Deluxe (DLX) FY2014 results: revenue $1.7 billion, up 5.6% on the year
Deluxe Corp. (DLX) reported revenue of $1.7 billion for fiscal 2014, the year ended 31 December 2014, up 5.6% on the year before. Net income was $200 million, up 7.0%, and diluted earnings per share $3.96. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2015.
Revenue
$1.7 billion
+5.6% on the year
FY2008FY2014
Operating margin
19.9%
20.1% a year earlier
FY2008FY2014
Net income
$200 million
+7.0% on the year
FY2008FY2014
Diluted EPS
$3.96
+8.5% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,674
1,585
1,515
+5.6%
Cost of revenue
606
561
524
+8.0%
Gross profit
1,068
1,024
991
+4.3%
Gross margin
63.8%
64.6%
65.4%
Selling, general and administrative
719
691
680
+4.0%
Operating income
333
318
302
+4.6%
Operating margin
19.9%
20.1%
19.9%
Interest expense
36.5
38.3
46.8
-4.6%
Pre-tax income
297
281
251
+5.7%
Income tax
97.4
94.4
80.3
+3.2%
Effective tax rate
32.8%
33.6%
32.0%
Net income
200
187
170
+7.0%
Net margin
11.9%
11.8%
11.3%
Diluted EPS
$3.96
$3.65
$3.32
+8.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
285
262
244
+9.0%
Capital expenditure
41.1
37.5
35.2
+9.8%
Free cash flow
244
224
209
+8.9%
Free cash flow margin
14.6%
14.1%
13.8%
Depreciation and amortisation
65.8
64.5
65.7
+2.1%
Share-based compensation
9.8
7.6
7.3
+29.3%
Buybacks
60.1
48.8
27.2
+23.2%
Dividends paid
57.6
50.7
50.9
+13.6%
Dividend per share
$1.15
$1.00
$1.00
+15.0%
Diluted shares, weighted
50m
51m
51m
-1.5%
Shares outstanding at period end
50m
50m
51m
-1.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
647
550
433
+17.6%
Debt
553
641
653
-13.6%
Other liabilities
483
378
327
+27.6%
Total liabilities and equity
1,684
1,570
1,412
+7.3%
Fixed assets
87.6
101
104
-13.5%
Goodwill
868
823
790
+5.5%
Intangible assets
207
154
151
+34.9%
Investments
46.5
44.5
46.9
+4.5%
Trading assets
2.4
2.4
2.2
-1.0%
Cash and equivalents
61.5
121
45.4
-49.2%
Receivables
114
88.0
70.4
+29.1%
Inventory
39.4
29.0
23.3
+36.1%
Other assets
257
207
180
+24.3%
Total assets
1,684
1,570
1,412
+7.3%
10-K for the year ended 31 December 2014, filed 20 February 2015: the filing.