Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 89

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 89
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 compensation— — 20,207 — — — 20,207 Other comprehensive income— — — — 7,236 — 7,236 Balance, December 31, 202343,743 43,743 99,141 491,238 (30,028)522 604,616 Net income— — — 52,802 — 143 52,945 Cash dividends ($1.20 per share)— — — (54,809)— — (54,809)Common shares issued, net of tax withholding572 572 (1,938)— — — (1,366)Employee share-based compensation— — 19,919 — — — 19,919 Other comprehensive income— — — — 112 — 112 Dividend paid to non-controlling interest— — — — — (499)(499)Balance, December 31, 202444,315 $44,315 $117,122 $489,231 $(29,916)$166 $620,918 

See Notes to Consolidated Financial Statements

46

DELUXE CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS

 Year Ended December 31,(in thousands)202420232022Cash flows from operating activities:  Net income$52,945 $26,227 $65,530 Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation22,191 23,426 25,997 Amortization of intangibles143,353 146,277 146,555 Asset impairment charges7,743 — — Amortization of prepaid product discounts35,216 33,370 34,400 Employee share-based compensation expense19,944 20,525 23,676 Operating lease expense18,317 18,811 20,480 Amortization of cloud computing arrangement implementation costs16,495 15,743 11,307 Gain on sale of businesses and long-lived assets(31,207)(32,421)(19,331)Deferred income taxes(20,390)(31,876)(28,529)Other non-cash items, net38,754 35,682 20,091 Changes in assets and liabilities: