everyone. morning, good and Scott, you, Thank
Credit X. The compared I sales segment prior-year the outside traditional to with by to Card@Once Debit instant services, will Debit Debit Slide increased sales with contactless year, strong various across our the with net strong products. driven in $XXX.X existing Credit million prior my portfolio net XX% sales growth increased the overview channel solutions XX% and Fourth from quarter on begin personalization with XX% compared quarter, Prepaid. Prepaid additions and customer segment and other cards, growth customers. contributions issuance and and increased retail new net
price $XX.X profit costs, benefits margin offset XX.X%, the from on on the million while from of primarily partially XX% XX.X% by increased from impacts costs. of increased sales quarter year, including gross from increases, operating by growth, profit driven materials production Fourth prior to gross leverage inflation
which This stock $X SG&A and expenses headcount higher reflects prior reduction in million partially increased $X the compensation $XXX,XXX. and approximately of salaries, growth a quarter compensation year, our to primarily expense of in the compared offset expenses, approximately million support increased by execution. to higher strategic includes by
the quarter, tax to brought tax adjustments rate which tax prior-year fourth XX% items benefits favorable position may due arise. uncertain for unfavorable excluding quarter any items from We was adjustment to adjustment related items. and project tax Our full year unrecognized slightly of XXXX, XX.X%. was state XX.X% quarter tax the in rate a to XX.X% included rate that than some tax and rate state settlements, less down our which to related The in
increased million strong from from margin to fourth including the pricing in prior the year increased in the XXX% in income EBITDA $XX.X in Adjusted million. benefits. operating from to $XX.X the $XXX,XXX and quarter XXXX, by sales, EBITDA driven to prior improved XX.X% adjusted XX.X%, year Net leverage
segment to now the year to million, Debit year-to-date increase X%. prior results sales and XX% on our for compared financial year. increased the record segment, full Net X. Turning and a XX% increased Debit a sales By of Prepaid segment level Slide Credit $XXX.X reached
grow XX% Debit XX. from and orders the for We in level continue than expect Secured about XX% the cards strong to XXXX. to sales XX% more volume XX ended cards, growth up market to in of benefited large XXXX XX% of from at for sales XXXX estimate of XX% cards, contactless U.S. contactless was to in penetration contactless circulation, by Approximately eco-focused under from and cards. just Credit Card our including
represented which personalization solutions, We under total cards also issuance good just experienced strong Card@Once in and growth XXXX from and services, from sales XX% growth contact products. of instant company other
benefited customer prepaid, driven with challenging and we're the in previous existing restocking Overall, inventory expected retail growth level, the large X% new able pricing we to Thanks to pricing fourth XXXX to growth year a XXXX, a business by a segment. the and low-single portfolio. the benefits. in the each very quarter, grow prepaid contribution from XX% to In and company's significant strong to additionally amounted and another year new growth to of record customers for year as digit
of remainder and pricing. with the XX% to due the to to contactless Secure mix sales conversion Cards, volume growth For from was due
XX.X% gross partially $XXX.X increases. profit operating the benefits increased the gross impact while offset XX.X% year, including year due by costs, to million to primarily production profit Full from materials, XX% of margin inflationary leverage, price decreased from on of prior
$X additional full SG&A of expense the for increased increased headcount expenses reflects approximately as offset million stock partially primarily of increased compensation, and lower by services million year, to expenses of of $X as incremental The well $X approximately of compensation due professional approximately severance salaries approximately approximately $X.X compensation million expense. comp. by million increase $XX million
refinancing growth the XXXX net in year income primarily quarter. costs and impact the of due to sales debt the to increased Full first incurred XXX% $XX.X million,
adjusted by the increase The in offset EBITDA in and growth, year increased in EBITDA XXXX. increased costs. and resulting the the driven by from sales XX% XX.X% partially EBITDA to XX.X% SG&A to was margin $XX.X while production increased Adjusted adjusted operating million, prior leverage,
segment to earlier. on mentioned drivers Turning the now I Slide our segments XX. sales
on discuss just So, I will this profitability slide. segment
and operating increased Income quarter $XX.X by higher offset segment Credit to primarily by materials. million, from XX% Debit the the in operations sales partially and costs, production driven the net for leverage, higher
operations For Credit income factors full Debit the by year, quarter. fourth the driven and segment as the increased from same XX%,
by driven the XX% in increased in from the decline $X.X net leverage. higher These offset to operations drove by quarter operating quarter. were income which the increased also segment prepaid operating Debit fourth expenses, benefits sales Prepaid million, margin operating and partially
For income increased benefit with primarily due partially of segment the impact full including the of inflationary on offset operating X%, price impact higher and decreased production costs, materials year, to from increases. by Prepaid Debit operations on majority sales, the the expenses, the
liquidity balance XX. Turning sheet, to Slide and on cash the flow
We continued cash and refunds. generated million a $XX.X prior-year was strengthen free flow activities $XX.X leverage our period resulted ending of significantly despite the We from benefits This cash related in free $XX.X capital invested and increase million. on in cash prior $XX.X financial XXXX, the year net million operating which an million of to the generated of $X.X spending increased in Xx. tax the XXXX flow of to during flow in of with capital year from position ratio cash expenditures, million
increased growth in our year strong as demand to fourth support Inventories business receivable environment. during million supply to $XX XXXX Accounts during quarter. a million sales balances challenging the chain we customer the increased $XX due the managed and
inventories million we quarter, fourth generated to the strong $XX.X we In the third $X flow quarter. cash Although end of the million. compared of free reduced
of $X XX, of at $XX the million of and cash year-end, as We secured had our fourth XXXX. notes notes we borrowings quarter million and the in additional December of million repurchased in redeemed million million another market of to open senior quarter. sheet we of million we in market the of Subsequent the year-end, at revolver. $XX $XXX $X On in had outstanding quarter $XX balance outstanding the XXXX repurchased in notes ABL open first the an on first $X million
leverage ratio to to allocation the focused capital in of do course the in may we acquisitions, part priorities, year needs working and priorities lowering over including ample funds sheet structure XXXX, with these liquidity, net increase time. capital leverage we early stockholders. improve to potentially our year, deleveraging maintaining X.Xx Xx. returning seasonal and but balance Consistent the ratio further investing remain target the Similar to of business, continue last between possible year and on Our the expect net the end the strategic and over
reiterate To we expect growth share XXXX, a outlook in our sales market. range, mid-single digit the gaining in for growth slower
Debit range manage while drive as in expenses for mid- leverage growth to the our We investing expect and operating adjusted high-single the EBITDA and digit more Credit tightly we still segment. future for
XXXX. We double cash to project flow conversion improve expect $XX.X cash we and generated the from free flow to in than million more
expect our somewhere As strong X.Xx to debt more capital our so may supply we than always, and by be growth net Within similar flow. is to serve and we to our year-end cash or reduction. first between but cash inventory free and priority free we through capital our improve business spending outlook additional EBITDA expect flow, leverage prioritize working XXXX ratio Xx to investments, and customers, levels, net needs improvement chain environment current reflects if changes, doubling to the
record the our position. and expect improvement another progress XXXX we strengthen financial challenging in environment. results in financial delivered more XXXX and further of And year despite We
and I'm the update financial also to effective material status. as previously to our year-end an been been you and pleased has Based evaluation, control on weaknesses the internal able of it recent results reporting determined have give of XXXX be that our remediated. on is most disclosed SOX
and controls, significant pleased the have devoted time have our We processes remediation. strengthening completed resources are to and and to
family proud have company. as delivered we we due and I be this the of reasons. mentioned, I have to Scott year am results joined achieved CPI I the since will personal Finally, leaving accomplishments
place, in I success, to well company's have a strong and contributing to ensure is which continue new the to prepared to board team to transition the on orderly intend stay there We an CFO. financial is
to the is company continued to look and to its believe financial we As well strategies execute improvement. the I drive future, growth positioned
remarks closing Scott to call will pass for the Scott? XX. I back Slide now some on
