CPI Card Group Inc

NASDAQ:PMTSUnited States

Nov 5, 2024

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• -- Earnings Flash (PMTS) CPI CARD GROUP Posts Q3 Revenue $124.8M, from 8:38AM ET on Tuesday Nov 05, 2024 by MT Newswires

  8:38AM ET on Tuesday Nov 05, 2024 by MT Newswires
  Companies Mentioned: PMTS
  08:38 AM EST, 11/05/2024 (MT Newswires) -- ...

• CORRECTING and REPLACING CPI Card Group Inc. Reports Third Quarter 2024 Results, from 8:38AM ET on Tuesday Nov 05, 2024 by Dow Jones

  8:38AM ET on Tuesday Nov 05, 2024 by Dow Jones
  Companies Mentioned: PMTS
  (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 Nine Months Ended September September 30, 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 Nine Months Ended September September 30, 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 $5.8 million related to the redemption of the 8.625% Senior Secured Notes due 2026. (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 $267.9 million of the 8.625% Senior Secured Notes due 2026 and also repaid in full and terminated a prior Credit Agreement with Wells Fargo Bank, N.A. entered into in March 2021, and expensed the remaining unamortized deferred financing costs. Additionally, the Company redeemed a portion of the 8.625% Senior Secured Notes due 2026 in 2023 and expensed the associated portion of the unamortized deferred financing costs. 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 === =========== =========
  

• -- Earnings Flash (PMTS) CPI CARD GROUP Reports Q3 Revenue $124.8M, from 7:02AM ET on Tuesday Nov 05, 2024 by MT Newswires

  7:02AM ET on Tuesday Nov 05, 2024 by MT Newswires
  Companies Mentioned: PMTS
  07:02 AM EST, 11/05/2024 (MT Newswires) -- ...