Q: When do you start to anniversary the COVID spoilage from New York, and when do the comps start to look easier? A: The comps will start to look easier in the second quarter of next year. - Louis Hoch, Chairman, President, CEO, COO

Q: What is the gross margin difference between electronic and paper in Output Solutions, and what could this mean for margin improvement over time? A: Electronic is almost pure margin, while paper is about 20% gross margin. The opportunity to increase gross margin is significant by producing more electronic documents. - Louis Hoch, Chairman, President, CEO, COO

Q: With the increasing cash on the balance sheet, what are your thoughts on potential acquisitions or capital allocation? A: It's good to have cash and continue generating it. The M&A market hasn't been great recently, but we continue to look for deals that meet our criteria. We hope the market will improve post-election. - Louis Hoch, Chairman, President, CEO, COO

Q: What is the expected margin for Output Solutions going forward with the new equipment and more electronic processing? A: The margin is expected to be in the mid-20s, around 24% to 25%. - Louis Hoch, Chairman, President, CEO, COO

Q: Why was there a sequential decline in gross margin from Q2 to Q3? A: The decline was due to a mix in product lines and revenue sources, particularly in prepaid, where big cardholders have less margin compared to higher-margin revenue from spend. - Louis Hoch, Chairman, President, CEO, COO

For the complete transcript of the earnings call, please refer to the full earnings call transcript.