PASADENA, Calif.--(BUSINESS WIRE)--Green Dot Corporation (NYSE: GDOT) today reported financial results for the quarter ended June 30, 2020.
“During this incredibly unfortunate pandemic, we are proud that our products and services were used and relied upon by millions of consumers and small businesses directly and through our partners to receive much needed funds and support from various government entities. This unprecedented crisis also clearly illustrates the strength of the diversified business of Green Dot as well as long term opportunities for widespread digital payments adoption,” said Dan Henry, CEO. "I'm very optimistic about the potential we have and thrilled about the leadership team we have put together over these past three months."
GAAP financial results for the second quarter of 2020 compared to the second quarter of 2019:
- Total operating revenues on a generally accepted accounting principles (GAAP) basis were $316.2 million for the second quarter of 2020, up from $278.3 million for the second quarter of 2019.
- GAAP net income was $3.3 million for the second quarter of 2020, compared to net income of $34.7 million for the second quarter of 2019.
- GAAP diluted earnings per common share was $0.06 for the second quarter of 2020, compared to diluted earnings per share of $0.64 for the second quarter of 2019.
Non-GAAP financial results for the second quarter of 2020 compared to the second quarter of 2019:1
- Non-GAAP total operating revenues1 were $300.0 million for the second quarter of 2020, up from $265.0 million for the second quarter of 2019, representing a year-over-year increase of 13%.
- Adjusted EBITDA1 was $45.3 million, or 15.1% of non-GAAP total operating revenues1 for the second quarter of 2020, down from $74.6 million, or 28.2% of non-GAAP total operating revenues1 for the second quarter of 2019.
- Non-GAAP net income1 was $23.4 million for the second quarter of 2020, down from $48.4 million for the second quarter of 2019.
- Non-GAAP diluted earnings per share1 was $0.43 for the second quarter of 2020, down from $0.90 for the second quarter of 2019.
1 |
Reconciliations of total operating revenues to non-GAAP total operating revenues, net income to adjusted EBITDA, net income to non-GAAP net income, and diluted earnings per share to non-GAAP diluted earnings per share, 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 Green Dot's quarterly key business metrics for each of the last six calendar quarters. Please refer to Green Dot’s latest Quarterly Report on Form 10-Q for a description of the key business metrics.
|
2020 |
|
2019 |
||||||||||||||||
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
||||||||||||
|
(In millions) |
||||||||||||||||||
Gross dollar volume |
$ |
15,107 |
|
$ |
14,294 |
|
|
$ |
10,636 |
|
$ |
9,827 |
|
$ |
10,019 |
|
$ |
12,977 |
|
Gross dollar volume from direct deposit sources |
$ |
10,568 |
|
$ |
10,654 |
|
|
$ |
7,112 |
|
$ |
6,843 |
|
$ |
7,208 |
|
$ |
10,217 |
|
Active accounts at quarter end |
6.25 |
|
5.74 |
|
|
5.04 |
|
5.18 |
|
5.66 |
|
6.05 |
|
||||||
Direct deposit active accounts at quarter end |
3.12 |
|
2.99 |
|
|
2.14 |
|
2.14 |
|
2.31 |
|
2.87 |
|
||||||
Purchase volume (1) |
$ |
8,477 |
|
$ |
8,282 |
|
|
$ |
6,287 |
|
$ |
6,047 |
|
$ |
6,470 |
|
$ |
8,200 |
|
Number of cash transfers |
12.48 |
|
12.13 |
|
|
12.08 |
|
11.73 |
|
11.25 |
|
10.98 |
|
||||||
Number of tax refunds processed |
1.90 |
|
9.70 |
|
|
0.07 |
|
0.11 |
|
2.52 |
|
9.39 |
|
||||||
(1) |
In 2020, purchase volume excludes volume generated by certain BaaS programs where the BaaS partner earns interchange and Green Dot earns a platform fee. |
“During the second quarter, many of our KPIs experienced accelerating growth, specifically, the number of direct deposit active accounts grew year-over-year by 35% and our gross dollar volume and purchase volume grew by 51% and 31%, respectively,” said Jess Unruh, interim CFO. "We saw a strong recovery from the combination of stimulus funds and incremental unemployment benefits provided under the CARES Act and the acceleration of many of the digital payment trends that existed pre-COVID. This resulted in a higher demand and usage of our products and services that has persisted into July."
2020 Financial Guidance
The continued uncertainty regarding the duration and the related impact of COVID-19 on the U.S. economy and any government response makes it is difficult for Green Dot to reasonably estimate its future financial results at this time; therefore, Green Dot will not be providing a financial outlook for the full year 2020.
Business Update Related to COVID-19
Green Dot has taken steps to ensure the health and safety of our employees and continued service to our customers and partners, while at the same time seeking to mitigate the impact of the pandemic on our financial condition and results of operations.
Employees and business continuity plan
Over the course of the first quarter in 2020, Green Dot enacted business continuity plans in Shanghai, China and across the United States, mandated that its employees work from home, required contractors to work remotely and implemented strict travel restrictions. Green Dot's employees have been successful in maintaining its operations in a remote work environment and its offices in China have since reopened consistent with local guidelines. Green Dot experienced disruption in staffing levels at its third-party call centers across the globe during March and second quarter of 2020. Green Dot has since restored these staffing levels and continues to work with its partners to monitor business operations.
Trends in key metrics and revenue
Overall, the year-over-year trends in Green Dot's key metrics and revenues in January and February were strong and then exhibited a marked slowdown in late March and early April as the impact of COVID-19 intensified. As the second quarter of 2020 progressed, key metrics and revenue improved as new and existing customers utilized Green Dot's platform to receive stimulus funds and unemployment benefits.
The extent of the impacts from these conditions remains uncertain and dependent on various factors, including the continued severity and transmission rate of the virus, the nature of and duration for which the preventative measures remain in place, the extent and effectiveness of containment and mitigation actions, the type of stimulus measures and other policy responses that the U.S. government may further adopt, and the impact of these and other factors on Green Dot's employees, customers, retail distributors, partners and vendors.
Impacts on interest income, cost structure and liquidity
In March 2020, the Federal Reserve announced reductions in short-term interest rates that have lowered the yields on Green Dot's cash and investment balances and therefore, Green Dot expects a reduction in the amount of interest income it earns for the remainder of the year.
As a result of these conditions since the beginning of this pandemic, Green Dot has experienced and may continue to experience increased costs, including higher call center costs and disputed transaction losses. While Green Dot has implemented cost-saving measures to offset increased costs and are otherwise working to mitigate the conditions driving our higher costs, the conditions caused by the pandemic could continue to adversely affect Green Dot's business, results of operations, and financial condition in future periods.
Green Dot has taken steps to strengthen its liquidity position and ensure it has ample flexibility to pursue strategic priorities, instituting an enterprise-wide headcount freeze and delaying or reducing non-critical projects. Green Dot has $100 million available under its revolving credit facility should it need additional liquidity in the short-term.
Conference Call
Green Dot will host a conference call to discuss second quarter 2020 financial results today at 5:00 p.m. ET. Hosting the call will be Dan Henry, Chief Executive Officer, and Jess Unruh, interim Chief Financial Officer. The conference call can be accessed live from Green Dot's investor relations website at http://ir.greendot.com/. A replay of the webcast will be available at the same website following the call. The replay will be available until Tuesday August 11, 2020.
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 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 impact of the COVID-19 pandemic on Green Dot’s business, results of operations and financial condition, and the effectiveness of Green Dot’s measures taken in response to the pandemic, the timing and impact of revenue growth activities, Green Dot's dependence on revenues derived from Walmart, impact of competition, Green Dot's reliance on retail distributors for the promotion of its products and services, demand for Green Dot's new and existing products and services, continued and improving returns from Green Dot's investments in new growth initiatives, potential difficulties in integrating operations of acquired entities and acquired technologies, Green Dot's ability to operate in a highly regulated environment, changes to existing laws or regulations affecting Green Dot's operating methods or economics, Green Dot'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 Green Dot's involvement litigation or investigations. These and other risks are discussed in greater detail in Green Dot'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 Green Dot'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 August 4, 2020, and Green Dot assumes no obligation to update this information as a result of future events or developments.
About Non-GAAP Financial Measures
To supplement Green Dot's consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (GAAP), Green Dot 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 legal settlement charges; stock-based compensation and related employer payroll taxes; change in the fair value of contingent consideration; impairment charges; extraordinary severance and related restructuring expenses; gains or losses from equity method investments; realized gains or losses on the sale of investment securities; commissions and certain processing-related costs associated with BaaS products and services where Green Dot 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. 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 Green Dot's financial measures prepared in accordance with GAAP. Green Dot's non-GAAP financial measures may be different from similarly-titled non-GAAP financial measures used by other companies. Green Dot 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. Green Dot's management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate Green Dot's business and make operating decisions. For additional information regarding Green Dot's use of non-GAAP financial measures and the items excluded by Green Dot from one or more of its historic and projected non-GAAP financial measures, investors are encouraged to review the reconciliations of Green Dot'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 Green Dot'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 |
|||||||
|
June 30, 2020 |
|
December 31, 2019 |
||||
|
(unaudited) |
|
|
||||
Assets |
(In thousands, except par value) |
||||||
Current assets: |
|
|
|
||||
Unrestricted cash and cash equivalents |
$ |
1,931,467 |
|
|
$ |
1,063,426 |
|
Restricted cash |
5,944 |
|
|
2,728 |
|
||
Investment securities available-for-sale, at fair value |
— |
|
|
10,020 |
|
||
Settlement assets |
312,401 |
|
|
239,222 |
|
||
Accounts receivable, net |
46,562 |
|
|
59,543 |
|
||
Prepaid expenses and other assets |
57,694 |
|
|
66,183 |
|
||
Income tax receivable |
1,364 |
|
|
870 |
|
||
Total current assets |
2,355,432 |
|
|
1,441,992 |
|
||
Investment securities available-for-sale, at fair value |
241,534 |
|
|
267,419 |
|
||
Loans to bank customers, net of allowance for loan losses of $570 and $1,166 as of June 30, 2020 and December 31, 2019, respectively |
19,551 |
|
|
21,417 |
|
||
Prepaid expenses and other assets |
42,346 |
|
|
10,991 |
|
||
Property, equipment, and internal-use software, net |
148,258 |
|
|
145,476 |
|
||
Operating lease right-of-use assets |
23,476 |
|
|
26,373 |
|
||
Deferred expenses |
6,910 |
|
|
16,891 |
|
||
Net deferred tax assets |
9,097 |
|
|
9,037 |
|
||
Goodwill and intangible assets |
506,117 |
|
|
520,994 |
|
||
Total assets |
$ |
3,352,721 |
|
|
$ |
2,460,590 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
27,351 |
|
|
$ |
37,876 |
|
Deposits |
2,000,570 |
|
|
1,175,341 |
|
||
Obligations to customers |
88,508 |
|
|
69,377 |
|
||
Settlement obligations |
10,696 |
|
|
13,251 |
|
||
Amounts due to card issuing banks for overdrawn accounts |
255 |
|
|
380 |
|
||
Other accrued liabilities |
133,256 |
|
|
107,842 |
|
||
Operating lease liabilities |
8,075 |
|
|
8,764 |
|
||
Deferred revenue |
13,448 |
|
|
28,355 |
|
||
Income tax payable |
20,035 |
|
|
3,948 |
|
||
Total current liabilities |
2,302,194 |
|
|
1,445,134 |
|
||
Other accrued liabilities |
7,547 |
|
|
10,883 |
|
||
Operating lease liabilities |
20,912 |
|
|
24,445 |
|
||
Line of credit |
— |
|
|
35,000 |
|
||
Net deferred tax liabilities |
17,843 |
|
|
17,772 |
|
||
Total liabilities |
2,348,496 |
|
|
1,533,234 |
|
||
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Class A common stock, $0.001 par value; 100,000 shares authorized as of June 30, 2020 and December 31, 2019; 53,297 and 51,807 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively |
53 |
|
|
52 |
|
||
Additional paid-in capital |
323,083 |
|
|
296,224 |
|
||
Retained earnings |
678,898 |
|
|
629,040 |
|
||
Accumulated other comprehensive income |
2,191 |
|
|
2,040 |
|
||
Total stockholders’ equity |
1,004,225 |
|
|
927,356 |
|
||
Total liabilities and stockholders’ equity |
$ |
3,352,721 |
|
|
$ |
2,460,590 |
|
GREEN DOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
||||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
||||||||
|
(In thousands, except per share data) |
|||||||||||||||
Operating revenues: |
|
|
|
|
|
|
|
|||||||||
Card revenues and other fees |
$ |
152,681 |
|
|
$ |
121,613 |
|
|
|
$ |
294,075 |
|
|
$ |
251,190 |
|
Processing and settlement service revenues |
65,450 |
|
|
67,073 |
|
|
|
188,516 |
|
|
174,652 |
|
||||
Interchange revenues |
95,970 |
|
|
81,334 |
|
|
|
186,836 |
|
|
173,875 |
|
||||
Interest income, net |
2,139 |
|
|
8,306 |
|
|
|
8,982 |
|
|
19,123 |
|
||||
Total operating revenues |
316,240 |
|
|
278,326 |
|
|
|
678,409 |
|
|
618,840 |
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|||||||||
Sales and marketing expenses |
106,811 |
|
|
87,432 |
|
|
|
223,549 |
|
|
186,133 |
|
||||
Compensation and benefits expenses |
58,867 |
|
|
48,298 |
|
|
|
111,932 |
|
|
109,773 |
|
||||
Processing expenses |
71,371 |
|
|
49,222 |
|
|
|
142,466 |
|
|
100,854 |
|
||||
Other general and administrative expenses |
73,801 |
|
|
49,411 |
|
|
|
136,223 |
|
|
96,732 |
|
||||
Total operating expenses |
310,850 |
|
|
234,363 |
|
|
|
614,170 |
|
|
493,492 |
|
||||
Operating income |
5,390 |
|
|
43,963 |
|
|
|
64,239 |
|
|
125,348 |
|
||||
Interest expense, net |
443 |
|
|
66 |
|
|
|
684 |
|
|
1,670 |
|
||||
Other income (expense), net |
2,154 |
|
|
(99 |
) |
|
|
2,346 |
|
|
34 |
|
||||
Income before income taxes |
7,101 |
|
|
43,798 |
|
|
|
65,901 |
|
|
123,712 |
|
||||
Income tax expense |
3,807 |
|
|
9,106 |
|
|
|
15,762 |
|
|
24,977 |
|
||||
Net income |
$ |
3,294 |
|
|
$ |
34,692 |
|
|
|
$ |
50,139 |
|
|
$ |
98,735 |
|
|
|
|
|
|
|
|
|
|||||||||
Basic earnings per common share: |
$ |
0.06 |
|
|
$ |
0.66 |
|
|
|
$ |
0.95 |
|
|
$ |
1.87 |
|
Diluted earnings per common share: |
$ |
0.06 |
|
|
$ |
0.64 |
|
|
|
$ |
0.93 |
|
|
$ |
1.82 |
|
Basic weighted-average common shares issued and outstanding: |
52,275 |
|
|
52,588 |
|
|
|
52,084 |
|
|
52,818 |
|
||||
Diluted weighted-average common shares issued and outstanding: |
53,164 |
|
|
53,811 |
|
|
|
52,913 |
|
|
54,154 |
|
||||
GREEN DOT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||||
|
Six Months Ended June 30, |
||||||||
|
2020 |
|
|
2019 |
|
||||
|
(In thousands) |
||||||||
Operating activities |
|
|
|
||||||
Net income |
$ |
50,139 |
|
|
|
$ |
98,735 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||||
Depreciation and amortization of property, equipment and internal-use software |
28,175 |
|
|
|
23,003 |
|
|
||
Amortization of intangible assets |
14,231 |
|
|
|
16,349 |
|
|
||
Provision for uncollectible overdrawn accounts from purchase transactions |
4,398 |
|
|
|
4,047 |
|
|
||
Stock-based compensation |
24,987 |
|
|
|
23,242 |
|
|
||
Losses in equity method investment |
2,716 |
|
|
|
— |
|
|
||
Realized gain on sale of available-for-sale investment securities |
(5,062 |
) |
|
|
— |
|
|
||
Amortization of premium (discount) on available-for-sale investment securities |
432 |
|
|
|
(224 |
) |
|
||
Amortization of deferred financing costs |
84 |
|
|
|
1,124 |
|
|
||
Impairment of internal-use software |
1,068 |
|
|
|
104 |
|
|
||
Changes in operating assets and liabilities: |
|
|
|
||||||
Accounts receivable, net |
8,583 |
|
|
|
8,696 |
|
|
||
Prepaid expenses and other assets |
9,285 |
|
|
|
8,051 |
|
|
||
Deferred expenses |
9,981 |
|
|
|
13,634 |
|
|
||
Accounts payable and other accrued liabilities |
13,665 |
|
|
|
(31,207 |
) |
|
||
Deferred revenue |
(15,096 |
) |
|
|
(18,799 |
) |
|
||
Income tax receivable/payable |
15,407 |
|
|
|
20,929 |
|
|
||
Other, net |
(1,477 |
) |
|
|
(616 |
) |
|
||
Net cash provided by operating activities |
161,516 |
|
|
|
167,068 |
|
|
||
|
|
|
|
||||||
Investing activities |
|
|
|
||||||
Purchases of available-for-sale investment securities |
(208,502 |
) |
|
|
(90,216 |
) |
|
||
Proceeds from maturities of available-for-sale securities |
61,717 |
|
|
|
50,354 |
|
|
||
Proceeds from sales of available-for-sale securities |
187,668 |
|
|
|
101 |
|
|
||
Payments for acquisition of property and equipment |
(31,395 |
) |
|
|
(37,746 |
) |
|
||
Net changes in loans |
1,612 |
|
|
|
(1,296 |
) |
|
||
Investment in TailFin Labs, LLC |
(35,000 |
) |
|
|
— |
|
|
||
Other |
(832 |
) |
|
|
— |
|
|
||
Net cash used in investing activities |
(24,732 |
) |
|
|
(78,803 |
) |
|
||
|
|
|
|
||||||
Financing activities |
|
|
|
||||||
Repayments of borrowings from notes payable |
— |
|
|
|
(60,000 |
) |
|
||
Borrowings on revolving line of credit |
100,000 |
|
|
|
— |
|
|
||
Repayments on revolving line of credit |
(135,000 |
) |
|
|
— |
|
|
||
Proceeds from exercise of options and ESPP purchases |
4,858 |
|
|
|
4,836 |
|
|
||
Taxes paid related to net share settlement of equity awards |
(2,985 |
) |
|
|
(16,874 |
) |
|
||
Net increase in deposits |
826,203 |
|
|
|
140,110 |
|
|
||
Net decrease in obligations to customers |
(56,603 |
) |
|
|
(48,306 |
) |
|
||
Contingent consideration payments |
(2,000 |
) |
|
|
(2,634 |
) |
|
||
Repurchase of Class A common stock |
— |
|
|
|
(100,000 |
) |
|
||
Net cash provided by (used in) financing activities |
734,473 |
|
|
|
(82,868 |
) |
|
||
|
|
|
|
||||||
Net increase in unrestricted cash, cash equivalents and restricted cash |
871,257 |
|
|
|
5,397 |
|
|
||
Unrestricted cash, cash equivalents and restricted cash, beginning of period |
1,066,154 |
|
|
|
1,095,218 |
|
|
||
Unrestricted cash, cash equivalents and restricted cash, end of period |
$ |
1,937,411 |
|
|
|
$ |
1,100,615 |
|
|
|
|
|
|
||||||
Cash paid for interest |
$ |
759 |
|
|
|
$ |
1,604 |
|
|
Cash paid for income taxes |
$ |
34 |
|
|
|
$ |
3,702 |
|
|
|
|
|
|
||||||
Reconciliation of unrestricted cash, cash equivalents and restricted cash at end of period: |
|
|
|
||||||
Unrestricted cash and cash equivalents |
$ |
1,931,467 |
|
|
|
$ |
1,096,498 |
|
|
Restricted cash |
5,944 |
|
|
|
4,117 |
|
|
||
Total unrestricted cash, cash equivalents and restricted cash, end of period |
$ |
1,937,411 |
|
|
|
$ |
1,100,615 |
|
|
GREEN DOT CORPORATION REPORTABLE SEGMENTS (UNAUDITED) |
||||||||||||||||
|
Three Months Ended June 30, 2020 |
|||||||||||||||
|
Account Services |
|
Processing and Settlement Services |
|
Corporate and Other |
|
Total |
|||||||||
|
(In thousands) |
|||||||||||||||
Operating revenues |
$ |
255,766 |
|
|
$ |
67,877 |
|
|
$ |
(7,403 |
) |
|
|
$ |
316,240 |
|
Operating expenses |
228,723 |
|
|
49,669 |
|
|
32,458 |
|
|
|
310,850 |
|
||||
Operating income |
$ |
27,043 |
|
|
$ |
18,208 |
|
|
$ |
(39,861 |
) |
|
|
$ |
5,390 |
|
|
Three Months Ended June 30, 2019 |
|||||||||||||||
|
Account Services |
|
Processing and Settlement Services |
|
Corporate and Other |
|
Total |
|||||||||
|
(In thousands) |
|||||||||||||||
Operating revenues |
$ |
216,032 |
|
|
$ |
70,040 |
|
|
$ |
(7,746 |
) |
|
|
$ |
278,326 |
|
Operating expenses |
165,574 |
|
|
45,867 |
|
|
22,922 |
|
|
|
234,363 |
|
||||
Operating income |
$ |
50,458 |
|
|
$ |
24,173 |
|
|
$ |
(30,668 |
) |
|
|
$ |
43,963 |
|
|
Six Months Ended June 30, 2020 |
|||||||||||||||
|
Account Services |
|
Processing and Settlement Services |
|
Corporate and Other |
|
Total |
|||||||||
|
(In thousands) |
|||||||||||||||
Operating revenues |
$ |
501,116 |
|
|
$ |
193,507 |
|
|
$ |
(16,214 |
) |
|
|
$ |
678,409 |
|
Operating expenses |
440,266 |
|
|
116,988 |
|
|
56,916 |
|
|
|
614,170 |
|
||||
Operating income |
$ |
60,850 |
|
|
$ |
76,519 |
|
|
$ |
(73,130 |
) |
|
|
$ |
64,239 |
|
|
Six Months Ended June 30, 2019 |
|||||||||||||||
|
Account Services |
|
Processing and Settlement Services |
|
Corporate and Other |
|
Total |
|||||||||
|
(In thousands) |
|||||||||||||||
Operating revenues |
$ |
455,665 |
|
|
$ |
180,689 |
|
|
$ |
(17,514 |
) |
|
|
$ |
618,840 |
|
Operating expenses |
342,361 |
|
|
100,382 |
|
|
50,749 |
|
|
|
493,492 |
|
||||
Operating income |
$ |
113,304 |
|
|
$ |
80,307 |
|
|
$ |
(68,263 |
) |
|
|
$ |
125,348 |
|
Green Dot's operations are comprised of two reportable segments: 1) Account Services and 2) Processing and Settlement Services. The Account Services segment consists of revenues and expenses derived from Green Dot's deposit account programs, such as prepaid cards, debit cards, consumer and small business checking accounts, secured credit cards, payroll debit cards and gift cards. These deposit account programs are marketed under several of Green Dot's leading consumer brand names and under the brand names of Green Dot's Banking as a Service, or "BaaS," partners.
Contacts
Investor Relations
IR@greendot.com
Media Relations
PR@greendotcorp.com
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