Company: DLX
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0000027996-25-000142
Chunk: 14

Company: DELUXE CORP
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 1
Chunk 14
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)Inventories and supplies, net of reserve$34,509 $36,393 Revenue in excess of billings – Revenue in excess of billings was comprised of the following:(in thousands)March 31,2025December 31,2024Conditional right to receive consideration$14,703 $16,943 Unconditional right to receive consideration(1)13,925 9,798 Revenue in excess of billings$28,628 $26,741 (1) Represents revenues that are earned but not currently billable under the related contract terms.Intangibles – Intangibles were comprised of the following: March 31, 2025December 31, 2024(in thousands)Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amountInternal-use software$508,947 $(357,609)$151,338 $488,840 $(339,683)$149,157 Customer lists/relationships311,066 (231,158)79,908 311,578 (223,272)88,306 Partner relationships76,200 (19,874)56,326 76,252 (19,632)56,620 Technology-based intangibles65,000 (31,146)33,854 65,000 (29,115)35,885 Software to be sold6,200 (5,270)930 6,200 (5,115)1,085 Intangibles$967,413 $(645,057)$322,356 $947,870 $(616,817)$331,053 

8

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS(dollars in thousands, except per share amounts)

Amortization of intangibles was $29,675 for the quarter ended March 31, 2025 and $35,698 for the quarter ended March 31, 2024. Based on the intangibles in service as of March 31, 2025, estimated future amortization expense is as follows:(in thousands)EstimatedamortizationexpenseRemainder of 2025$76,913 202677,306 202748,964 202828,754 202916,108 In the normal course of business, we acquire and develop internal-use software. We also