DLX - Earnings call transcript Q3 2020

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Deluxe Third Quarter 2020 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference may be recorded. [Operator Instructions] I would now like to hand the conference over to your speaker, Chief Communications and HR Officer, Jane Elliott. Please go ahead.

Jane Elliott

Thank you, and welcome to the Deluxe Third Quarter 2020 Earnings Call.

of call Keith McCarthy, Officer; Bush, Davis, new today’s Chief President and on our Officer; Executive our Head me is our Barry and Heather Joining Relations. Investor Chief Financial of end we questions. prepared At the today’s will remarks, take that company’s Litigation I the defined management’s intentions, expectations strategy in nature Reform as or XXXX. performance the made projections, remind comments regarding Securities estimates Act financial of everyone or in Private today future about are forward-looking risks subject related our are risks to could differ uncertainties including COVID-XX, comments cause to These actual materially and which from to results our projections.

Form that released filings. cause the as for projections as with quarter release in December ended factors be about information and the differ our XXXX third today earnings to issued actual SEC from and Additional XX-Q, year contained press XX-K in which XXXX, may will company’s SEC XX, conjunction our Form filed results Form well our X-K and with is the and other

we measures financial the SEC, call In disclosures and the of with filings the these free including measures, our measures our will GAAP. comparable press measures discuss find flow. non-GAAP and EBITDA today, most regarding you additional cash On under reconciliations adjusted U.S. release including will the to non-GAAP

to turn the I’ll Now call Barry. over

Barry McCarthy

Jane, Thanks, and good afternoon.

to Deluxe First, as Relations. our welcome to like Heather Davis Investor I’d new Head of

Keith, Buffalo with role Wings. her working Some from tech-driven companies and at forward of Wild Groupon from like Lawson you IR know and may and Software I her. her to Jane look

margin. point pressures, improvement improved results EBITDA economic continued XXX quarter despite basis third nearly We’re have adjusted including delivered pleased to pandemic-related in a

Deluxe. overall to make continue meaningful We our on executing transformation One to progress

of growth, COVID-related in evidence momentum. the quarter, to improvement the line delivered in clear sales-driven our estimates, continued improvement third revenue, By consecutive the sequential and impacts, We see of we excluding see As into margins top our discussed EBITDA as our latter quarter, quarter. we began third second GAAP adjusted last for quarter. our which an part continued

we’re successfully continue business We win products new to our cross-selling accelerated rate, and and services. at an

have pleased including support talent our estate We’ve the to upgrades, slowing flexibility the overall organization consolidations, a infrastructure, restored continued in after long-term QX. to potential and the streamlined We’re real enhancements and growth financial business. some company’s of technology investments of strength in the more bit design,

we by declaring regular quarterly remain strength, demonstrated Importantly, dividend. in our confident as financial our

to net now Our debt its Deluxe believe is two lowest is compelling our strategy all more continue years. in working. at than One evidence I this is

XX.X% better revenue basis EBITDA Here improvement from better improving point we last basis expected. $XXX XXX million, down second $XX over also XXX versus reported or expected. XX% quarter last improvement with revenue specifics. year, adjusted million are margins, delivered we of a over We sequentially sequential quarter, some than improvement points than We

continues. Our from We reserves sales-driven built cash operations. performance

Our demonstrating QX draw years. than our two of We in business. fully strength October, net in the COVID-related is debt now our the more revolver the on level repaid lowest

the need of naturally to eliminating cushion. any our pandemic, for cash generate months continued seven from last liquidity operations, the Over additional improving the and we

Our over the including of financial months, slow reduction us and pandemic, in XX our in locations on We the our the competitive upgrade we’re as XX of last seven than additional closures site QX. path number more for to of renewal. a sites, XX infrastructure win technology nearly budget Adjusting a representing and nearly helping in all to we closed XX% position segments. serve made progress decisions advantage, on continues our across

relocating to both and our particularly we’re Atlanta with achieve a spaces. We’re future avoidance facilities efficient headquarters savings technology operating going to and pleased significant more capital Minneapolis by

to on Now sales.

in Everyone sells We at growth revenue a sales-driven progress make company. becoming Deluxe. continue to

to solve rather customers bringing works, approach solution than a to paddling one simply the of their Our at Deluxe problems One best our time. Deluxe

during including of sales our in outperform with continue and over closed have signed year-to-date, multiyear significant onboard environment contracts lengthens X,XXX deals We third time through these quarter. businesses priorities. wins take plan as top the their our clients It pandemic each and to XX of our will wins, lines our six to pre-pandemic targets. sequencing own the implementation We four work time

and focus on XXXX expanding proud to However, we’re at with to revenue. converting for we’ll exit confidence a very to rates, record business strong be that our pipeline our efforts closing us giving backlog new us

relationship services. the of and to key securing marketing, RE/MAX include Some M&T XX,XXX our agents. excellent vendor Dental expanded and to an print services a VPX And their to a moving a and of our with provide our for national solutions as with Solutions We management quarter wins This Delta branded for treasury transactional growing contract bank, our managed revenue share MPX from example customers, added recurring and is too. partner. us Albertsons promotional

more order signed COVID Combined value. deals, XXX The Our efforts, $XX value. our tele clear the are in continue contract average amidst to we even record totaling enterprise with cross-sell, sales total than results million fog. cross-sell centers delivering

we’ll margins new sales-driven growth all over in solutions or able the digits mid-single the continued customers, to gives to selling partners. delivering adding existing distribution of low business revenue be divisions, across existing more EBITDA while winning adjusted success our new long XX% term. customers This to our We’re performance deliver record confidence with us and cross-sell that

segment Now on to some details.

growth prior continues business well delivered revenue over to Payments year. Our perform XX.X% and

on where efficiency firms receivables, new and positioned receivables. speed are trends market well positive our and accounts and winning we’re payables clients We businesses, management SMB share in as from cash and outsourcing benefiting in focus secular

of see due new balance the and Deluxe shifting our volume strong sheet safety customers service trusted to levels. long-standing and to to continue We

divisions last Cloud, continue experience also spend we signed is increased will reduced financial profit to discretionary recovery And marketing accordingly, spending. year’s fact, the return. revenue, and due COVID-related where the greatest in revenue Promotional data-driven institution saw we customers impact lag institution In versus Cloud Solutions deferred We’ve mainly financial in campaign financial And believe spend. quarter. QX new as institutions well. to growth have in Our We impacts. the demand this and visible expect to

and website services While deliver including demand, services, new website weakened relationships focus to we continue the and on adding and Hartford our our experienced incorporation to incorporation NFIB. have

in while Our quarterly delivered adjusted benefit driving significant Solutions EBITDA sequential revenue improvement to Promotional margins.

used While forms we did area not from did saw operate. PPE the more repeat and positive we benefit essentials that our growth QX, business we in sequential we call product experience businesses to and what

new profitable our giving program, brand us We in focused confidence also signed several future growth. managed customers on our services more

Checks. to on Now

third economic downturns. the sequentially pattern the previous quarter, the secular anticipated, business Checks of with decline As in consistent during improved the

see check business resulting new to in increase from continue We an new customers start-up.

We’re Competitively, the digital order customers encouraged our winning volume proving strategy check rate to top works. acceleration see a at five in faster check digital a before, customer. new we’re quarter, and than renewed self-service and we third

despite just not which work adjusted fourth is remains here, and EBITDA factor we our in a provide uncertainty second the today. some too, today’s total reflect of for at wave feel importantly, the year a our detailed on about macro I environment. strength relative future we’ve outlook The detail to will financial of key company of quarter provide Keith And or environment Our the delivered our good as long-term midst full or expectations, The of results continue believe the ongoing we the the market, continues. we’ve XXXX margins challenged in like pandemic accomplished Payments. given challenges, Most position better. remain and such, the target we’re COVID. in XX% will as will

sound. to We I our lowest down to Lastly, debt has basis in better-than-expected want than the emphasize years, points, margins delivered engine remains expanded XXX have almost net more despite performance, the two level, dividend, paid our our Deluxe our again, financially is pre-COVID paid working. and sales team pandemic. the revolver

Here’s Keith.

Keith Bush

Good Thanks, Barry. and everyone, Heather. welcome, afternoon,

the QX strategy the performance year. As from we of compared environment. working, third the the Barry We’ve $XXX.X advancing financial transformation. quarter points our XXX simultaneously our sequential seeing XX% QX declined million is noted, period We position strong a improvement total results. and while sequential challenging is to $XX.X revenue in the continued delivered business rate. last basis despite strengthened This or as decline to same our are

it impacts the benefit sufficient of pandemic. from did growth, the wasn’t we While to overcome sales-driven

to took loss and similarly improved quarter to adjusted margins EBITDA in XXX to revenue address sequentially in XX.X%. actions quarter, and of the the assertive by expense points actions Importantly, basis last These we change mix.

Some long-term we of in this but do greater in improvement QX, expect will remain repeat not XX%. range than of to margins our

was primarily due $XXX.X offset included of $XXX declined affect Interest asset QX improved XXXX. promotional net match a increased our loss basis the wins. year’s decline income totaling profit million of net $XX.X cross-sell to lower-margin in million. $X.X segments. noncash exits, from due certain this SG&A personnel actions. expense new rates prior lower revenue last and goodwill loss with to partially suspensions for commissions, by together restructuring in million to results. quarter compared mix in higher million. points third $XX.X XXX did the from million levels change charges the All quarter $XX.X on income borrowing operating year. increased declined million of and the for margin income in Last to Net impairment expense Gross revenue and and interest The and our The cloud lower XXX(k) year reduction revenue intangibles

period same was year. $XXX.X by year-over-year million $XX.X adjusted but last to declined period basis increased sequentially EBITDA the for basis EBITDA basis, XX The XX.X% adjusted second points compared points the than the quarter. million, margin lower on a to Our XXX

by segment the the revenue to details. Now million XX.X% growth with on revenue $XX.X grew management year to compared quarter. to last Payments treasury in leading

payroll elevated experience we expected, softness to of continue our unemployment because levels. business in As

improved year-over-year client to EBITDA and QX lapping in XXXX sales win. due margin we solutions revenue sequentially expected costs pressure Adjusted into as well as campaign. stop slowly We last revenue cost customers implementation from to declines anticipate year’s last EBITDA and experienced outsourced hosted declined impact on XX.X% hardware due $XX.X shift increased from increased decision XX.X%, be the from continue margin marketing of to revenue XX.X% the last product primarily loss We certain discussed QX basis. COVID-related reductions. institutions of marketing solutions from year, of adjusted single-digit mix Cloud grow investing quarter deals expect as in attrition to and in our to Data-driven related reactivated related a QX Adjusted to plus as expected lines, decreased year. their Web Solutions large environment. financial to sequentially benefited onetime client million last margin delays. to to the to macro EBITDA economic

We declined benefited QX until QX margin Compared revenue XXXX anticipate COVID-XX impacts on cloud we are into but Deluxe the remain of In revenue XX.X% of low technology are XXX was improve, tied compared quarter likely offset the expenditures, support $XXX.X branded economic combined cash revenue continue COVID-related $XX.X higher mix to continues to were of Solutions, X%, million. and improve. and last to decline commissions to prior partially $XXX.X general $XXX.X strategy. previous to in liquidity balance million did decline, not taxes, performance impact to decreased expenditures strong defined and slowdowns. a and quarter, were about less XX.X% operating settlements. Check revenue and to associated the in quarter we XXXX, repayment primary the EBITDA events This where continue In repaying in balance cash the margin or activity One the stock adjusted expect decline from was by XXXX and a were in a secular year. expected business from expect exits shifted Check balance revenue Free the of is delayed to economic pandemic. million we with margins Promotional we product million. facility, Promotional cash in million, March merchandise. down legal credit revolving investments result secular not will from reported pullback of cash described draw. last the QX decline another as expect million. as abate. than year $XXX million, from the activities Solutions to last October, We we our as facility of will $X.XX and COVID-related were business not case drivers Check of to This and ended QX, recovery lower recovery $XXX operating $XXX.X see with recovery We and repurchase losses X.X% reflected million, at the EBITDA loss the as Year-to-date was the mid-XXs our capital repurchase but recovery consistent with and range. credit paid believe is expecting to grew integration QX QX points declined We removed. slightly lower from expanded by $XXX.X million common our year to we Solutions acutely Promotional to and revenue in volume, the rates due years. flow, $XX.X of capital XXX% provided business previous end. of some rapid healthy Cloud revenues activities our be of billion most declines. in to Marketing less basis The cash with referrals Adjusted These in costs

have we liquidity I think the consistently note built it’s that year. throughout important to

to lowest quarter continued us. quarter than the years second team delivering. I pandemic. more new margins a sequentially. But during In decrease, the in this here. two challenged debt The pause pandemic has million, addition, In QX, expanded level $XXX ending management want to we consecutive the has at for net is

target Our is EBITDA within year-to-date adjusted range. at our XX.X% long-term margin

cautious in the noted, uncertainties given the resurgence. COVID As pace we remain of about recovery Barry ahead the the

basis expect the program of and exits in revenue to We combined percentage implementation worsen delays decline cloud. the with COVID-related to versus due impacts a QX on customer in QX product

target However, expect our within we better. EBITDA maintain XX% margins do or to adjusted long-term of

growth. us the actions strength maintain and financial for strategy bold long-term and Our winning company’s position

our complete transformation. us Our durable, team giving to are highly runway historic and the business model

on be in of our the evidence will Board dividend am strength, November performance XX, outstanding per further The of approved on regular dividend shareholders XXXX, record XXXX. light to December share of quarterly of of a our our all I on $X.XX shares. As pandemic. payable financial proud X, all

is Our financial strong. position

working. is strategy Our

transformation deliver well are long-term We our to accelerate and returns. positioned shareholder

Barry. to Now, back

Barry McCarthy

points. want with cash and to revolver. our sequentially almost operations, regular level declined margin in to COVID-related on on the We two lowest our XXX fully We draw your Net build Keith. liquidity Thanks, remarkable repaying years. dividend. declared QX comments basis I increased We expanded reiterate achievements. than more from our our debt while

long will we’re it be grew business grower term. and Payments Our double-digit XX%, confident the a over

fiscal of is One is sales strategy future. still revenue balance company By believe long the three sheet our the been a temporarily for us new the slowed over Our business sales-driven The helping Deluxe we’ve we for estimates, a working. growth be to our quarters. company will and strength well consecutive but may positions us responsibility our low within have Deluxe term. to low in COVID growth progress, mid-single-digit mid-XXs with margins and

our light on of COVID. the especially in proud and We’re absolute of progress

deliver COVID team the clients. The Finally, to of contribution unprecedented I extraordinary to continue and has recognize to risen fellow want Deluxers. challenges of my for the our

Our done. team went got to job work the and

all shareholders, We’re a team culture and living because our we’re ownership too. purpose, values

Now, we’ll take questions.

Operator

[Operator Instructions] question Please CJS. Strauzer Charlie come ahead. first go from Our with will

Charlie Strauzer

afternoon. good Hi,

Barry McCarthy

Charlie. Hey,

Charlie Strauzer

a slight little QX? improvements. talk quarter, last about sequential you some I remember QX talked we versus bit on So, about could if your thoughts

think First QX of QX sequential of that of then improvement number? forward QX that some the from there? might any you all, show was saw outperformance still QX secondly, pull into do sort And some there versus

Barry McCarthy

to out we COVID. bit And be like we expected QX we we better. that numbers do impacts We guidance, a Charlie, feel saw not little me some than at – We a see color improvement. that the but and just hold better say So QX give are better. little you nice bit did of And did specific there. we let a little providing

Keith in to bit said, we at we’ll margins some of slowdown the recovery. our a on But expect be we continues better. hold in there’s there that to a XX% revenue. think QX But that So do or as going volatility be

specifically, And Cloud, gave you and some I so feedback Payments on there Checks. Promo

think we likely slowdown. so some And see it’s to

Charlie Strauzer

to can think you. QX do that any you from QX Got you at there And was pull – – about? all any talk forward

Barry McCarthy

the have how I most build trying slowdown period. would going been, the the is to here. you’re just company here. much at is be Charlie, end to think the you, know of thing QX this think COVID a model I And is variable maintain There I will that from just in the day, important I might tell margins but

Charlie Strauzer

slow talking the Great. segueing Have closing. And from small have been you seen just and starting base, have then from closures at businesses into – about rate of slowdown that, COVID that seen you to your kind of all? customer

Barry McCarthy

is you, I get you to as I should First want QX. expect think tell as Charlie, that don’t going it’s bad thing to

can of change. anything Now, course,

good but it’s just think nearly as as don’t we going probably to be QX. QX, like not So

new about Your don’t we have that the what, specific Charlie, do and read happening small ball. seeing do. encouraged we crystal business our new pretty you And just new question you course, we’re a in offset know small from feel the is things business, do businesses I Check closures same because business corporate, – is health of any a But formation. improvement do businesses. from business, nice business in and guess And in parts our see a the of increase then starts we I in customers are significant we where

we businesses, small that So natural new businesses have we’re because hedge we some sort get bit think of also exposed on there. help of simply while, and expand yes, balance think a started. we And there’s we to

Charlie Strauzer

on than Or year? back thinking thought? half just first their than you out programs that with some were know pushed pickup see the kind more you it. And you business still half of year. some then dialing of tone might the back kind get Got is the What’s in you the larger there? customers. of that the I of lastly, maybe next Are just Cloud more the just just financial that thinking of into

Barry McCarthy

see the data-driven got So the great half and has a build great added everyone third looking though, is business, think we programs marketing back we’ll growth actually we bit of to like addition for we we what that in see business and most planning in process improvement would our to interesting, quarter in else. some long-term more and I of bit did But that being QX, a beyond. saw the are as recovery we think we the a in we banks, in accelerated. say in think, customers, just And really I customers in QX. hopefully year design, that their is existing which some But thought the quarter, think cautious fourth

a So I back now fundamentally point which has at the They data programs we’re with those especially slowed the we’re believe – the good made right happen and to earlier, COVID because things the healthy snap is company down, but financial of is on same space, finger. growth prospects planning some with seeing a in don’t horizon we institutions.

insight question So, a only marketing we button do materials out. date coming. what hit to the will have do into the pretty send the be, actually good And what’s they

Charlie Strauzer

Thank very questions. That’s my for you much taking fair.

Barry McCarthy

Absolutely.

Operator

Instructions] McGinnis Chris Thank from with go Please Sidoti ahead. come Co. & you. Our [Operator will question next

Chris McGinnis

Good afternoon. Thanks for nice taking my questions quarter. and

Barry McCarthy

can in you dollar through amount about the in Thanks, XXX remind come could Chris. dollar deals, cross-selling you’re talk I the was wins a the quarter portfolio? Barry, amount. Could touched for think, cross-selling and – you you the wondering, where on seeing you I me

Barry McCarthy

Yes.

we I Chris, the to that couple highlights a really do. we what think highlighted sales, were we numbers done so because fact going said on And of it we’ve

existing existing come the on as forward, customers give we pause products could getting So sales going to that well of and to came we joined some so a that meaning itself those that had could going to we join company, to selling new we’re been I share our more company going acquired businesses services our as sustain the build numbers and And the and the to integrate and we when us. said engine, what everyone customers of scale can acquisitions, I so on were accomplish. perspective

sold XXX we’ve you giving more company $XX the thing just entire cross-sell hear of One in having this as customers year support but of in you common deals, was targets I And a said of whole one showing some of many your a We just mean happening, Deluxe we services. year often portfolio, the the platform four question those – are numbers I’ll the said the and four existing they that of effectively time, as more the that’s the questions specifically, largest deals we And can results. to pandemic, less than And alone. I and from deals it’s company products the but is, And many, we portfolio, sell we unified we’re deals, So organization instead of old. cross-selling, a XXX selling know than decade. with this, we and our here time, you know And middle at that last absolutely well paddling sell we’re those whole one one we and Chris, cross-sell can. great highlighted XX about because and model sold million sold and sold can getting the in that. XXX top of XX we’ve can

course, here we the whole machine that there that exists over it’s So better didn’t And exist it we the will time, of make will. before well. working really is and now selling point

this So middle we’ve much we’ve why all about a the future. our got in of of so optimism which done pandemic, is

Chris McGinnis

Or Obviously, growth I little double-digit in is longer? COVID? pick barring increase in rate Would around just that so you more pickup, no little to Barry. QX. mind slowdown understand the back bit color, think getting it’s could of Payments. you evidence And bit congrats guess, I a clearly work. discussion that on wouldn’t appreciate around QX, be up expect if I delayed the that a I hard that

Barry McCarthy

some be there the double-digit long been confident saying we’ve give periods volatility occasional a well term business, Payments it be know to You And you very going just help and the is that may of yet site business. get going not it I And them ton for because that QX, down. to a term. XXXX on see to our we’ve long in prepared a over we’re execute. slowdown like grower. not In of think we’re just COVID. backlog think long that We for we of a obviously, the just and a back in QX, provides but we slows feel know that about of built just hope time, comes it’s guidance worried to big here. this what, expect mean We but – of have customers COVID we we’re

Chris McGinnis

on the Sure. Checks. Understand. And moving to

Can Just bit? you’re historically, in little past a little think a time benefit the secular about impact terms Checks there’s think where just you’re we running through once how goes the an for economic do once COVID, challenge lap we get you decline period, you a COVID, away in for bit business the maybe bounce about of... the back, term thinking a just of longer

Barry McCarthy

Yes.

much a of we and in expect, look lot I’d conducted the at downturn in and the here’s like looks every And back that curve there’s of pretty slows, curve you’d that economic shape that the the carefully, less other look downturn history. this the of commerce that shape As and what can commerce the but economy say. at when check. trajectory pathway, is The just via we of go is

So slows less via and commerce conducted down, commerce, that that much if commerce just check. is there’s of

conducting changed. less the just checks usage changed, slows commerce of if there’s commerce but down, use for has check. Not case because the because that of amount So

get three days unloading week, nice a isn’t their that up. stakes one provisioned to a if backs at which opened provisions, they’re week have with getting But they that simple write a that’s with they about today not red seven $X,XXX the the Truck backdoor. getting paid. less restaurant, think truck days only of wine, a opened use There’s case no is of and checks. they And about, restaurant of $X,XXX paid if now, check. think fewer let’s it’s way right So, is so way they’re

case So checks business is comes those when the unchanged. back, use for

Just checks restored. usage the volume of is of

not we before. the expect volume will the be that Will the we a seven checks restaurants that’s in week, And provisions there’s look spike? that it unfolds, what a as and that We’re days week only that giant of to buy days largely isn’t there suddenly so be will opened believe three secular why a had XX a decline return opened week. didn’t that anticipating like because only they’re because days recovery going

Ultimately, the have we’re coming because of secular feel checks changed cases for use declines back to not normal So we Check. about those by been pretty all confident COVID.

Chris McGinnis

I appreciate on touched like eChecks, are the that that. environment? this working doing more. a on maybe you maybe expand bit with is some product Can perfect just to of It And it’s push clients in that you seems how well. little kind the timing

Barry McCarthy

very explanation are even you timing. It with perfect And It we can think but pleased be now. before, Obviously, to is that customer was great the timing timing notion far better I adoption. we want push harder, be even to envelope a an have what an check reconciled. and post take stamp and put to print the paying don’t you it of for you’re efficient, wait office the with to and into more it

a or digital can all checks in time in convert electronic it reconciliations very real-time ACH check, benefits means and simple end-to-end, to person with and real methodology and electronic receivable deposit print accounts or if their into other of be where is with Our or explanation system emailable format. all the reconciliation do other a version an able check statements that’s travels that the that of the

And we’re so progress. and we with has still potential, that, pleased the product think great that

Chris McGinnis

also in headquarters you release, the the new news recent the mentioned around the in center innovation And Atlanta. Great. and

I those on in release, markets, what does And those cost position two think some though, the about especially it for initiatives? talk mentioned you savings in you changing potential. Can just you your the....

Barry McCarthy

Yes.

cold an the both us pretty start of think were and Let’s opportunity. as taking of facts advantage we market example these just money. savvy the of moves with actually And

or got to avoided the Shoreview a prepared site, that at get we of was growing to we to we capital keeping the invest had to put to business. decision and us $XX do. into sort million it to to of forward well powder our We our suburban exit putting back dry current make. we of into chose beyond site, could instead in building is We and for could obsolete look standards in to which that capital life. to facility having headquarter And that be Our what available paid building, end go Cloud up $XX payments million on the

skyways, get market with technology company deepen our company. interaction like because leaning the tech trusted customer the in our experience We’re more being to attractive move help be only unit going downtown. become It’s going us them to and tagline, develop co-develop downtown, with trusted And co-develop to we space, That’s and of business next-generation has engineers they business workers – going technology. work product business about also very the can to very it’s into over that our restaurants, Minneapolis And much to downtown Every the us to future. and company the forward of becoming a as for a take nightlife, center more product not real-time development efficient that leaders, hire feedback. and unique far relationship product access to we that in company. visit but and expand some more have It’s tech better to we advantage a our business could a something others great our were of also bring with bring in to space think, for be significant value customers to together with managers, where footprint, and whereby example the leaning employee but use similarly, customers, get opportunity, Atlanta, and them we for. we appealing term to know base looking we’re really application long able next is

And of our announced time, do become much at of so XX have our we we efficient. other very those And across we the can economically. both closed same footprint XX sites more to

of City in else, talent it, we we would is, it. operations And I we’re Kansas going Something early of were headquarter we Tech, hub course, more when – to Atlanta hubs here, said said, hub. operations concentrate and these and to really I did going locations do Minneapolis, we got do

Chris McGinnis

apologize. you one And if Okay. don’t last I question, I appreciate mind, that.

you’ve it’s that can you in you’re any up see I but Can difficult a you can QX? exchanges you payment about talk about. the some talked just progress around that pick environment, know seeing? Just

Barry McCarthy

couple and digital Dental wins the that’s can that the with while, joining product this talking we which eCheck product. checks, But than also We’ve can health we we Delta the more because been Albertsons exchanges it and we that be Yes. announce, great to use, a of see that mean had can going said Albertsons. this great broader where we’ve in really had we has that’s solution. tells you announced for that And you but in care, course. are a that think the announce. underlying we nice I market, were using about obviously, that platform And of

incredibly this So, we adoption And that continue there. think really – progress we to we’re COVID well and positioned see for as passes digital as acceleration.

Chris McGinnis

and taking luck Great. QX. questions in Thanks all my for good

Barry McCarthy

you. Thank

Operator

over to to the turn Ladies thank participating further gentlemen, call and now Davis back any session. for like would I remarks. Heather Ms. you for question-and-answer today’s in

Heather Davis

analysts to I’m Thank be during here shortly. forward I our transformation, investors exciting you, at to and and this working with look operator. Deluxe thrilled

Needham conclude, healthy I’d joining Annual in In mid-January to the Thank will you will safe. Conference. next be for Stay the mention management Before following Virtual participating XXrd like Growth where we until and conference virtually time. XXXX, we present.

Operator

Thank today’s Ladies you and gentlemen, your conference call. for participation. this concludes

disconnect. may now You

Deluxe (DLX) 7 Nov 202020 Q3 Earnings call transcript