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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Green Dot Corporation | NYSE:GDOT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.175 | -1.95% | 8.795 | 8.90 | 8.78 | 8.90 | 84,769 | 18:04:16 |
|
☑
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
95-4766827
|
(State or other jurisdiction of incorporation or organization)
|
|
(IRS Employer Identification No.)
|
|
3465 E. Foothill Blvd.
|
|
|
|
|
|
|
||
|
Pasadena,
|
California
|
91107
|
|
|
|
(626)
|
765-2000
|
|
(Address of principal executive offices, including zip code)
|
|
(Registrant's telephone number, including area code)
|
Securities registered pursuant to Section 12(b) of the Act:
|
||
Title of each class:
|
Trading Symbol(s):
|
Name of each exchange on which registered:
|
Class A Common Stock, $0.001 par value
|
GDOT
|
New York Stock Exchange
|
Large accelerated filer
|
☑
|
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
PART II – OTHER INFORMATION
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(unaudited)
|
|
|
||||
Assets
|
(In thousands, except par value)
|
||||||
Current assets:
|
|
|
|
||||
Unrestricted cash and cash equivalents
|
$
|
861,275
|
|
|
$
|
1,094,728
|
|
Restricted cash
|
3,103
|
|
|
490
|
|
||
Investment securities available-for-sale, at fair value
|
15,027
|
|
|
19,960
|
|
||
Settlement assets
|
193,032
|
|
|
153,992
|
|
||
Accounts receivable, net
|
34,939
|
|
|
40,942
|
|
||
Prepaid expenses and other assets
|
46,624
|
|
|
57,070
|
|
||
Income tax receivable
|
—
|
|
|
8,772
|
|
||
Total current assets
|
1,154,000
|
|
|
1,375,954
|
|
||
Investment securities available-for-sale, at fair value
|
230,192
|
|
|
181,223
|
|
||
Loans to bank customers, net of allowance for loan losses of $1,558 and $1,144 as of September 30, 2019 and December 31, 2018, respectively
|
20,906
|
|
|
21,363
|
|
||
Prepaid expenses and other assets
|
8,201
|
|
|
8,125
|
|
||
Property and equipment, net
|
139,246
|
|
|
120,269
|
|
||
Operating lease right-of-use assets
|
28,877
|
|
|
—
|
|
||
Deferred expenses
|
6,763
|
|
|
21,201
|
|
||
Net deferred tax assets
|
10,867
|
|
|
7,867
|
|
||
Goodwill and intangible assets
|
528,861
|
|
|
551,116
|
|
||
Total assets
|
$
|
2,127,913
|
|
|
$
|
2,287,118
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
47,334
|
|
|
$
|
38,631
|
|
Deposits
|
888,870
|
|
|
1,005,485
|
|
||
Obligations to customers
|
65,959
|
|
|
58,370
|
|
||
Settlement obligations
|
11,928
|
|
|
5,788
|
|
||
Amounts due to card issuing banks for overdrawn accounts
|
556
|
|
|
1,681
|
|
||
Other accrued liabilities
|
91,329
|
|
|
134,000
|
|
||
Operating lease liabilities
|
7,811
|
|
|
—
|
|
||
Deferred revenue
|
15,583
|
|
|
34,607
|
|
||
Note payable
|
—
|
|
|
58,705
|
|
||
Income tax payable
|
17,519
|
|
|
67
|
|
||
Total current liabilities
|
1,146,889
|
|
|
1,337,334
|
|
||
Other accrued liabilities
|
13,843
|
|
|
30,927
|
|
||
Operating lease liabilities
|
27,201
|
|
|
—
|
|
||
Net deferred tax liabilities
|
12,796
|
|
|
9,045
|
|
||
Total liabilities
|
1,200,729
|
|
|
1,377,306
|
|
||
Commitments and contingencies (Note 16)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Class A common stock, $0.001 par value; 100,000 shares authorized as of September 30, 2019 and December 31, 2018; 51,479 and 52,917 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
|
52
|
|
|
53
|
|
||
Additional paid-in capital
|
297,593
|
|
|
380,753
|
|
||
Retained earnings
|
627,347
|
|
|
529,143
|
|
||
Accumulated other comprehensive income (loss)
|
2,192
|
|
|
(137
|
)
|
||
Total stockholders’ equity
|
927,184
|
|
|
909,812
|
|
||
Total liabilities and stockholders’ equity
|
$
|
2,127,913
|
|
|
$
|
2,287,118
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Card revenues and other fees
|
$
|
102,231
|
|
|
$
|
113,474
|
|
|
$
|
353,421
|
|
|
$
|
364,317
|
|
Processing and settlement service revenues
|
54,620
|
|
|
43,043
|
|
|
229,272
|
|
|
203,901
|
|
||||
Interchange revenues
|
77,080
|
|
|
74,060
|
|
|
250,955
|
|
|
235,706
|
|
||||
Interest income, net
|
6,517
|
|
|
5,756
|
|
|
25,640
|
|
|
16,543
|
|
||||
Total operating revenues
|
240,448
|
|
|
236,333
|
|
|
859,288
|
|
|
820,467
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Sales and marketing expenses
|
98,352
|
|
|
72,745
|
|
|
284,485
|
|
|
247,191
|
|
||||
Compensation and benefits expenses
|
46,678
|
|
|
57,070
|
|
|
156,451
|
|
|
166,055
|
|
||||
Processing expenses
|
49,010
|
|
|
43,654
|
|
|
149,864
|
|
|
138,442
|
|
||||
Other general and administrative expenses
|
48,595
|
|
|
62,193
|
|
|
145,327
|
|
|
153,760
|
|
||||
Total operating expenses
|
242,635
|
|
|
235,662
|
|
|
736,127
|
|
|
705,448
|
|
||||
Operating (loss) income
|
(2,187
|
)
|
|
671
|
|
|
123,161
|
|
|
115,019
|
|
||||
Interest expense, net
|
112
|
|
|
991
|
|
|
1,748
|
|
|
3,531
|
|
||||
(Loss) income before income taxes
|
(2,299
|
)
|
|
(320
|
)
|
|
121,413
|
|
|
111,488
|
|
||||
Income tax (benefit) expense
|
(1,768
|
)
|
|
(4,893
|
)
|
|
23,209
|
|
|
7,057
|
|
||||
Net (loss) income
|
$
|
(531
|
)
|
|
$
|
4,573
|
|
|
$
|
98,204
|
|
|
$
|
104,431
|
|
|
|
|
|
|
|
|
|
||||||||
Basic (loss) earnings per common share:
|
$
|
(0.01
|
)
|
|
$
|
0.09
|
|
|
$
|
1.87
|
|
|
$
|
2.01
|
|
Diluted (loss) earnings per common share:
|
$
|
(0.01
|
)
|
|
$
|
0.08
|
|
|
$
|
1.84
|
|
|
$
|
1.92
|
|
Basic weighted-average common shares issued and outstanding:
|
51,595
|
|
|
52,580
|
|
|
52,405
|
|
|
52,046
|
|
||||
Diluted weighted-average common shares issued and outstanding:
|
52,295
|
|
|
54,615
|
|
|
53,474
|
|
|
54,437
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In thousands)
|
||||||||||||||
Net (loss) income
|
$
|
(531
|
)
|
|
$
|
4,573
|
|
|
$
|
98,204
|
|
|
$
|
104,431
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
Unrealized holding gain (loss), net of tax
|
167
|
|
|
(206
|
)
|
|
2,329
|
|
|
(567
|
)
|
||||
Comprehensive (loss) income
|
$
|
(364
|
)
|
|
$
|
4,367
|
|
|
$
|
100,533
|
|
|
$
|
103,864
|
|
|
Three Months Ended September 30, 2019
|
|||||||||||||||||||||
|
Class A Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income
|
|
Total Stockholders' Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||
Balance at June 30, 2019
|
51,809
|
|
|
$
|
52
|
|
|
$
|
291,958
|
|
|
$
|
627,878
|
|
|
$
|
2,025
|
|
|
$
|
921,913
|
|
Common stock issued under stock plans, net of withholdings and related tax effects
|
76
|
|
|
—
|
|
|
(1,259
|
)
|
|
—
|
|
|
—
|
|
|
(1,259
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
6,894
|
|
|
—
|
|
|
—
|
|
|
6,894
|
|
|||||
Repurchases of Class A common stock
|
(406
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(531
|
)
|
|
—
|
|
|
(531
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
167
|
|
|
167
|
|
|||||
Balance at September 30, 2019
|
51,479
|
|
|
$
|
52
|
|
|
$
|
297,593
|
|
|
$
|
627,347
|
|
|
$
|
2,192
|
|
|
$
|
927,184
|
|
|
Three Months Ended September 30, 2018
|
|||||||||||||||||||||
|
Class A Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Stockholders' Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||
Balance at June 30, 2018
|
52,390
|
|
|
$
|
52
|
|
|
$
|
367,454
|
|
|
$
|
510,298
|
|
|
$
|
(1,091
|
)
|
|
$
|
876,713
|
|
Common stock issued under stock plans, net of withholdings and related tax effects
|
274
|
|
|
1
|
|
|
(6,122
|
)
|
|
—
|
|
|
—
|
|
|
(6,121
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
16,771
|
|
|
—
|
|
|
—
|
|
|
16,771
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,573
|
|
|
—
|
|
|
4,573
|
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(206
|
)
|
|
(206
|
)
|
|||||
Balance at September 30, 2018
|
52,664
|
|
|
$
|
53
|
|
|
$
|
378,103
|
|
|
$
|
514,871
|
|
|
$
|
(1,297
|
)
|
|
$
|
891,730
|
|
|
Nine Months Ended September 30, 2019
|
|||||||||||||||||||||
|
Class A Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total Stockholders' Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||
Balance at December 31, 2018
|
52,917
|
|
|
$
|
53
|
|
|
$
|
380,753
|
|
|
$
|
529,143
|
|
|
$
|
(137
|
)
|
|
$
|
909,812
|
|
Common stock issued under stock plans, net of withholdings and related tax effects
|
634
|
|
|
1
|
|
|
(13,298
|
)
|
|
—
|
|
|
—
|
|
|
(13,297
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
30,136
|
|
|
—
|
|
|
—
|
|
|
30,136
|
|
|||||
Repurchases of Class A common stock
|
(2,072
|
)
|
|
(2
|
)
|
|
(99,998
|
)
|
|
—
|
|
|
—
|
|
|
(100,000
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
98,204
|
|
|
—
|
|
|
98,204
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,329
|
|
|
2,329
|
|
|||||
Balance at September 30, 2019
|
51,479
|
|
|
$
|
52
|
|
|
$
|
297,593
|
|
|
$
|
627,347
|
|
|
$
|
2,192
|
|
|
$
|
927,184
|
|
|
Nine Months Ended September 30, 2018
|
|||||||||||||||||||||
|
Class A Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Stockholders' Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||
Balance at December 31, 2017
|
51,136
|
|
|
$
|
51
|
|
|
$
|
354,789
|
|
|
$
|
410,440
|
|
|
$
|
(730
|
)
|
|
$
|
764,550
|
|
Common stock issued under stock plans, net of withholdings and related tax effects
|
1,528
|
|
|
2
|
|
|
(14,059
|
)
|
|
—
|
|
|
—
|
|
|
(14,057
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
37,373
|
|
|
—
|
|
|
—
|
|
|
37,373
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
104,431
|
|
|
—
|
|
|
104,431
|
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(567
|
)
|
|
(567
|
)
|
|||||
Balance at September 30, 2018
|
52,664
|
|
|
$
|
53
|
|
|
$
|
378,103
|
|
|
$
|
514,871
|
|
|
$
|
(1,297
|
)
|
|
$
|
891,730
|
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(In thousands)
|
||||||
Operating activities
|
|
|
|
||||
Net income
|
$
|
98,204
|
|
|
$
|
104,431
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization of property, equipment and internal-use software
|
35,929
|
|
|
28,154
|
|
||
Amortization of intangible assets
|
24,523
|
|
|
24,586
|
|
||
Provision for uncollectible overdrawn accounts
|
64,686
|
|
|
63,358
|
|
||
Employee stock-based compensation
|
30,136
|
|
|
37,373
|
|
||
Amortization of (discount) premium on available-for-sale investment securities
|
(209
|
)
|
|
914
|
|
||
Change in fair value of contingent consideration
|
(1,866
|
)
|
|
13,500
|
|
||
Amortization of deferred financing costs
|
1,253
|
|
|
1,195
|
|
||
Impairment of capitalized software
|
121
|
|
|
352
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
(58,683
|
)
|
|
(55,486
|
)
|
||
Prepaid expenses and other assets
|
9,679
|
|
|
1,458
|
|
||
Deferred expenses
|
14,438
|
|
|
13,783
|
|
||
Accounts payable and other accrued liabilities
|
(20,132
|
)
|
|
(13,315
|
)
|
||
Deferred revenue
|
(19,385
|
)
|
|
(11,587
|
)
|
||
Income tax receivable/payable
|
25,961
|
|
|
2,452
|
|
||
Other, net
|
6
|
|
|
3,174
|
|
||
Net cash provided by operating activities
|
204,661
|
|
|
214,342
|
|
||
|
|
|
|
||||
Investing activities
|
|
|
|
||||
Purchases of available-for-sale investment securities
|
(117,959
|
)
|
|
(128,991
|
)
|
||
Proceeds from maturities of available-for-sale securities
|
72,569
|
|
|
45,774
|
|
||
Proceeds from sales of available-for-sale securities
|
4,905
|
|
|
11,125
|
|
||
Payments for acquisition of property and equipment
|
(58,185
|
)
|
|
(43,397
|
)
|
||
Net increase in loans
|
(1,457
|
)
|
|
(5,617
|
)
|
||
Net cash used in investing activities
|
(100,127
|
)
|
|
(121,106
|
)
|
||
|
|
|
|
||||
Financing activities
|
|
|
|
||||
Repayments of borrowings from notes payable
|
(60,000
|
)
|
|
(16,875
|
)
|
||
Proceeds from exercise of options
|
4,862
|
|
|
19,123
|
|
||
Taxes paid related to net share settlement of equity awards
|
(18,159
|
)
|
|
(33,180
|
)
|
||
Net decrease in deposits
|
(133,132
|
)
|
|
(5,506
|
)
|
||
Net decrease in obligations to customers
|
(25,311
|
)
|
|
(24,861
|
)
|
||
Contingent consideration payments
|
(3,634
|
)
|
|
(3,856
|
)
|
||
Repurchase of Class A common stock
|
(100,000
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(335,374
|
)
|
|
(65,155
|
)
|
||
|
|
|
|
||||
Net (decrease) increase in unrestricted cash, cash equivalents and restricted cash
|
(230,840
|
)
|
|
28,081
|
|
||
Unrestricted cash, cash equivalents and restricted cash, beginning of period
|
1,095,218
|
|
|
1,010,095
|
|
||
Unrestricted cash, cash equivalents and restricted cash, end of period
|
$
|
864,378
|
|
|
$
|
1,038,176
|
|
|
|
|
|
||||
Cash paid for interest
|
$
|
2,049
|
|
|
$
|
3,335
|
|
Cash (refund from)/paid for income taxes
|
$
|
(3,612
|
)
|
|
$
|
4,313
|
|
|
|
|
|
||||
Reconciliation of unrestricted cash, cash equivalents and restricted cash at end of period:
|
|
|
|
||||
Unrestricted cash and cash equivalents
|
$
|
861,275
|
|
|
$
|
1,037,617
|
|
Restricted cash
|
3,103
|
|
|
559
|
|
||
Total unrestricted cash, cash equivalents and restricted cash, end of period
|
$
|
864,378
|
|
|
$
|
1,038,176
|
|
•
|
distribution arrangements with more than 100,000 mostly major chain retail locations, which we refer to as “retail distributors” and thousands of neighborhood financial service center locations;
|
•
|
several differently branded, Green Dot-owned and operated direct-to-consumer digital and direct mail customer acquisition platforms;
|
•
|
corporate distribution partnerships with businesses that provide payroll cards to their employees to receive wage disbursements;
|
•
|
more than 25,000 small and large tax preparation companies and individual tax preparers, which are sometimes referred to as electronic return originators, or “EROs”, who are able to offer our products and services to their customers through the use of various tax preparation industry software packages with which our products are integrated;
|
•
|
apps compatible with the iOS and Android operating systems downloaded through the corresponding app store; and
|
•
|
platform partners’ distribution channels that those partners use to acquire customers for their bespoke products and services that are powered by our BaaS Platform.
|
•
|
Mobile banking;
|
•
|
Loan disbursement accounts;
|
•
|
Spend-based Mobile P2P services, such as Apple Pay Cash;
|
•
|
Money transfer services;
|
•
|
GPR cards;
|
•
|
Network branded "open loop" gift cards;
|
•
|
Instant payment and wage disbursements;
|
•
|
Small business checking accounts and debit cards; and
|
•
|
Consumer checking accounts.
|
|
Three Months Ended September 30, 2019
|
|
Three Months Ended September 30, 2018
|
||||||||||||
|
Account Services
|
|
Processing and Settlement Services
|
|
Account Services
|
|
Processing and Settlement Services
|
||||||||
Timing of revenue recognition
|
(In thousands)
|
||||||||||||||
Transferred at a point in time
|
$
|
114,418
|
|
|
$
|
54,616
|
|
|
$
|
120,427
|
|
|
$
|
43,040
|
|
Transferred over time
|
63,880
|
|
|
1,017
|
|
|
66,196
|
|
|
914
|
|
||||
Operating revenues (1)
|
$
|
178,298
|
|
|
$
|
55,633
|
|
|
$
|
186,623
|
|
|
$
|
43,954
|
|
|
Nine Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2018
|
||||||||||||
|
Account Services
|
|
Processing and Settlement Services
|
|
Account Services
|
|
Processing and Settlement Services
|
||||||||
Timing of revenue recognition
|
(In thousands)
|
||||||||||||||
Transferred at a point in time
|
$
|
378,492
|
|
|
$
|
229,263
|
|
|
$
|
381,738
|
|
|
$
|
203,888
|
|
Transferred over time
|
221,211
|
|
|
4,682
|
|
|
215,612
|
|
|
2,686
|
|
||||
Operating revenues (1)
|
$
|
599,703
|
|
|
$
|
233,945
|
|
|
$
|
597,350
|
|
|
$
|
206,574
|
|
(1)
|
Excludes net interest income, a component of total operating revenues, as it remains outside the scope of ASC 606, Revenues
|
|
Amortized cost
|
|
Gross unrealized gains
|
|
Gross unrealized losses
|
|
Fair value
|
||||||||
|
(In thousands)
|
||||||||||||||
September 30, 2019
|
|
||||||||||||||
Corporate bonds
|
$
|
10,000
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
10,028
|
|
Negotiable certificate of deposit
|
5,000
|
|
|
—
|
|
|
—
|
|
|
5,000
|
|
||||
Agency bond securities
|
10,000
|
|
|
27
|
|
|
—
|
|
|
10,027
|
|
||||
Agency mortgage-backed securities
|
162,582
|
|
|
2,600
|
|
|
(82
|
)
|
|
165,100
|
|
||||
Municipal bonds
|
352
|
|
|
4
|
|
|
(1
|
)
|
|
355
|
|
||||
Asset-backed securities
|
54,420
|
|
|
289
|
|
|
—
|
|
|
54,709
|
|
||||
Total investment securities
|
$
|
242,354
|
|
|
$
|
2,948
|
|
|
$
|
(83
|
)
|
|
$
|
245,219
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Negotiable certificate of deposit
|
$
|
15,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,000
|
|
Agency bond securities
|
19,723
|
|
|
6
|
|
|
(36
|
)
|
|
19,693
|
|
||||
Agency mortgage-backed securities
|
87,156
|
|
|
53
|
|
|
(396
|
)
|
|
86,813
|
|
||||
Municipal bonds
|
507
|
|
|
—
|
|
|
(24
|
)
|
|
483
|
|
||||
Asset-backed securities
|
79,274
|
|
|
14
|
|
|
(94
|
)
|
|
79,194
|
|
||||
Total investment securities
|
$
|
201,660
|
|
|
$
|
73
|
|
|
$
|
(550
|
)
|
|
$
|
201,183
|
|
|
Less than 12 months
|
|
12 months or more
|
|
Total fair value
|
|
Total unrealized loss
|
||||||||||||||||
|
Fair value
|
|
Unrealized loss
|
|
Fair value
|
|
Unrealized loss
|
|
|
||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
September 30, 2019
|
|
||||||||||||||||||||||
Agency mortgage-backed securities
|
$
|
9,999
|
|
|
$
|
(26
|
)
|
|
$
|
5,472
|
|
|
$
|
(56
|
)
|
|
$
|
15,471
|
|
|
$
|
(82
|
)
|
Municipal bonds
|
—
|
|
|
—
|
|
|
124
|
|
|
(1
|
)
|
|
124
|
|
|
(1
|
)
|
||||||
Total investment securities
|
$
|
9,999
|
|
|
$
|
(26
|
)
|
|
$
|
5,596
|
|
|
$
|
(57
|
)
|
|
$
|
15,595
|
|
|
$
|
(83
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency bond securities
|
$
|
14,937
|
|
|
$
|
(36
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,937
|
|
|
$
|
(36
|
)
|
Agency mortgage-backed securities
|
28,939
|
|
|
(103
|
)
|
|
8,743
|
|
|
(293
|
)
|
|
37,682
|
|
|
(396
|
)
|
||||||
Municipal bonds
|
353
|
|
|
(14
|
)
|
|
130
|
|
|
(10
|
)
|
|
483
|
|
|
(24
|
)
|
||||||
Asset-backed securities
|
50,980
|
|
|
(70
|
)
|
|
7,333
|
|
|
(24
|
)
|
|
58,313
|
|
|
(94
|
)
|
||||||
Total investment securities
|
$
|
95,209
|
|
|
$
|
(223
|
)
|
|
$
|
16,206
|
|
|
$
|
(327
|
)
|
|
$
|
111,415
|
|
|
$
|
(550
|
)
|
|
Amortized cost
|
|
Fair value
|
||||
|
(In thousands)
|
||||||
Due in one year or less
|
$
|
15,000
|
|
|
$
|
15,027
|
|
Due after one year through five years
|
10,000
|
|
|
10,028
|
|
||
Due after five years through ten years
|
—
|
|
|
—
|
|
||
Due after ten years
|
352
|
|
|
355
|
|
||
Mortgage and asset-backed securities
|
217,002
|
|
|
219,809
|
|
||
Total investment securities
|
$
|
242,354
|
|
|
$
|
245,219
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(In thousands)
|
||||||
Overdrawn account balances due from cardholders
|
$
|
18,104
|
|
|
$
|
17,848
|
|
Reserve for uncollectible overdrawn accounts
|
(14,590
|
)
|
|
(13,888
|
)
|
||
Net overdrawn account balances due from cardholders
|
3,514
|
|
|
3,960
|
|
||
|
|
|
|
||||
Trade receivables
|
10,272
|
|
|
6,505
|
|
||
Reserve for uncollectible trade receivables
|
(433
|
)
|
|
(59
|
)
|
||
Net trade receivables
|
9,839
|
|
|
6,446
|
|
||
|
|
|
|
||||
Receivables due from card issuing banks
|
6,531
|
|
|
6,688
|
|
||
Fee advances
|
4,733
|
|
|
19,576
|
|
||
Other receivables
|
10,322
|
|
|
4,272
|
|
||
Accounts receivable, net
|
$
|
34,939
|
|
|
$
|
40,942
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In thousands)
|
||||||||||||||
Balance, beginning of period
|
$
|
15,854
|
|
|
$
|
17,087
|
|
|
$
|
13,888
|
|
|
$
|
14,471
|
|
Provision for uncollectible overdrawn accounts:
|
|
|
|
|
|
|
|
||||||||
Fees
|
17,978
|
|
|
17,404
|
|
|
59,376
|
|
|
53,536
|
|
||||
Purchase transactions
|
1,263
|
|
|
4,137
|
|
|
5,310
|
|
|
9,822
|
|
||||
Charge-offs
|
(20,505
|
)
|
|
(22,348
|
)
|
|
(63,984
|
)
|
|
(61,549
|
)
|
||||
Balance, end of period
|
$
|
14,590
|
|
|
$
|
16,280
|
|
|
$
|
14,590
|
|
|
$
|
16,280
|
|
|
30-59 Days Past Due
|
|
60-89 Days Past Due
|
|
90 Days or More Past Due
|
|
Total Past Due
|
|
Total Current or Less Than 30 Days Past Due
|
|
Total Outstanding
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
September 30, 2019
|
|
||||||||||||||||||||||
Residential
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
2,926
|
|
|
$
|
2,931
|
|
Commercial
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
170
|
|
|
180
|
|
||||||
Installment
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
698
|
|
|
710
|
|
||||||
Secured credit card
|
1,206
|
|
|
1,128
|
|
|
3,344
|
|
|
5,678
|
|
|
12,965
|
|
|
18,643
|
|
||||||
Total loans
|
$
|
1,233
|
|
|
$
|
1,128
|
|
|
$
|
3,344
|
|
|
$
|
5,705
|
|
|
$
|
16,759
|
|
|
$
|
22,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Percentage of outstanding
|
5.5
|
%
|
|
5.0
|
%
|
|
14.9
|
%
|
|
25.4
|
%
|
|
74.6
|
%
|
|
100.0
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
9
|
|
|
$
|
3,329
|
|
|
$
|
3,338
|
|
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
193
|
|
|
193
|
|
||||||
Installment
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
905
|
|
|
907
|
|
||||||
Secured credit card
|
1,383
|
|
|
1,315
|
|
|
1,114
|
|
|
3,812
|
|
|
14,257
|
|
|
18,069
|
|
||||||
Total loans
|
$
|
1,385
|
|
|
$
|
1,317
|
|
|
$
|
1,121
|
|
|
$
|
3,823
|
|
|
$
|
18,684
|
|
|
$
|
22,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Percentage of outstanding
|
6.2
|
%
|
|
5.9
|
%
|
|
5.0
|
%
|
|
17.0
|
%
|
|
83.0
|
%
|
|
100.0
|
%
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(In thousands)
|
||||||
Residential
|
$
|
308
|
|
|
$
|
403
|
|
Installment
|
150
|
|
|
169
|
|
||
Secured credit card
|
3,344
|
|
|
1,114
|
|
||
Total loans
|
$
|
3,802
|
|
|
$
|
1,686
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Non-Classified
|
|
Classified
|
|
Non-Classified
|
|
Classified
|
||||||||
|
(In thousands)
|
||||||||||||||
Residential
|
$
|
2,623
|
|
|
$
|
308
|
|
|
$
|
2,935
|
|
|
$
|
403
|
|
Commercial
|
180
|
|
|
—
|
|
|
193
|
|
|
—
|
|
||||
Installment
|
491
|
|
|
219
|
|
|
632
|
|
|
275
|
|
||||
Secured credit card
|
15,299
|
|
|
3,344
|
|
|
16,955
|
|
|
1,114
|
|
||||
Total loans
|
$
|
18,593
|
|
|
$
|
3,871
|
|
|
$
|
20,715
|
|
|
$
|
1,792
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Unpaid Principal Balance
|
|
Carrying Value
|
|
Unpaid Principal Balance
|
|
Carrying Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Residential
|
$
|
308
|
|
|
$
|
235
|
|
|
$
|
403
|
|
|
$
|
329
|
|
Installment
|
166
|
|
|
52
|
|
|
190
|
|
|
53
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In thousands)
|
||||||||||||||
Balance, beginning of period
|
$
|
970
|
|
|
$
|
1,173
|
|
|
$
|
1,144
|
|
|
$
|
291
|
|
Provision for loans
|
658
|
|
|
1,036
|
|
|
1,914
|
|
|
2,270
|
|
||||
Loans charged off
|
(112
|
)
|
|
(964
|
)
|
|
(1,661
|
)
|
|
(1,598
|
)
|
||||
Recoveries of loans previously charged off
|
42
|
|
|
89
|
|
|
161
|
|
|
371
|
|
||||
Balance, end of period
|
$
|
1,558
|
|
|
$
|
1,334
|
|
|
$
|
1,558
|
|
|
$
|
1,334
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Restricted stock units granted
|
52
|
|
|
105
|
|
|
140
|
|
|
288
|
|
||||
Weighted-average grant-date fair value
|
$
|
35.41
|
|
|
$
|
79.71
|
|
|
$
|
48.39
|
|
|
$
|
71.74
|
|
(1
|
)
|
Performance awards granted also reflects the issuance of any shares awarded in excess of their original target amount based on the Compensation Committee's certification of completed performance years. The grant date fair value for these awards are based on the grant price at the time of the original award.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(In thousands)
|
||||||
Non-interest bearing deposit accounts
|
|
|
|
||||
GPR deposits
|
$
|
713,811
|
|
|
$
|
817,124
|
|
Other demand deposits
|
120,840
|
|
|
97,442
|
|
||
Total non-interest bearing deposit accounts
|
834,651
|
|
|
914,566
|
|
||
Interest-bearing deposit accounts
|
|
|
|
||||
Checking accounts
|
30,544
|
|
|
67,758
|
|
||
Savings
|
6,542
|
|
|
8,894
|
|
||
GPR deposits
|
12,199
|
|
|
9,224
|
|
||
Time deposits, denominations greater than or equal to $100
|
3,846
|
|
|
3,796
|
|
||
Time deposits, denominations less than $100
|
1,088
|
|
|
1,247
|
|
||
Total interest-bearing deposit accounts
|
54,219
|
|
|
90,919
|
|
||
Total deposits
|
$
|
888,870
|
|
|
$
|
1,005,485
|
|
|
September 30, 2019
|
||
|
(In thousands)
|
||
Due in 2019
|
$
|
403
|
|
Due in 2020
|
2,237
|
|
|
Due in 2021
|
1,015
|
|
|
Due in 2022
|
820
|
|
|
Due in 2023
|
335
|
|
|
Thereafter
|
124
|
|
|
Total time deposits
|
$
|
4,934
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(In thousands)
|
||||||
Term facility
|
$
|
—
|
|
|
$
|
58,705
|
|
Revolving facility
|
—
|
|
|
—
|
|
||
Total notes payable
|
$
|
—
|
|
|
$
|
58,705
|
|
|
Nine Months Ended September 30,
|
||||
|
2019
|
|
2018
|
||
U.S. federal statutory tax rate
|
21.0
|
%
|
|
21.0
|
%
|
State income taxes, net of federal tax benefit
|
1.5
|
|
|
(0.1
|
)
|
General business credits
|
(2.0
|
)
|
|
(1.4
|
)
|
Employee stock-based compensation
|
(3.7
|
)
|
|
(16.1
|
)
|
IRC 162(m) limitation
|
1.9
|
|
|
2.7
|
|
Other
|
0.4
|
|
|
0.2
|
|
Effective tax rate
|
19.1
|
%
|
|
6.3
|
%
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(In thousands)
|
||||||
Beginning balance
|
$
|
6,965
|
|
|
$
|
5,560
|
|
Increases related to positions taken during prior years
|
—
|
|
|
470
|
|
||
Increases related to positions taken during the current year
|
1,569
|
|
|
1,170
|
|
||
Decreases related to positions settled with tax authorities
|
—
|
|
|
—
|
|
||
Decreases as a result of a lapse of applicable statute of limitations
|
(456
|
)
|
|
(664
|
)
|
||
Ending balance
|
$
|
8,078
|
|
|
$
|
6,536
|
|
|
|
|
|
||||
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate
|
$
|
8,023
|
|
|
$
|
6,536
|
|
|
Purchase Period End Date
|
|
Number of Shares (In thousands)
|
|
Average repurchase price per share
|
|
ASR Amount (In thousands)
|
|||
May 2019 ASR
|
August 2019
|
|
2,072
|
|
|
$48.26
|
|
$
|
100,000
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Basic earnings per Class A common share
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income
|
$
|
(531
|
)
|
|
$
|
4,573
|
|
|
$
|
98,204
|
|
|
$
|
104,431
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average Class A shares issued and outstanding
|
51,595
|
|
|
52,580
|
|
|
52,405
|
|
|
52,046
|
|
||||
Basic (loss) earnings per Class A common share
|
$
|
(0.01
|
)
|
|
$
|
0.09
|
|
|
$
|
1.87
|
|
|
$
|
2.01
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per Class A common share
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income
|
$
|
(531
|
)
|
|
$
|
4,573
|
|
|
$
|
98,204
|
|
|
$
|
104,431
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average Class A shares issued and outstanding
|
51,595
|
|
|
52,580
|
|
|
52,405
|
|
|
52,046
|
|
||||
Dilutive potential common shares:
|
|
|
|
|
|
|
|
||||||||
Stock options
|
83
|
|
|
214
|
|
|
130
|
|
|
372
|
|
||||
Restricted stock units
|
199
|
|
|
1,032
|
|
|
463
|
|
|
1,223
|
|
||||
Performance-based restricted stock units
|
373
|
|
|
780
|
|
|
413
|
|
|
791
|
|
||||
Employee stock purchase plan
|
45
|
|
|
9
|
|
|
63
|
|
|
5
|
|
||||
Diluted weighted-average Class A shares issued and outstanding
|
52,295
|
|
|
54,615
|
|
|
53,474
|
|
|
54,437
|
|
||||
Diluted (loss) earnings per Class A common share
|
$
|
(0.01
|
)
|
|
$
|
0.08
|
|
|
$
|
1.84
|
|
|
$
|
1.92
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
|
(In thousands)
|
||||||||||
Class A common stock
|
|
|
|
|
|
|
|
||||
Restricted stock units
|
476
|
|
|
—
|
|
|
314
|
|
|
—
|
|
Performance-based restricted stock units
|
752
|
|
|
223
|
|
|
466
|
|
|
123
|
|
Total restricted and performance-based stock units
|
1,228
|
|
|
223
|
|
|
780
|
|
|
123
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Fair Value
|
||||||||
September 30, 2019
|
(In thousands)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
$
|
—
|
|
|
$
|
10,028
|
|
|
$
|
—
|
|
|
$
|
10,028
|
|
Negotiable certificate of deposit
|
—
|
|
|
5,000
|
|
|
—
|
|
|
5,000
|
|
||||
Agency bond securities
|
—
|
|
|
10,027
|
|
|
—
|
|
|
10,027
|
|
||||
Agency mortgage-backed securities
|
—
|
|
|
165,100
|
|
|
—
|
|
|
165,100
|
|
||||
Municipal bonds
|
—
|
|
|
355
|
|
|
—
|
|
|
355
|
|
||||
Asset-backed securities
|
—
|
|
|
54,709
|
|
|
—
|
|
|
54,709
|
|
||||
Total assets
|
$
|
—
|
|
|
$
|
245,219
|
|
|
$
|
—
|
|
|
$
|
245,219
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Contingent consideration
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,300
|
|
|
$
|
10,300
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Negotiable certificate of deposit
|
$
|
—
|
|
|
$
|
15,000
|
|
|
$
|
—
|
|
|
$
|
15,000
|
|
Agency bond securities
|
—
|
|
|
19,693
|
|
|
—
|
|
|
19,693
|
|
||||
Agency mortgage-backed securities
|
—
|
|
|
86,813
|
|
|
—
|
|
|
86,813
|
|
||||
Municipal bonds
|
—
|
|
|
483
|
|
|
—
|
|
|
483
|
|
||||
Asset-backed securities
|
—
|
|
|
79,194
|
|
|
—
|
|
|
79,194
|
|
||||
Total assets
|
$
|
—
|
|
|
$
|
201,183
|
|
|
$
|
—
|
|
|
$
|
201,183
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Contingent consideration
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,800
|
|
|
$
|
15,800
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In thousands)
|
||||||||||||||
Balance, beginning of period
|
$
|
13,166
|
|
|
$
|
14,664
|
|
|
$
|
15,800
|
|
|
$
|
17,358
|
|
Payments of contingent consideration
|
(1,000
|
)
|
|
(1,162
|
)
|
|
(3,634
|
)
|
|
(3,856
|
)
|
||||
Change in fair value of contingent consideration
|
(1,866
|
)
|
|
—
|
|
|
(1,866
|
)
|
|
—
|
|
||||
Balance, end of period
|
$
|
10,300
|
|
|
$
|
13,502
|
|
|
$
|
10,300
|
|
|
$
|
13,502
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Financial Assets
|
|
|
|
|
|
|
|
||||||||
Loans to bank customers, net of allowance
|
$
|
20,906
|
|
|
$
|
20,697
|
|
|
$
|
21,363
|
|
|
$
|
21,088
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
||||||||
Deposits
|
$
|
888,870
|
|
|
$
|
888,835
|
|
|
$
|
1,005,485
|
|
|
$
|
1,005,435
|
|
Note payable
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
58,705
|
|
|
$
|
58,705
|
|
|
September 30, 2019
|
||
|
|
||
Cash paid for operating lease liabilities (in thousands)
|
$
|
6,391
|
|
Weighted average remaining lease term (years)
|
4.3
|
|
|
Weighted average discount rate
|
4.7
|
%
|
|
Operating Leases
|
||
|
(In thousands)
|
||
Remainder of 2019
|
$
|
2,459
|
|
2020
|
9,846
|
|
|
2021
|
9,737
|
|
|
2022
|
8,734
|
|
|
2023
|
3,464
|
|
|
Thereafter
|
5,196
|
|
|
|
39,436
|
|
|
Less: imputed interest
|
(4,424
|
)
|
|
Total lease liabilities
|
$
|
35,012
|
|
|
Operating Leases (1)
|
||
Year ending December 31,
|
(In thousands)
|
||
2019
|
$
|
7,927
|
|
2020
|
7,929
|
|
|
2021
|
6,689
|
|
|
2022
|
5,372
|
|
|
Total minimum lease payments
|
$
|
27,917
|
|
(1)
|
Amounts are based on ASC 840, Leases, that was superseded upon our adoption of ASC 842, Leases on January 1, 2019
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Walmart
|
35%
|
|
37%
|
|
33%
|
|
35%
|
|
September 30, 2019
|
|
December 31, 2018
|
Walmart
|
13%
|
|
18%
|
|
Three Months Ended September 30, 2019
|
||||||||||||||
|
Account Services
|
|
Processing and Settlement Services
|
|
Corporate and Other
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Operating revenues
|
$
|
191,273
|
|
|
$
|
56,025
|
|
|
$
|
(6,850
|
)
|
|
$
|
240,448
|
|
Operating expenses
|
173,014
|
|
|
49,151
|
|
|
20,470
|
|
|
242,635
|
|
||||
Operating income (loss)
|
$
|
18,259
|
|
|
$
|
6,874
|
|
|
$
|
(27,320
|
)
|
|
$
|
(2,187
|
)
|
|
Three Months Ended September 30, 2018
|
||||||||||||||
|
Account Services
|
|
Processing and Settlement Services
|
|
Corporate and Other
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Operating revenues
|
$
|
199,476
|
|
|
$
|
44,193
|
|
|
$
|
(7,336
|
)
|
|
$
|
236,333
|
|
Operating expenses
|
150,189
|
|
|
42,610
|
|
|
42,863
|
|
|
235,662
|
|
||||
Operating income
|
$
|
49,287
|
|
|
$
|
1,583
|
|
|
$
|
(50,199
|
)
|
|
$
|
671
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||
|
Account Services
|
|
Processing and Settlement Services
|
|
Corporate and Other
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Operating revenues
|
$
|
646,938
|
|
|
$
|
236,714
|
|
|
$
|
(24,364
|
)
|
|
$
|
859,288
|
|
Operating expenses
|
515,375
|
|
|
149,533
|
|
|
71,219
|
|
|
736,127
|
|
||||
Operating income
|
$
|
131,563
|
|
|
$
|
87,181
|
|
|
$
|
(95,583
|
)
|
|
$
|
123,161
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||
|
Account Services
|
|
Processing and Settlement Services
|
|
Corporate and Other
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Operating revenues
|
$
|
636,786
|
|
|
$
|
208,133
|
|
|
$
|
(24,452
|
)
|
|
$
|
820,467
|
|
Operating expenses
|
485,924
|
|
|
135,633
|
|
|
83,891
|
|
|
705,448
|
|
||||
Operating income
|
$
|
150,862
|
|
|
$
|
72,500
|
|
|
$
|
(108,343
|
)
|
|
$
|
115,019
|
|
•
|
distribution arrangements with more than 100,000 mostly major chain retail locations, which we refer to as “retail distributors” and thousands of neighborhood financial service center locations;
|
•
|
several differently branded, Green Dot-owned and operated direct-to-consumer digital and direct mail customer acquisition platforms;
|
•
|
corporate distribution partnerships with businesses that provide payroll cards to their employees to receive wage disbursements;
|
•
|
more than 25,000 small and large tax preparation companies and individual tax preparers, which are sometimes referred to as electronic return originators, or “EROs”, who are able to offer our products and services to their customers through the use of various tax preparation industry software packages with which our products are integrated;
|
•
|
apps compatible with the iOS and Android operating systems downloaded through the corresponding app store; and
|
•
|
platform partners’ distribution channels that those partners use to acquire customers for their bespoke products and services that are powered by our BaaS Platform.
|
•
|
Mobile banking;
|
•
|
Loan disbursement accounts;
|
•
|
Spend-based Mobile P2P services, such as Apple Pay Cash;
|
•
|
Money transfer services;
|
•
|
GPR cards;
|
•
|
Network branded "open loop" gift cards;
|
•
|
Instant payment and wage disbursements;
|
•
|
Small business checking accounts and debit cards; and
|
•
|
Consumer checking accounts.
|
•
|
Network-branded reloadable prepaid debit cards marketed under several leading consumer brand names, collectively referred to as GPR cards;
|
•
|
Innovative consumer checking account products, such as our GoBank product, that allow customers to acquire and manage their checking account entirely through a mobile application available on smartphone devices; and
|
•
|
Network-branded gift cards (known as open-loop) that are sold at participating retail stores.
|
•
|
Issuing services as the payment network member bank and settlement bank for our GPR cards, spend-based P2P programs, gift cards and checking account products;
|
•
|
Credit card issuing and capital lending services for our Green Dot Platinum Visa Secured Credit Card; and
|
•
|
Settlement bank for our reload and tax refund services within our Processing and Settlement Services segment.
|
•
|
Our “Reload@TheRegister” swipe reload service allows consumers to add funds to accounts we issue or manage and accounts issued by any third-party bank or program manager (which we refer to as network acceptance members) that has enabled its cards to accept funds through our processing system.
|
•
|
Our MoneyPak PIN product provides consumers the ability to add funds to accounts we issue or manage and accounts issued by any network acceptance member that has enabled its cards to accept funds through our processing system.
|
•
|
Our e-cash remittance service enables consumers to add funds to accounts we issue or manage and accounts issued by any network acceptance member that has enabled its accounts to accept funds through our processing system. Consumers can also cash-out money sent to them by a business through the use of our e-cash remittance service when Green Dot sends a unique barcode to the customer’s smartphone, which is then presented to a cashier at a participating retailer who then scans the barcode to fulfill the transfer.
|
•
|
Our Simply Paid Disbursement service that enables wages and any type of authorized funds disbursement to be sent to accounts we issue or manage and accounts issued by any network acceptance member that has enabled its cards to accept funds through our processing system.
|
•
|
Tax refund transfers that provide the processing technology to facilitate receipt of a taxpayers' refund proceeds. When a customer of a third-party tax preparation provider chooses to pay his or her tax preparation fees using our processing services, we deduct the tax preparation service fee and our processing service fee from the customer's refund and remit the remaining balance to the customer's account;
|
•
|
Small business lending to independent tax preparation providers that seek small advances to help provide working capital prior to generating income during the tax filing season;
|
•
|
GPR card offerings that are integrated into the tax preparation software that enables a tax preparation provider to offer its customers, a Green Dot Bank-issued GPR card for the purpose of receiving tax refunds more rapidly and securely than check disbursements; and
|
•
|
Fast Cash Advance, a consumer-friendly loan that enables tax refund recipients utilizing our tax processing services the opportunity to receive a portion of their expected tax refund amount in advance of receiving their actual tax refund.
|
|
Three Months Ended September 30,
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
%
|
|
2019
|
|
2018
|
|
Change
|
|
%
|
||||||||||||||
|
(In thousands, except percentages)
|
||||||||||||||||||||||||||||
Total operating revenues
|
$
|
240,448
|
|
|
$
|
236,333
|
|
|
$
|
4,115
|
|
|
1.7
|
%
|
|
$
|
859,288
|
|
|
$
|
820,467
|
|
|
$
|
38,821
|
|
|
4.7
|
%
|
Total operating expenses
|
242,635
|
|
|
235,662
|
|
|
6,973
|
|
|
3.0
|
%
|
|
736,127
|
|
|
705,448
|
|
|
30,679
|
|
|
4.3
|
%
|
||||||
Net (loss) income
|
(531
|
)
|
|
4,573
|
|
|
(5,104
|
)
|
|
(111.6
|
)%
|
|
98,204
|
|
|
104,431
|
|
|
(6,227
|
)
|
|
(6.0
|
)%
|
|
Three Months Ended September 30,
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
%
|
|
2019
|
|
2018
|
|
Change
|
|
%
|
||||||||||||||
|
(In millions, except percentages)
|
||||||||||||||||||||||||||||
Gross Dollar Volume
|
$
|
9,827
|
|
|
$
|
9,088
|
|
|
$
|
739
|
|
|
8.1
|
%
|
|
$
|
32,823
|
|
|
$
|
30,220
|
|
|
$
|
2,603
|
|
|
8.6
|
%
|
GDV from Direct Deposit Sources
|
$
|
6,843
|
|
|
$
|
6,571
|
|
|
$
|
272
|
|
|
4.1
|
%
|
|
$
|
24,268
|
|
|
$
|
22,815
|
|
|
$
|
1,453
|
|
|
6.4
|
%
|
Number of Active Accounts*
|
5.18
|
|
|
5.43
|
|
|
(0.25
|
)
|
|
(4.6
|
)%
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Direct Deposit Active Accounts*
|
2.14
|
|
|
2.05
|
|
|
0.09
|
|
|
4.4
|
%
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Purchase Volume
|
$
|
6,047
|
|
|
$
|
5,918
|
|
|
$
|
129
|
|
|
2.2
|
%
|
|
$
|
20,717
|
|
|
$
|
19,713
|
|
|
$
|
1,004
|
|
|
5.1
|
%
|
Cash Transfers
|
11.73
|
|
|
10.68
|
|
|
1.05
|
|
|
9.8
|
%
|
|
33.96
|
|
|
31.34
|
|
|
2.62
|
|
|
8.4
|
%
|
||||||
Tax Refunds Processed
|
0.11
|
|
|
0.10
|
|
|
0.01
|
|
|
10.0
|
%
|
|
12.02
|
|
|
11.64
|
|
|
0.38
|
|
|
3.3
|
%
|
|
Three Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Amount
|
|
% of Total
Operating Revenues
|
|
Amount
|
|
% of Total
Operating Revenues
|
||||||
|
(In thousands, except percentages)
|
||||||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||
Card revenues and other fees
|
$
|
102,231
|
|
|
42.5
|
%
|
|
$
|
113,474
|
|
|
48.0
|
%
|
Processing and settlement service revenues
|
54,620
|
|
|
22.7
|
|
|
43,043
|
|
|
18.2
|
|
||
Interchange revenues
|
77,080
|
|
|
32.1
|
|
|
74,060
|
|
|
31.3
|
|
||
Interest income, net
|
6,517
|
|
|
2.7
|
|
|
5,756
|
|
|
2.4
|
|
||
Total operating revenues
|
$
|
240,448
|
|
|
100.0
|
%
|
|
$
|
236,333
|
|
|
100.0
|
%
|
|
Three Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Amount
|
|
% of Total
Operating Revenues
|
|
Amount
|
|
% of Total
Operating Revenues
|
||||||
|
(In thousands, except percentages)
|
||||||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||
Sales and marketing expenses
|
$
|
98,352
|
|
|
40.9
|
%
|
|
$
|
72,745
|
|
|
30.8
|
%
|
Compensation and benefits expenses
|
46,678
|
|
|
19.4
|
|
|
57,070
|
|
|
24.1
|
|
||
Processing expenses
|
49,010
|
|
|
20.4
|
|
|
43,654
|
|
|
18.5
|
|
||
Other general and administrative expenses
|
48,595
|
|
|
20.2
|
|
|
62,193
|
|
|
26.3
|
|
||
Total operating expenses
|
$
|
242,635
|
|
|
100.9
|
%
|
|
$
|
235,662
|
|
|
99.7
|
%
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Amount
|
|
% of Total
Operating Revenues
|
|
Amount
|
|
% of Total
Operating Revenues
|
||||||
|
(In thousands, except percentages)
|
||||||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||
Card revenues and other fees
|
$
|
353,421
|
|
|
41.1
|
%
|
|
$
|
364,317
|
|
|
44.4
|
%
|
Processing and settlement service revenues
|
229,272
|
|
|
26.7
|
|
|
203,901
|
|
|
24.9
|
|
||
Interchange revenues
|
250,955
|
|
|
29.2
|
|
|
235,706
|
|
|
28.7
|
|
||
Interest income, net
|
25,640
|
|
|
3.0
|
|
|
16,543
|
|
|
2.0
|
|
||
Total operating revenues
|
$
|
859,288
|
|
|
100.0
|
%
|
|
$
|
820,467
|
|
|
100.0
|
%
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Amount
|
|
% of Total
Operating Revenues
|
|
Amount
|
|
% of Total
Operating Revenues
|
||||||
|
(In thousands, except percentages)
|
||||||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||
Sales and marketing expenses
|
$
|
284,485
|
|
|
33.1
|
%
|
|
$
|
247,191
|
|
|
30.1
|
%
|
Compensation and benefits expenses
|
156,451
|
|
|
18.2
|
|
|
166,055
|
|
|
20.2
|
|
||
Processing expenses
|
149,864
|
|
|
17.4
|
|
|
138,442
|
|
|
16.9
|
|
||
Other general and administrative expenses
|
145,327
|
|
|
17.0
|
|
|
153,760
|
|
|
18.8
|
|
||
Total operating expenses
|
$
|
736,127
|
|
|
85.7
|
%
|
|
$
|
705,448
|
|
|
86.0
|
%
|
|
Nine Months Ended September 30,
|
||||
|
2019
|
|
2018
|
||
U.S. federal statutory tax rate
|
21.0
|
%
|
|
21.0
|
%
|
State income taxes, net of federal tax benefit
|
1.5
|
|
|
(0.1
|
)
|
General business credits
|
(2.0
|
)
|
|
(1.4
|
)
|
Employee stock-based compensation
|
(3.7
|
)
|
|
(16.1
|
)
|
IRC 162(m) limitation
|
1.9
|
|
|
2.7
|
|
Other
|
0.4
|
|
|
0.2
|
|
Effective tax rate
|
19.1
|
%
|
|
6.3
|
%
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(In thousands)
|
||||||
Total cash provided by (used in)
|
|
|
|
||||
Operating activities
|
$
|
204,661
|
|
|
$
|
214,342
|
|
Investing activities
|
(100,127
|
)
|
|
(121,106
|
)
|
||
Financing activities
|
(335,374
|
)
|
|
(65,155
|
)
|
||
(Decrease) increase in unrestricted cash, cash equivalents and restricted cash
|
$
|
(230,840
|
)
|
|
$
|
28,081
|
|
Ratio
|
|
Definition
|
Tier 1 leverage ratio
|
|
Tier 1 capital divided by average total assets
|
Common equity Tier 1 capital ratio
|
|
Common equity Tier 1 capital divided by risk-weighted assets
|
Tier 1 capital ratio
|
|
Tier 1 capital divided by risk-weighted assets
|
Total risk-based capital ratio
|
|
Total capital divided by risk-weighted assets
|
|
|
|
Terms
|
|
Definition
|
Tier 1 capital and
Common equity Tier 1 capital
|
|
Primarily includes common stock, retained earnings and accumulated OCI, net of deductions and adjustments primarily related to goodwill, deferred tax assets and intangibles. Under the regulatory capital rules, certain deductions and adjustments to these capital figures are phased in through January 1, 2018.
|
Total capital
|
|
Tier 1 capital plus supplemental capital items such as the allowance for loan losses, subject to certain limits
|
Average total assets
|
|
Average total consolidated assets during the period less deductions and adjustments primarily related to goodwill, deferred tax assets and intangibles assets
|
Risk-weighted assets
|
|
Represents the amount of assets or exposure multiplied by the standardized risk weight (%) associated with that type of asset or exposure. The standardized risk weights are prescribed in the bank capital rules and reflect regulatory judgment regarding the riskiness of a type of asset or exposure
|
|
September 30, 2019
|
|||||||||||
|
Amount
|
|
Ratio
|
|
Regulatory Minimum
|
|
"Well-capitalized" Minimum
|
|||||
|
(In thousands, except ratios)
|
|||||||||||
Green Dot Corporation:
|
|
|
|
|
|
|
|
|||||
Tier 1 leverage
|
$
|
390,937
|
|
|
22.7
|
%
|
|
4.0
|
%
|
|
n/a
|
|
Common equity Tier 1 capital
|
$
|
390,937
|
|
|
80.9
|
%
|
|
4.5
|
%
|
|
n/a
|
|
Tier 1 capital
|
$
|
390,937
|
|
|
80.9
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
Total risk-based capital
|
$
|
395,482
|
|
|
81.8
|
%
|
|
8.0
|
%
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|||||
Green Dot Bank:
|
|
|
|
|
|
|
|
|||||
Tier 1 leverage
|
$
|
211,721
|
|
|
15.1
|
%
|
|
4.0
|
%
|
|
5.0
|
%
|
Common equity Tier 1 capital
|
$
|
211,721
|
|
|
102.1
|
%
|
|
4.5
|
%
|
|
6.5
|
%
|
Tier 1 capital
|
$
|
211,721
|
|
|
102.1
|
%
|
|
6.0
|
%
|
|
8.0
|
%
|
Total risk-based capital
|
$
|
213,280
|
|
|
102.8
|
%
|
|
8.0
|
%
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|||||
|
December 31, 2018
|
|||||||||||
|
Amount
|
|
Ratio
|
|
Regulatory Minimum
|
|
"Well-capitalized" Minimum
|
|||||
|
(In thousands, except ratios)
|
|||||||||||
Green Dot Corporation:
|
|
|
|
|
|
|
|
|||||
Tier 1 leverage
|
$
|
353,047
|
|
|
20.1
|
%
|
|
4.0
|
%
|
|
n/a
|
|
Common equity Tier 1 capital
|
$
|
353,047
|
|
|
88.8
|
%
|
|
4.5
|
%
|
|
n/a
|
|
Tier 1 capital
|
$
|
353,047
|
|
|
88.8
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
Total risk-based capital
|
$
|
357,092
|
|
|
89.8
|
%
|
|
8.0
|
%
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|||||
Green Dot Bank:
|
|
|
|
|
|
|
|
|||||
Tier 1 leverage
|
$
|
172,518
|
|
|
11.7
|
%
|
|
4.0
|
%
|
|
5.0
|
%
|
Common equity Tier 1 capital
|
$
|
172,518
|
|
|
100.8
|
%
|
|
4.5
|
%
|
|
6.5
|
%
|
Tier 1 capital
|
$
|
172,518
|
|
|
100.8
|
%
|
|
6.0
|
%
|
|
8.0
|
%
|
Total risk-based capital
|
$
|
173,838
|
|
|
101.5
|
%
|
|
8.0
|
%
|
|
10.0
|
%
|
•
|
the timing and volume of purchases and use of our products and services;
|
•
|
the timing and volume of tax refunds processed by us, including the impact of any general delays in tax refund disbursements from the U.S. and State Treasuries;
|
•
|
the timing and success of new product or service introductions by us or our competitors;
|
•
|
seasonality in the purchase or use of our products and services;
|
•
|
changes in the level of interchange rates that can be charged;
|
•
|
fluctuations in customer retention rates;
|
•
|
changes in the mix of products and services that we sell;
|
•
|
changes in the mix of retail distributors through which we sell our products and services;
|
•
|
the timing of commencement, renegotiation or termination of relationships with significant retail distributors and BaaS platform partners;
|
•
|
the timing of commencement of new product development and initiatives, the timing of costs of existing product roll-outs and the length of time we must invest in those new products, channels or retail distributors before they generate material operating revenues;
|
•
|
our ability to effectively sell our products through direct-to-consumer initiatives;
|
•
|
changes in our or our competitors’ pricing policies or sales terms;
|
•
|
costs associated with significant changes in our risk policies and controls;
|
•
|
the amount and timing of costs related to fraud losses;
|
•
|
the amount and timing of commencement and termination of major advertising campaigns, including sponsorships;
|
•
|
the amount and timing of costs related to the acquisition of complementary businesses;
|
•
|
the amount and timing of costs of any major litigation to which we are a party;
|
•
|
disruptions in the performance of our products and services, including interruptions in the services we provide to other businesses, and the associated financial impact thereof;
|
•
|
the amount and timing of capital expenditures and operating costs related to the maintenance and expansion of our business, operations and infrastructure;
|
•
|
interest rate volatility;
|
•
|
accounting charges related to impairment of goodwill and other intangible assets;
|
•
|
our ability to control costs, including third-party service provider costs and sales and marketing expenses in an increasingly competitive market;
|
•
|
volatility in the trading price of our Class A common stock, which may lead to higher or lower stock-based compensation expenses; and
|
•
|
changes in the political or regulatory environment affecting the banking, electronic payments or tax refund processing industries.
|
•
|
increased regulatory and compliance requirements;
|
•
|
implementation or remediation of controls, procedures and policies at the acquired company;
|
•
|
diversion of management time and focus from operation of our then-existing business;
|
•
|
integration and coordination of product, sales, marketing, program and systems management functions;
|
•
|
transition of the acquired company’s users and customers onto our systems;
|
•
|
integration of the acquired company’s accounting, information management, human resource and other administrative systems and operations generally with ours;
|
•
|
integration of employees from the acquired company into our organization;
|
•
|
loss or termination of employees, including costs associated with the termination or replacement of those employees;
|
•
|
liability for activities of the acquired company prior to the acquisition, including violations of law, commercial disputes, and tax and other known and unknown liabilities; and
|
•
|
increased litigation or other claims in connection with the acquired company, including claims brought by terminated employees, customers, former stockholders or other third parties.
|
•
|
issuing additional shares of our Class A common stock or other equity securities;
|
•
|
issuing convertible or other debt securities; and
|
•
|
borrowing funds under a credit facility.
|
•
|
increased complexity and costs of managing international operations;
|
•
|
regional economic instability;
|
•
|
geopolitical instability and military conflicts;
|
•
|
limited protection of our intellectual property and other assets;
|
•
|
compliance with local laws and regulations and unanticipated changes in local laws and regulations, including tax laws and regulations;
|
•
|
foreign currency exchange fluctuations relating to our international operating activities;
|
•
|
local business and cultural factors that differ from our normal standards and practices; and
|
•
|
differing employment practices and labor relations.
|
•
|
price and volume fluctuations in the overall stock market from time to time;
|
•
|
significant volatility in the market prices and trading volumes of financial services company stocks;
|
•
|
actual or anticipated changes in our results of operations or fluctuations in our operating results;
|
•
|
actual or anticipated changes in the expectations of investors or the recommendations of any securities analysts who follow our Class A common stock;
|
•
|
actual or anticipated developments in our business or our competitors’ businesses or the competitive landscape generally;
|
•
|
the public’s reaction to our press releases, other public announcements and filings with the SEC;
|
•
|
business disruptions and costs related to shareholder activism;
|
•
|
litigation and investigations or proceedings involving us, our industry or both or investigations by regulators into our operations or those of our competitors;
|
•
|
new laws or regulations or new interpretations of existing laws or regulations applicable to our business;
|
•
|
changes in accounting standards, policies, guidelines, interpretations or principles;
|
•
|
general economic conditions;
|
•
|
changes to the indices in which our Class A common stock is included; and
|
•
|
sales of shares of our Class A common stock by us or our stockholders.
|
•
|
provide for non-cumulative voting in the election of directors;
|
•
|
authorize our Board of Directors, without stockholder approval, to issue preferred stock with terms determined by our Board of Directors and to issue additional shares of our Class A common stock;
|
•
|
limit the voting power of a holder, or group of affiliated holders, of more than 24.9% of our common stock to 14.9%;
|
•
|
provide that only our Board of Directors may set the number of directors constituting our Board of Directors or fill vacant directorships;
|
•
|
prohibit stockholder action by written consent and limit who may call a special meeting of stockholders; and
|
•
|
require advance notification of stockholder nominations for election to our Board of Directors and of stockholder proposals.
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
|
||||
July 1, 2019 to July 31, 2019
|
|
—
|
|
|
—
|
|
—
|
|
|
$
|
50,000
|
|
August 1, 2019 to August 31, 2019
|
|
406
|
|
|
(1)
|
|
406
|
|
|
50,000
|
|
|
September 1, 2019 to September 30, 2019
|
|
—
|
|
|
—
|
|
—
|
|
|
50,000
|
|
|
Total
|
|
406
|
|
|
|
|
406
|
|
|
$
|
50,000
|
|
(1)
|
As discussed in Note 11- Stockholder's Equity to the Consolidated Financial Statements, in May 2019, we entered into an accelerated share repurchase agreement ("ASR") with a financial institution to repurchase shares of our common stock for $100 million. We received an initial delivery of approximately 1.7 million shares based on the then current market price of our stock. The ASR settled in August 2019 and we received approximately 0.4 million in additional shares. In total, approximately 2.1 million shares were delivered under the ASR at an average repurchase price of $48.26.
|
*
|
Furnished and not filed.
|
|
|
Green Dot Corporation
|
||
|
|
|
|
|
Date:
|
November 12, 2019
|
By:
|
|
/s/ Mark Shifke
|
|
|
Name:
|
|
Mark Shifke
|
|
|
Title:
|
|
Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer)
|
1 Year Green Dot Chart |
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