Deluxe is a payments, data, and legacy check printing company that serves SMBs, financial institutions, and large consumer brands primarily across North America. The company operates four segments. Print (~53% of revenue) manufactures and distributes checks, forms, and promotional products, and despite secular volume decline since the mid-1990s, generates high margins (~32% EBITDA) that fund investment in the growth businesses. Merchant Services (~19% of revenue) processes credit card, debit card, and other electronic payments for SMBs, nonprofits, and government organizations, distributed through direct sales, FI partnerships, and ISV integrations; revenue is primarily transaction-based, scaling with total payment volume. B2B Payments (~14% of revenue) provides treasury management software to businesses and FIs, automating accounts receivable and payable processes, and is transitioning from legacy transaction-based lockbox processing toward recurring software subscriptions. Data Solutions (~14% of revenue) runs data-driven marketing campaigns for clients, drawing on a large proprietary data repository from 100+ sources and AI-enabled analytics; the banking sector is the primary customer, and Deluxe is expanding into telecom, utilities, insurance, and retail. Deluxe's overarching strategy is to harvest Print cash flows to fund payments and data growth while reducing debt. Payments and data combined grew 10% in FY25, now representing ~47% of revenue, up from ~30% in 2021, and management expects payments and data to reach revenue parity with Print in 2026.