Green Dot 2014 Annual Report Download - page 96

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Note 22— Selected Unaudited Quarterly Financial Information
The following tables set forth a summary of our quarterly financial information for each of the four quarters in 2014
and 2013:
2014
Q4 Q3 Q2 Q1
(In thousands, except per share data)
Total operating revenues . . . . . . . . . . . . . . . . . . . . . $150,609 $144,659 $147,016 $159,269
Total operating expenses . . . . . . . . . . . . . . . . . . . . . 150,339 131,331 125,284 135,609
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 13,328 21,732 23,660
Interest (expense) income, net. . . . . . . . . . . . . . . . . (148)965 1,010 961
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 760 6,369 — —
Income before income taxes . . . . . . . . . . . . . . . . . . 882 20,662 22,742 24,621
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . 1,727 6,771 8,399 9,316
Net (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . $(845) $ 13,891 $14,343 $15,305
(Loss) earnings per common share
Basic
Class A common stock . . . . . . . . . . . . . . . . . $(0.02) $ 0.30 $0.32 $0.34
Diluted
Class A common stock . . . . . . . . . . . . . . . . . $(0.02) $ 0.30 $0.31 $0.33
2013
Q4 Q3 Q2 Q1
(In thousands, except per share data)
Total operating revenues . . . . . . . . . . . . . . . . . . . . . $142,320 $136,544 $140,608 $154,149
Total operating expenses . . . . . . . . . . . . . . . . . . . . . 141,856 128,570 123,253 130,810
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . 464 7,974 17,355 23,339
Interest income, net . . . . . . . . . . . . . . . . . . . . . . . . . 949 778 839 802
Income before income taxes . . . . . . . . . . . . . . . . . . 1,413 8,752 18,194 24,141
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . 377 2,638 6,890 8,555
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,036 $6,114 $11,304 $15,586
Earnings per common share
Basic
Class A common stock . . . . . . . . . . . . . . . . . $0.02 $0.14 $0.26 $0.36
Diluted
Class A common stock . . . . . . . . . . . . . . . . . $0.02 $0.13 $0.25 $0.35
GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
88
Note 24—Subsequent Event
In January 2015, we completed the acquisition of a privately-held GPR prepaid company. „We issued approximately
514,000 shares of Class A Common stock on the date of close, and the remainder of the consideration was paid in
cash, resulting in a total purchase price of approximately $80.0 million. This acquisition has been accounted for under
the purchase method of accounting. We will recognize the excess of the purchase price over the net of the amounts
assigned to tangible and identifiable intangible assets acquired and liabilities assumed as goodwill. As of the date of
this report, we have not completed our allocation of the total purchase price to the assets acquired and liabilities
assumed based on their estimated fair values.