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56
GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2012 2011 2010
(In thousands)
Operating activities
Net income $ 47,219 $ 52,083 42,232
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 18,131 12,330 7,588
Provision for uncollectible overdrawn accounts 62,345 60,562 46,093
Employee stock-based compensation 12,734 9,524 7,256
Stock-based retailer incentive compensation 8,251 17,337 13,369
Amortization of premium on available-for-sale investment securities 1,188 251 —
Realized gains on investment securities (11) — —
(Recovery) provision for uncollectible trade receivables (359) 455 (13)
Impairment of capitalized software 1,029 397 409
Deferred income tax expense (benefit) 5,792 251 (704)
Excess tax benefits from exercise of options (2,738) (2,951) (24,842)
Changes in operating assets and liabilities:
Accounts receivable, net (66,099) (70,510) (51,754)
Prepaid expenses and other assets (21,325) (2,838) (1,042)
Deferred expenses 94 (3,100) (1,304)
Accounts payable and other accrued liabilities 31,475 (4,489) 16,042
Amounts due issuing bank for overdrawn accounts 7,571 7,085 11,646
Deferred revenue (1,962) 4,261 2,113
Income tax receivable (1,307) 13,403 16,414
Net cash provided by operating activities 102,028 94,051 83,503
Investing activities
Purchases of available-for-sale investment securities (271,869) (45,056) —
Proceeds from maturities of available-for-sale securities 37,563 20,152 —
Proceeds from sales of available-for-sale securities 81,474 — —
Decrease (increase) in restricted cash 12,292 (7,791) 10,246
Payments for acquisition of property and equipment (40,441) (23,076) (13,459)
Net principal collections on loans 2,484 245 —
Acquisitions, net of cash acquired (31,823) 5,085 —
Net cash used in investing activities (210,320) (50,441) (3,213)
Financing activities
Proceeds from exercise of options 3,550 6,138 6,068
Excess tax benefits from exercise of options 2,738 2,951 24,842
Net increase in deposits 159,494 5,231 —
Net increase in obligations to customers 13,668 — —
Net cash provided by financing activities 179,450 14,320 30,910
Net increase in unrestricted cash, cash equivalents, and federal funds sold 71,158 57,930 111,200
Unrestricted cash, cash equivalents, and federal funds sold, beginning of year 225,433 167,503 56,303
Unrestricted cash, cash equivalents, and federal funds sold, end of period $ 296,591 $ 225,433 167,503
Cash paid for interest $ 98 $ 108 42
Cash paid for income taxes $ 28,203 $ 18,291 14,282
See notes to consolidated financial statements