Company: DLX
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000027996-25-000107
Chunk: 35

Company: DELUXE CORP
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 35
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 (in thousands)5 |     |       $417,135 |     |                  $391,209 |     |        $420,000 |     | 7.4%                                       |
| Enterprise Adjusted EPS5                   |     |          $3.32 |     |                     $3.02 |     |           $3.40 |     | 12.6%                                      |

(1) See our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

(2) The divestiture of the web hosting business and payroll business resulted in the following approximate impacts: $56 million revenue impact, $26 million EBITDA impact, and $0.30 EPS impact. Comparable adjusted revenue, comparable adjusted EBITDA, and comparable adjusted EPS are non-GAAP financial measures. See Annex A for a reconciliation of comparable adjusted results to reported.

(3) As discussed in the above table titled "Process and Consideration in Setting 2024 AIP Financial Targets," the target for Enterprise Comparable Adjusted Revenue was initially set at $2.165 billion by the Committee during the first quarter of 2024 and, in response to shareholder feedback, later increased by the Committee to $2.192 billion.

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(4) Effective January 1, 2024, we changed our reportable operating segments, resulting in the creation of our Print segment, and 2023 results from legacy Check and Promotional Solutions segments were recast to our updated/re-segmented reporting structure. The recast 2023 revenue and adjusted EBITDA information for the Print segment was reported on our Current Report on Form 8-K filed on May 1, 2024.

(5) In 2023, for purposes of the AIP, to avoid a circular calculation of our bonus, we reported adjusted EBITDA and adjusted diluted EPS excluding the impact of the bonus pool of $38 million and $0.65, respectively. For 2024, to provide clearer disclosure, we adjusted our internal calculations to perform an iterative computation that no longer requires this final adjustment. As a result, the 2023 adjusted EBITDA and adjusted diluted EPS numbers reflected here do not match those disclosed in Annex A to our fiscal year 2023 proxy statement. We believe this change will allow us to more clearly and consistently disclose targets and actuals relative to the prior year.

After setting financial performance targets, the Committee set ranges around these targets