Home Business Wire Green Dot Reports Second Quarter 2023 Results

Green Dot Reports Second Quarter 2023 Results

Company Nears Completion of Platform Conversions, Announces BaaS Partner Launch and New Financial Services Channel Partner

Reaffirms Revenue Guidance and Mid-Point of Adjusted EBITDA and non-GAAP EPS

AUSTIN, Texas–(BUSINESS WIRE)–Green Dot Corporation (NYSE: GDOT) today reported financial results for the quarter ended June 30, 2023.


I am pleased with the quarter’s results and the progress we’re making against our 2023 operating goals, including launching a new major BaaS partner and adding a new partner to our financial services channel,” said George Gresham, Chief Executive Officer of Green Dot. “We are also nearing completion of our platform conversions, enabling us to shift our focus and resources toward enhanced customer and user experiences, business development and accelerated growth.”

Consolidated Results Summary

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

 

2023

 

 

 

2022

 

 

% Change

 

 

2023

 

 

 

2022

 

 

% Change

 

(In thousands, except per share data and percentages)

 

GAAP financial results

 

 

 

 

 

 

Total operating revenues

$

365,876

 

$

362,769

 

1

%

$

782,256

 

$

763,386

 

2

%

Net income

$

578

 

$

15,008

 

(96

)%

$

36,590

 

$

53,632

 

(32

)%

Diluted earnings per common share

$

0.01

 

$

0.27

 

(96

)%

$

0.70

 

$

0.97

 

(28

)%

 

 

 

 

 

 

 

Non-GAAP financial results1

 

 

 

 

 

 

Non-GAAP total operating revenues1

$

361,144

 

$

355,101

 

2

%

$

773,507

 

$

749,779

 

3

%

Adjusted EBITDA1

$

38,869

 

$

67,548

 

(42

)%

$

121,412

 

$

157,874

 

(23

)%

Adjusted EBITDA/Non-GAAP total operating revenues (adjusted EBITDA margin)

 

10.8

%

 

19.0

%

(8.2

)%

 

15.7

%

 

21.1

%

(5.4

)%

Non-GAAP net income1

$

19,154

 

$

40,438

 

(53

)%

$

70,447

 

$

99,015

 

(29

)%

Non-GAAP diluted earnings per share1

$

0.37

 

$

0.74

 

(50

)%

$

1.35

 

$

1.80

 

(25

)%

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 unaudited 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 on a consolidated basis and by each of its reportable segments. Please refer to Green Dot’s latest Annual Report on Form 10-K for a description of the key business metrics, as well as additional information regarding how Green Dot organizes its business by segment.

 

2023

 

2022

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

 

(In millions)

Consolidated *

 

 

 

 

 

 

Gross dollar volume

$

24,724

$

23,289

$

20,010

$

18,682

$

17,356

$

17,436

Number of active accounts

 

3.71

 

3.84

 

4.15

 

4.33

 

4.61

 

4.93

Purchase volume

$

5,734

$

6,145

$

6,292

$

6,443

$

6,760

$

7,192

Consumer Services

 

 

 

 

 

 

Gross dollar volume

$

5,122

$

5,677

$

5,426

$

5,495

$

5,715

$

6,621

Number of active accounts

 

2.35

 

2.41

 

2.37

 

2.51

 

2.78

 

3.04

Direct deposit active accounts

 

0.59

 

0.60

 

0.63

 

0.66

 

0.67

 

0.69

Purchase volume

$

3,984

$

4,344

$

4,229

$

4,302

$

4,588

$

5,017

B2B Services

 

 

 

 

 

 

Gross dollar volume

$

19,602

$

17,612

$

14,584

$

13,187

$

11,641

$

10,815

Number of active accounts

 

1.36

 

1.43

 

1.78

 

1.82

 

1.83

 

1.89

Purchase volume

$

1,750

$

1,801

$

2,063

$

2,141

$

2,172

$

2,175

Money Movement

 

 

 

 

 

 

Number of cash transfers

 

8.66

 

8.70

 

9.03

 

9.16

 

9.00

 

8.87

Number of tax refunds processed

 

3.87

 

9.91

 

0.20

 

0.28

 

4.48

 

9.61

*

Represents the sum of Green Dot’s Consumer Services and B2B (as defined herein) Services segments.

Unencumbered cash at the holding company was approximately $71 million as of June 30, 2023.

It was a solid quarter with results largely in line with our expectations. Solid operating performance coupled with a focus on cost control are intended to position us to absorb some incremental headwinds in the second half of the year. We are reaffirming our revenue guidance while narrowing the range for adjusted EBITDA and non-GAAP EPS, with the mid-point remaining intact with prior guidance,” said Jess Unruh, CFO of Green Dot.

Updated 2023 Financial Guidance

Green Dot has provided its most recent financial outlook for 2023. Green Dot’s outlook is based on a number of assumptions that management believes are reasonable at the time of this earnings release. In particular, its outlook reflects several considerations, including but not limited to, the expected impact of the previously announced loss of certain partnerships and programs, negative trends within certain channels of its business, the current macro-economic environment including rising interest rates, the expected timing of expected cost savings from its platform conversion, and its investment in strategic initiatives. 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 is reaffirming its guidance range for full year non-GAAP total operating revenues2 to be between $1.376 billion and $1.462 billion, or approximately flat year-over-year at the mid-point.

Adjusted EBITDA2

  • Green Dot is reaffirming the mid-point of its full year adjusted EBITDA2 range while narrowing the low and high end of its range to $182 million and $188 million, or down 23% year-over-year at the mid-point, versus its previous guidance range of $180 million and $190 million.

Non-GAAP EPS2

  • Green Dot is reaffirming the mid-point of its full year non-GAAP EPS2 range while narrowing the low and high end of its range to $1.80 and $1.90, or down 29% year-over-year at the mid-point, versus its previous guidance range of $1.77 and $1.93.

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

$

182.0

 

$

188.0

 

Depreciation and amortization*

 

(56.5

)

 

(56.5

)

Net interest expense

 

(2.0

)

 

(2.0

)

Non-GAAP pre-tax income

$

123.5

 

$

129.5

 

Tax impact**

 

(29.0

)

 

(30.4

)

Non-GAAP net income

$

94.5

 

$

99.1

 

Non-GAAP diluted weighted-average shares issued and outstanding

 

52.4

 

 

52.4

 

Non-GAAP earnings per share

$

1.80

 

$

1.90

 

*

Excludes the impact of amortization of acquired intangible assets

**

Assumes a non-GAAP effective tax rate of approximately 23.5% 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

Green Dot’s management will host a conference call to discuss second quarter 2023 financial results today at 5:00 p.m. ET. The conference call can be accessed live from Green Dot’s investor relations website at http://ir.greendot.com/. Green Dot uses this website as a tool to disclose important information about the company to investors and comply with its disclosure obligations under Regulation Fair Disclosure. A replay of the webcast will be available at the same website following the call. The replay will be available until Thursday, August 10, 2023.

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 Green Dot’s executive officers and under the heading “Updated 2023 Financial Guidance,” as well as about 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, Green Dot’s ability to timely and successfully complete its technology transformation and achieve the expected cost savings and other benefits therefrom, impacts from and changes in general economic conditions on Green Dot’s business, results of operations and financial condition, including any continuing impacts of the COVID-19 pandemic, and the U.S. government’s response thereto, shifts in consumer behavior towards electronic payments, the timing and impact of revenue growth activities, Green Dot’s dependence on revenues derived from Walmart, the timing and impact of non-renewals or terminations of agreements with other large partners, 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 strategic initiatives, Green Dot’s ability to operate in a highly regulated environment, including with respect to any restrictions imposed on its business, changes to governmental policies or rulemaking or enforcement priorities affecting financial institutions or 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, economic, political and other conditions may adversely affect trends in consumer spending and Green Dot’s involvement in 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 3, 2023, and Green Dot assumes no obligation to update this information as a result of future events or developments, except as required by law.

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 for, among other things, non-operating net interest income and expense; other non-interest investment income earned by its bank; income tax benefit and expense; depreciation and amortization, including amortization of acquired intangibles; certain legal settlement gains and charges; stock-based compensation and related employer payroll taxes; changes in the fair value of contingent consideration; transaction costs from acquisitions; amortization attributable to deferred financing costs, impairment charges; extraordinary severance expenses; earnings or losses from equity method investments; changes in the fair value of loans held for sale; commissions and certain processing-related costs associated with Banking as a Service (“BaaS”) products and services where Green Dot does not control customer acquisition; realized gains on investment securities; other charges and income not reflective of ongoing operating results; 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 and registered bank holding company committed to giving all people the power to bank seamlessly, affordably, and with confidence. Green Dot’s technology platform enables it to build products and features that address the most pressing financial challenges of consumers and businesses, transforming the way they manage and move money and making financial empowerment more accessible for all.

Green Dot offers a broad set of financial services to consumers and businesses including debit, checking, credit, prepaid, and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements. Its flagship digital banking platform GO2bank offers consumers simple and accessible mobile banking designed to help improve financial health over time. The company’s banking platform services business enables a growing list of the world’s largest and most trusted consumer and technology brands to deploy customized, seamless, value-driven money management solutions for their customers.

Founded in 1999, Green Dot has served more than 33 million customers directly and many millions more through its partners. The Green Dot Network of more than 90,000 retail distribution locations nationwide, more than all remaining bank branches in the U.S. combined, enables it to operate primarily as a “branchless bank.” Green Dot Bank is a subsidiary of Green Dot Corporation and member of the FDIC. For more information about Green Dot’s products and services, please visit www.greendot.com.

GREEN DOT CORPORATION

CONSOLIDATED BALANCE SHEETS

 

 

June 30, 2023

 

December 31, 2022

 

 

(unaudited)

 

 

Assets

 

(In thousands, except par value)

Current assets:

 

 

Unrestricted cash and cash equivalents

$

661,452

 

$

813,945

 

Restricted cash

 

4,000

 

 

5,900

 

Investment securities available-for-sale, at fair value

 

15,556

 

 

 

Settlement assets

 

523,606

 

 

493,395

 

Accounts receivable, net

 

61,109

 

 

74,437

 

Prepaid expenses and other assets

 

57,123

 

 

78,155

 

Total current assets

 

1,322,846

 

 

1,465,832

 

Investment securities available-for-sale, at fair value

 

2,268,857

 

 

2,363,687

 

Loans to bank customers, net of allowance for loan losses of $12,641 and $9,078 as of June 30, 2023 and December 31, 2022, respectively

 

29,966

 

 

21,421

 

Prepaid expenses and other assets

 

221,175

 

 

192,901

 

Property, equipment, and internal-use software, net

 

171,589

 

 

160,222

 

Operating lease right-of-use assets

 

6,685

 

 

8,316

 

Deferred expenses

 

1,792

 

 

14,547

 

Net deferred tax assets

 

118,841

 

 

117,167

 

Goodwill and intangible assets

 

431,154

 

 

445,083

 

Total assets

$

4,572,905

 

$

4,789,176

 

Liabilities and Stockholders’ Equity

 

 

Current liabilities:

 

 

Accounts payable

$

106,135

 

$

113,891

 

Deposits

 

3,234,606

 

 

3,450,105

 

Obligations to customers

 

236,068

 

 

218,239

 

Settlement obligations

 

31,368

 

 

40,691

 

Amounts due to card issuing banks for overdrawn accounts

 

137

 

 

328

 

Other accrued liabilities

 

91,932

 

 

98,580

 

Operating lease liabilities

 

3,151

 

 

3,167

 

Deferred revenue

 

7,990

 

 

25,029

 

Income tax payable

 

13,957

 

 

11,641

 

Total current liabilities

 

3,725,344

 

 

3,961,671

 

Other accrued liabilities

 

2,927

 

 

5,777

 

Operating lease liabilities

 

3,395

 

 

5,247

 

Line of credit

 

 

 

35,000

 

Total liabilities

 

3,731,666

 

 

4,007,695

 

 

 

 

Stockholders’ equity:

 

 

Class A common stock, $0.001 par value; 100,000 shares authorized as of June 30, 2023 and December 31, 2022; 52,341 and 51,674 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively

 

52

 

 

52

 

Additional paid-in capital

 

360,812

 

 

340,575

 

Retained earnings

 

800,172

 

 

763,582

 

Accumulated other comprehensive loss

 

(319,797

)

 

(322,728

)

Total stockholders’ equity

 

841,239

 

 

781,481

 

Total liabilities and stockholders’ equity

$

4,572,905

 

$

4,789,176

 

GREEN DOT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

(In thousands, except per share data)

Operating revenues:

 

 

 

 

Card revenues and other fees

$

242,107

 

$

218,574

 

$

481,973

 

$

431,402

 

Cash processing revenues

 

53,846

 

 

57,467

 

 

155,669

 

 

157,495

 

Interchange revenues

 

59,967

 

 

76,038

 

 

123,982

 

 

154,894

 

Interest income, net

 

9,956

 

 

10,690

 

 

20,632

 

 

19,595

 

Total operating revenues

 

365,876

 

 

362,769

 

 

782,256

 

 

763,386

 

Operating expenses:

 

 

 

 

Sales and marketing expenses

 

62,823

 

 

77,376

 

 

138,035

 

 

160,902

 

Compensation and benefits expenses

 

64,985

 

 

57,611

 

 

133,766

 

 

123,875

 

Processing expenses

 

153,126

 

 

112,388

 

 

298,180

 

 

224,480

 

Other general and administrative expenses

 

80,156

 

 

91,455

 

 

156,494

 

 

178,598

 

Total operating expenses

 

361,090

 

 

338,830

 

 

726,475

 

 

687,855

 

Operating income

 

4,786

 

 

23,939

 

 

55,781

 

 

75,531

 

Interest expense, net

 

238

 

 

29

 

 

1,882

 

 

116

 

Other expense, net

 

(2,224

)

 

(4,038

)

 

(5,248

)

 

(4,808

)

Income before income taxes

 

2,324

 

 

19,872

 

 

48,651

 

 

70,607

 

Income tax expense

 

1,746

 

 

4,864

 

 

12,061

 

 

16,975

 

Net income

$

578

 

$

15,008

 

$

36,590

 

$

53,632

 

 

 

 

 

 

Basic earnings per common share:

$

0.01

 

$

0.28

 

$

0.70

 

$

0.98

 

Diluted earnings per common share

$

0.01

 

$

0.27

 

$

0.70

 

$

0.97

 

Basic weighted-average common shares issued and outstanding:

 

52,193

 

 

53,928

 

 

52,004

 

 

54,240

 

Diluted weighted-average common shares issued and outstanding:

 

52,437

 

 

54,389

 

 

52,201

 

 

54,855

 

GREEN DOT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

 

2022

 

 

 

(In thousands)

Operating activities

 

 

Net income

$

36,590

 

$

53,632

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Depreciation and amortization of property, equipment and internal-use software

 

27,587

 

 

28,399

 

Amortization of intangible assets

 

12,945

 

 

12,181

 

Provision for uncollectible overdrawn accounts from purchase transactions

 

5,529

 

 

7,407

 

Provision for loan losses

 

15,731

 

 

18,452

 

Stock-based compensation

 

19,798

 

 

20,493

 

Losses in equity method investments

 

7,611

 

 

6,647

 

Amortization of discount on available-for-sale investment securities

 

(1,129

)

 

(544

)

Impairment of long-lived assets

 

 

 

4,134

 

Other

 

(2,293

)

 

(1,445

)

Changes in operating assets and liabilities:

 

 

Accounts receivable, net

 

7,799

 

 

5,614

 

Prepaid expenses and other assets

 

16,023

 

 

15,809

 

Deferred expenses

 

12,755

 

 

9,562

 

Accounts payable and other accrued liabilities

 

(14,993

)

 

12,046

 

Deferred revenue

 

(17,466

)

 

(14,192

)

Income tax receivable/payable

 

1,706

 

 

11,968

 

Other, net

 

(427

)

 

(2,709

)

Net cash provided by operating activities

 

127,766

 

 

187,454

 

 

 

 

Investing activities

 

 

Purchases of available-for-sale investment securities

 

 

 

(694,358

)

Proceeds from maturities of available-for-sale securities

 

82,221

 

 

165,635

 

Proceeds from sales and calls of available-for-sale securities

 

56

 

 

2,875

 

Payments for acquisition of property and equipment

 

(38,120

)

 

(36,537

)

Net changes in loans

 

(17,866

)

 

(18,732

)

Investment in TailFin Labs, LLC

 

(35,000

)

 

(35,000

)

Purchases of other investments

 

 

 

(31,934

)

Other investing activities

 

(872

)

 

(1,448

)

Net cash used in investing activities

 

(9,581

)

 

(649,499

)

 

 

 

Financing activities

 

 

Borrowings on revolving line of credit

 

83,000

 

 

50,000

 

Repayments on revolving line of credit

 

(118,000

)

 

(50,000

)

Proceeds from exercise of options and ESPP purchases

 

3,415

 

 

3,415

 

Taxes paid related to net share settlement of equity awards

 

(2,976

)

 

(4,016

)

Net changes in deposits

 

(216,312

)

 

85,240

 

Net changes in settlement assets and obligations to customers

 

(21,705

)

 

(120,063

)

Contingent consideration payments

 

 

 

(1,647

)

Repurchase of Class A common stock

 

 

 

(44,046

)

Net cash used in financing activities

 

(272,578

)

 

(81,117

)

 

 

 

Net decrease in unrestricted cash, cash equivalents and restricted cash

 

(154,393

)

 

(543,162

)

Unrestricted cash, cash equivalents and restricted cash, beginning of period

 

819,845

 

 

1,325,640

 

Unrestricted cash, cash equivalents and restricted cash, end of period

$

665,452

 

$

782,478

 

 

 

 

Cash paid for interest

$

2,721

 

$

326

 

Cash paid for income taxes

$

9,289

 

$

4,086

 

 

 

 

Reconciliation of unrestricted cash, cash equivalents and restricted cash at end of period:

 

 

Unrestricted cash and cash equivalents

$

661,452

 

$

776,305

 

Restricted cash

 

4,000

 

 

6,173

 

Total unrestricted cash, cash equivalents and restricted cash, end of period

$

665,452

 

$

782,478

 

GREEN DOT CORPORATION

REPORTABLE SEGMENTS (UNAUDITED)

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Segment Revenue

(In thousands)

Consumer Services

$

129,091

 

$

150,959

 

$

268,924

 

$

309,716

 

B2B Services

 

180,652

 

 

143,514

 

 

351,944

 

 

277,414

 

Money Movement Services

 

49,974

 

 

54,143

 

 

148,215

 

 

151,459

 

Corporate and Other

 

1,427

 

 

6,485

 

 

4,424

 

 

11,190

 

Total segment revenues

 

361,144

 

 

355,101

 

 

773,507

 

 

749,779

 

BaaS commissions and processing expenses (8)

 

5,418

 

 

8,429

 

 

10,178

 

 

14,941

 

Other income (9)

 

(686

)

 

(761

)

 

(1,429

)

 

(1,334

)

Total operating revenues

$

365,876

 

$

362,769

 

$

782,256

 

$

763,386

 

 

Three Months Ended June 30,

Six Months Ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Segment Profit

(In thousands)

Consumer Services

$

44,272

 

$

60,376

 

$

97,024

 

$

114,664

 

B2B Services

 

17,706

 

 

22,775

 

 

39,925

 

 

45,039

 

Money Movement Services

 

29,774

 

 

30,151

 

 

90,800

 

 

91,611

 

Corporate and Other

 

(52,883

)

 

(45,754

)

 

(106,337

)

 

(93,440

)

Total segment profit *

 

38,869

 

 

67,548

 

 

121,412

 

 

157,874

 

Reconciliation to income before income taxes

 

 

 

 

Depreciation and amortization of property, equipment and internal-use software

 

13,886

 

 

14,595

 

 

27,587

 

 

28,399

 

Stock based compensation and related employer taxes

 

10,740

 

 

5,770

 

 

20,289

 

 

20,939

 

Amortization of acquired intangible assets

 

7,281

 

 

5,664

 

 

12,945

 

 

12,181

 

Impairment charges

 

 

 

1,871

 

 

 

 

4,134

 

Legal settlements and related expenses

 

1,319

 

 

13,921

 

 

1,419

 

 

13,495

 

Other expense

 

857

 

 

1,788

 

 

3,391

 

 

3,195

 

Operating income

 

4,786

 

 

23,939

 

 

55,781

 

 

75,531

 

Interest expense, net

 

238

 

 

29

 

 

1,882

 

 

116

 

Other expense, net

 

(2,224

)

 

(4,038

)

 

(5,248

)

 

(4,808

)

Income before income taxes

$

2,324

 

$

19,872

 

$

48,651

 

$

70,607

 

*

Total segment profit is also referred to herein as adjusted EBITDA in its non-GAAP measures. Additional information about the Company’s non-GAAP financial measures can be found under the caption “About Non-GAAP Financial Measures.”

Contacts

Investor Relations: IR@greendot.com
Media Relations: PR@greendotcorp.com

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