Green Dot 2014 Annual Report Download - page 37

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, 2014, 2013, and 2012, respectively,
and the balance sheet data as of December„31, 2014, and 2013 from our audited consolidated financial statements
included in Item 8 of this report. We derived the statement of operations data for the years ended December 31, 2011
and 2010, and balance sheet data as of December 31, 2012, 2011 and 2010, 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,
2014 2013 2012 2011 2010
(In thousands, except per share data)
Consolidated Statement of Operations Data:
Operating revenues:
Card revenues and other fees . . . . . . . . . . . . . . . . . . . . . . . . . $253,155 $227,227 $224,745 $209,489 $167,375
Cash transfer revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,289 183,359 165,232 134,143 101,502
Interchange revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,040 171,757 164,559 141,103 108,380
Stock-based retailer incentive compensation(1) . . . . . . . . . . . . (8,932)(8,722)(8,251)(17,337)(13,369)
Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 601,552 573,621 546,285 467,398 363,888
Operating expenses: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sales and marketing expenses. . . . . . . . . . . . . . . . . . . . . . . . . 235,227 218,370 209,870 168,747 122,890
Compensation and benefits expenses(2) . . . . . . . . . . . . . . . . . 123,083 127,287 114,930 87,671 70,102
Processing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,053 89,856 77,445 70,953 56,978
Other general and administrative expenses . . . . . . . . . . . . . . . 105,200 88,976 71,900 56,578 44,599
Total operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 542,563 524,489 474,145 383,949 294,569
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,989 49,132 72,140 83,449 69,319
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,064 3,440 4,074 910 365
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,276)(72)(76)(346)(52)
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,129 — — — —
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,906 52,500 76,138 84,013 69,632
Income tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,213 18,460 28,919 31,930 27,400
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,693 34,040 47,219 52,083 42,232
Dividends, accretion and allocated earnings of preferred stock .(4,842)(5,360)(7,599)(554)(14,659)
Net income allocated to common stockholders . . . . . . . . . . . . . . $37,851 $28,680 $39,620 $51,529 $27,573
Basic earnings per common share:
Class A common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.92 $0.78 $1.11 $1.24 $1.06
Basic weighted-average common shares issued and
outstanding:
Class A common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,907 35,875 34,499 39,956 24,569
Diluted earnings per common share:
Class A common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.90 $0.76 $1.07 $1.19 $0.98
Diluted weighted-average common shares issued and
outstanding:
Class A common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,770 37,156 35,933 42,065 27,782
For the periods presented above, as applicable, we grouped the components of Class B common stock basic
earnings per common share, or EPS, and diluted EPS with Class A common stock, as if they were one class, to conform
to the current period presentation.„
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