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Jun 30, 2022
Deluxe Q2 2022 Earnings Report
Delivered strong second quarter revenue growth and updated 2022 outlook.
Key Takeaways
Deluxe reported strong consolidated revenue growth of 17.7% in the second quarter of 2022. Revenue increased 6.6% excluding the First American acquisition and business exits. Net income increased 82.6% year-over-year, primarily driven by a gain on the sale of the Australian web hosting business. The company updated its full-year 2022 guidance to reflect strong revenue performance and lower Adjusted EBITDA rate expectations.
Delivered strong consolidated revenue growth of 17.7% in the second quarter.
Revenue increased 6.6% excluding the First American acquisition and business exits.
All four segments delivered year-over-year sales-driven revenue growth, led by Payments and Data-Driven Marketing.
Net income of $22.1 million, up 82.6% from the prior year primarily driven by a gain on the sale of our Australian web hosting business.
Forward Guidance
The Company now expects full year revenue growth of 10% to 12% excluding the impact of business exits, or 8% to 10% as reported. The company is modifying full year adjusted EBITDA rate to 18.5% to 19.0% with the fourth quarter rate being higher than the third quarter due to our normal seasonality pattern. Capital expenditures of approximately $105 million.
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