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Segment Reporting | 6 Months Ended
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Jun. 30, 2024
Segment Reporting |
Segment Reporting | 14. Segment Reporting The Company has identified reportable segments that represent 10% or more of its net sales, EBITDA (as defined below) or total assets, or when the Company believes information about the segment would be useful to the readers of the financial statements. The Company’s chief operating decision maker is its Chief Executive Officer, who is charged with management of the Company and is responsible for the evaluation of operating performance and decision making about the allocation of resources to operating segments based on measures, such as net sales and EBITDA. EBITDA is the primary measure used by the Company’s chief operating decision maker to evaluate segment operating performance. As the Company uses the term, “EBITDA” is defined as income before interest expense, income taxes, depreciation and amortization. The Company’s chief operating decision maker believes EBITDA is a meaningful measure and is useful as a supplement to GAAP measures as it represents a transparent view of the Company’s operating performance that is unaffected by fluctuations in property, equipment and leasehold improvement additions. The Company’s chief operating decision maker uses EBITDA to perform periodic reviews and comparison of operating trends and to identify strategies to improve the allocation of resources amongst segments. As of June 30, 2024, the Company’s reportable segments were as follows: ● Debit and Credit ● Prepaid Debit ● Othe r ​ Debit and Credit Segment The Debit and Credit segment primarily produces Financial Payment Cards and provides integrated card services, including digital services, for card-issuing financial institutions primarily in the United States. Products produced by this segment primarily include EMV and non-EMV Financial Payment Cards, including contact and contactless cards, and Eco-Focused Cards. The Company also sells Card@Once instant card issuance solutions, and private label credit cards that are not issued on the networks of the Payment Card Brands. The Company provides print-on-demand services, where images, personalized payment cards, and related collateral are produced on a one-by-one, on demand basis for customers. This segment also provides a variety of integrated card services, including card personalization and fulfillment services and instant issuance services. The Debit and Credit segment facilities and operations are audited for compliance with the standards of the PCI Security Standards Council by multiple Payment Card Brands. Prepaid Debit Segment The Prepaid Debit segment primarily provides integrated prepaid card services to Prepaid Debit Card providers primarily in the United States, including tamper-evident security packaging. This segment also produces Financial Payment Cards issued on the networks of the Payment Card Brands that are included in the tamper-evident security packages. The Prepaid Debit segment facilities and operations are audited for compliance with the standards of the PCI Security Standards Council by multiple Payment Card Brands. Other The Other segment includes corporate expenses. Performance Measures of Reportable Segments ​ Net sales and EBITDA of the Company’s reportable segments, as well as a reconciliation of total segment EBITDA to income from operations and net income for the three and six months ended June 30, 2024 and 2023, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended June 30, 2024
​ | Debit and Credit | ​ | Prepaid Debit | ​ | Other | ​ | Intersegment Eliminations | ​ | Total
Net sales | $ | 95,620 | ​ | $ | 23,815 | ​ | $ | — | ​ | $ | (617) | ​ | $ | 118,818
Cost of sales | ​ | 61,456 | ​ | ​ | 15,591 | ​ | ​ | — | ​ | ​ | (617) | ​ | ​ | 76,430
Gross profit | ​ | 34,164 | ​ | ​ | 8,224 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 42,388
Operating expenses | ​ | 8,775 | ​ | ​ | 1,315 | ​ | ​ | 17,389 | ​ | ​ | — | ​ | ​ | 27,479
Income (loss) from operations | $ | 25,389 | ​ | $ | 6,909 | ​ | $ | (17,389) | ​ | $ | — | ​ | $ | 14,909
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EBITDA by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | $ | 25,389 | ​ | $ | 6,909 | ​ | $ | (17,389) | ​ | $ | — | ​ | $ | 14,909
Depreciation and amortization | ​ | 2,237 | ​ | ​ | 895 | ​ | ​ | 916 | ​ | ​ | — | ​ | ​ | 4,048
Other income (expense) | ​ | (1) | ​ | ​ | (1) | ​ | ​ | (76) | ​ | ​ | — | ​ | ​ | (78)
EBITDA | $ | 27,625 | ​ | $ | 7,803 | ​ | $ | (16,549) | ​ | $ | — | ​ | $ | 18,879
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Six Months Ended June 30, 2024
​ | Debit and Credit | ​ | Prepaid Debit | ​ | Other | ​ | Intersegment Eliminations | ​ | Total
Net sales | $ | 183,593 | ​ | $ | 48,013 | ​ | $ | — | ​ | $ | (852) | ​ | $ | 230,754
Cost of sales | ​ | 117,934 | ​ | ​ | 29,766 | ​ | ​ | — | ​ | ​ | (852) | ​ | ​ | 146,848
Gross profit | ​ | 65,659 | ​ | ​ | 18,247 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 83,906
Operating expenses | ​ | 17,516 | ​ | ​ | 2,593 | ​ | ​ | 34,743 | ​ | ​ | — | ​ | ​ | 54,852
Income (loss) from operations | $ | 48,143 | ​ | $ | 15,654 | ​ | $ | (34,743) | ​ | $ | — | ​ | $ | 29,054
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EBITDA by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | $ | 48,143 | ​ | $ | 15,654 | ​ | $ | (34,743) | ​ | $ | — | ​ | $ | 29,054
Depreciation and amortization | ​ | 4,387 | ​ | ​ | 1,766 | ​ | ​ | 1,912 | ​ | ​ | — | ​ | ​ | 8,065
Other income (expense) | ​ | (63) | ​ | ​ | (2) | ​ | ​ | (78) | ​ | ​ | — | ​ | ​ | (143)
EBITDA | $ | 52,467 | ​ | $ | 17,418 | ​ | $ | (32,909) | ​ | $ | — | ​ | $ | 36,976
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended June 30, 2023
​ | Debit and Credit | ​ | Prepaid Debit | ​ | Other | ​ | Intersegment Eliminations | ​ | Total
Net sales | $ | 93,194 | ​ | $ | 21,821 | ​ | $ | — | ​ | $ | (55) | ​ | $ | 114,960
Cost of sales | ​ | 60,156 | ​ | ​ | 14,034 | ​ | ​ | — | ​ | ​ | (55) | ​ | ​ | 74,135
Gross profit | ​ | 33,038 | ​ | ​ | 7,787 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 40,825
Operating expenses | ​ | 7,957 | ​ | ​ | 159 | ​ | ​ | 15,217 | ​ | ​ | — | ​ | ​ | 23,333
Income (loss) from operations | $ | 25,081 | ​ | $ | 7,628 | ​ | $ | (15,217) | ​ | $ | — | ​ | $ | 17,492
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EBITDA by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | $ | 25,081 | ​ | $ | 7,628 | ​ | $ | (15,217) | ​ | $ | — | ​ | $ | 17,492
Depreciation and amortization | ​ | 2,353 | ​ | ​ | 704 | ​ | ​ | 1,004 | ​ | ​ | — | ​ | ​ | 4,061
Other income (expense) | ​ | 21 | ​ | ​ | 1 | ​ | ​ | (100) | ​ | ​ | — | ​ | ​ | (78)
EBITDA | $ | 27,455 | ​ | $ | 8,333 | ​ | $ | (14,313) | ​ | $ | — | ​ | $ | 21,475
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Six Months Ended June 30, 2023
​ | Debit and Credit | ​ | Prepaid Debit | ​ | Other | ​ | Intersegment Eliminations | ​ | Total
Net sales | $ | 195,179 | ​ | $ | 40,951 | ​ | $ | — | ​ | $ | (318) | ​ | $ | 235,812
Cost of sales | ​ | 123,957 | ​ | ​ | 28,254 | ​ | ​ | — | ​ | ​ | (318) | ​ | ​ | 151,893
Gross profit | ​ | 71,222 | ​ | ​ | 12,697 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 83,919
Operating expenses | ​ | 16,115 | ​ | ​ | 1,392 | ​ | ​ | 28,322 | ​ | ​ | — | ​ | ​ | 45,829
Income (loss) from operations | $ | 55,107 | ​ | $ | 11,305 | ​ | $ | (28,322) | ​ | $ | — | ​ | $ | 38,090
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EBITDA by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | $ | 55,107 | ​ | $ | 11,305 | ​ | $ | (28,322) | ​ | $ | — | ​ | $ | 38,090
Depreciation and amortization | ​ | 4,514 | ​ | ​ | 1,328 | ​ | ​ | 2,023 | ​ | ​ | — | ​ | ​ | 7,865
Other income (expense) | ​ | 26 | ​ | ​ | 1 | ​ | ​ | (219) | ​ | ​ | — | ​ | ​ | (192)
EBITDA | $ | 59,647 | ​ | $ | 12,634 | ​ | $ | (26,518) | ​ | $ | — | ​ | $ | 45,763
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 6,001 | ​ | $ | 6,523 | ​ | $ | 11,456 | ​ | $ | 17,396
Interest, net | ​ | 6,530 | ​ | ​ | 6,740 | ​ | ​ | 12,955 | ​ | ​ | 13,521
Income tax expense |  | 2,300 | ​ |  | 4,151 | ​ |  | 4,500 | ​ |  | 6,981
Depreciation and amortization |  | 4,048 | ​ |  | 4,061 | ​ |  | 8,065 | ​ |  | 7,865
EBITDA | $ | 18,879 | ​ | $ | 21,475 | ​ | $ | 36,976 | ​ | $ | 45,763
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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