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Deluxe Corporation (DLX+0.72%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $528,444,000 from $537,844,000 in the same quarter the previous year. The decline is attributed to business exits and a continuing secular decline in order volumes for checks and business forms.
Cost of revenue for the quarter was $246,577,000, representing 46.7% of total revenue, compared to 47.4% in the same quarter of the previous year. This decrease in cost ratio reflects pricing and cost optimization actions.
The company reported a gross profit of $281,867,000 for the quarter, compared to $282,717,000 in the previous year, with the decline attributed to reduced revenue.
Restructuring and integration expenses decreased to $11,031,000 from $22,935,000, reflecting ongoing cost optimization initiatives.
Net income for the quarter was $8,969,000, up from a loss of $7,957,000 in the previous year. Diluted earnings per share were $0.20, compared to a loss of $0.18 in the previous year.
Adjusted EBITDA for the quarter was $104,902,000, up from $101,890,000 in the previous year, with an adjusted EBITDA margin of 19.9%, compared to 18.9% in the previous year.
Cash provided by operating activities was $134,122,000, while cash used in investing and financing activities was $51,323,000 and $452,081,000, respectively.
Deluxe had a working capital of $612,685,000 as of September 30, 2024. The company continues to focus on its North Star initiatives to drive shareholder value and improve financial performance.
The filing also details various financial agreements, including an accounts receivable financing facility and interest rate swaps to manage interest rate risk.
Deluxe does not anticipate significant changes in its dividend policy and expects to remain in compliance with debt covenants throughout the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Deluxe Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.