Green Dot 2011 Annual Report Download - page 40

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30
As of December 31, As of July 31,
2011 2010 2009 2009 2008 2007
(in thousands)
Consolidated Balance Sheet Data:
Cash, cash equivalents and restricted cash(4).$ 238,359 $ 172,638 $ 71,684 $ 41,931 $ 41,613 $ 14,991
Investment securities, available-for-sale. . . . . . 31,210—————
Settlement assets(5) . . . . . . . . . . . . . . . . . . . . 27,355 19,968 42,569 35,570 17,445 15,412
Loans to bank customers . . . . . . . . . . . . . . . . . 10,036—————
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 425,859 285,758 183,108 123,269 97,246 56,441
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,957—————
Settlement obligations(5) . . . . . . . . . . . . . . . . . 27,355 19,968 42,569 35,570 17,445 12,916
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . —————2,446
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 172,663 120,627 111,744 81,031 65,962 45,237
Redeemable convertible preferred stock . . . . . ————26,81622,336
Total stockholders' equity (deficit). . . . . . . . . . . 253,196 165,131 71,364 42,238 4,468 (11,130)
___________
(1) In September 2009, we changed our fiscal year-end from July 31 to December 31.
(2) Represents the recorded fair value of the shares for which our right to repurchase lapsed during the specified
period pursuant to the terms of the agreement under which we issued 2,208,552 shares of our Class A common
stock to Walmart. See “Management's Discussion and Analysis of Financial Condition and Results of Operations
— Key components of our results of operations — Operating revenues — Stock-based retailer incentive
compensation” for more information. Prior to the three months ended June 30, 2010, we did not incur any stock-
based retailer incentive compensation.
(3) Includes stock-based compensation expense of $9.5 million and $7.3 million for the years ended December 31,
2011 and 2010, $6.8 million for the five months ended December 31, 2009 and $2.5 million, $1.2 million, and
$156,000 for fiscal 2009, 2008, and 2007, respectively.
(4) Includes $12.9 million, $5.1 million, $15.4 million, $15.4 million, $2.3 million, and $2.3 million of restricted cash as
of December 31, 2011, 2010, and 2009 and July 31, 2009, 2008, and 2007, respectively. Also includes $2.4 million
of federal funds sold as of December 31, 2011. We had no federal funds sold prior to 2011.
(5) Our retail distributors 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 assets represent
the amounts due from our retail distributors for customer funds collected at the point of sale that have not yet been
remitted to the card issuing banks. Settlement obligations represent the amounts due from us to the card issuing
banks for funds collected but not yet remitted by our retail distributors and not funded by our line of credit. We
have no control over or access to customer funds remitted by our retail distributors to the bank accounts. Customer
funds therefore are not our assets, and we do not recognize them in our consolidated financial statements.