Financial Performance Highlights - Q3 2025 revenue increased to $540.2 million, a 2.2% increase compared to Q3 2024[16] - Comparable adjusted revenue increased by 2.5% compared to Q3 2024[16] - Net income for Q3 2025 was $33.7 million, up from $8.9 million in Q3 2024[16] - Adjusted EBITDA for Q3 2025 reached $118.9 million, a 13.8% increase compared to Q3 2024, with a margin of 22.0%[16] - Comparable adjusted EPS was $1.09, a 29.8% increase compared to Q3 2024[17] Segment Performance - Data Solutions revenue increased by 46.0% compared to Q3 2024[17] - Merchant Services revenue increased by 4.8% compared to Q3 2024[17] - B2B Payments revenue decreased by 2.7% compared to Q3 2024[17] - Print revenue decreased by 5.9%, with Check revenue down by 2.1% compared to Q3 2024[17] Balance Sheet and Cash Flow - Net debt decreased by $44.7 million compared to year-end 2024[17] - Leverage ratio reached 3.3x in Q3 2025[17] - Cash flow from operations year-to-date was $168.5 million, a 25.7% increase compared to YTD Q3 2024[17] 2025 Guidance - Revenue is projected to be between $2.11 billion and $2.13 billion, flat to a 1% increase compared to 2024[46] - Adjusted EBITDA is expected to be between $425 million and $435 million, a 5% to 7% increase compared to 2024[46] - Adjusted EPS is projected to be between $3.45 and $3.60, a 6% to 10% increase compared to 2024[46] - Free cash flow is expected to be between $140 million and $150 million, a 40% to 50% increase compared to 2024[46]

Financial Performance - Reported revenue for Q3 2025 increased by 2.2% to $540.2 million, while comparable adjusted revenue rose by 2.5%[4] - Net income for Q3 2025 was $33.7 million, significantly up from $8.9 million in Q3 2024[4] - Comparable adjusted EBITDA increased by 13.8% to $118.9 million, with a margin of 22.0%, up 220 basis points year-over-year[4][9] - Adjusted diluted EPS improved by 29.8% to $1.09, compared to $0.84 in the same quarter last year[4][9] - Total revenue for Q3 2025 was $540.2 million, a slight increase of 2.4% compared to $528.4 million in Q3 2024[21] - Adjusted EBITDA for Q3 2025 reached $118.9 million, representing a 13.5% increase from $104.9 million in Q3 2024[25] - The adjusted EBITDA margin improved to 22.0% in Q3 2025, up from 19.9% in Q3 2024[29] - Comparable adjusted revenue for the nine months ended September 30, 2025, was $1,598.0 million, a slight increase from $1,590.9 million in the same period of 2024[29] Cash Flow and Debt - Free cash flow for the first nine months of 2025 increased by $31.6 million to $95.9 million[4] - Cash from operating activities for the first nine months of 2025 was $168.5 million, up from $134.1 million in 2024[19] - Free cash flow for Q3 2025 was $43.8 million, slightly down from $46.7 million in Q3 2024[35] - Total debt as of September 30, 2025, was $1,449.8 million, down from $1,503.1 million at the end of 2024[32] - Net debt as of September 30, 2025, was $1,424.0 million, down from $1,468.7 million at the end of 2024[17] - Net debt decreased to $1,424.0 million as of September 30, 2025, compared to $1,468.7 million at the end of 2024[32] Guidance and Dividends - The company raised its full-year 2025 guidance for adjusted diluted EPS, with revenue expected between $2.11 billion and $2.13 billion[9] - Adjusted EBITDA guidance for 2025 is set between $425 million and $435 million[9] - The Board of Directors approved a quarterly dividend of $0.30 per share, payable on December 1, 2025[7] Revenue Breakdown - Merchant Services revenue increased to $98.0 million, up 4.8% from $93.5 million year-over-year[21] - Data Solutions revenue surged to $89.2 million, a significant increase of 46.1% compared to $61.1 million in the same quarter last year[21]

Core Insights - Deluxe (NYSE: DLX) announced its third quarter 2025 financial results, which are available on the company's Investor Relations website [1] - The earnings release will be submitted to the Securities and Exchange Commission (SEC) on a Form 8-K [1] - An open-access conference call to discuss the financial results is scheduled for today at 5:00 p.m. ET [1]

Company Overview - Deluxe is a Trusted Payments and Data company that has been supporting businesses for over 100 years, helping them pay, get paid, and grow [2][3] - The company processes more than $2 trillion in annual payment volume, serving millions of small businesses and thousands of financial institutions [2] Financial Reporting - Deluxe will report its third quarter 2025 financial results on November 5, 2025, after market close [1] - An open-access conference call will be held on the same day at 5:00 p.m. ET, allowing interested parties to listen in [1] Recent Developments - Deluxe has expanded its partnership with Peoples Bank, a $9.5 billion financial institution, to deliver integrated Merchant Services [5] - Michelle T. Collins has been elected to Deluxe's Board of Directors, bringing over four decades of experience in business transformations and risk management [6] - Deluxe Merchant Services has won the 2025 Association of TeleServices International Call Center Award of Distinction for the 13th consecutive year, highlighting the exceptional performance of its customer care team [7]

Core Insights - Deluxe has announced an expanded partnership with Peoples Bank, a financial institution with assets of $9.5 billion, headquartered in Marietta, Ohio [1] - The new engagement will focus on delivering integrated Merchant Services, enhancing the existing relationship based on shared values of innovation, service, and community impact [1] - Over the past year, Peoples Bank has been strengthening its relationship with Deluxe by choosing to place a portion of its services with them [1]

Group 1 - Deluxe Corporation (NYSE:DLX) is recognized as one of the 13 Best Diversified Stocks to Buy According to Hedge Funds, indicating significant upside potential [1] - CFO William Zint purchased 175 shares of Deluxe Corporation at $19.13 per share, totaling $3,347, reflecting confidence in the company's operations and strategic initiatives [2][3] - Deluxe Corporation provides technology-enabled solutions across various segments including Merchant Services, B2B Payments, Data Solutions, and Print, primarily serving small- and medium-sized businesses and financial institutions [3] Group 2 - While Deluxe Corporation shows potential as an investment, certain AI stocks are noted to offer greater upside potential and less downside risk [4]

Group 1: Stock Performance and Price Targets - Deluxe (DLX) closed at $19.66, with a 26.1% gain over the past four weeks, and a mean price target of $26.75 suggests a 36.1% upside potential [1] - The mean estimate includes four short-term price targets with a standard deviation of $2.75, indicating variability; the lowest estimate is $24.00 (22.1% increase), while the highest is $30.00 (52.6% increase) [2] - A tight clustering of price targets, represented by a low standard deviation, indicates high agreement among analysts about the stock's price movement direction [9] Group 2: Analyst Insights and Earnings Estimates - Analysts have shown increasing optimism about DLX's earnings prospects, with strong agreement in revising EPS estimates higher, which correlates with potential stock upside [11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 5.2%, with one estimate moving higher and no negative revisions [12] - DLX holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential upside [13] Group 3: Caution on Price Targets - While price targets are sought after by investors, they can often mislead; empirical research shows that they rarely indicate actual stock price movements [7] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8] - Investors should treat price targets with skepticism and not rely solely on them for investment decisions [10]

Core Viewpoint - Deluxe (DLX) has shown a significant price increase of 21.5% over the past four weeks, with a mean price target of $26.75 indicating a potential upside of 37% from its current price of $19.52 [1] Price Targets and Analyst Estimates - The mean estimate consists of four short-term price targets with a standard deviation of $2.75, where the lowest estimate is $24.00 (23% increase) and the highest is $30.00 (53.7% increase) [2] - A low standard deviation suggests a strong agreement among analysts regarding the stock's price movement, which can serve as a starting point for further research [9] Earnings Estimates and Analyst Sentiment - There is a growing optimism among analysts about DLX's earnings prospects, as indicated by a positive trend in earnings estimate revisions, which historically correlates with stock price movements [11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 5.2%, with one estimate moving higher and no negative revisions [12] Zacks Rank and Investment Potential - DLX holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating a strong potential for upside in the near term [13] - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a useful guide for the direction of price movement [14]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investors often face challenges in determining the right entry point for fast-moving stocks, which can lose momentum if future growth does not justify high valuations [2] - Investing in bargain stocks that have recently shown price momentum can be a safer strategy, utilizing tools like the Zacks Momentum Style Score to identify potential opportunities [3] Group 2: Deluxe (DLX) Stock Analysis - Deluxe (DLX) has shown significant price momentum with a four-week price change of 21.5% and a 36.9% increase over the past 12 weeks, indicating strong investor interest [4][5] - DLX has a beta of 1.49, suggesting it moves 49% more than the market, which aligns with the characteristics of a momentum stock [5] - The stock has a Momentum Score of B, indicating a favorable time to invest based on momentum trends [6] Group 3: Earnings and Valuation - DLX has received a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investor interest and drive prices higher [7] - The stock is currently trading at a Price-to-Sales ratio of 0.42, suggesting it is undervalued, as investors pay only 42 cents for each dollar of sales [7] Group 4: Additional Investment Opportunities - Besides DLX, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting additional investment opportunities [8] - The Zacks Premium Screens offer over 45 different strategies to help investors identify potential winning stocks based on their personal investing styles [9]

[Part I - Financial Information](index=4&type=section&id=Part%20I%20-%20FINANCIAL%20INFORMATION) This section presents the company's unaudited consolidated financial statements, management's analysis of financial condition and operations, market risk disclosures, and internal controls for the period ended June 30, 2025 [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's unaudited consolidated financial statements for Q2 2025 show a decrease in total assets and revenue, offset by increased net income and stable shareholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $345,721 | $611,639 | | Goodwill & Intangibles, net | $1,736,910 | $1,753,790 | | **Total Assets** | **$2,535,034** | **$2,831,036** | | **Total Current Liabilities** | $366,869 | $625,516 | | Long-term Debt | $1,433,459 | $1,466,021 | | **Total Liabilities** | **$1,896,366** | **$2,210,118** | | **Total Shareholders' Equity** | **$638,668** | **$620,918** | Consolidated Statements of Comprehensive Income Highlights (in thousands, except per share) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $521,262 | $537,816 | $1,057,733 | $1,072,770 | | Gross Profit | $279,264 | $288,790 | $560,311 | $572,327 | | Operating Income | $60,791 | $59,309 | $108,859 | $103,530 | | **Net Income** | $22,422 | $20,497 | $36,469 | $31,327 | | **Diluted EPS** | $0.50 | $0.46 | $0.80 | $0.70 | Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $101,374 | $66,222 | | Net cash used by investing activities | ($44,275) | ($43,938) | | Net cash used by financing activities | ($326,257) | ($398,609) | | **Net change in cash & equivalents** | **($267,674)** | **($380,029)** | [Note 2: New Accounting Pronouncements](index=9&type=section&id=Note%202%3A%20New%20Accounting%20Pronouncements) The company is evaluating the impact of new Accounting Standards Updates related to income tax, expense disaggregation, and credit losses, effective in future periods - The company is currently evaluating the potential impact of several new Accounting Standards Updates (ASUs) related to income tax disclosures (ASU 2023-09), disaggregation of income statement expenses (ASU 2024-03), and measurement of credit losses (ASU 2025-05), with these standards effective in future periods (2025, 2027, and 2026, respectively)[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [Note 6: Acquisition and Divestitures](index=15&type=section&id=Note%206%3A%20Acquisition%20and%20Divestitures) The company acquired JPMorgan Chase Bank's CheckMatch business for $25 million and completed the exit of its U.S. and Canadian payroll services business in 2024 - On August 6, 2025, the company acquired certain assets of JPMorgan Chase Bank's CheckMatch electronic check conveyance service business for **$25 million in cash**, intended to enhance the market position and scale of the B2B Payments segment[31](index=31&type=chunk) - The company substantially completed the exit of its U.S. and Canadian payroll and human resources services business in 2024, resulting in a gain of **$23.0 million** in the first six months of 2024, with no corresponding gain in 2025[33](index=33&type=chunk)[34](index=34&type=chunk) [Note 8: Restructuring and Integration Expense](index=16&type=section&id=Note%208%3A%20Restructuring%20and%20Integration%20Expense) The company's multi-year 'North Star program' aims to accelerate EBITDA growth and reduce debt, incurring $108 million in expenses to date - The company is actively pursuing its "North Star program," a multi-year plan to accelerate EBITDA growth, increase cash flow, and reduce debt, involving organizational redesign, process automation, and consolidating back-office functions[39](index=39&type=chunk) Restructuring and Integration Expense (in thousands) | Period | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Expense** | $4,236 | $11,029 | $12,656 | $25,766 | - To date, approximately **$108 million** in expenses have been incurred for the North Star program, with an additional **$5 million** expected in 2025, and the majority of associated employee reductions are expected to be completed by early 2026[39](index=39&type=chunk)[41](index=41&type=chunk) [Note 11: Debt](index=18&type=section&id=Note%2011%3A%20Debt) The company's total principal debt was $1.49 billion as of June 30, 2025, with compliance across all debt covenants and $390.1 million available under its revolving credit facility Debt Composition (in thousands) | Debt Instrument | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Senior secured term loan facility | $480,167 | $500,000 | | Senior unsecured notes | $475,000 | $475,000 | | Senior secured notes | $450,000 | $450,000 | | **Total Principal Amount** | **$1,487,667** | **$1,521,917** | - As of June 30, 2025, the company was in compliance with all debt covenants, which include maintaining specific consolidated total leverage, secured leverage, and interest coverage ratios[50](index=50&type=chunk)[51](index=51&type=chunk) - The company had **$390.1 million** available for borrowing under its **$400 million** revolving credit facility as of June 30, 2025[53](index=53&type=chunk) [Note 13: Business Segment Information](index=21&type=section&id=Note%2013%3A%20Business%20Segment%20Information) The company operates four reportable segments—Merchant Services, B2B Payments, Data Solutions, and Print—with performance evaluated based on adjusted EBITDA - The company operates four reportable segments: Merchant Services, B2B Payments, Data Solutions, and Print, with performance evaluated by the Chief Operating Decision Maker (CODM) based on adjusted EBITDA[66](index=66&type=chunk)[68](index=68&type=chunk)[70](index=70&type=chunk) Segment Revenue (Six Months Ended June 30, in thousands) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Merchant Services | $199,173 | $195,004 | | B2B Payments | $141,137 | $139,648 | | Data Solutions | $145,056 | $117,104 | | Print | $572,351 | $612,079 | | **Total Reportable Segments** | **$1,057,717** | **$1,063,835** | Segment Adjusted EBITDA (Six Months Ended June 30, in thousands) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Merchant Services | $43,115 | $40,625 | | B2B Payments | $28,937 | $27,273 | | Data Solutions | $40,060 | $30,665 | | Print | $181,186 | $184,819 | | **Total Reportable Segments** | **$293,298** | **$283,382** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes H1 2025 results to North Star initiatives, showing decreased revenue but increased net income and adjusted EBITDA, with strong liquidity [Executive Overview](index=25&type=section&id=Executive%20Overview) The company's strategy, supported by the 'North Star program,' focuses on growth investments to accelerate profit growth, increase cash flow, and reduce debt - The company's strategy is focused on growth investments to drive scale and accelerate profit growth faster than revenue growth, supported by the "North Star program" which aims to enhance shareholder value by accelerating adjusted EBITDA growth, increasing cash flow, reducing debt, and improving the leverage ratio[81](index=81&type=chunk) Financial Highlights (First Half 2025 vs. First Half 2024) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | $1.06 billion | $1.07 billion | ($15 million) | | Net Income | $36 million | $31 million | +$5 million | | Adjusted EBITDA | $207 million | $204 million | +$3 million | | Adjusted EBITDA Margin | 19.5% | 19.0% | +0.5 pts | | Net Cash from Operations | $101 million | $66 million | +$35 million | | Free Cash Flow | $52 million | $18 million | +$34 million | - The company is actively monitoring market conditions, including interest rates (**62% of debt is fixed-rate**), inflation (mitigated by price increases), and trends in consumer spending, which has shown some softness in discretionary categories[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) [Consolidated Results of Operations](index=27&type=section&id=Consolidated%20Results%20of%20Operations) H1 2025 revenue decreased due to business exits and secular declines, while SG&A expenses decreased, and the effective income tax rate improved - Total revenue for H1 2025 decreased by **1.4%** YoY, driven by business exits (**$9 million** impact), soft demand for promotional products, and secular declines in checks and forms, partially offset by strong demand in data-driven marketing services, which grew by **$28 million**[93](index=93&type=chunk)[94](index=94&type=chunk) - SG&A expense decreased by **6.0%** in H1 2025 due to cost management actions, workforce adjustments, lower amortization, and a **$6 million** decrease in bad debt expense[100](index=100&type=chunk) - The effective income tax rate for H1 2025 decreased to **28.4%** from **33.7%** in H1 2024, benefiting from lower tax impacts from foreign operations and non-deductible compensation[106](index=106&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (Six Months Ended June 30, in thousands) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | Net income | $36,469 | $31,327 | | Adjustments (Depreciation, Amortization, Interest, Taxes, etc.) | $170,163 | $172,517 | | **Adjusted EBITDA** | **$206,632** | **$203,844** | [Segment Results](index=33&type=section&id=Segment%20Results) Merchant Services, B2B Payments, and Data Solutions segments showed revenue and adjusted EBITDA margin growth, while Print revenue declined but improved its margin - **Merchant Services:** H1 2025 revenue grew **2.1%** to **$199.2 million**, and adjusted EBITDA margin improved to **21.6%** from **20.8%**, driven by pricing actions and volume growth from government and banking clients[123](index=123&type=chunk) - **B2B Payments:** H1 2025 revenue increased **1.1%** to **$141.1 million**, with adjusted EBITDA margin rising to **20.5%** from **19.5%**, due to new client onboarding and price increases[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - **Data Solutions:** H1 2025 revenue saw strong growth of **23.9%** to **$145.1 million**, and adjusted EBITDA margin expanded to **27.6%** from **26.2%**, fueled by high demand for customer acquisition marketing from financial institutions[128](index=128&type=chunk) - **Print:** H1 2025 revenue declined **6.5%** to **$572.4 million** due to softer demand for promotional products and secular declines in checks, however, adjusted EBITDA margin increased to **31.7%** from **30.2%** due to pricing actions, cost management, and lower bad debt expense[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) [Cash Flows, Liquidity, and Capital Resources](index=35&type=section&id=Cash%20Flows%20and%20Liquidity%20and%20Capital%20Resources) Net cash from operating activities and free cash flow significantly increased in H1 2025, with a stable capital structure and available liquidity - Net cash from operating activities increased by **$35 million** in H1 2025 to **$101.4 million**, driven by pricing and cost actions, a **$15 million** reduction in employee bonuses, and lower restructuring spend[134](index=134&type=chunk) - Free cash flow for H1 2025 was **$52.1 million**, a significant increase from **$17.6 million** in H1 2024[134](index=134&type=chunk) Capital Structure (in thousands) | Component | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Fixed Interest Rate Debt | $925,000 | $925,000 | | Floating Interest Rate Debt | $562,667 | $596,917 | | **Total Debt Principal** | **$1,487,667** | **$1,521,917** | | Shareholders' Equity | $638,668 | $620,918 | | **Total Capital** | **$2,126,335** | **$2,142,835** | [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk from variable-rate debt, with a 1% change impacting interest expense by $3 million, while foreign currency risk is minimal - The company is exposed to interest rate risk from its variable-rate debt, where a one percentage point change in interest rates would result in a **$3 million** change in interest expense for the rest of the year as of June 30, 2025[145](index=145&type=chunk) - Foreign currency exchange rate risk is primarily related to Canadian dollar operations but is not considered material to earnings or cash flows[146](index=146&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[147](index=147&type=chunk) - No material changes to internal control over financial reporting were identified during the quarter ended June 30, 2025[148](index=148&type=chunk) [Part II - Other Information](index=38&type=section&id=Part%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, and other disclosures for the reporting period [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company maintains adequate reserves for legal claims and does not anticipate any material impact on its financial position or results from current litigation - The company believes that recorded reserves for legal matters are adequate and does not expect any currently identified claims to have a material impact on its financial condition or results of operations[149](index=149&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No significant changes to the company's risk factors have occurred since the Annual Report on Form 10-K for December 31, 2024 - No significant changes to the risk factors disclosed in the 2024 Form 10-K have occurred[150](index=150&type=chunk) [Unregistered Sales of Equity Securities and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company did not repurchase shares in Q2 2025, with $287 million remaining under its share repurchase authorization - No shares were repurchased in Q2 2025, and the company has **$287 million** remaining under its share repurchase authorization as of June 30, 2025[151](index=151&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the second quarter of 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading plan during the second quarter of 2025[154](index=154&type=chunk) [Signatures](index=41&type=section&id=Signatures) The report was duly signed on August 7, 2025, by the company's President, CEO, CFO, and Chief Accounting Officer