Deluxe Corporation (NYSE:DLX) reported second-quarter revenue of $499.3 million on August 1, 2023, a 4.2% decline year-over-year but a 2.6% increase on a comparable adjusted basis. GAAP net income was $19.2 million, or $0.41 per share. The company highlighted its successful acquisition of merchant-services provider Celero, which closed on July 31, expanding its annual processing volume to over $70 billion.
President and CEO Barry McCarthy noted that the payments and data businesses contributed significantly, comprising 52% of year-to-date revenue and growing 11%. Data Solutions revenue rose 21.4% to $82.3 million, with an adjusted EBITDA margin of 22%. In contrast, print segment revenue fell 4.3%, but adjusted EBITDA improved, supporting mid-30% margins.
Year-to-date free cash flow increased 65% to $85.9 million, while net debt decreased to $1.32 billion. Deluxe projects 2026 revenue between $2.095 billion and $2.12 billion and raised its adjusted EBITDA outlook, forecasting $455 million to $475 million. A quarterly dividend of $0.30 per share was declared, payable September 1, 2023.
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