Deluxe (DLX) FY2018 results: revenue $2.0 billion, up 1.7% on the year
Deluxe Corp. (DLX) reported revenue of $2.0 billion for fiscal 2018, the year ended 31 December 2018, up 1.7% on the year before. Net income was $150 million, down 35.0%, and diluted earnings per share $3.16. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$2.0 billion
+1.7% on the year
FY2011FY2018
Operating margin
11.6%
16.7% a year earlier
FY2011FY2018
Net income
$150 million
-35.0% on the year
FY2011FY2018
Diluted EPS
$3.16
-33.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,998
1,966
1,849
+1.7%
Cost of revenue
792
742
667
+6.7%
Gross profit
1,206
1,223
1,182
-1.4%
Gross margin
60.4%
62.2%
63.9%
Selling, general and administrative
854
829
806
+3.0%
Operating income
231
329
367
-29.8%
Operating margin
11.6%
16.7%
19.8%
Interest expense
27.1
21.4
22.3
+26.9%
Pre-tax income
213
313
340
-32.0%
Income tax
63.0
82.7
111
-23.8%
Effective tax rate
29.6%
26.4%
32.6%
Net income
150
230
229
-35.0%
Net margin
7.5%
11.7%
12.4%
Diluted EPS
$3.16
$4.72
$4.65
-33.1%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
339
338
319
+0.3%
Capital expenditure
62.2
47.5
46.6
+31.2%
Free cash flow
277
291
273
-4.8%
Free cash flow margin
13.9%
14.8%
14.7%
Cash from investing
-253
-181
n/a
Cash from financing
-62.2
-183
n/a
Depreciation and amortisation
131
123
91.6
+6.9%
Share-based compensation
13.4
15.1
12.5
-11.5%
Buybacks
200
65.0
55.2
+207.7%
Dividends paid
56.7
58.1
58.7
-2.5%
Dividend per share
$1.20
$1.20
$1.20
0.0%
Diluted shares, weighted
47m
48m
49m
-3.0%
Shares outstanding at period end
45m
48m
49m
-6.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
915
1,015
881
-9.8%
Debt
910
707
759
+28.6%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
480
486
545
-1.4%
Total liabilities and equity
2,305
2,209
2,184
+4.4%
Fixed assets
90.3
84.6
86.9
+6.7%
Goodwill
1,161
1,131
1,106
+2.6%
Intangible assets
360
384
410
-6.3%
Investments
43.8
42.6
42.2
+2.7%
Trading assets
n/a
n/a
1.9
Cash and equivalents
59.7
59.2
76.6
+0.8%
Receivables
174
150
153
+16.0%
Inventory
46.4
42.2
40.2
+9.9%
Other assets
370
315
268
+17.6%
Total assets
2,305
2,209
2,184
+4.4%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.