CPI Card Group Inc
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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FY2023 · Filed Mar 7, 2024
PMTS$24.52+5.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Year Ended December 31, | ||||||
| | 2023 | 2022 | ||||
| Operating activities | | | | | | |
| Net income | $23,985 | | $36,540 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |
| Depreciation expense | | | 12,065 | | 11,020 | |
| Amortization expense | | | 3,866 | | | 3,866 |
| Stock-based compensation expense | | | 7,507 | | 3,479 | |
| Amortization of debt issuance costs and debt discount | | | 1,855 | | | 1,931 |
| Loss on debt extinguishment | | | 243 | | | 474 |
| Deferred income taxes | | | 331 | | 1,555 | |
| Other, net | | | (655) | | 1,094 | |
| Changes in operating assets and liabilities: | | | | | | |
| Accounts receivable, net | | | 6,795 | | (19,745) | |
| Inventories | | | (1,638) | | (10,702) | |
| Prepaid expenses and other assets | | | 2,346 | | (2,700) | |
| Income taxes, net | | | (1,162) | | 362 | |
| Accounts payable | | | (11,260) | | (453) | |
| Accrued expenses and other liabilities | | | (7,506) | | 2,226 | |
| Deferred revenue and customer deposits | | | (2,731) | | 2,389 | |
| Cash provided by operating activities | | | 34,041 | | 31,336 | |
| Investing activities | | | | | | |
| Capital expenditures for plant, equipment and leasehold improvements, net | | | (6,405) | | (17,867) | |
| Other | | | 183 | | | 95 |
| Cash used in investing activities | | | (6,222) | | (17,772) | |
| Financing activities | | | | | | |
| Principal payments on Senior Notes | | | (16,954) | | | (24,938) |
| Principal payments on ABL Revolver | | | (18,000) | | | (30,000) |
| Proceeds from ABL Revolver | | | 13,000 | | | 35,000 |
| Payments on debt extinguishment and other | | | (368) | | | (1,939) |
| Proceeds from finance lease financing | | | — | | | 2,074 |
| Payments on finance lease obligations | | | (3,871) | | | (3,360) |
| Common stock repurchased | | | (250) | | | — |
| Cash used in financing activities | | | (26,443) | | (23,163) | |
| Effect of exchange rates on cash | | | — | | (47) | |
| Net increase (decrease) in cash and cash equivalents | | | 1,376 | | (9,646) | |
| Cash and cash equivalents, beginning of period | | | 11,037 | | 20,683 | |
| Cash and cash equivalents, end of period | $12,413 | | $11,037 | |||
| Supplemental disclosures of cash flow information | | | | | | |
| Cash paid (refunded) during the period for: | | | | | | |
| Interest | $25,738 | | $27,714 | |||
| Income taxes paid | | $10,462 | | $12,584 | ||
| Income taxes refunded | | $(86) | | $(451) | ||
| Right-of-use assets obtained in exchange for lease obligations: | | | | | | |
| Operating leases | | $3,091 | | $816 | ||
| Financing leases | | $11,285 | | $9,124 | ||
| Accounts payable and accrued expenses for capital expenditures for plant, equipment and leasehold improvements | | $102 | | $462 | ||
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