Green Dot 2010 Annual Report Download - page 55

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Comparison of Five Months Ended December 31, 2009 and 2008
Operating Revenues
The following table presents a breakdown of our operating revenues among card, cash transfer and
interchange revenues:
Amount
% of Total
Operating Revenues Amount
% of Total
Operating Revenues
2009 2008
Five Months Ended December 31,
(In thousands, except percentages)
Operating revenues:
Card revenues . . . . . . . . . . . $ 50,895 45.1% $46,460 52.2%
Cash transfer revenues . . . . . 30,509 27.1 24,391 27.4
Interchange revenues . . . . . . 31,353 27.8 18,212 20.4
Total operating revenues. . . . . . $112,757 100.0% $89,063 100.0%
Card Revenues — Our card revenues totaled $50.9 million in the five months ended December 31,
2009, an increase of $4.4 million, or 10%, from the comparable period in 2008. This increase was primarily
due to period-over-period growth of 116% in the number of GPR cards activated and 92% in the number of
active cards in our portfolio, largely offset by the February 2009 reduction in new card and monthly
maintenance fees for the Walmart MoneyCard and the July 2009 reduction in the new card fee for Green
Dot-branded cards. These fee reductions also contributed to the decline in card revenues as a percentage
of total operating revenues.
Cash Transfer Revenues — Our cash transfer revenues totaled $30.5 million in the five months ended
December 31, 2009, an increase of $6.1 million, or 25%, from the comparable period in 2008. This
increase was primarily due to period-over-period growth of 64% in the number of cash transfers sold,
partially offset by a shift in our retail distributor mix toward Walmart, which generally has lower fees than
our other retail distributors and significantly reduced the POS swipe reload fee in February 2009.
Interchange Revenues — Our interchange revenues totaled $31.4 million in the five months ended
December 31, 2009, an increase of $13.1 million, or 72%, from the comparable period in 2008. This
increase was primarily due to period-over-period growth of 92% in the number of active cards in our
portfolio and 69% in gross dollar volume.
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