PMTS - Earnings call transcript Q4 2021

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Operator

Welcome to the CPI Card Group’s Fourth Quarter 2021 Earnings Call. My name is Bailey, and I will be coordinator for today. The call will be open for questions after the Company’s remarks. [Operator Instructions] I would now like to turn the call over to Mike Salop, CPI’s Head of Investor Relations. Please go ahead.

Mike Salop

morning, good and operator, everyone. Thanks, CPI Welcome earnings fourth XXXX Group and to conference the webcast call. quarter Card Today's date President is today March Chief X, XXXX, and Card Officer; Amintore are Financial Executive Officer. from on Group Scott Chief Scheirman, and and Schenkel, CPI the call

statements I'd Securities forward-looking could Litigation are of These they we Reform may begin, that subject call under to differ expressed results those forward-looking statements risks actual that to Act cause like Before are and to everyone defined remind this from contain as Private uncertainties the certain the XXXX. materially in statements.

limited presentation not comparable press the discussion ratio slide call the non-GAAP and adjusted this release of call, will we filings on uncertainties, issued please with undertake the CPI's today's no a current measures, of during accessible occur to update made see are press the EBITDA this that after accompanies Reconciliations Copies recent investor.cpicardgroup.com. All statement flow. more Also Company website, such release SEC. measures today's morning. adjusted to included non-GAAP our EBITDA, leverage most as financial well statements conference forward-looking cash free are Group's obligation to or in as For measures we the these presentation the this risks most the Investor and GAAP today financial of and to any margin, directly net CPI of EBITDA, but Relations only, and one reflect Card events that course including discussing reflect be call. expectations

website. XXXX, the CPI’s will the like for XX-K on ended to And Scheirman. also Relations and call President Executive over now, available be turn Chief Officer, I’d Form XX, December to Investor CPI's addition, Scott In year

Scott Scheirman

Thanks Mike morning good everyone. and

propelled a that performance last The moving growth call rate year. the XXXX, an of more the sales will products Then in annual adjusted to future, past the annual provide a results annual profitability XX% compounded as we greater CPIs XX% years. translates innovative back Amintore to increased four years. million has up in XX% our four We XXXX some from and which solutions and of on give for thoughts rate us improved XXXX I net the over in $XX the the past of in of detail. even have believe and and financial net questions. review significant for top-line, quarterly our rate income Overall, today's compounded than call, we look four and EBITDA strong Net strategy, performance growth XXXX, our will to to XXXX sales at $XX outpaced open loss million, expectations. $XX exceeding very deliver million, over overview high quality During years. we market will will the growth over a raising

In ability navigate given competitive addition, has chain environment we supply believe team's advantage. and labor a to the us our

business additions new XXXX from our providers. us financial services end-to-end FinTechs comprehensive Some helped highlights include the strong the as from traditional solutions customer gain from of as customers well sales as

level. outstanding financial We cards. were billion believe XXXX that contactless institutions We of also the the U.S. continue to market's end XX% of small-and to the payment gradual estimated help higher priced well approximately financial transition facilitate below cards with at contactless mid-sized the $X U.S. in

points XX cards majority account to and of debit were segment. the sold our operating average For and the we in significant up for as revenue contactless Secure interface, margin card credit more contributed in to cards, dual from the XX% than price which secure and refer percentage contactless growth. almost our contact the EMV cards and include we which year the of was higher selling CPI, XXXX

that contactless the in provider and solutions percentage card U.S. in the confer pay additional more incentive of XXXX. in cards We further have expect convenient cards. which to a the payment drive in selling million to to leading launch card noted XXXX reach focused card gives our market faster The nearly to remain grow equal sales networks to use the XX continue since more customer transition issuing sold as XX to million issuers tap cards to U.S., late these to increases We usage,

selling As these Company staff-based of cards Card@Once the spectrums helped solution profitability. faster installations XX% delivering distribution have contactless, issuance instant with the solution net reaching leading we nearly prices. Card@Once now predominantly market average also expanded drive channels nearly by strong the in our than across overall were they and Company's higher institutions grew XXXX, success and financial and growth was U.S. aided high-end sales our XX,XXX in

year U.S. points costs due for XX.X%. margin Net debt market. was adjusted had brought the increased innovative, a our leveraged who the offerings Our first but solution packaging in record solutions retail in quarter adjusted we to design end-to-end the card to attracted benefits growth as personalization to from leadership business and us business prior including pre-paid customers, refinancing year XXX X% tamper including pre-paid and year EBITDA our and enhance packaging, EBITDA new down our FinTechs, to and fulfillment And income XX%, are of packaging increased our basis evident XXXX capabilities. the income tax production,

We the outstanding year-end. as ratio Xx also balance our improved sheet leverage below than driving debt in net by year $XX and of down during our million reducing more XXXX,

noted quarter happened down margins largely materials, by in third impacts other bringing nine first certain fourth we levels. our month release, Those costs. anticipated and be the fourth impacted year prior labor, quarter as we earnings to from expected and our As quarter increased results

increases, sales, margin reductions price operating including is of we look level we the than XXXX certain expected forward, This fourth implementation as year However, fourth expected the higher from a the in quarter level quarter of full leverage is indicative expected business full adjusted the result EBITDA expense XXXX of believe more various items. year of XX.X% margin. of profitability initiatives and

environments Turning to well are as for with expectations X, level some the labor comparison market from for related providing we high Slide specific XXXX chain prepaid the as dynamics today, given supply our performance. inflationary challenges and business, current items and

let me I'm that First, in future. confident our state very

demand for of time, believe made years we market We innovation strong offer established our a operating strategic services being leading We customer and tailor continuous and our growing continue customer and solutions. model. competitive differentiated priorities, share innovative deep focus end-to-end and market business four top the increasing as a Since quality that Over a products longstanding market key comprehensive participation ourselves experience capabilities payment ago, we've and attractive to the partner service, products growth. provider payment by we the Company providing and while well payments provider term the in card solutions customer in leading on and to payment solutions choice and serving a of space. vision we're focused and which market relationships solution gain position card solutions, as customer rapidly thousands U.S. of long in Today, growing eco-focused credit is FinTechs. banks, and U.S., unions continued

retail financial small based in personalization well also for and prepaid a U.S. debit as sized solutions for instant institutions solutions. software-as-a-service card leader are medium U.S. as and We

at by September and over have on the of figures Our a U.S. annual Based period and reported ending cards XX, and X% debit rate credit, and MasterCard, compounded prepaid three-year growing. markets Visa grown XXXX. are growth healthy circulation

quarter addition, TransUnion payment at million by a In Americans issued that than and report noted record held credit an cards cards a of end of the period recent more all-time were to data ever last numbers new XXXX agency available. credit XXX high lenders the U.S. report, which the According XXXX, year. latest cards payment XX the million in for third detailed of were issued

estimate XX% of issuance annual replacement As a cards. has been card for reminder, historically we that

in effect. So, increases new customers we will positive have ongoing, believe a card long-term

card we share We quality further the expect be forward. gains price services growth eco-focused gradual growth, believe four years well see cards. revenue high by the products cards a higher going market and as strong our payment transition to solution continue We to share issuance as opportunities aided over contactless with including will last U.S. overall have gained additional for and significant and end-to-end market financial

some industry to materials, have continue do unique Supply dynamics. challenges and the costs. shortage we lead and availability raw labor XXXX, times, impact affecting For chain

navigated to be continue inventory our management, at proactive facilities incentives and expect adapt. with nimble to and challenges production have retention be to hiring actions able and these and We other operational

Our similar full to current adjusted net high with level digit mid and of financial XX.X%. year compared expectations an margin year, to for XXXX year's growth single are delivered EBITDA last EBITDA adjusted level last sales

position to which remains from strong we personalization secure We our our represented insurance the and solutions. more growth than card XXXX on Based and customers net our instant includes into segment by with capacity eco-focused and demand constraints expect and our of debit trends a XX% solutions credit and in are good expect forecast. contact Customer our robust than XXXX. current and sales we to provide segment, have demand XX% as for our material benefit higher increase serve is in eco-focused outlook, with credit debit sales and generally we but factored orders, certain to including card card our

alleviate by the throughout these operational through our year. partnering constraints suppliers to initiatives some of can We where will we attempt with

were growing sales well a had to XXXX debit in growth in prepaid expect customers aided reduced a sales year's as EBITDA offset Last additions in retail purchases market. and Prepaid our be to by prepaid segment. growth segment in large sales who year We what by in replenishment as XX% slower a portfolio inventory COVID-related and by partially XXXX is concerns. our decline usually new due credit debit record

to expect expect remains the we the record customer a with the we XXXX decline due comparisons sales in would XXXX are levels. business and and between and relationships prepaid strong a XXXX, Although, for XXXX prepaid healthy be to

notified X.XXX% we I to million to XX before I turn call due XXX. notes secured that a would in the of price announcement at redeem Amintore, like to have senior of we our mention holders today XXXX redemption over Finally, that our plan

year interest providing expense leverage We retirement help end ongoing expect by savings. improve this in our to ratio

alternatives review we value more for As cash we to our generate flow, capital continue maximize will stockholders. to allocation

Now, call to and Amintore turn the year financial full in fourth to results quarter operating review our detail. I over will more Amintore? and

Amintore Schenkel

The increase due and segment ongoing new growth contactless issuance including growth customer in in increases debit price strong in the with instant segment solutions existing in Card@Once volumes strong segment. debit Thank higher higher credit of primarily XXXX quarter fourth million the increases X. cards, debit driven represented XX% an and my by on I XX% transition our and by quarter and Prepaid overview the our eco-focused increase compared to increase $XX.X cards, prepaid credit everyone. growth. and to you, the driven X% segment was prior with customers. of an sales a in the begin morning, year of net quarter to Fourth quarter, debit Scott, results will Slide good

our we margins As the we and earlier months. and nine noted release, to those the would sales impactful certain the fourth labor, as be in We see third in more strong expect materialized not profit and fourth first quarter materials factors results. quarter be costs we as did impact increased expected than year. other And growth quarter earnings our

to due by offset SG&A and to other with Sarbanes-Oxley increased cost primarily freight XXXX the compared fourth gross gross profit expenses million flat increased with was primarily $X.X growth. related to in decrease sales lesser increased decreased while prior year, margin quarter employee and profit a offering declined $XX.X increased by leverage quarter to year, prior extent $X.X related higher by material million from Our and of driven basis labor expenses. XX.X%. points costs in costs The was and XXX healthcare consulting accounting margin and a to million essentially in partially

identified do are deficiencies, remediation continue efforts We we expect to incremental work continuing on XXXX. so costs stock into regarding to internal control

position $XX.X previously income XX% reflects fourth of income healthcare as sales the The margin of Employee fourth Our remediation tax items. employee uncertain which depending increased by fourth quarter, quarter. increased costs to XX.X% compensation. law expenses, in EBITDA XXXX SG&A Net were and on tax vary state mentioned. new by effect off in the $XXX,XXX, And the adjustment some expense plan to and due rate an to prior usage of quarter also increase quarter quarter. to to a state XX% income decreased decreased the prior prior quarter, Adjusted to tied paid interest XXXX incur items in in offset XX.X% the regarding end declined time tax expense an million increased is expense. in complete year primarily net by compared the the higher to tax the the benefits benefit labor EBITDA Adjusted XX% the income tax fourth from compared the a year to $XXX,XXX we year. $XXX,XXX

mentioned, the Scott do As be EBITDA level. we to quarter fourth ongoing the expect not adjusted margin

improvements in margins XXXX other and be adjusted four from expect initiatives, may the full-year similar expenses We quarter and reductions XXXX from growth, the sales sales certain leverage vary EBITDA level to in from and to XXXX to full-year quarter. margin growth operating high by pricing although results

full-year Turning X. on results Slide to the

quarter new the benefits full accounting the $XX.X results costs of customers. stock and of of and XXXX was gross to employee contributors increase decrease million sales related for debit personalization. first instant accounted by While of contactless XXXX increased pre-paid healthcare the debt strong credit while across cost compensation. Stock and $XXX.X sales impacted XX% acquisition increased we profit portfolios growth segments. $XX.X services. CPI of growth year. refinancing portfolio primary of the the demand fees incurred strong primarily very to gross discussed, Sales and X% sales interest of segment sales Card@Once income from both $X.X primarily and million year Company customers, and $X.X strong the performance drivers cards for higher debit Prepaid including million and credit at fourth increased $X.X cost overall and margin higher from increased and and our debit to for compensation were the by product of XX% items points expenses. for including Debit XX% professional were were to expenses to in included million also expenses performance million. and those high relate higher primarily partially growth. incentive sales strong was fees, the by $X.X Full-year to growth customer XXX million, leverage increased XX.X% increased $XXX.X compensation, driven $XXX.X of $X.X Net million results. delivered and profit and the increase increased volumes debt and to related from the expenses. to due due by year, by sales $X related compliance card again new year issuance costs. including the replenishment operating million included the consulting Net for for million tax for which higher driven inventory healthcare the XX% existing Sarbanes-Oxley The year extinguishing million compensation SG&A income related prior offset other net SG&A in due of to labor increased The costs increased basis to in make-whole and year, in million quarter incentive $X.X compensation increase million growth

to a benefits a for items, we As income XXXX, reminder tax as discrete in year benefits the result including related recorded CARES of act. the

in the with XX% tax due further than be to that limit XXXX of interest to $XX.X impact XX% a for rate primarily rates increased million EBITDA of operating higher to more XXXX sales slightly related year. to deductions, rate XX.X% changes margin expected net growth will expense we adjusted due income XXXX leverage. Our normalized increased to the and regulatory The basis XXX adjusted EBITDA points

Turning credit, now drivers and debit segments Slide prepaid to sales earlier. and segment I debit our mentioned X. on the

in $XX.X year impacted from the operations Prepaid the increase freight income sales although debit XX% operations increased the increased costs. and quarter by XX% materials, increased this credit to XX% $XX.X and increases, impacted were by over and increased to I driven full on The also offering debit drove labor, quarter negatively by to just full year segment million the The So partially XX% $XX.X was while million, offset by benefits rate income the for XX% million. $X.X to quarter discuss and million. leverage sales will increased quarter fourth costs. the Income these costs. Higher labor from slide. year for profitability decreased net and fourth segment segment was the for was growth profitability

the flow XX. and to on balance Turning sheet cash liquidity Slide

we borrowings balance than the million million outstanding of year. $XXX on $XX.X no was ABL the gave liquidity less December our cash was us year-end $XX XXXX, than outstanding million more and as which and revolver, million total had from XX principal Our the $XX XX than was December leverage of net of XX down Total end million of debt ratio more Xx. our at as

refunds. million the free tax For support the million on a the mitigate cash business $XX inventories, This year, in year, investment expenditures. we year, cash the chain partially and in inventories generated million. from This $XX.X primarily in $XX income refunds $XX.X constraints incremental million by act. supply $XX.X collection tax to of in from of due was resulted activities CARES and million related operating prior to down to invested than $X.X utilized increase collected and million We offset in more in help during capital

shares shares have as an of we if three for shares flexibility filed issuance, for simply currently sales. not over to as the last Given financial we focus our be priority potentially to priorities our acquisitions, the do and possible capital ample now future arise, through The possible for future, on repurchases; liquidity, registration to private structure deleveraging stockholders that the any an years were September share position, next maintaining do stockholders. our to well business strength SX to sheet sell funds equity we future were the although, raise including investing in the registered and in opportunity our plans would the possible returning allocation provided registered capital. strategic If funds return so to and investors to balance Company

and in of reduce senior an on annualized long of As which our $XX our levels expense X.XXX% earlier, us secured note, significant basis. mentioned will million term Scott interest debt process save the redeeming we are

additional million to we of I Finally back provide and recently expanded XXXX. will $XX revolving our to the is facility through committed closing facility to for Scott? the $XX us liquidity remarks. December ABL flexibility, call pass This million. Scott credit for now

Scott Scheirman

Amintore. Thanks,

I of our overall hard leading and competitive implementing time. our strong posted deliver Since strong for results. was payment have for partner vision working another of that with over across share growth thank being of year service profitability portfolio. the a would providing now mentioned and significant quality to all growth these to XXXX years for employees choice As to four CPI our market products market gained by we and sales market solutions overall consecutive believe business and model, we customer have like

well in attractive strong growing are We with capabilities markets positioned customer and relationships.

the Although, continues various initiatives from industry in have to we chain supply challenges, that labor near-term and we expect to face related benefit XXXX.

be pleased year, of stockholders. that our and pay quarter in $XX notes the value We continue first to our we down are also will pursue to senior able capital this to million strategies to provide of

excited you and growth as about we progress you open are our move forward. our updating and We forward the for any long-term we'll now call on our opportunities joining questions. call today we for look to Thank

Operator

you. from comes today Jaeson Jaeson, Street. Schmidt please question Lake of Thank first Instructions] [Operator Our ahead. go

line Your open. is now

Jaeson Schmidt

guys. makes these the sense, be current the of could satisfied for capacity if to or factoring quantify material and do amount taking outlook, questions. unable complete just which given dynamics? my but just Hey your into you're impact Scott, curious in think you demand mentioned you Thanks constraints you

Scott Scheirman

segment with outlook, we and partners demand to credit generally walk specifics, we growth, of Jaeson, two we'll to working constraints through our and continue strong, call chain you and very again suppliers alleviate units. with growth, customer business but through Company joining you and segment if the our color guidance adjusted I kind is work mid-single have tale labor digit and won't the the demand revenue but sure, your debit you on I but point, it's do than And in robust, you higher But appreciate for debit mid-single EBITDA supply to and for our of to hard some and give our just that. credit But give digit it's guided that. back again, that, some I Yes, is today. our

The business great a unit been Prepaid business prepaid. has is, other us. is for

It's to in but XX% primary We want it sales in relationships. portfolio. factors. have were inventory with happened XXXX a large good strong partners, customer where one a due and 'XX, shape, two replenishment business that up we COVID of a really then One record is our had

'XX. stocking so, news we good as initial there. reoccurring that'll a was in there some comparison The prepaid move tough versus has be business forward, And but 'XX

see solution, demand years. the again, XXXX prepaid the between we we to for come 'XX But be is That's So, really over of gain I'd what strong. back in market quality and properly go did four somewhere our win We customer forward our XXXX. sales to last share believe cards, will high And prepaid help such basis. things we share. packaging, all quality, objective we SaaS-based believe our continue to as products a those on us innovative eco-focused differentiated to our issuance

Jaeson Schmidt

in And chain just sort least then, How costs, supply understand looking will here at should the relatedly, the pass dynamics you And that inflationary costs? able at of about along these likely are margin here gross think given to but of near-term. QX, which and we XXXX? trending in gross impacted some persist the margin, labor

Amintore Schenkel

your Yes, costs. are inflationary we along passing question, to the second

be our where to adjusted mid single-digit our guidance probably we take back our will guided margins just XX.X%. also, broadly, And believe XXXX to EBITDA the that what, margins we it so were XXXX I'd but similar growth,

forth. labor initiatives were we're then operating But and into and we improvements. effect try expected our many have, on generate there like, sales to of to we XXXX, to some in to in the is of also adjusted believe, and pricing, pricing so, also margins continuing are EBITDA. drive things your efficiencies quarter will the the leverage inflation always be we off also the half so And customer the fourth and and helpful with first question of the of And gross operational going

it's knowing XX.X%. believe between you margins of number Jaeson, kind XXXX will And our adjusted sales strong a together forward. that quite adjusted so, to of EBITDA right, drive we to comfortable in margins and And that all margins XXXX but full-year be who kind move similar we're things of the work gross EBITDA as

Jaeson Schmidt

from and one if years, competitive expect over last in back I seen you taking you've change mentioned past with I'll landscape the and going sort surrounding forward. queue. to me I the the curious, continue I the just jump But assume any into mean, you rumor IDEMIA? And share just specifically of guess few that

Scott Scheirman

reasons Yes, are out but I the speak some that to we struggling there that [Indiscernible] And competitor, won't outpaced growth. years, to we a made spent. specific market there two the any the gaining purchase clearly Gap] marketplace. broadly, in of variety are I inventory over for gained significantly last share, competitors we share, there's strategic it's feel but decisions four we've evident we're share, reasons [Audio that

in $XX on as over million increased XXXX, call. mentioned inventory Amintore Our the

is, is critically think you than But we've very a some that our goals. got institutions examples, our important got chain We've are cards. have really too believe products quality of financial better that second the one give quality navigate So our in to and supply competitors. demand the to been high with have I is couple differentiated strong ESG I -- we believe of the Again, I the products, delivery. able market in eco-focused some on-time innovative thing

we to -- conscious. the consumers tidbit with All of be environmentally us business more with businesses once, do

believe will of XX%. launched we cards over cards more in And So XXXX, both them clearly eco-focused be up we in eco-focused of importantly sold our XX XXXX. are sales We since differentiated. million

plug the bank leader Another initial or is, even We that there's great it’s some got is we a key, a easy center for instant and but driven fee, the example credit just my fraud, sales consumables, business, our click got in record reoccurring package a of prevent machine, revenue Card@Once a was that the it's drive in SMEs. highly packaging that, that differentiated, issuance. time no XX% printed, market close [Indiscernible] to earn so It quality it's great somebody else's of innovative product off SaaS with model business from use. growth. to again, but based it's an we've there, And card the [Indiscernible] for also that But get year the a versus a in as is charge. to I'd clearly thing second that union one with opinion. package. of play, revenue sales differentiated for high pull nature, is a business, with prepaid helped hop XXXX fees Every our is consumer There

So again, see competitors last with differentiate our is do over win are we forward. proactive to believe strategy our as and products move we chain allowing I highly quality, market management, continue really our that And of our four to objective supply to us struggling. the just then inventory years. I'm share gain confident

Operator

The Joseph, question Thomas comes Instructions] [Operator next today Joseph from from Voya Investment. please go ahead.

Joseph Thomas

you've the And is first you noted, effect versus follow half? how Good through the pricing coming half stronger higher that during see I that a second imply Does mean margins I half. first pricing, Quick on year. the be than progressing question morning. Hi. margins up? have will into

Scott Scheirman

full is guidance. Yes, I the color you provided would I would give -- your we

there margins, quarter it and timing sales on-boarding and be the to both relate customers. some could given could variability in any So, of

in has the third quarter generally going season. into Our demand seasonality that's the prepaid the business highest holiday

pricing Some we or in of it when can investments be initiatives the kick make.

similar margins think but don't we I XXXX on our So, adjusted adjusted color EBITDA important give margins to to expect to is quarter, XX.X%. for be XXXX, full year thing quarter want of a basis you EBITDA by the specific that I

Joseph Thomas

Perfect.

leverage Okay. from uh, a leverage your what And, change? is target standpoint

Scott Scheirman

if have us. would just liquidity; is business the there's ample has walk to I you is for If sense this back second including through make first our our for capital; and to in acquisitions priorities that to

to leverage. item is question, third your reducing The Joseph our

year secured leverage about senior churns. at the was Today, announced notes end the of we're Our by paying X.X million. down $XX the we

about we to much to financial have describe year a mind was would important the that, So, keep leverage to less, think where condition in at thing compared our is would I that improved other be sheet. but compared to balance stronger like we I a ago, it yearend,

investments down we that us, that's that more shareholders. returning to to were do more really paying make the acquisitions, gives So would funds to say or business flexibility, whether strategic in debts or that I'd buyback. stock the through be If likely

a with shareholders. So we but that including move be want acquisitions returning as I share and to in don't the leverage that publicly, I'd like to forward, just leverage business, to got flexibility and have some we reducing funds we again, the the target so investing less,

Joseph Thomas

And final And, headwind that. year. question me, was helpful. Okay. a That thank was from last capital working obviously

to see stock inventory, working this do capital how you move If had you year?

Scott Scheirman

I'll our thinking walk through Amintore, there. Officer Yes. you let Financial Chief our

Amintore Schenkel

a was that working us high we kind out caused think order of something XXXX, Joseph, inventory deliver I build the be that is kind supply We inventory monitor Yes. our that we’re in issues would situations little there, in unique the caused what be we're our to to one $XX in the as of to ultimately profits here and think continue reserves that those use not that think, that obviously will managing that's a about this we inventory XXXX. a be things our make chain that chain of anticipate to can capital key was is, there. but inventory a were to and year us to sure and two on inflation appropriate year to overall. And when that terms as exist predict grow out do having primary had business drivers you increase kind difficult XXXX we continue but continue was supply a to bit of increases to million. of our out what for But key investment about monitor of us I there. driver, and clearly our make sure The sure we’ll sales order well to making that we're of up deliver in had in kind planning to going

Operator

Sabal Charters Bill, go The today next please comes Capital. question Bill from from ahead.

Bill Charters

if of at this normalize point. you ability XX% of guidance what earnings, comes to a the flow that's I strongly I cash that guess free the XX $X If I XX%. feed buy over you I cash flow, is, is know your indentures, roughly then at bond out with a look And out you $X.XX, to that buy million question maybe my And the in you of question. yield didn't because amount, of believe have if would free I stock stock. to first implies there's kind a follow-up to that get very reduced little that XX% that to million obviously buying better encourage return XX can but few that

Scott Scheirman

Mike. Go ahead,

Mike Salop

basket bond Yes, the share available purchase. was say for not redemption I the to affect going does the

Scott Scheirman

And on we utilize I input appreciate should capital. your our how

sure, Bill. I Thank you. So, for appreciate that

Operator

no are There further questions registered.

like So I'd Mike hand the to remarks. back to over Salop-for closing call

Mike Salop

for Thank you Feel myself, to questions. follow-up the call Thanks. joining everyone like good today. everybody any our have if thank you. I hope free to I'd a day. or Company contact has

Operator

you. That concludes today's CPI Thank Card earnings Group call. quarter fourth

You may line. your now disconnect

CPI Card (PMTS) 8 Mar 222021 Q4 Earnings call transcript