Deluxe Reports Fourth Quarter and Full Year 2020 Results; Declares Regular Dividend and Provides 2021 Outlook
Deluxe (NYSE: DLX) reported Q4 2020 results, revealing a 10.8% revenue decline year-over-year, totaling $1,790.8 million for the year. Despite challenges from COVID-19, the company achieved a net income of $8.8 million compared to a loss of $199.9 million in 2019. The new Payments segment saw a 12% revenue growth, and the company reduced net debt to $716.9 million. A quarterly dividend of $0.30 per share was approved, to be paid on March 1, 2021, to shareholders of record as of February 16, 2021.
- Payments segment achieved 12% revenue growth.
- Reduced net debt to $716.9 million, the lowest since June 2018.
- Quarterly dividend of $0.30 per share reflects confidence in business.
- Total revenue decreased 10.8% year-over-year, impacted by COVID-19.
- Adjusted EBITDA down 24.2% year-over-year.
- Free cash flow decreased by $65.1 million compared to 2019.
Deluxe (NYSE: DLX), a Trusted Business Technology™ company, today reported operating results for its fourth quarter and year ended December 31, 2020.
“Our One Deluxe strategy, including our new go-to-market approach, delivered record sales success in 2020, exceeding our pre-pandemic plan and positioning Deluxe to drive further growth in 2021 and beyond. Our team continues to successfully execute on this historic transformation, with our newly created Payments business unit delivering double-digit growth for the full year. We also strengthened our financial position by reducing net debt to the lowest level in two-and-a-half years, while achieving our full year target margin percentage. Through the course of the year, we continued to pay our regular quarterly dividend, demonstrating our confidence in the business and commitment to returning value to our shareholders,” said Barry McCarthy, President and CEO of Deluxe.
“Given our disciplined stewardship, financial strength, sales-driven performance and rebounding core revenue expectations, we are confident in our future and look forward to steady improvement in 2021,” said McCarthy.
Full Year 2020 Financial and Segment Highlights
|
Full Year 2020 |
|
Full Year 2019 |
|
% Change |
|||
Revenue |
|
million |
|
|
million |
|
(10.8 |
%) |
Net Income (Loss) Attributable to Deluxe |
|
million |
|
( |
million |
|
n/m |
|
Adjusted EBITDA |
|
million |
|
|
million |
|
(24.2 |
%) |
Diluted EPS – GAAP |
|
|
( |
|
n/m |
|
||
Adjusted Diluted EPS |
|
|
|
|
(25.5 |
%) |
||
n/m - not meaningful |
||||||||
-
Revenue was
$217.9 million lower than the previous year. COVID-19 negatively impacted the company's results, primarily across the Promotional Solutions, Cloud Solutions and Checks segments. -
The Payments segment formed at the beginning of the year delivered revenue growth of
12% over the previous year. COVID-19-related delays in customer implementations impacted the growth rate in this segment, which will likely continue into Q1 2021. -
Net income of
$8.8 million was impacted by COVID-19 and continued costs in support of the company’s transformation. -
Despite the impact of COVID-19, adjusted EBITDA margin remained strong at
20.4% , as management continued to implement cost savings and efficiency programs across the company. -
Cash flow from operations for 2020 was
$217.6 million and capital expenditures were$62.6 million . Free cash flow, defined as cash provided by operating activities less capital expenditures, was$155.0 million , a decrease of$65.1 million as compared to 2019.- In addition to COVID-19, free cash flow was impacted by previously disclosed expenditures to support the company’s business transformation and the ongoing secular decline in checks. These impacts were partially offset by lower income taxes, management’s cost savings initiatives, and lower capital expenditures.
-
Net debt of
$716.9 million was the lowest since June 30, 2018. -
During the fourth quarter, the company repaid
$200 million on its revolving credit facility under which it borrowed at the onset of the COVID-19 pandemic.-
As of December 31, 2020,
$840.0 million was drawn on the revolving credit facility, compared to$883.5 million at the beginning of 2020. Liquidity was$425.4 million , with cash and cash equivalents increasing$49.5 million for the year.
-
As of December 31, 2020,
Fourth Quarter 2020 Financial and Segment Highlights
|
4th Quarter 2020 |
|
4th Quarter 2019 |
|
% Change |
|||
Revenue |
|
million |
|
|
million |
|
(12.9 |
%) |
Net Income Attributable to Deluxe |
|
million |
|
|
million |
|
(44.9 |
%) |
Adjusted EBITDA |
|
million |
|
|
million |
|
(27.2 |
%) |
Diluted EPS – GAAP |
|
|
|
|
(45.3 |
%) |
||
Adjusted Diluted EPS |
|
|
|
|
(28.9 |
%) |
||
-
Revenue was
$67.6 million lower than last year. COVID-19 continued to negatively impact the company's results, primarily across the Promotional Solutions, Cloud Solutions and Checks segments. -
Revenue grew
3% from the third quarter, reflecting new business and some seasonality in Promotional Solutions. -
The Payments segment delivered revenue growth of
3% over the same period last year, consistent with management's expectations. COVID-19-related delays in customer implementations impacted the growth rate in this segment. -
Net income of
$24.7 million was impacted by COVID-19 and continued costs in support of the company's transformation. -
Adjusted EBITDA margin remained strong at
20.9% , despite the impact of COVID-19, as management continues to aggressively execute cost-savings and efficiency programs.
Outlook
Although the specific timing for larger economic recovery remains uncertain, as a result of increased confidence in the Company’s financial position and strong execution against its strategic plan, Deluxe is establishing guidance for the full year 2021:
-
Full year 2021 revenue is expected to grow in the range of
0% to2% primarily due to the combination of sales transformation and related wins and steady macro-economic recovery from COVID-19. - We expect first quarter financial performance to be a continuation of fourth quarter 2020 results as we begin to lap the onset of the pandemic in March 2020.
- We are positioned for recovery to begin in the second quarter, enabling us to exit the year with revenue growth in mid-single digits.
-
Adjusted EBITDA margin for full year 2021 is expected to be in the range between
20% to21% , at the lower end of the company’s long-term target range. -
We expect our tax rate to continue to be approximately
25% .
Capital Allocation and Dividend
The Board of Directors recently approved a regular quarterly dividend of
Earnings Call Information
A live conference call will be held today at 4:45 p.m. ET (3:45 p.m. CT) to review the financial results. Listeners can access the call by dialing 1-615-247-0252 (access code 3364057). A presentation also will be available via a webcast on the investor relations website at www.deluxe.com/investor. Alternatively, an audio replay of the call will be available after 8:00 p.m. ET and through midnight on February 12, 2021 by dialing 1-404-537-3406 (access code 3364057).
About Deluxe Corporation
Deluxe, a Trusted Business Technology™ company, champions business so communities thrive. Our solutions help businesses pay and get paid, accelerate growth and operate more efficiently. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing more than
Forward-Looking Statements
Statements made in this release concerning Deluxe, the company’s or management’s intentions, expectations, outlook or predictions about future results or events are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current intentions or beliefs and are subject to risks and uncertainties that could cause actual results or events to vary from stated expectations, which variations could be material and adverse. Factors that could produce such a variation include, but are not limited to, the following: potential continuing negative impacts from pandemic health issues, such as the coronavirus / COVID-19, along with the impact of government restrictions or similar directives on our future results of operations, our future financial condition and our ability to continue business activities in affected regions; the impact that further deterioration or prolonged softness in the economy may have on demand for the company’s products and services; the company’s ability to execute its transformational strategy and to realize the intended benefits; the inherent unreliability of earnings, revenue and cash flow predictions due to numerous factors, many of which are beyond the company’s control; declining demand for the company’s checks, check-related products and services and business forms; risks that the company’s strategies intended to drive sustained revenue and earnings growth, despite the continuing decline in checks and forms, are delayed or unsuccessful; intense competition; continued consolidation of financial institutions and/or additional bank failures, thereby reducing the number of potential customers and referral sources and increasing downward pressure on the company’s revenue and gross profit; the risk that future acquisitions will not be consummated; risks that any such acquisitions do not produce the anticipated results or synergies; risks that the company’s cost reduction initiatives will be delayed or unsuccessful; performance shortfalls by one or more of the company’s major suppliers, licensors or service providers; unanticipated delays, costs and expenses in the development and marketing of products and services, including web services and financial technology and treasury management solutions; the failure of such products and services to deliver the expected revenues and other financial targets; risks related to security breaches, computer malware or other cyber-attacks; risks of interruptions to the company’s website operations or information technology systems; risks of unfavorable outcomes and the costs to defend litigation and other disputes; and the impact of governmental laws and regulations. The company’s cash dividends are declared by the Board of Directors on a current basis and therefore, may be subject to change. The company’s forward-looking statements speak only as of the time made, and management assumes no obligation to publicly update any such statements. Additional information concerning these and other factors that could cause actual results and events to differ materially from the company’s current expectations are contained in the company’s Form 10-K for the year ended December 31, 2019 and in the company's Form 10-Q for the quarter ended September 30, 2020.
DELUXE CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (in millions, except per share amounts) (Unaudited) |
|||||||||||||||
|
Quarter Ended
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Product revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenue |
132.0 |
|
|
|
156.8 |
|
|
|
560.1 |
|
|
|
599.6 |
|
|
Total revenue |
454.5 |
|
|
|
522.1 |
|
|
|
1,790.8 |
|
|
|
2,008.7 |
|
|
Cost of products |
(125.8 |
) |
|
|
(132.5 |
) |
|
|
(458.7 |
) |
|
|
(531.3 |
) |
|
Cost of services |
(66.2 |
) |
|
|
(74.6 |
) |
|
|
(272.1 |
) |
|
|
(281.6 |
) |
|
Total cost of revenue |
(192.0 |
) |
|
|
(207.1 |
) |
|
|
(730.8 |
) |
|
|
(812.9 |
) |
|
Gross profit |
262.5 |
|
|
|
315.0 |
|
|
|
1,060.0 |
|
|
|
1,195.8 |
|
|
Selling, general and administrative expense |
(207.0 |
) |
|
|
(225.9 |
) |
|
|
(841.6 |
) |
|
|
(891.7 |
) |
|
Restructuring and integration expense |
(18.9 |
) |
|
|
(22.2 |
) |
|
|
(75.9 |
) |
|
|
(71.2 |
) |
|
Asset impairment charges |
— |
|
|
|
— |
|
|
|
(98.0 |
) |
|
|
(391.0 |
) |
|
Operating income (loss) |
36.6 |
|
|
|
66.9 |
|
|
|
44.5 |
|
|
|
(158.1 |
) |
|
Interest expense |
(4.9 |
) |
|
|
(7.4 |
) |
|
|
(23.1 |
) |
|
|
(34.7 |
) |
|
Other income |
0.7 |
|
|
|
1.1 |
|
|
|
9.2 |
|
|
|
7.2 |
|
|
Income (loss) before income taxes |
32.4 |
|
|
|
60.6 |
|
|
|
30.6 |
|
|
|
(185.6 |
) |
|
Income tax provision |
(7.7 |
) |
|
|
(15.8 |
) |
|
|
(21.7 |
) |
|
|
(14.3 |
) |
|
Net income (loss) |
24.7 |
|
|
|
44.8 |
|
|
|
8.9 |
|
|
|
(199.9 |
) |
|
Non-controlling interest |
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
Net income (loss) attributable to Deluxe |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
Weighted average dilutive shares |
42.2 |
|
|
|
42.3 |
|
|
|
42.1 |
|
|
|
43.0 |
|
|
Diluted earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
Adjusted diluted earnings per share |
1.38 |
|
|
|
1.94 |
|
|
|
5.08 |
|
|
|
6.82 |
|
|
Capital expenditures |
19.9 |
|
|
|
16.9 |
|
|
|
62.6 |
|
|
|
66.6 |
|
|
Depreciation and amortization expense |
27.7 |
|
|
|
30.6 |
|
|
|
110.8 |
|
|
|
126.0 |
|
|
EBITDA |
65.0 |
|
|
|
98.6 |
|
|
|
164.4 |
|
|
|
(24.9 |
) |
|
Adjusted EBITDA |
94.9 |
|
|
|
130.3 |
|
|
|
364.5 |
|
|
|
480.9 |
|
|
DELUXE CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (dollars and shares in millions) (Unaudited) |
|||||
|
December 31,
|
|
December 31,
|
||
Cash and cash equivalents |
|
|
|
|
|
Other current assets |
383.5 |
|
|
398.6 |
|
Property, plant & equipment |
88.7 |
|
|
96.5 |
|
Operating lease assets |
35.9 |
|
|
44.4 |
|
Intangibles |
246.8 |
|
|
276.1 |
|
Goodwill |
736.8 |
|
|
804.5 |
|
Other non-current assets |
260.1 |
|
|
249.6 |
|
Total assets |
|
|
|
|
|
|
|
|
|
||
Total current liabilities |
|
|
|
|
|
Long-term debt |
840.0 |
|
|
883.5 |
|
Non-current operating lease liabilities |
28.4 |
|
|
33.6 |
|
Other non-current liabilities |
53.9 |
|
|
47.4 |
|
Shareholders' equity |
540.8 |
|
|
570.9 |
|
Total liabilities and shareholders' equity |
|
|
|
|
|
Net debt |
|
|
|
|
|
Shares outstanding |
42.0 |
|
|
42.1 |
|
Number of employees |
6,185 |
|
|
6,352 |
|
DELUXE CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) |
||||||||
|
Year Ended December 31, |
|||||||
|
2020 |
|
2019(1) |
|||||
Cash provided (used) by: |
|
|
|
|||||
Operating activities: |
|
|
|
|||||
Net income (loss) |
|
|
|
|
( |
) |
|
|
Depreciation and amortization of intangibles |
110.8 |
|
|
|
126.0 |
|
|
|
Asset impairment charges |
98.0 |
|
|
|
391.0 |
|
|
|
Prepaid product discount payments |
(33.6 |
) |
|
|
(25.6 |
) |
|
|
Other |
33.5 |
|
|
|
(4.8 |
) |
|
|
Total operating activities |
217.6 |
|
|
|
286.7 |
|
|
|
Investing activities: |
|
|
|
|||||
Purchases of capital assets |
(62.6 |
) |
|
|
(66.6 |
) |
|
|
Payments for acquisitions |
— |
|
|
|
(8.2 |
) |
|
|
Proceeds from sale of facilities |
9.7 |
|
|
|
— |
|
|
|
Other |
(3.2 |
) |
|
|
2.4 |
|
|
|
Total investing activities |
(56.1 |
) |
|
|
(72.4 |
) |
|
|
Financing activities: |
|
|
|
|||||
Net change in debt |
(43.5 |
) |
|
|
(26.5 |
) |
|
|
Dividends |
(50.7 |
) |
|
|
(51.7 |
) |
|
|
Share repurchases |
(14.0 |
) |
|
|
(118.5 |
) |
|
|
Net change in customer funds obligations |
(0.2 |
) |
|
|
12.6 |
|
|
|
Other |
(2.2 |
) |
|
|
(6.1 |
) |
|
|
Total financing activities |
(110.6 |
) |
|
|
(190.2 |
) |
|
|
Effect of exchange rate change on cash, cash equivalents, restricted cash and restricted cash equivalents |
3.7 |
|
|
|
5.4 |
|
|
|
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents |
54.6 |
|
|
|
29.5 |
|
|
|
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of year |
174.8 |
|
|
|
145.3 |
|
|
|
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of year |
|
|
|
|
|
|
|
|
Free cash flow |
|
|
|
|
|
|
|
|
(1) |
The 2019 statement of cash flows has been revised from amounts reported in the prior year to reflect certain holdback payments for acquisitions and asset purchases within other financing activities. Previously, these amounts were included within investing activities. |
|
DELUXE CORPORATION SEGMENT INFORMATION (In millions) (Unaudited) |
|||||||||||||||
|
Quarter Ended
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud Solutions |
59.2 |
|
|
|
81.2 |
|
|
|
252.8 |
|
|
|
318.4 |
|
|
Promotional Solutions |
144.0 |
|
|
|
172.7 |
|
|
|
529.6 |
|
|
|
640.9 |
|
|
Checks |
173.3 |
|
|
|
192.5 |
|
|
|
706.5 |
|
|
|
779.8 |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud Solutions |
16.1 |
|
|
|
20.8 |
|
|
|
61.6 |
|
|
|
77.2 |
|
|
Promotional Solutions |
20.1 |
|
|
|
32.5 |
|
|
|
66.6 |
|
|
|
101.3 |
|
|
Checks |
83.3 |
|
|
|
101.8 |
|
|
|
341.7 |
|
|
|
402.7 |
|
|
Corporate |
(42.4 |
) |
|
|
(47.1 |
) |
|
|
(173.5 |
) |
|
|
(174.7 |
) |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Margin: |
|
|
|
|
|
|
|
||||||||
Payments |
22.8 |
|
% |
|
29.5 |
|
% |
|
22.6 |
|
% |
|
27.6 |
|
% |
Cloud Solutions |
27.2 |
|
% |
|
25.6 |
|
% |
|
24.4 |
|
% |
|
24.2 |
|
% |
Promotional Solutions |
14.0 |
|
% |
|
18.8 |
|
% |
|
12.6 |
|
% |
|
15.8 |
|
% |
Checks |
48.1 |
|
% |
|
52.9 |
|
% |
|
48.4 |
|
% |
|
51.6 |
|
% |
Total |
20.9 |
|
% |
|
25.0 |
|
% |
|
20.4 |
|
% |
|
23.9 |
|
% |
Effective January 1, 2020, the company reorganized its operations into four reportable business segments based on its product and service offerings. In addition, management began utilizing Adjusted EBITDA to determine the allocation of company resources and to assess segment operating performance. Adjusted EBITDA is the measure of segment performance presented in the company's 2020 Form 10-Qs in accordance with Accounting Standards Codification 280. Corporate consists of those costs that are not directly attributable to a business segment, primarily marketing, accounting, information technology, facilities, executive management, legal, tax and treasury costs that support the corporate function. Corporate also includes other income. Prior period information has been revised to reflect these changes. A reconciliation of net income (loss) to total Adjusted EBITDA can be found later in this release.
DELUXE CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(in millions)
(Unaudited)
Note that the company has not reconciled adjusted EBITDA for full year 2021 to the directly comparable GAAP financial measure because the company does not provide outlook guidance for net income or the reconciling items between net income and adjusted EBITDA. Because of the substantial uncertainty and variability surrounding certain of these forward-looking reconciling items, including asset impairment charges, restructuring, integration and other costs, and certain legal-related expenses, a reconciliation of the non-GAAP financial measure outlook guidance to the corresponding GAAP measure is not available without unreasonable effort. The probable significance of certain of these reconciling items is high and, based on historical experience, could be material.
EBITDA AND ADJUSTED EBITDA
Management discloses EBITDA and Adjusted EBITDA because it believes they are useful in evaluating the company's operating performance, as the calculations eliminate the effect of interest expense, income taxes, the accounting effects of capital investments (i.e., depreciation and amortization) and in the case of Adjusted EBITDA, certain items, as presented below, that may not be indicative of current period operating performance. In addition, management utilizes Adjusted EBITDA to assess the operating results and performance of the business, to perform analytical comparisons and to identify strategies to improve performance. Management also believes that an increasing EBITDA and Adjusted EBITDA depict an increase in the value of the company. Management does not consider EBITDA and Adjusted EBITDA to be measures of cash flow, as they do not consider certain cash requirements, such as interest, income taxes, debt service payments or capital investments. Management does not consider EBITDA or Adjusted EBITDA to be substitutes for operating income or net income. Instead, management believes that EBITDA and Adjusted EBITDA are useful performance measures that should be considered in addition to GAAP performance measures.
|
Quarter Ended
|
|
Year Ended
|
|||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
Non-controlling interest |
— |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
Interest expense |
4.9 |
|
|
7.4 |
|
|
|
23.1 |
|
|
|
34.7 |
|
|
Income tax provision |
7.7 |
|
|
15.8 |
|
|
|
21.7 |
|
|
|
14.3 |
|
|
Depreciation and amortization expense |
27.7 |
|
|
30.6 |
|
|
|
110.8 |
|
|
|
126.0 |
|
|
EBITDA |
65.0 |
|
|
98.6 |
|
|
|
164.4 |
|
|
|
(24.9 |
) |
|
Asset impairment charges |
— |
|
|
— |
|
|
|
98.0 |
|
|
|
391.0 |
|
|
Restructuring, integration and other costs |
21.6 |
|
|
25.8 |
|
|
|
80.7 |
|
|
|
79.5 |
|
|
CEO transition costs |
— |
|
|
0.9 |
|
|
|
— |
|
|
|
9.4 |
|
|
Share-based compensation expense |
6.5 |
|
|
5.1 |
|
|
|
21.8 |
|
|
|
19.2 |
|
|
Acquisition transaction costs |
— |
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
Certain legal-related (benefit) expense |
— |
|
|
— |
|
|
|
(2.2 |
) |
|
|
6.4 |
|
|
Loss (gain) on sales of businesses and customer lists |
1.8 |
|
|
(0.1 |
) |
|
|
1.8 |
|
|
|
0.1 |
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELUXE CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (continued)
(in millions)
(Unaudited)
ADJUSTED DILUTED EPS
By excluding the impact of non-cash items or items that may not be indicative of ongoing operations, management believes that Adjusted Diluted EPS provides useful comparable information to assist in analyzing the company's current and future operating performance. As such, Adjusted Diluted EPS is one of the key financial performance metrics used to assess the operating results and performance of the business and to identify strategies to improve performance. It is reasonable to expect that one or more of the excluded items will occur in future periods, but the amounts recognized may vary significantly. Management does not consider Adjusted Diluted EPS to be a substitute for GAAP performance measures, but believes that it is a useful performance measure that should be considered in addition to GAAP performance measures.
|
Quarter Ended
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
Non-controlling interest |
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
Net income (loss) attributable to Deluxe |
24.7 |
|
|
|
44.8 |
|
|
|
8.8 |
|
|
|
(199.9 |
) |
|
Asset impairment charges |
— |
|
|
|
— |
|
|
|
98.0 |
|
|
|
391.0 |
|
|
Acquisition amortization |
13.8 |
|
|
|
16.5 |
|
|
|
55.9 |
|
|
|
70.7 |
|
|
Restructuring, integration and other costs |
21.6 |
|
|
|
25.8 |
|
|
|
80.7 |
|
|
|
79.5 |
|
|
CEO transition costs |
— |
|
|
|
0.9 |
|
|
|
— |
|
|
|
9.4 |
|
|
Share-based compensation expense |
6.5 |
|
|
|
5.1 |
|
|
|
21.8 |
|
|
|
19.2 |
|
|
Acquisition transaction costs |
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
Certain legal-related (benefit) expense |
— |
|
|
|
— |
|
|
|
(2.2 |
) |
|
|
6.4 |
|
|
Loss (gain) on sales of businesses and customer lists |
1.8 |
|
|
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "Deluxe Reports Fourth Quarter and Full Year 2020 Results; Declares Regular Dividend and Provides 2021 Outlook FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were Deluxe's revenue figures for 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Deluxe reported revenue of $1,790.8 million for the year 2020."
}
},
{
"@type": "Question",
"name": "When will Deluxe pay its next dividend?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The next dividend of $0.30 per share will be paid on March 1, 2021."
}
},
{
"@type": "Question",
"name": "How did COVID-19 impact Deluxe's financial performance?",
"acceptedAnswer": {
"@type": "Answer",
"text": "COVID-19 negatively impacted revenue, leading to a <b>10.8%</b> decline in total revenue for 2020."
}
},
{
"@type": "Question",
"name": "What was Deluxe's net income for 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Deluxe reported a net income of $8.8 million for the year 2020."
}
},
{
"@type": "Question",
"name": "What is the outlook for Deluxe's revenue in 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Deluxe expects revenue growth in the range of <b>0% to 2%</b> for the full year 2021."
}
}
]
}
FAQ
What were Deluxe's revenue figures for 2020?
Deluxe reported revenue of $1,790.8 million for the year 2020.
When will Deluxe pay its next dividend?
The next dividend of $0.30 per share will be paid on March 1, 2021.
How did COVID-19 impact Deluxe's financial performance?
COVID-19 negatively impacted revenue, leading to a 10.8% decline in total revenue for 2020.
What was Deluxe's net income for 2020?
Deluxe reported a net income of $8.8 million for the year 2020.
What is the outlook for Deluxe's revenue in 2021?
Deluxe expects revenue growth in the range of 0% to 2% for the full year 2021.
Deluxe Corporation
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Conglomerates
Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work
United States of America
MINNEAPOLIS
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