Deluxe Reports First Quarter 2023 Results; Affirms Full Year 2023 Outlook

*Reported revenue decreased 1.9% due to anticipated impact from divestitures, and comparable adjusted revenue increased 0.5%
*First quarter GAAP diluted EPS was $0.06 and adjusted diluted EPS was $0.80
*Net income was $2.8 million, down from $9.7 million in the prior year
*Adjusted EBITDA increased 0.8%, and comparable adjusted EBITDA increased 2.1%
*Affirms full-year 2023 guidance

Deluxe (NYSE: DLX), a Trusted Payments and Data company, today reported operating results for its first quarter ended March 31, 2023.

“We had a solid start to 2023 highlighted by increases in both comparable adjusted revenue and EBITDA,” said Barry McCarthy, President and CEO of Deluxe. “We are pleased to see modest growth in both of these metrics, particularly with profits growing faster than revenue, demonstrating continued improvement in operating leverage.”

“We are encouraged by our overall performance in the first quarter, and we are affirming our full-year 2023 guidance,” said Chip Zint, Senior Vice President and Chief Financial Officer of Deluxe. “We also completed the go-live of our ERP system, the last of our “Six Flags” infrastructure modernization initiatives. Now, in addition to continued top line growth, we are better positioned to see increases in operational efficiencies and free cash flow as the year progresses.”
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