Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 86

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 86
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Deferred income taxes2,104 22,649 Other non-current liabilities67,495 68,754 Commitments and contingencies (Notes 10, 14 and 15)Shareholders’ equity:  Common shares $1 par value (authorized: 500,000 shares; outstanding: December 31, 2024 – 44,315; December 31, 2023 – 43,743)44,315 43,743 Additional paid-in capital117,122 99,141 Retained earnings489,231 491,238 Accumulated other comprehensive loss(29,916)(30,028)Non-controlling interest166 522 Total shareholders’ equity620,918 604,616 Total liabilities and shareholders’ equity$2,831,036 $3,080,622  

See Notes to Consolidated Financial Statements

43

DELUXE CORPORATIONCONSOLIDATED STATEMENTS OF INCOME

Year Ended December 31,(in thousands, except per share amounts)202420232022Product revenue$1,205,374 $1,257,600 $1,286,197 Service revenue916,387 934,660 951,813 Total revenue2,121,761 2,192,260 2,238,010 Cost of products(455,141)(486,029)(470,237)Cost of services(540,170)(543,548)(561,879)Total cost of revenue(995,311)(1,029,577)(1,032,116)Gross profit1,126,450 1,162,683 1,205,894 Selling, general and administrative expense(909,168)(956,068)(993,250)Restructuring and integration expense(48,570)(78,245)(62,529)Gain on sale of businesses and long-lived assets31,207 32,421 19,331 Asset impairment charges(7,743)— — Operating income192,176 160,791 169,446 Interest expense(123,281)(125,643)(94,454)Other income, net7,602 4,651 9,386 Income before income taxes76,497 39,799 84,378 Income tax provision(23,552)(13,572)(18,848)Net income52,945 26,227 65,530 Net income