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

Outlook for 2013

Green Dot also announced its Outlook for 2013 anticipated results. This Outlook is based on a number of assumptions that Green Dot believes are reasonable at the time of this earnings release. 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.

For 2013, Green Dot expects full year non-GAAP total operating revenues ² to be in the range of $510 million to $540 million.

Adjusted EBITDA ² is expected to be between $85 million and $100 million. Non-GAAP diluted EPS ² for the full year is expected to be between $0.95 and $1.20.

Conference Call

The Company will host a conference call to discuss fourth quarter 2012 financial results today at 5:00 pm ET. In addition to the conference call, there will be a webcast presentation of accompanying slides accessible on the Company's investor relations website. 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 [phone], or [phone] for international callers. A replay will be available approximately two hours after the call concludes and can be accessed by dialing [phone] or [phone] for international callers; the conference ID is 10024092. The replay of the webcast will be available until Thursday, February 7, 2013. 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/.

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 regarding the Company's full-year 2013 guidance, including all the statements under "Outlook for 2013," 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 Company's dependence on revenues derived from Walmart and three other retail distributors, impact of competition, the Company's reliance on retail distributors for the promotion of its products and services, demand for the Company's new and existing products and services, continued and improving returns from the Company's investments in new growth initiatives, potential difficulties in integrating operations of acquired entities and acquired technologies, the Company's ability to operate in a highly regulated environment, changes to existing laws or regulations affecting the Company's operating methods or economics, the Company's reliance on third-party vendors and card issuing banks, 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 the Company's involvement litigation or investigations. These and other risks are discussed in greater detail in the Company'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 the Company's investor relations website at http://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 January 31, 2013, and the Company assumes no obligation to update this information as a result of future events or developments.

About Non-GAAP Financial Measures

To supplement the Company's consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (GAAP), the Company uses measures of operating results that are adjusted to exclude net interest income; income tax expense; depreciation and amortization; employee stock-based compensation expense; and stock-based retailer incentive compensation expense. This earnings release includes non-GAAP total operating revenues, non-GAAP net income, non-GAAP earnings per share, non-GAAP weighted-average shares issued and outstanding and adjusted EBITDA. It also includes full-year 2013 guidance for non-GAAP total operating revenues and adjusted EBITDA. 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 the Company's financial measures prepared in accordance with GAAP. The Company's non-GAAP financial measures may be different from similarly-titled non-GAAP financial measures used by other companies. The Company 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. The Company's management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate the Company's business and make operating decisions. For additional information regarding the Company's use of non-GAAP financial measures and the items excluded by the Company from one or more of its historic and projected non-GAAP financial measures, investors are encouraged to review the reconciliations of the Company'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 the Company's website at http://ir.greendot.com/.

About Green Dot

Green Dot is a publicly traded bank holding company regulated by the Board of Governors of the Federal Reserve System. The Company provides widely distributed, low cost banking and payment solutions to a broad base of U.S. consumers. Green Dot's products and services include its market leading category of General Purpose Reloadable (GPR) prepaid cards and its industry-leading cash transfer network which are available directly to consumers online and through a network of approximately 60,000 retail stores nationwide where 95% of Americans shop. Green Dot is headquartered in the greater Los Angeles area. For more details, visit www.greendot.com.

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 financial 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.

2		Reconciliations of forward-looking guidance for these non-GAAP financial measures to their respective, most directly comparable projected GAAP financial measures are provided in the tables immediately following the reconciliation of Net Income to Adjusted EBITDA.

GREEN DOT CORPORATION CONSOLIDATED BALANCE SHEETS
		December 31, 2012				December 31, 2011
		(Unaudited)
		(In thousands, except par value)
Assets
Current assets:
Unrestricted cash and cash equivalents		$	293,590			$	223,033
Federal funds sold		3,001				2,400
Investment securities available-for-sale, at fair value		115,244				20,647
Settlement assets		36,127				27,355
Accounts receivable, net		39,861				41,726
Prepaid expenses and other assets		31,793				11,822
Income tax receivable		9,036				3,590
Net deferred tax assets		20,559				6,664
Total current assets		549,211				337,237
Restricted cash		634				12,926
Investment securities, available-for-sale, at fair value		68,543				10,563
Accounts receivable, net		10,931				4,147
Loans to bank customers, net of allowance for loan losses of $472 and $0 as of December 31, 2012 and December 31, 2011, respectively		7,552				10,036
Prepaid expenses and other assets		1,689				202
Property and equipment, net		58,376				27,281
Deferred expenses		12,510				12,604
Goodwill and intangible assets		30,111				11,501
Total assets		$	739,557			$	426,497
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	31,411			$	15,441
Deposits		198,451				38,957
Obligations to customers		46,156				—
Settlement obligations		3,639				27,355
Amounts due to card issuing banks for overdrawn accounts		50,724				43,153
Other accrued liabilities		29,469				16,248
Deferred revenue		19,557				21,500
Total current liabilities		379,407				162,654
Other accrued liabilities		18,557				6,239
Deferred revenue		—				19
Net deferred tax liabilities		13,962				4,751
Total liabilities		411,926				173,663
Stockholders’ equity:
Convertible Series A preferred stock, $0.001 par value: 10 shares authorized as of December 31, 2012 and December 31, 2011, respectively; 7 shares issued and outstanding as of December 31, 2012 and December 31, 2011, respectively		7				7
Class A common stock, $0.001 par value; 100,000 shares authorized as of December 31, 2012 and December 31, 2011, respectively; 31,435 and 30,162 shares issued and outstanding as of December 31, 2012 and December 31, 2011, respectively		31				30
Class B convertible common stock, $0.001 par value, 100,000 shares authorized as of December 31, 2012 and December 31, 2011, respectively; 4,560 and 5,280 shares issued and outstanding as of December 31, 2012 and December 31, 2011, respectively		4				5
Additional paid-in capital		158,885				131,383
Retained earnings		168,600				121,379
Accumulated other comprehensive income		104				30
Total stockholders’ equity		327,631				252,834
Total liabilities and stockholders’ equity		$	739,557			$	426,497

GREEN DOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
		Three Months Ended December 31,								Twelve Months Ended December 31,
		2012				2011				2012				2011
		(In thousands, except per share data)
Operating revenues:
Card revenues and other fees		$	53,113			$	50,725			$	224,745			$	208,939
Cash transfer revenues		43,511				35,883				165,232				134,143
Interchange revenues		41,944				36,068				164,559				141,103
Stock-based retailer incentive compensation		(1,266		)		(3,552		)		(8,251		)		(17,337		)
Total operating revenues		137,302				119,124				546,285				466,848
Operating expenses:
Sales and marketing expenses		52,354				42,583				209,870				168,747
Compensation and benefits expenses		31,856				23,105				114,930				87,671
Processing expenses		18,777				16,314				77,445				70,953
Other general and administrative expenses		19,825				15,414				71,900				56,607
Total operating expenses		122,812				97,416				474,145				383,978
Operating income		14,490				21,708				72,140				82,870
Interest income		947				336				4,074				910
Interest expense		(14		)		(144		)		(76		)		(346		)
Income before income taxes		15,423				21,900				76,138				83,434
Income tax expense		5,053				8,251				28,919				31,712
Net income		10,370				13,649				47,219				51,722
Income attributable to preferred stock		(1,664		)		(578		)		(7,601		)		(554		)
Net income allocated to common stockholders		$	8,706			$	13,071			$	39,618			$	51,168
Basic earnings per common share:
Class A common stock		$	0.24			$	0.32			$	1.10			$	1.23
Class B common stock		$	0.24			$	0.32			$	1.11			$	1.23
Basic weighted-average common shares issued and outstanding:
Class A common stock		30,236				24,957				29,686				22,238
Class B common stock		4,554				13,957				4,801				17,718
Diluted earnings per common share:
Class A common stock		$	0.24			$	0.32			$	1.07			$	1.18
Class B common stock		$	0.24			$	0.32			$	1.07			$	1.18
Diluted weighted-average common shares issued and outstanding:
Class A common stock		35,856				40,813				35,921				42,065
Class B common stock		5,590				15,852				6,150				19,822

GREEN DOT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
		Twelve Months Ended December 31,
		2012				2011
		(In thousands)
Operating activities
Net income		$	47,219			$	51,722
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		18,131				12,330
Provision for uncollectible overdrawn accounts		62,345				61,141
Employee stock-based compensation		12,734				9,524
Stock-based retailer incentive compensation		8,251				17,337
Amortization of premium on available-for-sale investment securities		1,229				251
Realized gains on investment securities		(11		)		—
(Recovery) provision for uncollectible trade receivables		(359		)		455
Impairment of capitalized software		1,029				397
Deferred income taxes		7,224				251
Excess tax benefits from exercise of options		(2,967		)		(2,951		)
Changes in operating assets and liabilities:
Accounts receivable, net		(66,099		)		(71,508		)
Prepaid expenses and other assets		(21,456		)		(2,838		)
Deferred expenses		94				(3,100		)
Accounts payable and other accrued liabilities		31,475				(4,489		)
Amounts due issuing bank for overdrawn accounts		7,571				8,085
Deferred revenue		(1,962		)		4,261
Income tax receivable		(14,435		)		13,184
Net cash provided by operating activities		90,013				94,052
Investing activities
Purchases of available-for-sale investment securities		(271,911		)		(45,056		)
Proceeds from maturities of available-for-sale securities		37,564				20,152
Proceeds from sales of available-for-sale securities		81,474				—
Decrease (increase) in restricted cash		12,292				(7,791		)
Payments for acquisition of property and equipment		(40,441		)		(23,076		)
Net principal collections on loans		2,484				245
Acquisitions, net of cash acquired		(19,998		)		5,085
Net cash used in investing activities		(198,536		)		(50,441		)
Financing activities
Proceeds from exercise of options		3,552				6,138
Excess tax benefits from exercise of options		2,967				2,951
Net increase in deposits		159,581				5,231
Net increase in obligations to customers		13,581				—
Net cash provided by financing activities		179,681				14,320
Net increase in unrestricted cash, cash equivalents, and federal funds sold		71,158				57,931
Unrestricted cash, cash equivalents, and federal funds sold, beginning of year		225,433				167,503
Unrestricted cash, cash equivalents, and federal funds sold, end of period		$	296,591			$	225,434
Cash paid for interest		$	72			$	108
Cash paid for income taxes		$	24,343			$	18,291

GREEN DOT CORPORATION Reconciliation of Total Operating Revenues to Non-GAAP Total Operating Revenues (1) (Unaudited)
		Three Months Ended December 31,								Twelve Months Ended December 31,
		2012				2011 †				2012				2011 †
		(In thousands)
Reconciliation of total operating revenues to non-GAAP total operating revenues
Total operating revenues		$	137,302			$	119,124			$	546,285			$	466,848
Stock-based retailer incentive compensation (2)(3)		1,266				3,552				8,251				17,337
Non-GAAP total operating revenues		$	138,568			$	122,676			$	554,536			$	484,185

Reconciliation of Net Income to Non-GAAP Net Income (1) (Unaudited)
		Three Months Ended December 31,								Twelve Months Ended December 31,
		2012				2011 †				2012				2011 †
		(In thousands, except per share data)
Reconciliation of net income to non-GAAP net income
Net income		$	10,370			$	13,649			$	47,219			$	51,722
Employee stock-based compensation expense, net of tax (4)		2,482				1,547				7,897				5,904
Stock-based retailer incentive compensation, net of tax (2)		851				2,214				5,117				10,747
Non-GAAP net income		$	13,703			$	17,410			$	60,233			$	68,373
Diluted earnings per share*
GAAP		$	0.24			$	0.32			$	1.07			$	1.18
Non-GAAP		$	0.31			$	0.39			$	1.37			$	1.55
Diluted weighted-average shares issued and outstanding**
GAAP		35,856				40,813				35,921				42,065
Non-GAAP		43,814				44,142				44,044				44,221

_____
*		Reconciliations between GAAP and non-GAAP diluted weighted-average shares issued and outstanding are provided in the next table.
**		Diluted weighted-average Class A shares issued and outstanding is the most directly comparable GAAP measure for the periods indicated.
†		The Company identified an error in the fourth quarter of 2012 relating to the calculation of overdrawn account balances that affects the Company's financial results for the fourth quarter of 2011 and the first, second and third quarters of 2012. The Company has determined that the effects of the error were not material to any previously reported period but the cumulative effect of correcting the error in the fourth quarter of 2012 would be material. In accordance with SEC guidance, the Company will revise prior period financial information in its 2012 Annual report on Form 10-K. In this filing, the Company will include more detail on the corrected financial amounts for previous annual and interim periods. Please refer to Summary of Revised Prior Quarters schedule for further details.

GREEN DOT CORPORATION Reconciliation of GAAP to Non-GAAP Diluted Weighted-Average Shares issued and Outstanding (1) (Unaudited)
		Three Months Ended December 31,						Twelve Months Ended December 31,
		2012			2011			2012			2011
		(In thousands)
Reconciliation of GAAP to non-GAAP diluted weighted-average shares issued and outstanding
Diluted weighted-average shares issued and outstanding*		35,856			40,813			35,921			42,065
Assumed conversion of weighted-average shares of preferred stock		6,859			1,789			6,859			451
Weighted-average shares subject to repurchase		1,099			1,540			1,264			1,705
Non-GAAP diluted weighted-average shares issued and outstanding		43,814			44,142			44,044			44,221

_________
*		Represents the diluted weighted-average shares of Class A common stock for the periods indicated.

Supplemental Detail on Non-GAAP Diluted Weighted-Average Shares Issued and Outstanding (Unaudited)
		Three Months Ended December 31,						Twelve Months Ended December 31,
		2012			2011			2012			2011
		(In thousands)
Supplemental detail on non-GAAP diluted weighted-average shares issued and outstanding
Stock outstanding as of December 31:
Class A common stock		31,442			30,162			31,442			30,162
Class B common stock		4,553			5,280			4,553			5,280
Preferred stock (on an as-converted basis)		6,859			6,859			6,859			6,859
Total stock outstanding as of December 31:		42,854			42,301			42,854			42,301
Weighting adjustment		(106	)		(58	)		(244	)		(189	)
Dilutive potential shares:
Stock options		1,036			1,895			1,369			2,104
Restricted stock units		23			4			43			3
Employee stock purchase plan		7			—			22			2
Non-GAAP diluted weighted-average shares issued and outstanding		43,814			44,142			44,044			44,221

GREEN DOT CORPORATION Reconciliation of Net Income to Adjusted EBITDA (1) (Unaudited)
		Three Months Ended December 31,								Twelve Months Ended December 31,
		2012				2011 †				2012				2011 †
		(In thousands)
Reconciliation of net income to adjusted EBITDA
Net income		$	10,370			$	13,649			$	47,219			$	51,722
Net interest income		(933		)		(192		)		(3,998		)		(564		)
Income tax expense		5,053				8,251				28,919				31,712
Depreciation and amortization		5,566				3,556				18,131				12,330
Employee stock-based compensation expense (3)(4)		3,692				2,482				12,734				9,524
Stock-based retailer incentive compensation (2)(3)		1,266				3,552				8,251				17,337
Adjusted EBITDA		$	25,014			$	31,298			$	111,256			$	122,061
Non-GAAP total operating revenues		$	138,568			$	122,676			$	554,536			$	484,185
Adjusted EBITDA/non-GAAP total operating revenues (adjusted EBITDA margin)		18.1		%		25.5		%		20.1		%		25.2		%

†		The Company identified an error in the fourth quarter of 2012 relating to the calculation of overdrawn account balances that affects the Company's financial results for the fourth quarter of 2011 and the first, second and third quarters of 2012. The Company has determined that the effects of the error were not material to any previously reported period but the cumulative effect of correcting the error in the fourth quarter of 2012 would be material. In accordance with SEC guidance, the Company will revise prior period financial information in its 2012 Annual report on Form 10-K. In this filing, the Company will include more detail on the corrected financial amounts for previous annual and interim periods. Please refer to Summary of Revised Prior Quarters schedule for further details.

Reconciliation of Forward Looking Guidance for Non-GAAP Financial Measures to Projected GAAP Total Operating Revenue (1) (Unaudited)
		Range
		Low				High
		(In millions)
Reconciliation of total operating revenues to non-GAAP total operating revenues
Total operating revenues		$	505			$	535
Stock-based retailer incentive compensation (2)*		5				5
Non-GAAP total operating revenues		$	510			$	540

*		Assumes the Company's right to repurchase lapses on 36,810 shares per month during 2013 of the Company's Class A common stock at $12.20 per share, our market price on the last trading day of the fourth quarter 2012. A $1.00 change in the Company's Class A common stock price represents an annual change of $441,720 in stock-based retailer incentive compensation.

GREEN DOT CORPORATION Reconciliation of Forward Looking Guidance for Non-GAAP Financial Measures to Projected GAAP Net Income (1) (Unaudited)
		Range
		Low				High
		(In millions)
Reconciliation of net income to adjusted EBITDA
Net income		$	31			$	42
Adjustments (5)		54				58
Adjusted EBITDA		$	85			$	100
Non-GAAP total operating revenues		$	540			$	510
Adjusted EBITDA / Non-GAAP total operating revenues (Adjusted EBITDA margin)		16		%		20		%

Reconciliation of Forward Looking Guidance for Non-GAAP Financial Measures to Projected GAAP Net Income (1) (Unaudited)
		Range
		Low				High
		(In millions)
Reconciliation of net income to non-GAAP net income
Net income		$	31			$	42
Adjustments (5)		11				11
Non-GAAP net income		$	42			$	53
Diluted earnings per share*
GAAP		$	0.70			$	0.95
Non-GAAP		$	0.95			$	1.20
Diluted weighted-average shares issued and outstanding**
GAAP		36				36
Non-GAAP		44				44

_____________
*		Reconciliations between GAAP and non-GAAP diluted weighted-average shares issued and outstanding are provided in the next table.
**		Diluted weighted-average Class A shares issued and outstanding is the most directly comparable GAAP measure for the periods indicated.

Reconciliation of Forward Looking Guidance for Non-GAAP Financial Measures to Projected GAAP Diluted Weighted-Average Shares Issued and Outstanding (1) (Unaudited)
		Range
		Low			High
		(In millions)
Reconciliation of GAAP to non-GAAP diluted weighted-average shares issued and outstanding
Diluted weighted-average shares issued and outstanding*		36			36
Assumed conversion of weighted-average shares of preferred stock		7			7
Weighted-average shares subject to repurchase		1			1
Non-GAAP diluted weighted-average shares issued and outstanding		44			44

______________
*		Represents the diluted weighted-average shares of Class A common stock for the periods indicated.

GREEN DOT CORPORATION
SUMMARY OF REVISED PRIOR QUARTERS
Reconciliation of Total Operating Revenues to Non-GAAP Total Operating Revenues†
(Unaudited)
		2011				2012
		Q4				Q1				Q2				Q3
		(In thousands)
Reconciliation of total operating revenues to non-GAAP total operating revenues
Total operating revenues		$	119,123			$	141,181			$	135,043			$	132,759
Stock-based retailer incentive compensation (2)(3)		3,552				3,190				2,594				1,202
Non-GAAP total operating revenues		$	122,675			$	144,371			$	137,637			$	133,961

Reconciliation of Net Income to Non-GAAP Net Income†
(Unaudited)
		2011				2012
		Q4				Q1				Q2				Q3
		(In thousands, except per share data)
Reconciliation of net income to non-GAAP net income
Net income ††		$	13,649			$	16,368			$	10,869			$	9,612
Employee stock-based compensation expense, net of tax (4)		1,547				2,149				1,860				1,469
Stock-based retailer incentive compensation, net of tax (2)		2,214				1,965				1,540				730
Non-GAAP net income		$	17,410			$	20,482			$	14,269			$	11,811
Diluted earnings per share*
GAAP		$	0.32			$	0.37			$	0.25			$	0.22
Non-GAAP		$	0.39			$	0.46			$	0.32			$	0.27
Diluted weighted-average shares issued and outstanding**
GAAP		40,813				35,867				35,746				35,826
Non-GAAP		44,142				44,156				43,925				43,894

*	Reconciliations between GAAP and non-GAAP diluted weighted-average shares issued and outstanding are provided in the next table.
**	Diluted weighted-average Class A shares issued and outstanding is the most directly comparable GAAP measure for the periods indicated.

Reconciliation of Net Income to Adjusted EBITDA†
(Unaudited)
		2011				2012
		Q4				Q1				Q2				Q3
		(In thousands)
Reconciliation of net income to adjusted EBITDA
Net income ††		$	13,649			$	16,368			$	10,869			$	9,612
Net interest income		(193		)		(935		)		(1,168		)		(962		)
Income tax expense		8,250				10,205				7,434				6,227
Depreciation and amortization		3,559				3,651				4,090				4,824
Employee stock-based compensation expense (3)(4)		2,482				3,489				3,132				2,420
Stock-based retailer incentive compensation (2)(3)		3,552				3,190				2,593				1,202
Adjusted EBITDA		$	31,299			$	35,968			$	26,950			$	23,323
Non-GAAP total operating revenues		$	122,675			$	144,370			$	137,636			$	133,961
Adjusted EBITDA/non-GAAP total operating revenues (adjusted EBITDA margin)		25.5		%		24.9		%		19.6		%		17.4		%

†		The Company identified an error in the fourth quarter of 2012 relating to the calculation of overdrawn account balances that affects the Company's financial results for the fourth quarter of 2011 and the first, second and third quarters of 2012. The Company has determined that the effects of the error were not material to any previously reported period but the cumulative effect of correcting the error in the fourth quarter of 2012 would be material. The Company will revise prior period financial information in its 2012 Annual report on Form 10-K. In this filing, the Company will include more detail on the corrected financial amounts for previous annual and interim periods.
††		The impact to net income during the quarters ended December 31, 2011, and March, 31, June 30, and September 30, 2012, was $0.4 million, $0.7 million, $1.0 million, $1.0 million, respectively.

(1) To supplement the Company’s consolidated financial statements presented in accordance with GAAP, the Company uses measures of operating results that are adjusted to exclude various, primarily non-cash, expenses and charges. These financial measures are not calculated or presented in accordance with GAAP and should not be considered as alternatives to or substitutes for operating revenues, operating income, net income or any other measure of financial performance calculated and presented in accordance with GAAP. These financial measures may not be comparable to similarly-titled measures of other organizations because other organizations may not calculate their measures in the same manner as we do. These financial measures are adjusted to eliminate the impact of items that the Company does not consider indicative of its core operating performance. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate.

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