Deluxe Reports First Quarter 2022 Results

*Delivered consolidated revenue growth of 26.0% in the first quarter
*Revenue increased 7.1% excluding First American
*All four segments delivered year-over-year sales-driven revenue growth
*Declared regular quarterly dividend
*Affirmed full year 2022 guidance

Deluxe (NYSE: DLX), a Trusted Payments and Business Technology™ company, today reported operating results for its first quarter ended March 31, 2022.

“We had a great start to 2022, continuing our trend of sales-driven growth,” said Barry McCarthy, President and CEO of Deluxe. “All four segments reported year-over-year revenue growth led by strong performance in our First American and Checks businesses. Our strong momentum gives us confidence we will deliver on our full-year goals.”

“We are proud of our execution in the first quarter that has led to this strong revenue growth,” said Scott Bomar, Senior Vice President and Chief Financial Officer of Deluxe. “There were a number of known factors that impacted Adjusted EBITDA margin in the quarter. These factors are included in our guidance and we are affirming our outlook for the year.”

*Revenue for the first quarter was $114.7 million higher than the previous year. Excluding the First American acquisition, which closed on June 1, 2021, revenue increased $31.4 million, or 7.1% year-over-year.
*The Payments segment delivered revenue growth of 109.1% over the previous year to $166.2 million. Excluding First American, Payments grew 4.3%.
*Net income of $9.7 million included $12.7 million of acquisition amortization from the First American acquisition, as well as an increase in interest expense of $15.8 million driven by the transaction.
*Adjusted EBITDA margin was 17.9%, down 260 basis points from the prior year and was impacted by known factors such as IT investments, inflation, changes in portfolio mix, and a return to pre-COVID seasonal patterns.
*Cash flow from operations for the first quarter was $34.3 million and capital expenditures were $20.8 million. Free cash flow was $13.5 million, a decrease of $4.4 million compared to the first quarter of 2021, partially driven by increased cash interest payments.
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