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Mar 31, 2023
Deluxe Q1 2023 Earnings Report
Deluxe's first quarter of 2023 saw a slight decrease in reported revenue, but an increase in comparable adjusted revenue and adjusted EBITDA.
Key Takeaways
Deluxe reported a decrease in revenue by 1.9%, but comparable adjusted revenue increased by 0.5%. Net income decreased, while adjusted EBITDA increased slightly. The company affirms its full-year 2023 guidance.
Revenue decreased by 1.9% due to divestitures, but comparable adjusted revenue increased by 0.5%.
GAAP diluted EPS was $0.06, and adjusted diluted EPS was $0.80.
Net income decreased to $2.8 million from $9.7 million in the prior year.
Adjusted EBITDA increased by 0.8%, and comparable adjusted EBITDA increased by 2.1%.
Revenue by Segment
Forward Guidance
The Company continues to expect the following for full-year 2023, inclusive of expected divestitures, and all figures are approximate:
Positive Outlook
- Revenue of $2.145 to $2.210 billion
- Adjusted EBITDA of $390 to $405 million
- Adjusted EPS of $2.90 to $3.25
- Free cash flow of $80 to $100 million
Challenges Ahead
- Guidance is subject to the closure of the web hosting and logo divestiture in May 2023.
- Guidance is subject to prevailing macroeconomic conditions.
- Guidance is subject to labor supply issues.
- Guidance is subject to inflation.
- Guidance is subject to the impact of other divestitures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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