Green Dot 2013 Annual Report Download - page 44

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37
Comparison of Years Ended December 31, 2013 and 2012
Operating Revenues
The following table presents a breakdown of our operating revenues among card revenues and other fees, cash
transfer revenues and interchange revenues as well as contra-revenue items:
Year Ended December 31,
2013 2012
Amount % of Total
Operating Revenues Amount % of Total
Operating Revenues
(In thousands, except percentages)
Operating revenues:
Card revenues and other fees $ 227,227 39.6%$ 224,745 41.1%
Cash transfer revenues 183,359 32.0 165,232 30.2
Interchange revenues 171,757 29.9 164,559 30.2
Stock-based retailer incentive compensation (8,722) (1.5)(8,251) (1.5)
Total operating revenues $ 573,621 100.0%$ 546,285 100.0%
Card Revenues and Other Fees — Card revenues and other fees totaled $227.2 million for the year ended
December 31, 2013, an increase of $2.5 million, or 1%, from the comparable period in 2012. The increase was primarily
the result of period-over-period growth in our gift card program. This increase was partially offset by declines in monthly
maintenance fees due to an increase in fee waivers earned by cardholders, declines in new card fees as a result of
a period-over-period decline in new cards activated due to enhanced risk controls and a decline in ATM fees as a result
of higher usage of our fee-free ATM network.
Cash Transfer Revenues — Cash transfer revenues totaled $183.4 million for the year ended December 31, 2013,
an increase of $18.2 million, or 11%, from the comparable period in 2012. The increase was primarily the result of
period-over-period growth of 9% in the number of cash transfers sold. The increase in cash transfer volume was driven
primarily by growth in cash transfer volume from third-party programs participating in our network. The proportion of
total cash transfer revenues represented by third party programs increased by approximately four percentage points
as compared to the comparable period in 2012.
Interchange Revenues — Interchange revenues totaled $171.8 million for the year ended December 31, 2013,
an increase of $7.2 million, or 4%, from the comparable period in 2012. The increase was primarily the result of period-
over-period growth of 6% in purchase volume, partially offset by a slight decline in the effective interchange rate we
earn on purchase volume. This rate decline was the result of a shift in the mix of payment networks and payment
types.
Stock-based Retailer Incentive Compensation — Stock-based retailer incentive compensation was $8.7 million
for the year ended December 31, 2013, an increase of $0.4 million, or 5%, from the comparable period in 2012. Our
right to repurchase lapsed as to 441,720 shares issued to Walmart during the year ended December 31, 2013. We
recognized the fair value of the shares using the then-current fair market value of our Class A common stock. The
increase was the result of a higher average stock price in the year ended December 31, 2013 compared with the
corresponding period in 2012.