Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 0

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 0
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ITEM 1. BUSINESS

COMPANY OVERVIEW

In 2025, Deluxe Corporation will proudly celebrate its 110th anniversary, marking over a century of business excellence. Our enduring success is a testament to our innovation, our ability to adapt to the evolving needs of our customers, and the trust they place in us. We have transformed into a trusted Payments and Data company, serving small and medium-sized businesses, financial institutions, and some of the world's largest consumer brands. Effective January 1, 2024, we realigned our organizational structure to better reflect our portfolio mix and offerings, and we updated our reportable segments to align with these changes. Our products and services are delivered through four business segments, primarily catering to clients and customers across North America.

Business SegmentCategoryPercentage of 2024 consolidated revenueDescriptionMerchant ServicesMerchant services solutions18.1 %Merchant in-store, online, and mobile payment solutions that provide tools to accept electronic payments, such as debit cards, credit cards, and other forms of paymentB2B PaymentsTreasury management solutions10.6 %Automated receivables technology, including remittance and lockbox processing, remote deposit capture, and cash application, as well as payment acceptance solutionsOther payment solutions3.0 %Integrated accounts payable disbursements, including eChecks, Medical Payment Exchange, and Deluxe Payment Exchange+, as well as fraud and security servicesTotal13.6 %Data SolutionsData-driven marketing solutions10.1 %Data, analytics, and marketing services for business-to-business and business-to-consumer marketingOther web-based solutions0.9 %Financial institution profitability reporting and business incorporation servicesTotal11.0 %PrintChecks33.1 %Printed business and personal checksPromotional solutions12.4 %Branded promotional, print, apparel, and digital storefront solutionsForms and other business products11.3 %Business essentials, including business forms, envelopes, labels, stationery, and moreTotal56.8 %

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Over the past three years, we made strategic decisions to exit certain of our businesses. In 2022, we sold our Australian web hosting business, as well as our strategic sourcing and retail packaging businesses. In 2023, we sold our North American web hosting and logo design businesses, completing our exit from the web hosting space. Additionally, in 2023, we entered into agreements to exit our payroll and human resources services business, facilitating the transition of our U.S. and Canadian customers to other service providers. These