Green Dot 2013 Annual Report Download - page 37

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ITEM 6. Selected Financial Data
The following tables present selected historical financial data for our business. You should read this information
together with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and
Item 8. Financial Statements and Supplementary Data of this report. The selected consolidated financial data in this
section is not intended to replace the financial statements and is qualified in its entirety by the consolidated financial
statements and related notes.
We derived the statement of operations data for the years ended December 31, 2013, 2012, and 2011, respectively,
and the balance sheet data as of December 31, 2013, and 2012 from our audited consolidated financial statements
included in Item 8 of this report. We derived the statement of operations data for the year ended December 31, 2010,
five months ended December 31, 2009, and the year ended July 31, 2009 and balance sheet data as of December
31, 2011, December 31, 2010 and 2009, and July 31, 2009 from our audited consolidated financial statements not
included in this report. Our historical results are not necessarily indicative of our results to be expected in any future
period.
Year Ended December 31, Five Months
Ended
December 31,
2009(1)
Year Ended
July 31,
2013 2012 2011 2010 2009
(In thousands, except per share data)
Consolidated Statement of Operations Data:
Operating revenues:
Card revenues and other fees $ 227,227 $ 224,745 $ 209,489 $ 167,375 $ 50,895 $119,356
Cash transfer revenues 183,359 165,232 134,143 101,502 30,509 62,396
Interchange revenues 171,757 164,559 141,103 108,380 31,353 53,064
Stock-based retailer incentive compensation(2) (8,722) (8,251) (17,337) (13,369) — —
Total operating revenues 573,621 546,285 467,398 363,888 112,757 234,816
Operating expenses:
Sales and marketing expenses 218,370 209,870 168,747 122,890 31,333 75,786
Compensation and benefits expenses(3) 127,287 114,930 87,671 70,102 26,610 40,096
Processing expenses 89,856 77,445 70,953 56,978 17,480 32,320
Other general and administrative expenses 88,976 71,900 56,578 44,599 14,020 22,944
Total operating expenses 524,489 474,145 383,949 294,569 89,443 171,146
Operating income 49,132 72,140 83,449 69,319 23,314 63,670
Interest income 3,440 4,074 910 365 115 396
Interest expense (72) (76) (346)(52) (2) (1)
Income before income taxes 52,500 76,138 84,013 69,632 23,427 64,065
Income tax expense 18,460 28,919 31,930 27,400 9,764 26,902
Net income 34,040 47,219 52,083 42,232 13,663 37,163
Dividends, accretion and allocated earnings of
preferred stock (5,360) (7,599) (554) (14,659) (9,170) (29,000)
Net income allocated to common stockholders $ 28,680 $ 39,620 $ 51,529 $27,573 $4,493 $8,163
Basic earnings per common share:
Class A common stock $ 0.78 $ 1.11 $ 1.24 $1.06 $ — $ —
Class B common stock $ 0.78 $ 1.11 $ 1.24 $1.06 $0.37 $0.68
Basic weighted-average common shares issued and
outstanding:
Class A common stock 33,272 29,698 22,238 2,980 — —
Class B common stock 2,603 4,801 17,718 21,589 12,222 12,036
Diluted earnings per common share:
Class A common stock $ 0.76 $ 1.07 $ 1.19 $0.98 $ — $ —
Class B common stock $ 0.76 $ 1.07 $ 1.19 $0.98 $0.29 $0.52
Diluted weighted-average common shares issued and
outstanding:
Class A common stock 37,156 35,933 42,065 27,782 — —
Class B common stock 2,603 6,150 19,822 24,796 15,425 15,712