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Green Dot Reports Fourth Quarter Results With Revenue Up 13% Along With Increases In Active Cards, Direct Deposit Penetration And Cardholder Retention

Stocks in this article: GDOT

Green Dot Corporation (NYSE: GDOT), today reported financial results for the fourth quarter ended December 31, 2012.

For the fourth quarter of 2012, Green Dot reported a 13% year-over-year increase in non-GAAP total operating revenues 1 to $138.6 million and non-GAAP diluted earnings per share 1 of $0.31. GAAP results for the fourth quarter were $137.3 million in total operating revenues and $0.24 in diluted earnings per share.

For the full year, Green Dot reported non-GAAP total operating revenues of $554.5 million, a 15% increase over 2011 and non-GAAP diluted earnings per share were $1.37. GAAP total operating revenues for the full year in 2012 were $546.3 million and GAAP diluted earnings per share were $1.07.

Net cash provided by operating activities totaled $90.0 million for the full year.

“Our double-digit revenue growth during the fourth quarter is indicative of the strength and resiliency of the Green Dot brand at a time when consumers have greater product choices than ever in prepaid and adjacent categories. We also saw solid advances in the underlying quality of our card portfolio, evidenced by the best direct deposit penetration, cash reloading, spend and revenue per card in our company's history. While our operating margins in the fourth quarter were compressed as a result of acquisitions made in 2012, integration expenses and investments in new products and technologies, we believe that these investments will yield long term efficiencies and growth opportunities going forward," said Steve Streit, Green Dot's Chairman and Chief Executive Officer.

GAAP financial results for the fourth quarter of 2012 compared to the fourth quarter of 2011:

  • Total operating revenues on a generally accepted accounting principles (GAAP) basis increased 15% to $137.3 million for the fourth quarter of 2012 from $119.1 million for the fourth quarter of 2011
  • GAAP net income was $10.4 million for the fourth quarter of 2012 versus $13.6 million for the fourth quarter of 2011
  • GAAP basic and diluted earnings per common share were both $0.24 for the fourth quarter of 2012 versus $0.32 in each case for the fourth quarter of 2011

Non-GAAP financial results for the fourth quarter of 2012 compared to the fourth quarter of 2011: 1

  • Non-GAAP total operating revenues 1 increased 13% to $138.6 million for the fourth quarter of 2012 from $122.7 million for the fourth quarter of 2011
  • Non-GAAP net income 1 was $13.7 million for the fourth quarter of 2012 versus $17.4 million for the fourth quarter of 2011
  • Non-GAAP diluted earnings per share 1 were $0.31 for the fourth quarter of 2012 versus $0.39 for the fourth quarter of 2011
  • EBITDA plus employee stock-based compensation expense and stock-based retailer incentive compensation expense (adjusted EBITDA 1) was $25.0 million for the fourth quarter of 2012 versus $31.3 million for the fourth quarter of 2011

GAAP financial results for the full year 2012 compared to 2011:

  • Total operating revenues on a GAAP basis increased 17% to $546.3 million for in 2012 from $466.8 million in 2011
  • GAAP net income was $47.2 million for 2012 versus $51.7 million for 2011
  • GAAP diluted earnings per common share were $1.07 for 2012 versus $1.18 in 2011

Non-GAAP financial results for the full year 2012 compared to the full year 2011: 1

  • Non-GAAP total operating revenues 1 increased 15% to $554.5 million for the fourth quarter of 2012 from $484.2 million for the fourth quarter of 2011
  • Non-GAAP net income 1 was $60.2 million for 2012 versus $68.4 million for 2011
  • Non-GAAP diluted earnings per share 1 were $1.37 for 2012 versus $1.55 for 2011
  • EBITDA plus employee stock-based compensation expense and stock-based retailer incentive compensation expense (adjusted EBITDA 1) was $111.3 million for 2012 versus $122.1 million for 2011

The foregoing GAAP and non-GAAP financial measures for the fourth quarter of 2011 reflect revisions to correct an error relating to the calculation of overdrawn account balances. Revisions were also made to the reported results in each of the first three quarters of 2012. Please refer to Summary of Revised Prior Quarters schedule for further details.

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