Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 65

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 65
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20242023Net income$52,945 $26,227 Net income attributable to non-controlling interest (143)(107)Depreciation and amortization expense165,544 169,703 Interest expense123,281 125,643 Income tax provision23,552 13,572 Restructuring and integration expense50,450 90,475 Share-based compensation expense19,944 20,525 Certain legal-related (benefit) expense(34)2,195 Asset impairment charges7,743 — Gain on sale of businesses and long-lived assets(31,207)(32,421)Loss on sale of investment securities— 1,323 Adjusted EBITDA$412,075 $417,135 Adjusted EBITDA margin19.4 %19.0 %

Adjusted diluted EPS – We believe that adjusted diluted EPS is a valuable metric for providing comparable information that assists in analyzing our current period operating performance and assessing our future operating performance. By excluding the impact of non-cash items or items that we believe are not indicative of current period operating performance, adjusted diluted EPS offers a useful view of our underlying business performance. Adjusted diluted EPS is one of the key financial performance metrics we use to evaluate the operating results and performance of the business, and It helps us identify strategies to improve performance. While it is reasonable to expect that one or more of the excluded items will occur in future periods, the amounts recognized may vary significantly.

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Diluted EPS for the years ended December 31 reconciles to adjusted diluted EPS as follows:

(in thousands, except per share amounts)20242023Net income$52,945 $26,227 Net income attributable to non-controlling interest(143)(107)Net income attributable to Deluxe52,802 26,120 Acquisition amortization55,489 74,839 Accelerated amortization16,866 2,500 Restructuring and integration expense50,450 90,475 Share-based compensation expense19,944 20,525 Certain legal-related (benefit) expense(34)2,195 Asset impairment charges7,743 — Gain on sale of businesses and long-lived assets(31,207)(32,421)Loss on sale of investment securities— 1,323 Loss on debt retirement1,934 — Adjustments, pretax121,185 159,436 Income tax provision impact of pretax adjustments(