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Cpi Card Group Inc. (PMTS) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Cpi Card Group Inc.

CIK: 1641614 Ticker: PMTS

Exhibit 99.1

CPI Card Group Inc. Reports Fourth Quarter and Full Year 2021 Results

Date: March 8, 2022

Fourth Consecutive Year of Strong Sales Growth; Full Year Net Sales Increased 20% to $375.1 Million; Net Income of $15.9 Million Decreased 1% due to Income Tax Benefits in Prior Year and Debt Refinancing Costs; Adjusted EBITDA Increased 33% to $76.4 Million

Fourth Quarter Net Sales Increased 11% to $93.2 Million; Net Income of $0.7 Million Decreased 91% Primarily due to Income Tax Benefits in Prior Year and Increased Interest Expense; Adjusted EBITDA Decreased 23% to $13.6 Million due to Impact of Previously Noted Cost Increases

Company Expects Mid-Single Digit Net Sales and Adjusted EBITDA Growth in 2022; Announces $20 Million Senior Secured Notes Paydown

Littleton, CO. March 8, 2022 -- CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit, and prepaid solutions, today reported financial results for the fourth quarter and full year ended December 31, 2021.

Full year net sales increased 20% to $375.1 million, with strong growth from both the Debit and Credit and Prepaid Debit segments. Performance was strong across the Company’s portfolio, with notable growth from secure cards, personalization, instant issuance solutions, and prepaid debit solutions, and was aided by new customer acquisitions, including FinTechs. Net income decreased 1% to $15.9 million due to income tax benefits recorded in 2020 and debt refinancing-related costs incurred in the 2021 first quarter. Adjusted EBITDA increased 33% to $76.4 million, driven by strong sales growth and operating leverage.

“We believe our high-quality and innovative solutions have propelled us to significantly outpace market growth over the last four years,” said Scott Scheirman, President and Chief Executive Officer of CPI. “Our team’s ability to navigate the current supply-chain and labor environment remains a competitive advantage.”

Scheirman continued, “We continue to experience strong customer demand, especially in our Debit and Credit segment. Market growth has been healthy, as U.S. cards in circulation for the top major card networks have increased at an 8% compound annual growth rate over the last three years. We believe we are well positioned for long-term growth with differentiated offerings such as our eco-focused cards, SaaS-based instant issuance solutions, and end-to-end payment services.”

For 2022, CPI currently projects mid-single digit net sales and Adjusted EBITDA growth, with strong growth expected in its Debit and Credit segment, which represented 79% of net sales in 2021, partially offset by anticipated declines in its Prepaid Debit segment due to comparisons with a record year in 2021. Prepaid Debit net sales increased 25% in 2021, aided by a large new portfolio addition and COVID-19-related customer inventory replenishment.

The Company expects its full-year 2022 Adjusted EBITDA margin to be similar to the 2021 full-year margin. Improvement from the fourth quarter 2021 Adjusted EBITDA margin is expected due to the implementation of business initiatives, including price increases, operating leverage from increased sales, and reduced levels of certain expenses incurred in the fourth quarter.


The following information was filed by Cpi Card Group Inc. (PMTS) on Tuesday, March 8, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cpi Card Group Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income
Consolidated Statements Of Stockholders' Deficit
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Business
Commitments And Contingencies
Commitments And Contingencies - Contingencies (Details)
Discontinued Operation
Discontinued Operation (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plan
Employee Benefit Plan (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Financing And Operating Leases
Financing And Operating Leases (Tables)
Financing And Operating Leases - Components Of Lease Expense (Details)
Financing And Operating Leases - Components Of Operating And Finance Lease Expense (Details)
Financing And Operating Leases - Lease Maturity (Details)
Financing And Operating Leases - Operating And Financing Leases (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Future Aggregate Amortization Expense (Details)
Goodwill And Other Intangible Assets - Goodwill By Reporting Segment (Details)
Goodwill And Other Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Continuing Operations - Other (Details)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Foreign Currency Exchange Rate Fluctuations, Changes In Net Operating Losses And Credit Carryforwards (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - First Lien Credit Facility (Details)
Long-Term Debt - Long-Term Debt (Details)
Net Sales
Net Sales (Details)
Net Sales (Tables)
Plant, Equipment, Leasehold Improvements And Operating Lease Right-Of-Use Assets
Plant, Equipment, Leasehold Improvements And Operating Lease Right-Of-Use Assets (Details)
Plant, Equipment, Leasehold Improvements And Operating Lease Right-Of-Use Assets (Tables)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Balance Sheet Data (Details)
Segment Reporting - Capital Expenditure (Details)
Segment Reporting - Net Sales By Product And Services (Details)
Segment Reporting - Reconciliation Of Ebitda To Net Income (Details)
Segment Reporting - Revenue And Ebitda From Continuing Operations (Details)
Stock Based Compensation
Stock Based Compensation (Tables)
Stock Based Compensation - Omnibus Incentive Plan (Details)
Stock Based Compensation - Restricted Stock Units (Details)
Stockholders' Deficit
Stockholders' Deficit (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Adjustment Of Prior Financial Statements For Immaterial Items (Details)
Summary Of Significant Accounting Policies - Bad Debts And Concentration Of Credit Risk (Details)
Summary Of Significant Accounting Policies - Plant, Equipment And Leasehold Improvements (Details)
Summary Of Significant Accounting Policies - Trade Accounts Receivable (Details)
Ticker: PMTS
CIK: 1641614
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-003016
Submitted to the SEC: Tue Mar 08 2022 7:15:59 AM EST
Accepted by the SEC: Tue Mar 08 2022
Period: Friday, December 31, 2021
Industry: Short Term Business Credit Institutions

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