<p>Deluxe Corp. ((DLX)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Deluxe Corp. 最新的财报电话会议传达了乐观的基调，突显出公司正在成功转型的业务。管理层强调了盈利能力的提升、现金流的增强以及去杠杆的快速进展，即使传统印刷收入持续下降，整体销售增长仍然温和。投资者听到了一个清晰的转型故事，超越了印刷业务的结构性拖累。</p>
<h2>EBITDA 大幅增长和利润率扩张</h2>
<p>Deluxe 报告调整后的 EBITDA 为 1.179 亿美元，按可比口径增长 19.7%，得益于成本控制和产品组合的变化提升了盈利能力。调整后的 EBITDA 利润率上升至 21.9%，同比改善 310 个基点，突显了支付和数据部门的盈利能力。</p>
<h2>每股收益和净收入激增</h2>
<p>调整后的稀释每股收益从一年前的 0.72 美元攀升至 1.05 美元，按可比口径增长约 45%。GAAP 净收入超过翻倍，达到 3580 万美元，或每股 0.77 美元，相比之下为 1400 万美元，或每股 0.31 美元，表明收益正在流入底线。</p>
<h2>支付和数据现在主导收入结构</h2>
<p>首次，支付和数据合计占总收入的 51%，超越印刷成为公司的主要引擎。支付和数据的合并收入同比增长 12.5%，反映了 Deluxe 向更高增长、更高价值服务转型的成功。</p>
<h2>数据解决方案表现优异</h2>
<p>数据解决方案的收入达到 9750 万美元，同比增长 26.3%，客户越来越多地转向数据驱动的营销和分析。该部门的调整后 EBITDA 增长 15.7% 至 2280 万美元，利润率在低至中 20% 之间，确认数据是关键的增长和利润支柱。</p>
<h2>商户和 B2B 支付规模扩大</h2>
<p>商户服务收入增长 7.3% 至 1.049 亿美元，而该部门的调整后 EBITDA 激增 25.2% 至 2680 万美元，利润率上升 360 个基点至 25.5%。B2B 支付收入增长 4.7% 至 7350 万美元，调整后 EBITDA 增长约 29.3%，利润率保持在健康的 23.4%。</p>
<h2>减债和杠杆里程碑</h2>
<p>净债务下降至 13.7 亿美元，比年末减少 2260 万美元，得益于自由现金流和严格的资产负债表管理。净杠杆从一年前的 3.6 倍降至 3.0 倍，使 Deluxe 提前三个季度达成其长期杠杆目标。</p>
<h2>自由现金流强劲保持</h2>
<p>本季度自由现金流总计 2730 万美元，同比增长约 300 万美元，支持持续的债务偿还和投资需求。管理层重申全年自由现金流指引约为 2 亿美元，预计较 2025 年增长约 14%。</p>
<h2>成本控制和运营效率</h2>
<p>SG&amp;A 费用较去年下降超过 7%，反映出更严格的费用管理和全组合的效率举措。这帮助公司实现了连续第 13 个季度的可比调整后 EBITDA 增长，并在多个部门维持了利润率扩张。</p>
<h2>战略合作伙伴关系和 AI 采用</h2>
<p>Deluxe 强调了与华盛顿信托银行和 MRI 软件等机构的新战略合作伙伴关系，扩大了分销和交叉销售机会。公司还在数据营销活动和 B2B 锁箱处理上推出了生成性 AI 工具，将人工干预减少约三分之二，提高了生产力。</p>
<h2>尽管面临压力，印刷利润率保持稳定</h2>
<p>印刷调整后 EBITDA 为 8570 万美元，利润率上升 70 个基点至 32.7%，显示出在下滑市场中的韧性。管理层将盈利能力的保持归功于印刷制造的运营纪律和对高利润产品的关注。</p>
<h2>印刷收入进一步下滑</h2>
<p>印刷部门的收入按可比口径下降 5.9%，至 2.622 亿美元，传统支票收入下降 4.4%，其余印刷业务下降 8.4%。这些趋势突显了印刷业务中持续存在的结构性阻力，继续抵消其他领域的增长。</p>
<h2>顶线增长依然温和</h2>
<p>总收入为 5.381 亿美元，按报告口径仅增长 0.3%，按可比口径增长 2.7%，显示出整体扩张有限。强劲的支付和数据增长在很大程度上弥补了印刷的下降，但尚未推动强劲的合并收入加速。</p>
<h2>印刷 EBITDA 面临绝对压力</h2>
<p>尽管印刷利润率有所改善，但该部门的可比调整后 EBITDA 同比下降 3.8%，反映出较低的交易量影响。管理层承认，印刷收入的下降仍然对绝对收益造成压力，即使效率措施减轻了冲击。</p>
<h2>数据增长预计将放缓</h2>
<p>高管们警告称，数据解决方案的快速增长在下半年可能会放缓，因为公司将面临强劲的去年同期比较。一些客户的营销支出被提前，活动的正常化可能会在年内后期抑制数据增长率。</p>
<h2>促销业务依然疲软</h2>
<p>促销产品业务仍然面临压力，管理层描述尽管有一些缓和迹象，但仍然持续疲软。他们并未将这种疲软与特定的宏观冲击联系起来，暗示在该细分市场中存在更多的结构性或需求组合挑战。</p>
<h2>收入指引显示有限的上行空间</h2>
<p>更新的全年收入指引为 19.85 亿至 20.5 亿美元，意味着可比调整后的增长在 -1% 到 +2% 之间。这个前景表明，尽管盈利和现金流趋势强劲，Deluxe 仍在为近期顶线相对平坦做好准备。</p>
<h2>前瞻性指引和展望</h2>
<p>对于 2026 年，管理层现在预计收入为 19.85 亿美元至 20.5 亿美元，调整后的息税折旧摊销前利润（EBITDA）为 4.3 亿美元至 4.55 亿美元，调整后的每股收益（EPS）为 3.60 美元至 4.00 美元，所有这些都反映出在适度销售增长下的稳健盈利增长。自由现金流预计约为 2 亿美元，假设利息、税收和资本支出将强化去杠杆化和有序投资的重点。</p>
<p>Deluxe 的财报电话会议描绘了一个成功围绕支付和数据进行自我重塑的公司，同时管理其传统印刷业务的衰退。盈利能力、现金流和杠杆趋势朝着正确的方向发展，但投资者应关注数据增长的放缓和印刷业务的逆风是否会限制整体收入的动能。</p>

基准数据与基础设施房地产 SCTR ETF - Pacer

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<p>Deluxe Corp. 报告了成功的第一季度财报电话会议，强调了盈利的转型，调整后的 EBITDA 增加了 19.7%，达到 1.179 亿美元，调整后的稀释每股收益增长了 45%，达到 1.05 美元。支付和数据部门现在占总收入的 51%，反映出战略上的转变。尽管印刷收入下降了 5.9%，但整体收入仍小幅增长 0.3%。公司实现了净债务减少至 13.7 亿美元，并保持强劲的自由现金流，达到 2730 万美元。管理层预计下半年数据解决方案的增长将会放缓</p>

<p>Deluxe Corp. ((DLX)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Deluxe Corp. ((DLX)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Deluxe Corp.’s latest earnings call struck an upbeat tone, spotlighting a business in the midst of a successful transition. Management stressed expanding profitability, stronger cash generation, and rapid progress on deleveraging, even as legacy print revenues continue to shrink and overall sales growth remains modest. Investors heard a clear transformation story outweighing the structural drag in print.</p>
<div class="lb-trans"><p>Deluxe Corp. 最新的财报电话会议传达了乐观的基调，突显出公司正在成功转型的业务。管理层强调了盈利能力的提升、现金流的增强以及去杠杆的快速进展，即使传统印刷收入持续下降，整体销售增长仍然温和。投资者听到了一个清晰的转型故事，超越了印刷业务的结构性拖累。</p>
</div><h2>EBITDA Jump and Margin Expansion</h2>
<div class="lb-trans"><h2>EBITDA 大幅增长和利润率扩张</h2>
</div><p>Deluxe reported adjusted EBITDA of $117.9 million, up 19.7% on a comparable basis, as cost discipline and mix shift lifted profitability. The adjusted EBITDA margin climbed to 21.9%, an improvement of 310 basis points year over year, underscoring the earnings power of the Payments and Data segments.</p>
<div class="lb-trans"><p>Deluxe 报告调整后的 EBITDA 为 1.179 亿美元，按可比口径增长 19.7%，得益于成本控制和产品组合的变化提升了盈利能力。调整后的 EBITDA 利润率上升至 21.9%，同比改善 310 个基点，突显了支付和数据部门的盈利能力。</p>
</div><h2>EPS and Net Income Surge</h2>
<div class="lb-trans"><h2>每股收益和净收入激增</h2>
</div><p>Adjusted diluted EPS climbed to $1.05 from $0.72 a year ago, an increase of roughly 45% on a comparable basis. GAAP net income more than doubled to $35.8 million, or $0.77 per share, versus $14 million, or $0.31 per share, signaling that gains are flowing through to the bottom line.</p>
<div class="lb-trans"><p>调整后的稀释每股收益从一年前的 0.72 美元攀升至 1.05 美元，按可比口径增长约 45%。GAAP 净收入超过翻倍，达到 3580 万美元，或每股 0.77 美元，相比之下为 1400 万美元，或每股 0.31 美元，表明收益正在流入底线。</p>
</div><h2>Payments and Data Now Lead the Mix</h2>
<div class="lb-trans"><h2>支付和数据现在主导收入结构</h2>
</div><p>For the first time, Payments and Data together accounted for 51% of total revenue, overtaking Print as the company’s primary engine. Combined Payments and Data revenue rose 12.5% year over year, reflecting the success of Deluxe’s pivot toward higher-growth, higher-value services.</p>
<div class="lb-trans"><p>首次，支付和数据合计占总收入的 51%，超越印刷成为公司的主要引擎。支付和数据的合并收入同比增长 12.5%，反映了 Deluxe 向更高增长、更高价值服务转型的成功。</p>
</div><h2>Data Solutions Outperforms</h2>
<div class="lb-trans"><h2>数据解决方案表现优异</h2>
</div><p>Data Solutions revenue reached $97.5 million, up 26.3% year over year, as clients increasingly turned to data-driven marketing and analytics. Segment adjusted EBITDA rose 15.7% to $22.8 million, with margins in the low-to-mid‑20s, confirming data as a key growth and profit pillar.</p>
<div class="lb-trans"><p>数据解决方案的收入达到 9750 万美元，同比增长 26.3%，客户越来越多地转向数据驱动的营销和分析。该部门的调整后 EBITDA 增长 15.7% 至 2280 万美元，利润率在低至中 20% 之间，确认数据是关键的增长和利润支柱。</p>
</div><h2>Merchant and B2B Payments Gain Scale</h2>
<div class="lb-trans"><h2>商户和 B2B 支付规模扩大</h2>
</div><p>Merchant Services revenue increased 7.3% to $104.9 million, while adjusted EBITDA in that unit jumped 25.2% to $26.8 million, pushing margins up 360 basis points to 25.5%. B2B payments revenue grew 4.7% to $73.5 million, with adjusted EBITDA up about 29.3% and margins at a healthy 23.4%.</p>
<div class="lb-trans"><p>商户服务收入增长 7.3% 至 1.049 亿美元，而该部门的调整后 EBITDA 激增 25.2% 至 2680 万美元，利润率上升 360 个基点至 25.5%。B2B 支付收入增长 4.7% 至 7350 万美元，调整后 EBITDA 增长约 29.3%，利润率保持在健康的 23.4%。</p>
</div><h2>Debt Reduction and Leverage Milestone</h2>
<div class="lb-trans"><h2>减债和杠杆里程碑</h2>
</div><p>Net debt declined to $1.37 billion, down $22.6 million from year‑end, driven by free cash flow and disciplined balance sheet management. Net leverage fell to 3.0 times from 3.6 times a year earlier, allowing Deluxe to hit its long‑term leverage target three quarters ahead of schedule.</p>
<div class="lb-trans"><p>净债务下降至 13.7 亿美元，比年末减少 2260 万美元，得益于自由现金流和严格的资产负债表管理。净杠杆从一年前的 3.6 倍降至 3.0 倍，使 Deluxe 提前三个季度达成其长期杠杆目标。</p>
</div><h2>Free Cash Flow Strength Maintained</h2>
<div class="lb-trans"><h2>自由现金流强劲保持</h2>
</div><p>Free cash flow in the quarter totaled $27.3 million, up about $3 million year over year, supporting ongoing debt paydown and investment needs. Management reaffirmed full‑year free cash flow guidance at roughly $200 million, which would represent about 14% growth versus 2025.</p>
<div class="lb-trans"><p>本季度自由现金流总计 2730 万美元，同比增长约 300 万美元，支持持续的债务偿还和投资需求。管理层重申全年自由现金流指引约为 2 亿美元，预计较 2025 年增长约 14%。</p>
</div><h2>Cost Controls and Operational Efficiency</h2>
<div class="lb-trans"><h2>成本控制和运营效率</h2>
</div><p>SG&amp;A expenses fell a little over 7% from the prior year, reflecting tighter expense management and efficiency initiatives across the portfolio. This helped deliver the company’s 13th straight quarter of comparable adjusted EBITDA growth and sustained margin expansion in multiple segments.</p>
<div class="lb-trans"><p>SG&amp;A 费用较去年下降超过 7%，反映出更严格的费用管理和全组合的效率举措。这帮助公司实现了连续第 13 个季度的可比调整后 EBITDA 增长，并在多个部门维持了利润率扩张。</p>
</div><h2>Strategic Partnerships and AI Adoption</h2>
<div class="lb-trans"><h2>战略合作伙伴关系和 AI 采用</h2>
</div><p>Deluxe highlighted new strategic partnerships with institutions such as Washington Trust Bank and MRI Software that expand distribution and cross‑sell opportunities. The company also rolled out generative AI tools in data campaigns and B2B lockbox processing, cutting manual intervention by about two‑thirds and boosting productivity.</p>
<div class="lb-trans"><p>Deluxe 强调了与华盛顿信托银行和 MRI 软件等机构的新战略合作伙伴关系，扩大了分销和交叉销售机会。公司还在数据营销活动和 B2B 锁箱处理上推出了生成性 AI 工具，将人工干预减少约三分之二，提高了生产力。</p>
</div><h2>Print Margins Hold Despite Pressure</h2>
<div class="lb-trans"><h2>尽管面临压力，印刷利润率保持稳定</h2>
</div><p>Print adjusted EBITDA came in at $85.7 million with margins rising 70 basis points to 32.7%, showing resilience in a declining market. Management credited operational discipline in print manufacturing and a focus on margin‑rich offerings for preserving profitability.</p>
<div class="lb-trans"><p>印刷调整后 EBITDA 为 8570 万美元，利润率上升 70 个基点至 32.7%，显示出在下滑市场中的韧性。管理层将盈利能力的保持归功于印刷制造的运营纪律和对高利润产品的关注。</p>
</div><h2>Print Revenue Slides Further</h2>
<div class="lb-trans"><h2>印刷收入进一步下滑</h2>
</div><p>Print segment revenue fell 5.9% on a comparable basis to $262.2 million, as legacy check revenues declined 4.4% and the remainder of print dropped 8.4%. These trends highlight the ongoing structural headwinds in the print business, which continue to offset growth elsewhere.</p>
<div class="lb-trans"><p>印刷部门的收入按可比口径下降 5.9%，至 2.622 亿美元，传统支票收入下降 4.4%，其余印刷业务下降 8.4%。这些趋势突显了印刷业务中持续存在的结构性阻力，继续抵消其他领域的增长。</p>
</div><h2>Top-Line Growth Remains Modest</h2>
<div class="lb-trans"><h2>顶线增长依然温和</h2>
</div><p>Total revenue was $538.1 million, up just 0.3% on a reported basis and 2.7% on a comparable basis, showing limited overall expansion. Strong Payments and Data growth is largely compensating for print declines, but not yet driving robust consolidated revenue acceleration.</p>
<div class="lb-trans"><p>总收入为 5.381 亿美元，按报告口径仅增长 0.3%，按可比口径增长 2.7%，显示出整体扩张有限。强劲的支付和数据增长在很大程度上弥补了印刷的下降，但尚未推动强劲的合并收入加速。</p>
</div><h2>Print EBITDA Under Absolute Pressure</h2>
<div class="lb-trans"><h2>印刷 EBITDA 面临绝对压力</h2>
</div><p>While print margins improved, comparable adjusted EBITDA for the segment slipped 3.8% year over year, reflecting the impact of lower volumes. Management acknowledged that revenue erosion in print still weighs on absolute earnings, even as efficiency actions soften the blow.</p>
<div class="lb-trans"><p>尽管印刷利润率有所改善，但该部门的可比调整后 EBITDA 同比下降 3.8%，反映出较低的交易量影响。管理层承认，印刷收入的下降仍然对绝对收益造成压力，即使效率措施减轻了冲击。</p>
</div><h2>Expected Moderation in Data Growth</h2>
<div class="lb-trans"><h2>数据增长预计将放缓</h2>
</div><p>Executives cautioned that Data Solutions’ rapid growth is likely to moderate in the back half as the company laps strong prior‑year comparisons. Some customer marketing spend was pulled forward, and normalization of that activity could temper headline data growth rates later in the year.</p>
<div class="lb-trans"><p>高管们警告称，数据解决方案的快速增长在下半年可能会放缓，因为公司将面临强劲的去年同期比较。一些客户的营销支出被提前，活动的正常化可能会在年内后期抑制数据增长率。</p>
</div><h2>Promo Business Still Soft</h2>
<div class="lb-trans"><h2>促销业务依然疲软</h2>
</div><p>The promotional products business remains under pressure, with management describing continued softness despite some signs of moderation. They did not tie this weakness to a specific macro shock, suggesting more structural or demand‑mix challenges in that niche.</p>
<div class="lb-trans"><p>促销产品业务仍然面临压力，管理层描述尽管有一些缓和迹象，但仍然持续疲软。他们并未将这种疲软与特定的宏观冲击联系起来，暗示在该细分市场中存在更多的结构性或需求组合挑战。</p>
</div><h2>Revenue Guidance Shows Limited Upside</h2>
<div class="lb-trans"><h2>收入指引显示有限的上行空间</h2>
</div><p>Updated full‑year revenue guidance of $1.985 billion to $2.05 billion implies comparable adjusted growth between minus 1% and plus 2%. This outlook signals that, despite strong earnings and cash flow trends, Deluxe is bracing for a relatively flat top line in the near term.</p>
<div class="lb-trans"><p>更新的全年收入指引为 19.85 亿至 20.5 亿美元，意味着可比调整后的增长在 -1% 到 +2% 之间。这个前景表明，尽管盈利和现金流趋势强劲，Deluxe 仍在为近期顶线相对平坦做好准备。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指引和展望</h2>
</div><p>For 2026, management now expects revenue of $1.985 billion to $2.05 billion, adjusted EBITDA of $430 million to $455 million, and adjusted EPS of $3.60 to $4.00, all reflecting solid earnings growth on modest sales gains. Free cash flow is projected around $200 million, with assumptions for interest, taxes, and capital spending that reinforce a focus on deleveraging and disciplined investment.</p>
<div class="lb-trans"><p>对于 2026 年，管理层现在预计收入为 19.85 亿美元至 20.5 亿美元，调整后的息税折旧摊销前利润（EBITDA）为 4.3 亿美元至 4.55 亿美元，调整后的每股收益（EPS）为 3.60 美元至 4.00 美元，所有这些都反映出在适度销售增长下的稳健盈利增长。自由现金流预计约为 2 亿美元，假设利息、税收和资本支出将强化去杠杆化和有序投资的重点。</p>
</div><p>Deluxe’s earnings call painted the picture of a company successfully reinventing itself around Payments and Data while managing the decline of its legacy print operations. Profitability, cash flow, and leverage trends are moving in the right direction, but investors should watch whether data growth moderation and print headwinds cap overall revenue momentum.</p>
<div class="lb-trans"><p>Deluxe 的财报电话会议描绘了一个成功围绕支付和数据进行自我重塑的公司，同时管理其传统印刷业务的衰退。盈利能力、现金流和杠杆趋势朝着正确的方向发展，但投资者应关注数据增长的放缓和印刷业务的逆风是否会限制整体收入的动能。</p>
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Deluxe 公司盈利电话会议重点强调了盈利的转变