Slides that accompany this call and webcast can be found at ir.greendot.com and will remain available after the call. Additional operational statistics have been provided in a supplemental table within our press release.As a reminder, today's call is being recorded. Our comments include forward-looking statements, including statements about the projected financial impact of acquisitions and the loss of the TurboTax program to Green Dot. Please refer to the cautionary language in the earnings release and in Green Dot's filings with the SEC, including the 2011 Form 10-K, for additional information concerning factors that could cause actual results to differ materially from the forward-looking statements. During the call, we will make reference to financial measures that do not conform to generally accepted accounting principles. This information may be calculated differently in other companies similarly titled non-GAAP information. Reconciliations of those non-GAAP financial measures with their most comparable GAAP measures are included as supplemental tables in today's earnings release and are also available at ir.greendot.com. All statements made by Green Dot officers on this call are the property of Green Dot Corporation and subject to copyright protection. Noted in the replay noted in our press release, Green Dot has not authorized and disclaims responsibility for any recording, replay or distribution of any transcription of this call. Before I hand it over to Steve, just a couple of guidelines for today's Q&A session. [Operator Instructions] Now I'd like to turn the call over to Steve Streit. Steven W. Streit Okay, very good. Thank you, Chris, and welcome, everyone, to our Q1 earnings call. Also with me this afternoon is Green Dot's CFO, John Keatley. After my remarks, John will walk you through some of the financial highlights for the quarter and also provide some updated thoughts on our 2012 financial outlook. Our Q1 performance reflects a very strong start to the year, particularly when you normalize results, the discontinued TurboTax program, excluding the impact of TurboTax in the comparable periods, new card activations were up 23% year-over-year in the quarter, GDV was ahead by 33% and first time reloaders posted nice gains at 22% year-over-year.
Though the core business remains strong, and excluding the impact of acquisitions in the quarter, we're on track to meet the annual growth ranges we shared with you during our previous earnings call.I'm also pleased to let know that we were able to grow past the TurboTax loss and in fact, post increases in all of our key operating metrics, and here are some highlights to share. Even with the loss of TurboTax, our Q1 non-GAAP revenue grew 18% year-over-year to $145.5 million. Excluding the impact of TurboTax from the comparable periods, revenue grew 27% versus this time a year ago. Q1 non-GAAP earnings grew 23% year-over-year to $0.48, and active cards grew to 4.7 million as of March 31, representing pro forma year-over-year growth up 20%. Based on this pace of growth through Q1, we remain on track to meet the top line growth range that we communicated to you in January, when we first issued our outlook for 2012. John will discuss our results with a bit more granularity here in just a few minutes. Now let's talk about Loopt for a moment. Most of you know that we acquired privately held Loopt, Inc. of Mountain View, California last month. The Loopt acquisition brought us a group of highly skilled, talented and creative mobile UX and mobile software engineers, who among other things, were early inventors of geolocation-based mobile communication, and in fact, hold the patent for geolocation mobile messaging. This is the process for sending a commercial message to a mobile device based on the location of that mobile device. Our belief is that this patented technology is at the heart of practically every mobile commerce and mobile payments play out there, and we believe this intellectual property will become highly strategic to Green Dot and our distribution partners as mobile banking, mobile commerce and mobile payment strategies emerge and mature in the years to come.
So beyond the value of the patent, why do we feel so positive about the acquisition of Loopt? Well, it's Green Dot's thesis, that starting now and increasing rapidly over time, the business of banking and payments will be conducted in the palm of your hand. In fact, our view is that for many consumers, hard drive-based desktop or laptop computer itself is simply a bridge to cloud-based mobile computing, much in the same why that a landline telephone for many consumers were simply a bridge to a wireless cell phone.We believe that many younger consumers will skip this step of buying a computer altogether and will simply start out their adult life with a mobile device and perhaps a tablet. And older consumers, like me, will continue to evolve our behavior to become more and more cloud-based mobile-centric, and less and less hard drive computer-based-centric. Read the rest of this transcript for free on seekingalpha.com