Company: DLX
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000027996-25-000163
Chunk: 59

Company: DELUXE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 59
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1) Includes unbilled receivables of $55,242 as of June 30, 2025 and $47,341 as of December 31, 2024.Changes in the allowance for credit losses for the six months ended June 30, 2025 and June 30, 2024 were as follows:Six Months EndedJune 30,(in thousands)20252024Balance, beginning of year$9,120 $6,541 Bad debt expense3,705 8,980 Write-offs and other(3,102)(5,937)Balance, end of period$9,723 $9,584 Inventories and supplies – Inventories and supplies were comprised of the following:(in thousands)June 30,2025December 31,2024Finished and semi-finished goods$26,786 $31,146 Raw materials and supplies17,943 16,787 Reserve for excess and obsolete items(10,990)(11,540)Inventories and supplies, net of reserve$33,739 $36,393 Revenue in excess of billings – Revenue in excess of billings was comprised of the following:(in thousands)June 30,2025December 31,2024Conditional right to receive consideration$19,022 $16,943 Unconditional right to receive consideration(1)10,081 9,798 Revenue in excess of billings$29,103 $26,741 (1) Represents revenues that are earned but not currently billable under the related contract terms.Intangibles – Intangibles were comprised of the following: June 30, 2025December 31, 2024(in thousands)Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amountInternal-use software$528,338 $(373,868)$154,470 $488,840 $(339,683)$149,157 Customer lists/relationships310,150 (238,209)71,941 311,578 (223,272)88,306 Partner relationships76,405 (21,304)55,101 76,252 (19,632)56,620 Technology-based intangibles65,000 (33,177)31,823 65,000 (29,115)35,885 Software to be sold6,200