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52
GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31, Five Months Ended
December 31, 2009
Year Ended
July 31, 20092011 2010
(In thousands, except per share data)
Operating revenues:
Card revenues and other fees. . . . . . . . . . . . . $209,489 $ 167,375 $ 50,895 $119,356
Cash transfer revenues . . . . . . . . . . . . . . . . . . 134,143 101,502 30,509 62,396
Interchange revenues . . . . . . . . . . . . . . . . . . . 141,103 108,380 31,353 53,064
Stock-based retailer incentive compensation .(17,337)(13,369) ——
Total operating revenues . . . . . . . . . . . . . . . . . . . 467,398 363,888 112,757 234,816
Operating expenses:
Sales and marketing expenses . . . . . . . . . . . . 168,747 122,890 31,333 75,786
Compensation and benefits expenses . . . . . . 87,671 70,102 26,610 40,096
Processing expenses . . . . . . . . . . . . . . . . . . . 70,953 56,978 17,480 32,320
Other general and administrative expenses . . 56,578 44,599 14,020 22,944
Total operating expenses . . . . . . . . . . . . . . . . . . . 383,949 294,569 89,443 171,146
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . 83,449 69,319 23,314 63,670
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . 910 365 115 396
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . (346)(52)(2)(1)
Income before income taxes. . . . . . . . . . . . . . . . . 84,013 69,632 23,427 64,065
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . 31,930 27,400 9,764 26,902
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,083 42,232 13,663 37,163
Dividends, accretion, and allocated earnings of
preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . (558)(14,659) (9,170) (29,000)
Net income allocated to common stockholders . . $51,525 $27,573 $4,493 $8,163
Basic earnings per common share:
Class A common stock . . . . . . . . . . . . . . . . . . $1.24 $1.06 $—$—
Class B common stock . . . . . . . . . . . . . . . . . . $1.24 $1.06 $0.37 $0.68
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
Diluted earnings per common share:
Class A common stock . . . . . . . . . . . . . . . . . . $1.19 $0.98 $—$—
Class B common stock . . . . . . . . . . . . . . . . . . $1.19 $0.98 $0.29 $0.52
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
See notes to consolidated financial statements