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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

Stocks in this article: GDOT

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.

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