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New words:
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Removed:
acceptable, accessing, acquisition, affecting, appointed, assisted, assumption, bankruptcy, breach, CECL, Chase, commercial, contagion, Corporation, covenant, criteria, deductibility, default, defend, delayed, Earth, ElementsTM, executed, experiencing, expire, expose, exposed, fewer, foregoing, headcount, highest, impairment, initially, insolvency, insurance, involving, issuing, JP, Land, larger, maintenance, methodology, migration, military, mix, Morgan, opening, outcome, past, precautionary, predict, printer, quantity, ratio, receiver, recent, redemption, renewing, rental, repayment, Republic, retire, retirement, run, Russia, salary, scheduled, sector, selective, Signature, Silicon, stability, stage, suit, supplemental, supplier, survive, thereon, thereto, tightening, tranche, transactional, twelve, typically, Ukraine, unable, uninsured, Valley, variable, variation, vigorously, workforce
Financial report summary
?Management Discussion
- Net sales decreased for the year ended December 31, 2023, primarily due to decreased Products net sales in our Debit and Credit segment, driven by lower volumes, partially offset by increased Card@Once services. Net sales also benefited from price increases, which were primarily implemented in 2022.
- Gross profit and gross profit margin decreased for the year ended December 31, 2023, primarily due to lower net sales and higher materials costs.
- Operating expenses decreased for the year ended December 31, 2023, primarily due to decreases in professional services in our Other segment and operating expenses in our Prepaid Debit segment, partially offset by an increase in compensation expenses. Compensation expenses increased due to the impacts of compensation related to an executive retention agreement and increased employee headcount and salary increases, partially offset by lower employee short-term incentive compensation.