DLX - Earnings call transcript Q1 2022

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Deluxe First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. And today's call is being recorded.

We will begin with opening remarks and introductions. And at this time, I would like to turn the conference over to your host, Vice President of Investor Relations, Tom Morabito. ahead. go Please

Tom Morabito

and earnings operator, the first Deluxe Thank welcome XXXX call. quarter you, to

on Barry Chief Joining and call prepared today's me is take will Officer; the of questions. Scott remarks, At we Chief McCarthy, and Bomar, Officer. our Financial end today's Executive President our

any forward-looking or acquisitions like or about limitation, or regarding risk begin projections, our the management's recent Any subject actual and results I'd that financial risks future on nature of company's including, our the synergies that to uncertainties, differ risks not any that strategy everyone from in estimates not this seen we without will cause remind the in risk risks are to of COVID, of comments uncertainties Securities produce expectations company's projections. defined intentions, performance future anticipated Reform acquisitions these and Before other Litigation and and does materially slide, Systems the are XXXX. or results First the consummated. be as to related or as divestitures acquisition made today American to Payment could comments These Private Act

contained results year that to XX-K Form SEC information XXXX, company our filings. December Additional projections and is about XX, may the cause in ended differ factors actual our from for in other

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

Barry. Now I'll over turn it to

Barry McCarthy

Company-wide better-than-expected was good a We had revenue strong and quarter revenue with Tom, everyone. growth morning, XX%. Thanks, growth.

increased We benefit First X.X%. in X delivered previously all again, segments. growth from announced did actions. Once American, we pricing sales-driven revenue Excluding

you and continued these the the pricing strength of we strong actions. to business particularly to that we our fundamental for products have some demand have we're our However, demonstrates sharing time. This pleased as experience for with continued report strong volume despite been

and as is continuing transformation a by payments strong trusted Our performance. into our data revenue company demonstrated

margin our year-over-year, was factors, dollars other and EBITDA with XX% consistent improved While impacted by rate expectations. over total adjusted EBITDA inflation adjusted

was quarter, the the and First by performance in payments payment results primarily our continuing driven During American positive digital growth services. of

continue proud We transformation be to our a company. into payments of

key we're track checks and checks on As driven growth as revenue payments last by was Cloud primarily Solutions benefited us. wins. or reminder, checks equal the Promotional data-driven key business by was a implementation another of and wins our by GEM. to milestone for heading competitive from into driven from business largest for XXXX, marketing performance new year

us something one the a all of to with customers. BXB Before we long-term team. serving consistent at the America's recognition thank to companies. Jayaprakasam want we're is years and for most His has Express, Newsweek proud accelerate Engineering be to their as and experience is point unit experience, CIO commitment continued are of a American the than of platforms. my I data digital leadership into new XX a recently most fellow Yogs for payments, Officer; background also on our more go executive I future here welcome I confident dedication our our Deluxe Digital and to of building help and naming directly company. This additional Head Yogaraj I'm want digital, and into to Deluxe. data trustworthy and recently is of of and dedication data sure very Technology led will Chief Deluxers. engineering Deluxers payments highlights, Yogs technology This commitment transformation for unwavering

First of of and revenue with year-over-year. XX% quarter. the EBITDA ability our quarter improved will sustainable. $XXX provide to from guidance. positive consecutive highlights our This Not fourth to Revenue was Scott million. to real up impact consistent a million, strong Adjusted grow was XX.X% sales-driven consolidated including American, the was margin up and details. X.X%. the Now is proves Adjusted that EBITDA XX.X%, sales-driven was growth to the $XX.X

Moving some to segment highlights. on revenue

American, For than at our quarter, this addition the Payments outperformance first year-over-year. This driven of quarter XXXX more and by X.X%. segment was doubled the grew First which

and you the single-digit Deluxe First American with reputation, our First balance exceeding grower solid our the One has Since the know, low has been prior a model our implementation customer and American been As trusted to acquisition. expectations. relationships, of sheet deep acquisition

help that small Being we million business institutions able is our American of is to approximately First Deluxe a to cross-sell true. grow proving financial faster American and offering X customers, First could products. belief Our successfully to host be X,XXX

First more addition, In works. signed in previously typical during a quarter simply QX, institutions have the during the would than American One financial Deluxe model quite they year,

and with payments digital in major other X.X%, growth Excluding businesses, First increased American, our payments lockbox. revenue particularly

as our Exchange payables Our Deluxe Payment experience growth. Exchanger, MPX to DPX Medical offerings, and service include Payment strong a continue which or

a millions new which of Deluxe thousands consumers, over digital of clients, payments is our large In BillGO a customers. year-over-year. will from wins, DPX impacts million performance Cloud DDM solid growing economy quarter, payment through our signed Solutions which positive and of business. expansion wins institutions, relationship Cloud financial efficiencies the a sales XX.X% will BillGO, BillGO's XX use recovering increase terms had by technology with in network, to fintechs and lower costs and full meeting benefited of we platform used process from billers. another key

cloud, And verticals additional in once the We included high-tech programs March. wins announced business quarter, in and institutions. to in customers telecom, pleased and financial have the Australian first e-commerce web sectors. originally we're security retail, we our Also continue pursue sale new again to in hosting of key announce beyond the completed

markets. is those positioned portfolio and continue will benefit our One on as secular we that business We well growth can assess to Deluxe focus the from in model, businesses

strong line, announced improving top key the Now on positively quarter X% had to impacted on as Promotional year. year-over-year, as products essential core our last business Solutions Promotional Solutions by wins another segment. well we

most we preferred one with This relationship well-known in to of to exciting the world, Porsche partnered quarter, a is for the America. Deluxe. supplier North the an During in its new premium brand become brands

and providing we'll other in of support Carrera items, promotional be Cup. racing America First, the signage services called North Porsche's in new series

markets. Second, through the brand sponsor awareness we a drive in of this which relationship, are series, will new

to growing profitable Finally, growth wins, The X.X% from another also inflationary pressures. cash-generating performance solid strong better which was by our increases very checks and long-term year-over-year, industry new quarter, than business business significantly is largely driven check had trends. offset price

$XXX flow, Services strength cash value is sold a start plainly generating and to Credit pleased from to existing million Deluxe examples show and clear in customers, check's other Deluxe's significant first quarter in South cross-sell model American free each results, Merchant assets Examples our First first strategic across to XX Central leads provide additional able led First checks sales to strong we case, XXXX. its successfully the where for In nearly counties In our which with Beyond These in Virginia the we're Mexico, One Union off the institution financial partnering Credit with teams longstanding benefits a of versus million products. Virginia. which and Union, true community our serving we're of an in summary, to $X are momentum and in relationships being New with include Bank, Freedom our ISO appreciated assets. processor Richmond-based Century bank quarter that a trusted a segments. works.

EBITDA XX% adjusted growth margin for to X% year. of with approximately full be confident XX% to continue We revenue in our guidance the

payments a The are transformation first data further quarter and performance of into and outlook our company. evidence

it more our I'll to details Now over who will Scott, turn provide financial on performance.

Scott Bomar

and everyone. Barry, morning, you, good Thank

quarter on the through go segment. Let's before consolidated for the highlights to moving the

product or million quarter first amortization performance in prior as total Compared first combination X.X% income year-over-year. quarter, quarter. was in and corporate pricing American full our for our a ongoing and inflationary expense, solid Not structure first posted and consistent net planned million, to First came operating margin revenue cost expected the interest offset well was products EBITDA million, First million, revenue by return the year acquisition were We growth. up driven the net our $XX.X by was pressures, acquisition including adjusted to price $XXX These technology revenue GAAP guidance. year, from strong The mix, leverage America. XX% $XXX.X income last impacted at XX.X% decline down came First as $X.X related margin driven we by a was Adjusted in year-over-year. and per reported the in increases. last from Adjusted XX.X% demand of XX.X%, from EBITDA acquisition. up and in share million and factors from of due to of partially our actions quarter. EBITDA For rate $X.XX investments $XX.X seasonality by strong both the GAAP American, at up and year quarter, The pre-COVID known first with increased revenue of performance patterns year's to

quarter reminder, rates throughout and a we margin As the traditionally margin progressively first of the lowest to is expand year. the year, expect quarter the

decrease came from by higher items First adjusted quarter. American and as the from $X.XX, was as EPS depreciation quarter previously higher in operational $X.XX the driven amortization. First mentioned, last expense at interest acquisition year's first from The well down

of our accretive EPS total First ahead slightly in American was to adjusted expectations.

driven quarter year-over-year by details. to Now acquisition and revenue First million, outperformance turning Payments to the American. first segment $XXX.X largely of grew our XXX.X%

First Payments Excluding revenue American, year-over-year. increased X.X%

and down First growth to In partially the increased price our quarter, basis Payments XX.X%, Including by pressure, in adjusted inflationary core XXX adjusted investments offset XX.X% also points addition and payments. experienced strong increases. we margin due product EBITDA was EBITDA primarily to American, continued American's performance, in First

In were Payments expect than addition With strong we Solutions were high in driven increased expansion range. expect to payments, and adjusted to margins. First up key a recovering which spend quarter to And growth modestly the our year-over-year we by with customers. another relationship sales segment is economy has meaningful rate. segment DDM benefiting from EBITDA American, increasing single-digit First quarter, marketing by Longer to revenue accretive solutions, of the the Cloud a XX.X% to our be in diluted with term, the $XX.X for the quarter. first to but doubled in Payments Whilst size. positive revenue low growth margins XX% impacts continues overall be had wins, margins XXXX, our American's more million deliver company segment of clients,

us verticals are extending We new lines, add new DDM new and to and benefit continue product which clients industry will going forward. into

announced EBITDA first adjusted about on declined be Cloud will revenue in As quarter and of This our year. resulting The by changes DDM in is was of impact versus we financial portfolio. million to points optimize impacted Australian due ongoing our strategy our year Barry from the March, of for part is strong web-hosting cloud's the basis the our guidance. in prior The remainder mentioned, business, which the revenue to negligible. sale the streamline XX.X% mix included margin quarter impact business. growth product in reaffirmed to the in XXX $XX

delivery year and For efforts impact single-digit Deluxe largely or DSS. growth is little the year. of with these offset as low sale part for EBITDA by million by in points, expected the announced This impact promotional to one to Strategic the basis XX.X%, pricing. partially XXXX the April, to increases the dollars. wins excluding well included as XXXX of Adjusting was first and to for adjusted ongoing margin we million, product expect offset down driven last of to Australian exit mid-XX% see a of revenue sale, have our divestiture up EBITDA to areas revenue increased low guidance business. Adjusted revenue a see pressures. Promotional inflationary range. And of EBITDA was is business our now The X% for reaffirmation. mix, margins and we impact to the revenue and mid-single-digit decline completed sale, expected costs to factors essentials we to simplify the are in core product, a further to $XX Australian DSS Solutions $XXX.X Sourcing our in solutions key flat quarter product year-over-year, paper very quarter XXX the due we price In

to actions declines single-digit low mid-teens. We EBITDA in our the the new as business. the X.X% million very note half last year continue checks we in of new that with should margins year to while pleased the XXXX. to increased first see $XXX.X revenue the secular onboarding from and second pricing quarter the of remainder not these wins, do strength results, begin I competitive we are for the anticipating lap with in we customer will this expect adjusted XXXX outpaced continued business outperformance are from and level to top-line growth activity Check's range in of

As of digit low-single a remainder result, year. have the we the expect declines revenue to for

adjusted EBITDA XXX the new largely quarter basis First customers. down addition margins of by driven lower year-over-year, were points margin XX.X%,

and also by year-over-year. experienced delivery pressures, expense We that remained EBITDA price virtually increases. input inflationary Adjusted offset related materials to were which flat largely dollars notably

stabilization As on-demand HP of and due margins of a anticipate our Checks reminder, the new we the implementation technology. to

now Turning from and cash American $XXX.X to the with First due debt balance $X.XX of transaction. billion, sheet year to flow. a ended the our net We million up quarter last level

the the -- the debt end times at net X adjusted to times EBITDA at flat end of at XXXX. Our X ratio year-end was quarter, with

first overall capital flow, from $XX.X the cash less expenditures, defined We long-term major down approximately expect to in $X.X decrease compared by Our quarter modernization XXXX. activities free target as strategic was later cash platform times. our first Free in XXXX operating as quarter, meaningfully year. million increase to million cash the investments flow in provided will of remains tech do X XXXX this

The dividend regular record outstanding board $X.XX XXXX. share all X, June XXXX, be shares. payable quarterly to all on per will of of XX, dividend Our a shareholders approved May on on

reminder, dividend, value to pay reduce growth, are a responsibly shareholders. in priorities allocation As invest debt our return to and capital our our

anticipated guidance. and chain prevailing for of guidance continued and recent we a to, our Turning conditions, divestitures. constraints, This issues, XXXX. impact other partially Today, subject supply reiterating now to labor inflation things, are year expectations First macroeconomic among supply prior American the is includes

For full XX%, year XXXX, all to keeping Revenue that the First expecting approximate. of including full of following, are year we are in mind X% American. figures a growth

tax of Adjusted which approximately year, reminder, of quarters. a XX.X count transaction positive full As margin off ready acquisition million. of continuing XX% XXXX amortization the to first of for amortization Operator, of To $XX approximately is June and of X, adjusted $XXX share take the believe XX%. the Average outstanding million. the momentum forward results. We start million, million expense with look the of million, in Depreciation we're rate closed EBITDA on now shares we and to year expenditures interest $XX XXXX. an capital coming I summarize, to the questions. quarter to a are $XXX

Operator

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

Charles Strauzer

Hi. Good okay? hear morning. me Can you

Barry McCarthy

Hi, you we hear fine. just

Charles Strauzer

questions of Great. for A you. couple

kind term, First rate in slower First side, on of it the what looks a like you there. American little bit there a growth the expecting kind quarter. are of Longer

a If you give can that. maybe on us little color

Barry McCarthy

we're of American. the at results First Charlie, very still proud Yeah,

everyone mid-single first we in double-digit revenue think typical future can when that been when we as to American three the growth single-digit it been a the new look do like, quarters the it, the can they grower. you think of we business. in that, We point we that. acquired time. points told we've and of low best a sort As it it, what three acquired over get we proof on that -- or digits, quarter, is really sold a we're single as proof we better quarters, very business the set team And confident banks would Charlie, high are revenue about quarter and has in we great know, first that thought it historically of mean I had the And First do the in year. first a is in owned would many we

the and future. Deluxe great a One forward leading applied what of about power come the First think going So we of sort that in can American indicator model is at the

Charles Strauzer

And strong you. a Kind then pretty the you quarter pricing versus on Thank main segment? pace looks of across it the on what there. it revenue-wise was like long the up the model. mostly you it obviously, had side better-than-expected keep driver kind then in my or Was And Great. much that results check Check of that secondly, was How board? can side, there?

Scott Bomar

American, even roughly the was Yeah, happy that it momentum revenue pricing the of volume. we're relatively we feel really a excluding seeing and X.X%, business. First Charlie, growth with between blend The across

very we that both to pricing. largely The I and inflationary of was And healthy was delivering pass-through is amounted as growth are a think affecting so it that pressures as volume way the about profile a costs think pricing the business. well

to as And so revenue felt of the cost a a to of of business. in new simply dollar adding we higher to levels, form as win of overall, our blend bit generation, that effect business. pricing strong well net the its cost and both a But that passing margin sort increases of that inflationary is rate same the goods healthy in of volume through lower really and offsetting EBITDA performance, like but pressures continues little result was Checks it pricing. offset continues as

we had a year. last wins As you recall, series large of

growth have throughout we're seen in onboarded do we the So continue for momentum we that both some in happy just QX. rates really we've balance new the within -- year the And seen as with QX the XXXX. we Check And at that we to business expect signal expect and the to to late don't of year, level wins these we've of now. the lap

underlying the healthy. are dynamics business quite in the However,

Charles Strauzer

-- I the you can how XX% cadence year. we Got segue That's for know full talk give of quarterly my margin the but question, to EBITDA it. to of good the a about you last get just guidance, maybe kind don't

Scott Bomar

layers Well, to a so few there's that, Charlie.

experienced we as before the see between this bit over year the seen is course patterns call, as similar of is the quarterly two of to a quarters about we've patterns to So in see There's our ourselves a things. the there some number a We returning during we and and seasonality driven 'XX. returning seasonality, what COVID. talked onetime model last that to as That past. our 'XX factors we really similar by little cadence affected seasonal company

mix some all, our balance seasonality have highest doesn't where that of Promotional in of in goods a are that business part we business, in is decrease First year. series the which they QX. our there's as throughout primarily segment we of QX the the occur seasonality rate of costs, in which of sell there we around And are Solutions year-end repeat promotional some sold benefits at and high-margin the goods

still margin rate good good in throughout so will about watch that seeing steadily that a factors. perspective a to based it, feel it's position but And year feel the we're we some look, far. from the seasonal continuing are And momentum so to we QX. We're continue the increase of on

Charles Strauzer

Excellent. That's background about can you what a more great. CTO. table us he little and And bit to lastly, new Deluxe. at then, a hired give excited his just Maybe you brings the

Barry McCarthy

He's really a clearly us. clear specifically a marketplaces, signal key hundreds going Charlie, big partners, a is proud service pleased he on technology that and about of next about we our a all a where role there, that start. And part the the for also a focus background transformation he and went he have though, lots join company. with together more started digitization in this are our of it million building really data is very world's But the of message a helpful data down we're Charlie, digital of great leading company platforms here do the a adding but and to story attracted and This Yogs Express at distinguished be bank to small wants which the to as American X at is focused and I'd need that to be of are on to organization, are very taking him. us. think is and American was to doubling is is even weekend, experience than of where being on payments really businesses, and this brands and X,XXX we decide Yogs understand what headed, to capability had company our payments to message to with off Express decade we we new really could choices Yogs market. I we and essentially our career businesses, had where say, is message

people payments down way progress. in We help us of and payments and in are one help the we world accelerate best is data companies some to doubling from there, accelerate and the that are talent for bringing us company, a in to that bringing

Charles Strauzer

That’s helpful. Thank you for taking my questions.

Operator

come from will Please Sidoti. Christine next ahead. Our with Karout question go

Christine Karout

you Good guys me? morning. Can hear

Barry McCarthy

good morning. Yeah,

Christine Karout

Good morning.

So I few Chris in morning, stepping a for have questions. McGinnis I'm and this

payments be The growth. organic is on to first going

organic So you what remainder improvement, that the how in of for are an do factors the you're of And improvement the the see if trending year? the rate? expecting growth

Barry McCarthy

Yeah.

so with business American. businesses, of what are there's AR, which the Payments payroll grew mid-single specifically and And course, accounts payable AP HR receivable, And in payroll around original First call small HR the and accounts digits. business payments, overall, we assets and around and the businesses the

Our digits. expectation lower for those up single towards that double will towards businesses is high trend they

We pipeline, get are backlog with to a have of and very pleased we implemented. the things

work are in those Medical numbers, to or see for continue have we are backlog, in businesses with Payment customers of to I'm Exchange, the there got tell Exchange implementation continue we you, more optimism seeing on where Payment and and continue can't to the in to queue those I growth in get platform to that boarded a But Deluxe but improvement DPX, the very the areas to the steady overtime. around you specifically We growth, very, and tank and expect that material fuel the are MPX, -- see business sort put the backlog. the most it sorry, the on work our

Christine Karout

Great. Okay.

was 'XX? So in XQ operations on of impact any my Omicron next there question,

Barry McCarthy

immune to impact, specific in there was quarter the a to but not implications. quantified we that certainly sure COVID some not any like We're first I'm number. have business And

Scott Bomar

differed conditions based one. we're and our price as able that But were our like is times. of increases on We I us would one sort weighing successfully we on staffing, to felt effectively the product offset of Omicron, a we push referenced kind cost like indirectly there the in were any course, not to macroeconomic inflation and felt to relates line, just able It's directly of through that add but implications to that certainly, operate almost affected it goods. we few It it of everywhere. business. we've

Christine Karout

That next actually Yeah. was my question.

what are on front. So you the -- inflation yes,

So the the where cost are And in like what what price-cost are in the you seeing pressure? at equation? in, you greatest point point --

Scott Bomar

Yeah.

mentioned able goods been the opening of of As we've pressure we has and areas to in comments, we along in successfully in inflationary factoring primary used the costs feel the input the like like our whether covered a center in feel cost environment. pass we processes, impacts materials The behalf But it goods price were our we rates from sort of where we seen form the in one-to-one facilities, that increases. distribute seen manufacturing operational our in facility, contact Those of sourced and we've inflation. customers areas be are quarter. or again, where on wage lockbox we've primary

Christine Karout

on the me was market. in let Okay. rephrase -- check so easier you have growth rebound -- I then Great. guys by sorry, the in you touched on the might but am could comparison this, and performance on driven the the And it. quarter,

comparison and was normalize by to remainder Check performance quarter, rebound for an driven the likely market year? of So growth and easier the for the in the in the

Scott Bomar

in business of been those the we share because about but you driver performance real held quarters that business that saw but base, in we've stronger to won. gained biggest That's a proactive talked been in compare, and prior in new saw compared And a actions Check segment. up checks. really wins if the taken And call of checks, strong as well easier number the like some driver. we Business actually feel from growth personal factors wins are really the late We there's of we've an revenue that we've in the I you've XXXX, that's some that have comp our not the market. here, where would say has

Christine Karout

of EBITDA Great. Okay. in just XX%? then Checks margin it the business, the can Is And the profile you or XX% business? restate

Scott Bomar

in So as sort we've range. talked of margins about stabilizing check the mid-XX%

us of margins. can margin that a the in a those for level. invested around manufacturing And to working of of set capabilities so production implementation it through technology. the midway checks in process the heavily to give We're new drive the print efficiency stabilize We've

we will operation continue exist. to continue declines the efficiency as the secular so to in drive that in And space

we so And a sort margin. for the check that mid-XXs of look interim period for stabilization as being on point

Christine Karout

Okay. Great.

I really my think that’s it end. I much. appreciate it. so Thanks from

Operator

our come ahead. go Stephens. Please next will with from Charles Nabhan And question

Charles Nabhan

my Good morning. And question. thank you for taking

going distribution product map for forward? some You your to and investments, terms alluded in specifics the the to your investments in some around you want road some might And the verticals division I get and product just as payments on slide avenues of that deck. there investing be well as

Barry McCarthy

big That's question. Sure. a

of me a let on sort give you headline that. So

process. three area for the cash as very areas focused is receivables we are An automation to We of call growth. the entire management in order this

disbursements. for taking flow. businesses. sometimes And the called digital and HR automating third are around The we second out disbursement is and small payroll is or is And payables payments where paper of or the this

model So label our service specifically on as sell there the the through is channel. package a receivables business, to white bank that resold a gets

in process In Deluxe with also are user receivables bank faster the So the reconciliation the would would live business, printed experience Exchange, Payment and the and of customers, and with queues we number this experience an customers, we to that that that customer live customers on invoice explanation adding Payment these improve deposited of customer compelling. of platform. banks can allowing fully taking find automation an go if to us in have accounts What or queue a encouraging the our process which will digitizing digitizing come to at benefits we and that is businesses, we board embedded process live. into a then it payables a their or management that those are end-to-end. And or Exchange of more go printed are even and of and product check have gone the to envelope particularly the recipients in merchants digital banks to e-mail of that Medical we the are number be the paper already make an electronically, check tools have is have via the long we user and automatically to the to what allow interface, the a banks already normally be arrive

millions We out that are through around HR are payment. seeing of digitization the area The of the market for underpenetrated by big that very final think a the fantastic expense growth and of guys. underserved is at dollars in payroll. We delivery low our is that taking as space end customers this is that we of

are additional we're tools through as seeing their uptake, customers customers well business or the with XX through excited bank solutions. suited growth target XXX,XXX And of and small are we direct also both an for fewer Our sales, employees, for and here particularly is those American First what terrific partner sales. and addition about

business. service, payables to areas where we make the focused So growth. investments where for services those and are and are HR payroll the for Receivables small three in we're continuing

Charles Nabhan

going you quick it. just forward Could reaching target. timing Got yourself you follow-up. times speak the the how to leverage And when about you or think as X and a see

Barry McCarthy

Yeah.

to and debt free target free the capital that sheet. cash same cash quarter fleet year. pick year, take cash business. to the responsibly flow to the flow has the lot target. every the flow long-term continuing the the enabling to balance years to drivers as talked and seasonality but further to the have dividend apply of towards that balance to of free for We We're the our the for up right? deleverage of to reasons throughout one it allocation have We we've QX, look going about to areas course we're do a as over a expect steadily take a to extra our we business, get articulated, cash balances in X.X couple it's work as invest that the of the us of leveraging to dollar of against low in committed pay been of going generative we apply us growth of the And continue policy, that main

Charles Nabhan

Got Thank you. it.

Operator

And would Morabito closing conclude comments. session. back question-and-answer Tom I the will to like turn that for now to today's call

Tom Morabito

Thanks, Savanna.

to that conclude, Capital and and participating following Conference management May conferences: XXth Telecom I'd Annual the Annual Technology Loop The will to like the Media Needham X; June on we Technology in be mention Conference Cowen's XXth Before Markets on XX; Media with Consumer for Technology you XXXX you joining Conference Conference and share Baird's Services look and X. forward X; in on as we June quarter we August results. Investor second again and today, our us speaking on Thank June

Operator

And this conclude for will today's your you you participation. disconnect. Thank may now And conference.

Deluxe (DLX) 8 May 222022 Q1 Earnings call transcript