Green Dot 2015 Annual Report Download - page 98

Download and view the complete annual report

Please find page 98 of the 2015 Green Dot annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

92
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 2015
and 2014:
2015
Q4 Q3 Q2 Q1
(In thousands, except per share data)
Total operating revenues $150,928 $ 146,360 $ 170,247 $ 227,165
Total operating expenses 162,707 148,066 163,329 161,269
Operating (loss) income (11,779) (1,706) 6,918 65,896
Interest expense, net (321)(337)(431)(118)
(Loss) income before income taxes (12,100) (2,043) 6,487 65,778
Income tax (benefit) expense (6,027) (2,222) 2,991 24,965
Net (loss) income $(6,073) $ 179 $3,496 $40,813
(Loss) earnings per common share
Basic
Class A common stock $(0.12) $ —$0.07 $0.77
Diluted
Class A common stock $(0.12) $ —$0.06 $0.76
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
Note 23—Segment Information
As of December 31, 2014 and prior, our operations were within one reportable segment. As a result of acquisitions
occurring in the fourth quarter of 2014 and first quarter of 2015, we realigned our operations into two reportable segments
during 2015: 1) Account Services and 2) Processing and Settlement Services. We identified our reportable segments
based on factors such as how we manage our operations and how our chief operating decision maker views results.
Our chief operating decision maker organizes and manages our business primarily on the basis of product and service
offerings and uses operating income to assess profitability.
The Account Services segment consists of revenues and expenses derived from our branded and private label
deposit account programs. These programs include our Green Dot-branded and affinity-branded GPR card accounts,
private label GPR card accounts, checking accounts and open-loop gift cards. The Processing and Settlement Services
segment consists of revenues and expenses derived from reload services through the Green Dot Network and our tax
refund processing services. The Corporate and Other segment primarily consists of unallocated corporate expenses,
depreciation and amortization, intercompany eliminations and other costs that are not considered when management