Green Dot 2010 Annual Report Download - page 44

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July 31, 2006 and the balance sheet data as of July 31, 2006 from our unaudited consolidated financial
statements not included in this report. In the opinion of our management, our unaudited financial data
reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of
our results for those periods. Our historical results are not necessarily indicative of our results to be
expected in any future period.
Year Ended
December 31,
2010
Five Months
Ended
December 31,
2009(1) 2009 2008 2007 2006
Year Ended July 31,
(Unaudited)
(In thousands, except per share data)
Consolidated Statement of
Operations Data:
Operating revenues:
Card revenues . . . . . . . . . $167,375 $ 50,895 $119,356 $ 91,233 $45,717 $36,359
Cash transfer revenues . . 101,502 30,509 62,396 45,310 25,419 20,616
Interchange revenues . . . . 108,380 31,353 53,064 31,583 12,488 9,975
Stock-based retailer
incentive
compensation(2) . . . . . . (13,369) — — — — —
Total operating revenues . . . 363,888 112,757 234,816 168,126 83,624 66,951
Operating expenses:
Sales and marketing
expenses . . . . . . . . . . . 122,890 31,333 75,786 69,577 38,838 28,660
Compensation and
benefits expenses(3). . . 70,102 26,610 40,096 28,303 20,610 18,499
Processing expenses . . . . 56,978 17,480 32,320 21,944 9,809 8,547
Other general and
administrative
expenses . . . . . . . . . . . 44,599 14,020 22,944 19,124 13,212 10,077
Total operating expenses . . . 294,569 89,443 171,146 138,948 82,469 65,783
Operating income . . . . . . . . 69,319 23,314 63,670 29,178 1,155 1,168
Interest income . . . . . . . . . . 365 115 396 665 771 301
Interest expense . . . . . . . . . (52) (2) (1) (247) (625) (823)
Income before income
taxes . . . . . . . . . . . . . . . . 69,632 23,427 64,065 29,596 1,301 645
Income tax expense
(benefit) . . . . . . . . . . . . . . 27,400 9,764 26,902 12,261 (3,346) 111
Net income . . . . . . . . . . . . . 42,232 13,663 37,163 17,335 4,647 535
Dividends, accretion and
allocated earnings of
preferred stock . . . . . . . . . (14,659) (9,170) (29,000) (13,650) (5,157) (367)
Net income (loss) allocated
to common stockholders. . $ 27,573 $ 4,493 $ 8,163 $ 3,685 $ (510) $ 168
Basic earnings (loss) per
common share:
Class A common stock . . . . $ 1.06 $ — $ — $ — $ — $ —
Class B common stock . . . . $ 1.06 $ 0.37 $ 0.68 $ 0.34 $ (0.05) $ 0.02
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 11,100 10,873
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