CPI Card Group 2024年度Form 10-K报告深度分析

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该报告被归档在美国证券交易委员会（SEC）华盛顿特区，文件编号为001-37584。CPI Card Group Inc.是依据特拉华州法律注册成立的公司，其公司注册编号为26-0344657。公司的主要执行办公室位于科罗拉多州利特尔顿的10368 W. Centennial Road，邮编为80127。公司也公布了其主要联系电话号码，包括区号为（720）681-6304。此外，CPI Card Group Inc.根据证券交易法的12(b)条款注册了普通股，面值为$0.001，并在纳斯达克全球市场上市交易，其交易符号为PMTS。这份文件不仅为研究CPI Card Group Inc.提供了第一手的官方资料，而且也提供了深入分析其业务、财务状况、市场战略、风险管理、法律合规以及管理层讨论和分析等方面的关键信息。Form 10-K是公开上市公司必须定期向SEC提交的文件，该文件包含了公司过去一年的经营情况，以及未来发展的战略规划。 Form 10-K通常分为几个部分，涵盖公司概述、财务报表、管理层对财务状况和运营结果的讨论和分析、重要会计政策的描述、资本结构、股票期权计划、以及与股东的交易等。这些部分都提供了对公司的财务健康、业务策略和市场地位的深入洞察。在财务报表部分，公司必须提供详细的资产负债表、损益表和现金流量表等。这些报表为分析师、投资者和监管机构提供了评估公司财务状况的直接数据。管理层讨论与分析（MD&A）部分则提供了管理层对公司的财务状况和运营结果的深度解析，包括公司的关键财务指标、运营趋势、季节性和周期性因素、关键会计估计和假设等。在讨论公司战略和计划时，管理层会提供关于其长期和短期目标的信息，包括市场扩张计划、研发投资、资本支出计划、可能的战略联盟或并购，以及如何应对外部环境的不确定性。法律合规部分详述了公司如何遵守所有适用的法律和法规，包括但不限于财务报告规定、税务、环境法规、劳动法和公司治理结构。通过研究Form 10-K，投资者、分析师和其他利益相关者能够对公司进行全面的评估，从而做出明智的投资决策。同时，公司通过提交Form 10-K向市场展示其透明度，增强投资者对公司治理和财务透明度的信心。"

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these technology integrations could enable us to provide additional digital services to customers,

including our digital push provisioning service as a complement to physical cards.

● Network of High-Security Facilities. Each of our high-security facilities is audited for compliance

with the PCI Security Standards Council by one or more of the Payment Card Brands, forming a

network of compliant facilities in the United States. The Payment Card Brands’ attestations of

compliance allow us to produce cards bearing these brands and provide relevant card services for

our customers. These audit processes are long and complex, and our facilities and systems must

comply with strict standards of security in order to obtain and retain these designations, which are

regularly verified by both the Payment Card Brands and our customers. We believe the

complexity and investment needed to obtain and retain these compliance designations serves as a

barrier to new entrants into our market.

● Experienced Leadership Team. We have an experienced leadership team focused on serving

customers, driving innovation, generating efficient production and services processes, ensuring

accountability, delivering timely and high-quality results, and generating long-term value for our

stockholders.

Customers

We have developed long-lasting relationships with our customers by working together to enhance

payment card programs and by providing innovative, high-quality solutions and customer service. We

primarily sell in the U.S. market and our diverse customer base includes some of the largest issuers of

secure credit and debit cards, the largest prepaid program managers, major financial institution platform

providers and card processor organizations, leading fintechs, thousands of small to mid-sized financial

institutions, and others.

Solutions for customer segments in our traditional markets include:

● Large card issuers (defined as the top 10 card issuers in the United States based on an average of

cards issued during the past three years): secure debit and credit cards;

● Small to mid-sized financial institutions: secure debit and credit cards, card personalization

services, instant card issuance, and other payment solutions including digital solutions. The small

to mid-sized financial institutions market segment includes regional banks, independent

community banks, credit unions, and others and is often served by us through Resellers. We

define “Resellers” as financial institution platform providers and card processor organizations that

assist financial institutions with their core banking operations, including management of their

credit and debit card programs;

● Fintechs: secure debit and credit cards and card personalization services;

● Prepaid program managers: Prepaid Debit Cards, secure packaging solutions and other integrated

prepaid card services. These prepaid program managers resell to their customer base which

represents a significant number of U.S. distribution points, such as retail channels including

national big box, grocery, and convenience/gas retailers, and others in various industries, and

assist with the management and operations of their customers’ Prepaid Debit Cards programs; and

● Other: payment and non-payment cards for healthcare providers, entertainment venues,

government disbursements, transit services and others.

CPI had one customer that accounted for 10% or more of its net sales in 2024. Net sales from this

customer were approximately 18% of total net sales for the year ended December 31, 2024, and we have

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We typically enter into master purchase or service agreements that govern the general terms and

conditions of our commercial relationships. We then enter into a purchase order or other short-term

arrangement that defines the quantities of products to be delivered or services rendered and other terms

specific to the order, as appropriate. In most cases, our contractual arrangements include neither exclusivity

clauses nor commitments from our customers to order any given quantities of products on a medium or

long-term basis.

Production

We have a network of high-security facilities that we leverage to fulfill customer orders, with an

array of products and services available to our customers. We have attempted to design our facilities and

operating processes to provide exceptional service to all customers, with capabilities to execute high-

volume and lower-volume production runs and on-demand solutions.

As of December 31, 2024, we operated facilities comprising approximately 400,000 square feet in

the United States, with the majority of the space dedicated to payment card production, personalization

services, card packaging and fulfillment services. We are also in the process of constructing a new facility

in Fort Wayne, Indiana, pursuant to a build-to-suit lease agreement, to which we intend to relocate our

current Indiana operations. This new facility is intended to modernize our operations, increase efficiencies

and provide additional capacity and capabilities to accommodate future growth. See Part I, Item 2,

Properties in this Annual Report on Form 10-K for information on the operations of each facility.

We rely on secure ground and air freight to deliver finished products to our customers. Due to the

high-security nature of the payment card products we provide to our customers, certain products must be

shipped to these customers via a secure method, such as armored vehicle. With respect to customers for

whom we fulfill individual and personalized debit and credit cards, we primarily utilize the U.S. postal

service and other express shipping services to deliver these cards directly to individual cardholders. For

other customers, we deliver our products via regular ground and air freight.

In addition, we seek to embrace practices and solutions at our facilities designed to limit our

impact on the environment, preserve natural resources and create innovative and responsible products. Our

key areas of focus in this area include incorporating environmental sustainability practices when feasible in

alignment with our business model, values and customer needs; engaging employees; and communicating

and promoting our commitment and contribution to more sustainable practices and products.

Sales and Marketing

We market ourselves as a leader and trusted partner in payments, seeking to meet or exceed the

needs of our customers through high quality, flexibility, and meaningful, innovative products at value-

driven pricing. We strategize and collaborate with our customers to bring them valuable and innovative

solutions. We have sales representatives, customer relationships and partners that provide a wide

geographic reach across the United States to sell and market our solutions. Our sales representatives offer

complete end-to-end solutions that incorporate the full spectrum of our products and services from concept

to delivery.

Our sales and marketing strategy is focused on strengthening our relationships with existing

customers through a consultative approach that includes cross-selling expanded services and sharing

expertise to enhance customers’ card programs. Our marketing efforts focus on the needs of our specific

types of customers and leverage the strength of our full-service offerings to attract new customers. By

tailoring our marketing strategy to different customer segments, we are able to provide relevant targeted

solutions to meet our customers’ individual needs. We use an array of marketing communications and

thought leadership across various industry publications, editorial white papers, case studies, conferences

and trade shows, print and digital advertisements, educational webinars, podcasts, and blogs to introduce

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Competition

The market for products and services in the payment card industry is highly competitive.

Competitive factors for our business include product quality, customer service, innovation, product line

comprehensiveness and integration, timely introduction of new products, features and capabilities, and

price. Although our company is smaller in size than the corporations that own some of our key competitors,

we believe that our size and payment card related focus allow us to be more flexible and responsive to our

customers’ needs.

We believe we are in competition with other card producers, card personalization service

providers, card packaging providers, and others that provide technology and digital solutions related to

payment cards, such as ABCorp, Arroweye, CompoSecure L.L.C., Entrust, FIS, Fiserv, Giesecke &

Devrient GmbH, HID Global, IDEMIA, Perfect Plastic Printing, Thales, Travel Tags, and WestRock (Multi

Packaging Solutions), among others.

Certain of these competitors are global conglomerates that possess substantially greater financial,

sales and marketing resources than we do and can offer additional integrated products and solutions.

In addition, certain existing and potential customers have the ability to produce and/or personalize

debit and credit payment cards in-house. Accordingly, we compete with certain of our customers, including

those that offer transaction processing products and services to financial institutions.

Suppliers

Our general procurement philosophy is to prevent or avoid being dependent on a single-source

supplier. We believe we have developed constructive relationships with our suppliers and, in general,

receive a high level of cooperation and support from them. However, certain components are only available

from a single supplier, or substituting a component from a different supplier may require additional time

and investment. Some of the most important components of our products include the microchips and

antennas for our card products. Our main suppliers of microchips and antennas include three leading

international producers with locations in Germany, Thailand, and Singapore, some of which source

materials from Taiwan. For the year ended December 31, 2024, approximately 95% of our purchased

microchips and antennas came from these three main suppliers, and approximately 78% came from one

supplier, including most of our contactless chips. The other key components for our products are substrates

and inlays. Our Second Wave payment cards feature a core made with ROBP, which we either have sourced

or currently source from suppliers in Haiti and Thailand.

We monitor supply-chain risks and evaluate alternative suppliers based on numerous attributes

including quality, performance, service, scalability, features, innovation, resiliency and price. In 2022 in

order to fulfill the demands of our customers and to mitigate the impact of supply chain shortages, we

entered into a capacity reservation agreement with one of our chip suppliers to reserve production supply

capacity. Under the agreement, we agreed to pay certain fees in exchange for the supplier’s commitment to

reserve capacity to produce a set quantity of chips from 2023 through 2026, subject to certain conditions,

and we have committed to purchase those chips. The total value of our commitment is approximately

$190.0 million over the term of the agreement. As of December 31, 2024, the remaining commitment was

$62.0 million.

Intellectual Property

We own, control or license various intellectual property rights, such as patents, trade secrets,

confidential information, trademarks, service marks, tradenames, copyrights and applications. We are party

to certain patent cross-license arrangements with industry participants and may, from time to time, enter

into similar commercial agreements we consider necessary or beneficial for our business.

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