Deluxe Q2 revenue down 5.9% but net income up 25%; reaffirms FY guidance

DELUXE CORP

2024-Q2 EPS reported $0.70 revenue$1,072,770,000

GAAP diluted EPS $0.46, up 24.3% YoY; comparable adjusted diluted EPS $0.85, up 4.9%.
Revenue $537.8M, down 5.9% reported; comparable adjusted revenue down 3.0% after business exits.
Comparable adjusted EBITDA $101.8M, margin 19.0% (+80 bps); net income $20.5M vs $16.4M.
First half operating cash flow $66.2M, up 40%; free cash flow $17.6M through six months.
Reaffirms FY 2024 guidance: rev $2.12-2.16B, adj EBITDA $400-420M, adj EPS $3.10-3.40, FCF $80-100M; dividend $0.30/share payable Sep 3.

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