Deluxe Reports Fourth Quarter and Full Year 2023 Results

*2023 reported revenue decreased 2.0% including impact from divestitures, while comparable adjusted revenue increased $6 million or 0.3%. *Third consecutive year of revenue growth, on a comparable adjusted basis. *Full year GAAP diluted EPS was $0.59 while adjusted diluted EPS was $3.32. *Full year net income was $26.2 million, down from $65.5 million in 2022, on increased interest expense and restructuring activity.

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

“We are pleased to report a third consecutive year of organic revenue growth, while also increasing comparable adjusted EBITDA faster than revenue, and generating significantly improved free cash flows during both the fourth quarter and full year periods. These results further demonstrate the power of the combined Deluxe portfolio of offerings, aligned with the transformation of our business to a modern Payments and Data company,” said Barry McCarthy, President and CEO of Deluxe. “The increasing scale of our combined Payments and Data platform is driving improved operating leverage and expansion of our comparable adjusted EBITDA margins, which we expect will continue in line with our 2024 guidance as we focus on execution aligned to our North Star initiatives.”

“We were particularly pleased with our ability to improve our net debt position and leverage ratio during 2023, and the enterprise has strong momentum aligned with our core capital allocation priorities as 2024 begins,” said Chip Zint, Senior Vice President and Chief Financial Officer of Deluxe. “Deluxe remains diligently focused on operational execution, and we are confident in the continued expansion of our earnings trajectory.”
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