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GREEN DOT CORPORATION
CONSOLIDATED BALANCE SHEETS
December 31,
2010
December 31,
2009
(In thousands, except par value)
ASSETS
Current assets:
Unrestricted cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . $167,503 $ 56,303
Settlement assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,968 42,569
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,412 29,157
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,608 7,262
Income tax receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,004 5,452
Net deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,398 4,634
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249,893 145,377
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,135 15,381
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,549 1,130
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 643 1,047
Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,034 11,973
Deferred expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,504 8,200
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $285,758 $183,108
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,625 $ 9,777
Settlement obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,968 42,569
Amounts due to card issuing banks for overdrawn accounts . . . . . . . . . 35,068 23,422
Other accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,633 13,916
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,214 15,048
Total current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,508 104,732
Other accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,737 2,761
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 97
Net deferred tax liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,338 4,154
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,627 111,744
Commitments and contingencies (Note 13)
Stockholders’ equity:
Convertible preferred stock, $0.001 par value: 5,000 and 25,554
shares authorized as of December 31, 2010 and 2009, respectively;
no shares issued and outstanding as of December 31, 2010,
24,942 shares issued and outstanding as of December 31, 2009;
liquidation preference of $0 as of December 31, 2010 and $31,322
as of December 31, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 31,322
Class A common stock, $0.001 par value; 100,000 shares authorized
as of December 31, 2010, no shares authorized as of December 31,
2009; 14,762 shares issued and outstanding as of December 31,
2010, no shares issued and outstanding as of December 31, 2009 . . 13 —
Class B convertible common stock, $0.001 par value, 100,000 and
50,000 shares authorized as of December 31, 2010 and 2009,
respectively; 27,091 and 12,860 shares issued and outstanding as
of December 31, 2010 and 2009, respectively . . . . . . . . . . . . . . . . . . 27 13
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,433 12,603
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,658 27,426
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165,131 71,364
Total liabilities and stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . $285,758 $183,108
See notes to consolidated financial statement
55