Deluxe Reports Third Quarter 2023 Results

*Reported revenue decreased 3.1% including impact from divestitures, while comparable adjusted revenue was flat year-over-year
*Third quarter GAAP diluted EPS was ($0.18) while adjusted diluted EPS was $0.79
*Net loss of $8.0 million including restructuring and other charges in the quarter, down from net income of $14.7 million in the prior year
*Adjusted EBITDA decreased 2.6%, while comparable adjusted EBITDA increased 3.0%
*Increases full-year 2023 guidance for adjusted EBITDA and adjusted EPS

Deluxe (NYSE: DLX), a Trusted Payments and Data company, today reported operating results for its third quarter ended September 30, 2023.

“We are pleased with our third quarter and year-to-date results, as comparable adjusted EBITDA expanded faster than revenue for the third consecutive quarter, putting us on-track for meaningful full- year operating leverage across the business, and demonstrating the true scalability of our portfolio,” said Barry McCarthy, President and CEO of Deluxe. “In addition, our execution against the new holistic enterprise-wide North Star initiative will extend this momentum, enabling our ability to drive more than $100 million of run-rate free cash flow and $80 million of incremental run-rate EBITDA over our multi-year planning horizon.”

“We continued our strong momentum during the third quarter, including significant sequential improvement in free cash flow, and continued reduction of our net debt levels,” said Chip Zint, Senior Vice President and Chief Financial Officer of Deluxe. “Given our year-to-date results and our outlook for the year, including expected fourth-quarter benefits from the North Star initiative, we are once again raising our full-year 2023 earnings guidance.”
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