CPI Card Group Inc. Reports Third Quarter 2024 Results
CPI Card Group reported strong Q3 2024 results with net sales increasing 18% to $124.8 million. The company saw growth across its portfolio, particularly in Debit and Credit segment (+19%) and Prepaid segment (+13%). However, net income decreased 66% to $1.3 million due to $8.8 million in debt refinancing costs. Adjusted EBITDA rose 18% to $25.1 million.
The company updated its 2024 outlook, projecting mid-to-high single-digit net sales growth and low single-digit Adjusted EBITDA growth. CPI completed a debt refinancing, issuing $285 million of 10% Senior Secured Notes due 2029 and establishing a new $75 million ABL revolving credit facility.
CPI Card Group ha riportato risultati solidi per il terzo trimestre del 2024, con un incremento delle vendite nette del 18% a 124,8 milioni di dollari. L'azienda ha registrato una crescita in tutti i suoi settori, in particolare nel segmento Debit e Credit (+19%) e nel segmento Prepaid (+13%). Tuttavia, l'utile netto è diminuito del 66% a 1,3 milioni di dollari a causa di costi di rifinanziamento del debito pari a 8,8 milioni di dollari. Adjusted EBITDA è aumentato del 18% a 25,1 milioni di dollari.
L'azienda ha aggiornato le sue previsioni per il 2024, prevedendo una crescita delle vendite nette a una cifra singola medio-alta e una crescita dell'Adjusted EBITDA a una cifra singola bassa. CPI ha completato un rifinanziamento del debito, emettendo 285 milioni di dollari di Note Senior Secured al 10% in scadenza nel 2029 e stabilendo una nuova linea di credito rotativa ABL di 75 milioni di dollari.
CPI Card Group reportó resultados sólidos en el tercer trimestre de 2024, con un aumento del 18% en las ventas netas, alcanzando los 124,8 millones de dólares. La compañía experimentó crecimiento en su portafolio, particularmente en el segmento de Débito y Crédito (+19%) y en el segmento Prepagado (+13%). Sin embargo, el ingreso neto disminuyó un 66% a 1,3 millones de dólares debido a costos de refinanciamiento de deuda de 8,8 millones de dólares. Adjusted EBITDA creció un 18% hasta 25,1 millones de dólares.
La empresa actualizó su perspectiva para 2024, proyectando un crecimiento de ventas netas de un dígito en el medio a alto y un crecimiento de Adjusted EBITDA de un dígito bajo. CPI completó un refinanciamiento de deuda, emitiendo 285 millones de dólares en Notas Senior Aseguradas al 10% con vencimiento en 2029 y estableciendo una nueva línea de crédito rotativa ABL de 75 millones de dólares.
CPI 카드 그룹은 2024년 3분기에 강력한 실적을 발표하며, 순매출이 18% 증가하여 1억 2480만 달러에 도달했습니다. 회사는 포트폴리오 전반에 걸쳐 성장을 보였으며, 특히 데빗 및 크레딧 부문에서 (+19%), 선불 부문에서 (+13%) 증가했습니다. 하지만 순이익은 66% 감소하여 130만 달러에 그쳤으며, 이는 880만 달러의 채무 재조정 비용 때문입니다. 조정된 EBITDA는 18% 증가하여 2510만 달러에 달했습니다.
회사는 2024년도 전망을 업데이트하며, 중간에서 높은 한 자리 숫자의 순매출 성장과 낮은 한 자리 숫자의 조정된 EBITDA 성장을 예상했습니다. CPI는 2억 8500만 달러의 10% 만기 보장 노트(2029년 만기)를 발행하고 7500만 달러의 ABL 회전 신용 시설을 확보하여 채무 재조정을 완료했습니다.
CPI Card Group a rapporté de solides résultats pour le troisième trimestre 2024, avec des ventes nettes en hausse de 18 % à 124,8 millions de dollars. L'entreprise a connu une croissance dans l'ensemble de son portefeuille, en particulier dans le segment Débit et Crédit (+19 %) et le segment Prépayé (+13 %). Cependant, le revenu net a diminué de 66 % pour atteindre 1,3 million de dollars en raison de coûts de refinancement de dette de 8,8 millions de dollars. Adjusted EBITDA a augmenté de 18 % pour atteindre 25,1 millions de dollars.
L'entreprise a mis à jour ses perspectives 2024, prévoyant une croissance des ventes nettes à un chiffre unique dans la fourchette moyenne à élevée et une croissance de Adjusted EBITDA à un chiffre unique dans la fourchette basse. CPI a complété un refinancement de dette, en émettant 285 millions de dollars de notes senior garanties à 10 % arrivant à échéance en 2029 et en établissant une nouvelle ligne de crédit renouvelable ABL de 75 millions de dollars.
CPI Card Group meldete starke Ergebnisse für das dritte Quartal 2024, mit einem Anstieg des Nettoumsatzes um 18 % auf 124,8 Millionen Dollar. Das Unternehmen verzeichnete in seinem Portfolio Wachstums, insbesondere im Debit- und Kreditsegment (+19 %) sowie im Prepaid-Segment (+13 %). Der Nettoertrag hingegen sank um 66 % auf 1,3 Millionen Dollar, bedingt durch 8,8 Millionen Dollar Kosten für die Umschuldung. Adjusted EBITDA stieg um 18 % auf 25,1 Millionen Dollar.
Das Unternehmen aktualisierte seine Prognose für 2024 und erwartet ein mittleres bis hohes einstelliges Wachstum des Nettoumsatzes sowie ein niedriges einstelliges Wachstum des Adjusted EBITDA. CPI hat eine Schuldenumschuldung abgeschlossen, indem 285 Millionen Dollar an 10% Senior Secured Notes fällig 2029 ausgegeben wurden und eine neue ABL-Rotationskreditzusammenstellung in Höhe von 75 Millionen Dollar eingerichtet wurde.
- Net sales increased 18% to $124.8 million in Q3
- Adjusted EBITDA increased 18% to $25.1 million
- Gross profit increased 24% to $44.7 million
- Income from operations increased 37% to $17.8 million
- Raised full-year sales and Adjusted EBITDA guidance
- Net income decreased 66% to $1.3 million due to debt refinancing costs
- $8.8 million in pre-tax debt refinancing costs
- Higher interest rate on new debt (10% vs previous 8.625%)
- Decreased cash from operating activities ($16.7M vs $22.3M in 2023)
Insights
The Q3 results reveal mixed signals. While net sales showed impressive
Key positives include strong growth in the Debit and Credit segment (
However, investors should note increased debt costs with new
The payment solutions market shows robust fundamentals, with Visa and Mastercard U.S. card circulation growing at a
The company's expansion into digital solutions, including push provisioning for mobile wallets, aligns with industry trends toward digital transformation. Product sales growth of
Net Sales Increased
Growth Across Portfolio, Led by Strong Sales of Debit and Credit Cards
Net Income Decreased
Full Year Adjusted EBITDA and Free Cash Flow Outlooks Increased
Third quarter net sales increased
Sales performance in the quarter was driven by strong growth in debit and credit card sales, as well as continued growth from Prepaid, instant issuance solutions and other card personalization services. Product sales increased
“We are very pleased to deliver strong growth in the quarter, including
Lowe added, “We are advancing CPI’s growth strategies and continue to offer our customers additional products and services as we gain more traction with our digital solutions and in adjacent markets.”
The Company updated its financial outlook for 2024, increasing its full-year expectations for net sales to mid-to-high single-digit growth and for Adjusted EBITDA to low single-digit growth. The previous outlook was a mid-single digit net sales increase and a slight increase in Adjusted EBITDA. The Company also increased its Free Cash Flow outlook for the year.
CPI is a top payment solutions provider in the
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 100 million eco-focused debit and credit cards sold since launch.
-
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.
-
The Company executed
of share repurchases through the third quarter of 2024.$9 million -
CPI completed a debt refinancing in the third quarter, issuing
aggregate principal amount of$285 million 10.000% Senior Secured Notes due 2029 and entering into a new ABL revolving credit facility, while redeeming the$75 million aggregate principal amount of$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 majority stockholder group, reducing the stockholder group’s ownership position from
56% of shares outstanding to43% .
Third Quarter 2024 Financial Highlights
Net sales increased
-
Debit and Credit segment net sales increased
19% to , driven by strong contactless card sales led by eco-focused cards, as well as continued growth in Card@Once® instant issuance solutions and other card personalization services.$99.8 million -
Prepaid Debit segment net sales increased
13% to , reflecting strong sales to existing customers.$25.2 million
Third quarter gross profit increased
Third quarter income from operations increased
Year-to-date 2024 Financial Highlights
Net sales increased
-
Debit and Credit segment net sales increased
2% to , driven by increased sales of contactless cards, led by eco-focused cards, and growth in Card@Once® instant issuance solutions and other card personalization services, partially offset by lower sales of other cards.$283.3 million -
Prepaid Debit segment net sales increased
16% to , reflecting strong sales to existing customers.$73.2 million
Year-to-date gross profit increased
Year-to-date income from operations decreased
Balance Sheet, Liquidity and Cash Flow
The Company generated cash from operating activities of
As of September 30, 2024, cash and cash equivalents was
In the third quarter, the Company completed a refinancing of its debt, issuing
Also in the third quarter, the Company spent
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.
On September 30th, the Company announced a secondary public offering of shares of its common stock to be sold by its majority stockholder group. The 1.38 million share offering closed on October 2, 2024. 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 delivered strong third quarter sales and profit growth, while continuing to invest in our expansion strategies,” said Jeff Hochstadt, Chief Financial Officer of CPI. “We also effectively extended maturities on our debt and completed a secondary offering of common stock, which should benefit trading liquidity over time.”
Outlook for 2024
The Company updated its outlook for 2024 to mid-to-high single-digit net sales growth and low single-digit Adjusted EBITDA growth. The prior outlook was a mid-single digit net sales increase and a slight increase in Adjusted EBITDA. The increase in the net sales outlook was driven by strength across CPI’s portfolio.
The Free Cash Flow outlook was updated to be slightly below the 2023 level, compared to the previous outlook of approximately half of the 2023 level, primarily due to working capital improvements, lower expected capital spending, and a lower tax rate relative to the previous outlook.
The Company now expects its year-end 2024 Net Leverage Ratio to be similar to the 2023 year-end level, compared to a previous outlook of between 3.0x and 3.5x.
Conference Call and Webcast
CPI Card Group Inc. will hold a conference call on November 5, 2024 at 4:30 p.m. Eastern Time (ET) to review its third quarter 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 Q3 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 November 19, 2024 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 percentage 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 2024
We have provided Adjusted EBITDA expectations for 2024 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 card and digital solutions, including Software-as-a-Service-based instant issuance. 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 “Exchange Act”). 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: a deterioration in general economic conditions, including inflationary conditions and 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; a disruption or other failure in our supply chain, including as a result of foreign conflicts and with respect to single source suppliers, or the failure or inability of suppliers to comply with our code of conduct or contractual requirements, or political unrest in countries in which our suppliers operate, or inflationary pressures, resulting in increased costs and inability to pass those costs on to our customers and extended production lead times and difficulty meeting customers’ delivery expectations; our failure to retain our existing customers or identify and attract new customers; our inability to recruit, retain and develop qualified personnel, including key personnel, and implement effective succession processes; adverse conditions in the banking system and financial markets, including the failure of banks and financial institutions; system security risks, data protection breaches and cyber-attacks; 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; our inability to develop, introduce and commercialize new products and services; the usage, or lack thereof, of artificial intelligence technologies; our substantial indebtedness, including inability to make debt service payments or refinance such indebtedness; 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 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; disruptions in production at one or more of our facilities; problems in production quality, materials and process and costs relating to product defects and any related product liability and/or warranty claims; environmental, social and governance (“ESG”) preferences and demands of various stakeholders and our ability to conform to such preferences and demands and to comply with any related regulatory requirements; the effects of climate change, 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; disruptions in production due to weather conditions, climate change, political instability or social unrest; 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; defects in our software and computing systems; our limited ability to raise capital; costs and impacts to our financial results relating to the obligatory collection of sales tax and claims for uncollected sales tax in states that impose sales tax collection requirements on out-of-state businesses or unclaimed property, as well as potential new
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
Exhibit A |
Condensed Consolidated Statements of Operations and Comprehensive Income - Unaudited for the three and nine months ended September 30, 2024 and 2023 |
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Exhibit B |
Condensed Consolidated Balance Sheets – Unaudited as of September 30, 2024 and December 31, 2023 |
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Exhibit C |
Condensed Consolidated Statements of Cash Flows – Unaudited for the nine months ended September 30, 2024 and 2023 |
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Exhibit D |
Segment Summary Information – Unaudited for the three and nine months ended September 30, 2024 and 2023 |
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Exhibit E |
Supplemental GAAP to Non-GAAP Reconciliations – Unaudited for the three and nine months ended September 30, 2024 and 2023 |
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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 September 30, |
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Nine Months Ended September 30, |
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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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$ |
69,648 |
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$ |
55,689 |
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$ |
191,650 |
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$ |
195,425 |
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Services |
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55,103 |
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50,174 |
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163,855 |
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146,250 |
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Total net sales |
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124,751 |
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105,863 |
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355,505 |
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341,675 |
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Cost of sales: |
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Products (exclusive of depreciation and amortization shown below) |
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44,199 |
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37,540 |
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123,894 |
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124,828 |
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Services (exclusive of depreciation and amortization shown below) |
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32,927 |
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29,574 |
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94,599 |
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89,192 |
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Depreciation and amortization |
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2,927 |
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2,597 |
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8,408 |
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7,584 |
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Total cost of sales |
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80,053 |
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69,711 |
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226,901 |
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221,604 |
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Gross profit |
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44,698 |
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36,152 |
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128,604 |
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120,071 |
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Operating expenses: |
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Selling, general and administrative (exclusive of depreciation and amortization shown below) |
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25,674 |
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21,783 |
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77,942 |
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64,734 |
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Depreciation and amortization |
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1,226 |
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1,408 |
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3,810 |
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4,286 |
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Total operating expenses |
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26,900 |
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23,191 |
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81,752 |
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69,020 |
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Income from operations |
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17,798 |
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12,961 |
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46,852 |
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51,051 |
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Other expense, net: |
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Interest, net |
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(13,458 |
) |
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(6,714 |
) |
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(26,413 |
) |
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(20,235 |
) |
Loss on debt extinguishment |
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(2,987 |
) |
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(25 |
) |
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(2,987 |
) |
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(243 |
) |
Other expense, net |
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(534 |
) |
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(28 |
) |
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(677 |
) |
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(2 |
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Total other expense, net |
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(16,979 |
) |
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(6,767 |
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(30,077 |
) |
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(20,480 |
) |
Income before income taxes |
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819 |
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6,194 |
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16,775 |
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30,571 |
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Income tax benefit (expense) |
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474 |
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(2,337 |
) |
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(4,026 |
) |
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(9,318 |
) |
Net income |
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$ |
1,293 |
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$ |
3,857 |
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$ |
12,749 |
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$ |
21,253 |
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Basic and diluted earnings per share: |
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Basic earnings per share |
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$ |
0.12 |
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$ |
0.34 |
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$ |
1.14 |
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$ |
1.86 |
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Diluted earnings per share |
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$ |
0.11 |
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$ |
0.33 |
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$ |
1.08 |
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$ |
1.79 |
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Basic weighted-average shares outstanding |
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11,107,126 |
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11,432,794 |
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11,141,264 |
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11,418,372 |
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Diluted weighted-average shares outstanding |
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11,872,783 |
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11,827,816 |
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11,856,404 |
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11,861,868 |
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Comprehensive income: |
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Net income |
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$ |
1,293 |
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$ |
3,857 |
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$ |
12,749 |
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$ |
21,253 |
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Total comprehensive income |
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$ |
1,293 |
|
|
$ |
3,857 |
|
|
$ |
12,749 |
|
|
$ |
21,253 |
|
|
|
|
|
|
|||
|
|
|
EXHIBIT B |
||||
CPI Card Group Inc. and Subsidiaries |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(in thousands, except share and per share amounts) |
|||||||
(Unaudited) |
|||||||
|
|
|
|
|
|
||
|
September 30, |
|
December 31, |
||||
|
2024 |
|
2023 |
||||
Assets |
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
||
Cash and cash equivalents |
$ |
14,650 |
|
|
$ |
12,413 |
|
Accounts receivable, net |
|
79,583 |
|
|
|
73,724 |
|
Inventories, net |
|
92,286 |
|
|
|
70,594 |
|
Prepaid expenses and other current assets |
|
12,295 |
|
|
|
8,647 |
|
Total current assets |
|
198,814 |
|
|
|
165,378 |
|
Plant, equipment, leasehold improvements and operating lease right-of-use assets, net |
|
64,073 |
|
|
|
63,053 |
|
Intangible assets, net |
|
11,352 |
|
|
|
14,122 |
|
Goodwill |
|
47,150 |
|
|
|
47,150 |
|
Other assets |
|
20,960 |
|
|
|
3,980 |
|
Total assets |
$ |
342,349 |
|
|
$ |
293,683 |
|
Liabilities and stockholders’ deficit |
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
||
Accounts payable |
$ |
21,538 |
|
|
$ |
12,802 |
|
Accrued expenses |
|
52,107 |
|
|
|
35,803 |
|
Deferred revenue and customer deposits |
|
1,466 |
|
|
|
840 |
|
Total current liabilities |
|
75,111 |
|
|
|
49,445 |
|
Long-term debt |
|
280,152 |
|
|
|
264,997 |
|
Deferred income taxes |
|
5,057 |
|
|
|
7,139 |
|
Other long-term liabilities |
|
24,820 |
|
|
|
24,038 |
|
Total liabilities |
|
385,140 |
|
|
|
345,619 |
|
Commitments and contingencies |
|
|
|
|
|
||
Series A Preferred Stock; |
|
— |
|
|
|
— |
|
Stockholders’ deficit: |
|
|
|
|
|
||
Common stock; |
|
11 |
|
|
|
11 |
|
Capital deficiency |
|
(105,827 |
) |
|
|
(102,223 |
) |
Accumulated earnings |
|
63,025 |
|
|
|
50,276 |
|
Total stockholders’ deficit |
|
(42,791 |
) |
|
|
(51,936 |
) |
Total liabilities and stockholders’ deficit |
$ |
342,349 |
|
|
$ |
293,683 |
|
|
|
|
|
|
|
||
|
|
|
|
|
EXHIBIT C |
||
CPI Card Group Inc. and Subsidiaries |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
|
|
|
|
|
|
||
|
Nine Months Ended September 30, |
||||||
|
2024 |
|
2023 |
||||
Operating activities |
|
|
|
|
|
||
Net income |
$ |
12,749 |
|
|
$ |
21,253 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
||
Depreciation expense |
|
9,448 |
|
|
|
8,970 |
|
Amortization expense |
|
2,770 |
|
|
|
2,900 |
|
Stock-based compensation expense |
|
6,936 |
|
|
|
4,431 |
|
Amortization of debt issuance costs |
|
1,206 |
|
|
|
1,397 |
|
Loss on early extinguishment of debt |
|
8,763 |
|
|
|
243 |
|
Deferred income taxes and other, net |
|
(1,781 |
) |
|
|
956 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
||
Accounts receivable, net |
|
(5,878 |
) |
|
|
12,988 |
|
Inventories |
|
(21,964 |
) |
|
|
(5,806 |
) |
Prepaid expenses and other assets |
|
(19,343 |
) |
|
|
422 |
|
Income taxes, net |
|
(602 |
) |
|
|
(1,616 |
) |
Accounts payable |
|
8,326 |
|
|
|
(7,805 |
) |
Accrued expenses and other liabilities |
|
15,396 |
|
|
|
(13,283 |
) |
Deferred revenue and customer deposits |
|
626 |
|
|
|
(2,784 |
) |
Cash provided by operating activities |
|
16,652 |
|
|
|
22,266 |
|
Investing activities |
|
|
|
|
|
||
Capital expenditures for plant, equipment and leasehold improvements, net |
|
(4,199 |
) |
|
|
(6,076 |
) |
Other |
|
1 |
|
|
|
183 |
|
Cash used in investing activities |
|
(4,198 |
) |
|
|
(5,893 |
) |
Financing activities |
|
|
|
|
|
||
Principal payments on 2026 Senior Notes |
|
(267,897 |
) |
|
|
(16,954 |
) |
Proceeds from 2029 Senior Notes |
|
285,000 |
|
|
|
— |
|
Net proceeds from ABL Revolver |
|
— |
|
|
|
3,000 |
|
Payments on finance lease obligations |
|
(3,688 |
) |
|
|
(2,655 |
) |
Common stock repurchased |
|
(8,678 |
) |
|
|
— |
|
Debt issuance costs |
|
(6,583 |
) |
|
|
— |
|
Payment for debt early redemption premium |
|
(5,776 |
) |
|
|
— |
|
Taxes withheld and paid on stock-based compensation awards |
|
(2,595 |
) |
|
|
(327 |
) |
Cash used in financing activities |
|
(10,217 |
) |
|
|
(16,936 |
) |
Effect of exchange rates on cash |
|
— |
|
|
|
(1 |
) |
Net increase (decrease) in cash and cash equivalents |
|
2,237 |
|
|
|
(564 |
) |
Cash and cash equivalents, beginning of period |
|
12,413 |
|
|
|
11,037 |
|
Cash and cash equivalents, end of period |
$ |
14,650 |
|
|
$ |
10,473 |
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
||
Cash paid (refunded) during the period for: |
|
|
|
|
|
||
Interest |
$ |
25,128 |
|
|
$ |
25,307 |
|
Income taxes paid |
$ |
8,247 |
|
|
$ |
9,994 |
|
Income taxes refunded |
$ |
(409 |
) |
|
$ |
(25 |
) |
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
||
Operating leases |
$ |
1,292 |
|
|
$ |
2,641 |
|
Financing leases |
$ |
5,690 |
|
|
$ |
6,989 |
|
Accounts payable and accrued expenses for capital expenditures for plant, equipment and leasehold improvements |
$ |
1,527 |
|
|
$ |
977 |
|
Unsettled share repurchases included in accrued expenses |
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EXHIBIT D |
|||||||||||||||
CPI Card Group Inc. and Subsidiaries |
|||||||||||||||
Segment Summary Information |
|||||||||||||||
For the Three and Nine Months Ended September 30, 2024 and 2023 |
|||||||||||||||
(dollars in thousands) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended September 30, |
|||||||||||||
|
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
|||||||
Net sales by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Debit and Credit |
|
$ |
99,755 |
|
|
$ |
83,780 |
|
|
$ |
15,975 |
|
19.1 |
% |
|
Prepaid Debit |
|
|
25,173 |
|
|
|
22,335 |
|
|
|
2,838 |
|
|
12.7 |
% |
Eliminations |
|
|
(177 |
) |
|
|
(252 |
) |
|
|
75 |
|
|
* |
% |
Total |
|
$ |
124,751 |
|
|
$ |
105,863 |
|
|
$ |
18,888 |
|
|
17.8 |
% |
* Calculation not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Nine Months Ended September 30, |
|||||||||||||
|
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
|||||||
Net sales by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Debit and Credit |
|
$ |
283,348 |
|
|
$ |
278,959 |
|
|
$ |
4,389 |
|
|
1.6 |
% |
Prepaid Debit |
|
|
73,186 |
|
|
|
63,286 |
|
|
|
9,900 |
|
|
15.6 |
% |
Eliminations |
|
|
(1,029 |
) |
|
|
(570 |
) |
|
|
(459 |
) |
|
* |
% |
Total |
|
$ |
355,505 |
|
|
$ |
341,675 |
|
|
$ |
13,830 |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended September 30, |
|
||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
|||||||||
Gross profit by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debit and Credit |
|
$ |
36,131 |
|
|
36.2 |
% |
$ |
28,381 |
|
33.9 |
% |
$ |
7,750 |
|
27.3 |
% |
||
Prepaid Debit |
|
|
8,567 |
|
|
34.0 |
% |
|
7,771 |
|
34.8 |
% |
|
796 |
|
10.2 |
% |
||
Total |
|
$ |
44,698 |
|
|
35.8 |
% |
$ |
36,152 |
|
34.1 |
% |
$ |
8,546 |
|
23.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Nine Months Ended September 30, |
|
||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
|||||||||
Gross profit by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debit and Credit |
|
$ |
101,790 |
|
|
35.9 |
% |
$ |
99,603 |
|
35.7 |
% |
$ |
2,187 |
|
2.2 |
% |
||
Prepaid Debit |
|
|
26,814 |
|
|
36.6 |
% |
|
20,468 |
|
32.3 |
% |
|
6,346 |
|
31.0 |
% |
||
Total |
|
$ |
128,604 |
|
|
36.2 |
% |
$ |
120,071 |
|
35.1 |
% |
$ |
8,533 |
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income from Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Three Months Ended September 30, |
|
||||||||||||||||||
|
|
|
2024 |
|
|
% of Net
|
|
2023 |
|
|
% of Net
|
|
$ Change |
|
% Change |
|||||||
Income (loss) from operations by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Debit and Credit |
|
$ |
27,035 |
|
|
|
27.1 |
% |
$ |
20,791 |
|
|
24.8 |
% |
$ |
6,244 |
|
|
30.0 |
% |
||
Prepaid Debit |
|
|
7,111 |
|
|
|
28.2 |
% |
|
6,631 |
|
|
29.7 |
% |
|
480 |
|
|
7.2 |
% |
||
Other |
|
|
(16,348 |
) |
|
|
* |
% |
|
(14,461 |
) |
|
* |
% |
|
(1,887 |
) |
|
13.0 |
% |
||
Total |
|
$ |
17,798 |
|
|
|
14.3 |
% |
$ |
12,961 |
|
|
12.2 |
% |
$ |
4,837 |
|
|
37.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Nine Months Ended September 30, |
|||||||||||||||||||
|
|
|
2024 |
|
|
% of Net
|
|
2023 |
|
|
% of Net
|
|
$ Change |
|
% Change |
|||||||
Income (loss) from operations by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debit and Credit |
|
$ |
75,178 |
|
|
|
26.5 |
% |
$ |
75,898 |
|
|
27.2 |
% |
$ |
(720 |
) |
|
(0.9 |
)% |
||
Prepaid Debit |
|
|
22,765 |
|
|
|
31.1 |
% |
|
17,936 |
|
|
28.3 |
% |
|
4,829 |
|
|
26.9 |
% |
||
Other |
|
|
(51,091 |
) |
|
|
* |
% |
|
(42,783 |
) |
|
* |
% |
|
(8,308 |
) |
|
19.4 |
% |
||
Total |
|
$ |
46,852 |
|
|
|
13.2 |
% |
$ |
51,051 |
|
|
14.9 |
% |
$ |
(4,199 |
) |
|
(8.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Three Months Ended September 30, |
|
|||||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
||||||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Debit and Credit |
|
$ |
29,264 |
|
|
|
29.3 |
% |
$ |
23,086 |
|
|
27.6 |
% |
$ |
6,178 |
|
|
26.8 |
% |
||
Prepaid Debit |
|
|
8,171 |
|
|
|
32.5 |
% |
|
7,304 |
|
|
32.7 |
% |
|
867 |
|
|
11.9 |
% |
||
Other |
|
|
(19,005 |
) |
|
|
* |
% |
|
(13,477 |
) |
|
* |
% |
|
(5,528 |
) |
|
41.0 |
% |
||
Total |
|
$ |
18,430 |
|
|
|
14.8 |
% |
$ |
16,913 |
|
|
16.0 |
% |
$ |
1,517 |
|
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Nine Months Ended September 30, |
||||||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
||||||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debit and Credit |
|
$ |
81,731 |
|
|
|
28.8 |
% |
$ |
82,733 |
|
|
29.7 |
% |
$ |
(1,002 |
) |
|
(1.2 |
)% |
||
Prepaid Debit |
|
|
25,589 |
|
|
|
35.0 |
% |
|
19,938 |
|
|
31.5 |
% |
|
5,651 |
|
|
28.3 |
% |
||
Other |
|
|
(51,914 |
) |
|
|
* |
% |
|
(39,995 |
) |
|
* |
% |
|
(11,919 |
) |
|
29.8 |
% |
||
Total |
|
$ |
55,406 |
|
|
|
15.6 |
% |
$ |
62,676 |
|
|
18.3 |
% |
$ |
(7,270 |
) |
|
(11.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of Income (Loss) from |
|
|
|
|
|
|
|
|
|
|
|
||||
Operations by Segment to EBITDA by Segment |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended September 30, 2024 |
||||||||||||||
|
Debit and
|
|
Prepaid
|
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
27,035 |
|
|
$ |
7,111 |
|
|
$ |
(16,348 |
) |
|
$ |
17,798 |
|
Depreciation and amortization |
|
2,198 |
|
|
|
1,061 |
|
|
|
894 |
|
|
|
4,153 |
|
Other income (expenses) |
|
31 |
|
|
|
(1 |
) |
|
|
(3,551 |
) |
|
|
(3,521 |
) |
EBITDA |
$ |
29,264 |
|
|
$ |
8,171 |
|
|
$ |
(19,005 |
) |
|
$ |
18,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended September 30, 2023 |
||||||||||||||
|
Debit and
|
|
Prepaid
|
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
20,791 |
|
|
$ |
6,631 |
|
|
$ |
(14,461 |
) |
|
$ |
12,961 |
|
Depreciation and amortization |
|
2,322 |
|
|
|
675 |
|
|
|
1,008 |
|
|
|
4,005 |
|
Other income (expenses) |
|
(27 |
) |
|
|
(2 |
) |
|
|
(24 |
) |
|
|
(53 |
) |
EBITDA |
$ |
23,086 |
|
|
$ |
7,304 |
|
|
$ |
(13,477 |
) |
|
$ |
16,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Nine Months Ended September 30, 2024 |
||||||||||||||
|
Debit and
|
|
Prepaid
|
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
75,178 |
|
|
$ |
22,765 |
|
|
$ |
(51,091 |
) |
|
$ |
46,852 |
|
Depreciation and amortization |
|
6,585 |
|
|
|
2,827 |
|
|
|
2,806 |
|
|
|
12,218 |
|
Other income (expenses) |
|
(32 |
) |
|
|
(3 |
) |
|
|
(3,629 |
) |
|
|
(3,664 |
) |
EBITDA |
$ |
81,731 |
|
|
$ |
25,589 |
|
|
$ |
(51,914 |
) |
|
$ |
55,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Nine Months Ended September 30, 2023 |
||||||||||||||
|
Debit and
|
|
Prepaid
|
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
75,898 |
|
|
$ |
17,936 |
|
|
$ |
(42,783 |
) |
|
$ |
51,051 |
|
Depreciation and amortization |
|
6,836 |
|
|
|
2,003 |
|
|
|
3,031 |
|
|
|
11,870 |
|
Other income (expenses) |
|
(1 |
) |
|
|
(1 |
) |
|
|
(243 |
) |
|
|
(245 |
) |
EBITDA |
$ |
82,733 |
|
|
$ |
19,938 |
|
|
$ |
(39,995 |
) |
|
$ |
62,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT E |
||||
CPI Card Group Inc. and Subsidiaries |
|||||||||||||||
Supplemental GAAP to Non-GAAP Reconciliation |
|||||||||||||||
(dollars in thousands) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
EBITDA and Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
$ |
1,293 |
|
|
$ |
3,857 |
|
|
$ |
12,749 |
|
|
$ |
21,253 |
|
Interest, net (1) |
|
13,458 |
|
|
|
6,714 |
|
|
|
26,413 |
|
|
|
20,235 |
|
Income tax (benefit) expense |
|
(474 |
) |
|
|
2,337 |
|
|
|
4,026 |
|
|
|
9,318 |
|
Depreciation and amortization |
|
4,153 |
|
|
|
4,005 |
|
|
|
12,218 |
|
|
|
11,870 |
|
EBITDA |
$ |
18,430 |
|
|
$ |
16,913 |
|
|
$ |
55,406 |
|
|
$ |
62,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments to EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation expense |
$ |
1,782 |
|
|
$ |
2,600 |
|
|
$ |
6,936 |
|
|
$ |
4,431 |
|
Sales tax expense (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35 |
|
Restructuring and other charges (3) |
|
1,881 |
|
|
|
1,672 |
|
|
|
4,639 |
|
|
|
2,229 |
|
Loss on debt extinguishment (4) |
|
2,987 |
|
|
|
25 |
|
|
|
2,987 |
|
|
|
243 |
|
Foreign currency loss |
|
— |
|
|
|
28 |
|
|
|
— |
|
|
|
2 |
|
Subtotal of adjustments to EBITDA |
$ |
6,650 |
|
|
$ |
4,325 |
|
|
$ |
14,562 |
|
|
$ |
6,940 |
|
Adjusted EBITDA |
$ |
25,080 |
|
|
$ |
21,238 |
|
|
$ |
69,968 |
|
|
$ |
69,616 |
|
Net income margin (% of Net sales) |
|
1.0 |
% |
|
|
3.6 |
% |
|
|
3.6 |
% |
|
|
6.2 |
% |
Net income growth (% Change 2024 vs. 2023) |
|
(66.5 |
)% |
|
|
|
|
|
(40.0 |
)% |
|
|
|
||
Adjusted EBITDA margin (% of Net sales) |
|
20.1 |
% |
|
|
20.1 |
% |
|
|
19.7 |
% |
|
|
20.4 |
% |
Adjusted EBITDA growth (% Change 2024 vs. 2023) |
|
18.1 |
% |
|
|
|
|
|
0.5 |
% |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Free Cash Flow: |
|
|
|
|
|
|
|
|
|
|
|
||||
Cash provided by operating activities |
$ |
12,544 |
|
|
$ |
11,944 |
|
|
$ |
16,652 |
|
|
$ |
22,266 |
|
Capital expenditures for plant, equipment and leasehold improvements, net |
|
(1,455 |
) |
|
|
518 |
|
|
|
(4,199 |
) |
|
|
(6,076 |
) |
Free Cash Flow |
$ |
11,089 |
|
|
$ |
12,462 |
|
|
$ |
12,453 |
|
|
$ |
16,190 |
|
____________________ |
||
(1) |
|
The 2024 balance includes payment of an early redemption premium of |
(2) |
|
Represents estimated sales tax expense (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. |
(3) |
|
Represents executive retention and severance costs, as well as costs related to production facility modernization efforts. The 2024 balance includes expenses to be paid by the Company on behalf of the majority stockholder group that entered into an underwriting agreement for the sale of an aggregate of 1,380,000 shares of CPI common stock to the public. |
(4) |
|
In July 2024, the Company redeemed the entire principal balance of |
|
|
|
|
|
|
||
|
Last Twelve Months Ended |
||||||
|
September 30, |
|
December 31, |
||||
|
2024 |
|
2023 |
||||
Reconciliation of net income to LTM EBITDA and Adjusted EBITDA: |
|
|
|
|
|
||
Net income |
$ |
15,481 |
|
|
$ |
23,985 |
|
Interest, net (1) |
|
33,091 |
|
|
|
26,913 |
|
Income tax expense |
|
5,185 |
|
|
|
10,477 |
|
Depreciation and amortization |
|
16,279 |
|
|
|
15,931 |
|
EBITDA |
$ |
70,036 |
|
|
$ |
77,306 |
|
|
|
|
|
|
|
||
Adjustments to EBITDA: |
|
|
|
|
|
||
Stock-based compensation expense |
$ |
10,012 |
|
|
$ |
7,507 |
|
Sales tax benefit (2) |
|
(105 |
) |
|
|
(70 |
) |
Restructuring and other charges (3) |
|
6,941 |
|
|
|
4,531 |
|
Loss on debt extinguishment (4) |
|
2,987 |
|
|
|
243 |
|
Foreign currency gain |
|
(28 |
) |
|
|
(26 |
) |
Subtotal of adjustments to EBITDA |
$ |
19,807 |
|
|
$ |
12,185 |
|
LTM Adjusted EBITDA |
$ |
89,843 |
|
|
$ |
89,491 |
|
|
|
|
|
|
|
||
|
As of |
||||||
|
September 30, |
|
December 31, |
||||
|
2024 |
|
2023 |
||||
Calculation of Net Leverage Ratio: |
|
|
|
|
|
||
2029 Senior Notes |
$ |
285,000 |
|
|
$ |
— |
|
2026 Senior Notes |
|
— |
|
|
|
267,897 |
|
Finance lease obligations |
|
20,096 |
|
|
|
18,106 |
|
Total debt |
|
305,096 |
|
|
|
286,003 |
|
Less: Cash and cash equivalents |
|
(14,650 |
) |
|
|
(12,413 |
) |
Total net debt (a) |
$ |
290,446 |
|
|
$ |
273,590 |
|
LTM Adjusted EBITDA (b) |
$ |
89,843 |
|
|
$ |
89,491 |
|
Net Leverage Ratio (a)/(b) |
|
3.2 |
|
|
|
3.1 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105033398/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 was CPI Card Group's (PMTS) Q3 2024 revenue growth?
Why did PMTS net income decline in Q3 2024?
What is PMTS's updated 2024 financial outlook?