10-K Filing

CPI Card Group Inc. CIK: 1641614 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001558370-24-002670`
Period End Date	20231231
Filing Date	20240307
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	pmts-20231231x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 40 Cash Flow Statement 73 Stockholders Equity 18

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Preferred shares, par value (in dollars per share)	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred shares, par value (in dollars per share)	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred shares, authorized shares (in shares)	`TemporaryEquitySharesAuthorized`	100,000.00	shares	Point-in-time
Preferred shares, authorized shares (in shares)	`TemporaryEquitySharesAuthorized`	100,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.04M	USD	Point-in-time
Preferred shares, issued shares (in shares)	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Preferred shares, issued shares (in shares)	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.41M	USD	Point-in-time
Preferred shares, outstanding shares (in shares)	`TemporaryEquitySharesOutstanding`	0.00	shares	Point-in-time
Preferred shares, outstanding shares (in shares)	`TemporaryEquitySharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$80.58M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$73.72M	USD	Point-in-time
Inventories, net	`InventoryNet`	$70.59M	USD	Point-in-time
Inventories, net	`InventoryNet`	$68.40M	USD	Point-in-time
Common shares, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common shares, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common shares, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.55M	USD	Point-in-time
Common shares, authorized shares (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.65M	USD	Point-in-time
Common shares, authorized shares (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$167.57M	USD	Point-in-time
Common shares, issued shares (in shares)	`CommonStockSharesIssued`	11.45M	shares	Point-in-time
Common shares, issued shares (in shares)	`CommonStockSharesIssued`	11.39M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$165.38M	USD	Point-in-time
Plant, equipment, leasehold improvements and operating lease right-of-use assets, net	`PropertyPlantAndEquipmentAndOperatingLeaseRightOfUseAssetsNet`	$63.05M	USD	Point-in-time
Common shares, outstanding shares (in shares)	`CommonStockSharesOutstanding`	11.39M	shares	Point-in-time
Common shares, outstanding shares (in shares)	`CommonStockSharesOutstanding`	11.45M	shares	Point-in-time
Plant, equipment, leasehold improvements and operating lease right-of-use assets, net	`PropertyPlantAndEquipmentAndOperatingLeaseRightOfUseAssetsNet`	$57.18M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$17.99M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$14.12M	USD	Point-in-time
Goodwill	`Goodwill`	$47.15M	USD	Point-in-time
Goodwill	`Goodwill`	$47.15M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.98M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.78M	USD	Point-in-time
Total assets	`Assets`	$296.67M	USD	Point-in-time
Total assets	`Assets`	$293.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$24.37M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$40.07M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$35.80M	USD	Point-in-time
Deferred revenue and customer deposits	`ContractWithCustomerLiabilityCurrent`	$3.57M	USD	Point-in-time
Deferred revenue and customer deposits	`ContractWithCustomerLiabilityCurrent`	$840.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$49.45M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$68.01M	USD	Point-in-time
Long-term debt	`SecuredLongTermDebt`	$285.52M	USD	Point-in-time
Long-term debt	`SecuredLongTermDebt`	$265.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$7.14M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$6.81M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$18.40M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$24.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$345.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$378.74M	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A Preferred Stock; $0.001 par value-100,000 shares authorized; 0 shares issued and outstanding at December 31, 2023 and 2022	`PreferredStockValue`	-	USD	Point-in-time
Series A Preferred Stock; $0.001 par value-100,000 shares authorized; 0 shares issued and outstanding at December 31, 2023 and 2022	`PreferredStockValue`	-	USD	Point-in-time
Common stock; $0.001 par value-100,000,000 shares authorized; 11,446,155 and 11,390,355 shares issued and outstanding at December 31, 2023 and 2022, respectively	`CommonStockValue`	$11.00K	USD	Point-in-time
Common stock; $0.001 par value-100,000,000 shares authorized; 11,446,155 and 11,390,355 shares issued and outstanding at December 31, 2023 and 2022, respectively	`CommonStockValue`	$11.00K	USD	Point-in-time
Capital deficiency	`AdditionalPaidInCapitalCommonStock`	$-108.38M	USD	Point-in-time
Capital deficiency	`AdditionalPaidInCapitalCommonStock`	$-102.22M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$50.28M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$26.29M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-82.08M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-51.94M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-121.02M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$296.67M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$293.68M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$444.55M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$475.75M	USD	Annual
Depreciation and amortization	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$10.29M	USD	Annual
Depreciation and amortization	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$9.03M	USD	Annual
Total cost of sales	`CostOfGoodsAndServicesSold`	$289.06M	USD	Annual
Total cost of sales	`CostOfGoodsAndServicesSold`	$299.98M	USD	Annual
Gross profit	`GrossProfit`	$155.49M	USD	Annual
Gross profit	`GrossProfit`	$175.77M	USD	Annual
Selling, general and administrative (exclusive of depreciation and amortization shown below)	`SellingGeneralAndAdministrativeExpense`	$90.78M	USD	Annual
Selling, general and administrative (exclusive of depreciation and amortization shown below)	`SellingGeneralAndAdministrativeExpense`	$88.25M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$5.64M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$5.86M	USD	Annual
Total operating expenses	`OperatingExpenses`	$93.90M	USD	Annual
Total operating expenses	`OperatingExpenses`	$96.64M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$61.59M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$79.13M	USD	Annual
Interest, net	`NonoperatingInterestIncomeExpenseNet`	$-29.62M	USD	Annual
Interest, net	`NonoperatingInterestIncomeExpenseNet`	$-26.91M	USD	Annual
Other expense, net	`OtherNonoperatingIncomeExpense`	$-367.00K	USD	Annual
Other expense, net	`OtherNonoperatingIncomeExpense`	$-215.00K	USD	Annual
Total other expense, net	`TotalNonoperatingIncomeExpenseAndInterestAndDebtExpense`	$-27.13M	USD	Annual
Total other expense, net	`TotalNonoperatingIncomeExpenseAndInterestAndDebtExpense`	$-29.98M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$49.15M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$34.46M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$10.48M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$12.61M	USD	Annual
Net income	`NetIncomeLoss`	$36.54M	USD	Annual
Net income	`NetIncomeLoss`	$23.98M	USD	Annual
Basic earnings per share: (in dollars per share)	`EarningsPerShareBasic`	$2.10	USD	Annual
Basic earnings per share: (in dollars per share)	`EarningsPerShareBasic`	$3.24	USD	Annual
Diluted earnings per share: (in dollars per share)	`EarningsPerShareDiluted`	$3.11	USD	Annual
Diluted earnings per share: (in dollars per share)	`EarningsPerShareDiluted`	$2.01	USD	Annual
Basic weighted-average shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.43M	shares	Annual
Basic weighted-average shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.29M	shares	Annual
Diluted weighted-average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.75M	shares	Annual
Diluted weighted-average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.92M	shares	Annual
Net income	`NetIncomeLoss`	$36.54M	USD	Annual
Net income	`NetIncomeLoss`	$23.98M	USD	Annual
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$36.54M	USD	Annual
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$23.98M	USD	Annual

Cash Flow Statement 73 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$23.98M	USD	Annual
Net income	`ProfitLoss`	$36.54M	USD	Annual
Depreciation expense	`Depreciation`	$12.06M	USD	Annual
Depreciation expense	`Depreciation`	$11.02M	USD	Annual
Amortization expense	`AmortizationOfIntangibleAssets`	$3.87M	USD	Annual
Amortization expense	`AmortizationOfIntangibleAssets`	$3.87M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$3.48M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$7.51M	USD	Annual
Amortization of debt issuance costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$1.93M	USD	Annual
Amortization of debt issuance costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$1.85M	USD	Annual
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-243.00K	USD	Annual
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-474.00K	USD	Annual
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-331.00K	USD	Annual
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-1.55M	USD	Annual
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$-655.00K	USD	Annual
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$1.09M	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$19.75M	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-6.79M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$10.70M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$1.64M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.35M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.70M	USD	Annual
Income taxes, net	`IncreaseDecreaseInIncomeTaxes`	$-1.16M	USD	Annual
Income taxes, net	`IncreaseDecreaseInIncomeTaxes`	$362.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-11.26M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-453.00K	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$2.23M	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-7.51M	USD	Annual
Deferred revenue and customer deposits	`IncreaseDecreaseInContractWithCustomerLiabilityCurrent`	$-2.73M	USD	Annual
Deferred revenue and customer deposits	`IncreaseDecreaseInContractWithCustomerLiabilityCurrent`	$2.39M	USD	Annual
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$31.34M	USD	Annual
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.04M	USD	Annual
Capital expenditures for plant, equipment and leasehold improvements, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.41M	USD	Annual
Capital expenditures for plant, equipment and leasehold improvements, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.87M	USD	Annual
Other	`OtherInvestingActivities`	$183.00K	USD	Annual
Other	`OtherInvestingActivities`	$95.00K	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.77M	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.22M	USD	Annual
Principal payments on Senior Notes	`RepaymentsOfSeniorDebt`	$16.95M	USD	Annual
Principal payments on Senior Notes	`RepaymentsOfSeniorDebt`	$24.94M	USD	Annual
Principal payments on ABL Revolver	`RepaymentsOfLinesOfCredit`	$30.00M	USD	Annual
Principal payments on ABL Revolver	`RepaymentsOfLinesOfCredit`	$18.00M	USD	Annual
Proceeds from ABL Revolver	`ProceedsFromLinesOfCredit`	$35.00M	USD	Annual
Proceeds from ABL Revolver	`ProceedsFromLinesOfCredit`	$13.00M	USD	Annual
Payments on debt extinguishment and other	`PaymentsOfDebtExtinguishmentCosts`	$1.94M	USD	Annual
Payments on debt extinguishment and other	`PaymentsOfDebtExtinguishmentCosts`	$368.00K	USD	Annual
Proceeds from finance lease financing	`FinanceLeaseProceedsFromFinancing`	$2.07M	USD	Annual
Payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$3.36M	USD	Annual
Payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$3.87M	USD	Annual
Common stock repurchased	`PaymentsForRepurchaseOfCommonStock`	$250.00K	USD	Annual
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.44M	USD	Annual
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-23.16M	USD	Annual
Effect of exchange rates on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-47.00K	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.65M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.38M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.04M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.41M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.68M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.04M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.68M	USD	Point-in-time
Cash paid (refunded) during the period for: Interest	`InterestPaidNet`	$27.71M	USD	Annual
Cash paid (refunded) during the period for: Interest	`InterestPaidNet`	$25.74M	USD	Annual
Cash paid (refunded) during the period for: Income taxes paid	`IncomeTaxesPaid`	$12.58M	USD	Annual
Cash paid (refunded) during the period for: Income taxes paid	`IncomeTaxesPaid`	$10.46M	USD	Annual
Cash paid (refunded) during the period for: Income taxes refunded	`ProceedsFromIncomeTaxRefunds`	$86.00K	USD	Annual
Cash paid (refunded) during the period for: Income taxes refunded	`ProceedsFromIncomeTaxRefunds`	$451.00K	USD	Annual
Right-of-use assets obtained in exchange for lease obligations- Operating leases	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$816.00K	USD	Annual
Right-of-use assets obtained in exchange for lease obligations- Operating leases	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$3.09M	USD	Annual
Right-of-use assets obtained in exchange for lease obligations- Financing leases	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$11.29M	USD	Annual
Right-of-use assets obtained in exchange for lease obligations- Financing leases	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$9.12M	USD	Annual
Accounts payable and accrued expenses for capital expenditures for plant, equipment and leasehold improvements	`CapitalExpendituresIncurredButNotYetPaid`	$102.00K	USD	Annual
Accounts payable and accrued expenses for capital expenditures for plant, equipment and leasehold improvements	`CapitalExpendituresIncurredButNotYetPaid`	$462.00K	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-82.08M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-51.94M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-121.02M	USD	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	11.39M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	11.45M	shares	Point-in-time
Shares issued under stock-based compensation plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-368.00K	USD	Annual
Shares issued under stock-based compensation plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.08M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.48M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$7.51M	USD	Annual
Repurchase and retirement of common shares	`StockRepurchasedAndRetiredDuringPeriodValue`	$983.00K	USD	Annual
Repurchase and retirement of common shares (in shares)	`StockRepurchasedAndRetiredDuringPeriodShares`	13,180.00	shares	Annual
Net income	`NetIncomeLoss`	$36.54M	USD	Annual
Net income	`NetIncomeLoss`	$23.98M	USD	Annual
Ending balance	`StockholdersEquity`	$-82.08M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-51.94M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-121.02M	USD	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	11.39M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	11.45M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.