Company Quick10K Filing
Deluxe
Price48.88 EPS-4
Shares43 P/E-11
MCap2,117 P/FCF20
Net Debt772 EBIT-162
TEV2,889 TEV/EBIT-18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-27
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-22
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-08-18 Officers, Regulation FD, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-05-07
8-K 2020-04-29
8-K 2020-03-25
8-K 2020-02-25
8-K 2020-02-19
8-K 2020-02-06
8-K 2019-10-24
8-K 2019-10-24
8-K 2019-08-21
8-K 2019-07-25
8-K 2019-07-22
8-K 2019-06-17
8-K 2019-05-15
8-K 2019-04-25
8-K 2019-03-12
8-K 2019-01-24
8-K 2019-01-24
8-K 2018-11-06
8-K 2018-10-25
8-K 2018-07-26
8-K 2018-06-18
8-K 2018-04-26
8-K 2018-04-25
8-K 2018-03-21
8-K 2018-01-25

DLX 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1: Consolidated Financial Statements
Note 2: New Accounting Pronouncements
Note 3: Supplemental Balance Sheet and Cash Flow Information
Note 4: Earnings (Loss) per Share
Note 5: Other Comprehensive Income (Loss)
Note 6: Derivative Financial Instruments
Note 7: Fair Value Measurements
Note 8: Restructuring and Integration Expense
Note 9: Income Tax Provision
Note 10: Postretirement Benefits
Note 11: Debt
Note 12: Other Commitments and Contingencies
Note 13: Shareholders' Equity
Note 14: Business Segment Information
Note 15: Risks and Uncertainties
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit311630202010q.htm
EX-31.2 exhibit312630202010q.htm
EX-32.1 exhibit321630202010q.htm

Deluxe Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.41.91.41.00.50.02012201420172020
Assets, Equity
0.60.40.20.0-0.2-0.42012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  __________ to ___________

Commission file number: 1-7945
deluxelogo2020ba01.jpg

DELUXE CORPORATION
(Exact name of registrant as specified in its charter) 
MN
41-0216800
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
3680 Victoria St. N.
Shoreview
MN
55126-2966
(Address of principal executive offices)
(Zip Code)

(651) 483-7111
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, par value $1.00 per share
DLX
NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes    ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). ☒ Yes   ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
 
 
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes   ☒ No

The number of shares outstanding of registrant’s common stock as of July 21, 2020 was 41,858,236.

1


PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

DELUXE CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share par value)
 
June 30,
2020
 
December 31,
2019
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
371,951

 
$
73,620

Trade accounts receivable, net of allowance for uncollectible accounts of $6,726 and $4,985, respectively
 
140,285

 
163,421

Inventories and supplies
 
47,525

 
39,921

Funds held for customers, including assets carried at fair value of $23,201 and $34,450, respectively
 
82,582

 
117,641

Revenue in excess of billings
 
25,014

 
32,790

Other current assets
 
48,893

 
44,818

Total current assets
 
716,250

 
472,211

Deferred income taxes
 
5,929

 
3,907

Long-term investments
 
44,405

 
44,995

Property, plant and equipment, net of accumulated depreciation of $361,224 and $377,180, respectively
 
77,857

 
96,467

Operating lease assets
 
45,048

 
44,372

Intangibles, net of accumulated amortization of $578,915 and $557,023, respectively
 
230,745

 
276,122

Goodwill
 
736,748

 
804,487

Other non-current assets
 
203,100

 
200,750

Total assets
 
$
2,060,082

 
$
1,943,311

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

Current liabilities:
 
 

 
 

Accounts payable
 
$
103,639

 
$
112,198

Funds held for customers
 
80,672

 
116,411

Accrued liabilities
 
174,210

 
179,338

Total current liabilities
 
358,521

 
407,947

Long-term debt
 
1,140,000

 
883,500

Operating lease liabilities
 
34,165

 
33,585

Deferred income taxes
 
3,243

 
14,898

Other non-current liabilities
 
38,815

 
32,520

Commitments and contingencies (Notes 12 and 15)
 


 


Shareholders' equity:
 
 

 
 

Common shares $1 par value (authorized: 500,000 shares; outstanding: June 30, 2020 – 41,855; December 31, 2019 – 42,126)
 
41,855

 
42,126

Additional paid-in capital
 
4,950

 
4,086

Retained earnings
 
494,243

 
572,596

Accumulated other comprehensive loss
 
(55,779
)
 
(47,947
)
Non-controlling interest
 
69

 

Total shareholders’ equity
 
485,338

 
570,861

Total liabilities and shareholders’ equity
 
$
2,060,082

 
$
1,943,311



See Condensed Notes to Unaudited Consolidated Financial Statements

2


DELUXE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
 
 
Quarter Ended
June 30,
 
Six Months Ended
June 30,
(in thousands, except per share amounts)
 
2020
 
2019
 
2020
 
2019
Product revenue
 
$
278,709

 
$
347,061

 
$
609,396

 
$
697,580

Service revenue
 
131,696

 
146,925

 
287,432

 
295,471

Total revenue
 
410,405

 
493,986

 
896,828

 
993,051

Cost of products
 
(102,861
)
 
(133,798
)
 
(224,450
)
 
(265,061
)
Cost of services
 
(59,422
)
 
(68,730
)
 
(139,882
)
 
(137,090
)
Total cost of revenue
 
(162,283
)
 
(202,528
)
 
(364,332
)
 
(402,151
)
Gross profit
 
248,122

 
291,458

 
532,496

 
590,900

Selling, general and administrative expense
 
(198,570
)
 
(222,292
)
 
(435,774
)
 
(452,469
)
Restructuring and integration expense
 
(20,354
)
 
(17,342
)
 
(38,008
)
 
(22,834
)
Asset impairment charges
 
(4,883
)
 

 
(95,213
)
 

Operating income (loss)
 
24,315


51,824

 
(36,499
)
 
115,597

Interest expense
 
(6,171
)
 
(9,239
)
 
(13,171
)
 
(18,540
)
Other income
 
1,808

 
2,168

 
6,281

 
3,934

Income (loss) before income taxes
 
19,952

 
44,753

 
(43,389
)
 
100,991

Income tax provision
 
(5,074
)
 
(12,171
)
 
(1,864
)
 
(27,219
)
Net income (loss)
 
14,878

 
32,582

 
(45,253
)
 
73,772

Net income attributable to non-controlling interest
 
(19
)
 

 
(19
)
 

Net income (loss) attributable to Deluxe
 
$
14,859

 
$
32,582

 
$
(45,272
)
 
$
73,772

Total comprehensive income (loss)
 
$
19,053

 
$
33,744

 
$
(53,085
)
 
$
76,824

Comprehensive income (loss) attributable to Deluxe
 
19,034

 
33,744

 
(53,104
)
 
76,824

Basic earnings (loss) per share
 
0.36

 
0.75

 
(1.08
)
 
1.68

Diluted earnings (loss) per share
 
0.35

 
0.75

 
(1.10
)
 
1.68



See Condensed Notes to Unaudited Consolidated Financial Statements


3


DELUXE CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited)

(in thousands,)
 
Common shares
 
Common shares
par value
 
Additional paid-in capital
 
Retained earnings
 
Accumulated other comprehensive loss
 
Non-controlling interest
 
Total
Balance, March 31, 2020
 
41,691

 
$
41,691

 
$

 
$
492,230

 
$
(59,954
)
 
$

 
$
473,967

Net income
 

 

 

 
14,859

 

 
19

 
14,878

Cash dividends ($0.30 per share)
 

 

 

 
(12,846
)
 

 

 
(12,846
)
Common shares issued
 
209

 
209

 
465

 

 

 

 
674

Common shares retired
 
(45
)
 
(45
)
 
(1,087
)
 

 

 

 
(1,132
)
Employee share-based compensation
 

 

 
5,572

 

 

 

 
5,572

Other comprehensive income
 

 

 

 

 
4,175

 

 
4,175

Non-controlling interest, net
 

 

 

 

 

 
50

 
50

Balance, June 30, 2020
 
41,855

 
$
41,855

 
$
4,950

 
$
494,243

 
$
(55,779
)
 
$
69

 
$
485,338


(in thousands,)
 
Common shares
 
Common shares
par value
 
Additional paid-in capital
 
Retained earnings
 
Accumulated other comprehensive loss
 
Non-controlling interest
 
Total
Balance, December 31, 2019
 
42,126

 
$
42,126

 
$
4,086

 
$
572,596

 
$
(47,947
)
 
$

 
$
570,861

Net loss
 

 

 

 
(45,272
)
 

 
19

 
(45,253
)
Cash dividends ($0.60 per share)
 

 

 

 
(25,707
)
 

 

 
(25,707
)
Common shares issued
 
290

 
290

 
2,267

 

 

 

 
2,557

Common shares repurchased
 
(499
)
 
(499
)
 
(9,767
)
 
(3,734
)
 

 

 
(14,000
)
Other common shares retired
 
(62
)
 
(62
)
 
(1,866
)
 

 

 

 
(1,928
)
Employee share-based compensation
 

 

 
10,230

 

 

 

 
10,230

Adoption of Accounting Standards Update No. 2016-13 (Note 2)
 

 

 

 
(3,640
)
 

 

 
(3,640
)
Other comprehensive loss
 

 

 

 

 
(7,832
)
 

 
(7,832
)
Non-controlling interest, net
 

 

 

 

 

 
50

 
50

Balance, June 30, 2020
 
41,855

 
$
41,855

 
$
4,950

 
$
494,243

 
$
(55,779
)
 
$
69

 
$
485,338



See Condensed Notes to Unaudited Consolidated Financial Statements


4


DELUXE CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (continued)
(unaudited)

(in thousands,)
 
Common shares
 
Common shares
par value
 
Additional paid-in capital
 
Retained earnings
 
Accumulated other comprehensive loss
 
Total
Balance, March 31, 2019
 
43,638

 
$
43,638

 
$

 
$
908,614

 
$
(54,689
)
 
$
897,563

Net income
 

 

 

 
32,582

 

 
32,582

Cash dividends ($0.30 per share)
 

 

 

 
(13,296
)
 

 
(13,296
)
Common shares issued
 
13

 
13

 
76

 

 

 
89

Common shares repurchased
 
(718
)
 
(718
)
 
(5,026
)
 
(23,152
)
 

 
(28,896
)
Other common shares retired
 
(5
)
 
(5
)
 
(196
)
 

 

 
(201
)
Employee share-based compensation
 

 

 
5,146

 

 

 
5,146

Other comprehensive income
 

 

 

 

 
1,162

 
1,162

Balance, June 30, 2019
 
42,928

 
$
42,928

 
$

 
$
904,748

 
$
(53,527
)
 
$
894,149


(in thousands,)
 
Common shares
 
Common shares
par value
 
Additional paid-in capital
 
Retained earnings
 
Accumulated other comprehensive loss
 
Total
Balance, December 31, 2018
 
44,647

 
$
44,647

 
$

 
$
927,345

 
$
(56,579
)
 
$
915,413

Net income
 

 

 

 
73,772

 

 
73,772

Cash dividends ($0.60 per share)
 

 

 

 
(26,467
)
 

 
(26,467
)
Common shares issued
 
99

 
99

 
1,938

 

 

 
2,037

Common shares repurchased
 
(1,757
)
 
(1,757
)
 
(7,504
)
 
(69,635
)
 

 
(78,896
)
Other common shares retired
 
(61
)
 
(61
)
 
(2,810
)
 

 

 
(2,871
)
Employee share-based compensation
 

 

 
8,376

 

 

 
8,376

Adoption of Accounting Standards Update No. 2016-02
 

 

 

 
(267
)
 

 
(267
)
Other comprehensive income
 

 

 

 

 
3,052

 
3,052

Balance, June 30, 2019
 
42,928

 
$
42,928

 
$

 
$
904,748

 
$
(53,527
)
 
$
894,149



See Condensed Notes to Unaudited Consolidated Financial Statements


5


DELUXE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
 
Six Months Ended June 30,
(in thousands)
 
2020
 
2019
Cash flows from operating activities:
 
 
 
 
Net (loss) income
 
$
(45,253
)
 
$
73,772

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
 
 

 
 

Depreciation
 
10,053

 
8,448

Amortization of intangibles
 
45,040

 
56,488

Operating lease expense
 
10,038

 
8,782

Asset impairment charges
 
95,213

 

Amortization of prepaid product discounts
 
14,174

 
11,681

Deferred income taxes
 
(10,886
)
 
2,718

Employee share-based compensation expense
 
9,095

 
9,224

Other non-cash items, net
 
14,383

 
7,323

Changes in assets and liabilities:
 
 

 
 

Trade accounts receivable
 
20,054

 
18,881

Inventories and supplies
 
(8,719
)
 
(836
)
Other current assets
 
2,073

 
(11,975
)
Non-current assets
 
(6,646
)
 
(2,249
)
Accounts payable
 
(16,023
)
 
(12,621
)
Prepaid product discount payments
 
(15,806
)
 
(16,182
)
Other accrued and non-current liabilities
 
(7,141
)
 
(48,350
)
Net cash provided by operating activities
 
109,649

 
105,104

Cash flows from investing activities:
 
 

 
 

Purchases of capital assets
 
(27,085
)
 
(32,344
)
Purchases of customer funds marketable securities
 
(3,701
)
 
(3,778
)
Proceeds from customer funds marketable securities
 
3,701

 
3,778

Other
 
1,837

 
(456
)
Net cash used by investing activities
 
(25,248
)
 
(32,800
)
Cash flows from financing activities:
 
 

 
 

Proceeds from issuing long-term debt
 
309,000

 
154,000

Payments on long-term debt
 
(52,500
)
 
(113,000
)
Net change in customer funds obligations
 
(31,351
)
 
(10,677
)
Proceeds from issuing shares under employee plans
 
2,411

 
1,637

Employee taxes paid for shares withheld
 
(1,889
)
 
(2,872
)
Payments for common shares repurchased
 
(14,000
)
 
(78,896
)
Cash dividends paid to shareholders
 
(25,464
)
 
(26,253
)
Other
 
(597
)
 
(1,440
)
Net cash provided (used) by financing activities
 
185,610

 
(77,501
)
Effect of exchange rate change on cash, cash equivalents, restricted cash and restricted cash equivalents
 
(6,490
)
 
3,996

Net change in cash, cash equivalents, restricted cash and restricted cash equivalents
 
263,521

 
(1,201
)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of year
 
174,811

 
145,259

Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period (Note 3)
 
$
438,332

 
$
144,058



See Condensed Notes to Unaudited Consolidated Financial Statements

6

DELUXE CORPORATION
CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)

NOTE 1: CONSOLIDATED FINANCIAL STATEMENTS

The consolidated balance sheet as of June 30, 2020, the consolidated statements of comprehen