CPI Card Group Inc (PMTS) 2026 Q1 法說會逐字稿

Welcome to CPI Card Group's First Quarter 2026 Earnings Call. My name is Carrie, and I'll be your conference operator today.

歡迎參加 CPI Card Group 2026 年第一季財報電話會議。我叫 Carrie，今天將擔任各位的會議接線員。

(Operator Instruction)

(接線員指示)

Mike (inaudible).

Mike(聽不清楚)。

Thanks, operator. Welcome to CPI's first-quarter 2026 earnings webcast and conference call. Today's date is May 5, 2026, and on the call today from CPI Card Group are John Lowe, President and Chief Executive Officer and Tara Grantham, Interim Chief Financial Officer.

謝謝，接線員。歡迎參加 CPI 2026 年第一季財報網路直播與電話會議。今天是 2026 年 5 月 5 日；今天出席電話會議的 CPI Card Group 代表包括總裁兼執行長 John Lowe，以及代理財務長 Tara Grantham。

Before we begin, I'd like to remind everyone that this call may contain forward-looking statements, as they are defined under the Private Securities Litigation Reform Act of 1,995.

在開始之前，我想提醒各位，本次電話會議可能包含前瞻性陳述，其定義依據 1995 年《私人證券訴訟改革法》。

These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.

這些陳述受到若干風險與不確定性影響，可能導致實際結果與前瞻性陳述中表達的內容出現重大差異。

For discussion of such risks and uncertainties, please see CPI Card Group's most recent filings with the SEC. All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update any statements to reflect the events that occur after this call.

關於此類風險與不確定性的討論，請參閱 CPI Card Group 最近向美國證券交易委員會（SEC）提交的文件。今日所作的所有前瞻性陳述僅反映我們目前的預期；對於在本次電話會議之後發生的事件，我們不承擔更新任何陳述的義務。

Also, during the course of today's call, the company will be discussing one or more non-GAAP financial measures, including, but not limited to, EBITDA, adjusted EBITDA margin, net leverage ratio, and free cash flow.

此外，在今天的電話會議過程中，公司將討論一項或多項非 GAAP 財務衡量指標，包括但不限於 EBITDA、調整後 EBITDA 利潤率、淨槓桿比率以及自由現金流。

Reconciliations of these non-GAAP financial measures, the most directly comparable GAAP measures, are included in the press release and slide presentation we issued this morning.

這些非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表，已包含於我們今早發布的新聞稿與簡報中。

Copies of today's press release, as well as the presentation that accompanies this conference call and the Form 10-Q are accessible on CPI's Investor Relations website, investor.cpicardgroup.com. On today's call, all growth rates refer to comparisons with the prior-year period unless otherwise noted.

今日新聞稿副本、隨本次電話會議提供的簡報，以及 Form 10-Q，皆可於 CPI 的投資人關係網站 investor.cpicardgroup.com 取得。今天電話會議中，除非另有說明，所有成長率均指與去年同期相比。

John Lowe, CPI Card Group Inc.

John Lowe，CPI Card Group Inc.

Thanks, Mike, and good morning, everyone.

謝謝，Mike，各位早安。

Overall, we are off to a solid start in 2026 and are on track to achieve our full-year outlook. We are executing on our initiatives to deliver on our strategy of growing the diversifying the business by helping our customers win as we expand our proprietary technology platform, grow our marketable base of relationships, and evolve our payment solutions to meet market needs.

整體而言，我們在 2026 年有一個穩健的開局，並正按計畫達成全年展望。我們正推動各項計畫以落實策略：透過協助客戶取得成功來推動業務成長與多元化；同時擴展我們的自有技術平台、擴大可觸及的關係基礎，並持續演進支付解決方案以符合市場需求。

We exceeded our expectations in the first quarter, delivering 20% revenue growth, which reflected another strong contribution from AOI, as well as good growth across our other secure card solutions businesses.

第一季我們的表現超出預期，營收成長 20%；這反映 AOI 再度帶來強勁貢獻，同時我們其他安全卡解決方案業務也有良好成長。

This included strong performance from our contactless solutions, led by continued strength of contactless metal as we emphasize our offerings of value-driven metal solutions and increased sales of personalization services.

其中包含我們感應式（非接觸）解決方案的強勁表現，主要由感應式金屬卡的持續強勢所帶動；我們著重於提供具價值導向的金屬解決方案，並提升個人化服務的銷售。

As expected, our prepaid solution segment had a slow start to the year, but we continue to anticipate growth for the full year.

如預期，我們的預付卡解決方案事業部在年初開局較慢，但我們仍預期全年將恢復成長。

Integrated paytech grew only slightly due to comparisons with a strong prior-year quarter, and we continue to expect the segment to grow more than 15% for the full year.

整合式 Paytech 僅小幅成長，主要因去年同期基期強勁；我們仍預期該事業部全年成長將超過 15%。

Adjusted EBITDA increased 9% in the quarter, and we generated strong cash flow with more than $10 million of free cash flow in the quarter.

本季調整後 EBITDA 成長 9%，且我們產生強勁現金流，本季自由現金流超過 1,000 萬美元。

We also improved our financial position, ending the quarter with a net leverage ratio just below three times.

我們也改善了財務狀況，季末淨槓桿比率略低於 3 倍。

Based on first quarter results and our current forecast, we are affirming the full-year financial outlook we provided in March. [Harold] will give you more details on first quarter results in a few minutes, but first, I would like to provide a brief strategic update on Slide five.

基於第一季結果與目前預測，我們重申 3 月提供的全年財務展望。[Harold] 將在幾分鐘後提供第一季結果的更多細節；但在此之前，我想先在投影片五提供簡要的策略更新。

As I said before, we are executing on our strategy as we start 2026 and are fortunate to operate in multiple growing markets.

如我先前所說，我們在 2026 年初正落實既定策略，並且很幸運能在多個成長中的市場中營運。

In addition to ongoing increases in cards in circulation in the US payments market, our business is supported by increase in demand for digital solutions by financial institutions and an increased focus on security for prepaid cards and packages.

除了美國支付市場流通卡數持續增加之外，我們的業務也受惠於金融機構對數位解決方案需求的提升，以及對預付卡與包裝安全性的更高重視。

As we discussed last quarter. Our strategy is to continue providing payment technology solutions that help our customers win, driven by three primary growth pillars that underpin our value proposition.

如同我們在上一季所討論的。我們的策略是持續提供能協助客戶致勝的支付科技解決方案，並由三大主要成長支柱驅動，作為我們價值主張的基礎。

First, our proprietary technology platform with a vast reach into the U.S. Payments ecosystem second, our marketable base of thousands of deep and broad relationships across the U.S. Payments market and third, our proven track record of delivering evolving payment solutions that reflect changing market needs.

第一，我們的自有技術平台，能廣泛觸及美國支付生態系；第二，我們在美國支付市場中擁有數千個深度且廣泛的可觸及關係基礎；第三，我們具備經驗證的實績，能提供反映市場需求變化的演進式支付解決方案。

We continue to make progress on driving our strategy forward, laying more pipes to further expand our platform, expanding our marketable base of relationships, and introducing new solutions for the market.

我們持續推進策略，鋪設更多「管線」以進一步擴展平台、擴大可觸及的關係基礎，並為市場推出新解決方案。

We mentioned at year-end that we had locked in a new referral agreement, giving us the opportunity to significantly advance our marketable base for our integrated paytech segment.

我們在年底提到已敲定一項新的轉介協議，使我們有機會大幅推進整合式 Paytech 事業部的可觸及關係基礎。

We are excited to share that we are actively marketing our solutions with the help of Fiserv and are seeing positive customer interest.

我們很高興分享：在 Fiserv 的協助下，我們正積極行銷我們的解決方案，並看到客戶的正向興趣。

And we continue to expand our pipes on our technology platform, creating further integrations and customer connections for our digital solutions.

同時，我們也持續在技術平台上擴增「管線」，建立更多整合與客戶連結，以支援我們的數位解決方案。

We've also expanded our solution set by delivering for the closed-loop prepaid market, seeing strong closed-loop revenue growth from quarter four 2025 in the first quarter.

我們也透過服務封閉式（closed-loop）預付市場來擴充解決方案組合；第一季相較 2025 年第四季，封閉式營收成長強勁。

And we continue to explore the viability of chip-embedded cards in the U.S. Prepaid market, advancing our extensive pilot with a large national retailer testing Carta's safe-to-buy technology.

此外，我們持續評估在美國預付市場導入晶片嵌入式卡片的可行性，並推進與一家大型全國性零售商的廣泛試點，測試 Carta 的 safe-to-buy 技術。

We believe our strategic efforts and investments will continue to drive long-term growth, expanding our addressable markets and providing the solutions needed by the market as it continues to evolve, creating value for our company and our shareholders.

我們相信，這些策略性努力與投資將持續推動長期成長，擴大我們的可服務市場，並在市場持續演進之際提供所需的解決方案，為公司與股東創造價值。

Terra Grantham, CPI Cards Group Inc.

Tara Grantham，CPI Cards Group Inc.

Thanks, John Lowe. I'll begin with the segment results on Slide seven.

謝謝，John Lowe。我將從投影片七的各事業部門結果開始。

Overall, as John said, we are pleased with our first quarter performance.

整體而言，如 John 所說，我們對第一季表現感到滿意。

First quarter revenue increased 20% to $147 million, led by our Secure Card Solutions segment.

第一季營收成長 20%，達 1.47 億美元，主要由我們的安全卡解決方案事業部帶動。

Secure Card Solutions revenue increased 35%, which included a $16 million contribution from ROI.

安全卡解決方案營收成長 35%，其中包含 ROI 貢獻的 1,600 萬美元。

As John mentioned, we experienced strength across the segment in the first quarter with good growth from our contactless solutions and personalization services.

如 John 提到的，第一季該事業部整體表現強勁；我們的感應式（非接觸）解決方案與個人化服務均有良好成長。

Our prepaid solutions segment declined 17% in the first quarter, reflecting timing of orders from key customers, with the first quarter decline partially offset by better-than-expected incremental sales of closed-loop cards.

我們的預付卡解決方案事業部第一季下滑 17%，反映主要客戶下單時點的影響；其中部分下滑被封閉式卡片優於預期的增量銷售所抵銷。

Integrated Paytech increased 1% in the quarter due to comparisons with a strong prior year, while we maintained strong gross margins at over 55%. As John Lowe said, we still expect to grow revenue in this segment by more than 15% in 2026.

整合式 Paytech 本季成長 1%，主要因去年同期基期強勁；同時我們維持超過 55% 的強勁毛利率。如 John Lowe 所說，我們仍預期 2026 年該事業部營收成長將超過 15%。

Turning to profitability, on Slide eight, first-quarter net income declined by 57% to $2.1 million, primarily affected by $3 million of pre-tax integration costs, while adjusted EBITDA increased 9%, driven by sales growth, including the addition of AROI.

接著看獲利能力，在投影片八，第一季淨利下滑 57% 至 210 萬美元，主要受 300 萬美元稅前整合成本影響；而調整後 EBITDA 成長 9%，由銷售成長所帶動，其中包含新增 AROI 的貢獻。

Integration costs were high in quarter one, and we expect them to remain at similar levels in quarter two but dropped significantly in the second half of the year.

第一季整合成本偏高，我們預期第二季仍將維持相近水準，但在下半年將大幅下降。

Our 2026 integration costs are meant to drive revenue synergies and lower operating costs and primarily result from go-to-market spending, technology investments and certain vendor termination fees as we drive operating synergies.

我們 2026 年的整合成本旨在推動營收協同效益並降低營運成本，主要來自上市推廣（go-to-market）支出、技術投資，以及在推動營運協同效益過程中產生的部分供應商終止費用。

As a reminder, integration costs are not included in adjusted EBITDA, but do impact net income.

提醒各位，整合成本不納入調整後 EBITDA，但會影響淨利。

Gross profit margin declined from 33.2% to 30.0%, affected by lower sales and margins in our prepaid segment and increased production costs, including tariffs and depreciation, partially offset by benefits from increased sales from Secure Card solutions.

毛利率由 33.2% 下滑至 30.0%，主要受我們預付卡業務部門銷售與毛利下降，以及包含關稅與折舊在內的生產成本上升所影響；部分被 Secure Card 解決方案銷售增加所帶來的效益所抵銷。

Production costs in the quarter compared to prior year included $2 million of increased depreciation, primarily related to AROI and the new Secure Card production facility. And $1.2 million of tariff expenses.

本季的生產成本相較去年同期，包含增加 200 萬美元的折舊，主要與 AROI 以及新的 Secure Card 生產設施相關。以及 120 萬美元的關稅費用。

We expect prepaid margins to improve in the second quarter with higher revenue levels, and we also expect overall company gross margins to be much stronger in the second-half of the year.

我們預期預付卡毛利率將在第二季隨著營收水準提高而改善，同時也預期公司整體毛利率在下半年將顯著走強。

Margin comparisons with prior year should also improve going forward as error-wide depreciation and tariffs primarily began impacting results in the second quarter of 2025.

與去年同期的毛利率比較，未來也應會改善，因為全公司範圍的折舊與關稅主要自 2025 年第二季起才開始對業績造成影響。

Overall, we anticipate full-year gross margins to be relatively consistent with prior-year levels.

整體而言，我們預期全年毛利率將與去年水準大致一致。

We have multiple initiatives in place to drive margin improvement over time, including targeted supplier negotiations, automation investments, production optimization across our sites, driving more favorable product mix and achievement of arrow-wide synergies.

我們已推動多項措施以在中長期帶動毛利率改善，包括針對性的供應商談判、自動化投資、跨據點的生產最佳化、推動更有利的產品組合，以及達成全公司範圍的協同效益。

We are also managing discretionary spending and driving operational efficiencies as volume increases, including in our new Indiana production facility, where we expect volumes this year to be 30% higher than 2024 levels in our old production facility.

我們也在控管可自由裁量支出，並隨著產量增加推動營運效率提升；其中包括我們新的印第安納州生產設施，我們預期今年的產量將較 2024 年在舊生產設施的水準高出 30%。

First quarter SG&A expenses increased $6.5 million from the prior year, primarily due to ROI integration costs, the inclusion of ROI operating expenses, increased employee performance-based incentive compensation, increased severance, and higher technology spending.

第一季 SG&A（銷售、一般及行政）費用較去年增加 650 萬美元，主要由於 ROI 整合成本、納入 ROI 的營運費用、員工績效型獎酬增加、資遣費增加，以及科技支出提高。

Investment spending was less than anticipated in the first quarter, and we expect that to ramp over the remainder of the year beginning in the second quarter.

第一季投資支出低於預期，我們預期自第二季起在今年剩餘期間將逐步加速。

Turning to Slide nine, we had strong cash flow generation in the first quarter.

接著看第九頁投影片，我們在第一季有強勁的現金流創造。

Our cash flow generated from operating activities for the quarter increased from $5.6 million last year to $13.6 million, driven by strong working capital management.

本季營業活動產生的現金流由去年的 560 萬美元增加至 1,360 萬美元，主要受惠於強勁的營運資金管理。

Free cash flow increased from $0.3 million in prior year to $10.1 million in the first quarter of 2026.

自由現金流由去年同期的 30 萬美元增加至 2026 年第一季的 1,010 萬美元。

We spent $3.5 million on CapEx in the quarter compared to $5.3 million in prior year, although we still anticipate full-year capital spending to be similar to 2025 levels with increased focus on technology spending.

本季資本支出（CapEx）為 350 萬美元，去年同期為 530 萬美元；不過我們仍預期全年資本支出將與 2025 年水準相近，並將更著重於科技支出。

On the balance sheet, at quarter end, we had $19 million of cash, $15 million of borrowings on our ABL revolver, and $265 million of senior notes outstanding.

就資產負債表而言，截至季末，我們持有 1,900 萬美元現金、在 ABL 循環信貸上借款 1,500 萬美元，且尚有 2.65 億美元的優先票據在外流通。

Turning to our 2026 financial outlook on Slide 10, we are affirming the full-year outlook provided in March.

接著看第 10 頁投影片的 2026 年財務展望，我們重申 3 月提供的全年展望。

This includes high-single-digit revenue growth, low to mid-single-digit adjusted EBITDA growth, free cash flow conversion at similar levels to 2025, and a year-end net leverage ratio between 2.5 and 3 times.

內容包括：營收高個位數成長、調整後 EBITDA 低至中個位數成長、自由現金流轉換率與 2025 年相近，以及年底淨槓桿比率介於 2.5 至 3 倍。

We expect quarter two revenue to be similar to quarter one levels, with adjusted EBITDA expected to be slightly lower than prior year due to timing of investment spending, including some spending that was delayed from the first quarter.

我們預期第二季營收將與第一季水準相近；由於投資支出的時點因素（包含部分自第一季遞延的支出），調整後 EBITDA 預期將略低於去年同期。

John Lowe, CPI Card Group Inc.

John Lowe，CPI Card Group Inc.

Thanks, Tara.

謝謝，Tara。

Turning to Slide eleven to summarize before we open the call for Q&A.

在我們開放問答之前，先看第 11 頁投影片做個總結。

We are executing on our strategy with the better-than-expected start of the year. The segment trends largely as we anticipated, and we are on track to achieve our full-year outlook. We also generated strong cash flow and brought net leverage back down to just below 3 times after the temporary increases following last year's ROI acquisition.

我們以優於預期的年度開局來落實策略。各事業部門的趨勢大致符合我們的預期，我們也正按計畫達成全年展望。我們同時創造了強勁的現金流，並在去年收購 ROI 後槓桿短暫上升之後，將淨槓桿降回略低於 3 倍。

We intend to continue growing and diversifying our business, leveraging our expanding proprietary technology platform, our extensive marketable base and our evolving portfolio of payment solutions to meet the market needs, drive growth and enable our customers to win. Operator, we will now open the call for any questions.

我們將持續成長並多元化我們的業務，善用我們持續擴大的自有技術平台、廣泛的可服務客戶基礎，以及不斷演進的支付解決方案組合，以滿足市場需求、推動成長並協助客戶取得成功。接線員，現在我們開放提問。

(Operator Instruction).

（接線員指示）。

Peter Peckman, D.A. Davidson.

Peter Peckman，D.A. Davidson。

Hey, good morning. Thanks for taking my question. In terms of thinking about instant issuance, Card@Once Solutions, I didn't mention it in the prepared remarks, but I guess what are you thinking for this year in terms of that base business as well as some of the tangential areas that you had expanded into over the last 15 months?

嗨，早安。謝謝讓我提問。就即時發卡（instant issuance）、Card@Once Solutions 而言，我注意到你們在事先準備的講稿中沒有提到；我想請教你們對今年這項基礎業務，以及過去 15 個月你們擴展的一些周邊領域，有什麼看法？

good morning.

早安。

So, we're excited about Instant Issuance. It's a great platform for us. Just as a reminder, it's a software as a service platform.

我們對即時發卡感到很振奮。這對我們而言是一個很棒的平台。提醒一下，這是一個軟體即服務（SaaS）平台。

We've built it from the ground up.

我們是從零開始打造的。

It took us 10-plus years to build it, especially all the integrations into what we refer to as the payments ecosystem that we service.

我們花了 10 年以上的時間建置，特別是把各種整合做進我們所服務、我們稱之為支付生態系的系統中。

So we have thousands of customers across the U.S. And we expect that to be a large chunk of the growth out of our integrated Paychex segment for 2026, growing that segment from an outlook perspective greater than 15%. I think the Pfizer deal we nailed, that helps us grow. And just on the breakout between instant issuance and everything digital, I'll say digital, we're essentially building the business there. And it's relatively small in relation to the rest of the business, but we're seeing. Strong customer demand, a good pipeline, and we continue to build out the pipes and integrations, if you will, to continue to service multiple areas of the market. So we're excited about what we're doing in instant issuance, but probably in digital, too.

因此我們在全美有數千名客戶。我們預期這將成為 2026 年整合式 Paychex 部門成長的重要來源，從展望角度看，該部門成長率將高於 15%。我認為我們拿下 Pfizer 的案子，這有助於我們成長。至於即時發卡與所有數位化（我就稱為數位）的拆分來看，我會說我們基本上正在那裡建立業務。相較於公司其他業務，這部分規模仍相對小，但我們看到強勁的客戶需求、良好的案源管線，我們也持續建置所謂的管道與整合，以便持續服務市場的多個領域。所以我們對即時發卡的進展感到興奮，但對數位化也同樣如此。

Okay, great. And then just in terms of contactless, I guess, where do you think we are in terms of contactless cards? I haven't seen recently any information that would suggest what percentage of cards out today have the contactless chip embedded.

好的，很棒。另外就感應式（contactless）而言，我想問一下，你們認為感應式卡片目前進展到哪個階段？我最近沒有看到任何資訊能顯示，目前市面上的卡片有多少比例已內嵌感應式晶片。

Yeah, good question.

是的，好問題。

I mean, what we produce today is 90% plus contactless. So, we used to use the baseball analogy, I would. Say we're in the very late innings of the transition, but that's on the debit and credit side. I would say on the prepaid side of our business, there's a lot of opportunity. The volumes within prepaid broadly, when including open loop and closed loop, are somewhat greater on an annual basis than even the debit and credit side in terms of what's produced. So, to the extent that that market starts to move more towards chip.

我們今天的產出有 90% 以上是感應式。所以，我以前會用棒球的比喻。我會說在轉換上已經進入非常後段的局數，但那是指金融卡與信用卡端。我會說在我們的預付卡業務端，還有很大的機會。預付卡的量能（包含開放式與封閉式）在年度基礎上，整體甚至比金融卡與信用卡端的產量還要大。因此，只要該市場開始更往晶片化移動。

It starts to move specifically towards contactless, which is what we're doing with Carta and what we're doing with a large national retailer, which we have a pilot underway, which we're having positive kind of movement on, if you will.

並且開始更明確地往感應式移動——這正是我們與 Carta 正在做的，以及我們與一家大型全國性零售商正在進行的試點；目前我們看到正向的進展。

If that market continues to move towards chip and grows, we'll see a long transition there, which is what we would expect, and we would be in a unique position to capitalize on that transition.

如果該市場持續往晶片化移動並成長，我們將會看到一段較長的轉換期，這也符合我們的預期，而我們將處於獨特的位置，得以把握這個轉換帶來的機會。

On the debit and credit side of your question, I think we're late innings. We're pretty much fully penetrated, but I think there's a lot of opportunity on the prepaid side.

就你問題中的金融卡與信用卡端而言，我認為已進入後段局數。我們幾乎已完全滲透，但我認為在預付卡端仍有很大的機會。

Got it. I appreciate it. I'll get back in the queue.

了解。謝謝你。我回到隊列中。

Yeah. Thanks, Pete.

是的。謝謝，Pete。

Jacob Stephan, Lake Street Capital Market.

Jacob Stephan，Lake Street Capital Market。

Hey, guys. Good morning.

嗨，各位。早安。

Nice quarter. I just wanted to ask on the Pfizer relationship.

本季表現不錯。我想問一下與輝瑞（Pfizer）的合作關係。

It seems like that was expanded a little bit. Maybe you could touch on some of the things that it was in ways that it was different from the past contract with them or agreement.

看起來這部分有稍微擴大。也許你們可以談談有哪些內容、以及相較於過去與他們的合約或協議，有哪些不同之處。

Jacob Stephan, I think the main difference is we call out their name.

Jacob Stephan，我想主要差異是我們直接點名他們。

We had entered into this agreement around year-end, so we mentioned an agreement at year-end, but we just didn't call out Pfizer's name.

我們在年底前後簽訂了這項協議，所以我們在年底提到有一項協議，但當時沒有直接提到輝瑞（Pfizer）的名字。

I would say getting marketing teams together to finalize documents takes a long time, but the agreements in place, we're excited about it. We're seeing positive customer interest in Q1, kind of ramping up, if you will, and Fiserv is a great partner. We love working with them. They have thousands of customers across the United States that we have worked with them to build good relationships with and make sure we're helping our customers win and helping their customers win at the same time.

我會說，讓行銷團隊一起把文件定稿需要很長時間，但協議已經到位，我們對此感到很興奮。我們在第一季看到正向的客戶興趣，某種程度上正在加速升溫；而Fiserv是很棒的合作夥伴。我們很喜歡與他們合作。他們在全美有數千家客戶，我們也與他們一起建立了良好的關係，並確保我們在幫助我們的客戶成功的同時，也幫助他們的客戶成功。

Got it. And maybe just touching on the supply chain a little bit. I know that last year, about this time, we were talking a lot about tariffs.

了解。另外也想稍微談一下供應鏈。我知道去年這個時候，我們談了很多關於關稅的事。

I guess from a supply chain perspective and chip tightness, what are you seeing out there in the market today?

我想從供應鏈與晶片供給吃緊的角度來看，你們目前在市場上看到的情況如何？

I mean, supply chain broadly, I would say, has normalized.

我的意思是，整體而言，供應鏈我會說已經正常化了。

And I think that's credit to not only the teams that we put in place to manage it.

我認為這要歸功於我們所建立的團隊，不只是他們在管理供應鏈方面的努力。

That continue to focus on how to manage things well, especially today in light of the Iran war. That's another kind of thing to tackle from a cost perspective, although that's not significant, I would say.

他們持續專注於如何把事情管理好，尤其是在今天、考量到伊朗戰爭的情況下。這也是另一個需要從成本角度去處理的議題，雖然我會說影響並不重大。

But tariffs is something we had to work through from a supply chain perspective. I would say tariffs have somewhat normalized as well.

但關稅確實是我們必須從供應鏈角度去因應的事情。我會說關稅也在某種程度上正常化了。

But we are, just to get ahead of your probably next question, we are expecting refunds on tariffs.

不過，先回應你可能接下來要問的問題，我們預期會收到關稅退稅。

But we don't necessarily have a timing aspect to that. We hope to see them at one point, but as I tell my team, I'll believe it when I see it, put it that way.

但我們不一定掌握其時間點。我們希望某個時候能看到，但就像我跟團隊說的：看到才算數，就這麼說吧。

Okay. And then just last one for me, you're kind of expecting a bigger ramp in the second-half from the integrated Paytech segment.

好的。最後一個問題，你們似乎預期整合式Paytech部門在下半年會有更大的加速成長。

I'm just wondering, what are going to be the main drivers of that growth in Paytech?

我想了解，推動Paytech成長的主要驅動因素會是什麼？

Yeah, a lot of it is in relation to the deal that we signed with Fiserv. That's a chunk of it.

是的，其中很大一部分與我們和Fiserv簽下的交易有關。那是一大塊。

Another chunk of it is just the growth in the business as it stands. Last year, it grew roughly a 20% rate.

另一大塊則是現有業務本身的成長。去年它大約以20%的速度成長。

If we look back over time, it's been growing at a faster pace generally than the rest of the business. And that's because we have a unique value proposition in the market.

如果回頭看更長時間，它通常成長速度比公司其他業務更快。這是因為我們在市場上有獨特的價值主張。

The other side of, and I'm talking about our incident issuance solution specifically.

另外一部分——我這裡特別指的是我們的即時發卡（instant issuance）解決方案。

On the digital side of the house, that's an area that's growing even faster. Now, you're talking about smaller dollars, so it's smaller dollars growing to kind of small numbers, if you will. But at the same time, that's an area we continue to see just a large amount of interest in, and we're trying to build out that business as quickly as we can. To kind of support that large customer interest. So it's our instant issuance solution growth, which we've seen historically be pretty strong. We're confident in that, especially in light of the new deal and digital growing, just given what we're seeing in the market and the customer demand.

在數位端，那個領域成長更快。當然，這部分的金額規模較小，所以是小金額在成長到相對小的數字。但同時，我們持續看到那個領域有大量的興趣，我們也正盡可能快速地擴展那項業務。以支援龐大的客戶需求。因此，成長動能來自我們的即時發卡解決方案（過去表現一直相當強勁）。我們對此有信心，尤其是在新交易以及數位端成長的帶動下，考量到我們在市場上看到的情況與客戶需求。

Got it. Very helpful. I appreciate it.

了解。非常有幫助。謝謝。

Thank you.

謝謝。

Yes.

是。

Thank you.

謝謝。

Craig Erwin, Roth Capital Partners.

Craig Erwin，Roth Capital Partners。

Hey, craig, we can't hear you.

嗨，Craig，我們聽不到你。

Thank you. Sorry about that.

謝謝。抱歉。

Can you hear me now?

現在聽得到嗎？

Yes.

聽得到。

We can.

我們可以。

Okay, perfect. Good morning. Good morning. Thanks for taking my questions.

好的，太好了。早安。早安。謝謝讓我提問。

So can you help us unpack the comments around Indiana, the 30% increase in volume?

你們能否協助我們釐清關於印第安納（Indiana）的評論，也就是出貨量增加30%這件事？

Is this something novel in the last quarter?

這是上一季才出現的新情況嗎？

Did something materially change there? And then with 30% higher volumes, this clearly isn't translating to the top-line.

那裡是否有什麼實質性的改變？另外，出貨量提高30%，但顯然沒有反映在營收端。

Is there a mix issue or price erosion or something like that that's impacting the contribution to revenue growth and obviously profit growth if the revenue is not falling? So if any color there would be helpful.

這是否是產品組合問題、價格侵蝕或類似因素，影響了對營收成長的貢獻，當然也影響了獲利成長（如果營收沒有同步上升的話）？如果能提供一些說明會很有幫助。

Yeah, Greg, good question.

是的，Greg，問得好。

So.

所以。

The reason that we shared that number specifically is it's an indicator as we've kind of come to the end of building out Indiana. Just a step back, it took about a year plus to build.

我們之所以特別分享那個數字，是因為它是一個指標，顯示我們已經接近完成印第安納廠的建置。先退一步說，建置大約花了一年多。

The team in Indiana has done a great job. We essentially had nearly zero customer complaints as we were transitioning.

印第安納的團隊做得非常好。我們在轉移過程中基本上幾乎沒有客戶抱怨。

And the reason for the growth in volume disclosure is really the fact that we could not have. Done what we were doing in our old facility. We were at capacity, if you go back two, three years, in 2022, as an example, when the market was insatiable in a sense, we were busting the team. So there are multiple reasons to move, but I think moving has been a large success for us.

而我們揭露出貨量成長的原因，主要是因為在舊廠我們不可能做到現在這樣。我們已經滿載；如果你回頭看兩三年前，例如2022年，當市場需求在某種程度上近乎無止境時，我們把團隊操到極限。所以搬遷有多重原因，但我認為這次搬遷對我們而言是非常成功的。

And I think your question about margins, I mean, there's depreciation on ROI, there's tariffs that have come up.

至於你問到毛利率，我的意思是，會有投資報酬（ROI）相關的折舊，還有關稅等因素出現。

Those types of things have affected our margins. There's always a competitive pricing market, but I wouldn't say that pricing is irrational.

這些事情都影響了我們的毛利率。市場上一直都有競爭性定價，但我不會說定價是不理性的。

I would say that overall, from a margin perspective, we've definitely had some impacts, but nothing that's created an irrational pricing market. I don't know, Sarah, if you would provide any other comments.

我會說整體而言，從毛利率角度，我們確實受到一些影響，但沒有造成不理性的定價市場。Sarah，不知道你是否要補充其他評論。

Yes. So I would just say that we did grow pretty strongly in our overall secure card solution space, grew 35% overall. And then from an organic basis, we did grow 15%. So we did get a strong top-line growth in that solution, and that was in part driven by contactless growth across our secure card solution.

好的。我補充一下：我們在整體安全卡（secure card）解決方案領域確實成長很強勁，整體成長35%。若以有機成長來看，我們成長了15%。因此，該解決方案確實帶來強勁的營收成長，其中一部分是由我們安全卡解決方案中的感應式（contactless）成長所帶動。

So related to that, as John said, we did get operating leverage based on that growth. It was offset by things like tariffs, as well as the higher depreciation across the business related to our new Indiana facility, as well as related to the acquisition of ARY.

因此，如John所說，我們確實因為這樣的成長而取得營運槓桿。但這被關稅等因素所抵銷，另外也包括與印第安納新廠相關、以及與收購ARY相關的較高折舊費用。

And Greg, one thing I would add though, we do expect.

另外，Greg，我還想補充一點，我們確實預期。

Our overall gross margins, they're somewhat stabilized, right? So, we would expect them to be somewhat stable over the course of the year, if not increasing.

我們整體毛利率已經在某種程度上趨於穩定，對吧？因此，我們預期在全年期間毛利率將大致保持穩定，甚至可能上升。

Terra and team are doing a good job, driving a lot of margin improvement goals.

Terra 和團隊做得很好，推動了許多毛利改善目標。

So between that and the growth of the business and the leverage we expect to get, I know we've had a lot of impacts over the last year and a half, two years, but we do expect margins to not only a gross margin basis, but on an EBITDA basis.

因此，結合這些因素、業務成長以及我們預期可取得的營運槓桿，我知道過去一年半到兩年我們受到許多影響，但我們確實預期利潤率不僅在毛利率層面，亦會在 EBITDA 層面有所改善。

To improve over the course of the year.

並在全年期間逐步改善。

We expect this year, similar to last year, fourth quarter, we expect to be our biggest quarter.

我們預期今年與去年類似，第四季將是我們最大的季度。

And so, think of quarter one as kind of a starting point for the year, if you will.

因此，可以把第一季視為全年的一個起點。

Understood. That makes sense. So then, ROI, I will admit, I was a little surprised to see the increased integration expenses this quarter. I thought that you were a long way down the path of already integrating that. Can you maybe give us some detail around the actions that are being completed right now? What did you complete over the last couple of months?

了解。這很合理。那麼談到 ROI，我承認我有點驚訝看到本季整合費用增加。我原以為你們在整合方面已經走了很長一段路。你能否提供一些目前正在完成的行動細節？過去幾個月你們完成了哪些事項？

Strategically, I thought that you might be actually adding.

從策略上來看，我原本以為你們可能其實會增加。

A little bit more CapEx for ROI and focusing on the growth of that platform, given that personalization really is such an exciting opportunity.

對 ROI 投入更多資本支出（CapEx），並把重點放在該平台的成長上，因為個人化確實是一個非常令人振奮的機會。

Yeah, I mean, I'd say the integration costs we're spending now are really in two big areas.

是的，我想我會說，我們目前支出的整合成本主要集中在兩大領域。

One is technology and one is go-to-market. And when we look at ROI and its position in the market specifically. When we look at our broader solutions that we provide outside of ROI, we see a lot of revenue synergies.

一個是技術，另一個是上市（go-to-market）。而當我們看 ROI 及其在市場中的定位時，特別是。當我們看我們在 ROI 之外所提供的更廣泛解決方案時，我們看到很多營收協同效益。

ROI signed, even in their first deal, I mean, 10-plus deals, and we haven't owned them, I mean, since essentially one year ago from now. So, we've seen really strong progress in terms of ROI's performance on a revenue basis. And the other side that we're spending on is operating synergies, right, trying to make sure. That the way that we operate on the floor is, I wouldn't call it fully integrated, but essentially aligned with everything we're doing on a broader basis, which ultimately means we get purchasing power, things of that nature. So there were some termination fees from a vendor perspective as we transition vendors, things of that nature pop up and unfortunately, they're not small.

ROI 已簽下，即使在他們的第一筆交易之後，我是說，10 筆以上的交易，而我們擁有他們的時間其實也才大約從現在往回算一年左右。因此，就 ROI 在營收表現方面，我們看到非常強勁的進展。而我們支出的另一面是營運協同效益，也就是要確保。我們在現場的運作方式，我不會說已完全整合，但基本上與我們更廣泛的作法一致，最終意味著我們能取得採購力等類似效益。因此，當我們在轉換供應商時，從供應商角度會產生一些解約費用之類的項目，不幸的是，金額並不小。

But we do expect integration to kind of drop off in the second half of the year, we expect a little bit in quarter two. How to continue, but in the second half of the year, you should see that drop off automatically.

但我們確實預期整合費用在今年下半年會開始下降，第二季我們預期還會有一些。會持續，但到了下半年，你應該會看到它自然下降。

Thank you for that. I'll take the rest of my questions offline.

謝謝你的說明。我其餘的問題我會私下再問。

Okay. Thanks, Greg.

好的。謝謝，Greg。

Hal Goat, B. Riley Securities.

Hal Goat，B. Riley Securities。

Hey, thanks for taking my question. On the prepaid statement, you said it was down 17% in the quarter. Can you...

嗨，謝謝讓我提問。關於預付（prepaid）報表，你說本季下降了 17%。你能否……

Give us some of the friction points, and again, and there's some maybe significant non-recurring customer revenues that came in 2025, and before that, or these are these declines, or is there is the channel rather full right now, and we're working through channel inventories, and because organic growth through the channel is slower than expected. Thanks.

跟我們說明一些摩擦點？另外，2025 年以及更早之前可能有一些顯著的一次性客戶收入進來；那麼這些下滑是因為那些因素消失了，還是目前通路其實相當飽和，我們正在消化通路庫存，且通路的有機成長比預期更慢？謝謝。

Yes, Hal Goat, on the prepaid side, just as a reminder, the whole business and the market in general, because think of on the open-loop side, we have leading market share. We're positioned really well, especially if that market starts moving towards chip. And so if you think about the broader market and our customers, they're trying to determine.

是的，Hal Goat，關於預付這一塊，先提醒一下，整體業務以及整個市場一般而言，因為如果你看開放式（open-loop）那一側，我們擁有領先的市占率。我們的定位非常好，特別是當市場開始轉向晶片（chip）時。因此，如果你從更廣泛的市場與我們的客戶來看，他們正在試圖判斷。

Based upon not only regulatory demands, but just customer demands, how do you increase the security around the package itself?

不僅基於法規要求，也基於客戶需求，如何提升包裝本身的安全性？

You can do that in two ways. You can do that by increasing the actual security around the package itself, or you can put a chip in the prepaid card itself. And that's why we're working with Carta, that's the pilot we're working with the large national retailer on, and because of that kind of. Testing and transition that we ultimately do expect to occur over a long period of time, we're seeing what I would call normal course open-loop market be weaker. And we knew coming into the year, this would be a slow start to the year. We're hearing that from our customers in the prepaid side, but that's because we believe that from a longer-term transition perspective, the value of the market is going to grow, and we're well positioned to capitalize on that.

你可以用兩種方式做到。一是提升包裝本身的實體安全性，或是在預付卡本身放入晶片。這也是為什麼我們與 Carta 合作——這是我們與大型全國性零售商正在進行的試點——而由於這類。測試與轉換，我們最終確實預期會在相當長的時間內發生，因此我們看到我所稱的正常開放式（open-loop）市場走弱。而我們在年初就知道，今年會是較慢的開局。我們也從預付端的客戶那裡聽到同樣的訊息；但這是因為我們相信，從較長期的轉換角度來看，市場價值將會成長，而我們也具備良好條件去把握這個機會。

The other side on closed loop or I'm sorry, prepaid is the closed loop side of the business and that actually has performed very well for us. It's fairly small today, but we had pretty strong growth over quarter four of last year in quarter one. And so excited about where the prepaid business is going, but it's definitely a weaker quarter for us. And you could see this in the prepaid financials, that business.

另外一邊是封閉式（closed loop），或抱歉，預付業務中的封閉式部分，而那一塊對我們而言其實表現非常好。目前規模還相對小，但我們在去年第四季到今年第一季之間有相當強勁的成長。因此，我們對預付業務的走向感到振奮，但這一季對我們來說確實較弱。而你也可以在預付的財務數據中看到，那個業務。

Gains a significant amount of operating leverage as it grows. And you saw the opposite in quarter one, and that brought down broader margins broadly. I don't know, Terra, anything you add.

隨著成長會獲得顯著的營運槓桿。而你在第一季看到的是相反的情況，這也在更廣泛層面拉低了整體利潤率。我不知道，Terra，你要補充什麼嗎？

Yeah, just.

是的，就。

A reminder that we do expect a good growth across our segments this year, including in prepaid. So even though it was down in quarter one, we do expect better growth throughout the year. And just looking back, still very confident in that business. If you look back to 2024, we did grow that business 26%. And even though we were down last year, we were only down 3% once you adjusted for the accounting change that we made in quarter two. So, do expect that return to growth as well as the increase in gross margins throughout the year.

提醒一下，我們確實預期今年各個事業區都會有不錯的成長，包括預付。所以即使第一季下滑，我們仍預期全年會有更好的成長。回頭看，我們對該業務仍非常有信心。如果你回顧 2024 年，我們確實讓該業務成長了 26%。而即使去年我們是下滑的，但在你把我們第二季所做的會計變更調整後，實際上只下滑了 3%。因此，也確實預期它會回到成長軌道，並且全年毛利率也會提升。

Okay.

好的。

Thank you very much.

非常感謝。

There are nothing in the queue. I would like to turn the call back over to John Lowe for any closing remarks.

目前佇列中沒有其他提問。我想把電話會議交回給 John Lowe，請他做任何結語。

Thanks, operator. Before signing off, I would again recognize and thank all of our CPI employees for their dedication and for continuing to deliver for CPI and our customers.

謝謝，接線員。在結束之前，我要再次表揚並感謝我們所有 CPI 員工的投入與奉獻，並持續為 CPI 及我們的客戶交付成果。

Thank you all for joining our call this morning, and we hope you have a great day.

感謝各位今天早上參加我們的電話會議，祝各位有美好的一天。

(Operator instruction)

(接線員指示)