Good afternoon, everyone. ‚~j@ùnL?‹yn^"²OH™�Æl�¾vä…¥Ïâ\Bçí(7}ÿ“�şy|ônä8O¼ÔYYe(ôY+²:älm8{ÏXQĞ”¯ŠÒş2’ÔuVÕ™>‰‚aH�"/îIø. Consistent with our Investor Day message, our business experienced sales driven revenue growth in the first two months of the year for the first time in nearly a decade. In the first quarter, Payments grew 18%. Free cash flow, defined as cash provided by operating activities, less capital expenditures, was $12.2 million in the quarter. I cannot overemphasize the importance of this growth. Time: 3:00pm GMT. MPX has solved that problem, and we're now uniquely positioned to digitize this multibillion-dollar market. But I wanted to just kind of get a sense from you when you talk to, particularly your small business customers and some of the banking customers what's the kind of the general sentiment about time line of eventual recovery and some of the kind of the programs on the banking side and the fintech side that you think might come back first? Based on what we have seen on the second quarter-to-date, we do not anticipate extended periods of negative cash flow. And we expect to do that going forward. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. And our customers would almost certainly have experienced disruption impacting our revenue. EARNINGS SUMMARY: Details of Deluxe Corp. Q1 Earnings Report. Our financial priority is to maintain strong liquidity and flexibility through the COVID-19 crisis, and we have made the decision to pause some of our capital projects in the near term. Thanks, Ed, and good afternoon, everyone. Source: MarketScreener Deluxe: Deluxe : Q1 2020 Earnings Presentation (marketscreener.com) First Quarter Earnings Call May 7, 2020 © 2020 Deluxe Corporation. 18 0 obj Obviously, those businesses were impacted as a result. /Length 3305 We're doing so much more than what I just covered. If there are any other questions or if an investor has some questions, I want to talk to me, Barry, Keith, please call, please email. Thank you. And we expect to win new clients and treasury management, who recognize the value of our financial strength compared to some of our competitors. I'm pleased to report our strategy is not only protecting the company in this time of uncertainty, but positioning us to deliver consistent long-term revenue growth. Q1 2020 Earnings Release 252.7 KB. The business is most patent in the Cloud Solutions segment were data-driven marketing, incorporation services, logo design, web design and web hosting. For all things considered, we delivered a solid first quarter. And as we noted on our last earnings call, we plan to purchase less stock in 2020 than in previous years. Thanks in advance. We've also formed the Deluxe Payment Exchange, which utilizes the same core technology created for MPX to address nonrecurring payments where paper is currently the only solution. Q1 Earnings. Deluxe Corp Q1 2016 Earnings Call Transcript. So what makes the Deluxe special as the character of my fellow deluxers finding a way to meet the customers' needs in good times and bad. The COVID-19 crisis is putting extra light on the strength of our strategy and proving we're on the right track in both good times and bad. Now specifically, are there other places we can go? Company: Deluxe Corp. Ticker: DLX. And so net debt remains largely unchanged from the end of March. I think this gives you a flavor for the actions our leadership team is taking to steer us through unchartered waters while taking great care of our employee owners and our customers. By geography, we saw the most prominent declines in the Northeast region of the country. On the same day, management will hold an open-access conference call at 11:00 a.m. I know without travel schedules right now, it's tough to get a hold of this maybe, but we will absolutely make as much time as possible to speak with you on any topics you want to talk about. Our solution allows the explanation of benefits of the EOB to travel with the digital payment through email. That's one of the things the company has been great at for a long time. Our team is living our purpose of championing businesses so communities thrive, guided by our values of putting customers first, earning trust, creating what's next, delivering for shareholders and getting it done. As a result of this action, we currently have about $300 million of cash and short-term investments. PDF Version. Thanks for taking my questions. And so it's a great example of the fact that our company is strong, that our balance sheet and the strength of our products and solution help us win exist. Earnings Call Information A live conference call will be held today at 4:45 p.m. * Q1 earnings per share view $1.15 -- Thomson Reuters I/B/E/S. Adjusted EBITDA margin ended at 17.1% in the quarter, down from 22.8% last year. Published Apr 28, 2016. As I mentioned earlier, payments is a shining star. That's our Deluxe character and winning attitude shining through that's lighting our pathway to even greater future success. I say thank you for joining us. Deluxe Q1 Adj. Now I'll turn the call back to Ed for some final comments. So we think the likely shape of the recovery is most likely to I've heard it described as something like a Nike swoosh down and then back gradually over some period of time. We expect promotional revenue to be materially impacted in the second quarter at a higher rate than the macro economy decline rates. This afternoon, will provide you with details of our first quarter operating performance, including the impressive 18% growth on our payments business. And I say it again, we delivered sales driven growth for the first time in a decade. To do this, we're utilizing one of the six new technology we invested in last year to facilitate collaboration and communication. And Keith was making one of them there. We had over 100 attendees at the event and the webcast have been viewed by hundreds more in the weeks since the event. First, we're financially strong. And it's pretty clear why a customer would want to come to the safety of Deluxe, not only because our balance sheet is strong and our cash flow is good, but we just have we have a superior product in the marketplace. And then, Ed, if you could, on slide 18, the point we're trying to make here is that while we drew down our credit facility, and net debt did increase about $20 million in the quarter. Here again, we're showing how our strategy and investments are yielding a return. Sorry, the question is a little bit spotty here, but working from stay best sometimes. We held our first Investor Day in over a decade where we shared our strategy with investors and provided them with an opportunity to learn about our exciting new segments and interact with each of the segment presidents. They were performing well within our expectation that we've talked about at Investor Day. ØsNeŠÃ¦\Mé‚OH‚ŠÎIq†íõRËä[(!£¦£Ş?,ã*Œ&ª¤àÆfÒz‚yÛSıŠ¥ä- Portions of the financial and statistical information that will be discussed during this call are addressed in more detail in today's press release, which is posted on our Investor Relations website at deluxe.com. At the end of the first quarter, our debt coverage ratio was 1.94, which needs to be maintained below 3.5 times and based on our credit facility covenants. /Subtype /Form We immediately further strengthened our liquidity and began an intense focus on expenses to get them aligned to lower volumes. We held the largest customer event in the history of Deluxe, bringing together hundreds of our key customers across our entire portfolio of businesses. In late March, as soon as we saw the initial declines in our business, we took action to enhance our financial flexibility, and we increased our borrowings on our revolving credit facility to $1.14 billion. 2 Min Read. Before the effect of COVID-19, we we estimate our adjusted EBITDA margin would have been 18.3%, right in line with what we had discussed at Analyst Day. We see opportunities for growth in our existing products. We think there's opportunity for savings in real estate. This included $63.3 million partial impairment of goodwill in the promotional Solutions segment. Our strategy is working. Shareholder Tools. Our brand, our people, the reliability of our service and the strength of our balance sheet will drive our acceleration into the future. And then I guess just cover has been here for a little bit. The COVID-19 related noncash asset impairment charges totaled $85.4 million in the quarter. Fortunately, Deluxe answered this disruption is very strong financially, with low net debt. Cumulative Growth of a $10,000 Investment in Stock Advisor, Deluxe Corp (DLX) Q1 2020 Earnings Call Transcript @themotleyfool #stocks $DLX, Deluxe Corp (DLX) Q4 2018 Earnings Conference Call Transcript, Deluxe Corp (DLX) Q3 2018 Earnings Conference Call Transcript, Here's Why Deluxe's Latest Report Might Worry You, Copyright, Trademark and Patent Information. Price US$ 54.00 | Buy this Report Now. So if you extrapolate that out, that's a pretty good indication about what the impact is on our profit in the near term. Good, thanks. /BBox [0 0 540 720] We expect to maintain the current level of debt on our balance sheet for the near-term until we have greater clarity on the rebound of the U.S. economy. For example, we've slowed our S/4HANA in salesforce implementations. Now is that going to impact Q2? People were learning about the Deluxe Solutions that we've had for years, but they never knew even existed. An overview of how COVID-19 has impacted our business, the actions we've taken to mitigate related risks and how are planning for future growth. Earnings Release Q1 FY 2021 | Digital Industries, Smart Infrastructure, Mobility 3 Digital Industries Q1 % Change (in millions of €) FY 2021 FY 2020 Actual Comp. We have not accessed any government loan programs and don't anticipate accessing the loan programs. I appreciate that, Barry. On May 20, we'll be participating in the virtual Needham Technology and Media Conference. These segments were materially impacted. I know it's still early in terms of hitting the economy. In the company's Form 10-K for the year ended December 31, 2019, and the Form 10-Q, which will be released in conjunction with our first quarter 2020 earnings as well as other SEC filings. Are the additional levers you think you can pull on the cost side to kind of help kind of ride through the storm more so than you've already kind of laid out? Through every one of these crisis, our company has grown stronger and better. Throughout this call, we intend to provide plenty of perspectives but given the uncertainty in the macro economy, we needed to stop short of providing a detailed outlook either for the second quarter or full year, just as we announced on our press release on March 25, 2020. Recall, we shifted to a sales driven growth model, which differs significantly from the past when virtually all growth came from acquisitions financed by increasing debt and leverage. So why don't I take this back, and that's probably a great place for me to start the conclusion. My fellow deluxers are accelerating our transformation while simultaneously delivering for customers through this crisis. Then obviously obviously, that's coming out at less than what our gross profit is, and that takes into account all the Barry has just described of very aggressive actions that we've taken to take costs out of our SG&A functions as well. Deluxe Announces Q1 2019 Earnings Release Information 10/04/19 ST. PAUL, Minn. --(BUSINESS WIRE)--Apr. [Operator Instructions] Our first question comes from Charles Strauzer of CJS. 10, 2019-- Deluxe Corporation (NYSE: DLX) will report 2019 first quarter financial results on Thursday, April 25, 2019 prior to market open. And we expect to see only modest improvement as we move into the third and fourth quarters. And then the strength of our company attracting customers that are worried about some of their current providers. Fair enough. 14, 2016-- Deluxe Corporation (NYSE: DLX) will report 2016 first quarter financial results on Thursday, April 28, 2016 prior to market open. We get emails now daily about wins. At the total company level, our revenue momentum turned downward in March when we saw gradual then significant decline in orders from the impact of COVID-19. Avoid These Stonks! During our Investor Day event in February, we shared with you the details of our new strategy. Thanks, Barry. Canceling 2020 merit pay adjustments and suspended our 401(k) match contributions, delaying some capital expenditure projects, deferring most of our external consulting spend, and the furlough of Deluxers and facilities that lack product demand to remain open. /Iabc6 16 0 R We delivered a solid performance in the first quarter, while simultaneously driving our business transformation forward. Now I'll turn it over to Keith, who will provide the details of our first quarter financial results, but I'll come back and share my thoughts on our strategy and how we're positioning ourselves for the recovery. We're transforming the company from a legacy check printer into a trusted business technology company. One is really for the first time our company has a fully integrated go-to-market strategy, where we can talk to a customer about the range of solutions that Deluxe can deliver to our customers. 25, 2019 Deluxe Corporation (DLX) CEO Barry McCarthy on Q4 2018 Results - Earnings Call Transcript four of the top 10 deals of the last decade, we closed in two quarters, and we had weren't even really operating on the new segments until this quarter. endobj As previously announced, we suspended our 2020 outlook. And importantly, we have the financial wherewithal to sustain our business and get to the other side of this temporary downturn. Deluxe Corporation (DLX) will host a conference call at 11:00 AM ET on April 24, 2014, to discuss its Q1 14 earnings results. And now I'll turn the call over to Barry. We suspect a permanently. In summary, we believe we delivered a solid first quarter, and our strategy is working.
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