- Renews Walmart MoneyCard Program Agreement Through January 2027
- Establishes a FinTech JV With Walmart to Develop New Products, Services and Technologies
- Announces Expanded BaaS Platform Partnerships with Uber and Intuit
- Reports Significant Progress With its New Unlimited Cash Back Bank Account Product
- Reaffirms 2019 Full Year Guidance
PASADENA, Calif.–(BUSINESS WIRE)–Green Dot Corporation (NYSE: GDOT) today reported financial results for the quarter ended September 30, 2019.
For the third quarter of 2019, Green Dot reported total operating revenues of $240.4 million and a GAAP net loss and GAAP diluted loss per common share of $0.5 million and $0.01, respectively. Green Dot also reported non-GAAP total operating revenues1 of $229.2 million, and adjusted EBITDA1 and non-GAAP diluted earnings per common share1 of $25.1 million and $0.20, respectively.
Said Green Dot Founder and CEO, Steve Streit, “We are delighted with the performance of the Unlimited product, which is already is having a positive impact on Green Dot’s entire Consumer business in just the first 13 weeks since its launch. We were also thrilled to have announced so many exciting large enterprise-size platform services partnerships with Uber, Intuit and, a unique and innovative fintech JV with Walmart, as Green Dot’s Platform continues to expand to provide incremental growth.”
GAAP financial results for the third quarter of 2019 compared to the third quarter of 2018:
- Total operating revenues on a generally accepted accounting principles (GAAP) basis were $240.4 million for the third quarter of 2019, up from $236.3 million for the third quarter of 2018, representing a year-over-year increase of 2%.
- GAAP net loss was $0.5 million for the third quarter of 2019, from net income of $4.6 million for the third quarter of 2018, representing a year-over-year decrease of 112%.
- GAAP diluted loss per common share was $0.01 for the third quarter of 2019, from diluted earnings per share of $0.08 for the third quarter of 2018, representing a year-over-year decrease of 113%.
Non-GAAP financial results for the third quarter of 2019 compared to the third quarter of 2018:1
- Non-GAAP total operating revenues1 were $229.2 million for the third quarter of 2019, up from $227.1 million for the third quarter of 2018, representing a year-over-year increase of 1%.
- Adjusted EBITDA1 was $25.1 million, or 11.0% of non-GAAP total operating revenues1 for the third quarter of 2019, down from $50.9 million, or 22.4% of non-GAAP total operating revenues1 for the third quarter of 2018, representing a year-over-year decrease of 51%.
- Non-GAAP net income1 was $10.2 million for the third quarter of 2019, down from $32.2 million for the third quarter of 2018, representing a year-over-year decrease of 68%.
- Non-GAAP diluted earnings per share1 was $0.20 for the third quarter of 2019, down from $0.59 for the third quarter of 2018, representing a year-over-year decrease of 66%.
|
1 |
Reconciliations of total operating revenues to non-GAAP total operating revenues, net income to non-GAAP net income, diluted earnings per share to non-GAAP diluted earnings per share and net income to adjusted EBITDA, respectively, are provided in the tables immediately following the consolidated financial statements. Additional information about the Company’s non-GAAP financial measures can be found under the caption “About Non-GAAP Financial Measures” below. |
Key Metrics
The following table shows the Company’s quarterly key business metrics for each of the last seven calendar quarters. Please refer to the Company’s latest Annual Report on Form 10-K for a description of the key business metrics.
|
|
2019 |
|
2018 |
||||||||||||||||||||||||
|
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|||||||||||||||||||
|
|
(In millions) |
||||||||||||||||||||||||||
|
Gross dollar volume |
$ |
9,827 |
|
$ |
10,019 |
|
$ |
12,977 |
|
|
$ |
9,809 |
|
$ |
9,088 |
|
$ |
9,413 |
|
$ |
11,719 |
|
|||||
|
Gross dollar volume from direct deposit sources |
$ |
6,843 |
|
$ |
7,208 |
|
$ |
10,217 |
|
|
$ |
6,940 |
|
$ |
6,571 |
|
$ |
6,914 |
|
$ |
9,330 |
|
|||||
|
Number of active accounts at quarter end |
5.18 |
|
5.66 |
|
6.05 |
|
|
5.34 |
|
5.43 |
|
5.86 |
|
6.01 |
|
||||||||||||
|
Number of direct deposit active accounts at quarter end |
2.14 |
|
2.31 |
|
2.87 |
|
|
2.04 |
|
2.05 |
|
2.26 |
|
2.64 |
|
||||||||||||
|
Purchase volume |
$ |
6,047 |
|
$ |
6,470 |
|
$ |
8,200 |
|
|
$ |
6,276 |
|
$ |
5,918 |
|
$ |
6,325 |
|
$ |
7,470 |
|
|||||
|
Number of cash transfers |
11.73 |
|
11.25 |
|
10.98 |
|
|
10.91 |
|
10.68 |
|
10.56 |
|
10.10 |
|
||||||||||||
|
Number of tax refunds processed |
0.11 |
|
2.52 |
|
9.39 |
|
|
0.07 |
|
0.10 |
|
2.79 |
|
8.75 |
|
||||||||||||
Said Mark Shifke, Green Dot’s Chief Financial Officer, “We met or exceeded our expectations for the quarter. Notwithstanding challenges from the year over year decline in active accounts in our Consumer Business, we are able to reaffirm our full year guidance.”
2019 Financial Guidance
New Revenue Presentation
As mentioned previously during Green Dot’s quarterly earnings calls, Green Dot has adjusted its presentation of revenue beginning with its report on the results of operations for the first quarter of 2019 to better reflect its successful evolution into a diverse technology-focused bank holding company that generates its revenue through a unique “Products and Platform” operating model.
Beginning with the first quarter in 2019, Green Dot has presented net interest income generated at Green Dot Bank from the investment of customer deposits as a component of GAAP total operating revenues, whereas previously that item was reported below operating income and consolidated along with net interest income generated outside the bank. Net interest income at Green Dot Bank has become an increasingly important revenue component as Green Dot Bank’s ability to invest its growing customer balances and generate interest income is one of several unique advantages of Green Dot being not just a leading consumer technology company, but also a federally regulated bank. Net interest income generated outside of Green Dot Bank will continue to be reported below the line as it is currently. Prior year results have been reclassified to conform to current year presentation.
Also since the first quarter of 2019, Green Dot has presented a new non-GAAP revenue figure that reduces our GAAP total operating revenue by commissions and certain processing-related costs associated with certain “Banking as a Service,” or “BaaS,” partner programs, where the partner and not Green Dot controls customer acquisition. Green Dot believes that a net revenue presentation better reflects the relevant amount of revenue Green Dot generates in respect of these types of BaaS platform programs.
Accordingly, Green Dot’s outlook for non-GAAP revenues and adjusted EBITDA reflect this new presentation.
Outlook
Green Dot reaffirmed its most recent outlook for 2019. Green Dot’s outlook is based on a number of assumptions that management believes are reasonable at the time of this earnings release. Information regarding potential risks that could cause the actual results to differ from these forward-looking statements is set forth below and in Green Dot’s filings with the Securities and Exchange Commission.
Total Non-GAAP Operating Revenues2
- Green Dot expects its full year non-GAAP total operating revenues2 to finish at the low end of its previous guidance range of $1.060 billion to $1.080 billion.
Adjusted EBITDA2
- Green Dot expects its full year adjusted EBITDA2 to finish at the low end of its previous guidance range of $240 million to $244 million.
Non-GAAP EPS2
- Green Dot expects its full year non-GAAP EPS2 to finish around $2.73, in line with its previous guidance range of $2.71 to $2.77.
The components of Green Dot’s non-GAAP EPS2 guidance range are as follows:
|
|
Range |
||||||
|
|
Low |
|
High |
||||
|
|
(In millions, except per share data) |
||||||
|
Adjusted EBITDA |
$ |
240.0 |
|
|
$ |
244.0 |
|
|
Depreciation and amortization* |
(50.0 |
) |
|
(50.0 |
) |
||
|
Net interest expense ** |
(0.5 |
) |
|
(0.5 |
) |
||
|
Non-GAAP pre-tax income |
$ |
189.5 |
|
|
$ |
193.5 |
|
|
Tax impact*** |
(43.6 |
) |
|
(44.5 |
) |
||
|
Non-GAAP net income |
$ |
145.9 |
|
|
$ |
149.0 |
|
|
Diluted weighted-average shares issued and outstanding |
53.8 |
|
|
53.8 |
|
||
|
Non-GAAP diluted earnings per share |
$ |
2.71 |
|
|
$ |
2.77 |
|
|
* |
Excludes the impact of amortization of acquired intangible assets |
|
** |
Excludes the impact of amortization of deferred financing costs |
|
*** |
Assumes a non-GAAP effective tax rate of 23.0% for full year.
|
|
2 |
For additional information, see reconciliations of forward-looking guidance for these non-GAAP financial measures to their respective, most directly comparable projected GAAP financial measures provided in the tables immediately following the reconciliation of Net Income to Adjusted EBITDA. |
Conference Call
The Company will host a conference call to discuss third quarter 2019 financial results today at 5:00 p.m. ET. Hosting the call will be Steve Streit, Chief Executive Officer, and Mark Shifke, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (877) 705-6003, or for international callers (201) 493-6725. A replay will be available approximately two hours after the call concludes and can be accessed by dialing (844) 512-2921, or for international callers (412) 317-6671; and entering the conference ID 13695741. The replay of the webcast will be available until Thursday, November 14, 2019. The call will be webcast live from the Company’s investor relations website at http://ir.greendot.com/.
Forward-Looking Statements
This earnings release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding the Company’s future performance and returns on investment contained under “Updated Outlook” and in the quotes of its executive officers and other future events that involve risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements contained in this earnings release, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from those projected include, among other things, the timing and impact of revenue growth activities, the Company’s dependence on revenues derived from Walmart, impact of competition, the Company’s reliance on retail distributors for the promotion of its products and services, demand for the Company’s new and existing products and services, continued and improving returns from the Company’s investments in new growth initiatives, potential difficulties in integrating operations of acquired entities and acquired technologies, the Company’s ability to operate in a highly regulated environment, changes to existing laws or regulations affecting the Company’s operating methods or economics, the Company’s reliance on third-party vendors, changes in credit card association or other network rules or standards, changes in card association and debit network fees or products or interchange rates, instances of fraud developments in the prepaid financial services industry that impact prepaid debit card usage generally, business interruption or systems failure, and the Company’s involvement litigation or investigations. These and other risks are discussed in greater detail in the Company’s Securities and Exchange Commission filings, including its most recent annual report on Form 10-K and quarterly report on Form 10-Q, which are available on the Company’s investor relations website at ir.greendot.com and on the SEC website at www.sec.gov. All information provided in this release and in the attachments is as of November 7, 2019, and the Company assumes no obligation to update this information as a result of future events or developments.
About Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (GAAP), the Company uses measures of operating results that are adjusted to exclude, among other things, non-operating net interest income and expense; income tax benefit and expense; depreciation and amortization, including amortization of acquired intangibles; certain other acquisition related adjustments; employee stock-based compensation and related employer payroll taxes; change in the fair value of contingent consideration; impairment charges; extraordinary severance and related restructuring expenses; realized gains or losses on the sale of investment securities; commissions and certain processing-related costs associated with BaaS products and services where the Company does not control customer acquisition, other charges and income; and income tax effects. This earnings release includes non-GAAP total operating revenues, adjusted EBITDA, non-GAAP net income, and non-GAAP diluted earnings per share. It also includes full-year 2019 guidance for non-GAAP total operating revenues, adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share. These non-GAAP financial measures are not calculated or presented in accordance with, and are not alternatives or substitutes for, financial measures prepared in accordance with GAAP, and should be read only in conjunction with the Company’s financial measures prepared in accordance with GAAP. The Company’s non-GAAP financial measures may be different from similarly-titled non-GAAP financial measures used by other companies. The Company believes that the presentation of non-GAAP financial measures provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. The Company’s management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate the Company’s business and make operating decisions. For additional information regarding the Company’s use of non-GAAP financial measures and the items excluded by the Company from one or more of its historic and projected non-GAAP financial measures, investors are encouraged to review the reconciliations of the Company’s historic and projected non-GAAP financial measures to the comparable GAAP financial measures, which are attached to this earnings release, and which can be found by clicking on “Financial Information” in the Investor Relations section of the Company’s website at http://ir.greendot.com/.
About Green Dot
Green Dot Corporation, [NYSE:GDOT], is a financial technology leader and bank holding company with a mission to power the banking industry’s branchless future. Enabled by proprietary technology and Green Dot’s wholly-owned commercial bank charter, Green Dot’s “Banking as a Service” platform is used by a growing list of America’s most prominent consumer and technology companies to design and deploy their own bespoke banking solutions to their customers and partners, while Green Dot uses that same integrated technology and banking platform to design and deploy its own leading collection of banking and financial services products directly to consumers through one of the largest retail banking distribution platforms in America. Green Dot products are marketed under brand names such as Green Dot, GoBank, MoneyPak, AccountNow, RushCard and RapidPay, and can be acquired through more than 100,000 retailers nationwide, thousands of corporate paycard partners, several “direct-2-consumer” branded websites, thousands of tax return preparation offices and accounting firms, thousands of neighborhood check cashing locations and both of the leading app stores. Green Dot Corporation is headquartered in Pasadena, California, with additional facilities throughout the United States and in Shanghai, China.
|
GREEN DOT CORPORATION CONSOLIDATED BALANCE SHEETS |
|||||||
|
|
September 30, 2019 |
|
December 31, 2018 |
||||
|
|
(unaudited) |
|
|
||||
|
Assets |
(In thousands, except par value) |
||||||
|
Current assets: |
|
|
|
||||
|
Unrestricted cash and cash equivalents |
$ |
861,275 |
|
|
$ |
1,094,728 |
|
|
Restricted cash |
3,103 |
|
|
490 |
|
||
|
Investment securities available-for-sale, at fair value |
15,027 |
|
|
19,960 |
|
||
|
Settlement assets |
193,032 |
|
|
153,992 |
|
||
|
Accounts receivable, net |
34,939 |
|
|
40,942 |
|
||
|
Prepaid expenses and other assets |
46,624 |
|
|
57,070 |
|
||
|
Income tax receivable |
— |
|
|
8,772 |
|
||
|
Total current assets |
1,154,000 |
|
|
1,375,954 |
|
||
|
Investment securities available-for-sale, at fair value |
230,192 |
|
|
181,223 |
|
||
|
Loans to bank customers, net of allowance for loan losses of $1,558 and $1,144 as of September 30, 2019 and December 31, 2018, respectively |
20,906 |
|
|
21,363 |
|
||
|
Prepaid expenses and other assets |
8,201 |
|
|
8,125 |
|
||
|
Property and equipment, net |
139,246 |
|
|
120,269 |
|
||
|
Operating lease right-of-use assets |
28,877 |
|
|
— |
|
||
|
Deferred expenses |
6,763 |
|
|
21,201 |
|
||
|
Net deferred tax assets |
10,867 |
|
|
7,867 |
|
||
|
Goodwill and intangible assets |
528,861 |
|
|
551,116 |
|
||
|
Total assets |
$ |
2,127,913 |
|
|
$ |
2,287,118 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
47,334 |
|
|
$ |
38,631 |
|
|
Deposits |
888,870 |
|
|
1,005,485 |
|
||
|
Obligations to customers |
65,959 |
|
|
58,370 |
|
||
|
Settlement obligations |
11,928 |
|
|
5,788 |
|
||
|
Amounts due to card issuing banks for overdrawn accounts |
556 |
|
|
1,681 |
|
||
|
Other accrued liabilities |
91,329 |
|
|
134,000 |
|
||
|
Operating lease liabilities |
7,811 |
|
|
— |
|
||
|
Deferred revenue |
15,583 |
|
|
34,607 |
|
||
|
Note payable |
— |
|
|
58,705 |
|
||
|
Income tax payable |
17,519 |
|
|
67 |
|
||
|
Total current liabilities |
1,146,889 |
|
|
1,337,334 |
|
||
|
Other accrued liabilities |
13,843 |
|
|
30,927 |
|
||
|
Operating lease liabilities |
27,201 |
|
|
— |
|
||
|
Net deferred tax liabilities |
12,796 |
|
|
9,045 |
|
||
|
Total liabilities |
1,200,729 |
|
|
1,377,306 |
|
||
|
|
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
||||
|
Class A common stock, $0.001 par value; 100,000 shares authorized as of September 30, 2019 and December 31, 2018; 51,479 and 52,917 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively |
52 |
|
|
53 |
|
||
|
Additional paid-in capital |
297,593 |
|
|
380,753 |
|
||
|
Retained earnings |
627,347 |
|
|
529,143 |
|
||
|
Accumulated other comprehensive income (loss) |
2,192 |
|
|
(137 |
) |
||
|
Total stockholders’ equity |
927,184 |
|
|
909,812 |
|
||
|
Total liabilities and stockholders’ equity |
$ |
2,127,913 |
|
|
$ |
2,287,118 |
|
|
GREEN DOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
|
|
(In thousands, except per share data) |
||||||||||||||
|
Operating revenues: |
|
|
|
|
|
|
|
||||||||
|
Card revenues and other fees |
$ |
102,231 |
|
|
$ |
113,474 |
|
|
$ |
353,421 |
|
|
$ |
364,317 |
|
|
Processing and settlement service revenues |
54,620 |
|
|
43,043 |
|
|
229,272 |
|
|
203,901 |
|
||||
|
Interchange revenues |
77,080 |
|
|
74,060 |
|
|
250,955 |
|
|
235,706 |
|
||||
|
Interest income, net |
6,517 |
|
|
5,756 |
|
|
25,640 |
|
|
16,543 |
|
||||
|
Total operating revenues |
240,448 |
|
|
236,333 |
|
|
859,288 |
|
|
820,467 |
|
||||
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
|
Sales and marketing expenses |
98,352 |
|
|
72,745 |
|
|
284,485 |
|
|
247,191 |
|
||||
|
Compensation and benefits expenses |
46,678 |
|
|
57,070 |
|
|
156,451 |
|
|
166,055 |
|
||||
|
Processing expenses |
49,010 |
|
|
43,654 |
|
|
149,864 |
|
|
138,442 |
|
||||
|
Other general and administrative expenses |
48,595 |
|
|
62,193 |
|
|
145,327 |
|
|
153,760 |
|
||||
|
Total operating expenses |
242,635 |
|
|
235,662 |
|
|
736,127 |
|
|
705,448 |
|
||||
|
Operating (loss) income |
(2,187 |
) |
|
671 |
|
|
123,161 |
|
|
115,019 |
|
||||
|
Interest expense, net |
112 |
|
|
991 |
|
|
1,748 |
|
|
3,531 |
|
||||
|
(Loss) income before income taxes |
(2,299 |
) |
|
(320 |
) |
|
121,413 |
|
|
111,488 |
|
||||
|
Income tax (benefit) expense |
(1,768 |
) |
|
(4,893 |
) |
|
23,209 |
|
|
7,057 |
|
||||
|
Net (loss) income |
$ |
(531 |
) |
|
$ |
4,573 |
|
|
$ |
98,204 |
|
|
$ |
104,431 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic (loss) earnings per common share: |
$ |
(0.01 |
) |
|
$ |
0.09 |
|
|
$ |
1.87 |
|
|
$ |
2.01 |
|
|
Diluted (loss) earnings per common share: |
$ |
(0.01 |
) |
|
$ |
0.08 |
|
|
$ |
1.84 |
|
|
$ |
1.92 |
|
|
Basic weighted-average common shares issued and outstanding: |
51,595 |
|
|
52,580 |
|
|
52,405 |
|
|
52,046 |
|
||||
|
Diluted weighted-average common shares issued and outstanding: |
52,295 |
|
|
54,615 |
|
|
53,474 |
|
|
54,437 |
|
||||
|
GREEN DOT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||
|
|
Nine Months Ended September 30, |
||||||
|
|
2019 |
|
2018 |
||||
|
|
(In thousands) |
||||||
|
Operating activities |
|
|
|
||||
|
Net income |
$ |
98,204 |
|
|
$ |
104,431 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization of property, equipment and internal-use software |
35,929 |
|
|
28,154 |
|
||
|
Amortization of intangible assets |
24,523 |
|
|
24,586 |
|
||
|
Provision for uncollectible overdrawn accounts |
64,686 |
|
|
63,358 |
|
||
|
Employee stock-based compensation |
30,136 |
|
|
37,373 |
|
||
|
Amortization of (discount) premium on available-for-sale investment securities |
(209 |
) |
|
914 |
|
||
|
Change in fair value of contingent consideration |
(1,866 |
) |
|
13,500 |
|
||
|
Amortization of deferred financing costs |
1,253 |
|
|
1,195 |
|
||
|
Impairment of capitalized software |
121 |
|
|
352 |
|
||
|
Changes in operating assets and liabilities: |
|
|
|
||||
|
Accounts receivable, net |
(58,683 |
) |
|
(55,486 |
) |
||
|
Prepaid expenses and other assets |
9,679 |
|
|
1,458 |
|
||
|
Deferred expenses |
14,438 |
|
|
13,783 |
|
||
|
Accounts payable and other accrued liabilities |
(20,132 |
) |
|
(13,315 |
) |
||
|
Deferred revenue |
(19,385 |
) |
|
(11,587 |
) |
||
|
Income tax receivable/payable |
25,961 |
|
|
2,452 |
|
||
|
Other, net |
6 |
|
|
3,174 |
|
||
|
Net cash provided by operating activities |
204,661 |
|
|
214,342 |
|
||
|
|
|
|
|
||||
|
Investing activities |
|
|
|
||||
|
Purchases of available-for-sale investment securities |
(117,959 |
) |
|
(128,991 |
) |
||
|
Proceeds from maturities of available-for-sale securities |
72,569 |
|
|
45,774 |
|
||
|
Proceeds from sales of available-for-sale securities |
4,905 |
|
|
11,125 |
|
||
|
Payments for acquisition of property and equipment |
(58,185 |
) |
|
(43,397 |
) |
||
|
Net increase in loans |
(1,457 |
) |
|
(5,617 |
) |
||
|
Net cash used in investing activities |
(100,127 |
) |
|
(121,106 |
) |
||
|
|
|
|
|
||||
|
Financing activities |
|
|
|
||||
|
Repayments of borrowings from notes payable |
(60,000 |
) |
|
(16,875 |
) |
||
|
Proceeds from exercise of options |
4,862 |
|
|
19,123 |
|
||
|
Taxes paid related to net share settlement of equity awards |
(18,159 |
) |
|
(33,180 |
) |
||
|
Net decrease in deposits |
(133,132 |
) |
|
(5,506 |
) |
||
|
Net decrease in obligations to customers |
(25,311 |
) |
|
(24,861 |
) |
||
|
Contingent consideration payments |
(3,634 |
) |
|
(3,856 |
) |
||
|
Repurchase of Class A common stock |
(100,000 |
) |
|
— |
|
||
|
Net cash used in financing activities |
(335,374 |
) |
|
(65,155 |
) |
||
|
|
|
|
|
||||
|
Net (decrease) increase in unrestricted cash, cash equivalents and restricted cash |
(230,840 |
) |
|
28,081 |
|
||
|
Unrestricted cash, cash equivalents and restricted cash, beginning of period |
1,095,218 |
|
|
1,010,095 |
|
||
|
Unrestricted cash, cash equivalents and restricted cash, end of period |
$ |
864,378 |
|
|
$ |
1,038,176 |
|
|
|
|
|
|
||||
|
Cash paid for interest |
$ |
2,049 |
|
|
$ |
3,335 |
|
|
Cash (refund from)/paid for income taxes |
$ |
(3,612 |
) |
|
$ |
4,313 |
|
|
|
|
|
|
||||
|
Reconciliation of unrestricted cash, cash equivalents and restricted cash at end of period: |
|
|
|
||||
|
Unrestricted cash and cash equivalents |
$ |
861,275 |
|
|
$ |
1,037,617 |
|
|
Restricted cash |
3,103 |
|
|
559 |
|
||
|
Total unrestricted cash, cash equivalents and restricted cash, end of period |
$ |
864,378 |
|
|
$ |
1,038,176 |
|
|
GREEN DOT CORPORATION REPORTABLE SEGMENTS (UNAUDITED) |
|||||||||||||||
|
|
Three Months Ended September 30, 2019 |
||||||||||||||
|
|
Account Services |
|
Processing and |
|
Corporate and Other |
|
Total |
||||||||
|
|
(In thousands) |
||||||||||||||
|
Operating revenues |
$ |
191,273 |
|
|
$ |
56,025 |
|
|
$ |
(6,850 |
) |
|
$ |
240,448 |
|
|
Operating expenses |
173,014 |
|
|
49,151 |
|
|
20,470 |
|
|
242,635 |
|
||||
|
Operating income (loss) |
$ |
18,259 |
|
|
$ |
6,874 |
|
|
$ |
(27,320 |
) |
|
$ |
(2,187 |
) |
|
|
Three Months Ended September 30, 2018 |
||||||||||||||
|
|
Account Services |
|
Processing and |
|
Corporate and Other |
|
Total |
||||||||
|
|
(In thousands) |
||||||||||||||
|
Operating revenues |
$ |
199,476 |
|
|
$ |
44,193 |
|
|
$ |
(7,336 |
) |
|
$ |
236,333 |
|
|
Operating expenses |
150,189 |
|
|
42,610 |
|
|
42,863 |
|
|
235,662 |
|
||||
|
Operating income |
$ |
49,287 |
|
|
$ |
1,583 |
|
|
$ |
(50,199 |
) |
|
$ |
671 |
|
|
|
Nine Months Ended September 30, 2019 |
||||||||||||||
|
|
Account Services |
|
Processing and |
|
Corporate and Other |
|
Total |
||||||||
|
|
(In thousands) |
||||||||||||||
|
Operating revenues |
$ |
646,938 |
|
|
$ |
236,714 |
|
|
$ |
(24,364 |
) |
|
$ |
859,288 |
|
|
Operating expenses |
515,375 |
|
|
149,533 |
|
|
71,219 |
|
|
736,127 |
|
||||
|
Operating income |
$ |
131,563 |
|
|
$ |
87,181 |
|
|
$ |
(95,583 |
) |
|
$ |
123,161 |
|
|
|
Nine Months Ended September 30, 2018 |
||||||||||||||
|
|
Account Services |
|
Processing and |
|
Corporate and Other |
|
Total |
||||||||
|
|
(In thousands) |
||||||||||||||
|
Operating revenues |
$ |
636,786 |
|
|
$ |
208,133 |
|
|
$ |
(24,452 |
) |
|
$ |
820,467 |
|
|
Operating expenses |
485,924 |
|
|
135,633 |
|
|
83,891 |
|
|
705,448 |
|
||||
|
Operating income |
$ |
150,862 |
|
|
$ |
72,500 |
|
|
$ |
(108,343 |
) |
|
$ |
115,019 |
|
Contacts
Investor Relations
[email protected]
Media Relations
Brian Ruby, 203-682-8286
[email protected]
