Deluxe (DLX) FY2022 results: revenue $2.2 billion, up 10.7% on the year

Deluxe Corp. (DLX) reported revenue of $2.2 billion for fiscal 2022, the year ended 31 December 2022, up 10.7% on the year before. Net income was $65 million, up 4.4%, and diluted earnings per share $1.50. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$2.2 billion

+10.7% on the year

FY2015FY2022

Operating margin

7.6%

7.0% a year earlier

FY2015FY2022

Net income

$65 million

+4.4% on the year

FY2015FY2022

Diluted EPS

$1.50

+3.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,238	2,022	1,791	+10.7%
Cost of revenue	1,032	884	731	+16.7%
Gross profit	1,206	1,138	1,060	+6.0%
Gross margin	53.9%	56.3%	59.2%
Selling, general and administrative	993	941	840	+5.6%
Operating income	169	142	40.7	+19.2%
Operating margin	7.6%	7.0%	2.3%
Interest expense	94.5	55.6	23.1	+70.0%
Pre-tax income	84.4	93.8	26.8	-10.0%
Income tax	18.8	31.0	21.5	-39.3%
Effective tax rate	22.3%	33.1%	80.1%
Net income	65.4	62.6	5.2	+4.4%
Net margin	2.9%	3.1%	0.3%
Diluted EPS	$1.50	$1.45	$0.11	+3.4%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	192	211	218	-9.1%
Cash from investing	-80.3	-1,067	-56.1
Cash from financing	-48.6	913	-111
Depreciation and amortisation	173	149	111	+16.0%
Share-based compensation	23.7	29.5	21.8	-19.7%
Buybacks	0.0	0.0	14.0
Dividends paid	52.6	51.7	50.7	+1.9%
Dividend per share	$1.20	$1.20	$1.20	0.0%
Diluted shares, weighted	43m	43m	42m	+1.1%
Shares outstanding at period end	43m	43m	42m	+1.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	604	575	513	+5.2%
Debt	1,644	1,683	840	-2.3%
Operating lease liabilities	48.9	56.4	28.3	-13.3%
Finance lease liabilities	27.3	27.4	0.1	-0.4%
Other liabilities	752	733	460	+2.6%
Total liabilities and equity	3,077	3,074	1,842	+0.1%
Fixed assets	125	126	88.7	-0.9%
Goodwill	1,431	1,430	703	+0.1%
Intangible assets	459	511	247	-10.1%
Investments	47.8	47.2	45.9	+1.2%
Cash and equivalents	40.4	41.2	123	-1.9%
Receivables	207	198	162	+4.4%
Inventory	52.3	34.9	40.1	+49.6%
Other assets	714	686	433	+4.1%
Total assets	3,077	3,074	1,842	+0.1%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.