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GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended
December 31, 2010
Five Months Ended
December 31, 2009 2009 2008
Year Ended July 31,
(In thousands, except per share data)
Operating revenues:
Card revenues . . . . . . . . . . . . . . . . $167,375 $ 50,895 $119,356 $ 91,233
Cash transfer revenues . . . . . . . . . . 101,502 30,509 62,396 45,310
Interchange revenues . . . . . . . . . . . 108,380 31,353 53,064 31,583
Stock-based retailer incentive
compensation . . . . . . . . . . . . . . . (13,369) ———
Total operating revenues. . . . . . . . . . . 363,888 112,757 234,816 168,126
Operating expenses:
Sales and marketing expenses . . . . 122,890 31,333 75,786 69,577
Compensation and benefits
expenses . . . . . . . . . . . . . . . . . . . 70,102 26,610 40,096 28,303
Processing expenses . . . . . . . . . . . 56,978 17,480 32,320 21,944
Other general and administrative
expenses . . . . . . . . . . . . . . . . . . . 44,599 14,020 22,944 19,124
Total operating expenses . . . . . . . . . . 294,569 89,443 171,146 138,948
Operating income . . . . . . . . . . . . . . . . 69,319 23,314 63,670 29,178
Interest income . . . . . . . . . . . . . . . . . . 365 115 396 665
Interest expense . . . . . . . . . . . . . . . . . (52) (2) (1) (247)
Income before income taxes . . . . . . . . 69,632 23,427 64,065 29,596
Income tax expense . . . . . . . . . . . . . . 27,400 9,764 26,902 12,261
Net income . . . . . . . . . . . . . . . . . . . . . $ 42,232 $ 13,663 $ 37,163 $ 17,335
Dividends, accretion, and allocated
earnings of preferred stock . . . . . . . (14,659) (9,170) (29,000) (13,650)
Net income allocated to common
stockholders . . . . . . . . . . . . . . . . . . $ 27,573 $ 4,493 $ 8,163 $ 3,685
Basic earnings per common share:
Class A common stock . . . . . . . . . . $ 1.06 $— $—$—
Class B common stock . . . . . . . . . . $ 1.06 $ 0.37 $ 0.68 $ 0.34
Basic weighted-average common
shares issued and outstanding
Class A common stock . . . . . . . . . . 2,980 ———
Class B common stock . . . . . . . . . . 21,589 12,222 12,036 10,757
Diluted earnings per common share:
Class A common stock . . . . . . . . . . $ 0.98 $— $—$—
Class B common stock . . . . . . . . . . $ 0.98 $ 0.29 $ 0.52 $ 0.26
Diluted weighted-average common
shares issued and outstanding
Class A common stock . . . . . . . . . . 27,782 ———
Class B common stock . . . . . . . . . . 24,796 15,425 15,712 14,154
See notes to consolidated financial statements
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