Green Dot 2011 Annual Report Download - page 39
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29
Year Ended December
31,
Five Months
Ended
December 31,
2009(1)
Year Ended July 31,
2011 2010 2009 2008 2007
(in thousands, except per share data)
Consolidated Statement of Operations
Data:
Operating revenues:
Card revenues and other fees . . . . . . . . . . $ 209,489 $ 167,375 $ 50,895 $ 119,356 $ 91,233 $ 45,717
Cash transfer revenues . . . . . . . . . . . . . . . 134,143 101,502 30,509 62,396 45,310 25,419
Interchange revenues . . . . . . . . . . . . . . . . . 141,103 108,380 31,353 53,064 31,583 12,488
Stock-based retailer incentive
compensation(2) . . . . . . . . . . . . . . . . . . . . . (17,337) (13,369) — — — —
Total operating revenues . . . . . . . . . . . . . . 467,398 363,888 112,757 234,816 168,126 83,624
Operating expenses:
Sales and marketing expenses . . . . . . . . . 168,747 122,890 31,333 75,786 69,577 38,838
Compensation and benefits expenses(3) . . 87,671 70,102 26,610 40,096 28,303 20,610
Processing expenses . . . . . . . . . . . . . . . . . 70,953 56,978 17,480 32,320 21,944 9,809
Other general and administrative
expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 56,578 44,599 14,020 22,944 19,124 13,212
Total operating expenses . . . . . . . . . . . . . . 383,949 294,569 89,443 171,146 138,948 82,469
Operating income . . . . . . . . . . . . . . . . . . . . 83,449 69,319 23,314 63,670 29,178 1,155
Interest income . . . . . . . . . . . . . . . . . . . . . . 910 365 115 396 665 771
Interest expense . . . . . . . . . . . . . . . . . . . . . (346) (52) (2) (1) (247) (625)
Income before income taxes . . . . . . . . . . . 84,013 69,632 23,427 64,065 29,596 1,301
Income tax expense (benefit) . . . . . . . . . . . 31,930 27,400 9,764 26,902 12,261 (3,346)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . 52,083 42,232 13,663 37,163 17,335 4,647
Dividends, accretion and allocated
earnings of preferred stock . . . . . . . . . . . . . (558) (14,659) (9,170) (29,000) (13,650) (5,157)
Net income (loss) allocated to common
stockholders . . . . . . . . . . . . . . . . . . . . . . . . $ 51,525 $ 27,573 $ 4,493 $ 8,163 $ 3,685 $ (510)
Basic earnings (loss) per common share:
Class A common stock . . . . . . . . . . . . . . . . $ 1.24 $ 1.06 $ — $ — $ — $ —
Class B common stock . . . . . . . . . . . . . . . . $ 1.24 $ 1.06 $ 0.37 $ 0.68 $ 0.34 $ (0.05)
Basic weighted-average common shares
issued and outstanding:
Class A common stock . . . . . . . . . . . . . . . . 22,238 2,980 — — — —
Class B common stock . . . . . . . . . . . . . . . . 17,718 21,589 12,222 12,036 10,757 11,100
Diluted earnings (loss) per common share:
Class A common stock . . . . . . . . . . . . . . . . $ 1.19 $ 0.98 $ — $ — $ — $ —
Class B common stock . . . . . . . . . . . . . . . . $ 1.19 $ 0.98 $ 0.29 $ 0.52 $ 0.26 $ (0.05)
Diluted weighted-average common shares
issued and outstanding:
Class A common stock . . . . . . . . . . . . . . . . 42,065 27,782 — — — —
Class B common stock . . . . . . . . . . . . . . . . 19,822 24,796 15,425 15,712 14,154 11,100