(State or other jurisdiction | (Commission | (I.R.S. Employer | ||||||
of incorporation) | File Number) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover page interactive data file (formatted as Inline XBRL and contained in Exhibit 101) |
DELUXE CORPORATION | ||||||||
/s/ Jeffrey L. Cotter | ||||||||
Jeffrey L. Cotter | ||||||||
Chief Administrative Officer, | ||||||||
Senior Vice President and | ||||||||
General Counsel |
![]() | ![]() |
Jane Elliott, Chief Communications and HR Officer | Cam Potts, VP, Communications | |||||||
770-833-3500 | 651-233-7735 | |||||||
investorrelations@Deluxe.com | Cameron.Potts@Deluxe.com |
DELUXE REPORTS THIRD QUARTER 2020 RESULTS AND DECLARES REGULAR DIVIDEND |
3rd Quarter 2020 | 3rd Quarter 2019 | % Change | |||||||||||||||
Revenue | $439.5 million | $493.6 million | (11.0 | %) | |||||||||||||
Net Income (Loss) | $29.4 million | ($318.5 million) | n/m | ||||||||||||||
Adjusted EBITDA | $102.5 million | $119.3 million | (14.1 | %) | |||||||||||||
Diluted EPS – GAAP | $0.70 | ($7.49) | n/m | ||||||||||||||
Adjusted Diluted EPS | $1.47 | $1.71 | (14.0 | %) |
![]() | ![]() |
![]() | ![]() |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Product revenue | $298.8 | $346.3 | $908.2 | $1,043.9 | |||||||||||||||||||
Service revenue | 140.7 | 147.3 | 428.1 | 442.7 | |||||||||||||||||||
Total revenue | 439.5 | 493.6 | 1,336.3 | 1,486.6 | |||||||||||||||||||
Cost of products | (108.4) | (133.8) | (332.8) | (398.8) | |||||||||||||||||||
Cost of services | (66.1) | (69.9) | (206.0) | (207.0) | |||||||||||||||||||
Total cost of revenue | (174.5) | (203.7) | (538.8) | (605.8) | |||||||||||||||||||
Gross profit | 265.0 | 289.9 | 797.5 | 880.8 | |||||||||||||||||||
Selling, general and administrative expense | (198.9) | (213.3) | (634.6) | (665.8) | |||||||||||||||||||
Restructuring and integration expense | (18.9) | (26.3) | (57.0) | (49.1) | |||||||||||||||||||
Asset impairment charges | (2.8) | (391.0) | (98.0) | (391.0) | |||||||||||||||||||
Operating income (loss) | 44.4 | (340.7) | 7.9 | (225.1) | |||||||||||||||||||
Interest expense | (5.1) | (8.7) | (18.3) | (27.2) | |||||||||||||||||||
Other income | 2.2 | 2.2 | 8.5 | 6.1 | |||||||||||||||||||
Income (loss) before income taxes | 41.5 | (347.2) | (1.9) | (246.2) | |||||||||||||||||||
Income tax (provision) benefit | (12.1) | 28.7 | (13.9) | 1.5 | |||||||||||||||||||
Net income (loss) | 29.4 | (318.5) | (15.8) | (244.7) | |||||||||||||||||||
Non-controlling interest | — | — | (0.1) | — | |||||||||||||||||||
Net income (loss) attributable to Deluxe | $29.4 | ($318.5) | ($15.9) | ($244.7) | |||||||||||||||||||
Weighted average dilutive shares | 42.0 | 42.5 | 42.0 | 43.3 | |||||||||||||||||||
Diluted earnings (loss) per share | $0.70 | ($7.49) | ($0.40) | ($5.65) | |||||||||||||||||||
Adjusted diluted earnings per share | 1.47 | 1.71 | 3.70 | 4.88 | |||||||||||||||||||
Capital expenditures | 15.6 | 17.3 | 42.7 | 49.7 | |||||||||||||||||||
Depreciation and amortization expense | 28.0 | 30.5 | 83.1 | 95.4 | |||||||||||||||||||
EBITDA | 74.6 | (308.0) | 99.4 | (123.6) | |||||||||||||||||||
Adjusted EBITDA | 102.5 | 119.3 | 269.7 | 350.5 |
September 30, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||
Cash and cash equivalents | $310.4 | $73.6 | $73.5 | ||||||||||||||
Other current assets | 367.5 | 398.6 | 352.2 | ||||||||||||||
Property, plant & equipment | 80.7 | 96.5 | 92.7 | ||||||||||||||
Operating lease assets | 40.5 | 44.4 | 41.7 | ||||||||||||||
Intangibles | 234.8 | 276.1 | 287.5 | ||||||||||||||
Goodwill | 736.8 | 804.5 | 800.3 | ||||||||||||||
Other non-current assets | 236.5 | 249.6 | 241.1 | ||||||||||||||
Total assets | $2,007.2 | $1,943.3 | $1,889.0 | ||||||||||||||
Total current liabilities | $378.9 | $407.9 | $361.9 | ||||||||||||||
Long-term debt | 1,040.0 | 883.5 | 924.0 | ||||||||||||||
Non-current operating lease liabilities | 30.9 | 33.6 | 32.4 | ||||||||||||||
Other non-current liabilities | 46.0 | 47.4 | 45.2 | ||||||||||||||
Shareholders' equity | 511.4 | 570.9 | 525.5 | ||||||||||||||
Total liabilities and shareholders' equity | $2,007.2 | $1,943.3 | $1,889.0 | ||||||||||||||
Net debt | $729.6 | $809.9 | $850.5 | ||||||||||||||
Shares outstanding | 41.9 | 42.1 | 42.1 | ||||||||||||||
Number of employees | 6,388 | 6,352 | 6,409 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019(1) | ||||||||||
Cash provided (used) by: | |||||||||||
Operating activities: | |||||||||||
Net loss | ($15.8) | ($244.7) | |||||||||
Depreciation and amortization of intangibles | 83.1 | 95.4 | |||||||||
Asset impairment charges | 98.0 | 391.0 | |||||||||
Prepaid product discount payments | (24.9) | (20.4) | |||||||||
Other | 26.4 | (13.3) | |||||||||
Total operating activities | 166.8 | 208.0 | |||||||||
Investing activities: | |||||||||||
Purchases of capital assets | (42.7) | (49.7) | |||||||||
Proceeds from sale of facilities | 9.7 | — | |||||||||
Other | 1.3 | 3.1 | |||||||||
Total investing activities | (31.7) | (46.6) | |||||||||
Financing activities: | |||||||||||
Net change in debt | 156.5 | 14.0 | |||||||||
Dividends | (38.1) | (39.1) | |||||||||
Share repurchases | (14.0) | (118.5) | |||||||||
Shares issued under employee plans | 3.1 | 3.2 | |||||||||
Net change in customer funds obligations | (9.4) | (8.7) | |||||||||
Other | (4.7) | (8.1) | |||||||||
Total financing activities | 93.4 | (157.2) | |||||||||
Effect of exchange rate change on cash, cash equivalents, restricted cash and restricted cash equivalents | (3.3) | 2.6 | |||||||||
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents | 225.2 | 6.8 | |||||||||
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 period | $400.0 | $152.1 | |||||||||
Free cash flow | $124.1 | $158.3 |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Payments | $74.7 | $64.6 | $223.9 | $193.9 | |||||||||||||||||||
Cloud Solutions | 63.8 | 80.0 | 193.6 | 237.2 | |||||||||||||||||||
Promotional Solutions | 124.9 | 156.8 | 385.7 | 468.2 | |||||||||||||||||||
Checks | 176.1 | 192.2 | 533.1 | 587.3 | |||||||||||||||||||
Total | $439.5 | $493.6 | $1,336.3 | $1,486.6 | |||||||||||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||
Payments | $16.7 | $17.2 | $50.4 | $52.0 | |||||||||||||||||||
Cloud Solutions | 16.4 | 20.2 | 45.5 | 56.4 | |||||||||||||||||||
Promotional Solutions | 21.5 | 22.9 | 46.5 | 68.8 | |||||||||||||||||||
Checks | 85.0 | 98.8 | 258.4 | 300.9 | |||||||||||||||||||
Corporate | (37.1) | (39.8) | (131.1) | (127.6) | |||||||||||||||||||
Total | $102.5 | $119.3 | $269.7 | $350.5 | |||||||||||||||||||
Adjusted EBITDA Margin: | |||||||||||||||||||||||
Payments | 22.4 | % | 26.6 | % | 22.5 | % | 26.8 | % | |||||||||||||||
Cloud Solutions | 25.7 | % | 25.3 | % | 23.5 | % | 23.8 | % | |||||||||||||||
Promotional Solutions | 17.2 | % | 14.6 | % | 12.1 | % | 14.7 | % | |||||||||||||||
Checks | 48.2 | % | 51.4 | % | 48.5 | % | 51.2 | % | |||||||||||||||
Total | 23.3 | % | 24.2 | % | 20.2 | % | 23.6 | % |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income (loss) | $29.4 | ($318.5) | ($15.8) | ($244.7) | |||||||||||||||||||
Non-controlling interest | — | — | (0.1) | — | |||||||||||||||||||
Interest expense | 5.1 | 8.7 | 18.3 | 27.2 | |||||||||||||||||||
Income tax provision (benefit) | 12.1 | (28.7) | 13.9 | (1.5) | |||||||||||||||||||
Depreciation and amortization expense | 28.0 | 30.5 | 83.1 | 95.4 | |||||||||||||||||||
EBITDA | 74.6 | (308.0) | 99.4 | (123.6) | |||||||||||||||||||
Asset impairment charges | 2.8 | 391.0 | 98.0 | 391.0 | |||||||||||||||||||
Restructuring, integration and other costs | 18.9 | 29.7 | 59.1 | 53.7 | |||||||||||||||||||
CEO transition costs | — | 1.1 | — | 8.6 | |||||||||||||||||||
Share-based compensation expense | 6.2 | 5.4 | 15.4 | 14.0 | |||||||||||||||||||
Acquisition transaction costs | — | — | — | 0.2 | |||||||||||||||||||
Certain legal-related expense | — | — | (2.2) | 6.4 | |||||||||||||||||||
Loss on sales of customer lists | — | 0.1 | — | 0.2 | |||||||||||||||||||
Adjusted EBITDA | $102.5 | $119.3 | $269.7 | $350.5 |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income (loss) | $29.4 | ($318.5) | ($15.8) | ($244.7) | |||||||||||||||||||
Non-controlling interest | — | — | (0.1) | — | |||||||||||||||||||
Net income (loss) attributable to Deluxe | 29.4 | (318.5) | (15.9) | (244.7) | |||||||||||||||||||
Asset impairment charges | 2.8 | 391.0 | 98.0 | 391.0 | |||||||||||||||||||
Acquisition amortization | 13.7 | 16.4 | 42.0 | 54.2 | |||||||||||||||||||
Restructuring, integration and other costs | 18.9 | 29.7 | 59.1 | 53.7 | |||||||||||||||||||
CEO transition costs | — | 1.1 | — | 8.6 | |||||||||||||||||||
Share-based compensation expense | 6.2 | 5.4 | 15.4 | 14.0 | |||||||||||||||||||
Acquisition transaction costs | — | — | — | 0.2 | |||||||||||||||||||
Certain legal-related expense | — | — | (2.2) | 6.4 | |||||||||||||||||||
Loss on sales of customer lists | — | 0.1 | — | 0.2 | |||||||||||||||||||
Adjustments, pre-tax | 41.6 | 443.7 | 212.3 | 528.3 | |||||||||||||||||||
Income tax provision impact of pre-tax adjustments(1) | (9.4) | (52.4) | (39.7) | (71.3) | |||||||||||||||||||
Adjustments, net of tax | 32.2 | 391.3 | 172.6 | 457.0 | |||||||||||||||||||
Adjusted net income | 61.6 | 72.8 | 156.7 | 212.3 | |||||||||||||||||||
Income allocated to participating securities | — | (0.1) | (0.1) | (0.3) | |||||||||||||||||||
Re-measurement of share-based awards classified as liabilities | — | 0.1 | (0.8) | 0.1 | |||||||||||||||||||
Adjusted income attributable to Deluxe available to common shareholders | $61.6 | $72.8 | $155.8 | $212.1 | |||||||||||||||||||
Weighted-average dilutive shares | 42.0 | 42.5 | 42.0 | 43.3 | |||||||||||||||||||
Adjustment(2) | — | 0.2 | 0.1 | 0.1 | |||||||||||||||||||
Adjusted weighted-average dilutive shares | 42.0 | 42.7 | 42.1 | 43.4 | |||||||||||||||||||
GAAP Diluted EPS | $0.70 | ($7.49) | ($0.40) | ($5.65) | |||||||||||||||||||
Adjustments, net of tax | 0.77 | 9.20 | 4.10 | 10.53 | |||||||||||||||||||
Adjusted Diluted EPS | $1.47 | $1.71 | $3.70 | $4.88 |
September 30, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||
Total debt | $1,040.0 | $883.5 | $924.0 | ||||||||||||||
Cash and cash equivalents | (310.4) | (73.6) | (73.5) | ||||||||||||||
Net debt | $729.6 | $809.9 | $850.5 |
Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | |||||||||||||
Net cash provided by operating activities | $166.8 | $208.0 | ||||||||||||
Purchases of capital assets | (42.7) | (49.7) | ||||||||||||
Free cash flow | $124.1 | $158.3 |
September 30, 2020 | ||||||||
Cash and cash equivalents | $310.4 | |||||||
Amounts available for borrowing under revolving credit facility | 102.6 | |||||||
Liquidity | $413.0 |
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Document and Entity Information Document |
Nov. 05, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 05, 2020 |
Entity Registrant Name | DELUXE CORPORATION |
Entity Central Index Key | 0000027996 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | MN |
Entity File Number | 1-7945 |
Entity Tax Identification Number | 41-0216800 |
Entity Address, Address Line One | 3680 Victoria St. N. |
Entity Address, City or Town | Shoreview |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55126-2966 |
City Area Code | 651 |
Local Phone Number | 483-7111 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $1.00 per share |
Trading Symbol | DLX |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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