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Deluxe Corporation,(DLX)) a leading provider of business products and services, released its unaudited financial results for the second quarter of 2023. The company reported a net income of $19.1 million during the quarter. Alongside the net income figures, Deluxe Corporation's revenue reached $571.7 million for the same period.
Consolidated Balance Sheets
The consolidated balance sheet shows that as of June 30, 2023, Deluxe Corporation's total assets were $2.92 billion, compared to $3.08 billion on December 31, 2022. The company's current assets amounted to $548.6 million, including cash and cash equivalents of $39.1 million, trade accounts receivable of $212.3 million, and inventories and supplies worth $54.9 million.
Consolidated Statements of Comprehensive Income
In the second quarter of 2023, Deluxe Corporation recorded total revenue of $571.7 million, compared to $562.9 million during the same period in 2022. The company's gross profit for Q2 2023 was $301.7 million. Operating income amounted to $54.1 million, and net income attributable to Deluxe Corporation was $16.4 million, reflecting earnings per share of $0.37 (diluted).
Consolidated Statements of Shareholders' Equity
As of June 30, 2023, Deluxe Corporation's total shareholders' equity stood at $613.6 million, representing an increase from the December 31, 2022, figure of $604.2 million. The components of shareholders' equity include common shares at a par value of $43.6 million, additional paid-in capital of $89.4 million, retained earnings of $511.1 million, accumulated other comprehensive loss of $30.9 million, and a non-controlling interest of $0.5 million.
Consolidated Statements of Cash Flows
During the six months ended June 30, 2023, Deluxe Corporation generated $47.3 million in cash flow from operating activities. The company invested $37.9 million in capital assets and received $27.9 million from the sale of businesses and facilities. In terms of financing activities, Deluxe Corporation raised $437.5 million through the issuance of long-term debt and swingline loans, while also making debt payments of $416.4 million and paying $26.9 million in cash dividends to shareholders.
Overall, Deluxe Corporation reported a net change of $-148.2 million in cash, cash equivalents, restricted cash, and restricted cash equivalents during the first half of 2023, ending the period with a balance of $189.2 million.
Deluxe Corporation's financial performance reflects its commitment to delivering quality products and services to businesses worldwide, despite economic challenges and uncertainties. The company remains focused on implementing strategic initiatives to drive growth and enhance shareholder value in the evolving business landscape.