Deluxe Corporation (NYSE:DLX) Q1 2022 Earnings Conference Call May 5, 2022 8:30 AM ET

Company Participants

Tom Morabito - VP of IR

Barry McCarthy - President and CEO

Scott Bomar - CFO

Conference Call Participants

Charles Strauzer - CJS Securities

Christine Karout - Sidoti

Charles Nabhan - Stephens

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. Please go ahead.

Tom Morabito

Thank you, operator, and welcome to the Deluxe first quarter 2022 earnings call. Joining me on today's call is Barry McCarthy, our President and Chief Executive Officer; and Scott Bomar, our Chief Financial Officer. At the end of today's prepared remarks, we will take questions.

Before we begin and as seen on this slide, I'd like to remind everyone that comments made today regarding management's intentions, projections, financial estimates or expectations about the company's future strategy or performance are forward-looking in nature as defined in the Private Securities Litigation Reform Act of 1995.

These comments are subject to risks and uncertainties, including, without limitation, risks related to COVID, the risk that the company's recent acquisition of First American Payment Systems or any other acquisitions does not produce anticipated results or synergies and the risk that any future acquisitions or divestitures will not be consummated. Any of these risks and uncertainties could cause our actual results to differ materially from our projections. Additional information about factors that may cause our actual results to differ from projections is contained in our Form 10-K for the year ended December 31, 2021, and in other company SEC filings.

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

Now I'll turn it over to Barry.

Barry McCarthy

Thanks, Tom, and good morning, everyone. We had a strong quarter with better-than-expected revenue growth. Company-wide revenue growth was 26%. Excluding First American, revenue increased 7.1%. Once again, we delivered sales-driven growth in all 4 segments. We did benefit from previously announced pricing actions. However, we're particularly pleased to report that we have continued to experience strong volume despite these pricing actions. This demonstrates the fundamental strength of our business and the continued strong demand for our products as we have been sharing with you for some time.