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EXCEL - IDEA: XBRL DOCUMENT - NetSpend Holdings, Inc.Financial_Report.xls
10-Q - QUARTERLY REPORT PURSUANT TO SECTIONS 13 OR 15(D) - NetSpend Holdings, Inc.a11-14141_110q.htm
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v2.3.0.11
Related Party Transactions
6 Months Ended
Jun. 30, 2011
Related Party Transactions  
Related Party Transactions

Note 17: Related Party Transactions

 

ACE

 

JLL Partners Fund IV, LP and JLL Partners Fund V, LP (collectively “the JLL Funds”) own approximately 97% of ACE Cash Express, Inc. (“ACE”), the Company’s largest distributor. The JLL Funds beneficially owned more than five percent of the Company’s outstanding common stock as of June 30, 2011. The Company incurred expenses from transactions with ACE of $9.3 million and $6.9 million for the three months ended June 30, 2011 and 2010, respectively, and $20.7 million and $15.6 million for the six months ended June 30, 2011 and 2010, respectively. Although revenues generated from cardholders acquired at ACE locations represent more than one-third of the Company’s revenues in the three and six months ended June 30, 2011 and June 30, 2010, the portion of those revenues earned from transactions directly with ACE were $1.1 million and $1.0 million for the three months ended June 30, 2011 and 2010, respectively, and $2.5 million and $2.3 million for the six months ended June 30, 2011 and 2010, respectively. As of both June 30, 2011 and December 31, 2010, $2.8 million was payable to ACE.

 

Sutherland

 

Oak Investment Partners X, LP and Oak X Affiliates Fund, LP (collectively “Oak”) own in excess of 10% of Sutherland Global Services, Inc. (“Sutherland”), one of the Company’s external customer service providers. Oak beneficially owned more than five percent of the Company’s outstanding common stock as of June 30, 2011. The Company incurred expenses from transactions with Sutherland of $2.1 million and $1.8 million during the three months ended June 30, 2011 and 2010, respectively, and $4.7 million and $3.5 million during the six months ended June 30, 2011 and 2010, respectively. At June 30, 2011 and December 31, 2010, $0.7 million and $0.6 million, respectively, was payable to Sutherland.

 

Vesta

 

Oak owns in excess of 10% of Vesta Corporation (“Vesta”), one of the Company’s partners within its reload network. The Company incurred expenses from transactions with Vesta of $0.2 million during the three months ended June 30, 2011 and $0.4 million during the six months ended June 30, 2011.  Additionally, the Company earned revenues from transactions with Vesta of $0.2 million during the three months ended June 30, 2011 and $0.4 million during the six months ended June 30, 2011.  The Company incurred no expenses and earned no revenues from transactions with Vesta during the three and six months ended June 30, 2010.

 

Birardi

 

The Company incurred expenses of less than $0.1 million during each of the three months ended June 30, 2011 and 2010, and less than $0.1 million and $0.2 million during the six months ended June 30, 2011 and 2010, respectively, for charges related to the use by the Company’s CEO of an airplane owned by Birardi Investments, LLC (“Birardi”).  Birardi is an airplane leasing company that is partially owned by the CEO.

 

Henry CJ1 LLC

 

The Company incurred expenses of less than $0.1 million during the three and six months ended June 30, 2011 for charges related to the use by the Company’s CEO of an airplane owned by Henry CJ1, LLC (“Henry CJ1”).  Henry CJ1 is an airplane leasing company that is owned by the CEO.  The Company incurred no such expenses during the three and six months ended June 30, 2010.