Green Dot 2011 Annual Report Download

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Table of contents

  • Page 1

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  • Page 4
    ...course, revenue growth is the result of growing customer adoption and usage of our products and services. CUSTOMER ADOPTION & USAGE 3.40 4.20 26.49 34.27 $10.4 $16.1 CY 2010 CY 2011 Active Cards (In Millions) Cash Transfers (In Millions) Gross Dollar Volume (In Billions) 1 In periods prior to...

  • Page 5
    ...in 2011, we served more than 4 million active card customers and many millions of reload network customers who, in aggregate, loaded more than $16 billion onto Green Dot accounts. And all of this happened at a company in an industry that barely existed just a handful of years ago. We are only at day...

  • Page 6

  • Page 7
    ...Commission file number 001-34819 GREEN DOT CORPORATION (Exact name of Registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 605 E. Huntington Drive, Suite 205 Monrovia, California 91016 (Address of principal executive offices, including zip...

  • Page 8

  • Page 9
    ...Selected Financial Data ...Management's Discussion and Analysis of Financial Condition and Results of Operations . . Quantitative and Qualitative Disclosures About Market Risk ...Financial Statements and Supplementary Data ...Changes in and Disagreements with Accountants on Accounting and Financial...

  • Page 10
    ...the term "GPR cards" refers to general purpose reloadable prepaid debit cards, the term "prepaid cards" refers to prepaid debit cards and the term "our cards" refers to our Green Dot-branded and co-branded GPR cards. In addition, "prepaid financial services" refers to GPR cards and associated reload...

  • Page 11
    ... GPR, prepaid debit cards in the United States and that our Green Dot Network is the leading reload network for prepaid cards in the United States. We sell our cards and offer our reload services nationwide at approximately 59,000 retail store locations, which provide consumers convenient access to...

  • Page 12
    ... example, fully-banked consumers often use our cards to shop on the Internet without providing their bank debit card account information online. These consumers also use our products to control spending, designate funds for specific uses, prevent overdrafts in their checking accounts, or load funds...

  • Page 13
    ...these agreements, Green Dot designs and delivers the Walmart MoneyCard product and provides all ongoing program support, including network IT, regulatory and legal compliance, website functionality, customer service and loss management. Walmart displays and sells the cards and GE Capital Retail Bank...

  • Page 14
    ... PayPal account. Alternatively, at many retail locations, consumers can add funds directly to their Green Dot- branded and co-branded cards at the point of sale through a POS swipe reload transaction. Unlike a MoneyPak, these POS swipe reload transactions involve a single-step process: consumers pay...

  • Page 15
    ...processing system includes several customer relationship management software applications that operate a variety of support services, providing real-time account history access and pending transaction data, contact information, personal identification number request and issuance services and balance...

  • Page 16
    ... extensive customer bases and adopt aggressive pricing policies to gain market share. Our primary competitors in the prepaid card issuance and program management market are traditional credit, debit and prepaid card account issuers and prepaid card program managers like American Express, First Data...

  • Page 17
    ... scalable IT; customer support capabilities; and pricing. We believe our products compete favorably on each of these factors. Reload Networks While we believe our Green Dot Network is the leading reload network for prepaid cards in the United States, a growing number of companies are attempting to...

  • Page 18
    ...and services are generally subject to federal, state and local laws and regulations, including anti-money laundering laws; money transfer and payment instrument licensing regulations; escheatment laws; privacy and information safeguard laws; banking regulations; and consumer protection laws. These...

  • Page 19
    ... services largely through our retail distributor and network acceptance member relationships. We have developed an anti-money laundering training manual and a program to assist in educating our retail distributors on applicable anti-money laundering laws and regulations. Money Transfer and Payment...

  • Page 20
    ...ability to pay dividends. Federal and state banking regulations applicable to bank holding companies and banks generally require that dividends be paid from earnings and, as described under "- Capital Adequacy" below, require minimum levels of capital, which limits the funds available for payment of...

  • Page 21
    ... into new lines of business or conducting activities that have the effect of limiting asset growth or preventing acquisitions. A bank that is undercapitalized would also be prohibited from making capital distributions, including dividends, and from paying management fees to its bank holding company...

  • Page 22
    ... include prepaid card issuers in this proposed rule, the CFPB may take actions in the future, including other rulemakings, that subject us or our products and services to its oversight and regulation. Payment Networks In order to provide our products and services, we, as well as the banks that issue...

  • Page 23
    ... fees, cash transfer revenues and interchange revenues collectively per customer. Since the value we provide to our network participants relates in large part to the number of long-term users of, businesses that accept reloads or payments through, and applications enabled by, the Green Dot Network...

  • Page 24
    ...our quarterly or annual results of operations might result from a number of factors, including, but not limited to: • • the timing and volume of purchases, use and reloads of our prepaid cards and related products and services; the timing and success of new product or service introductions by us...

  • Page 25
    ... prepaid card program managers, such as American Express Company, First Data Corporation, NetSpend Holdings, Inc., AccountNow, Inc., PreCash Inc. and UniRush, LLC; reload network providers, such as Visa, Inc. (or Visa), The Western Union Company and MoneyGram International, Inc.; and prepaid card...

  • Page 26
    ... anti-money laundering rules and regulations, as well as more stringent licensing rules and regulations, compliance with which could be expensive and time consuming. Changes in laws and regulations governing the way our products and services are sold or in the way those laws and regulations are...

  • Page 27
    ... and other network participants, banks that issue our cards and regulators, and could materially and adversely affect our business, operating results and financial condition. Changes in rules or standards set by the payment networks, such as Visa and MasterCard, or changes in debit network fees or...

  • Page 28
    ... our agreements with GE Capital Retail Bank under terms at least as favorable to us as those existing before renewal. We receive important services from third-party vendors, including card processing from Total System Services, Inc. Replacing them would be difficult and disruptive to our business...

  • Page 29
    ... revenues. We, the banks that issue our cards and our retail distributors, network acceptance members and third-party processors receive, transmit and store confidential customer and other information in connection with the sale and use of our prepaid financial services. Our encryption software and...

  • Page 30
    ... account balances in the year ended December 31, 2011, as compared to approximately 95% in the year ended December 31, 2010. Maintenance fee assessment overdrafts occur as a result of our charging a cardholder, pursuant to the card's terms and conditions, the monthly maintenance fee at a time...

  • Page 31
    ... sell our products and services to consumers at their store locations. Our retail distributors collect funds from the consumers who purchase our products and services and then must remit these funds directly to accounts established for the benefit of these consumers at the banks that issue our cards...

  • Page 32
    ... and services and offer new products and services, is dependent on our information technology systems. If we are unable to manage the technology associated with our business effectively, we could experience increased costs, reductions in system availability and losses of our network participants...

  • Page 33
    ... with U.S. generally accepted accounting principles. If we are unable to maintain adequate internal control over financial reporting, we might be unable to report our financial information on a timely basis and might suffer adverse regulatory consequences or violate NYSE listing standards. There...

  • Page 34
    ... new interpretations of existing laws or regulations applicable to our business; changes in accounting standards, policies, guidelines, interpretations or principles; general economic conditions; and sales of shares of our Class A common stock by us or our stockholders. In the past, many companies...

  • Page 35
    ... the price of our Class A common stock. In addition, these stockholders, some of which have representatives sitting on our board of directors, could use their voting control to maintain our existing management and directors in office, delay or prevent changes of control of our company, or support or...

  • Page 36
    ... property where our subsidiary bank's only branch is located in Provo, Utah. In December 2011, we entered into a ten-year office lease pursuant to which we will lease a new headquarters facility, consisting of 140,000 square feet of office space in Pasadena, California. The initial term of the lease...

  • Page 37
    ... and leverage capital requirements, as well as other federal laws applicable to banks and bank holding companies, could limit our ability to pay dividends. We expect to retain future earnings, if any, to fund the development and growth of our business. Any future determination to pay dividends on...

  • Page 38
    ... 107.36 87.12 $ $ $ Q4 2011 70.97 123.98 96.54 ITEM 6. Selected Financial Data The following tables present selected historical financial data for our business. You should read this information together with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and...

  • Page 39
    ...Card revenues and other fees ...$ 209,489 Cash transfer revenues ...Interchange revenues ...Stock-based retailer incentive compensation(2) ...Total operating revenues ...Operating expenses: Sales and marketing expenses ...Compensation and benefits expenses(3) . . Processing expenses ...Other general...

  • Page 40
    ... collect customer funds for purchases of new cards and reloads and then remit these funds directly to bank accounts established for the benefit of these customers by the banks that issue our cards. Our retail distributors' remittance of these funds takes an average of two business days. Settlement...

  • Page 41
    ... GPR, prepaid debit cards in the United States and that our Green Dot Network is the leading reload network for prepaid cards in the United States. We sell our cards and offer our reload services nationwide at approximately 59,000 retail store locations, which provide consumers convenient access to...

  • Page 42
    ... terms and conditions in our cardholder agreements. We charge new card fees when a consumer purchases a GPR or gift card in a retail store. Other revenues consist primarily of fees associated with optional products or services, which we generally offer to consumers during the card activation process...

  • Page 43
    ...customer service and loss management functions generally vary in line with the size of our active card portfolio, while the expenses associated with other functions do not. Processing Expenses - Processing expenses consist primarily of the fees charged to us by the banks that issue our prepaid cards...

  • Page 44
    ... the cardholder account is closed, depending on the card issuing bank. We generally recover overdrawn account balances from those GPR cardholders that perform a reload transaction. In addition, we recover some purchase transaction overdrafts through enforcement of payment network rules, which allow...

  • Page 45
    ...change in the future in response to factors such as the pricing of reloads and new cards and the availability of substitute products. Employee Stock-Based Compensation We record employee stock-based compensation expense using the fair value method of accounting. For stock options and stock purchases...

  • Page 46
    ... our online distribution channel. Under new regulations, beginning in the second half of 2012, we will be required to provide at least one fee-free ATM withdrawal per month for each card issued under the Walmart MoneyCard program. While ATM fees, a component of our card revenues and other fees, will...

  • Page 47
    ... numbers of GPR cards and cash transfers sold, compared with the corresponding period in 2010, and an increase in sales commissions due largely to increased sales commissions paid to Walmart as a result of entering into our amended prepaid card agreement with Walmart and GE Capital Retail Bank...

  • Page 48
    ...% in the number of cash transfers sold, partially offset by a shift in our mix of retail distributors toward Walmart. The increase in cash transfer volume was driven both by growth in our active card base and growth in cash transfer volume from third-party programs participating in our network. 38

  • Page 49
    ... volume of the active cards in our portfolio. Stock-based retailer incentive compensation - Our right to repurchase lapsed as to 294,480 shares issued to Walmart during the year ended December 31, 2010. We recognized the fair value of the shares using the then-current fair market value of our Class...

  • Page 50
    ...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...

  • Page 51
    ... active cards in our portfolio, partially offset by lower fees charged to us under agreements with one of the banks that issue our cards and our third-party card processor that became effective in November 2008 and by more efficient use of our card processor through the purging of inactive accounts...

  • Page 52
    ...Institutions, we made a capital contribution of $14.3 million in cash to Green Dot Bank. Cash Flows from Operating Activities Our $94.1 million of net cash provided by operating activities in the year ended December 31, 2011 principally resulted from $52.1 million of net income, adjusted for certain...

  • Page 53
    ... amount and timing of these purchases and the related cash outflows in future periods is difficult to predict and is dependent on a number of factors including the hiring of employees, the rate of change of computer hardware and software used in our business, the leasing of a new office facility and...

  • Page 54
    ... Part I, Item 1. Business, we became a bank holding company in December 2011. This section presents information required by the SEC's Industry Guide 3, "Statistical Disclosure by Bank Holding Companies." The tables in this section include Green Dot Bank information only. All average balance data is...

  • Page 55
    ...Balance (in thousands) Interest-bearing liabilities Negotiable order of withdrawal (NOW) ...$ Savings deposits ...Time deposits, denominations greater or equal to $100 ...Time...the amortized cost and fair value of Green Dot Bank's investment portfolio at December 31, 2011: Amortized Cost Agency ...

  • Page 56
    ... Concentrations Green Dot Bank operates at a single office in Provo, Utah located in the Utah County area. As of December 31, 2011, approximately 92% of our borrowers resided in the state of Utah and approximately 50% in the city of Provo. Consequently, we are susceptible to any adverse market or...

  • Page 57
    ... specified contractual settlement terms on a daily basis and assess their credit limit and financial condition on a periodic basis. Our management's Enterprise Risk Management Committee is responsible for monitoring our retail distributor exposure and assigning credit limits and reports regularly to...

  • Page 58
    ... Statements and Supplementary Data Index to Consolidated Financial Statements Page Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting Report of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets ...Consolidated Statements...

  • Page 59
    ... opinion, Green Dot Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the...

  • Page 60
    ..., 2011 and 2010, the five months ended December 31, 2009 and the year ended July 31, 2009, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Green Dot Corporation...

  • Page 61
    GREEN DOT CORPORATION CONSOLIDATED BALANCE SHEET December 31, 2011 Assets Current assets: Unrestricted cash and cash equivalents ...$ Federal funds sold ...Investment securities available-for-sale, at fair value ...Settlement assets ...Accounts receivable, net ...Prepaid expenses and other assets ...

  • Page 62
    ... share data) Operating revenues: Card revenues and other fees...$ Cash transfer revenues ...Interchange revenues ...Stock-based retailer incentive compensation . Total operating revenues ...Operating expenses: Sales and marketing expenses ...Compensation and benefits expenses ...Processing expenses...

  • Page 63
    ... Net income ... Balance at December 31, 2010 ... Exercise of options and issuance of ESPP shares ... Stock-based compensation ... Stock-based retailer incentive compensation ... Conversion of Class B common stock by stockholders ... Net income ... Net change in unrealized gains on available-for-sale...

  • Page 64
    ... ...Amounts due issuing bank for overdrawn accounts ...Deferred revenue ...Income tax receivable ...Net cash provided by operating activities ...Investing activities Purchases of available-for-sale investment securities ...Proceeds from maturities of available-for-sale investment securities...

  • Page 65
    ... use cash to reload our prepaid debit cards or to transfer cash to any of our Green Dot Network acceptance members, including competing prepaid card programs and other online accounts. We market our cards and financial services to banked, underbanked and unbanked consumers in the United States using...

  • Page 66
    ..., 2008. Five Months Ended December 31, 2008 (In thousands) Operating revenues: Card revenues and other fees ...$ Cash transfer revenues ...Interchange revenues ...Total operating revenues ...Operating expenses: Sales and marketing expenses ...Compensation and benefits expenses ...Processing expenses...

  • Page 67
    ... funds for purchases of new cards and cash transfer products and then remit these funds directly to bank accounts established for the benefit of these customers by the third-party card issuing banks. The remittance of these funds by our retail distributors takes an average of two business days...

  • Page 68
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) Note 2-Summary of Significant Accounting Policies (continued) Accounts Receivable, Net Accounts receivable is comprised principally of receivables due from card issuing banks, overdrawn account balances due from ...

  • Page 69
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) Note 2-Summary of Significant Accounting Policies (continued) We consider a loan to be impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan ...

  • Page 70
    ... a retail location, we make the funds immediately available once the consumer goes online or calls a toll-free number to activate the new card or add funds from a cash transfer product. Since our retail distributors do not remit funds to our card issuing banks, on average, for two business days, we...

  • Page 71
    ... various states related to purchases of materials since no sales tax is charged to customers when new cards or cash transfer transactions are purchased. Employee Stock-Based Compensation We record employee stock-based compensation expense using the fair value method of accounting. For stock options...

  • Page 72
    .... Deposits The fair value of demand and interest checking deposits and savings deposits is the amount payable on demand at the reporting date. We determined the fair value of time deposits by discounting expected future cash flows using market-derived rates based on our market yields on certificates...

  • Page 73
    ... its applicable capital and leverage requirements, the Federal Reserve Board may limit our or Green Dot Bank's ability to pay dividends. In addition, as a bank holding company and a financial holding company, we are generally prohibited from engaging, directly or indirectly, in any activities other...

  • Page 74
    ... 950 31,210 Fair value is the price that would be received from selling an asset in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and...

  • Page 75
    ... 31, 2011 on quoted prices in active markets for similar assets. We had no transfers between Level 1, Level 2 or Level 3 assets during the year ended December 31, 2011. Note 4-Accounts Receivable Accounts receivable, net consisted of the following: December 31, 2011 Overdrawn account balances due...

  • Page 76
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) Note 5-Loans (continued) balance sheet at estimated fair value at the date of acquisition of $10.3 million. The following table presents total outstanding loans and a summary of the related payment status: Total Current ...

  • Page 77
    ... the following: December 31, 2011 Land ...$ Building ...Computer equipment, furniture, and office equipment ...Computer software purchased ...Capitalized internal-use software ...Tenant improvements ...Less accumulated depreciation and amortization ...Property and equipment, net ...$ 205 568 17,119...

  • Page 78
    ... unpaid interest outstanding under the loans was due in March 2011. The loans were collateralized by 2,500,000 shares of our common stock owned by the officer and pledged under a stock pledge agreement. We classified the outstanding balance of these loans, including capitalized interest of $735,000...

  • Page 79
    ...Ended December 31, 2011 U.S. federal statutory tax rate ...State income taxes, net of federal benefit...Non-deductible offering costs ...Change in tax state apportionment method ...Other ...Effective tax rate ...35.0% 1.6 - - 1.4 38.0% 2010 35.0% 3.8 2.4 (4.6) 2.7 39.3% Five Months Ended December 31...

  • Page 80
    ...for overdrawn accounts ...$ State income taxes ...Stock-based compensation ...Fair value adjustment on acquired loans ...Other ...Total deferred tax assets ...Deferred tax liabilities: Internal-use software costs ...Deferred expenses ...Core deposit intangible ...Property and equipment, net ...Total...

  • Page 81
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) Note 11-Borrowing Agreements We have a line of credit used to fund timing differences between funds remitted by our retail distributors to the banks that issue our cards and funds utilized by our cardholders. For the ...

  • Page 82
    ... the authorized number of shares of a class of stock, or to increase or decrease the par value of ...shares of preferred stock outstanding at the time, the holders of outstanding shares of our Class A and Class B common stock are entitled to receive dividends out of funds legally available at the times...

  • Page 83
    ..., which significantly increased the sales commission rates we pay to Walmart for our products sold in their stores. The new agreement commenced on May 1, 2010 with a five-year term. As an incentive to amend our prepaid card program agreement, we issued Walmart 2,208,552 shares of our Class A common...

  • Page 84
    ... entered into an agreement with a card issuing bank to provide a co-branded GPR card program with a major retail distributor. We also entered into equity financing transactions with the bank and an affiliated investment entity, under which we issued a warrant to purchase 500,000 shares of our common...

  • Page 85
    ...call option and repurchased the warrant. Comprehensive Income The components of comprehensive income, net of tax, are as follows: Twelve Months Ended December 31, 2011 Net income ...$ Other comprehensive income: Net change in unrealized gains on investment securities available-for-sale, net ...Total...

  • Page 86
    ... board of directors awarded 257,984 shares of common stock to our Chief Executive Officer to compensate him for past services rendered to our company. The number of shares awarded was equal to the number of shares subject to fully vested options that unintentionally expired unexercised in June 2009...

  • Page 87
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) Note 14-Stock-Based Compensation (continued) Option activity for the year ended July 31, 2009, the five months ended December 31, 2009 and the years ended December 31, 2010 and 2011 was as follows: Number of Shares ...

  • Page 88
    ..., respectively. Stock-Based Retailer Incentive Compensation As discussed in Note 13 - Stockholders' Equity, we issued Walmart 2,208,552 shares of our Class A common stock. We recognize the fair value of 36,810 shares each month over the 60-month term of the commercial agreement. An early expiration...

  • Page 89
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) Note 15-Earnings per Common Share (continued) Year Ended December 31, 2011 Basic earnings per Class A common share Net income ...$ Allocated earnings to preferred stock ...Allocated earnings to other classes of common ...

  • Page 90
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) Note 15-Earnings per Common Share (continued) Year Ended December 31, 2011 Basic earnings per Class B common share Net income ...$ Allocated earnings and deemed dividends to preferred stock ...Allocated earnings to other ...

  • Page 91
    ... months ended December 31, 2009, and $1.4 million for the year ended July 31, 2009. On December 6, 2011, we entered into a ten-year office lease pursuant to which we will lease a new headquarters facility, consisting of 140,000 square feet of office space in Pasadena, California. The initial term...

  • Page 92
    ...payments remaining on the date of termination. We have retained outside regulatory counsel to survey and monitor the laws of all 50 states to identify state laws or regulations that apply to prepaid debit cards and other stored value products. Many state laws do not specifically address stored value...

  • Page 93
    ...from these card issuing banks included in accounts receivable, net, on our consolidated balance sheets. The failure of either of these card issuing banks could result in significant business disruption, a potential material adverse affect on our ability to service our customers, potential contingent...

  • Page 94
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) Note 19-Regulatory Requirements (continued) which management believes would have changed our category as well capitalized. We were not subject to these requirements as of December 31, 2010. The actual, required minimum ...

  • Page 95
    ... Exchange Act Rules 13a-15(f) and 15d-15(f)) for Green Dot Corporation. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2011, based...

  • Page 96
    ... the agreement, Mr. Troughton will receive a monthly cash severance payment of $39,583.33 from March 2012 to January 2013 and a bonus payment of $85,215 for the second half of 2011 under our 2011 Executive Officer Incentive Bonus Plan. In addition, the vesting of any unvested stock options he held...

  • Page 97
    ... by reference to our proxy statement for our 2012 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the year ended December 31, 2011. ITEM 14. Principal Accounting Fees and Services The information required by this Item is incorporated by reference to...

  • Page 98
    ... sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements and notes thereto. 3. Exhibits: The following exhibits are filed as part of or furnished with this annual report on Form 10-K as applicable: The exhibit list in...

  • Page 99
    ... caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Green Dot Corporation Date: February 29, 2012 By: Name: Title: /s/ Steven W. Streit Steven W. Streit Chairman, President, and Chief Executive Officer Power of Attorney KNOW ALL PERSONS BY THESE PRESENTS...

  • Page 100
    Date: February 29, 2012 By: Name: Title: By: Name: Title: By: Name: Title: /s/ Ross E. Kendell Ross E. Kendell Director /s/ Michael Moritz Michael Moritz Director /s/ William H. Ott, Jr. William H. Ott, Jr. Director Date: February 29, 2012 Date: February 29, 2012 90

  • Page 101
    ... L.P., dated December 5, 2011 Amended and Restated Prepaid Card Program Agreement, dated as of May 27, 2010, by and among the Registrant, Wal-Mart Stores, Inc., Wal-Mart Stores Texas, L.P., WalMart Louisiana, LLC, Wal-Mart Stores East, Inc., Wal-Mart Stores, L.P. and GE Money Bank. S-1(A6) July 13...

  • Page 102
    ... among Green Dot Corporation and Walmart Stores Texas L.P., Wal-Mart Louisiana, LLC, Wal-Mart Stores Arkansas, LLC, Wal-Mart Stores East, L.P., Wal-Mart Stores, Inc., and GE Money Bank. Card Program Services Agreement, dated as of October 27, 2006, by and between the Registrant and GE Money Bank, as...

  • Page 103
    ...Ernst & Young LLP, independent registered public accounting firm. Power of Attorney (included on the signature page of this Annual Report on Form 10-K). Certification of Steven W. Streit, Chief Executive Officer and Chairman of the Board of Directors, pursuant to Rule 13a-14(a)/15d-14(a), as adopted...

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  • Page 107
    ... is based on the then-current fair market value of the shares as to which the Company's repurchase right lapses, adding back this charge eliminates ï¬,uctuations in the Company's operating revenues caused by variations in its month-end stock prices and thus provides insight on the operating revenues...

  • Page 108