Deluxe Corporation (NYSE:DLX) Q4 2023 Earnings Conference Call February 1, 2024 8:30 AM ET

Company Participants

Brian Anderson - Vice President, Strategy and Investor Relations

Barry McCarthy - President and Chief Executive Officer

Chip Zint - Chief Financial Officer

Conference Call Participants

Lance Vitanza - TD Cowen

Charlie Strauzer - CJS

Marc Riddick - Sidoti

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Deluxe Quarterly Earnings Conference Call. All participants are currently in a listen-only mode. And today's call is being recorded.

At this time, I would like to turn the conference over to your host, Vice President of Strategy and Investor Relations, Brian Anderson. Please go ahead.

Brian Anderson

Thank you, operator, and welcome to the Deluxe fourth quarter and full year 2023 earnings call.

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

Before we begin, and as seen on the current slide, I'd like to remind everyone that comments made today regarding management's intentions, projections, financial estimates and 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. Additional information about factors that may cause our actual results to differ from projection is set forth in the press release we furnished today and our Form 10-K for the year ended December 31, 2022, and in other company SEC filings.

On the call today, we will discuss non-GAAP financial measures, including comparable adjusted revenue, adjusted and comparable adjusted EBITDA, adjusted and comparable adjusted EBITDA margin, adjusted EPS and free cash flow. In our press release, today's 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 US GAAP. Within the materials, we are also providing reconciliations of GAAP EPS to adjusted EPS, which may assist with your modeling.

Now, I will turn it over to Barry.

Barry McCarthy

Thanks, Brian, and good morning, everyone.

I'm pleased to report our strong results, growing comparable adjusted EBITDA dollars, expanding comparable adjusted EBITDA margins and driving robust operating leverage for both the fourth quarter and full year 2023. Importantly, these results also accompanied improved free cash flows, and they further demonstrate the strength of our focused portfolio of offerings. This provides us a strong foundation for continued growth and the execution via North Star as we progress into 2024.