Green Dot 2010 Annual Report Download - page 77

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Note 3 — Accounts Receivable
Accounts receivable consisted of the following:
December 31, 2010 December 31, 2009
(In thousands)
Overdrawn account balances due from cardholders . . . $ 17,560 $12,072
Reserve for uncollectible overdrawn accounts . . . . . . . (11,823) (7,460)
Net overdrawn account balances due from
cardholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,737 4,612
Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 968 647
Reserve for uncollectible trade accounts. . . . . . . . . . . . (3) (110)
Net trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . 965 537
Receivables due from card issuing banks . . . . . . . . . . . 27,588 22,123
Payroll taxes due from related parties (Note 5) . . . . . . . — 2,417
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,671 598
Accounts receivable, net. . . . . . . . . . . . . . . . . . . . . . . . $ 35,961 $30,287
Activity in the reserve for uncollectible overdrawn accounts consisted of the following:
Year Ended
December 31, 2010
Five Months Ended
December 31, 2009 2009 2008
Year Ended July 31,
(In thousands)
Balance, beginning of
period . . . . . . . . . . . . . . . . . $ 7,460 $ 6,448 $ 5,277 $ 2,718
Provision for uncollectible
overdrawn accounts:
Fees . . . . . . . . . . . . . . . . . . 43,634 10,255 20,187 13,652
Purchase transactions. . . . . 2,459 963 2,361 2,483
Charge-offs . . . . . . . . . . . . . . (41,730) (10,206) (21,377) (13,576)
Balance, end of period . . . . . . $ 11,823 $ 7,460 $ 6,448 $ 5,277
Note 4 — Property and Equipment
Property and equipment consisted of the following:
December 31, 2010 December 31, 2009
(In thousands)
Computer equipment, furniture, and office equipment . . $ 14,643 $ 10,180
Computer software purchased . . . . . . . . . . . . . . . . . . . 6,035 3,802
Capitalized internal-use software . . . . . . . . . . . . . . . . . 21,816 15,114
Tenant improvements . . . . . . . . . . . . . . . . . . . . . . . . . . 1,427 1,277
43,921 30,373
Less accumulated depreciation and amortization . . . . . (25,887) (18,400)
Property and equipment, net . . . . . . . . . . . . . . . . . . . . $ 18,034 $ 11,973
Depreciation and amortization expense was $7.6 million for the year ended December 31, 2010,
$2.3 million for the five months ended December 31, 2009 and $4.6 million and $4.4 million for the years
ended July 31, 2009 and 2008, respectively. Included in those amounts are depreciation expense related to
68
GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)