security, intellectual property rights, governmental regulations and/or employment-related matters. Performance under these indemnities would generally be triggered by our breach of the terms of the contract. In disposing of assets or businesses, we often provide representations, warranties and/or indemnities to cover various risks including, for example, unknown damage to the assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities and legal matters related to periods prior to disposition. We do not have the ability to estimate the potential liability from such indemnities because they relate to unknown conditions. However, we do not believe that any liability under these indemnities would have a material adverse effect on our financial position, annual results of operations or annual cash flows. We have recorded liabilities for known indemnifications related to environmental matters. These liabilities were not significant as of March 31, 2023 or December 31, 2022. First American indemnification – Pursuant to the First American acquisition agreement, we are entitled to limited indemnification for certain expenses and losses, if any, that may be incurred after the consummation of the transaction that arise out of certain matters, including a Federal Trade Commission (FTC) investigation initiated in December 2019 seeking information to determine whether certain subsidiaries of First American may have engaged in conduct prohibited by the Federal Trade Commission Act, the Fair Credit Reporting Act or the Duties of Furnishers of Information. As fully set forth in the merger agreement, our rights to indemnification for any such expenses and losses were limited to the amount of an indemnity holdback, which is our sole recourse for any such losses. The First American subsidiaries entered into a Stipulated Order for Permanent Injunction, Monetary Judgment, and Other Relief (the “Order”) with the FTC, which was approved by the FTC on July 29, 2022. The parties subsequently entered into an amended Order. Pursuant to the Order, among other things, the First American defendants were required to pay $4,900 to the FTC within 7 days of the entry of the Order. The First American defendants also agreed to certain injunctive relief. The payment of the above-referenced amount was made in March 2023, and we were reimbursed for post-closing expenses that we incurred in connection with this matter. These payments did not have a material impact on our consolidated financial statements. Self-insurance – We are self-insured for certain costs, primarily workers' compensation claims and medical and dental benefits for active employees and those employees on long-term disability. The liabilities associated with these items represent our best estimate of the ultimate obligations for reported claims plus those incurred, but not reported, and totaled $8,063 as of March 31, 2023 and $9,661 as of December 31, 2022. These accruals are included in accrued liabilities and other non-current liabilities on the consolidated balance sheets. Our workers' compensation liability is recorded at present value. The difference between the discounted and undiscounted liability was not significant as of March 31, 2023 or December 31, 2022. Our self-insurance liabilities are estimated, in part, by considering historical claims experience, demographic factors and other actuarial assumptions. The estimated accruals for these liabilities could be significantly affected if future events and claims differ from these assumptions and historical trends. Litigation – Recorded liabilities for legal matters, as well as related charges recorded in each period, were not material to our financial position, results of operations or liquidity during the periods presented, and we do not believe that any of the currently identified claims or litigation will materially affect our financial position, results of operations or liquidity, upon resolution. However, litigation is subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, it may cause a material adverse impact on our financial position, results of operations or liquidity for the period in which the ruling occurs or in future periods.

Shareholders' equity

Shareholders' equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Shareholders' equity	In October 2018, our board of directors authorized the repurchase of up to $500,000 of our common stock. This authorization has no expiration date. No shares were repurchased under this authorization during the quarters ended March 31, 2023 or March 31, 2022, and $287,452 remained available for repurchase as of March 31, 2023.

Business segment information

Business segment information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Business segment information	We operate 4 reportable business segments, generally organized by product type, as follows: • Payments – This segment includes our merchant in-store, online and mobile payment solutions; treasury management solutions, including remittance and lockbox processing, remote deposit capture, receivables management, payment processing and paperless treasury management; payroll and disbursement services, including Deluxe Payment Exchange; and fraud and security services. • Data Solutions – This segment includes data-driven marketing solutions; hosted solutions, including digital engagement, logo design, financial institution profitability reporting and business incorporation services; and web hosting and design services. We expect to complete the sale of our remaining web hosting and logo design businesses in May 2023. Further information regarding this divestiture can be found in Note 6. • Promotional Solutions – This segment includes business forms, accessories, advertising specialties and promotional apparel. • Checks – This segment includes printed business and personal checks. The accounting policies of the segments are the same as those described in the Notes to Consolidated Financial Statements included in the 2022 Form 10-K. We allocate corporate costs for our shared services functions to our business segments when the costs are directly attributable to a segment. This includes certain sales and marketing, human resources, supply chain, real estate, finance, information technology and legal costs. Costs that are not directly attributable to a business segment are reported as Corporate operations and consist primarily of marketing, accounting, information technology, facilities, executive management and legal, tax and treasury costs that support the corporate function. Corporate operations also includes other income. All of our segments operate primarily in the U.S., with some operations in Canada. In addition, Data Solutions has operations in portions of Europe, as well as partners in Central and South America, and had operations in Australia until May 2022 when the Australian portion of our web hosting business was sold. Our chief operating decision maker (i.e., our Chief Executive Officer) reviews earnings before interest, taxes, depreciation and amortization (EBITDA) on an adjusted basis for each segment when deciding how to allocate resources and to assess segment operating performance. Adjusted EBITDA for each segment excludes depreciation and amortization expense, interest expense, income tax expense and certain other amounts, which may include, from time to time: asset impairment charges; restructuring and integration costs; share-based compensation expense; acquisition transaction costs; certain legal-related expense; and gains or losses on sales of businesses and long-lived assets. Our Chief Executive Officer does not review segment asset information when making investment or operating decisions regarding our reportable business segments. Segment information for the quarters ended March 31, 2023 and 2022 was as follows: Quarter Ended March 31, (in thousands) 2023 2022 Payments: Revenue $ 171,983 $ 166,208 Adjusted EBITDA 36,556 36,435 Data Solutions: Revenue 58,594 69,497 Adjusted EBITDA 15,317 17,326 Promotional Solutions: Revenue 136,141 133,243 Adjusted EBITDA 18,810 16,945 Checks: Revenue 178,647 187,067 Adjusted EBITDA 76,479 82,797 Total segment: Revenue $ 545,365 $ 556,015 Adjusted EBITDA 147,162 153,503 The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes: Quarter Ended March 31, (in thousands) 2023 2022 Total segment adjusted EBITDA $ 147,162 $ 153,503 Corporate operations (46,726) (53,883) Depreciation and amortization expense (43,520) (41,597) Interest expense (30,016) (20,324) Net income attributable to non-controlling interest 28 36 Restructuring and integration costs (14,094) (16,303) Share-based compensation expense (5,866) (8,142) Acquisition transaction costs — (49) Certain legal-related expense (429) (683) Income before income taxes $ 6,539 $ 12,558 The following tables present revenue disaggregated by our product and service offerings: Quarter Ended March 31, 2023 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 178,647 $ 178,647 Merchant services and other payment solutions 111,509 — — — 111,509 Marketing and promotional solutions — — 70,651 — 70,651 Forms and other products — — 65,490 — 65,490 Treasury management solutions 60,474 — — — 60,474 Data-driven marketing solutions — 39,282 — — 39,282 Web and hosted solutions — 19,312 — — 19,312 Total revenue $ 171,983 $ 58,594 $ 136,141 $ 178,647 $ 545,365 Quarter Ended March 31, 2022 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 187,067 $ 187,067 Merchant services and other payment solutions 108,270 — — — 108,270 Marketing and promotional solutions — — 62,927 — 62,927 Forms and other products — — 70,316 — 70,316 Treasury management solutions 57,938 — — — 57,938 Data-driven marketing solutions — 41,843 — — 41,843 Web and hosted solutions — 27,654 — — 27,654 Total revenue $ 166,208 $ 69,497 $ 133,243 $ 187,067 $ 556,015 The following tables present revenue disaggregated by geography, based on where items are shipped from or where services are performed: Quarter Ended March 31, 2023 (in thousands) Payments Data Promotional Solutions Checks Consolidated United States $ 159,464 $ 55,747 $ 130,495 $ 171,847 $ 517,553 Foreign, primarily Canada 12,519 2,847 5,646 6,800 27,812 Total revenue $ 171,983 $ 58,594 $ 136,141 $ 178,647 $ 545,365 Quarter Ended March 31, 2022 (in thousands) Payments Data Promotional Solutions Checks Consolidated United States $ 156,268 $ 60,624 $ 127,242 $ 179,088 $ 523,222 Foreign, primarily Canada and Australia 9,940 8,873 6,001 7,979 32,793 Total revenue $ 166,208 $ 69,497 $ 133,243 $ 187,067 $ 556,015

Consolidated financial statem_2

Consolidated financial statements (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Comparability	Comparability – The consolidated statement of cash flows for the quarter ended March 31, 2022 has been modified to conform to the current year presentation. We included proceeds from issuing shares within other financing activities. Previously, this amount was shown separately.

Supplemental balance sheet an_2

Supplemental balance sheet and cash flow information (Tables)	3 Months Ended
	Mar. 31, 2023
Inventories and supplies	Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) March 31, December 31, Raw materials $ 11,326 $ 11,563 Semi-finished goods 5,973 7,777 Finished goods 37,240 32,938 Supplies 6,866 6,389 Reserve for excess and obsolete items (7,482) (6,400) Inventories and supplies, net of reserve $ 53,923 $ 52,267 Changes in the reserve for excess and obsolete items were as follows for the quarters ended March 31, 2023 and 2022: Quarter Ended (in thousands) 2023 2022 Balance, beginning of year $ 6,400 $ 5,132 Amounts charged to expense 1,334 773 Write-offs and other (252) (526) Balance, end of period $ 7,482 $ 5,379
Available-for-sale debt securities	Available-for-sale debt securities – Available-for-sale debt securities were comprised of the following: March 31, 2023 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Canadian and provincial government securities $ 9,269 $ — $ (899) $ 8,370 Available-for-sale debt securities $ 9,269 $ — $ (899) $ 8,370 (1) Funds held for customers, as reported on the consolidated balance sheet as of March 31, 2023, also included cash of $149,010. December 31, 2022 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Cash equivalents: Domestic money market fund $ 5,000 $ — $ — $ 5,000 Funds held for customers: (1) Canadian and provincial government securities 9,190 — (1,064) 8,126 Available-for-sale debt securities $ 14,190 $ — $ (1,064) $ 13,126 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2022, also included cash of $294,165.
Expected maturities of available-for-sale debt securities	Expected maturities of available-for-sale debt securities as of March 31, 2023 were as follows: (in thousands) Fair value Due in one year or less $ 2,888 Due in two to five years 2,461 Due in six to ten years 3,021 Available-for-sale debt securities $ 8,370
Revenue in excess of billings	Revenue in excess of billings – Revenue in excess of billings was comprised of the following: (in thousands) March 31, December 31, Conditional right to receive consideration $ 20,928 $ 26,520 Unconditional right to receive consideration (1) 15,004 12,241 Revenue in excess of billings $ 35,932 $ 38,761 (1) Represents revenues that are earned but not currently billable under the related contract terms.
Intangibles	Intangibles – Intangibles were comprised of the following: March 31, 2023 December 31, 2022 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Internal-use software $ 497,102 $ (365,240) $ 131,862 $ 529,306 $ (395,514) $ 133,792 Customer lists/relationships 491,951 (323,960) 167,991 497,882 (312,986) 184,896 Technology-based intangibles 97,633 (47,529) 50,104 99,613 (47,478) 52,135 Partner relationships 73,930 (9,411) 64,519 74,682 (9,094) 65,588 Trade names 39,367 (22,217) 17,150 44,185 (26,510) 17,675 Software to be sold 36,900 (32,954) 3,946 36,900 (32,007) 4,893 Intangibles $ 1,236,883 $ (801,311) $ 435,572 $ 1,282,568 $ (823,589) $ 458,979
Estimated future amortization expense	Based on the intangibles in service as of March 31, 2023, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2023 $ 97,717 2024 96,138 2025 66,435 2026 42,050 2027 32,746
Acquired intangibles	The following intangibles were capitalized during the quarter ended March 31, 2023: (in thousands) Amount Weighted-average amortization period Internal-use software $ 16,918 3 Partner relationships 274 1 Acquired intangibles $ 17,192 3
Goodwill	Goodwill – Changes in goodwill by reportable segment and in total were as follows for the quarter ended March 31, 2023: (in thousands) Payments Data Solutions Promotional Solutions Checks Total Balance, December 31, 2022: Goodwill, gross $ 896,681 $ 432,984 $ 252,775 $ 434,812 $ 2,017,252 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges 896,681 40,816 59,076 434,812 1,431,385 Currency translation adjustment and other (828) — 4 — (824) Balance, March 31, 2023 $ 895,853 $ 40,816 $ 59,080 $ 434,812 $ 1,430,561 Balance, March 31, 2023: Goodwill, gross $ 895,853 $ 432,984 $ 252,779 $ 434,812 $ 2,016,428 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges $ 895,853 $ 40,816 $ 59,080 $ 434,812 $ 1,430,561
Other non-current assets	Other non-current assets – Other non-current assets were comprised of the following: (in thousands) March 31, December 31, Postretirement benefit plan asset $ 81,424 $ 79,343 Cloud computing arrangement implementation costs 69,279 71,547 Prepaid product discounts 48,106 44,824 Deferred contract acquisition costs (1) 22,645 21,300 Assets held for sale (2) 13,355 — Loans and notes receivable from distributors, net of allowance for credit losses (3) 12,959 13,259 Other 24,987 30,081 Other non-current assets $ 272,755 $ 260,354 (1) Amortization of deferred contract acquisition costs was $2,367 for the quarter ended March 31, 2023 and $1,756 for the quarter ended March 31, 2022. (2) Amount includes the non-current assets of our North American web hosting and logo design businesses that were held for sale as of March 31, 2023 (Note 6). (3) Amount includes the non-current portion of loans and notes receivable. The current portion of these receivables is included in other current assets on the consolidated balance sheets and was $992 as of March 31, 2023 and $961 as of December 31, 2022.
Loans and notes receivable by credit quality Indicator	The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of March 31, 2023. There were no write-offs or recoveries recorded during the quarter ended March 31, 2023. Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2020 2019 2018 Prior Total Risk rating: 1-2 internal grade $ 1,104 $ 415 $ 4,008 $ 9,420 $ 14,947 3-4 internal grade — — — — — Loans and notes receivable $ 1,104 $ 415 $ 4,008 $ 9,420 $ 14,947
Changes in prepaid product discounts	Changes in prepaid product discounts during the quarters ended March 31, 2023 and 2022 were as follows: Quarter Ended (in thousands) 2023 2022 Balance, beginning of year $ 44,824 $ 56,527 Additions (1) 11,784 4,229 Amortization (8,513) (8,924) Other 11 53 Balance, end of period $ 48,106 $ 51,885 (1) Prepaid product discounts are generally accrued upon contract execution. Payments for prepaid product discounts were $7,383 for the quarter ended March 31, 2023 and $7,859 for the quarter ended March 31, 2022.
Accrued liabilities	Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) March 31, December 31, Deferred revenue (1) $ 48,526 $ 47,012 Employee bonuses, including sales incentives 17,161 57,398 Interest 16,415 7,314 Operating lease liabilities 14,259 12,780 Wages and payroll liabilities, including vacation 12,095 20,264 Customer rebates 10,059 12,153 Prepaid product discounts 8,580 4,179 Other 58,613 57,304 Accrued liabilities $ 185,708 $ 218,404 (1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $18,683 for the quarter ended March 31, 2023 and $20,238 for the quarter ended March 31, 2022.
Supplemental cash flow information	Supplemental cash flow information – The reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets was as follows: (in thousands) March 31, March 31, Cash and cash equivalents $ 24,622 $ 44,059 Restricted cash and restricted cash equivalents included in funds held for customers 149,010 143,725 Cash and cash equivalents included in other current assets (1) 7,325 400 Non-current restricted cash included in other non-current assets 2,592 2,595 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 183,549 $ 190,779 Non-cash investing activities: Investment in joint venture (2) $ 18,392 $ — (1) Represents the cash and cash equivalents of businesses held for sale as of each date. Our North American web hosting and logo design businesses were classified as held for sale as of March 31, 2023 (Note 6) and our Australian web hosting business was classified as held for sale as of March 31, 2022. (2) In February 2023, we entered into a joint venture focused on launching and marketing a business payment distribution technology platform. We are committed to invest $20,000 over the next 3 years and we have option rights to acquire additional non-controlling ownership interests. During the quarter ended March 31, 2023, we recorded $18,392 for our investment in the joint venture and option rights.
Trade accounts receivable [Member]
Allowance for credit losses	Trade accounts receivable – Net trade accounts receivable was comprised of the following: (in thousands) March 31, December 31, Trade accounts receivable – gross $ 226,718 $ 210,799 Allowance for credit losses (4,824) (4,182) Trade accounts receivable – net (1) $ 221,894 $ 206,617 (1) Includes unbilled receivables of $54,336 as of March 31, 2023 and $43,902 as of December 31, 2022. Changes in the allowance for credit losses for the quarters ended March 31, 2023 and 2022 were as follows: Quarter Ended (in thousands) 2023 2022 Balance, beginning of year $ 4,182 $ 4,130 Bad debt expense 1,466 625 Write-offs and other (824) (556) Balance, end of period $ 4,824 $ 4,199
Loans and notes receivable [Member]
Allowance for credit losses	Changes in the allowance for credit losses related to loans and notes receivable from distributors were as follows for the quarters ended March 31, 2023 and 2022: Quarter Ended (in thousands) 2023 2022 Balance, beginning of year $ 1,024 $ 2,830 Bad debt (benefit) expense (28) 81 Other — (402) Balance, end of period $ 996 $ 2,509

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per share	The following table reflects the calculation of basic and diluted earnings per share. During each period, certain stock options, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. Quarter Ended (in thousands, except per share amounts) 2023 2022 Earnings per share – basic: Net income $ 2,780 $ 9,680 Net income attributable to non-controlling interest (28) (36) Net income attributable to Deluxe 2,752 9,644 Income allocated to participating securities (10) (10) Income attributable to Deluxe available to common shareholders $ 2,742 $ 9,634 Weighted-average shares outstanding 43,317 42,803 Earnings per share – basic $ 0.06 $ 0.23 Earnings per share – diluted: Net income $ 2,780 $ 9,680 Net income attributable to non-controlling interest (28) (36) Net income attributable to Deluxe 2,752 9,644 Income allocated to participating securities (10) (10) Re-measurement of share-based awards classified as liabilities (19) (39) Income attributable to Deluxe available to common shareholders $ 2,723 $ 9,595 Weighted-average shares outstanding 43,317 42,803 Dilutive impact of potential common shares 344 429 Weighted-average shares and potential common shares outstanding 43,661 43,232 Earnings per share – diluted $ 0.06 $ 0.22 Antidilutive options excluded from calculation 1,644 2,063

Other comprehensive income (Tab

Other comprehensive income (Tables)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassification adjustments	Reclassification adjustments – Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of comprehensive income Quarter Ended (in thousands) 2023 2022 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 Other income Net actuarial loss (568) (225) Other income Total amortization (213) 130 Other income Tax benefit (expense) 16 (77) Income tax provision Amortization of postretirement benefit plan items, net of tax (197) 53 Net income Realized gain (loss) on cash flow hedges 570 (318) Interest expense Tax (expense) benefit (152) 83 Income tax provision Realized gain (loss) on cash flow hedges, net of tax 418 (235) Net income Total reclassifications, net of tax $ 221 $ (182)
Accumulated other comprehensive loss	Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the quarter ended March 31, 2023 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on debt securities (1) Net unrealized gain (loss) on cash flow hedges (2) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2022 $ (26,872) $ (909) $ 2,593 $ (12,076) $ (37,264) Other comprehensive income (loss) before reclassifications — 123 (2,872) 227 (2,522) Amounts reclassified from accumulated other comprehensive loss 197 — (418) — (221) Net current-period other comprehensive income (loss) 197 123 (3,290) 227 (2,743) Balance, March 31, 2023 $ (26,675) $ (786) $ (697) $ (11,849) $ (40,007) (1) Other comprehensive income before reclassifications is net of income tax expense of $43. (2) Other comprehensive loss before reclassifications is net of an income tax benefit of $1,045.

Derivative financial instrume_2

Derivative financial instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	Our derivative instruments were comprised of the following: March 31, December 31, (in thousands) Notional amount Interest rate Maturity Balance sheet location Fair value Fair value March 2023 $ 200,000 4.003 % March 2026 Other non-current liabilities $ (888) — September 2022 interest rate swap: 300,000 3.990 % September 2025 Other non-current assets — 2,409 Other non-current liabilities (7) July 2019 interest rate swap: 200,000 1.798 % March 2023 Other current assets — 1,184

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of financial instruments	Information regarding the fair values of our financial instruments was as follows: Fair value measurements using March 31, 2023 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income: Available-for-sale debt securities Funds held for customers $ 8,370 $ 8,370 $ — $ 8,370 $ — Derivative liabilities (Note 7) Other non-current liabilities (895) (895) — (895) — Amortized cost: Cash Cash and cash equivalents 24,622 24,622 24,622 — — Cash Funds held for customers 149,010 149,010 149,010 — — Cash Other current assets 7,325 7,325 7,325 — — Cash Other non-current assets 2,592 2,592 2,592 — — Loans and notes receivable from distributors Other current and non-current assets 13,951 13,295 — — 13,295 Long-term debt Current portion of long-term debt and long-term debt 1,686,700 1,572,251 — 1,572,251 — Fair value measurements using December 31, 2022 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income: Available-for-sale debt securities Cash and cash equivalents $ 5,000 $ 5,000 $ 5,000 $ — $ — Available-for-sale debt securities Funds held for customers 8,126 8,126 — 8,126 — Derivative assets (Note 7) Other current and non-current assets 3,593 3,593 — 3,593 — Amortized cost: Cash Cash and cash equivalents 35,435 35,435 35,435 — — Cash Funds held for customers 294,165 294,165 294,165 — — Cash Other non-current assets 2,815 2,815 2,815 — — Loans and notes receivable from distributors Other current and non-current assets 14,220 13,315 — — 13,315 Long-term debt Current portion of long-term debt and long-term debt 1,644,276 1,574,417 — 1,574,417 —

Restructuring and integration_2

Restructuring and integration expense (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and integration expense	Restructuring and integration expense is reflected on the consolidated statements of comprehensive income as follows: Quarter Ended (in thousands) 2023 2022 Total cost of revenue $ 1,153 $ 59 Operating expenses 12,941 16,244 Restructuring and integration expense $ 14,094 $ 16,303 Restructuring and integration expense for each period was comprised of the following: Quarter Ended (in thousands) 2023 2022 External consulting fees $ 7,692 $ 7,859 Internal labor 2,122 1,696 Employee severance benefits 186 1,125 Other 4,094 5,623 Restructuring and integration expense $ 14,094 $ 16,303
Changes in restructuring and integration accruals	Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2022 $ 8,528 Charges 488 Reversals (302) Payments (4,833) Balance, March 31, 2023 $ 3,881

Income tax provision (Tables)

Income tax provision (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation	The effective tax rate on pretax income reconciles to the U.S. federal statutory tax rate as follows: Quarter Ended Year Ended Income tax at federal statutory rate 21.0 % 21.0 % Change in valuation allowance 149.5 % 7.2 % Tax impact of share-based compensation 22.3 % 3.2 % Acquisition-related items 9.0 % 0.1 % Payables and receivables for prior year tax returns 4.0 % (0.3 %) Tax on repatriation of foreign earnings 2.7 % 2.2 % Foreign tax rate differences 2.5 % 1.9 % Non-deductible executive compensation 2.2 % 2.2 % State income tax expense, net of federal income tax benefit 1.1 % 2.7 % Sale of business/basis difference in assets held for sale (149.5 %) (15.8 %) Change in unrecognized tax benefits, including interest and penalties (5.8 %) 0.2 % Return to provision adjustments — (1.9 %) Research and development tax credit (1.6 %) (1.2 %) Other 0.1 % 0.8 % Effective tax rate 57.5 % 22.3 %

Postretirement benefits (Tables

Postretirement benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Components of net periodic benefit income	Postretirement benefit income is included in other income on the consolidated statements of comprehensive income and consisted of the following components: Quarter Ended (in thousands) 2023 2022 Interest cost $ 496 $ 280 Expected return on plan assets (1,830) (1,866) Amortization of prior service credit (355) (355) Amortization of net actuarial losses 568 225 Net periodic benefit income $ (1,121) $ (1,716)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt outstanding	Debt outstanding was comprised of the following: (in thousands) March 31, December 31, Senior, secured term loan facility $ 972,938 $ 987,375 Senior, unsecured notes 475,000 475,000 Amounts drawn on senior, secured revolving credit facility 253,000 197,000 Total principal amount 1,700,938 1,659,375 Less: unamortized discount and debt issuance costs (14,238) (15,099) Total debt, net of discount and debt issuance costs 1,686,700 1,644,276 Less: current portion of long-term debt, net of debt issuance costs (78,845) (71,748) Long-term debt $ 1,607,855 $ 1,572,528
Maturities of long-term debt	Maturities of long-term debt were as follows as of March 31, 2023: (in thousands) Debt obligations Remainder of 2023 $ 57,750 2024 86,625 2025 101,063 2026 980,500 2027 — Thereafter 475,000 Total principal amount $ 1,700,938
Leverage ratio requirements	The credit agreement also includes requirements regarding our consolidated total leverage ratio and our consolidated secured leverage ratio, as defined in the credit agreement. These ratios may not equal or exceed the following amounts during the periods indicated: Fiscal Quarter Ending Consolidated total leverage ratio Consolidated secured leverage ratio March 31, 2023 4.75 to 1:00 3.75 to 1:00 June 30, 2023 through March 31, 2024 4.50 to 1:00 3.50 to 1:00 June 30, 2024 and each fiscal quarter thereafter 4.25 to 1:00 3.50 to 1:00
Credit facility	As of March 31, 2023, amounts available for borrowing under our revolving credit facility were as follows: (in thousands) Available borrowings Revolving credit facility commitment $ 500,000 Amounts drawn on revolving credit facility (253,000) Outstanding letters of credit (1) (7,818) Net available for borrowing as of March 31, 2023 $ 239,182 (1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states.These letters of credit reduce the amount available for borrowing under our revolving credit facility.

Business segment information (T

Business segment information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Business segment information	Segment information for the quarters ended March 31, 2023 and 2022 was as follows: Quarter Ended March 31, (in thousands) 2023 2022 Payments: Revenue $ 171,983 $ 166,208 Adjusted EBITDA 36,556 36,435 Data Solutions: Revenue 58,594 69,497 Adjusted EBITDA 15,317 17,326 Promotional Solutions: Revenue 136,141 133,243 Adjusted EBITDA 18,810 16,945 Checks: Revenue 178,647 187,067 Adjusted EBITDA 76,479 82,797 Total segment: Revenue $ 545,365 $ 556,015 Adjusted EBITDA 147,162 153,503
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 March 31, (in thousands) 2023 2022 Total segment adjusted EBITDA $ 147,162 $ 153,503 Corporate operations (46,726) (53,883) Depreciation and amortization expense (43,520) (41,597) Interest expense (30,016) (20,324) Net income attributable to non-controlling interest 28 36 Restructuring and integration costs (14,094) (16,303) Share-based compensation expense (5,866) (8,142) Acquisition transaction costs — (49) Certain legal-related expense (429) (683) Income before income taxes $ 6,539 $ 12,558
Revenue disaggregated by product and service offerings	The following tables present revenue disaggregated by our product and service offerings: Quarter Ended March 31, 2023 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 178,647 $ 178,647 Merchant services and other payment solutions 111,509 — — — 111,509 Marketing and promotional solutions — — 70,651 — 70,651 Forms and other products — — 65,490 — 65,490 Treasury management solutions 60,474 — — — 60,474 Data-driven marketing solutions — 39,282 — — 39,282 Web and hosted solutions — 19,312 — — 19,312 Total revenue $ 171,983 $ 58,594 $ 136,141 $ 178,647 $ 545,365 Quarter Ended March 31, 2022 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 187,067 $ 187,067 Merchant services and other payment solutions 108,270 — — — 108,270 Marketing and promotional solutions — — 62,927 — 62,927 Forms and other products — — 70,316 — 70,316 Treasury management solutions 57,938 — — — 57,938 Data-driven marketing solutions — 41,843 — — 41,843 Web and hosted solutions — 27,654 — — 27,654 Total revenue $ 166,208 $ 69,497 $ 133,243 $ 187,067 $ 556,015
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 March 31, 2023 (in thousands) Payments Data Promotional Solutions Checks Consolidated United States $ 159,464 $ 55,747 $ 130,495 $ 171,847 $ 517,553 Foreign, primarily Canada 12,519 2,847 5,646 6,800 27,812 Total revenue $ 171,983 $ 58,594 $ 136,141 $ 178,647 $ 545,365 Quarter Ended March 31, 2022 (in thousands) Payments Data Promotional Solutions Checks Consolidated United States $ 156,268 $ 60,624 $ 127,242 $ 179,088 $ 523,222 Foreign, primarily Canada and Australia 9,940 8,873 6,001 7,979 32,793 Total revenue $ 166,208 $ 69,497 $ 133,243 $ 187,067 $ 556,015

Supplemental balance sheet an_3

Supplemental balance sheet and cash flow information (trade accounts receivable, allowance for credit losses) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Trade accounts receivable
Trade accounts receivable - gross		$ 226,718		$ 210,799
Allowance for credit losses		(4,824)		(4,182)
Trade accounts receivable - net	[1]	221,894		206,617
Unbilled receivables		54,336		$ 43,902
Changes in allowance for credit losses
Balance, beginning of year		4,182	$ 4,130
Bad debt expense		1,466	625
Write-offs and other		(824)	(556)
Balance, end of period		$ 4,824	$ 4,199
[1]Includes unbilled receivables of $54,336 as of March 31, 2023 and $43,902 as of December 31, 2022.

Supplemental balance sheet an_4

Supplemental balance sheet and cash flow information (inventories and supplies) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Inventories and supplies
Raw materials	$ 11,326		$ 11,563
Semi-finished goods	5,973		7,777
Finished goods	37,240		32,938
Supplies	6,866		6,389
Reserve for excess and obsolete items	(7,482)	$ (5,379)	(6,400)
Inventories and supplies	53,923		$ 52,267
Changes in reserve for excess and obsolete items
Balance, beginning of year	6,400	5,132
Balance, end of period	7,482	5,379
Reserves for excess and obsolete items
Changes in reserve for excess and obsolete items
Amounts charged to expense	1,334	773
Write-offs and other	$ (252)	$ (526)

Supplemental balance sheet an_5

Supplemental balance sheet and cash flow information (available-for-sale debt securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023		Dec. 31, 2022
Available-for-sale debt securities [Line Items]
Cost	$ 9,269		$ 14,190
Gross unrealized gains	0		0
Gross unrealized losses	(899)		(1,064)
Fair value	8,370		13,126
Expected maturities of available-for-sale debt securities
Due in one year or less	2,888
Due in two to five years	2,461
Due in six to ten years	3,021
Fair value	8,370		13,126
Cash and cash equivalents [Member]
Available-for-sale debt securities [Line Items]
Cash	24,622		35,435
Cash and cash equivalents [Member] | Money market securities [Member] | Domestic [Member]
Available-for-sale debt securities [Line Items]
Cost			5,000
Gross unrealized gains			0
Gross unrealized losses			0
Fair value			5,000
Expected maturities of available-for-sale debt securities
Fair value			5,000
Funds held for customers [Member]
Available-for-sale debt securities [Line Items]
Cost	9,269	[1]	14,190	[2]
Gross unrealized gains	0	[1]	0	[2]
Gross unrealized losses	(899)	[1]	(1,064)	[2]
Fair value	8,370	[1]	13,126	[2]
Cash	149,010		294,165
Expected maturities of available-for-sale debt securities
Fair value	8,370	[1]	13,126	[2]
Funds held for customers [Member] | Canadian and provincial government securities [Member]
Available-for-sale debt securities [Line Items]
Cost	9,269		9,190
Gross unrealized gains	0		0
Gross unrealized losses	(899)		(1,064)
Fair value	8,370		8,126
Expected maturities of available-for-sale debt securities
Fair value	$ 8,370		$ 8,126
[1]Funds held for customers, as reported on the consolidated balance sheet as of March 31, 2023, also included cash of $149,010.[2]Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2022, also included cash of $294,165.

Supplemental balance sheet an_6

Supplemental balance sheet and cash flow information (revenue in excess of billings) (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Revenue in excess of billings
Conditional right to receive consideration		$ 20,928	$ 26,520
Unconditional right to receive consideration	[1]	15,004	12,241
Revenue in excess of billings		$ 35,932	$ 38,761
[1]Represents revenues that are earned but not currently billable under the related contract terms.

Supplemental balance sheet an_7

Supplemental balance sheet and cash flow information (intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Amortizable intangibles [Line Items]
Gross carrying amount	$ 1,236,883		$ 1,282,568
Accumulated amortization	(801,311)		(823,589)
Net carrying amount	435,572		458,979
Acquired intangibles	$ 17,192
Acquired intangibles, weighted-average amortization period (in years)	3 years
Amortization of intangibles	$ 38,217	$ 36,159
Estimated future amortization expense
Remainder of 2023	97,717
2024	96,138
2025	66,435
2026	42,050
2027	32,746
Internal-use software [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	497,102		529,306
Accumulated amortization	(365,240)		(395,514)
Net carrying amount	131,862		133,792
Acquired intangibles	$ 16,918
Acquired intangibles, weighted-average amortization period (in years)	3 years
Customer lists/relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	$ 491,951		497,882
Accumulated amortization	(323,960)		(312,986)
Net carrying amount	167,991		184,896
Technology-based intangibles [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	97,633		99,613
Accumulated amortization	(47,529)		(47,478)
Net carrying amount	50,104		52,135
Partner relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	73,930		74,682
Accumulated amortization	(9,411)		(9,094)
Net carrying amount	64,519		65,588
Acquired intangibles	$ 274
Acquired intangibles, weighted-average amortization period (in years)	1 year
Trade names [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	$ 39,367		44,185
Accumulated amortization	(22,217)		(26,510)
Net carrying amount	17,150		17,675
Software to be sold [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	36,900		36,900
Accumulated amortization	(32,954)		(32,007)
Net carrying amount	$ 3,946		$ 4,893

Supplemental balance sheet an_8

Supplemental balance sheet and cash flow information (goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	$ 2,017,252
Accumulated impairment charges, beginning of year	(585,867)
Goodwill, net of accumulated impairment charges, beginning of year	1,431,385
Currency translation adjustment and other	(824)
Goodwill, gross, end of period	2,016,428
Accumulated impairment charges, end of period	(585,867)
Goodwill, net of accumulated impairment charges, end of period	1,430,561
Reportable business segments [Member] | Payments [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	896,681
Accumulated impairment charges, beginning of year	0
Goodwill, net of accumulated impairment charges, beginning of year	896,681
Currency translation adjustment and other	(828)
Goodwill, gross, end of period	895,853
Accumulated impairment charges, end of period	0
Goodwill, net of accumulated impairment charges, end of period	895,853
Reportable business segments [Member] | Data Solutions [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	432,984
Accumulated impairment charges, beginning of year	(392,168)
Goodwill, net of accumulated impairment charges, beginning of year	40,816
Goodwill, gross, end of period	432,984
Accumulated impairment charges, end of period	(392,168)
Goodwill, net of accumulated impairment charges, end of period	40,816
Reportable business segments [Member] | Promotional Solutions [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	252,775
Accumulated impairment charges, beginning of year	(193,699)
Goodwill, net of accumulated impairment charges, beginning of year	59,076
Currency translation adjustment and other	4
Goodwill, gross, end of period	252,779
Accumulated impairment charges, end of period	(193,699)
Goodwill, net of accumulated impairment charges, end of period	59,080
Reportable business segments [Member] | Checks [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	434,812
Accumulated impairment charges, beginning of year	0
Goodwill, net of accumulated impairment charges, beginning of year	434,812
Goodwill, gross, end of period	434,812
Accumulated impairment charges, end of period	0
Goodwill, net of accumulated impairment charges, end of period	$ 434,812

Supplemental balance sheet an_9

Supplemental balance sheet and cash flow information (other non-current assets) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023		Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Other non-current assets
Postretirement benefit plan asset		$ 81,424			$ 79,343
Cloud computing arrangements implementation costs		69,279			71,547
Prepaid product discounts		48,106		$ 51,885	44,824	$ 56,527
Deferred contract acquisition costs	[1]	22,645			21,300
Assets held for sale		13,355	[2]		0
Loans and notes receivable from distributors, net of allowance for credit losses	[3]	12,959			13,259
Other		24,987			30,081
Other non-current assets		272,755			260,354
Amortization of deferred contract acquisition costs		2,367		1,756
Loans and notes receivable, current		992			$ 961
Loans and notes receivable from distributors [Member]
Loans and notes receivable from distributors, allowance for credit losses [Line Items]
Balance, beginning of year		1,024		2,830
Bad debt (benefit) expense		(28)		81
Other		0		(402)
Balance, end of period		996		$ 2,509
Write-offs		0
Recoveries		0
Loans and notes receivable from distributors, credit quality information
2020		1,104
2019		415
2018		4,008
Prior		9,420
Total		14,947
Loans and notes receivable from distributors [Member] | 1-2 internal grade member [Member]
Loans and notes receivable from distributors, credit quality information
2020		1,104
2019		415
2018		4,008
Prior		9,420
Total		14,947
Loans and notes receivable from distributors [Member] | 3-4 internal grade [Member]
Loans and notes receivable from distributors, credit quality information
2020		0
2019		0
2018		0
Prior		0
Total		$ 0
[1]Amortization of deferred contract acquisition costs was $2,367 for the quarter ended March 31, 2023 and $1,756 for the quarter ended March 31, 2022.[2]Amount includes the non-current assets of our North American web hosting and logo design businesses that were held for sale as of March 31, 2023 (Note 6).[3]Amount includes the non-current portion of loans and notes receivable. The current portion of these receivables is included in other current assets on the consolidated balance sheets and was $992 as of March 31, 2023 and $961 as of December 31, 2022.

Supplemental balance sheet a_10

Supplemental balance sheet and cash flow information (other) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023		Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Prepaid product discounts [Roll Forward]
Balance, beginning of year		$ 44,824		$ 56,527
Additions	[1]	11,784		4,229
Amortization		(8,513)		(8,924)
Other		11		53
Balance, end of period		48,106		51,885
Prepaid product discount payments		7,383		7,859
Accrued liabilities
Deferred revenue	[2]	48,526			$ 47,012
Employee bonuses, including sales incentives		17,161			57,398
Interest		16,415			7,314
Operating lease liabilities		14,259			12,780
Wages and payroll liabilities, including vacation		12,095			20,264
Customer rebates		10,059			12,153
Prepaid product discounts		8,580			4,179
Other		58,613			57,304
Accrued liabilities		185,708			218,404
Deferred revenue recognized		18,683		20,238
Supplemental cash flow information
Cash and cash equivalents		24,622		44,059	40,435
Cash and cash equivalents included in other current assets	[3]	7,325			400
Non-current restricted cash included in other non-current assets		2,592		2,595	2,815
Total cash, cash equivalents, restricted cash and restricted cash equivalents		$ 183,549		$ 190,779	$ 337,415	$ 285,491
Non cash investing activity, investment in joint venture		18,392	[4]	—
Liability for joint venture investment		$ 20,000
Consideration due, payment period		3 years
Investment, joint venture		$ 18,392
Funds held for customers [Member]
Supplemental cash flow information
Restricted cash and restricted cash equivalents included in funds held for customers		$ 149,010		$ 143,725
[1]Prepaid product discounts are generally accrued upon contract execution. Payments for prepaid product discounts were $7,383 for the quarter ended March 31, 2023 and $7,859 for the quarter ended March 31, 2022.[2]Revenue recognized for amounts included in deferred revenue at the beginning of the period was $18,683 for the quarter ended March 31, 2023 and $20,238 for the quarter ended March 31, 2022.[3]Represents the cash and cash equivalents of businesses held for sale as of each date. Our North American web hosting and logo design businesses were classified as held for sale as of March 31, 2023 (Note 6) and our Australian web hosting business was classified as held for sale as of March 31, 2022.[4]In February 2023, we entered into a joint venture focused on launching and marketing a business payment distribution technology platform. We are committed to invest $20,000 over the next 3 years and we have option rights to acquire additional non-controlling ownership interests. During the quarter ended March 31, 2023, we recorded $18,392 for our investment in the joint venture and option rights.

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per share - basic:
Net income	$ 2,780	$ 9,680
Net income attributable to non-controlling interest	(28)	(36)
Net income attributable to Deluxe	2,752	9,644
Income allocated to participating securities	(10)	(10)
Income attributable to Deluxe available to common shareholders	$ 2,742	$ 9,634
Weighted-average shares outstanding	43,317	42,803
Earnings per share - basic	$ 0.06	$ 0.23
Earnings per share - diluted:
Net income	$ 2,780	$ 9,680
Net income attributable to non-controlling interest	(28)	(36)
Net income attributable to Deluxe	2,752	9,644
Income allocated to participating securities	(10)	(10)
Re-measurement of share-based awards classified as liabilities	(19)	(39)
Income attributable to Deluxe available to common shareholders	$ 2,723	$ 9,595
Weighted-average shares outstanding	43,317	42,803
Dilutive impact of potential common shares	344	429
Weighted-average shares and potential common shares outstanding	43,661	43,232
Earnings per share - diluted	$ 0.06	$ 0.22
Antidilutive options excluded from calculation	1,644	2,063

Other comprehensive income (rec

Other comprehensive income (reclassification adjustments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassifications from accumulated other comprehensive loss
Prior service credit	$ 355	$ 355
Net actuarial loss	(568)	(225)
Total amortization	(213)	130
Tax benefit (expense)	16	(77)
Amortization of postretirement benefit plan items, net of tax	(197)	53
Realized gain (loss) loss on cash flow hedges	570	(318)
Tax (expense) benefit	(152)	83
Realized gain (loss) on cash flow hedges, net of tax	418	(235)
Total reclassifications, net of tax	$ 221	$ (182)

Other comprehensive income (acc

Other comprehensive income (accumulated other comprehensive loss) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Postretirement benefit plans [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2022	$ (26,872)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	197
Net current-period other comprehensive income (loss)	197
Balance, March 31, 2023	(26,675)
Net unrealized loss on debt securities [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2022	(909)
Other comprehensive income (loss) before reclassifications	123	[1]
Amounts reclassified from accumulated other comprehensive loss	0
Net current-period other comprehensive income (loss)	123
Balance, March 31, 2023	(786)
Unrealized gain on debt securities arising during the period, tax expense	(43)
Net unrealized gain (loss) on cash flow hedges [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2022	2,593
Other comprehensive income (loss) before reclassifications	(2,872)	[2]
Amounts reclassified from accumulated other comprehensive loss	(418)
Net current-period other comprehensive income (loss)	(3,290)
Balance, March 31, 2023	(697)
Unrealized loss on cash flow hedge arising during the period, tax benefit	(1,045)
Currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2022	(12,076)
Other comprehensive income (loss) before reclassifications	227
Amounts reclassified from accumulated other comprehensive loss	0
Net current-period other comprehensive income (loss)	227
Balance, March 31, 2023	(11,849)
Accumulated other comprehensive loss [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2022	(37,264)
Other comprehensive income (loss) before reclassifications	(2,522)
Amounts reclassified from accumulated other comprehensive loss	(221)
Net current-period other comprehensive income (loss)	(2,743)
Balance, March 31, 2023	$ (40,007)
[1]Other comprehensive income before reclassifications is net of income tax expense of $43[2]Other comprehensive loss before reclassifications is net of an income tax benefit of $1,045.

Divestiture (Details)

Divestiture (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	May 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Divestiture [Line Items]
Total revenue		$ 545,365	$ 556,015
North American web hosting and logo design businesses [Member]
Divestiture [Line Items]
Total revenue				$ 66,000
Data Solutions [Member] | North American web hosting and logo design businesses [Member] | Forecast [Member]
Divestiture [Line Items]
Proceeds from sale of businesses	$ 42,000
Proceeds from sale of businesses, contingent consideration	$ 10,000

Derivative financial instrume_3

Derivative financial instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 20, 2023	Dec. 31, 2022	Sep. 20, 2022	Jul. 19, 2019
Derivative [Line Items]
Fair value asset / (liability) other non-current liabilities	$ (895)
Fair value asset / (liability), other non-current assets	0
Interest rate swap March 2023 [Member]
Derivative [Line Items]
Notional amount		$ 200,000
Interest rate		4.003%
Fair value asset / (liability) other non-current liabilities	(888)
Interest rate swap September 2022 [Member]
Derivative [Line Items]
Notional amount				$ 300,000
Interest rate				3.99%
Fair value asset / (liability) other non-current liabilities	$ (7)
Fair value asset / (liability), other non-current assets			$ 2,409
Interest rate swap July 2019 [Member]
Derivative [Line Items]
Notional amount					$ 200,000
Interest rate					1.798%
Fair value asset / (liability), other current assets			$ 1,184

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2022
Fair value measurements [Line Items]
Available-for-sale debt securities (funds held for customers)	$ 8,370		$ 13,126
Derivative liabilities (Note 7)	(895)
Derivative assets (Note 7) [Extensible Enumeration]			Assets
Derivative assets (Note 7)			$ 3,593
Cash, fair value			5,000
Cash, carrying value	2,592		2,815		$ 2,595
Cash, fair value	2,592		2,815
Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Derivative liabilities (Note 7)	(895)
Derivative assets (Note 7)			3,593
Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements [Line Items]
Cash, fair value	2,592		2,815
Significant other observable inputs (Level 2) [Member] | Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Derivative liabilities (Note 7)	(895)
Derivative assets (Note 7)			3,593
Funds held for customers [Member]
Fair value measurements [Line Items]
Available-for-sale debt securities (funds held for customers)	8,370	[1]	13,126	[2]
Cash, carrying value	149,010		294,165
Cash, fair value	149,010		294,165
Funds held for customers [Member] | Foreign debt securities [Member]
Fair value measurements [Line Items]
Available-for-sale debt securities (funds held for customers)	8,370		8,126
Funds held for customers [Member] | Foreign debt securities [Member] | Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Available-for-sale debt securities (funds held for customers)	8,370		8,126
Funds held for customers [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements [Line Items]
Cash, fair value	149,010		294,165
Funds held for customers [Member] | Significant other observable inputs (Level 2) [Member] | Foreign debt securities [Member] | Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Available-for-sale debt securities (funds held for customers)	8,370		8,126
Other current assets [Member]
Fair value measurements [Line Items]
Cash, carrying value	7,325
Cash, fair value	7,325
Other current assets [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements [Line Items]
Cash, fair value	7,325
Other current and noncurrent assets [Member]
Fair value measurements [Line Items]
Loans and notes receivable from distributors	13,951		14,220
Loans and notes receivable from distributors, fair value	13,295		13,315
Other current and noncurrent assets [Member] | Significant unobservable inputs (Level 3) [Member]
Fair value measurements [Line Items]
Loans and notes receivable from distributors, fair value	13,295		13,315
Cash and cash equivalents [Member]
Fair value measurements [Line Items]
Cash, carrying value	24,622		35,435
Cash, fair value	24,622		35,435
Cash and cash equivalents [Member] | Money market securities [Member]
Fair value measurements [Line Items]
Cash equivalents			5,000
Cash and cash equivalents [Member] | Money market securities [Member] | Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Cash, fair value			5,000
Cash and cash equivalents [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements [Line Items]
Cash, fair value	24,622		35,435
Cash and cash equivalents [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Money market securities [Member] | Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Cash, fair value			5,000
Current portion of long-term debt and long-term debt [Member]
Fair value measurements [Line Items]
Long-term debt	1,686,700		1,644,276
Long-term debt, fair value	1,572,251		1,574,417
Current portion of long-term debt and long-term debt [Member] | Significant other observable inputs (Level 2) [Member]
Fair value measurements [Line Items]
Long-term debt, fair value	$ 1,572,251		$ 1,574,417
[1]Funds held for customers, as reported on the consolidated balance sheet as of March 31, 2023, also included cash of $149,010.[2]Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2022, also included cash of $294,165.

Restructuring and integration_3

Restructuring and integration expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 14,094	$ 16,303
Total cost of revenue [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	1,153	59
Operating expenses [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	12,941	16,244
External consulting fees [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	7,692	7,859
Internal labor [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	2,122	1,696
Employee severance benefits [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	488
Restructuring charges, net	186	1,125
Other [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 4,094	$ 5,623

Restructuring and integration_4

Restructuring and integration expense (accruals) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Charges	$ 14,094	$ 16,303
Employee severance benefits [Member]
Restructuring Cost and Reserve [Line Items]
Balance, December 31, 2022	8,528
Charges	488
Reversals	(302)
Payments	(4,833)
Balance, March 31, 2023	$ 3,881

Income tax provision (Details)

Income tax provision (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Reconciliation of effective income tax rate
Income tax at federal statutory rate	21%	21%
Change in valuation allowances	149.50%	7.20%
Tax impact of share-based compensation	22.30%	3.20%
Acquisition-related items	9%	0.10%
Payables and receivables for prior year tax returns	4%	(0.30%)
Tax on repatriation of foreign earnings	2.70%	2.20%
Foreign tax rate differences	2.50%	1.90%
Non-deductible executive compensation	2.20%	2.20%
State income tax, net of federal income tax benefit	1.10%	2.70%
Sale of business/basis difference in assets held for sale	(149.50%)	(15.80%)
Change in unrecognized tax benefits, including interest and penalties	(5.80%)	0.20%
Return to provision adjustments	0%	(1.90%)
Research and development tax credit	(1.60%)	(1.20%)
Other	0.10%	0.80%
Effective tax rate	57.50%	22.30%

Postretirement benefits (Detail

Postretirement benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net periodic benefit income
Interest cost	$ 496	$ 280
Expected return on plan assets	(1,830)	(1,866)
Amortization of prior service credit	(355)	(355)
Amortization of net actuarial losses	568	225
Net periodic benefit income	$ (1,121)	$ (1,716)

Debt (Details)

Debt (Details) $ in Thousands		3 Months Ended													12 Months Ended	24 Months Ended	36 Months Ended	50 Months Ended
	Jun. 01, 2021 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024	Mar. 31, 2026	Mar. 31, 2026 USD ($)	Jun. 01, 2026	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)
Debt instruments [Line Items]
Total principal amount														$ 1,700,938					$ 1,659,375
Less: unamortized discount and debt issuance costs														(14,238)					(15,099)
Total debt, net of discount and debt issuance costs														1,686,700					1,644,276
Less: current portion of long-term debt, net of debt issuance costs														(78,845)					(71,748)
Long-term debt														1,607,855					$ 1,572,528
Maturities of long-term debt
Remainder of 2023														57,750
2024														86,625
2025														101,063
2026														980,500
2027														0
Thereafter														475,000
Credit facility
Revolving credit facility, commitment	$ 500,000													$ 500,000
Weighted-average interest rate at period end														6.72%					6.07%
Maximum consolidated total leverage ratio														4.75
Maximum consolidated secured leverage ratio														3.75
Outstanding letters of credit														$ (7,818)
Net available for borrowing as of March 31, 2023														239,182
Forecast [Member]
Credit facility
Maximum consolidated total leverage ratio															4.50	4.25
Maximum consolidated secured leverage ratio															3.50	3.50
Minimum interest coverage ratio																	3
Consolidated total leverage ratio limiting permitted payments																		2.75
Permitted payments																	$ 60,000
Senior, secured term loan facility [Member]
Debt instruments [Line Items]
Total principal amount	1,155,000													972,938					$ 987,375
Senior, secured term loan facility [Member] | Forecast [Member]
Credit facility
Repayment amount		$ 28,875	$ 28,875	$ 28,875	$ 21,656	$ 21,656	$ 21,656	$ 21,656	$ 21,656	$ 21,656	$ 21,656	$ 21,656	$ 14,438
Senior, unsecured notes [Member]
Debt instruments [Line Items]
Total principal amount	$ 500,000													475,000					475,000
Senior, unsecured notes
Stated interest rate	8%
Proceeds from debt offering, net of discount and debt issuance costs	$ 490,741
Effective interest rate	8.30%
Debt settled																				$ 25,000
Senior, secured revolving credit facility [Member]
Debt instruments [Line Items]
Total principal amount														253,000					$ 197,000
Swingline sub-facility [Member]
Credit facility
Revolving credit facility, commitment	$ 40,000
Letter of credit sub-facility [Member]
Credit facility
Revolving credit facility, commitment	$ 25,000
Interest rate swap [Member]
Credit facility
Interest rate swap amount														$ 500,000
Minimum [Member]
Credit facility
Interest rate margin on variable-rate debt	1.50%
Revolving credit facility, commitment fee	0.25%
Maximum [Member]
Credit facility
Interest rate margin on variable-rate debt	2.50%
Revolving credit facility, commitment fee	0.35%

Other commitments and conting_2

Other commitments and contingencies (Details) - USD ($) $ in Thousands	Jul. 29, 2022	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Self-insurance liabilities		$ 8,063	$ 9,661
Litigation settlement, amount awarded	$ 4,900
Litigation settlement, period	7 days

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Oct. 24, 2018
Stockholders' Equity Note [Abstract]
Amount remaining under share repurchase authorization	$ 287,452
Common shares repurchased (in shares)	0	0
Share repurchase program, authorized amount			$ 500,000

Business segment information (D

Business segment information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($) segment
Business segment information [Line Items]
Number of reportable business segments | segment	4	4
Revenue	$ 545,365	$ 556,015
Depreciation and amortization	(43,520)	(41,597)
Interest expense	(30,016)	(20,324)
Net income attributable to non-controlling interest	28	36
Restructuring and integration costs	(14,094)	(16,303)
Share-based compensation expense	(5,866)	(8,142)
Acquisition transaction costs	0	(49)
Certain legal-related expense	(429)	(683)
Income before income taxes	6,539	12,558
Reportable business segments [Member]
Business segment information [Line Items]
Revenue	545,365	556,015
Adjusted EBITDA	147,162	153,503
Reportable business segments [Member] | Payments [Member]
Business segment information [Line Items]
Revenue	171,983	166,208
Adjusted EBITDA	36,556	36,435
Reportable business segments [Member] | Data Solutions [Member]
Business segment information [Line Items]
Revenue	58,594	69,497
Adjusted EBITDA	15,317	17,326
Reportable business segments [Member] | Promotional Solutions [Member]
Business segment information [Line Items]
Revenue	136,141	133,243
Adjusted EBITDA	18,810	16,945
Reportable business segments [Member] | Checks [Member]
Business segment information [Line Items]
Revenue	178,647	187,067
Adjusted EBITDA	76,479	82,797
Corporate [Member]
Business segment information [Line Items]
Adjusted EBITDA	$ (46,726)	$ (53,883)

Business segment information _2

Business segment information (disaggregated revenue information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregated revenue information
Revenue	$ 545,365	$ 556,015
United States [Member]
Disaggregated revenue information
Revenue	517,553	523,222
Foreign, primarily Canada [Member]
Disaggregated revenue information
Revenue	27,812	32,793
Reportable business segments [Member]
Disaggregated revenue information
Revenue	545,365	556,015
Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	171,983	166,208
Reportable business segments [Member] | Payments [Member] | United States [Member]
Disaggregated revenue information
Revenue	159,464	156,268
Reportable business segments [Member] | Payments [Member] | Foreign, primarily Canada [Member]
Disaggregated revenue information
Revenue	12,519	9,940
Reportable business segments [Member] | Data Solutions [Member]
Disaggregated revenue information
Revenue	58,594	69,497
Reportable business segments [Member] | Data Solutions [Member] | United States [Member]
Disaggregated revenue information
Revenue	55,747	60,624
Reportable business segments [Member] | Data Solutions [Member] | Foreign, primarily Canada [Member]
Disaggregated revenue information
Revenue	2,847	8,873
Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	136,141	133,243
Reportable business segments [Member] | Promotional Solutions [Member] | United States [Member]
Disaggregated revenue information
Revenue	130,495	127,242
Reportable business segments [Member] | Promotional Solutions [Member] | Foreign, primarily Canada [Member]
Disaggregated revenue information
Revenue	5,646	6,001
Reportable business segments [Member] | Checks [Member]
Disaggregated revenue information
Revenue	178,647	187,067
Reportable business segments [Member] | Checks [Member] | United States [Member]
Disaggregated revenue information
Revenue	171,847	179,088
Reportable business segments [Member] | Checks [Member] | Foreign, primarily Canada [Member]
Disaggregated revenue information
Revenue	6,800	7,979
Checks [Member]
Disaggregated revenue information
Revenue	178,647	187,067
Checks [Member] | Reportable business segments [Member] | Checks [Member]
Disaggregated revenue information
Revenue	178,647	187,067
Merchant services and other payments solutions [Member]
Disaggregated revenue information
Revenue	111,509	108,270
Merchant services and other payments solutions [Member] | Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	111,509	108,270
Forms and other products [Member]
Disaggregated revenue information
Revenue	65,490	70,316
Forms and other products [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	65,490	70,316
Marketing and promotional solutions [Member]
Disaggregated revenue information
Revenue	70,651	62,927
Marketing and promotional solutions [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	70,651	62,927
Treasury management solutions [Member]
Disaggregated revenue information
Revenue	60,474	57,938
Treasury management solutions [Member] | Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	60,474	57,938
Data-driven marketing solutions [Member]
Disaggregated revenue information
Revenue	39,282	41,843
Data-driven marketing solutions [Member] | Reportable business segments [Member] | Data Solutions [Member]
Disaggregated revenue information
Revenue	39,282	41,843
Web and hosted solutions [Member]
Disaggregated revenue information
Revenue	19,312	27,654
Web and hosted solutions [Member] | Reportable business segments [Member] | Data Solutions [Member]
Disaggregated revenue information
Revenue	$ 19,312	$ 27,654