This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Green Dot Reports First Quarter 2014 Non-GAAP Revenue Growth Of 4% To $162 Million, Adjusted EBITDA Growth Of 10% To $38 Million, Non-GAAP EPS Of $0.42

Green Dot Corporation (NYSE:GDOT), today reported financial results for the first quarter ended March 31, 2014.

For the first quarter of 2014, Green Dot reported $159.3 million in GAAP total operating revenues and $0.33 in GAAP diluted earnings per share. On a non-GAAP basis, Green Dot reported growth of 4% year-over-year in non-GAAP total operating revenues 1 to $161.7 million and non-GAAP diluted earnings per share 1 of $0.42.

"Green Dot generated solid top line and bottom line results in Q1. In addition to posting our third sequential quarterly uptick in active cards, we also benefited from increasing operating efficiencies and an increasing mix of higher margin revenue generated from better customer usage behavior on our products. Despite a highly competitive market for prepaid cards, we believe the Green Dot brand and the overwhelming preference for our products continues to help drive our business forward,” said Steve Streit, Green Dot Chairman and Chief Executive Officer.

GAAP financial results for the first quarter of 2014 compared to the first quarter of 2013:

  • Total operating revenues on a generally accepted accounting principles (GAAP) basis increased 3% to $159.3 million for the first quarter of 2014 from $154.1 million for the first quarter of 2013
  • GAAP net income was $15.3 million for the first quarter of 2014 versus $15.6 million for the first quarter of 2013
  • GAAP basic and diluted earnings per common share were $0.34 and $0.33, respectively, for the first quarter of 2014 versus $0.36 and $0.35, respectively, for the first quarter of 2013

Non-GAAP financial results for the first quarter of 2014 compared to the first quarter of 2013: 1

  • Non-GAAP total operating revenues 1 increased 4% to $161.7 million for the first quarter of 2014 from $155.8 million for the first quarter of 2013
  • Non-GAAP net income 1 was $19.3 million for the first quarter of 2014 versus $18.5 million for the first quarter of 2013
  • Non-GAAP diluted earnings per share 1 were both $0.42 for the first quarters of 2014 and 2013
  • EBITDA plus employee stock-based compensation expense and stock-based retailer incentive compensation expense (adjusted EBITDA 1) increased 10% to $37.7 million, or 23.3% of non-GAAP total operating revenues for the first quarter of 2014 from $34.2 million, or 22.0% of non-GAAP total operating revenues for the first quarter of 2013
 
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.
 

The following table shows the Company's quarterly key business metrics for each of the last five calendar quarters. Please refer to the Company's Annual Report on Form 10-K for a description of the key business metrics.

    2014     2013
Q1     Q4     Q3     Q2     Q1
(In millions)
Number of cash transfers 11.67 11.44     11.43     11.32     11.25
Number of active cards at quarter end 4.72 4.49 4.41 4.39 4.49
Gross dollar volume $ 5,290 $ 4,405 $ 4,396 $ 4,425 $ 5,072
Purchase volume $ 3,872 $ 3,298 $ 3,259 $ 3,248 $ 3,582
 

Outlook for 2014

Green Dot has reaffirmed its outlook for 2014. Green Dot’s 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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,991.26 +278.60 1.57%
S&P 500 2,086.34 +25.32 1.23%
NASDAQ 4,944.4990 +53.28 1.09%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs