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57
GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2013 2012 2011
(In thousands)
Operating activities
Net income $ 34,040 47,219 52,083
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 27,099 18,131 12,330
Provision for uncollectible overdrawn accounts 47,273 62,345 60,562
Employee stock-based compensation 14,703 12,734 9,524
Stock-based retailer incentive compensation 8,722 8,251 17,337
Amortization of premium on available-for-sale investment securities 778 1,188 251
Realized gains on investment securities (13) (11) —
(Recovery) Provision for uncollectible trade receivables (23) (359) 455
Impairment of capitalized software 5,216 1,029 397
Deferred income tax expense 5,464 5,792 251
Excess tax benefits from exercise of options (2,748)(2,738) (2,951)
Changes in operating assets and liabilities:
Accounts receivable, net (48,175) (66,099) (70,510)
Prepaid expenses and other assets 5,069 (21,325) (2,838)
Deferred expenses (2,929)94 (3,100)
Accounts payable and other accrued liabilities 26,915 31,475 (4,489)
Amounts due issuing bank for overdrawn accounts (794)7,571 7,085
Deferred revenue 5,260 (1,962) 4,261
Income tax receivable (3,349)(1,307) 13,403
Net cash provided by operating activities 122,508 102,028 94,051
Investing activities
Purchases of available-for-sale investment securities (274,072) (271,869) (45,056)
Proceeds from maturities of available-for-sale securities 173,135 37,563 20,152
Proceeds from sales of available-for-sale securities 84,969 81,474 —
(Increase) decrease in restricted cash (2,336)12,292 (7,791)
Payments for acquisition of property and equipment (35,742) (40,441) (23,076)
Net principal collections on loans 650 2,484 245
Acquisitions, net of cash acquired —(31,823) 5,085
Net cash used in investing activities (53,396) (210,320) (50,441)
Financing activities
Proceeds from exercise of options 14,425 3,550 6,138
Excess tax benefits from exercise of options 2,748 2,738 2,951
Net increase in deposits 21,129 159,494 5,231
Net increase in obligations to customers 19,616 13,668 —
Net cash provided by financing activities 57,918 179,450 14,320
Net increase in unrestricted cash, cash equivalents, and federal funds sold 127,030 71,158 57,930
Unrestricted cash, cash equivalents, and federal funds sold, beginning of
year 296,591 225,433 167,503
Unrestricted cash, cash equivalents, and federal funds sold, end of period $423,621 $ 296,591 $ 225,433
Cash paid for interest 73 98 108
Cash paid for income taxes 16,351 28,203 18,291
See notes to consolidated financial statements