Company: DLX
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0000027996-25-000189
Chunk: 16

Company: DELUXE CORP
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 16
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787 Reserve for excess and obsolete items(11,506)(11,540)Inventories and supplies, net of reserve$33,910 $36,393 Revenue in excess of billings – Revenue in excess of billings was comprised of the following:(in thousands)September 30,2025December 31,2024Conditional right to receive consideration$21,239 $16,943 Unconditional right to receive consideration(1)13,950 9,798 Revenue in excess of billings$35,189 $26,741 (1) Represents revenues that are earned but not currently billable under the related contract terms.

9

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

Intangibles – Intangibles were comprised of the following: September 30, 2025December 31, 2024(in thousands)Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amountInternal-use software$549,266 $(389,246)$160,020 $488,840 $(339,683)$149,157 Customer lists/relationships319,586 (244,551)75,035 311,578 (223,272)88,306 Partner relationships76,300 (22,621)53,679 76,252 (19,632)56,620 Technology-based intangibles65,000 (35,208)29,792 65,000 (29,115)35,885 Other20,300 (5,805)14,495 6,200 (5,115)1,085 Intangibles$1,030,452 $(697,431)$333,021 $947,870 $(616,817)$331,053 Amortization of intangibles was $26,641 for the quarter ended September 30, 2025, $38,626 for the quarter ended September 30, 2024, $84,216 for the nine months ended September 30, 2025, and $111,690 for the nine months ended September 30, 2024. During the quarter ended June 30, 2024, we modified the useful life of a trade name asset that we retired in the fourth quarter of