Deluxe Delivers Strong Second Quarter 2022 Revenue Growth

“Our strong sales momentum continues. We delivered our fifth consecutive quarter of sales-driven revenue growth led by our Payments and Data businesses,” said Barry McCarthy, President and CEO of Deluxe. “All four of our segments once again achieved year-over-year revenue growth, demonstrating the durable demand for our products and services even in an uncertain market.”

“While we were very pleased with our sales performance, our second quarter Adjusted EBITDA rate was impacted by inflation and supply chain disruptions primarily in our Promotional Solutions segment,” said Scott Bomar, Senior Vice President and Chief Financial Officer of Deluxe. “We are updating our full year guidance to reflect our strong revenue performance and rate pressure.”

*Revenue for the second quarter was $84.8 million higher than the previous year. Excluding incremental revenue from the First American acquisition, which closed on June 1, 2021, and business exits during the quarter, revenue increased $31.2 million, or 6.6% year-over-year.
*The Payments segment delivered revenue growth of 65.7% over the previous year to $171.2 million. Excluding incremental revenue from the First American acquisition, Payments grew 6.7%.
*Net income of $22.1 million included gains of $17.5 million from the sale of the Australian web hosting business and a call center facility, and also included an $8.0 million increase in First American acquisition amortization and an increase in interest expense of $11.9 million resulting from the acquisition transaction. Prior year net income included $15.9 million of acquisition transaction costs.
*Cash flow from operations for the first half of the year was $72.2 million and capital expenditures were $45.3 million. Free cash flow was $26.9 million, a decrease of $10.3 million compared to the first half of 2021, and included increased interest payments of $28.8 million.
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