Deluxe Corporation (DLX) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Deluxe second quarter 2026 earnings conference call. (Operator Instructions) Today's call is being recorded.

各位女士、先生，感謝您稍候，歡迎參加 Deluxe 2026 年第二季財報電話會議。(接線員指示) 今天的電話會議將被錄音。

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.

此刻，我想將會議交給本次主持人——策略與投資人關係副總裁 Brian Anderson。請開始。

Thank you, operator, and welcome to the Deluxe second quarter 2026 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.

謝謝接線員，歡迎各位參加 Deluxe 2026 年第二季財報電話會議。今天與我一同出席的有：我們的總裁暨執行長 Barry McCarthy，以及我們的財務長 Chip Zint。在今天的事先準備發言結束後，我們將開放提問。

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 actual results to differ from projections is set forth in the press release we furnished today in our Form 10-K for the year ended December 31, 2025, and in other company SEC filings.

在開始之前，且如目前投影片所示，我想提醒各位：今天關於管理階層意圖、預測、財務估計與預期，以及公司未來策略或績效的評論，依 1995 年《私人證券訴訟改革法》之定義，屬於前瞻性陳述。可能導致實際結果與預測不同的因素之更多資訊，載於我們今日提供的新聞稿、截至 2025 年 12 月 31 日止年度的 Form 10-K，以及公司向 SEC 提交的其他文件中。

On the call today, we will discuss non-GAAP financial measures, including comparable adjusted revenue, adjusted and comparable adjusted EBITDA and EBITDA margin, adjusted and comparable adjusted EPS and free cash flow. In our press release, today's presentation and our filings with the SEC, you'll find additional disclosures regarding non-GAAP measures, including reconciliation of these measures to the most comparable measures under U.S. GAAP. Within the materials, we are also providing reconciliations of GAAP EPS to adjusted EPS, which may assist with your modeling.

今天的電話會議中，我們將討論非 GAAP 財務衡量指標，包括可比調整後營收、調整後與可比調整後 EBITDA 及 EBITDA 利潤率、調整後與可比調整後 EPS，以及自由現金流。在我們的新聞稿、今天的簡報以及向 SEC 提交的文件中，您將可找到關於非 GAAP 指標的額外揭露，包括將這些指標與美國GAAP 下最具可比性的指標進行調節（reconciliation）。在相關資料中，我們也提供 GAAP EPS 與調整後 EPS 的調節表，這可能有助於您的模型建置。

As a reminder, all comparable adjusted metrics reflect the removal of impact from business exits, including prior year adjustments to reflect removal of the Safeguard business effective with the closing of that divestiture and as of March 1, 2026. Financial metrics discussed through the second quarter also exclude any historical financial results relating to the Celero acquisition, which closed on July 31, 2026, and for which additional pro forma reporting in line with SEC requirements will be provided over the balance of the post-closing 2026 periods.

提醒各位，所有可比調整後指標均反映剔除業務退出的影響，包括對前一年度進行調整，以反映 Safeguard 業務在該項處分完成並自 2026 年 3 月 1 日起生效後的剔除影響。截至第二季所討論的財務指標亦不包含與 Celero 收購案相關的任何歷史財務結果；該收購於 2026 年 7 月 31 日完成，並將依 SEC 規定於 2026 年交割後其餘期間提供額外的備考（pro forma）報告。

And with that, I'll hand it over to Barry.

接下來，我把時間交給 Barry。

Thanks, Brian, and good evening, everyone. I'm pleased to report our strong performance through midyear. Deluxe continues to deliver its financial goals while accelerating our strategic transformation into a payments and data company.

謝謝你，Brian，各位晚安。我很高興向各位報告，我們截至年中為止的表現強勁。Deluxe 持續達成財務目標，同時加速我們向支付與數據公司的策略轉型。

During the second quarter, we once again delivered comparable adjusted growth across all key metrics: revenue, adjusted EBITDA, adjusted EPS, and free cash flow. We were particularly pleased to see free cash flow increase 65% through Q2. We're now in our fourth consecutive year driving consistent operating leverage and growth across all core earnings metrics. This performance enabled further reduction of our preacquisition debt levels and an improvement of our leverage ratio through the first half.

在第二季，我們再次在所有關鍵指標上實現可比調整後成長：營收、調整後 EBITDA、調整後 EPS，以及自由現金流。我們尤其欣喜地看到，截至第二季自由現金流增加了 65%。我們目前已連續第四年在所有核心獲利指標上推動一致的營運槓桿與成長。這樣的表現使我們得以進一步降低收購前的負債水準，並在上半年改善槓桿比率。

We delivered this strong financial performance while accelerating our revenue mix shift towards payments and data. You'll recall in Q1 of this year, we reached a key milestone with just over 50% of our revenue being generated from nonprint sources for the first time in our 111-year history. In the first half of the year, our payments and data businesses together grew 11% and represented 52% of revenue, marking an acceleration of our progress. The addition of Celero, a leading merchant services provider, which closed last week, decisively shifts our revenue mix even further. More on Celero in a minute.

我們在加速營收組合向支付與數據轉移的同時，仍交出強勁的財務表現。各位還記得在今年第一季，我們達成一項關鍵里程碑：在我們 111 年的歷史中，非印刷來源營收首次占比略高於 50%。在上半年，我們的支付與數據業務合計成長 11%，並占營收的 52%，顯示我們的進展正在加速。上週完成交割、作為領先商戶服務供應商的 Celero 的加入，將使我們的營收組合更進一步明顯轉向。稍後我會再談 Celero。

At our December 2023 Investor Day, we outlined our plan to execute this financial and strategic transformation over three years. We delivered while achieving important cash flow and balance sheet commitments early. We're a team that executes consistently. We say what we'll do and we do what we say.

在 2023 年 12 月的投資人日上，我們概述了在三年內完成這項財務與策略轉型的計畫。我們在提前達成重要的現金流與資產負債表承諾的同時，也交出了成果。我們是一支持續穩定執行的團隊。我們說到做到。

Let me summarize the quarter and highlight our ongoing consistent execution. One, our second quarter comparable adjusted revenue grew just over 2.5%, led by continuing revenue expansion across each of the payments and data segments.

我來總結本季並強調我們持續一致的執行力。第一，我們第二季可比調整後營收成長略高於 2.5%，主要由支付與數據各分部持續的營收擴張所帶動。

Two, comparable adjusted EBITDA grew at 2 times the rate of revenue, demonstrating the continuing operating leverage and cost efficiency focus embedded across our business model. This strong earnings growth also accompanied rate expansion as adjusted EBITDA margins reached nearly 22% for the quarter. Three, our free cash flow continued to expand, growing year-to-date by nearly 65% versus prior year.

第二，可比調整後 EBITDA 的成長速度為營收的 2 倍，展現我們商業模式中持續的營運槓桿與成本效率聚焦。這項強勁的獲利成長也伴隨利潤率擴張，本季調整後 EBITDA 利潤率接近 22%。第三，我們的自由現金流持續擴張，年初至今較去年同期成長近 65%。

This strong cash generation enabled more than $75 million of net debt reduction from our year-end 2025 levels, improving our pre-acquisition leverage ratio to 2.9 times at the end of the second quarter. And four, our payments and data businesses together expanded revenue more than 9.5% in Q2. Together, these businesses accounted for 52% of total year-to-date revenue, continuing the expansion from less than one third of overall revenues in 2021.

強勁的現金創造能力，使我們相較 2025 年底水準將淨負債降低超過 7,500 萬美元，並在第二季末將收購前槓桿比率改善至 2.9 倍。第四，我們的支付與數據業務在第二季合計營收擴張超過 9.5%。合計而言，這些業務占年初至今總營收的 52%，延續自 2021 年整體營收占比不到三分之一以來的擴張趨勢。

Now a few additional details from each BU. Our combined payments and data segments expanded year-to-date revenues by 11% through Q2, led by another standout growth quarter for the data segment. Data segment revenues expanded just over 21% versus the prior year second quarter. This performance continued to reflect strong campaign demand for data-driven marketing solutions that deliver measurable outcomes, particularly from financial institutions and adjacent market verticals.

接下來補充各事業單位（BU）的一些細節。截至第二季，我們合併的支付與數據分部年初至今營收成長 11%，其中以數據分部再度表現突出的成長季度領軍。數據分部營收較去年第二季成長略高於 21%。這項表現持續反映市場對能帶來可衡量成果之數據驅動行銷解決方案的強勁活動需求，特別來自金融機構及相鄰的產業垂直領域。

We've now grown data segment revenues by more than 15% for seven consecutive quarters, demonstrating the strength of our AI-supported DDM model. This strong data performance has continued to support overall enterprise revenue growth even as we approach significantly stronger growth comps over the back half of this year.

我們的數據分部營收已連續七個季度成長超過 15%，展現我們 AI 支援的 DDM 模式之強勁實力。即使今年下半年我們將面臨顯著更強的比較基期，這項強勁的數據表現仍持續支撐整體企業營收成長。

During the second quarter, our payments businesses together saw continued revenue growth rates as well, in line with our overall guidance outlook across both the Merchant Services and the B2B payment segments. Within the Deluxe Merchant Services or DMS segment, our onboarding of new partner wins and overall resilient macro spending environment and stable volumes across our diversified verticals contributed to second quarter revenue growth of just over 6%.

在第二季，我們的支付業務合計也維持持續的營收成長率，符合我們對商戶服務與 B2B 支付兩個分部的整體財測展望。在 Deluxe Merchant Services（DMS）分部中，我們新增合作夥伴的導入成果、整體具韌性的總體支出環境，以及在多元化垂直領域中穩定的交易量，共同推動第二季營收成長略高於 6%。

Moving to the B2B business. We saw a sustaining top line growth across this segment as well, with revenues expanding by 3.5% versus Q2 of 2025. B2B continued to drive strong margin improvement during the period, expanding adjusted EBITDA rate by more than 250 basis points versus the prior year quarter.

接著談 B2B 業務。我們在該分部同樣看到營收端持續成長，營收較 2025 年第二季成長 3.5%。B2B 在本期間持續推動顯著的利潤率改善，調整後 EBITDA 利潤率較去年同期提升超過 250 個基點。

Finally, across print, we also saw continued comparable adjusted EBITDA margin expansion with year-over-year margins improving 110 basis points. Print's strong margin performance was helped by the combination of three factors: our exit from the declining and lower-margin Safeguard distribution channels earlier this year, containing the legacy Checks revenue decline to less than 2% and our prioritization of overall stronger-margin in-sourced printed offerings.

最後，在印刷業務方面，我們也看到可比調整後 EBITDA 利潤率持續擴張，年對年利潤率提升 110 個基點。印刷業務強勁的利潤率表現受三項因素共同推動：我們在今年稍早退出下滑且低利潤率的 Safeguard 分銷通路，將傳統支票（Checks）收入下滑控制在 2% 以下，以及我們優先推動整體利潤率更高的內製（in-sourced）印刷產品供給。

Now on to a bit more about Celero. We closed on the transaction last Friday. Celero is a highly attractive asset in the merchant payment space. They enjoy solid growth in margin rates, broad channel distribution and important technology, including a terrific partner portal, enabling customers to onboard and operate their portfolios more efficiently. Strategically, Celero complements our existing merchant services offering and extends and improves our market position.

接下來談一下 Celero。我們已於上週五完成該交易交割。Celero 是商戶支付領域中極具吸引力的資產。他們在費率利差（margin rates）方面具備穩健成長、擁有廣泛的通路分銷與重要技術能力，包括出色的合作夥伴入口網站（partner portal），可讓客戶更有效率地完成上線並營運其商戶組合。在策略上，Celero 可補強我們既有的商戶服務產品，並延伸與提升我們的市場地位。

There are a few key factors. First, Celero immediately enhances the scale of our combined merchant services offerings. Together, we'll now process over $70 billion in annual volume across more than 210,000 merchants. This acquisition moves Deluxe to a top 10 nonbank merchant acquirer based on Nielsen data.

其中有幾個關鍵因素。第一，Celero 立即提升我們合併後商戶服務產品的規模。合計之後，我們每年將處理超過 700 億美元的交易量，涵蓋超過 210,000 家商戶。依據 Nielsen 數據，此次收購使 Deluxe 成為前 10 大非銀行商戶收單機構（merchant acquirer）。

Second, our increased scale enables significant near-term cost synergy and revenue synergy over time, and we anticipate further improvement to our already robust sales capacity and pipeline as our complementary go-to-market resources are brought together.

第二，我們規模的提升可在短期內帶來顯著的成本協同效益，並在時間推進下帶來營收協同效益；同時，隨著互補的市場進入（go-to-market）資源整合，我們預期既有強勁的銷售能力與銷售管線將進一步改善。

Third, together with Celero, we've become an even more attractive merchant services partner for prospects beyond our added scale. This addition will complement Deluxe's core offerings and go-to-market assets, our trusted brand, award-winning customer service, an expansive reach across more than 4,000 bank partners and millions of SMB customers. Adding Celero's strong sales relationships, platform technology and streamlined onboarding capabilities will position the expanded Deluxe Merchant Services offering as an even more formidable competitor in the marketplace.

第三，除了規模擴大之外，與 Celero 合作也使我們成為對潛在客戶更具吸引力的商戶服務夥伴。這項加入將補強 Deluxe 的核心產品與市場進入資產、我們值得信賴的品牌、屢獲獎項的客戶服務、與超過 4,000 家銀行合作夥伴及數百萬 SMB 客戶的廣泛觸及。再加上 Celero 強大的銷售關係、平台技術與精簡的上線（onboarding）能力，將使擴大的 Deluxe Merchant Services 產品在市場上成為更具競爭力的對手。

Finally, Celero has built a very strong and talented team. We're pleased now to welcome them to Deluxe. We look forward to sharing more details regarding the combination and our integration progress over coming quarters. As we noted within our recent press release, we're also planning to host a live Investor Day presentation in New York in December of this year, and we'll provide more details regarding that event over coming months.

最後，Celero 建立了一支非常強大且才華洋溢的團隊。我們很高興歡迎他們加入 Deluxe。未來幾季我們將分享更多關於合併以及整合進度的細節。如同我們在近期新聞稿中所提到的，我們也計畫於今年 12 月在紐約舉辦現場投資人日（Investor Day）簡報，並將在未來幾個月提供該活動的更多資訊。

Now I want to talk briefly about putting this all together to update our 2026 outlook. We are updating our overall guidance ranges to reflect the closing of the Celero transaction last week. Our updated ranges include both increased overall revenue and adjusted EBITDA ranges to include Celero over the balance of the year, complementing our strong year-to-date performance through the first half. Chip will share specifics in a moment.

接下來我想簡要說明，將上述事項整合後，我們對 2026 年展望的更新。我們正在更新整體指引區間，以反映上週完成 Celero 交易交割。我們更新後的區間同時上調整體營收與調整後 EBITDA 的範圍，將 Celero 在今年剩餘期間的貢獻納入，並與我們上半年截至目前的強勁表現相互呼應。Chip 稍後會分享具體內容。

Before concluding, I want to reinforce our strategic progress on our core priorities through the first half. As a reminder, our core business strategy is focused on three ongoing strategic planks. Number one, shifting revenue mix towards payments and data to accelerate profitable secular growth. Two, driving operating efficiencies, margin expansion and overall operating leverage across the combined enterprise. And three, expanding adjusted EBITDA and free cash flow to improve the balance sheet and rapidly improve our net leverage ratio toward a long-term 3 times or better target.

在結語之前，我想再次強調我們在上半年於核心優先事項上的策略進展。提醒一下，我們的核心業務策略聚焦於三項持續推進的策略支柱。第一，將營收組合轉向支付與數據，以加速具獲利性的長期結構性成長。第二，在整體企業範圍內推動營運效率、利潤率擴張與整體營運槓桿。第三，擴大調整後 EBITDA 與自由現金流，以改善資產負債表，並快速將淨槓桿比率朝長期 3 倍或更佳的目標改善。

We clearly delivered on all three strategic planks through the first half, remaining focused on driving execution across our existing businesses and now increased payment scale via the addition of Celero, which provides opportunities to directly accelerate our progress. We're pleased to have Celero join Deluxe and are confident in our bright and clear future as a payments and data company.

上半年我們在三項策略支柱上都明確交出成果，持續專注於推動既有業務的執行力，並透過加入 Celero 擴大支付規模，帶來可直接加速我們進展的機會。我們很高興 Celero 加入 Deluxe，並對我們作為一家支付與數據公司的光明且清晰的未來充滿信心。

Before passing this to Chip, I'd like to take a moment to acknowledge and thank all my fellow Deluxers for their dedication to our customers' success and our company's continuing transformation. With the majority of revenue now coming from our growing payments and data segments and the addition of Celero accelerating this mix towards 60% of total revenue later in 2027, my fellow Deluxers are on the cusp of achieving what few other 100-plus-year-old companies had ever achieved, successfully transforming ourselves for the next generation.

在交給 Chip 之前，我想花點時間向所有 Deluxe 同仁致意並表達感謝，感謝大家對客戶成功的投入，以及對公司持續轉型的奉獻。目前我們大部分營收已來自成長中的支付與數據部門，而 Celero 的加入將加速此一組合，預計在 2027 年稍晚提升至總營收的 60%；我們的同仁正站在門檻上，即將達成少數其他百年以上企業曾做到的成就——成功完成面向下一世代的轉型。

Thank you. Our best days are yet to come. With that, I'll turn it over to Chip.

謝謝。我們最好的日子還在前方。接下來我把時間交給 Chip。

Thank you, Barry, and good evening, everyone. As Barry mentioned, we were pleased with our second quarter progress, particularly our strong year-to-date free cash flow expansion, continued year-over-year comparable adjusted revenue, EBITDA and EPS growth and margin expansion over the quarter and year-to-date periods. I'll begin, as always, by reviewing some of the consolidated highlights for the period before moving on to operating segment results, strong cash flows and other balance sheet and recent capital structure updates as well as our improved overall full year 2026 outlook, inclusive of forecasted Celero additions.

謝謝你，Barry，各位晚安。如 Barry 所提到的，我們對第二季的進展感到滿意，特別是今年迄今自由現金流的強勁擴張、可比調整後營收、EBITDA 與 EPS 的年對年持續成長，以及本季與今年迄今的利潤率擴張。我將一如既往，先回顧本期合併層面的重點摘要，接著說明各營運分部表現、強勁的現金流與其他資產負債表及近期資本結構更新，並介紹我們改善後的 2026 全年展望（包含對 Celero 增量貢獻的預測）。

For the second quarter, we reported total revenue of $499.3 million, decreasing 4.2% against prior year reported results while growing 2.6% on a comparable adjusted basis. We reported GAAP net income of $19.2 million or $0.41 per share, down from $22.4 million or $0.50 per share in the second quarter of 2025. This reduction was driven by the inclusion of $5.6 million of onetime transaction-related expenses within second quarter operating results and a slightly higher tax provision, net of overall lower restructuring and SG&A expenses and lower interest expense during the period.

第二季我們的總營收為 4.993 億美元，較去年同期公告結果下降 4.2%，但以可比調整後基礎計算成長 2.6%。我們的 GAAP 淨利為 1,920 萬美元（每股 0.41 美元），低於 2025 年第二季的 2,240 萬美元（每股 0.50 美元）。此一下降主要由於第二季營運結果納入 560 萬美元的一次性交易相關費用，以及略高的所得稅費用提列；部分被整體較低的重組與銷售、一般及管理（SG&A）費用，以及本期較低的利息費用所抵銷。

Adjusted EBITDA was $108.8 million, increasing 5.3% on a comparable adjusted basis versus the second quarter of last year. Adjusted EBITDA margins were 21.8%, improving 60 basis points on a comparable adjusted basis. Q2 adjusted diluted EPS came in at $0.87, improving from $0.82 on a comparable adjusted basis, driven primarily by our improved adjusted operating results and lower year-over-year interest expense.

調整後 EBITDA 為 1.088 億美元，以可比調整後基礎計算較去年第二季成長 5.3%。調整後 EBITDA 利潤率為 21.8%，以可比調整後基礎計算提升 60 個基點。第二季調整後稀釋 EPS 為 0.87 美元，以可比調整後基礎計算高於 0.82 美元，主要受惠於調整後營運表現改善以及年對年利息費用下降。

Turning now to our operating segment details, beginning with the Deluxe Merchant Services business. The merchant business grew second quarter revenue by 6.1% year-over-year to $107.6 million, continuing its mid-single-digit growth trajectory consistent with our full year guidance expectations for the stand-alone DMS segment. This growth rate reflected overall stable base processing volume levels as well as the onboarding of new business wins discussed during prior quarters, net of attrition, consistent with our forecasted expectations.

接著說明各營運分部細節，先從 Deluxe Merchant Services（DMS）業務開始。商戶業務第二季營收年對年成長 6.1% 至 1.076 億美元，延續中個位數成長軌跡，符合我們對獨立 DMS 分部的全年指引預期。此成長率反映整體基礎處理量水準維持穩定，以及如前幾季所討論的新業務得標帶來的上線貢獻（扣除流失後的淨額），與我們的預測預期一致。

Segment adjusted EBITDA finished at $25.1 million, expanding by 15.7%, driven by revenue growth and overall channel mix dynamics in addition to the impacts from the December 2025 purchase of residual commission rights from a large ISO partner.

分部調整後 EBITDA 為 2,510 萬美元，成長 15.7%，主要由營收成長與整體通路組合變化所帶動，並加上 2025 年 12 月自一家大型 ISO 合作夥伴購買剩餘佣金權利（residual commission rights）所帶來的影響。

Margins finished the quarter at 23.3%, expanding by 190 basis points versus prior year Q2 levels. On a year-to-date basis, merchant margins have expanded by 280 basis points, in line with our guidance for the full year margin growth. We continue to expect the base DMS business to achieve full year mid-single-digit revenue growth, consistent with our prior outlook, along with a mid-20% adjusted EBITDA margin profile.

毛利率在本季末達到 23.3%，較去年第二季水準擴大 190 個基點。以年初至今計，商戶毛利率已擴大 280 個基點，符合我們對全年毛利率成長的指引。我們仍預期基礎 DMS 業務可達成全年中個位數（mid-single-digit）的營收成長，與先前展望一致，並維持約 20% 中段（mid-20%）的調整後 EBITDA 利潤率輪廓。

As the Celero business is integrated to the Merchant segment results for the post-closing periods, this will provide significant upside to the overall balance of the year merchant revenue outlook as well as anticipated improvement of margins for the segment. We will provide further detail along these lines as integration efforts move forward over coming months.

隨著 Celero 業務在交割後期間整合至商戶（Merchant）部門的業績中，這將為今年剩餘期間的商戶營收展望帶來顯著上行空間，並有助於該部門利潤率的預期改善。隨著未來數月整合工作推進，我們將就此提供更多細節。

Turning to B2B payments. For the second quarter, B2B segment revenues finished at $73.5 million, increasing 3.5% versus Q2 of 2025. Our installed lockbox volumes remains in line with our expectation as newer digital treasury management offerings continue to build momentum. We remain pleased with this blended level of B2B revenue growth, continuing our improved trajectory extending from the positive fourth quarter 2025 exit rate.

接著談 B2B 支付。第二季 B2B 部門營收為 7,350 萬美元，較 2025 年第二季成長 3.5%。我們既有的 lockbox（匯款箱）處理量仍符合預期，因較新的數位財資管理產品持續累積動能。我們對此一 B2B 營收成長的綜合水準仍感到滿意，延續自 2025 年第四季正向退出率（exit rate）以來的改善軌跡。

Adjusted EBITDA for B2B came in at $18.3 million, reflecting an overall 24.9% margin. This represented continued strong expansion of adjusted EBITDA, growing by 17.3% from the prior year results, with overall realized margin rate in line with the top end of our full year guidance expectation for the segment.

B2B 的調整後 EBITDA 為 1,830 萬美元，整體利潤率為 24.9%。相較去年同期，調整後 EBITDA 成長 17.3%，持續強勁擴張；整體實現的利潤率水準亦符合我們對該部門全年指引區間的上緣。

EBITDA growth for the period was driven by continued operating efficiencies realized across both our physical lockbox footprint and overall optimization of the expense structure across the B2B business model. Within our B2B segment outlook, we continue to anticipate a full year low single-digit revenue growth rate as the business laps sequentially improving revenues, particularly across the prior year back half periods. Overall, EBITDA margins are expected to remain within our full year low to mid-20% range.

本期 EBITDA 成長主要來自我們在實體 lockbox 佈局上的持續營運效率提升，以及 B2B 商業模式整體費用結構的最佳化。就 B2B 部門展望而言，隨著營收逐季改善的基期效應（尤其是去年下半年期間），我們仍預期全年營收成長率為低個位數（low single-digit）。整體而言，EBITDA 利潤率預期將維持在全年低至 20% 中段（low to mid-20%）的區間內。

Moving on to Data Solutions. The segment continued to drive very robust incremental year-over-year revenue growth supporting ongoing strong customer marketing campaign demand levels. Revenues finished at $82.3 million, driving overall growth of 21.4% versus Q2 of 2025. Second quarter adjusted EBITDA finished at $18.1 million, with a margin rate finishing at 22% for the period, consistent with our longer-term low to mid-20s expectation for this segment. Recall that prior year margins included material nonrecurring vendor rebates.

接著談資料解決方案（Data Solutions）。在客戶行銷活動需求持續強勁的支撐下，該部門持續帶動非常強勁的年增量營收成長。營收為 8,230 萬美元，較 2025 年第二季成長 21.4%。第二季調整後 EBITDA 為 1,810 萬美元，本期利潤率為 22%，符合我們對該部門長期低至 20% 中段（low to mid-20s）的預期。提醒一下，去年利潤率包含重大的一次性供應商回饋（vendor rebates）。

Our full year 2026 guidance ranges continue to reflect expected high single-digit overall data segment revenue growth. This outlook continues to reflect moderation of recent quarter growth trends over the back half of the year as we lap increasingly more difficult prior year results for the data segment.

我們對 2026 全年指引區間仍反映資料部門整體營收預期為高個位數（high single-digit）成長。此展望亦反映今年下半年在面對資料部門去年同期愈發具挑戰性的比較基期時，近幾季的成長趨勢將趨於溫和。

Turning finally to our print businesses. Print segment second quarter revenue finished at $235.9 million, a decline of 4.3% year-over-year on a comparable adjusted basis. Legacy Checks revenues declined 1.7% on a comparable adjusted basis, while the balance of the segment declined by 10.1% to drive the overall blended results. We continue to see blended comparable adjusted decline rates moderate due in part to the shifting of overall print revenues more towards legacy Checks, reflective of the divestiture of Safeguard-related promo revenues in particular.

最後談我們的印刷（Print）業務。印刷部門第二季營收為 2.359 億美元，在可比調整基礎上年減 4.3%。傳統支票（Legacy Checks）營收在可比調整基礎上下降 1.7%，而該部門其餘業務下降 10.1%，共同形成整體的綜合結果。我們持續看到可比調整後的綜合下滑率趨於緩和，部分原因是整體印刷營收結構更多轉向傳統支票，反映出我們已剝離與 Safeguard 相關的促銷（promo）營收，尤其如此。

Overall adjusted EBITDA for Print finished the period at $86 million. The 1.4% rate of comparable adjusted EBITDA decline across Print continued to align favorably to the blended rate of revenue declines as margin rates expanded to the mid-30s during the quarter on the improving overall mix, including favorable margin rate impacts from the Safeguard divestiture earlier in the year. Consistent with our prior quarter outlook, we continue to expect to see low to mid-single-digit comparable adjusted revenue declines across the Print segment with full year adjusted EBITDA margins remaining in the low to mid-30s.

印刷部門本期調整後 EBITDA 為 8,600 萬美元。印刷部門可比調整後 EBITDA 下降 1.4%，仍與營收下滑的綜合幅度相當有利地一致；在組合改善帶動下，本季利潤率擴張至 30% 中段（mid-30s），其中亦包含年初完成 Safeguard 剝離所帶來的有利利潤率影響。與我們上一季的展望一致，我們仍預期印刷部門可比調整後營收將呈低至中個位數（low to mid-single-digit）下滑，且全年調整後 EBITDA 利潤率維持在 30% 的低至中段（low to mid-30s）。

Moving now to our balance sheet and cash flow. We ended the June 30 period with a net debt level of $1.32 billion, down $75.2 million from $1.39 billion at year-end 2025, consistent with our ongoing commitment to debt reduction as a top capital allocation priority, as Barry noted. Our Q2 net debt to adjusted EBITDA ratio prior to impacts related to the Celero acquisition reflected 2.9 times at the end of the period, improving versus our 3.5 times ratio a year ago.

接著談資產負債表與現金流。截至 6 月 30 日，我們的淨負債為 13.2 億美元，較 2025 年底的 13.9 億美元減少 7,520 萬美元；如 Barry 所提，這與我們將降債作為資本配置首要優先事項的持續承諾一致。在未計入 Celero 收購相關影響前，我們第二季期末淨負債對調整後 EBITDA 比率為 2.9 倍，較一年前的 3.5 倍有所改善。

Free cash flow, defined as cash provided by operating activities less capital expenditures, finished at $85.9 million for the year-to-date period. This was an improvement of $33.8 million from the results reported through the first half of 2025.

自由現金流（定義為營運活動提供的現金減去資本支出）在年初至今期間為 8,590 萬美元。相較 2025 年上半年截至同期間所報告的結果，改善了 3,380 萬美元。

This continuing expansion of cash flows was reflective of our improved year-to-date operating results including lower restructuring spend, SG&A expense and cash taxes, along with largely stable working capital efficiency and CapEx investment, net of increased year-over-year cash incentive payments over the year-to-date period. Continuation of our robust operating cash generation remains a top focus area as we reset our deleveraging expectations against the updated capital structure reflective of the closing of the Celero acquisition.

現金流的持續擴張反映了我們年初至今營運表現的改善，包括較低的重組支出、SG&A 費用與現金稅負，同時營運資金效率與資本支出（CapEx）投資大致維持穩定；上述亦已扣除年初至今期間較去年同期增加的現金激勵金支付。在我們依據完成 Celero 收購後更新的資本結構重新設定去槓桿預期之際，持續強勁的營運現金創造仍是我們的首要聚焦領域。

As we shared during the transaction announcement in June, we expect to return to 3 times net leverage over a two-year horizon. Concurrent with the transaction closing effective July 31, we also completed an amendment and extension of our now $1.2 billion credit facility, consisting of an $800 million term loan A and a $400 million revolving credit facility, extending these balances, respectively, to a 2031 maturity as noted in our filings of late last week.

如同我們在 6 月交易公告時所分享的，我們預期在兩年期間內將淨槓桿回到 3 倍。隨著交易於 7 月 31 日完成交割，我們也同步完成對目前 12 億美元信貸額度的修訂與展期，該額度包含 8 億美元的 A 期定期貸款（term loan A）與 4 億美元的循環信貸（revolving credit facility），並如我們上週末提交的文件所述，分別將其到期日延長至 2031 年。

In addition, we entered into $600 million worth of floating to fixed interest rate swaps, helping insulate the incremental variable rate debt from ongoing volatility in interest rates. As a result of these swaps, we estimate to have approximately 75% of the debt stack aligned to fixed rates of interest. This structure enables improved confidence to our planned cash flow generation and debt reduction trajectory. These updates to our long-term capital structure position us well from both the liquidity and go-forward balance sheet position and will allow us to further assess our existing 2029 bond maturities opportunistically as warranted over coming periods.

此外，我們簽訂了名目金額 6 億美元的浮動轉固定利率交換（interest rate swaps），以協助隔離新增浮動利率債務所面臨的利率持續波動。基於這些交換合約，我們估計約有 75% 的債務結構將對應至固定利率。此一結構可提升我們對既定現金流創造與降債路徑的信心。這些對長期資本結構的更新，無論在流動性或未來資產負債表定位上都使我們處於有利位置，並將使我們得以在未來期間視情況機動評估我們現有 2029 年到期債券的處置機會。

Consistent with past quarters, our Board approved a regular quarterly dividend of $0.30 per share on all outstanding shares. The dividend will be payable on September 1, 2026, to all shareholders of record as of market closing on August 18, 2026.

與過往季度一致，我們董事會核准對所有流通在外股份發放每股 0.30 美元的例行季度股利。該股利將於 2026 年 9 月 1 日支付給截至 2026 年 8 月 18 日收盤時登記在冊的所有股東。

As Barry noted in his opening comments, we are raising our expected full year revenue and adjusted EBITDA guidance outlook this evening to incorporate expected August to December 2026 results for the Celero acquisition. We are also affirming or narrowing our prior base business estimates to reflect our year-to-date first half results and our updated outlook across the operating segments.

正如 Barry 在開場致詞中所提到的，我們今晚上調了對全年營收與調整後 EBITDA 指引的預期展望，以納入 Celero 收購案在 2026 年 8 月至 12 月的預期業績。我們也確認或收斂先前對基礎業務的估計，以反映截至目前上半年累計的實際結果，以及我們對各營運部門的最新展望。

Our updated full year ranges are as follows: revenue of $2.095 billion to $2.120 billion, including flat to positive 1% comparable adjusted growth versus 2025 for baseline Deluxe. Adjusted EBITDA of $455 million to $475 million, which reflects between 5% and 8% comparable adjusted growth, adjusted EPS of $3.60 to $4, reflecting between 7% and 19% comparable adjusted growth and free cash flow of approximately $200 million, reflecting 14% growth versus our 2025 results.

我們更新後的全年區間如下：營收為 20.95 億美元至 21.20 億美元，其中包含基準 Deluxe 相較 2025 年可比調整後成長為持平至正成長 1%。調整後 EBITDA 為 4.55 億美元至 4.75 億美元，反映可比調整後成長 5% 至 8%；調整後 EPS 為 3.60 美元至 4.00 美元，反映可比調整後成長 7% 至 19%；自由現金流約 2.00 億美元，較我們 2025 年結果成長 14%。

To reiterate, the increased revenue and adjusted EBITDA ranges reflect our combined balance of year outlook, while adjusted EPS and cash flow estimates reflect both interest expense from the updated cap structure and other transaction-related expenses expected over the initial integration periods. As a reminder, we expect the acquisition to be accretive to adjusted EPS over the first full year horizon.

再次強調，營收與調整後 EBITDA 區間的上調反映了我們對全年剩餘期間的合併展望；而調整後 EPS 與現金流的估計，則同時反映更新後資本結構所帶來的利息費用，以及在初期整合期間預期發生的其他交易相關費用。提醒一下，我們預期該收購在第一個完整年度期間將對調整後 EPS 具增益（accretive）。

Finally, to assist with your balance of year modeling, our guidance has been updated to assume the following: interest expense of approximately $130 million and adjusted tax rate of 25%; depreciation and amortization of approximately $155 million to $160 million, of which acquisition amortization is approximately $55 million to $60 million, an average outstanding share count of approximately 46.5 million shares and capital expenditures of approximately $100 million to $110 million. This guidance remains subject to, among other things, prevailing macroeconomic conditions, including interest rates, labor supply issues, inflation and the impact of any incremental portfolio additions or exits.

最後，為協助各位進行全年剩餘期間的模型推估，我們的指引已更新並假設如下：利息費用約 1.30 億美元、調整後稅率 25%；折舊與攤銷約 1.55 億至 1.60 億美元，其中收購攤銷約 5,500 萬至 6,000 萬美元；平均流通在外股數約 4,650 萬股；資本支出約 1.00 億至 1.10 億美元。此指引仍可能受多項因素影響，包括當前總體經濟狀況（含利率）、勞動力供給問題、通膨，以及任何額外投資組合新增或退出的影響。

To summarize, we remain very pleased with our Q2 and year-to-date momentum, particularly our demonstrated continuing operating leverage, strong ongoing free cash flow generation and comparable adjusted expansion of our core earnings metrics through the first half of 2026. As we now welcome Celero, this strong execution focus and our capital allocation discipline provide a solid foundation for further acceleration of our combined growth and enhanced scale across payments and data.

總結而言，我們對第二季及年初至今的動能仍感到非常滿意，尤其是我們持續展現的營運槓桿、強勁且持續的自由現金流創造能力，以及在 2026 年上半年核心獲利指標的可比調整後擴張。如今我們迎來 Celero，這樣強而有力的執行聚焦與資本配置紀律，為我們在支付與數據領域進一步加速合併後成長並提升規模奠定了堅實基礎。

This combination will unlock synergy opportunities to further extend our earnings expansion, cash flow generation and balance sheet improvement priorities in support of our long-term value-creation algorithm. We are excited to bring these assets together and look forward to sharing more details regarding integration progress and the combined outlook on our upcoming calls and planned Investor Day later this year.

此一結合將釋放協同效益機會，進一步延伸我們在獲利擴張、現金流創造與資產負債表改善方面的優先事項，以支持我們長期價值創造的演算法。我們很期待把這些資產整合在一起，並期待在接下來的電話會議以及今年稍晚規劃的投資人日，分享更多關於整合進度與合併後展望的細節。

Operator, we are now ready to take questions.

主持人，我們現在準備開始回答問題。

(Operator Instructions)

（主持人指示）

By the way, this is Kartik Mehta, Northcoast Research. Barry, if you look at the merchant business, good to see a 6% growth in the quarter. As you integrate Celero within there, what do you think is the largest revenue synergy opportunity for you?

順帶一提，我是 Northcoast Research 的 Kartik Mehta。Barry，如果你看商戶業務，本季成長 6% 很不錯。當你把 Celero 整合進來時，你認為最大的營收協同機會是什麼？

Well, first of all, Kartik, thanks for the question. We're really excited about Celero because it not only gives us cost synergies which we've talked about extensively when we announced the transaction. And also over time, is going to give us revenue synergies. So immediately, as we said in our prepared remarks, our scale as the business expands tremendously which then gives us opportunities to compete for business that we weren't otherwise able to compete for either Celero or Deluxe independently, helps us move up to consider -- be considered for larger partnerships as well as larger customers, given that we will have more scale. That's number one.

好的，首先 Kartik，謝謝你的提問。我們對 Celero 感到非常興奮，因為它不僅能帶來成本協同效益——我們在宣布交易時已經談了很多。而且隨著時間推進，也將帶來營收協同效益。因此，立即而言，正如我們在事先準備的發言中所說，隨著業務擴張，我們的規模將大幅提升，這讓我們有機會去競爭一些過去無論 Celero 或 Deluxe 單獨都無法競爭的業務；也有助於我們往上提升，能被納入更大型合作夥伴關係以及更大型客戶的考量，因為我們將具備更大的規模。這是第一點。

Number two, they have done -- the Celero team has done a particularly good job, we think, in the ISV space, which we'll be able to leverage across our business, which, together, we've got a great ISV business. But together, we think we can accelerate that business opportunity as well as in specific market verticals.

第二點，他們——Celero 團隊——我們認為在 ISV（獨立軟體供應商）領域做得特別好，我們將能把這些能力運用到我們的業務中；合在一起，我們擁有很強的 ISV 業務。但合併後，我們認為也能加速這項業務機會，並在特定市場垂直領域加速發展。

So we think the combination of the increased scale, the technology, by the way, which I didn't mention, they have some really great technology that we're going to bring to bear which allows partners to board merchants more quickly, manage them more effectively as well as great pipeline and go-to-market synergies. We are very optimistic that over time, we will see some revenue synergies as well.

因此我們認為，規模提升、技術——順帶一提我剛才沒提到，他們有一些非常出色的技術，我們將加以運用，讓合作夥伴能更快速地導入商戶、更有效地管理商戶——以及很好的管線與市場進入（go-to-market）協同效益的結合。我們非常樂觀，隨著時間推進，我們也會看到一些營收協同效益。

And then, Chip, just understanding the new guidance, just surprised a little bit that you didn't increase the adjusted EPS or free cash flow, especially with Celero contributing five months. Maybe you can just talk about your thought process for the guidance.

另外，Chip，關於新的指引，我有點意外你沒有上調調整後 EPS 或自由現金流，尤其是 Celero 會貢獻五個月。也許你可以談談你對指引的思考過程。

Sure. Yes, I'm going to take that as an overall question about guidance in general. So just to reiterate what we did do. So on both revenue and adjusted EBITDA, we bolted on revenue for Celero for the 5-month stub period as well as narrowing our existing ranges for the baseline Deluxe. When you think about EPS and free cash flow, the reason I left it alone is really some of the math of what we laid out for you.

當然可以。是的，我會把這視為對整體指引的一個問題。所以先重申我們做了什麼。在營收與調整後 EBITDA 方面，我們把 Celero 在 5 個月短期期間（stub period）的營收納入，同時也收斂了基準 Deluxe 既有區間。至於 EPS 與自由現金流，我之所以維持不變，主要是基於我們向各位說明的數學計算。

So if you think about the five-month stub period of earnings that are coming into the guide, we're also adding in the incremental five-month interest costs from the new refinanced debt, along with other moving pieces that kind of come to light during the integration.

如果你考慮納入指引的那 5 個月短期期間的獲利，同時我們也加入了因新再融資債務而增加的 5 個月利息成本，以及在整合過程中浮現的其他變動因素。

So there's going to be some integration-related costs that will impact cash flows. There's going to be some moving pieces around taxes. So really, if you really step back and you see the math, you'll see that the incremental EBITDA net of taxes, adjusted for the interest cost I built it in there, it kind of becomes a wash, right?

因此會有一些與整合相關的成本影響現金流。稅務方面也會有一些變動因素。所以如果你退一步看整體計算，你會看到新增的 EBITDA 在扣除稅負、並調整我已納入的利息成本後，基本上就相互抵消了，對吧？

And so given the time left in the year, the transaction having just closed last week, we think it was prudent to leave a bit of a wider range now to give us room to land the transaction, get the integration underway and really start to see how things unfold. But to be clear, at the midpoint of our guidance for EPS, you're talking about growth in EPS of 13%, which is more than double the rate of growth of EBITDA.And obviously, all of those are faster than revenue. And so I think we feel really good about the profile of business we're putting into the guide here, what it means for shareholders and the progress we've made.

因此，考量今年剩餘時間不多、交易上週才剛完成，我們認為目前保留較寬的區間是審慎的作法，讓我們有空間完成交易落地、啟動整合，並真正觀察後續發展。但要說清楚，在我們 EPS 指引的中位數，你談的是 EPS 成長 13%，這是 EBITDA 成長率的兩倍以上。而且顯然，這些都快於營收成長。因此我想，我們對於納入這份指引的業務輪廓、它對股東的意義，以及我們所取得的進展，都感到非常有信心。

So really think of it as confidence around the existing numbers we had, the ability to manage some moving pieces as the year unfolds. As we start the integration, digest the interest costs, continue to digest uncertainty in the interest rate environment and just being able to be very prudent about how we set this initial guidance and then coming back later in the year and firming things up with a little bit of time.

所以把它視為：我們對既有數字的信心、在年度推進過程中管理一些變動因素的能力。當我們開始整合、消化利息成本、持續消化利率環境的不確定性時，我們希望在設定這份初始指引時保持非常審慎，並在今年稍晚有更多時間後再回來把數字進一步確定。

And just as a reminder -- and sorry, just as a reminder, Kartik, the Celero transaction will be accretive to EPS, the first full year following close. So think of that as kind of net neutral to this year, but accretive full year kind of post-closing kind of going into next year?

再提醒一下——抱歉，再提醒一下，Kartik，Celero 這筆交易在完成交割後的第一個完整年度將會對每股盈餘（EPS）具增益效果。所以可以把它視為對今年大致淨中性，但在交割後、進入明年時，完整年度會帶來增益，對嗎？

Perfect. That was what I was just going to ask you, so thank you for clarifying it. Appreciate it.

完美。這正是我剛剛要問的，所以謝謝你釐清。感謝。

Next question.

下一個問題。

It's Charlie Strauzer, CJS. Just a couple of quick questions on -- first on Celero. And if you look at the integration plan, if you will, what are kind of the priorities there for the combined companies?

我是 Charlie Strauzer，CJS。有幾個簡短問題——先談 Celero。如果看整合計畫的話，合併後兩家公司整合的優先事項大概是哪些？

Appreciate the question, Charlie. What we really like about the Celero asset is we think that the integration is very straight ahead. It's -- we call it right down the middle of the fairway. One of the pieces of technology that comes with the transaction is actually going to help us with that integration, which is this partner platform will simply be adding the Deluxe services into that partner platform -- so the new boarding of merchants will go on to Deluxe. And over time, we have the opportunity in the background to port the other parts of the portfolio towards our existing platform.

謝謝你的問題，Charlie。我們非常喜歡 Celero 這項資產的一點是，我們認為整合會非常直接。這——我們稱之為正中球道。交易中帶來的一項技術其實會幫助我們完成整合，也就是這個合作夥伴平台將會把 Deluxe 的服務直接加入該合作夥伴平台——因此新的商戶上線（boarding）會導入 Deluxe。隨著時間推進，我們也有機會在後台把投資組合的其他部分移轉到我們既有的平台上。

So there's cost synergies on the absolute operating side of the equation, payment processing, etc, that's an opportunity. We also have opportunity on other cost side on fees and other things where we pay, and we have two companies paying for the same fee, we get that to one. And of course, on the overall organization. We have the opportunity to streamline the organizations by pushing them together.

因此在營運端的絕對成本面會有成本綜效，例如支付處理等，這是一個機會。我們也在其他成本面有機會，像是費用及其他我們需要支付的項目；若兩家公司都在支付同一筆費用，我們就能把它整併成一筆。當然，在整體組織面也是如此。我們有機會透過把兩個組織整合在一起來精簡組織架構。

I will tell you though, Charlie, we're going to be very, very practical and thoughtful about that integration on the people side to make sure that we are putting the best talent in each of the chairs that we have across the organization. Because one of the prime assets that we got from this transaction was a very talented Celero team.

不過我也要告訴你，Charlie，我們在人員端的整合會非常務實且審慎，確保在整個組織中，把最優秀的人才放在每一個職位上。因為這筆交易我們取得的主要資產之一，就是一支非常有才華的 Celero 團隊。

We've got a very talented Deluxe team. We're going to put those together, and we expect that will help the company not just deliver cost synergies, but as I mentioned earlier, help accelerate on revenue synergies as well and make sure we put the right folks in the right spots and leverage the incredible talent pool we have between the two organizations.

我們也有一支非常有才華的 Deluxe 團隊。我們會把兩者結合起來，我們預期這不僅能幫助公司實現成本綜效，也如我先前提到的，能加速營收綜效；同時確保把對的人放在對的位置，並善用兩個組織之間龐大且優秀的人才庫。

Great. And looking at data, it continues to outperform kind of growth estimates despite kind of tough year-over-year comps. Can you talk a little bit more about what types of programs are having success there?

很好。再看數據業務，它在年對年比較基期偏高的情況下，仍持續優於成長預估。你能再多談一些，哪些類型的方案在那裡取得成功嗎？

So I'll start, and then Chip can jump in and give you any more color commentary. So we continue to see really strong success from our existing customers expanding their relationships with us or shifting where they're spending their marketing dollars towards the solutions that we provide. And the reason for that, Charlie, is that they're measurable. The outcomes are measurable. So we can provide and the customer can understand if they put a dollar in what they're getting specifically in return for that marketing investment.

我先說，然後 Chip 可以補充更多細節。我們持續看到非常強勁的成果，來自既有客戶擴大與我們的合作關係，或把他們的行銷預算轉向我們提供的解決方案。原因在於，Charlie，這些是可衡量的。成果是可衡量的。因此我們能提供、而客戶也能理解：他們投入 1 美元，能從這筆行銷投資中具體獲得什麼回報。

I think you know, Charlie, that we have built what we believe is the largest data lake of consumer and small business marketing data in the industry are among the largest for sure. And then we supplemented that with what we believe are best-in-class AI tools that get smarter with every campaign we run on behalf of our customers. So not only do we have the most robust data set, we get smarter with every campaign we run. And then just as a reminder, we think the largest bank that's doing this on their own is doing a couple of hundred campaigns a year.

我想你也知道，Charlie，我們建立了我們認為是業界最大、或至少是最大之一的消費者與小型企業行銷數據湖。接著我們再用我們認為同級最佳的 AI 工具加以強化，這些工具會隨著我們替客戶執行的每一個活動而變得更聰明。所以我們不僅擁有最強健的數據集，還會在每次活動執行後變得更聰明。再提醒一下，我們認為自行做這件事的最大銀行，一年大概也就做幾百個活動。

On behalf of our customers, we're doing thousands of campaigns. So we've got better data. Our models get better over time because they have GenAI part of the modeling tool. So we end up with expanding our moat and that means that we get more business from our existing customers, while at the same time, expanding to new market verticals.

但我們代表客戶執行的是數千個活動。所以我們有更好的數據。我們的模型會隨時間變得更好，因為建模工具的一部分包含生成式 AI（GenAI）。因此我們的護城河持續擴大，這意味著我們能從既有客戶取得更多業務，同時也拓展到新的市場垂直領域。

Yes. I just want to repeat something Barry said in the prepared remarks. I mean this business has grown more than 15% for seven straight quarters. And so specifically, when you look ahead to what the Q3 comp is going to be this quarter and the Q4 comp next quarter, those are growth rates of 46% and 31%, respectively. So listen, we are not any less bullish on this business than we've ever been.

是的。我只想重申 Barry 在事先準備的發言中提到的一點。我的意思是，這項業務已連續七個季度成長超過 15%。具體來看，當你往前看本季 Q3 的比較基期，以及下季 Q4 的比較基期時，對應的成長率分別是 46% 與 31%。所以聽著，我們對這項業務的看多程度，絲毫不比以往低。

It's just knowing the strategy of the business, how they're executing the strategy to expand into new verticals, get new logos and get greater share of wallet from existing customers. At some point, we have to be very prudent and assume that customers can't keep spending -- existing customers can't keep spending at the same rate that they have been. And we think these tough comps are just a part where we have to normalize a little bit. But we're no less bullish on this business than we've ever been.

重點在於了解這項業務的策略，以及他們如何執行策略：擴展到新的垂直領域、取得新客戶（new logos），並從既有客戶取得更高的錢包份額。但在某個時間點，我們必須非常審慎，並假設客戶不可能一直以他們過去那樣的速度持續增加支出——既有客戶不可能一直以相同速度持續支出。我們認為這些艱難的比較基期只是我們需要稍微正常化的一部分。但我們對這項業務的看多程度，絲毫不比以往低。

It has grown at a CAGR faster than we ever anticipated at our Investor Day a few years ago. And this is definitely a business that we're very proud of, and we see a lot of great things ahead as it just continues to grow. But we just want to continue to caution that back half of the year because of what's ahead of us, but really proud of how that team is executing, and it's going to be a great full year for that team.

它的複合年成長率（CAGR）比我們在幾年前投資人日所預期的還要快。這絕對是一項我們非常引以為傲的業務，而且我們看到很多很棒的前景，因為它仍在持續成長。但我們也想持續提醒下半年，因為前方的比較基期因素；不過我們真的為那個團隊的執行感到自豪，對他們而言今年將會是非常出色的一整年。

(Operator Instructions)

(接線員指示)

So we've covered quite a bit already, but I wanted to talk a little bit about the margins that you saw across the segments and the multiple improvements in most of the segments. So I was sort of curious, one of the things that sort of jumped out was the pickup on print. Maybe you could talk a little bit about how much of that was revenue mix shift and the divestiture and how we should think about -- I think you mentioned mid-30s or so, but it just seemed to be sort of a notable tick up there on the Print side. So maybe you can talk a little bit about how much of that is sustainable for the remainder of the year and going forward.

我們已經談了不少，但我想再談一下你在各個事業部看到的利潤率，以及多數事業部的多項改善。我有點好奇，其中一個比較突出的點是印刷（Print）的回升。也許你可以談談其中有多少是營收組合轉移與資產剝離（divestiture）所帶來的影響，以及我們應該如何看待——我想你提到大約是 30% 中段左右，但在印刷端看起來確實是一個相當明顯的上升。所以也許你可以談談，這其中有多少在今年剩餘期間以及未來是可持續的。

Sure, Marc. Let me just kind of get the overview, and then Chip can go as deep as you want. First of all, I think the most important thing to know is how well the Checks business is performing overall. It is declining at a slower rate than we have anticipated in the past, and we've been able to expand the margins in that business because of the smart investments we've made in the operating platform there over time. You know that we invested to improve the product by having print on demand, which also lowers the operating cost and variabilizes it with volume.

當然可以，Marc。我先做個概覽，然後 Chip 可以依你想要的深度再往下講。首先，我認為最重要的是了解支票（Checks）業務整體表現得有多好。它的下滑速度比我們過去預期的更慢，而且我們能擴大該業務的利潤率，因為我們隨時間在那個營運平台上做了明智的投資。你也知道，我們投資改善產品，例如導入隨需印刷（print on demand），這也降低了營運成本，並讓成本能隨著量能更具變動性。

And we are getting rewarded for that today in our operation. But the driver, and you were on the topic there, Marc, which is we announced last quarter a very strategic exit and divestiture of part of the promo business. which was the Safeguard channel of distribution. Basically, a group of resellers almost like -- not almost, they were independent sales groups that sold our products. They were lower margin and they were declining revenue. So when we have less drag because that part of the business is smaller, and it's -- it improves both our top line performance and it improves our margin opportunity.

而我們今天在營運上也因此獲得回報。但驅動因素——而你剛才也提到這點，Marc——是我們在上一季宣布了一項非常具策略性的退出與剝離，針對促銷品業務的一部分，也就是 Safeguard 這個分銷通路。基本上，那是一群經銷商——幾乎可以說，不是幾乎，他們就是獨立的銷售團隊，負責銷售我們的產品。他們的毛利率較低，而且營收也在下滑。因此，當這部分業務縮小、對我們的拖累變少時——它同時改善了我們的營收表現，也提升了我們的毛利率機會。

So not having that in our mix has significantly helped us expand margin, and we think that continues to benefit the portfolio over time. So it's those two things. First of all, the Checks business is performing really well, and we were successful in divesting a piece of the promo business that was not that strategic for us and not helpful on our margins.

因此，在我們的組合中不再包含那一塊，已顯著幫助我們擴大毛利率，而我們認為這會隨時間持續讓整體投資組合受益。所以就是這兩件事。首先，支票（Checks）業務表現非常好；其次，我們成功剝離了促銷品業務中一個對我們策略性不高、且對毛利率沒有幫助的部分。

Yes. And just to reiterate -- I'm sorry, go ahead.

是的。另外再重申一下——抱歉，你先請。

No, you can --

不，你可以--

Yes. I was just going to reiterate, I mean, we've been very consistent in the stated strategy in this space for a while, right? We're going to continue to slow the melt of Checks, continue to maintain margins, make smart investments. Barry made all those points. I think it's very clear the progress we're making there.

是的。我只是想再重申一次，我的意思是，我們在這個領域所宣示的策略一直以來都非常一致，對吧？我們會持續放緩支票（Checks）業務的下滑速度，持續維持毛利率，並進行明智的投資。Barry 已經把這些重點都說到了。我認為我們在那方面取得的進展非常清楚。

This is a trend in Checks that is not one, two, three. This is multiple years' worth of progress that we're really laying out. But we've also been very clear that when it comes to the lower-margin aspects, the promo and apparel side that's declining way outside our long-term guide and at low margins.

支票（Checks）的這個趨勢不是一年、兩年、三年的事。這是我們多年累積的進展，而我們正在把它清楚地呈現出來。但我們也一直很明確地表示，當涉及低毛利的部分——促銷品與服飾那一側——其下滑幅度遠超出我們長期指引，且毛利率偏低。

We weren't going to just go chase revenue for the sake of dollars. We weren't going to take bad deals we weren't going to take low margin. And so we've been very focused on the higher-margin in-source printed offerings and improving the margin profile. So I don't have the exact bps impact to the print-specific segment at my fingertips. But I can tell you roughly for the overall enterprise, getting out of the Safeguard business helped our mix by about 80 bps to rate for the full Deluxe Enterprise.

我們不會只是為了營收金額而去追逐營收。我們不會接受不好的交易，也不會接受低毛利。因此，我們一直非常專注於較高毛利的自製（in-source）印刷產品供應，並改善毛利結構。所以我手邊沒有印刷特定部門（print-specific segment）確切的基點（bps）影響。但我可以告訴你，就整體企業而言，退出 Safeguard 業務讓我們的組合對整個 Deluxe 企業的毛利率大約改善了 80 個基點（bps）。

And so that was a really meaningful move to get very focused along with the stated strategy, help inflect the mix towards the more higher-margin pieces. And obviously, we're really focused on finishing that transition and really setting up that business for smooth execution and just continuing to run the strategy the way we have been.

因此，這是一個非常有意義的舉措：在既定策略下更聚焦，並協助我們的組合朝向更高毛利的部分轉移。而且很明顯地，我們非常專注於完成這項轉型，讓該業務能夠順利執行，並持續以我們一直以來的方式推進策略。

Excellent. That's very helpful. And then my other question is sort of kind of generic, I suppose, but as we approach through the year and your commentary about having the December investor event, I was sort of thinking back to the prior one is maybe you can just spend a little bit of time without stealing future thunder, but maybe you can spend a little bit of time as to maybe the thought process of having an event later in the year and sort of maybe sort of what maybe some of the big picture things that you see getting across for investors who either have been with you through the way or maybe new to the story there?

太好了。這非常有幫助。那我另一個問題比較偏一般性：隨著今年進行，以及你提到將在 12 月舉辦投資人活動，我回想起上一次的活動，想請你在不搶先透露未來重點的前提下，能否花一點時間談談為什麼選在年底較晚的時間辦活動的思考脈絡，以及你希望向投資人傳達的一些大方向重點——不論是一路跟著你們走的投資人，或是剛接觸這個故事的新投資人？

So I appreciate the question. And I think, first of all, we told investors we had a three-year plan, and we have delivered on the expectations for that three-year plan. And in our prepared comments, we noted that we delivered those early. So most of those things that we've promised to deliver through the 26th year, we've actually already delivered, most of them already in the first quarter, even some last year. So it's important that we think that we share with investors the progress we've made against the goals we stated three years ago.

謝謝你的提問。我想首先，我們曾告訴投資人我們有一個三年計畫，而我們已經達成了該三年計畫的預期。在我們事先準備的發言中也提到，我們更是提前達成。所以，我們原本承諾要在 26 年度之前交付的大多數事項，其實已經交付了——多數在第一季就已完成，甚至有些在去年就完成了。因此，我們認為有必要與投資人分享：相較於三年前所設定的目標，我們已取得哪些進展。

Second, it's important to reiterate our strategy because the strategy is unchanged with the Celero acquisition. And those three strategic planks again are shifting the revenue mix towards payments and data to accelerate our organic growth; second, driving operating leverage and efficiency across the enterprise and third, increasing adjusted EBITDA and cash flow so we can lower our overall debt and leverage ratio.

第二，重申我們的策略也很重要，因為即使進行 Celero 併購，我們的策略仍未改變。而這三大策略支柱再次包括：第一，將營收組合轉向支付與數據，以加速我們的有機成長；第二，在全企業推動營運槓桿與效率提升；第三，提高調整後 EBITDA 與現金流，以便降低整體負債與槓桿比率。

Those are unchanged, and we're going to want to affirm those for investors, talk about how we've made progress on all three of those so far and then talk about how we will continue to improve the company on those same strategies. And of course, we want to introduce and spend more time describing the Celero acquisition and how that is going to improve not only our merchant business, but the company's performance overall.

這些都沒有改變；我們會希望向投資人確認這些方向，說明我們在這三項上迄今的進展，並談談我們將如何在相同策略下持續改善公司。當然，我們也希望介紹並花更多時間說明 Celero 併購案，以及它將如何不僅改善我們的商戶（merchant）業務，也提升公司整體表現。

I think that's plenty to cover and it's an important time to update investors on the progress from three years ago, affirm our strategy and talk about the strategic value that's being created by Celero and give all of the investors that are following our story a thorough update about what the progress that we've made, which we're very proud of.

我認為這些內容已經相當充實；而現在正是更新投資人的重要時點：回顧三年前的進展、確認我們的策略，並談談 Celero 所創造的策略價值，同時也為所有關注我們故事的投資人提供一次完整更新，說明我們已取得的進展——我們對此感到非常自豪。

Thank you. And this concludes today's question-and-answer session. I would now like to turn the call back to Brian Anderson for closing remarks.

謝謝。以上為今天的問答環節。接下來我想把電話交回給 Brian Anderson 作結語。

Thanks, Rachel. Before we conclude, I'd like to share that management will be participating at the Northcoast Research Small Cap Conference on September 9 and at the Barrington Research Virtual Investment Conference on September 22 during the quarter. Thank you again for joining us today, and we look forward to speaking with you all again in late October as we share our third quarter results.

謝謝你，Rachel。在結束之前，我想分享管理團隊將於本季參加兩場活動：9 月 9 日的 Northcoast Research Small Cap Conference，以及 9 月 22 日的 Barrington Research Virtual Investment Conference。再次感謝各位今天的參與，我們期待在 10 月下旬公布第三季業績時，再次與各位交流。

This does conclude today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。