Green Dot Corporation (NYSE:GDOT), today reported financial results for the fourth quarter ended December 31, 2013.
As previously guided by management, quarterly results reflected heavy investments made into several large scale growth initiatives, including new distribution. Despite this, for the fourth quarter of 2013, Green Dot reported accelerated growth of 5% year-over-year in non-GAAP total operating revenues 1 to $144.9 million and non-GAAP diluted earnings per share 1 of $0.18. GAAP results for the fourth quarter were $142.3 million in total operating revenues and $0.02 in diluted earnings per share.
Net cash provided by operating activities for the year was $121.3 million, a 19% increase versus the comparable period last year.
“We ended 2013 with both non-GAAP revenues and adjusted EBITDA 11% higher than the midpoint of our original guidance at the beginning of the year. Despite perhaps the most challenging year in our company’s history, we’re pleased to have delivered our twelfth straight year of revenue growth. In fact, Green Dot has grown non-GAAP revenues by 82% and generated cash from operations of nearly $346 million since our IPO just three and a half years ago. Our performance in this quarter and over many years exemplifies the consumer value proposition of our products and the strength of the Green Dot brand. Additionally, we are upbeat about our prospects for growth in 2014 given the previously announced large scale distribution expansion for our Green Dot family of brands, the new product initiatives at Walmart and our growing presence in the Financial Service Center channel. Given all of this, we are excited about our company’s future opportunities,” said Green Dot Chairman and Chief Executive Officer, Steve Streit.GAAP financial results for the fourth quarter of 2013 compared to the fourth quarter of 2012:
- Total operating revenues on a generally accepted accounting principles (GAAP) basis increased 4% to $142.3 million for the fourth quarter of 2013 from $137.3 million for the fourth quarter of 2012
- GAAP net income was $1.0 million for the fourth quarter of 2013 versus $10.4 million for the fourth quarter of 2012
- GAAP basic and diluted earnings per common share were both $0.02 for the fourth quarter of 2013 versus $0.24 in each case for the fourth quarter of 2012
- GAAP results include an impairment charge of $3.4 million ($2.5 million net of tax) for a write-down of capitalized internal-use software
- Non-GAAP total operating revenues 1 increased 5% to $144.9 million for the fourth quarter of 2013 from $138.6 million for the fourth quarter of 2012
- Non-GAAP net income 1 was $8.3 million for the fourth quarter of 2013 versus $13.7 million for the fourth quarter of 2012
- Non-GAAP diluted earnings per share 1 was $0.18 for the fourth quarter of 2013 versus $0.31 for the fourth quarter of 2012
- EBITDA plus employee stock-based compensation expense and stock-based retailer incentive compensation expense (adjusted EBITDA 1) was $17.6 million for the fourth quarter of 2013 versus $25.0 million for the fourth quarter of 2012
|1||Reconciliations of total operating revenues to non-GAAP total operating revenues, net income to non-GAAP net income, diluted earnings per share to non-GAAP diluted earnings per share and net income to adjusted EBITDA, respectively, are provided in the tables immediately following the consolidated financial statements of cash flows. Additional information about the Company's non-GAAP financial measures can be found under the caption “About Non-GAAP Financial Measures” below.|
|Number of cash transfers||11.44||11.43||11.32||11.25||11.04||10.52||10.14||10.09|
|Number of active cards at quarter end||4.49||4.41||4.39||4.49||4.37||4.42||4.44||4.69|
|Gross dollar volume||$||4,405||$||4,396||$||4,425||$||5,072||$||4,279||$||4,070||$||3,980||$||4,823|
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