Deluxe Reports Third Quarter 2021 Results

Deluxe (NYSE: DLX), a Trusted Payments and Business Technology™ company, today reported operating results for its third quarter ended September 30, 2021.

“The scale of our Payments business now rivals our legacy Check business, confirming Deluxe is a Payments company. Our One Deluxe go-to-market strategy is working across all our businesses, providing full company organic growth during the third quarter. We are well-positioned to deliver on the fourth quarter and drive momentum into 2022,” said Barry McCarthy, President and CEO of Deluxe. “We are particularly encouraged by the performance of recently acquired First American, as well as our payroll and digital payments businesses. Cloud Solutions also performed well, improving 9% year-over-year, Promotional Solutions experienced growth and Checks’ rate of decline was better than long-term industry trends.”

“We are pleased with our third quarter results which were in-line with expectations, and, as anticipated, were impacted by lingering Covid impacts, inflation and other macroeconomic factors,” said Scott Bomar, Senior Vice President and Chief Financial Officer of Deluxe. “As a reminder, last year’s third quarter was positively impacted by Covid-related cost savings initiatives, and other one-time items. We have continued to effectively manage costs during the period while continuing to deliver sales growth. We expect to see improvements in free cash flow in the fourth quarter and beyond, which will allow us to invest in growth, as well as continue to de-lever our balance sheet.”

*Revenue for the third quarter was $92.6 million higher than the previous year. Not including the First American acquisition, which closed on June 1, 2021, revenue increased $10.1 million, or 2.3% year-over-year.
*The Payments segment delivered revenue growth of 114.6% over the previous year to $160.3 million, $82.5 million of which was from First American.
*Net income of $12.5 million includes $11.9 million in acquisition amortization from the First American acquisition, as well as increased interest expense associated with the transaction.
*Cash flow from operations for the third quarter was $65.4 million and capital expenditures were $34.5 million. Free cash flow, defined as cash provided by operating activities less capital expenditures, was $30.9 million, an increase of $11.6 million from the second quarter of 2021, and a decrease of $10.7 million compared to the third quarter of 2020, largely attributable to capital investments this year.
*Total debt outstanding decreased from $1,833.4 million as of June 30, 2021 to $1,776.2 million as of September 30, 2021. Net debt was $1,655.1 million and liquidity was $433.6 million as of September 30, 2021.
details at: https://www.investors.deluxe.com/news/news-details/2021/Deluxe-Reports-Third-Quarter-2021-Results-Declares-Regular-Dividend-Affirms-2021-Outlook/default.aspx

Related Posts

Flint Group Packaging Inks joins groundbreaking HolyGrail Initiative to accelerate circular plastic economy

Flint Group Packaging Inks has signed up to the HolyGrail 2.0 project that seeks to solve the complexities surrounding the recycling of post-consumer plastic packaging. Project HolyGrail was established in 2017 to speed up the transition to a global circular economy for plastics by improving recycling rates through more effective, high quality sorting of materials. In 2020, the second phase of the project, HolyGrail 2.0, was launched to open it up as a cross-value chain initiative with greater scale and scope. Partners involved in the project are exploring the viability of tagging packaging with unique, machine-readable codes to improve automated detection and sorting within current recycling systems.

Kingery Installs First Ricoh Pro VC80000 in North America (piworld.com)

Ricoh USA, Inc. announced that Kingery Printing Company, a Midwest family-owned and operated printing and mailing solutions company, installed the first RICOH Pro VC80000 continuous feed inkjet book printer in North America. The RICOH Pro VC80000 launched in November 2023 on the heels of the RICOH Pro Z75 cut-sheet inkjet press and is the newest addition to Ricoh's inkjet portfolio. Leveraging AI, the press enables commercial, book, and direct mail printers to experience a new standard for inkjet quality, productivity, and media flexibility to expand their competitive edge and profitability. Kingery Printing Company, founded in 1968, has grown to 200 team members with facilities located in Effingham and Mattoon, Illinois. Kingery serves publishers throughout the country in the book, catalog, and magazine market segments.

Tradeprint Promotes Their Sustainable Business Practices Further By Joining Two Sides

The print and paper advocacy group, Two Sides, are excited to announce its newest member, a print partner for thousands of marketing, creative and print professionals, Tradeprint. “We understand what the customer needs from us, and we’ll do everything it takes to deliver. We know their reputation is on the line with each and every order, that’s why we produce only the highest quality print.” says Charlene Joss, Managing Director at Tradeprint. Charlene continues, “It’s not just the high quality of print we deliver to our customers, but also the benefit of knowing that we regularly evaluate ways to reduce the impact of our operations and products on the environment so that we are protecting it to the best of our abilities. By joining with Two Sides, we will further promote the sustainable qualities of our company and an industry that has a great sustainable record.”
Back To Top
×Close search
Search