Image via CrunchBaseMONROVIA, Calif.--(BUSINESS WIRE)--Green Dot Corporation (NYSE: GDOT), a leading prepaid financial services company, today reported financial results for its third quarter ended September 30, 2010.
“Our strong cash flow from operations affords us significant flexibility to pursue growth opportunities, and our balance sheet remains strong with over $135 million in unrestricted cash and cash equivalents and we have no long-term debt”
“We are happy to report another strong quarter, including a 44% increase in non-GAAP total operating revenues to $94.1 million, a 19% increase in non-GAAP net income to $13.0 million and non-GAAP diluted earnings per share of $0.30,” said Steve Streit, Green Dot’s Chairman and Chief Executive Officer. “Our commitment to provide mass access to simple, inexpensive, low hassle products that allow consumers to solve their basic financial and payment needs continues to drive our growth.”
GAAP financial results for the third quarter of 2010 compared to the third quarter of 2009:
- Total operating revenues on a generally accepted accounting principles (GAAP) basis increased 36% to $88.9 million for the third quarter of 2010 from $65.3 million for the third quarter of 2009
- GAAP net income decreased 14% to $9.0 million for the third quarter of 2010 from $10.5 million for the third quarter of 2009
- GAAP basic and diluted earnings per common share were $0.22 and $0.20, respectively, for the third quarter of 2010 and $0.28 and $0.22, respectively, for the third quarter of 2009
Non-GAAP financial results for the third quarter of 2010 compared to the third quarter of 2009:1
- Non-GAAP total operating revenues1 increased 44% to $94.1 million for the third quarter of 2010 from $65.3 million for the third quarter of 2009
- Non-GAAP net income1 increased 19% to $13.0 million for the third quarter of 2010 from $10.9 million for the third quarter of 2009
- Non-GAAP diluted earnings per share1 was $0.30 for the third quarter of 2010 and $0.27 for the third quarter of 2009
- EBITDA plus employee stock-based compensation expense and stock-based retailer incentive compensation expense (adjusted EBITDA1) increased 22% to $24.4 million for the third quarter of 2010 compared to $20.0 million for the third quarter of 2009
Key business metrics for the quarter ended September 30, 2010:
- Number of general purpose reloadable debit cards activated was 1.5 million, an increase of 36% over the third quarter of 2009
- Number of cash transfers was 6.9 million, an increase of 53% over the third quarter of 2009
- Number of active cards (as of quarter end) was 3.3 million, an increase of 50% over the third quarter of 2009
- Gross dollar volume was $2.5 billion, an increase of 69% over the third quarter of 2009
Refer to our Quarterly Report on Form 10-Q for a description of these key business metrics.
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 statements of cash flows. Additional information about the Company’s non-GAAP financial measures can be found under the caption “About Non-GAAP Financial Measures” below.
“Our strong cash flow from operations affords us significant flexibility to pursue growth opportunities, and our balance sheet remains strong with over $135 million in unrestricted cash and cash equivalents and we have no long-term debt,” said John Keatley, Green Dot’s Chief Financial Officer.
The following tables show our quarterly key business metrics for each of the last seven calendar quarters:
| Q3 2010 | Q2 2010 | Q1 2010 | Q4 2009 | Q3 2009 | Q2 2009 | Q1 2009 | ||||||||||||||
| (in millions) | ||||||||||||||||||||
| Number of GPR cards activated | 1.5 | 1.5 | 1.8 | 1.4 | 1.1 | 0.9 | 0.9 | |||||||||||||
| Number of cash transfers | 6.9 | 6.4 | 5.9 | 5.1 | 4.5 | 4.1 | 3.5 | |||||||||||||
Number of active cards (as of quarter end) | 3.3 | 3.2 | 3.4 | 2.7 | 2.2 | 2.0 | 1.7 | |||||||||||||
| Gross dollar volume | $2,516 | $2,375 | $2,846 | $1,745 | $1,486 | $1,345 | $1,207 | |||||||||||||
Conference Call
The Company will host a conference call to discuss third quarter 2010 financial results today at 5:00pm ET. Hosting the call will be Steve Streit, chief executive officer, and John Keatley, chief financial officer. The conference call can be accessed live over the phone by dialing (877) 941-4774, or for international callers (480) 629-9760. A replay will be available one hour after the call and can be accessed by dialing (877) 870-5176 or for international callers (858) 384-5517; the conference ID is 4369579. The live call and the replay, along with supporting materials, can also be accessed through the Company’s investor relations website at http://ir.greendot.com/. A replay of the webcast will be available for 30 days.
Forward-Looking Statements
