NetSpend Holdings, Inc. Reports Third Quarter Financial Results
Q3 2012 Highlights:
- Revenues up 14% to $84.9 million in Q3 2012 as compared to $74.3 million in Q3 2011
- Number of active cards with direct deposit up 25% to 1,018,000 as of September 30, 2012 as compared to 816,000 as of September 30, 2011
- Percentage of active cards 1 with direct deposit was approximately 45% as of September 30, 2012 as compared to approximately 39% as of September 30, 2011
- GAAP net income declined by $3.9 million to $4.4 million in Q3 2012 after giving effect to litigation related losses of $10.3 million as compared to GAAP net income of $8.3 million in Q3 2011
- Diluted Earnings Per Share declined to $0.05 in Q3 2012 after giving effect to litigation related losses of $0.08 per share as compared to Diluted Earnings Per Share of $0.09 in Q3 2011
- Adjusted EBITDA 2 up 13% in Q3 2012 to $24.1 million as compared to $21.3 million in Q3 2011
- Adjusted Diluted Net Income Per Share 2 up 25% in Q3 2012 to $0.15 as compared to $0.12 in Q3 2011
- Gross Dollar Volume (GDV) of $3.1 billion during Q3 2012 as compared to $2.6 billion during Q3 2011
Refer to our Annual Report on Form 10-K filed on February 24, 2012 for a description of our key business metrics.
Fiscal Third Quarter 2012 Results
Revenues were $84.9 million for the quarter ended September 30, 2012, an increase of approximately 14% over the $74.3 million of revenues recorded in the same quarter of 2011. This increase was substantially driven by the increase in direct deposit accounts, and to a lesser extent, the expansion of product features across NetSpend’s direct deposit customer base. Interchange revenue represented approximately 22% of total revenue during the three months ended September 30, 2012.
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