Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting

Schedule of revenue and EBITDA of the company's reportable segments

	Three Months Ended September 30, 2023
	Debit and Credit		Prepaid Debit		Other		Intersegment Eliminations		Total
	(dollars in thousands)
Net sales	$	83,780	$	22,335	$	—	$	(252)	$	105,863
Cost of sales		55,399		14,564		—		(252)		69,711
Gross profit		28,381		7,771		—		—		36,152
Operating expenses		7,590		1,140		14,461		—		23,191
Income (loss) from operations	$	20,791	$	6,631	$	(14,461)	$	—	$	12,961
EBITDA by segment:
Income (loss) from operations	$	20,791	$	6,631	$	(14,461)	$	—	$	12,961
Depreciation and amortization		2,322		675		1,008		—		4,005
Other expense, net		(27)		(2)		(24)		—		(53)
EBITDA	$	23,086	$	7,304	$	(13,477)	$	—	$	16,913
	Nine Months Ended September 30, 2023
	Debit and Credit		Prepaid Debit		Other		Intersegment Eliminations		Total
	(dollars in thousands)
Net sales	$	278,959	$	63,286	$	—	$	(570)	$	341,675
Cost of sales		179,356		42,818		—		(570)		221,604
Gross profit		99,603		20,468		—		—		120,071
Operating expenses		23,705		2,532		42,783		—		69,020
Income (loss) from operations	$	75,898	$	17,936	$	(42,783)	$	—	$	51,051
EBITDA by segment:
Income (loss) from operations	$	75,898	$	17,936	$	(42,783)	$	—	$	51,051
Depreciation and amortization		6,836		2,003		3,031		—		11,870
Other expense, net		(1)		(1)		(243)		—		(245)
EBITDA	$	82,733	$	19,938	$	(39,995)	$	—	$	62,676
	Three Months Ended September 30, 2022
	Debit and Credit		Prepaid Debit		Other		Intersegment Eliminations		Total
	(dollars in thousands)
Net sales	$	99,512	$	25,335	$	—	$	(270)	$	124,577
Cost of sales		61,441		14,966		—		(270)		76,137
Gross profit		38,071		10,369		—		—		48,440
Operating expenses		8,653		1,260		15,082		—		24,995
Income (loss) from operations	$	29,418	$	9,109	$	(15,082)	$	—	$	23,445
EBITDA by segment:
Income (loss) from operations	$	29,418	$	9,109	$	(15,082)	$	—	$	23,445
Depreciation and amortization		2,271		529		1,037		—		3,837
Other expense, net		(14)		—		(49)		—		(63)
EBITDA	$	31,675	$	9,638	$	(14,094)	$	—	$	27,219

	Nine Months Ended September 30, 2022
	Debit and Credit		Prepaid Debit		Other		Intersegment Eliminations		Total
	(dollars in thousands)
Net sales	$	285,708	$	64,010	$	—	$	(409)	$	349,309
Cost of sales		181,319		40,130		—		(409)		221,040
Gross profit		104,389		23,880		—		—		128,269
Operating expenses		25,542		3,487		42,760		—		71,789
Income (loss) from operations	$	78,847	$	20,393	$	(42,760)	$	—	$	56,480
EBITDA by segment:
Income (loss) from operations	$	78,847	$	20,393	$	(42,760)	$	—	$	56,480
Depreciation and amortization		6,202		1,711		3,105		—		11,018
Other expense, net		(7)		(3)		(464)		—		(474)
EBITDA	$	85,042	$	22,101	$	(40,119)	$	—	$	67,024

Schedule of reconciliation of total segment EBITDA to income before taxes

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(dollars in thousands)
Total segment EBITDA	$	16,913	$	27,219	$	62,676	$	67,024
Interest, net		(6,714)		(7,323)		(20,235)		(22,334)
Income tax expense		(2,337)		(4,149)		(9,318)		(9,609)
Depreciation and amortization		(4,005)		(3,837)		(11,870)		(11,018)
Net income	$	3,857	$	11,910	$	21,253	$	24,063