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. 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. Thank you. We plan to pause additional stock repurchases in the second quarter. People were learning about the Deluxe Solutions that we've had for years, but they never knew even existed. During the first quarter, we repurchased $14 million of common stock. We think this is clear affirmation that our strategy can deliver long-term results for our shareholders. last year. That are helping bring us into new markets and digitizing existing pathways, and we can do it a far more efficient way, and that's what the MPX program is all about, digitizing healthcare payments. We experienced a similar COVID-19 impact in the Cloud Solutions segment, and Garry Capers to is doing great work, managing costs and positioning his business for a rebound. And joining me on today's call is Barry McCarthy, our President and Chief Executive Officer; and Keith Bush, our Chief Financial Officer. And the reason for that is several fold. You know we've made big investments in our technology, and we think that can give us a boost and then, of course, all the things we're doing on the process side of our business, the company for a long time was operated as a company of companies with a series of silos, and this is the first quarter when we're operating in our new segment with a unified go-to-market strategy, which is about One Deluxe. In the first quarter, Payments grew 18%. With regards to the recent government stimulus package, we are deferring tax payments based on recent legislation, allowing us to improve near-term cash flow. Deluxe has a strong balance sheet. We believe we are positioning the company to take advantage of the inevitable opportunities in the market that will be created as the economy begins to recover later in the year. endobj Excluding after tax non-GAAP adjustments of $2.53 per share, adjusted diluted EPS and was $1.08 and compared to $1.54 in 2019. So if you extrapolate that out, that's a pretty good indication about what the impact is on our profit in the near term. We held our first ever companywide sales kickoff meeting led by our strong new Chief Revenue Officer, Chris Thomas. great suppression, two world Wars and more. Our next question comes from Chris McGinnis with Sidoti. Q1 2020 Earnings Release 252.7 KB. /Filter /FlateDecode 10, 2019-- Deluxe Corporation (NYSE: DLX) will report 2019 first quarter financial results on Thursday, April 25, 2019 prior to market open. Deluxe Corp. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. Which just gives us an enormous amount of confidence about our strategy being right, they're on the right path. ET (3:45 p.m. CT) to review the financial results. Business services firm Deluxe Corp. (DLX) said first-quarter net income increased to $47.3 million from $45.9 million. So you've heard how our business was significantly impacted by COVID-19 in March. Deluxe Q1 earnings 53 cents per share vs 68 cents Apr. The email contains a secure check that could be printed and deposited like any other check converted instantly for a digital ACH deposit or applied to many different payment types like debit cards, PayPal and more. In summary, we believe we delivered a solid first quarter, and our strategy is working. BRIEF-RDM Corp shareholders approve plan of arrangement with Deluxe Corp (RC, DLX) Reuters 1,406d. We're starting to see the beginning of stabilization in the first days of May, suggesting the third and fourth quarters might see modest volume improvements from second quarter lows. But as you're looking, Chris, at the back end of March, when we indicated that there was about $16 million impact on the revenue. While our net debt remains unchanged, we we're now holding cash of about $300 million, and our quick expense actions have resulted in sustaining our cash balances through the month of April. Total revenue in the first quarter was $486.4 million. -Analysts Estimate: $6.55 -Revenue (Q1): $6.66 Bln vs. $5.86 Bln last year. Excluding after tax non-GAAP adjustments of $2.53 per share, adjusted diluted EPS and was $1.08 and compared to $1.54 in … Thanks for taking my questions. As soon as we saw that the market was likely to have this type of a challenge, we acted immediately and we know that we moved earlier, we were one of the first businesses to move as aggressively as we did to control our cost. Great leadership team and a deeply engaged and committed workforce of employee owners, enabling us to weather the storm. You know what? Thanks, Barry. 18 0 obj This afternoon, will provide you with details of our first quarter operating performance, including the impressive 18% growth on our payments business. Thank you. 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. ST. PAUL, Minn.--(BUSINESS WIRE)--Deluxe Corporation (NYSE: DLX) will … 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? During the first quarter, we were not surprised that Promotional Solutions and Cloud Solutions experienced the greatest COVID-19 impact. However, we continue to monitor legislation to see if there are other offerings that may help us through this downturn. And when you look at some of the over the years, the ability to take cost out of the business, and it seems like it's continuing today. 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. And to look at our balance sheet. And we are pleased with where the Cloud businesses were collectively going into COVID. We see opportunities for growth in our existing products. And then just on the Cloud side, the number looks pretty strong up until it seemingly up until March. In payments, we announced a joint venture with echo Health called MPX or the Medical Payments Exchange. On the same day, management will hold an open-access conference call at 11:00 a.m. 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. So why don't I take this back, and that's probably a great place for me to start the conclusion. Buy These Stocks! 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. Well, to be clear, we expect and what I had said was that we expect Payments business to materially outpace what's happening in the broader economy. >> We don't have a perfect visibility on how that's going to translate into the rest of the year. Sorry, the question is a little bit spotty here, but working from stay best sometimes. Our interest coverage ratio needs to be above three times and was at 9.79 at the end of the first quarter. This information was also furnished to the SEC on Form 8-K filed by the company this afternoon. Q1 2020 Deluxe Corp Earnings Call SHOREVIEW Jun 22, 2020 (Thomson StreetEvents) -- Edited Transcript of Deluxe Corp earnings conference call or presentation Thursday, May 7, … Payments, cloud solutions, promotional solutions and checks; an update on our None Deluxe approach to become a sales driven revenue growth company, no longer solely dependent upon acquisitions for growth. EARNINGS SUMMARY: Details of Deluxe Corp. Q1 Earnings Report. And Keith was making one of them there. [Operator Instructions]. I say thank you for joining us. The facility includes an accordion feature, allowing us, subject to lender consent, which we would expect to receive to expand by up to $285 million beyond the $1.14 billion level we currently have drawn. For example, we've slowed our S/4HANA in salesforce implementations. Let me answer the first part of this, and then I'll let Keith jump in and give you more color. Great. I'll discuss the impairment impacting Q1 earnings in a moment. And for the cloud solutions, we're really talking about web hosting. We get emails now daily about wins. We have not accessed any government loan programs and don't anticipate accessing the loan programs. Now the other side of this is we're also in a good position that we're getting inbound calls from some of our competitors' customers that are concerned about the financial stabilities. So we're taking our story to the marketplace in a holistic way. Great, Barry. I think later in the year, you maybe said you talked about growth maybe slowing a little bit. And then I guess just cover has been here for a little bit. 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. Now I'll turn the call back to Ed for some final comments. In March, we announced actions we had implemented to help counter the impact of COVID-19. Our segment, help a lot, our CRO helps the time having clear leadership each one of our segments. We think and expect that a large number of businesses are simply in hibernation, and we're hopeful that they will restart their business. Maybe just touching on the top line and some of the category. In Promotional Solutions, we've identified new business opportunities, selling PPE to both new and existing customers and expect this business to bring in tens of millions of dollars of new revenue this year. We're just uniquely well positioned. Despite the painful impacts of COVID-19 and the challenging months ahead, we have the same aspirations for Deluxe today that we had just 60 days ago. Stocks Analysis by Zacks Investment Research covering: Caterpillar Inc, Intel Corporation, Alphabet Inc Class A, Amazon.com Inc. Read Zacks Investment Research's latest article on Investing.com MPX has solved that problem, and we're now uniquely positioned to digitize this multibillion-dollar market. 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. This segment is benefiting from previously announced wins with Synchrony Financial and Pfizer as well as some other new business we signed. Good afternoon, everyone. Next, I want to share with you what we're doing to protect our employees and our business. The revolving credit facility matures in 2023 and has a total size of $1.425 billion. -Earnings (Q1): $2.97 Bln. In addition to small businesses, we also provide discretionary products to large companies, and they cancel planned conferences, they canceled orders for those support products that we create for those conferences. And as we noted on our last earnings call, we plan to purchase less stock in 2020 than in previous years. But we believe as the economy reopens, obviously, small businesses reopened, etc. Tracey Engelhardt, our check leader; and Pete Otic, our chief of Operations, have done a great job scaling down our plant operating expenses. And importantly, we have the financial wherewithal to sustain our business and get to the other side of this temporary downturn. I think one of the more interesting things here is I think just talks about the responsibility of our company and our management team. Thanks, Barry. This is a 29.87 percent decrease over earnings … We've developed a new cloud scheduling technology for the banking industry to help banks better support their customers. We are continuing to look at the structural efficiencies that we can get out of our organization. Chris Thomas, our Chief Revenue Officer, has also trained our sales team and all the Deluxe has to offer, and we're seeing the wins continue as a result. So we think we're the beneficiary on multiple levels here. And our brand management business continues to add new customers and expand service for existing customers. That said, we felt the continuing effects of the COVID-19 in our financial results. In Promotional Solutions, Tom Riccio is doing excellent work, adjusting the cost base in line with lower revenue levels and being opportunistic to adjust product offerings to existing customers. And b, our financial stability is very attractive to large billers and financial institutions that are looking for a partner for the long term. Deluxe reported a per-share profit of $1.94 when it published results during the same quarter last year. Just I appreciate all the color you gave in terms of the kind of the bridged outlook, if you will. Or was that seeing organic growth as well up until COVID? 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. /Fabc10 8 0 R We think this is clear evidence our strategy is working. Your line is open. Many of our competitors do not have this advantage. Shares of REV Group (NYSE:REVG) moved higher by 0.1% in pre-market trading after the company reported Q1 results. As previously announced, we suspended our 2020 outlook. I'm just wondering, I think the expectation was that those will come down a little bit as we went through the remainder of the year. ET by Michael Kitchen Apple, Capital One, Nokia, Qualcomm, Xerox, more And I think that, that will be very good for our data business as we come out of this. Good, thanks. We don't know how many businesses are closed. Our solution allows the explanation of benefits of the EOB to travel with the digital payment through email. First of all, we have new products that I described. In short, I cannot be more proud of how the team has pulled together. Source: Thomson StreetEvents. About This Report Abstract: Edited Transcript of DLX earnings conference call or presentation 25-Apr-13 3:00pm GMT Report Type: Transcript. The fact that we have closed four of the top 10 deals of the last decade in the last two quarters. It's actually an incredibly good story. So we had all of the sales leadership and all of the salespeople together in one place hearing the entirety of our story. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. Thank you, and welcome to the Lex Corporation's first quarter the 2020 earnings call. And then as we get through this, we're also hopeful and optimistic that there'll be new business starts, and we're particularly well positioned to help new businesses incorporate and get alive as they go forward. Charlie, I don't know that I can I have a crystal ball. We told you earlier, we were suspending share repurchases in the second quarter. First, let's overview our business performance. Deluxe Corp. (NYSE:DLX) Q1 2020 Earnings Conference Call - Final Transcript Ladies and gentlemen, thank you for standing by, and welcome to the First Quarter 2020 Delux Earnings conference call. And as a result, we remain confident in our strategy, which we communicated previously. To kind of continue just to continue on that vein. ET (10:00 a.m. CT). Fair enough. GAAP diluted loss per share for the first quarter was $1.45, including asset impairment charges of $90.3 million and restructuring, integration and other costs of $19.7 million associated with the company's transformation. And I think in our team to go win more business is incredible. Promotional Solutions revenue was approximately $143 million and declined about $13 million from last year. For the first quarter, cash provided by operating activities was about $18.6 million, and capital expenditures were $6.4 million. And we're taking the right actions to protect our company today and position us for the economic recovery to come. However, as March unfolded, our business was significantly impacted by COVID-19, and we ended with revenue declining 2.5%.First quarter results by segment included Payments revenue of $77 million, growing over 18% or $12 million above last year. And since many businesses closed significantly downsized their operations or simply went into hibernation. Returns as of 03/14/2021. As I mentioned earlier, payments is a shining star. 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. And a nice quarter, and I hope you guys are all safe and your families are as well. So we're properly scaling the business above the line in our cost of goods as well as in our SG&A. Earnings Release Q1 FY 2021 | Digital Industries, Smart Infrastructure, Mobility 3 Digital Industries Q1 % Change (in millions of €) FY 2021 FY 2020 Actual Comp. [Operator Instructions] Okay. ØsNeŠÃ¦\Mé‚OH‚ŠÎIq†íõRËä[(!£¦£Ş?,ã*Œ&ª¤àÆfÒz‚yÛSıŠ¥ä- The silver lining in all of this is that the segment level Promotional solutions generates the lowest adjusted EBITDA margins of all four segments. Now a few comments on Payments, which continues to be our shining star. Now specifically, are there other places we can go? During both January, February, pre COVID, we delivered sales driven growth for the first time in a decade. -EPS (Q1): $6.61 vs. $5.25 last year. Materialise NV's report follows an earnings beat by NVIDIA on February 24, who reported EPS of €3.1 on revenue of €5B, compared to forecasts EPS of €2.81 on revenue of €4.82B. Both segments help businesses get started operate and grow. Had we not made these investments in our formerly antiquated infrastructure, it would have been considerably more difficult for us to transition to a work from home model. Orders 4,120 4,228 (3)% 2% Revenue 3,765 3,762 0% 5% therein: software business 1,004 1,014 (1)% 5% Adjusted EBITA 848 541 57% therein: severance (14) (115) Adjusted EBITA margin 22.5% 14.4% excl. On a positive note, our promo team has identified some new opportunities offering PPE solutions and branded wrappers cited for use in the real estate industry. We expect cloud revenue to be significantly impacted in the second quarter, and a higher decline than the macro economy decline rate, but we believe we will see some rebound in the third and fourth quarters. It's important to note that our net debt has remained unchanged. /Font << Adjusted EBITDA margin ended at 17.1% in the quarter, down from 22.8% last year. Based on what we see now, we expect to see continued strength in payments, and we expect to outperform macroeconomic conditions in the second quarter and likely throughout the year. No, I appreciate that. Thanks in advance. We've taken the necessary steps to secure our future. Okay. We’re motley! And thanks for that info. Price US$ 54.00 | Buy this Report Now. ST. PAUL, Minn.--(BUSINESS WIRE)--Apr. It's not just a theory. ET, Ladies and gentlemen, thank you for standing by, and welcome to the First Quarter 2020 Delux Earnings conference call. Third, our strategy is working. I don't know if that was the correct term, but what would temper the expectations since they're so strong right now in the economy to slow those trends? We used the opportunity to introduce these customers to all the new Deluxe has to offer. Any references to non-GAAP financial measures are reconciled to the comparable GAAP financial measures in the press release or as part of our presentation during this call. Published Apr 25, 2013. Obviously, those businesses were impacted as a result. Time: 3:00pm GMT. So we also are winning a very large number of customers in our Lockbox integrated treasury management solution. They were performing well within our expectation that we've talked about at Investor Day. 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. I've told you as long as I've been with the company, which is since the about 16 or 17 months. Not the need to go longer on something more specifically, we have specialists that can do that. 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. Analysts predict Deluxe will report earnings of $1.19 per share on revenue of $428.40 million. I'm pleased to be with you today to share our first quarter 2020 results. We expect check volume to track with macro academic conditions, recovering to a more standard secular decline rate sometime in the fourth quarter. stream Through a joint venture with Echo Health, we solved a large-scale payment challenge, how to effectively and efficiently manage medical payments and disbursements. I will let Keith add something on that for more perspective. We've sold a number of deals that we expect to continue to come on over the course of the year. Collectively, these actions include: reducing salaried employees base by 20%, which included mine, together with the balance of the executive leadership team and the cash compensation payable to our Board of Directors.
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