CPI Card Group Inc. Reports Fourth Quarter and Full Year 2024 Results
CPI Card Group (PMTS) reported strong Q4 2024 results with net sales up 22% to $125.1 million and net income surging 148% to $6.8 million. Adjusted EBITDA increased 10% to $21.9 million.
For full year 2024, net sales grew 8% to $480.6 million, though net income decreased 19% to $19.5 million due to debt refinancing costs. The Prepaid Debit segment showed exceptional performance, reaching $106.5 million in sales, up 26% year-over-year.
Key developments include:
- Issued $285 million of 10% Senior Secured Notes due 2029
- Executed $9 million in share repurchases
- Completed secondary offering reducing majority stockholder ownership from 56% to 43%
- Delivered over 350 million eco-focused payment solutions since launch
The company projects mid-to-high single-digit net sales and Adjusted EBITDA growth for 2025, driven by expansion in core markets and digital offerings.
CPI Card Group (PMTS) ha riportato risultati solidi per il quarto trimestre del 2024, con vendite nette aumentate del 22% a 125,1 milioni di dollari e un reddito netto in crescita del 148% a 6,8 milioni di dollari. L'EBITDA rettificato è aumentato del 10% a 21,9 milioni di dollari.
Per l'intero anno 2024, le vendite nette sono cresciute dell'8% a 480,6 milioni di dollari, sebbene il reddito netto sia diminuito del 19% a 19,5 milioni di dollari a causa dei costi di rifinanziamento del debito. Il segmento delle carte prepagate ha mostrato prestazioni eccezionali, raggiungendo 106,5 milioni di dollari in vendite, con un aumento del 26% rispetto all'anno precedente.
Sviluppi chiave includono:
- Emissione di 285 milioni di dollari di Note Senior Secured al 10% con scadenza nel 2029
- Esecuzione di riacquisti di azioni per 9 milioni di dollari
- Completamento di un'offerta secondaria riducendo la proprietà del principale azionista dal 56% al 43%
- Consegna di oltre 350 milioni di soluzioni di pagamento eco-sostenibili dalla loro introduzione
La società prevede una crescita delle vendite nette e dell'EBITDA rettificato a due cifre basse per il 2025, sostenuta dall'espansione nei mercati principali e dalle offerte digitali.
CPI Card Group (PMTS) reportó resultados sólidos en el cuarto trimestre de 2024, con ventas netas aumentadas en un 22% a 125,1 millones de dólares y un ingreso neto que se disparó un 148% a 6,8 millones de dólares. El EBITDA ajustado creció un 10% a 21,9 millones de dólares.
Para el año completo 2024, las ventas netas crecieron un 8% a 480,6 millones de dólares, aunque el ingreso neto disminuyó un 19% a 19,5 millones de dólares debido a los costos de refinanciamiento de deuda. El segmento de tarjetas de débito prepagadas mostró un rendimiento excepcional, alcanzando 106,5 millones de dólares en ventas, un aumento del 26% interanual.
Los desarrollos clave incluyen:
- Emisión de 285 millones de dólares en Notas Senior Aseguradas al 10% con vencimiento en 2029
- Ejecutados 9 millones de dólares en recompra de acciones
- Finalización de una oferta secundaria reduciendo la propiedad del accionista mayoritario del 56% al 43%
- Entrega de más de 350 millones de soluciones de pago ecológicas desde su lanzamiento
La empresa proyecta un crecimiento de ventas netas y EBITDA ajustado de un solo dígito medio a alto para 2025, impulsado por la expansión en mercados clave y ofertas digitales.
CPI 카드 그룹 (PMTS)는 2024년 4분기 실적을 발표하며 순매출이 22% 증가한 1억 2,510만 달러를 기록했으며, 순이익은 148% 급증한 680만 달러에 이르렀습니다. 조정된 EBITDA는 10% 증가하여 2,190만 달러에 달했습니다.
2024년 전체 연도 동안 순매출은 8% 증가한 4억 8,060만 달러에 달했지만, 순이익은 부채 재융자 비용으로 인해 19% 감소한 1,950만 달러로 나타났습니다. 선불 직불 카드 부문은 뛰어난 성과를 보이며, 1억 6,650만 달러의 매출을 기록하여 전년 대비 26% 증가했습니다.
주요 개발 사항은 다음과 같습니다:
- 2029년 만기 10%의 선순위 보증 채권 2억 8,500만 달러 발행
- 900만 달러의 자사주 매입 실행
- 주요 주주 소유권을 56%에서 43%로 줄이는 2차 공모 완료
- 출시 이후 3억 5천만 개 이상의 친환경 결제 솔루션 제공
회사는 2025년 중간에서 높은 한 자릿수의 순매출 및 조정 EBITDA 성장을 예상하고 있으며, 이는 핵심 시장 및 디지털 제품의 확장에 의해 추진될 것입니다.
CPI Card Group (PMTS) a rapporté de solides résultats pour le quatrième trimestre 2024, avec des ventes nettes en hausse de 22 % à 125,1 millions de dollars et un revenu net en forte hausse de 148 % à 6,8 millions de dollars. L'EBITDA ajusté a augmenté de 10 % pour atteindre 21,9 millions de dollars.
Pour l'année complète 2024, les ventes nettes ont augmenté de 8 % pour atteindre 480,6 millions de dollars, bien que le revenu net ait diminué de 19 % à 19,5 millions de dollars en raison des coûts de refinancement de la dette. Le segment des cartes de débit prépayées a affiché une performance exceptionnelle, atteignant 106,5 millions de dollars de ventes, en hausse de 26 % par rapport à l'année précédente.
Les développements clés comprennent :
- Émission de 285 millions de dollars de billets garantis seniors à 10 % arrivant à échéance en 2029
- Réalisation de rachats d'actions pour 9 millions de dollars
- Achèvement d'une offre secondaire réduisant la participation de l'actionnaire majoritaire de 56 % à 43 %
- Livraison de plus de 350 millions de solutions de paiement écologiques depuis le lancement
L'entreprise prévoit une croissance des ventes nettes et de l'EBITDA ajusté à un chiffre unique moyen à élevé pour 2025, soutenue par l'expansion sur les marchés clés et les offres numériques.
CPI Card Group (PMTS) berichtete über starke Ergebnisse im 4. Quartal 2024, mit einem Anstieg der Nettoumsätze um 22% auf 125,1 Millionen Dollar und einem Nettogewinn, der um 148% auf 6,8 Millionen Dollar gestiegen ist. Das bereinigte EBITDA erhöhte sich um 10% auf 21,9 Millionen Dollar.
Für das Gesamtjahr 2024 wuchsen die Nettoumsätze um 8% auf 480,6 Millionen Dollar, während der Nettogewinn aufgrund von Refinanzierungskosten um 19% auf 19,5 Millionen Dollar sank. Der Bereich der Prepaid-Debitkarten zeigte eine außergewöhnliche Leistung und erreichte 106,5 Millionen Dollar Umsatz, was einem Anstieg von 26% im Jahresvergleich entspricht.
Wichtige Entwicklungen umfassen:
- Emission von 285 Millionen Dollar an 10% Senior Secured Notes mit Fälligkeit im Jahr 2029
- Durchführung von Aktienrückkäufen in Höhe von 9 Millionen Dollar
- Abschluss eines Sekundärangebots, das den Eigentumsanteil des Hauptaktionärs von 56% auf 43% reduzierte
- Bereitstellung von über 350 Millionen umweltfreundlichen Zahlungslösungen seit der Einführung
Das Unternehmen prognostiziert für 2025 ein mittleres bis hohes Wachstum der Nettoumsätze und des bereinigten EBITDA im niedrigen einstelligen Bereich, unterstützt durch die Expansion in den Kernmärkten und digitale Angebote.
- Q4 net sales increased 22% to $125.1M
- Q4 net income surged 148% to $6.8M
- Prepaid Debit segment sales grew 26% to $106.5M
- Gross profit margin improved to 35.6% from 35.0%
- Strong cash flow generation of $43.3M in 2024
- Over 16,000 Card@Once installations across 2,000+ institutions
- Full year net income decreased 19% to $19.5M
- Debt refinancing costs of $8.8M impacted earnings
- Higher expected cash interest payments for 2025
- Q4 gross profit margin declined to 34.1% from 34.4%
Insights
CPI Card Group delivered robust Q4 2024 results with net sales surging
The company's margin profile remains strong with Q4 gross profit margin at
The 2025 outlook calling for mid-to-high single-digit growth in both sales and Adjusted EBITDA signals continued momentum, supported by favorable industry trends including
Fourth Quarter Net Sales Increased
Full Year Net Sales Increased
Outlook for 2025 Projects Mid-to-high Single-digit Net Sales and Adjusted EBITDA Growth
Fourth quarter net sales increased
For the full year, net sales increased
“We are pleased to report strong results in the fourth quarter, led by exceptional performance from our prepaid business,” said John Lowe, President and Chief Executive Officer. “Overall, we delivered solid sales growth in 2024, as the prepaid increase was complemented by a return to growth from our debit and credit segment.”
Lowe added, “We also refined our strategy during the year, enhancing our focus on expanding into new adjacent market opportunities, and we made progress in broadening our digital offerings and gaining traction with new customer verticals such as healthcare payment solutions.”
The Company provided its initial financial outlook for 2025, projecting mid-to-high single-digit net sales and Adjusted EBITDA growth. The Company expects to gain share in growing core markets in 2025 and plans to continue to invest in its market expansion strategy.
The Company believes long-term growth trends for the
2024 Business Highlights
- CPI continues to be a leading provider of eco-focused payment card solutions in the U.S. market, with more than 350 million eco-focused debit, credit, and prepaid card or package solutions sold since launch. This includes more than 200 million eco-focused prepaid card solutions, consisting of either eco-focused cards or eco-focused packages, since certification in 2023.
-
CPI continues to be a leading provider of Software-as-a-Service-based instant issuance solutions in the
U.S. , with more than 16,000 Card@Once® installations across more than 2,000 financial institutions. - The Company continued to advance its market expansion strategies, adding new digital solutions offerings for its customers including push provisioning capabilities for mobile wallets and payment card fraud solutions.
-
The Company executed
$9 million -
CPI completed a debt refinancing, issuing
$285 million 10% Senior Secured Notes due 2029 and entering into a new$75 million $268 million 8.625% Senior Secured Notes due 2026. -
The Company completed a secondary offering of 1.38 million shares of common stock sold by its then-majority stockholder group, reducing the stockholder group’s ownership position from
56% of shares outstanding to43% .
Fourth Quarter 2024 Financial Highlights
Net sales increased
-
Debit and Credit segment net sales increased
12% to$91.9 million -
Prepaid Debit segment net sales increased
59% to$33.4 million
Gross profit increased
Income from operations increased
Full Year 2024 Financial Highlights
Net sales increased
-
Debit and Credit segment net sales increased
4% to$375.3 million -
Prepaid Debit segment net sales increased
26% to$106.5 million
Gross profit increased
Income from operations increased
Balance Sheet, Liquidity and Cash Flow
The Company generated cash from operating activities of
As of December 31, 2024, cash and cash equivalents was
On October 2, 2024, the Company completed a secondary public offering of 1.38 million shares of its common stock sold by its then-majority stockholder group. The Company did not offer any shares of common stock in the offering and did not receive any proceeds from the sale of common stock by the selling stockholders.
“We generated strong cash flow in 2024, while simultaneously investing for future growth opportunities,” said Jeff Hochstadt, Chief Financial Officer of CPI. “We also completed several key capital actions during the year, including debt refinancing, stock repurchases, and a secondary offering, that we believe will enhance shareholder value over time.”
The Company continues to focus its capital structure and allocation priorities on investing in the business, including strategic acquisitions; deleveraging the balance sheet; and returning funds to stockholders.
Outlook for 2025
The Company’s outlook for 2025 projects mid-to-high single-digit growth for both net sales and Adjusted EBITDA, with net sales growth led by its Debit and Credit segment. The Adjusted EBITDA outlook reflects expectations for investment in digital solutions and other opportunities to drive long-term growth.
Free Cash Flow in 2025 is expected to be slightly below the 2024 levels due to higher expected cash interest payments on the Company’s Senior Notes and increased capital spending. The Company expects its 2025 year-end Net Leverage Ratio to be lower than the year-end 2024 level of 3.0 times.
Conference Call and Webcast
CPI Card Group Inc. will hold a conference call on March 4, 2025 at 9:00 a.m. Eastern Time (ET) to review its fourth quarter and full year results. To participate in the Company's conference call via telephone or online:
International: 646-960-0677
Conference ID: 8062733
Webcast Link: CPI Card Group Q4 Webcast or at https://investor.cpicardgroup.com
Participants are advised to login for the webcast 10 minutes prior to the scheduled start time.
A replay of the conference call will be available until March 18, 2025 at:
International: 609-800-9909
Conference ID: 8062733
A webcast replay of the conference call will also be available on CPI Card Group Inc.’s Investor Relations website: https://investor.cpicardgroup.com.
Non-GAAP Financial Measures
In addition to financial results reported in accordance with
Adjusted EBITDA
Adjusted EBITDA is presented on a continuing operations basis and is defined as EBITDA (which represents earnings before interest, taxes, depreciation and amortization) adjusted for litigation; stock-based compensation expense; estimated sales tax expense; restructuring and other charges, including executive retention and severance; costs related to production facility modernization efforts; loss on debt extinguishment; foreign currency gain or loss; and other items that are unusual in nature, infrequently occurring or not considered part of our core operations, as set forth in the reconciliation in Exhibit E. Adjusted EBITDA is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors, excluding non-operational, unusual or non-recurring losses or gains. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for, analysis of our results as reported under GAAP. For example, Adjusted EBITDA does not reflect: (a) our capital expenditures, future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expenses or the cash requirements necessary to service interest or principal payments on our debt; (d) tax payments that represent a reduction in cash available to us; (e) any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; (f) the impact of earnings or charges resulting from matters that we and the lenders under our credit agreement may not consider indicative of our ongoing operations; or (g) the impact of any discontinued operations. In particular, our definition of Adjusted EBITDA allows us to add back certain non-operating, unusual or non-recurring charges that are deducted in calculating net income, even though these are expenses that may recur, vary greatly and are difficult to predict and can represent the effect of long-term strategies as opposed to short-term results. In addition, certain of these expenses represent the reduction of cash that could be used for other purposes. Adjusted EBITDA margin as shown in Exhibit E is computed as Adjusted EBITDA divided by total net sales.
We define LTM Adjusted EBITDA as Adjusted EBITDA (defined previously) for the last twelve months. LTM Adjusted EBITDA is used in the computation of Net Leverage Ratio, and is reconciled in Exhibit E.
Free Cash Flow
We define Free Cash Flow as cash flow provided by (used in) operating activities less capital expenditures. We use this metric in analyzing our ability to service and repay our debt. However, this measure does not represent funds available for investment or other discretionary uses since it does not deduct cash used to make principal payments on outstanding debt and financing lease liabilities. Free Cash Flow should not be considered in isolation, or as a substitute for, cash (used in) provided by operating activities or any other measures of liquidity derived in accordance with GAAP.
Financial Expectations for 2025
We have provided Adjusted EBITDA expectations for 2025 on a non-GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled or cannot be reliably predicted because they are not part of the Company’s routine activities, any of which could be significant.
Net Leverage Ratio
Management and various investors use the ratio of debt principal outstanding, plus finance lease obligations, less cash, divided by LTM Adjusted EBITDA, or “Net Leverage Ratio,” as a measure of our financial strength when making key investment decisions and evaluating us against peers.
About CPI Card Group Inc.
CPI Card Group is a payments technology company providing a comprehensive range of payment cards and related digital solutions. With a focus on building personal relationships and earning trust, we help our customers navigate the constantly evolving world of payments, while delivering innovative solutions that spark connections and support their brands. We serve clients across industry, size, and scale through our team of experienced, dedicated employees and our network of high-security production and card services facilities, all located in
Forward-Looking Statements
Certain statements and information in this release (as well as information included in other written or oral statements we make from time to time) may contain or constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe,” “estimate,” “project,” “expect,” “anticipate,” “affirm,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “continue,” “committed,” “attempt,” “aim,” “target,” “objective,” “guides,” “seek,” “focus,” “provides guidance,” “provides outlook” or other similar expressions are intended to identify forward-looking statements, which are not historical in nature. These forward-looking statements, including statements about our strategic initiatives and market opportunities, are based on our current expectations and beliefs concerning future developments and their potential effect on us and other information currently available. Such forward-looking statements, because they relate to future events, are by their very nature subject to many important risks and uncertainties that could cause actual results or other events to differ materially from those contemplated.
These risks and uncertainties include, but are not limited to: (i) risks relating to our business and industry, such as a deterioration in general economic conditions, including due to inflationary conditions, resulting in reduced consumer confidence and business spending, and a decline in consumer credit worthiness impacting demand for our products; the unpredictability of our operating results, including an inability to anticipate changes in customer inventory management practices and its impact on our business; our failure to retain our existing key customers or identify and attract new customers; the highly competitive, saturated and consolidated nature of our marketplace; our inability to develop, introduce and commercialize new products and services, including due to our inability to undertake research and development activities; new and developing technologies that make our existing technology solutions and products obsolete or less relevant or our failure to introduce new products and services in a timely manner or at all; system security risks, data protection breaches and cyber-attacks; the usage, or lack thereof, of artificial intelligence technologies; disruptions, delays or other failures in our supply chain, including as a result of inflationary pressures, single-source suppliers, failure or inability of suppliers to comply with our code of conduct or contractual requirements, trade restrictions, tariffs, foreign conflicts or political unrest in countries in which our suppliers operate, and our inability to pass related costs on to our customers or difficulty meeting customers’ delivery expectations due to extended lead times; interruptions in our operations, including our information technology systems, or in the operations of the third parties that operate computing infrastructure on which we rely; defects in our software and computing systems; disruptions in production at one or more of our facilities due to weather conditions, climate change, political instability, or social unrest; problems in production quality, materials and process and costs relating to product defects and any related product liability and/or warranty claims and damage to our reputation; our inability to recruit, retain and develop qualified personnel, including key personnel, and implement effective succession processes; our substantial indebtedness, including the restrictive terms of our indebtedness and covenants of future agreements governing indebtedness and the resulting restraints on our ability to pursue our business strategies; our inability to make debt service payments or refinance such indebtedness; our inability to successfully execute on acquisitions or divestitures or strategic relationships; our status as an accelerated filer and complying with the Sarbanes-Oxley Act of 2002 and the costs associated with such compliance and implementation of procedures thereunder; our failure to maintain effective internal control over financial reporting and risks relating to investor confidence in our financial reporting; environmental, social and governance (“ESG”) preferences and demands of various stakeholders and the related impact on our ability to access capital, produce our products in conformity with stakeholder preferences, comply with stakeholder demands and comply with any related legal or regulatory requirements or restrictions; negative perceptions of our products due to the impact of our products and production processes on the environment and other ESG-related risks; damage to our reputation or brand image; the effects of climate change on our business; our inability to adequately protect our trade secrets and intellectual property rights from misappropriation, infringement claims brought against us and risks related to open source software; our inability to renew licenses with key technology licensors; our limited ability to raise capital, which may lead to delays in innovation or the abandonment of our strategic initiatives; costs and impacts related to additional tax collection efforts by states, unclaimed property laws, or future increases in
We caution and advise readers not to place undue reliance on forward-looking statements, which speak only as of the date hereof. These statements are based on assumptions that may not be realized and involve risks and uncertainties that could cause actual results or other events to differ materially from the expectations and beliefs contained herein. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
For more information:
CPI encourages investors to use its investor relations website as a way of easily finding information about the Company. CPI promptly makes available on this website the reports that the Company files or furnishes with the SEC, corporate governance information and press releases.
CPI Card Group Inc. Earnings Release Supplemental Financial Information |
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Exhibit A |
Condensed Consolidated Statements of Operations and Comprehensive Income - Unaudited for the three months and full years ended December 31, 2024 and 2023 |
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Exhibit B |
Condensed Consolidated Balance Sheets – Unaudited as of December 31, 2024 and 2023 |
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Exhibit C |
Condensed Consolidated Statements of Cash Flows – Unaudited for the full years ended December 31, 2024 and 2023 |
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Exhibit D |
Segment Summary Information – Unaudited for the three months and full years ended December 31, 2024 and 2023 |
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Exhibit E |
Supplemental GAAP to Non-GAAP Reconciliations – Unaudited for the three months and full years ended December 31, 2024 and 2023 |
EXHIBIT A |
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CPI Card Group Inc. and Subsidiaries |
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Condensed Consolidated Statements of Operations and Comprehensive Income |
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(in thousands, except share and per share amounts) |
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(Unaudited) |
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Three Months Ended
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Year Ended
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2024 |
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2023 |
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2024 |
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2023 |
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Net sales: |
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Products |
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$ |
58,358 |
|
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$ |
53,929 |
|
|
$ |
250,008 |
|
|
$ |
249,354 |
|
Services |
|
|
66,738 |
|
|
|
48,943 |
|
|
|
230,593 |
|
|
|
195,193 |
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Total net sales |
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125,096 |
|
|
|
102,872 |
|
|
|
480,601 |
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|
444,547 |
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Cost of sales: |
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Products (exclusive of depreciation and amortization shown below) |
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42,142 |
|
|
|
36,546 |
|
|
|
166,036 |
|
|
|
161,374 |
|
Services (exclusive of depreciation and amortization shown below) |
|
|
37,353 |
|
|
|
28,205 |
|
|
|
131,952 |
|
|
|
117,397 |
|
Depreciation and amortization |
|
|
2,986 |
|
|
|
2,703 |
|
|
|
11,394 |
|
|
|
10,287 |
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Total cost of sales |
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82,481 |
|
|
|
67,454 |
|
|
|
309,382 |
|
|
|
289,058 |
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Gross profit |
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42,615 |
|
|
|
35,418 |
|
|
|
171,219 |
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|
|
155,489 |
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Operating expenses: |
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|
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|
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|
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Selling, general and administrative (exclusive of depreciation and amortization shown below) |
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25,459 |
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|
|
23,521 |
|
|
|
103,401 |
|
|
|
88,255 |
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Depreciation and amortization |
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1,216 |
|
|
|
1,358 |
|
|
|
5,026 |
|
|
|
5,644 |
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Total operating expenses |
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26,675 |
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|
|
24,879 |
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|
|
108,427 |
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|
|
93,899 |
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Income from operations |
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15,940 |
|
|
|
10,539 |
|
|
|
62,792 |
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|
|
61,590 |
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Other expense, net: |
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Interest, net |
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(7,674 |
) |
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(6,678 |
) |
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(34,087 |
) |
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(26,913 |
) |
Loss on debt extinguishment |
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— |
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|
|
— |
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|
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(2,987 |
) |
|
|
(243 |
) |
Other (expense) income, net |
|
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(14 |
) |
|
|
30 |
|
|
|
(691 |
) |
|
|
28 |
|
Total other expense, net |
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(7,688 |
) |
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(6,648 |
) |
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(37,765 |
) |
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(27,128 |
) |
Income before income taxes |
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8,252 |
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|
3,891 |
|
|
|
25,027 |
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34,462 |
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Income tax expense |
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(1,480 |
) |
|
|
(1,159 |
) |
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(5,506 |
) |
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(10,477 |
) |
Net income |
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$ |
6,772 |
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$ |
2,732 |
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$ |
19,521 |
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$ |
23,985 |
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Basic and diluted earnings per share: |
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Basic earnings per share |
|
$ |
0.61 |
|
|
$ |
0.24 |
|
|
$ |
1.75 |
|
|
$ |
2.10 |
|
Diluted earnings per share |
|
$ |
0.57 |
|
|
$ |
0.23 |
|
|
$ |
1.64 |
|
|
$ |
2.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic weighted-average shares outstanding |
|
|
11,186,797 |
|
|
|
11,449,379 |
|
|
|
11,152,648 |
|
|
|
11,426,124 |
|
Diluted weighted-average shares outstanding |
|
|
11,926,466 |
|
|
|
11,782,476 |
|
|
|
11,878,076 |
|
|
|
11,917,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
6,772 |
|
|
$ |
2,732 |
|
|
$ |
19,521 |
|
|
$ |
23,985 |
|
Total comprehensive income |
|
$ |
6,772 |
|
|
$ |
2,732 |
|
|
$ |
19,521 |
|
|
$ |
23,985 |
|
|
|
|
EXHIBIT B |
||||
CPI Card Group Inc. and Subsidiaries |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(in thousands, except share and per share amounts) |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
December 31, |
||||||
|
2024 |
|
2023 |
||||
Assets |
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
||
Cash and cash equivalents |
$ |
33,544 |
|
|
$ |
12,413 |
|
Accounts receivable, net |
|
85,491 |
|
|
|
73,724 |
|
Inventories, net |
|
72,660 |
|
|
|
70,594 |
|
Prepaid expenses and other current assets |
|
11,347 |
|
|
|
8,647 |
|
Total current assets |
|
203,042 |
|
|
|
165,378 |
|
Plant, equipment, leasehold improvements and operating lease right-of-use assets, net |
|
68,648 |
|
|
|
63,053 |
|
Intangible assets, net |
|
10,492 |
|
|
|
14,122 |
|
Goodwill |
|
47,150 |
|
|
|
47,150 |
|
Other assets |
|
20,325 |
|
|
|
3,980 |
|
Total assets |
$ |
349,657 |
|
|
$ |
293,683 |
|
Liabilities and stockholders’ deficit |
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
||
Accounts payable |
$ |
16,123 |
|
|
$ |
12,802 |
|
Accrued expenses |
|
57,979 |
|
|
|
35,803 |
|
Deferred revenue and customer deposits |
|
1,485 |
|
|
|
840 |
|
Total current liabilities |
|
75,587 |
|
|
|
49,445 |
|
Long-term debt |
|
280,405 |
|
|
|
264,997 |
|
Deferred income taxes |
|
3,318 |
|
|
|
7,139 |
|
Other long-term liabilities |
|
25,968 |
|
|
|
24,038 |
|
Total liabilities |
|
385,278 |
|
|
|
345,619 |
|
Commitments and contingencies |
|
|
|
|
|
||
Series A Preferred Stock; |
|
— |
|
|
|
— |
|
Stockholders’ deficit: |
|
|
|
|
|
||
Common stock; |
|
11 |
|
|
|
11 |
|
Capital deficiency |
|
(105,429 |
) |
|
|
(102,223 |
) |
Accumulated earnings |
|
69,797 |
|
|
|
50,276 |
|
Total stockholders’ deficit |
|
(35,621 |
) |
|
|
(51,936 |
) |
Total liabilities and stockholders’ deficit |
$ |
349,657 |
|
|
$ |
293,683 |
|
|
|
|
|
|
EXHIBIT C |
||
CPI Card Group Inc. and Subsidiaries |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
Year Ended December 31, |
||||||
|
2024 |
|
2023 |
||||
Operating activities |
|
|
|
|
|
||
Net income |
$ |
19,521 |
|
|
$ |
23,985 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
||
Depreciation expense |
|
12,790 |
|
|
|
12,065 |
|
Amortization expense |
|
3,630 |
|
|
|
3,866 |
|
Stock-based compensation expense |
|
8,545 |
|
|
|
7,507 |
|
Amortization of debt issuance costs |
|
1,536 |
|
|
|
1,855 |
|
Loss on early extinguishment of debt |
|
8,763 |
|
|
|
243 |
|
Deferred income taxes and other, net |
|
(3,935 |
) |
|
|
(324 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
||
Accounts receivable, net |
|
(11,786 |
) |
|
|
6,795 |
|
Inventories |
|
(1,990 |
) |
|
|
(1,638 |
) |
Prepaid expenses and other assets |
|
(19,665 |
) |
|
|
2,346 |
|
Income taxes, net |
|
985 |
|
|
|
(1,162 |
) |
Accounts payable |
|
2,762 |
|
|
|
(11,260 |
) |
Accrued expenses and other liabilities |
|
21,512 |
|
|
|
(7,506 |
) |
Deferred revenue and customer deposits |
|
645 |
|
|
|
(2,731 |
) |
Cash provided by operating activities |
|
43,313 |
|
|
|
34,041 |
|
Investing activities |
|
|
|
|
|
||
Capital expenditures for plant, equipment and leasehold improvements, net |
|
(9,257 |
) |
|
|
(6,405 |
) |
Other |
|
36 |
|
|
|
183 |
|
Cash used in investing activities |
|
(9,221 |
) |
|
|
(6,222 |
) |
Financing activities |
|
|
|
|
|
||
Principal payments on 2026 Senior Notes |
|
(267,897 |
) |
|
|
(16,954 |
) |
Proceeds from 2029 Senior Notes |
|
285,000 |
|
|
|
— |
|
Net proceeds from ABL Revolver |
|
— |
|
|
|
(5,000 |
) |
Payments on finance lease obligations |
|
(5,221 |
) |
|
|
(3,871 |
) |
Common stock repurchased |
|
(8,678 |
) |
|
|
(250 |
) |
Debt issuance costs |
|
(6,583 |
) |
|
|
— |
|
Payment for debt early redemption premium |
|
(5,776 |
) |
|
|
— |
|
Taxes withheld and paid on stock-based compensation awards |
|
(3,806 |
) |
|
|
(368 |
) |
Cash used in financing activities |
|
(12,961 |
) |
|
|
(26,443 |
) |
Effect of exchange rates on cash |
|
— |
|
|
|
— |
|
Net increase in cash and cash equivalents |
|
21,131 |
|
|
|
1,376 |
|
Cash and cash equivalents, beginning of period |
|
12,413 |
|
|
|
11,037 |
|
Cash and cash equivalents, end of period |
$ |
33,544 |
|
|
$ |
12,413 |
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
||
Cash paid (refunded) during the period for: |
|
|
|
|
|
||
Interest |
$ |
26,319 |
|
|
$ |
25,738 |
|
Income taxes paid |
$ |
9,760 |
|
|
$ |
10,462 |
|
Income taxes refunded |
$ |
(475 |
) |
|
$ |
(86 |
) |
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
||
Operating leases |
$ |
1,292 |
|
|
$ |
3,091 |
|
Financing leases |
$ |
9,929 |
|
|
$ |
11,285 |
|
Accounts payable and accrued expenses for capital expenditures for plant, equipment and leasehold improvements |
$ |
662 |
|
|
$ |
102 |
|
EXHIBIT D |
||||||||||||||
CPI Card Group Inc. and Subsidiaries |
||||||||||||||
Segment Summary Information |
||||||||||||||
For the Three Months and Year Ended December 31, 2024 and 2023 |
||||||||||||||
(dollars in thousands) |
||||||||||||||
(Unaudited) |
||||||||||||||
|
||||||||||||||
Net Sales |
||||||||||||||
|
|
Three Months Ended December 31, |
||||||||||||
|
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
||||||
Net sales by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
||
Debit and Credit |
|
$ |
91,913 |
|
|
$ |
82,098 |
|
|
$ |
9,815 |
|
12.0 |
% |
Prepaid Debit |
|
|
33,355 |
|
|
|
20,951 |
|
|
|
12,404 |
|
59.2 |
% |
Eliminations |
|
|
(172 |
) |
|
|
(177 |
) |
|
|
5 |
|
* |
% |
Total |
|
$ |
125,096 |
|
|
$ |
102,872 |
|
|
$ |
22,224 |
|
21.6 |
% |
* Calculation not meaningful |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Year Ended December 31, |
|||||||||||||
|
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
|||||||
Net sales by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Debit and Credit |
|
$ |
375,261 |
|
|
$ |
361,057 |
|
|
$ |
14,204 |
|
|
3.9 |
% |
Prepaid Debit |
|
|
106,541 |
|
|
|
84,237 |
|
|
|
22,304 |
|
|
26.5 |
% |
Eliminations |
|
|
(1,201 |
) |
|
|
(747 |
) |
|
|
(454 |
) |
|
* |
% |
Total |
|
$ |
480,601 |
|
|
$ |
444,547 |
|
|
$ |
36,054 |
|
|
8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended December 31, |
||||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
||||||||||
Gross profit by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Debit and Credit |
|
$ |
26,305 |
|
|
28.6 |
% |
$ |
27,173 |
|
33.1 |
% |
$ |
(868 |
) |
|
(3.2 |
)% |
||
Prepaid Debit |
|
|
16,310 |
|
|
48.9 |
% |
|
8,245 |
|
39.4 |
% |
|
8,065 |
|
|
97.8 |
% |
||
Total |
|
$ |
42,615 |
|
|
34.1 |
% |
$ |
35,418 |
|
34.4 |
% |
$ |
7,197 |
|
|
20.3 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Year Ended December 31, |
|||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
|||||||||
Gross profit by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Debit and Credit |
|
$ |
128,095 |
|
|
34.1 |
% |
$ |
126,776 |
|
35.1 |
% |
$ |
1,319 |
|
1.0 |
% |
||
Prepaid Debit |
|
|
43,124 |
|
|
40.5 |
% |
|
28,713 |
|
34.1 |
% |
|
14,411 |
|
50.2 |
% |
||
Total |
|
$ |
171,219 |
|
|
35.6 |
% |
$ |
155,489 |
|
35.0 |
% |
$ |
15,730 |
|
10.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income from Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Months Ended December 31, |
|||||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
|
$ Change |
|
% Change |
|||||||||||
Income (loss) from operations by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debit and Credit |
|
$ |
17,678 |
|
|
|
19.2 |
% |
$ |
19,008 |
|
|
23.2 |
% |
$ |
(1,330 |
) |
|
(7.0 |
)% |
||
Prepaid Debit |
|
|
14,436 |
|
|
|
43.3 |
% |
|
6,991 |
|
|
33.4 |
% |
|
7,445 |
|
|
106.5 |
% |
||
Other |
|
|
(16,174 |
) |
|
|
* |
% |
|
(15,460 |
) |
|
* |
% |
|
(714 |
) |
|
4.6 |
% |
||
Total |
|
$ |
15,940 |
|
|
|
12.7 |
% |
$ |
10,539 |
|
|
10.2 |
% |
$ |
5,401 |
|
|
51.2 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Year Ended December 31, |
|||||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
|
$ Change |
|
% Change |
|||||||||||
Income (loss) from operations by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debit and Credit |
|
$ |
92,856 |
|
|
|
24.7 |
% |
$ |
94,906 |
|
|
26.3 |
% |
$ |
(2,050 |
) |
|
(2.2 |
)% |
||
Prepaid Debit |
|
|
37,201 |
|
|
|
34.9 |
% |
|
24,927 |
|
|
29.6 |
% |
|
12,274 |
|
|
49.2 |
% |
||
Other |
|
|
(67,265 |
) |
|
|
* |
% |
|
(58,243 |
) |
|
* |
% |
|
(9,022 |
) |
|
15.5 |
% |
||
Total |
|
$ |
62,792 |
|
|
|
13.1 |
% |
$ |
61,590 |
|
|
13.9 |
% |
$ |
1,202 |
|
|
2.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended December 31, |
||||||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
||||||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debit and Credit |
|
$ |
19,897 |
|
|
|
21.6 |
% |
$ |
21,227 |
|
|
25.9 |
% |
$ |
(1,330 |
) |
|
(6.3 |
)% |
||
Prepaid Debit |
|
|
15,498 |
|
|
|
46.5 |
% |
|
7,848 |
|
|
37.5 |
% |
|
7,650 |
|
|
97.5 |
% |
||
Other |
|
|
(15,267 |
) |
|
|
* |
% |
|
(14,445 |
) |
|
* |
% |
|
(822 |
) |
|
5.7 |
% |
||
Total |
|
$ |
20,128 |
|
|
|
16.1 |
% |
$ |
14,630 |
|
|
14.2 |
% |
$ |
5,498 |
|
|
37.6 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Year Ended December 31, |
||||||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
||||||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debit and Credit |
|
$ |
101,628 |
|
|
|
27.1 |
% |
$ |
103,960 |
|
|
28.8 |
% |
$ |
(2,332 |
) |
|
(2.2 |
)% |
||
Prepaid Debit |
|
|
41,087 |
|
|
|
38.6 |
% |
|
27,786 |
|
|
33.0 |
% |
|
13,301 |
|
|
47.9 |
% |
||
Other |
|
|
(67,181 |
) |
|
|
* |
% |
|
(54,440 |
) |
|
* |
% |
|
(12,741 |
) |
|
23.4 |
% |
||
Total |
|
$ |
75,534 |
|
|
|
15.7 |
% |
$ |
77,306 |
|
|
17.4 |
% |
$ |
(1,772 |
) |
|
(2.3 |
)% |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of Income (Loss) from |
|
|
|
|
|
|
|
|
|
|
|
||||
Operations by Segment to EBITDA by Segment |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended December 31, 2024 |
||||||||||||||
|
Debit and Credit |
|
Prepaid Debit |
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
17,678 |
|
|
$ |
14,436 |
|
|
$ |
(16,174 |
) |
|
$ |
15,940 |
|
Depreciation and amortization |
|
2,269 |
|
|
|
1,069 |
|
|
|
864 |
|
|
|
4,202 |
|
Other income (expenses) |
|
(50 |
) |
|
|
(7 |
) |
|
|
43 |
|
|
|
(14 |
) |
EBITDA |
$ |
19,897 |
|
|
$ |
15,498 |
|
|
$ |
(15,267 |
) |
|
$ |
20,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended December 31, 2023 |
||||||||||||||
|
Debit and Credit |
|
Prepaid Debit |
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
19,008 |
|
|
$ |
6,991 |
|
|
$ |
(15,460 |
) |
|
$ |
10,539 |
|
Depreciation and amortization |
|
2,189 |
|
|
|
857 |
|
|
|
1,015 |
|
|
|
4,061 |
|
Other income (expenses) |
|
30 |
|
|
|
— |
|
|
|
— |
|
|
|
30 |
|
EBITDA |
$ |
21,227 |
|
|
$ |
7,848 |
|
|
$ |
(14,445 |
) |
|
$ |
14,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Year Ended December 31, 2024 |
||||||||||||||
|
Debit and Credit |
|
Prepaid Debit |
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
92,856 |
|
|
$ |
37,201 |
|
|
$ |
(67,265 |
) |
|
$ |
62,792 |
|
Depreciation and amortization |
|
8,854 |
|
|
|
3,896 |
|
|
|
3,670 |
|
|
|
16,420 |
|
Other income (expenses) |
|
(82 |
) |
|
|
(10 |
) |
|
|
(3,586 |
) |
|
|
(3,678 |
) |
EBITDA |
$ |
101,628 |
|
|
$ |
41,087 |
|
|
$ |
(67,181 |
) |
|
$ |
75,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Year Ended December 31, 2023 |
||||||||||||||
|
Debit and Credit |
|
Prepaid Debit |
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
94,906 |
|
|
$ |
24,927 |
|
|
$ |
(58,243 |
) |
|
$ |
61,590 |
|
Depreciation and amortization |
|
9,025 |
|
|
|
2,860 |
|
|
|
4,046 |
|
|
|
15,931 |
|
Other income (expenses) |
|
29 |
|
|
|
(1 |
) |
|
|
(243 |
) |
|
|
(215 |
) |
EBITDA |
$ |
103,960 |
|
|
$ |
27,786 |
|
|
$ |
(54,440 |
) |
|
$ |
77,306 |
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT E |
||||
CPI Card Group Inc. and Subsidiaries |
|||||||||||||||
Supplemental GAAP to Non-GAAP Reconciliation |
|||||||||||||||
(dollars in thousands) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
EBITDA and Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
$ |
6,772 |
|
|
$ |
2,732 |
|
|
$ |
19,521 |
|
|
$ |
23,985 |
|
Interest, net (1) |
|
7,674 |
|
|
|
6,678 |
|
|
|
34,087 |
|
|
|
26,913 |
|
Income tax expense |
|
1,480 |
|
|
|
1,159 |
|
|
|
5,506 |
|
|
|
10,477 |
|
Depreciation and amortization |
|
4,202 |
|
|
|
4,061 |
|
|
|
16,420 |
|
|
|
15,931 |
|
EBITDA |
$ |
20,128 |
|
|
$ |
14,630 |
|
|
$ |
75,534 |
|
|
$ |
77,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments to EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation expense |
$ |
1,609 |
|
|
$ |
3,076 |
|
|
$ |
8,545 |
|
|
$ |
7,507 |
|
Restructuring and other charges (2) |
|
171 |
|
|
|
2,302 |
|
|
|
4,810 |
|
|
|
4,531 |
|
Loss on debt extinguishment (3) |
|
— |
|
|
|
— |
|
|
|
2,987 |
|
|
|
243 |
|
Sales tax benefit (4) |
|
— |
|
|
|
(105 |
) |
|
|
— |
|
|
|
(70 |
) |
Foreign currency gain |
|
— |
|
|
|
(28 |
) |
|
|
— |
|
|
|
(26 |
) |
Subtotal of adjustments to EBITDA |
$ |
1,780 |
|
|
$ |
5,245 |
|
|
$ |
16,342 |
|
|
$ |
12,185 |
|
Adjusted EBITDA |
$ |
21,908 |
|
|
$ |
19,875 |
|
|
$ |
91,876 |
|
|
$ |
89,491 |
|
Net income margin (% of Net sales) |
|
5.4 |
% |
|
|
2.7 |
% |
|
|
4.1 |
% |
|
|
5.4 |
% |
Net income growth (% Change 2024 vs. 2023) |
|
147.9 |
% |
|
|
|
|
|
(18.6 |
)% |
|
|
|
||
Adjusted EBITDA margin (% of Net sales) |
|
17.5 |
% |
|
|
19.3 |
% |
|
|
19.1 |
% |
|
|
20.1 |
% |
Adjusted EBITDA growth (% Change 2024 vs. 2023) |
|
10.2 |
% |
|
|
|
|
|
2.7 |
% |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Free Cash Flow: |
|
|
|
|
|
|
|
|
|
|
|
||||
Cash provided by operating activities |
$ |
26,661 |
|
|
$ |
11,775 |
|
|
$ |
43,313 |
|
|
$ |
34,041 |
|
Capital expenditures for plant, equipment and leasehold improvements, net |
|
(5,058 |
) |
|
|
(329 |
) |
|
|
(9,257 |
) |
|
|
(6,405 |
) |
Free Cash Flow |
$ |
21,603 |
|
|
$ |
11,446 |
|
|
$ |
34,056 |
|
|
$ |
27,636 |
|
| __________________________ | ||
| (1) |
The balance for the year ended December 31, 2024 includes payment of an early redemption premium of |
|
| (2) | Represents executive retention and severance costs, as well as costs related to production facility modernization efforts. The balance for the year ended December 31, 2024 includes expenses paid by the Company on behalf of the significant stockholders that entered into an underwriting agreement for the sale of an aggregate of 1,380,000 shares of CPI common stock to the public. |
|
| (3) |
In July 2024, the Company redeemed the entire principal balance of |
|
| (4) | Represents estimated sales tax benefit relating to a contingent liability due to historical activity in certain states where it is probable that the Company will be subject to sales tax plus interest and penalties. |
|
|
|
|
|
|
|
||
|
As of |
||||||
|
December 31, |
||||||
|
2024 |
|
2023 |
||||
Calculation of Net Leverage Ratio: |
|
|
|
|
|
||
2029 Senior Notes |
$ |
285,000 |
|
|
$ |
— |
|
2026 Senior Notes |
|
— |
|
|
|
267,897 |
|
Finance lease obligations |
|
22,801 |
|
|
|
18,106 |
|
Total debt |
|
307,801 |
|
|
|
286,003 |
|
Less: Cash and cash equivalents |
|
(33,544 |
) |
|
|
(12,413 |
) |
Total net debt (a) |
$ |
274,257 |
|
|
$ |
273,590 |
|
LTM Adjusted EBITDA (b) * |
$ |
91,876 |
|
|
$ |
89,491 |
|
Net Leverage Ratio (a)/(b) |
|
3.0 |
|
|
|
3.1 |
|
* The LTM Adjusted EBITDA above reflects Adjusted EBITDA for the years ended December 31, 2024 and 2023. |
|||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250304046569/en/
CPI Card Group Inc. Investor Relations:
(877) 369-9016
InvestorRelations@cpicardgroup.com
CPI Card Group Inc. Media Relations:
Media@cpicardgroup.com
Source: CPI Card Group
FAQ
What were PMTS's Q4 2024 financial results?
How did PMTS's Prepaid Debit segment perform in 2024?
What is PMTS's debt position as of December 31, 2024?
What is PMTS's growth outlook for 2025?
How many eco-focused payment solutions has PMTS delivered?
