Deluxe Corporation (NYSE:DLX) Q1 2022 Earnings Conference Call May 5, 2022 8:30 AM ET Company Participants Tom Morabito - VP of IR Barry McCarthy - President and CEO Scott Bomar - CFO Conference Call Participants Charles Strauzer - CJS Securities Christine Karout - Sidoti Charles Nabhan - Stephens Operator Ladies and gentlemen, thank you for standing by, and welcome to the Deluxe First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. And today's call is bein ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Commission file number: 1-7945 DELUXE CORPORATION (Exact name of registrant as specified in its charter) MN (State or other jurisdictio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 Commission file number: 1-7945 DELUXE CORPORATION (Exact name of registrant as specified in its charter) MN (State or other jurisdiction of incorporation or organization) 801 S. Marquette Ave. Minneapolis MN (Address of principal executive offices) | --- | |--------------------------------------| | ...

Deluxe Corporation (NYSE:DLX) Q4 2021 Earnings Conference Call February 3, 2022 8:30 AM ET Company Participants Tom Morabito - Vice President, Investor Relations Barry McCarthy - President & Chief Executive Officer Scott Bomar - Chief Financial Officer Conference Call Participants Lance Vitanza - Cowen Charlie Strauzer - CJS Chris McGinnis - Sidoti & Company Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are d ...

Deluxe Corporation (NYSE:DLX) Q3 2021 Earnings Conference Call November 4, 2021 8:30 AM ET Company Participants Tom Morabito - Vice President, Investor Relations Barry McCarthy - President & Chief Executive Officer Scott Bomar - Chief Financial Officer Conference Call Participants Lance Vitanza - Cowen Charlie Strauzer - CJS Chris McGinnis - Sidoti & Company Operator Ladies and gentlemen, thank you for standing by, and welcome to the Deluxe Third Quarter 2021 Earnings Conference Call. At this time, all part ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Commission file number: 1-7945 DELUXE CORPORATION (Exact name of registrant as specified in its charter) MN (State or other jurisdi ...

Financial Data and Key Metrics Changes - Total revenue for the second quarter was $478 million, representing a 16.5% year-over-year increase. Excluding the impact of First American, revenues increased by 10% [14][31] - Adjusted EBITDA margin was 20.4%, and adjusted EPS improved nearly 9% [15][32] - The company ended the quarter with $456 million in liquidity and a cash balance of $163 million [15][41] Business Line Data and Key Metrics Changes - Payments segment revenue grew 43% year-over-year to $103.3 million, driven by the acquisition of First American and sales-driven growth [12][33] - Cloud Solutions revenue increased 26.3% year-over-year to $68.1 million, benefiting from data-driven marketing solutions [23][36] - Promotional Solutions revenue was $135 million, up 14.5% year-over-year, supported by branded merchandise and business essentials [25][39] - Checks segment revenue increased 3.2% year-over-year to $171.8 million, primarily due to growth in business checks [27][40] Market Data and Key Metrics Changes - The company reported strong sales momentum, closing 10 of the 12 largest deals in the last decade over the past seven quarters [16][17] - The acquisition of First American has led to increased customer inquiries and opportunities for cross-selling [52][54] Company Strategy and Development Direction - The company is executing its "One Deluxe" strategy, focusing on becoming a payments company and leveraging the acquisition of First American to enhance its offerings [12][28] - The strategy includes cross-selling products across different business segments and expanding into new markets [21][54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the economy and the company's ability to navigate challenges posed by the Delta variant and inflation [60][79] - The company anticipates revenue growth of 10% to 12% for the full year, with adjusted EBITDA margins between 20% and 21% [47][71] Other Important Information - The company ended the quarter with a net debt level of $1.67 billion due to the First American acquisition, with a long-term target to reduce the net debt to adjusted EBITDA ratio to three times [42] - Free cash flow for the first half of 2021 was $37.2 million, a decrease of 55% from the previous year [43] Q&A Session Summary Question: How has the acquisition of First American changed customer conversations? - Management noted that customers are pleased with the company's commitment to becoming a payments company, leading to new opportunities and inquiries [50][51] Question: What is the outlook for the full year considering the Delta variant and inflation? - Management remains confident in their outlook, expecting a stable macroeconomic environment despite concerns [60][61] Question: How much growth in the Checks segment is driven by new wins versus existing customers? - Management indicated that growth was driven by both new wins and increased consumption of checks due to economic recovery [62][64]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Commission file number: 1-7945 DELUXE CORPORATION (Exact name of registrant as specified in its charter) MN (State or other jurisdiction ...

Deluxe Corporation (NYSE:DLX) Q1 2021 Earnings Conference Call May 6, 2021 8:30 PM ET Company Participants Tom Morabito - VP, IR Barry McCarthy - President & Chief Executive Officer Keith Bush - Chief Financial Officer Conference Call Participants Charles Strauzer - CJS Chris McGinnis - Sidoti & Company Operator Ladies and gentlemen, thank you for standing by and welcome to the Deluxe First Quarter 2021 Earnings Conference Call. [Operator Instructions] At this time, I would like to turn the conference over ...

PART I [Item 1. FINANCIAL STATEMENTS](index=3&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements, including balance sheets, statements of comprehensive income (loss), statements of shareholders' equity, and statements of cash flows, along with detailed notes providing supplemental information and accounting policies [Consolidated Balance Sheets](index=3&type=section&id=DELUXE%20CORPORATION%20CONSOLIDATED%20BALANCE%20SHEETS%20%28unaudited%29) Presents the company's financial position, including assets, liabilities, and equity, at specific reporting dates Consolidated Balance Sheets | Metric | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :-------------------------------- | :------------------------------ | :------------------------------- | | Total assets | $1,893,252 | $1,874,863 | | Total current assets | $504,496 | $506,631 | | Total current liabilities | $404,568 | $411,820 | | Total shareholders' equity | $558,819 | $540,838 | [Consolidated Statements of Comprehensive Income (Loss)](index=4&type=section&id=DELUXE%20CORPORATION%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME%20%28LOSS%29%20%28unaudited%29) Reports the company's revenues, expenses, and net income or loss, including comprehensive income, for the period Consolidated Statements of Comprehensive Income (Loss) | Metric | Q1 2021 (in thousands) | Q1 2020 (in thousands) | Change (YoY) | | :-------------------------------- | :--------------------- | :--------------------- | :----------- | | Total revenue | $441,264 | $486,423 | -9.3% | | Gross profit | $262,755 | $284,374 | -7.5% | | Operating income (loss) | $36,006 | $(60,814) | N/A | | Net income (loss) | $24,325 | $(60,131) | N/A | | Basic earnings (loss) per share | $0.58 | $(1.43) | N/A | | Diluted earnings (loss) per share | $0.57 | $(1.45) | N/A | [Consolidated Statements of Shareholders' Equity](index=5&type=section&id=DELUXE%20CORPORATION%20CONSOLIDATED%20STATEMENTS%20OF%20SHAREHOLDERS%27%20EQUITY%20%28unaudited%29) Outlines changes in shareholders' equity components, including net income, dividends, and share-based compensation Consolidated Statements of Shareholders' Equity | Metric | Q1 2021 (in thousands) | Q1 2020 (in thousands) | | :-------------------------------- | :--------------------- | :--------------------- | | Balance, December 31, 2020/2019 | $540,838 | $570,861 | | Net income (loss) | $24,292 | $(60,131) | | Cash dividends ($0.30 per share) | $(12,832) | $(12,861) | | Common shares issued | $1,041 | $1,882 | | Employee share-based compensation | $6,199 | $4,659 | | Other comprehensive income (loss) | $1,609 | $(12,007) | | Balance, March 31, 2021/2020 | $558,819 | $473,967 | [Consolidated Statements of Cash Flows](index=6&type=section&id=DELUXE%20CORPORATION%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20%28unaudited%29) Summarizes cash inflows and outflows from operating, investing, and financing activities for the period Consolidated Statements of Cash Flows | Metric | Q1 2021 (in thousands) | Q1 2020 (in thousands) | Change (YoY) | | :-------------------------------- | :--------------------- | :--------------------- | :----------- | | Net cash provided by operating activities | $39,581 | $26,468 | +$13,113 | | Net cash used by investing activities | $(21,850) | $(13,915) | -$7,935 | | Net cash (used) provided by financing activities | $(14,231) | $211,156 | -$225,387 | | Net change in cash, cash equivalents, restricted cash and restricted cash equivalents | $5,106 | $210,992 | -$205,886 | | Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period | $234,515 | $385,803 | -$151,288 | [NOTE 1: CONSOLIDATED FINANCIAL STATEMENTS](index=7&type=section&id=NOTE%201%3A%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This note clarifies that the interim financial statements are unaudited and prepared using management's estimates and assumptions, particularly concerning the COVID-19 pandemic's impact, which may differ from actual results - Interim financial statements are unaudited and rely on management estimates and assumptions, especially regarding the COVID-19 pandemic's impact, which may differ from actual results[15](index=15&type=chunk)[16](index=16&type=chunk) [Comparability](index=7&type=section&id=Comparability) Corrects Q1 2020 cash flow statement errors, confirming no impact on total assets, liabilities, equity, or net income - Misstatements in Q1 2020 cash flow statement related to long-term debt and capital expenditures were corrected, with no impact on total assets, liabilities, shareholders' equity, or net income[17](index=17&type=chunk)[18](index=18&type=chunk) Comparability | (in thousands) | Reported (Q1 2020) | Adjustment | Revised (Q1 2020) | | :--------------------------------------------------------------------- | :----------------- | :--------- | :---------------- | | Accounts payable | $(18,059) | $7,914 | $(10,145) | | Net cash provided by operating activities | $18,554 | $7,914 | $26,468 | | Purchases of capital assets | $(6,355) | $(7,914) | $(14,269) | | Net cash used by investing activities | $(6,001) | $(7,914) | $(13,915) | | Proceeds from issuing long-term debt | $1,011,000 | $(702,000) | $309,000 | | Payments on long-term debt | $(754,500) | $702,000 | $(52,500) | | Net cash provided by financing activities | $211,156 | $— | $211,156 | [NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS](index=8&type=section&id=NOTE%202%3A%20NEW%20ACCOUNTING%20PRONOUNCEMENTS) The company adopted Accounting Standards Update No. 2019-12 on January 1, 2021, which did not have a significant impact on its results of operations or financial position - Adoption of ASU No. 2019-12 on January 1, 2021, had no significant impact on financial results or position[21](index=21&type=chunk) [NOTE 3: SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION](index=8&type=section&id=NOTE%203%3A%20SUPPLEMENTAL%20BALANCE%20SHEET%20AND%20CASH%20FLOW%20INFORMATION) This note provides detailed breakdowns for various balance sheet and cash flow items, including inventories, available-for-sale debt securities, revenue in excess of billings, intangibles, goodwill, other non-current assets, prepaid product discounts, and accrued liabilities [Inventories and supplies](index=8&type=section&id=Inventories%20and%20supplies) Provides a detailed breakdown of inventory and supplies, including raw materials, semi-finished goods, finished goods, and reserves Inventories and supplies | (in thousands) | March 31, 2021 | December 31, 2020 | | :---------------------------- | :------------- | :---------------- | | Raw materials | $5,415 | $5,412 | | Semi-finished goods | $7,916 | $7,943 | | Finished goods | $31,464 | $33,513 | | Supplies | $5,263 | $5,010 | | Reserve for excess and obsolete items | $(12,939) | $(11,748) | | **Inventories and supplies** | **$37,119** | **$40,130** | [Available-for-sale debt securities](index=9&type=section&id=Available-for-sale%20debt%20securities) Details the fair value of available-for-sale debt securities, including money market funds and government securities Available-for-sale debt securities | (in thousands) | March 31, 2021 Fair Value | December 31, 2020 Fair Value | | :--------------------------------------- | :------------------------ | :------------------------- | | Domestic money market fund | $12,000 | $15,000 | | Canadian and provincial government securities | $9,411 | $9,533 | | Canadian guaranteed investment certificate | $3,980 | $3,929 | | **Available-for-sale debt securities** | **$25,391** | **$28,462** | [Revenue in excess of billings](index=10&type=section&id=Revenue%20in%20excess