Attached files
| file | filename |
|---|---|
| 8-K - 8-K - GREEN DOT CORP | gdot-20210503.htm |
Exhibit 99.01
GREEN DOT CORPORATION
REPORTABLE SEGMENT INFORMATION (REVISED) (1)
(Unaudited)
| 2019 | |||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | |||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||
| Segment Revenue | |||||||||||||||||||||||||||||
| Consumer Services | $ | 185,293 | $ | 169,160 | $ | 149,132 | $ | 150,548 | $ | 654,133 | |||||||||||||||||||
| B2B Services | 34,320 | 34,034 | 36,147 | 42,044 | 146,545 | ||||||||||||||||||||||||
| Money Movement Services | 103,391 | 61,338 | 45,164 | 47,172 | 257,065 | ||||||||||||||||||||||||
Corporate and Other (2) | 2,713 | 443 | (1,209) | (1,366) | 581 | ||||||||||||||||||||||||
| Total segment revenues | 325,717 | 264,975 | 229,234 | 238,398 | 1,058,324 | ||||||||||||||||||||||||
Net revenue adjustment (3) | 14,797 | 13,351 | 11,214 | 10,909 | 50,271 | ||||||||||||||||||||||||
| Total operating revenues | $ | 340,514 | $ | 278,326 | $ | 240,448 | $ | 249,307 | $ | 1,108,595 | |||||||||||||||||||
Segment Profit (4) | |||||||||||||||||||||||||||||
| Consumer Services | $ | 86,286 | $ | 76,285 | $ | 47,406 | $ | 46,941 | $ | 256,918 | |||||||||||||||||||
| B2B Services | 9,323 | 8,996 | 8,553 | 9,981 | 36,853 | ||||||||||||||||||||||||
| Money Movement Services | 61,966 | 28,034 | 11,736 | 12,555 | 114,291 | ||||||||||||||||||||||||
Corporate and Other (2) | (38,595) | (38,688) | (42,560) | (47,653) | (167,496) | ||||||||||||||||||||||||
Total segment profit (5) | 118,980 | 74,627 | 25,135 | 21,824 | 240,566 | ||||||||||||||||||||||||
Reconciliation to income (loss) before income taxes (6) | |||||||||||||||||||||||||||||
| Depreciation and amortization of property, equipment and internal-use software | 10,882 | 12,121 | 12,926 | 13,560 | 49,489 | ||||||||||||||||||||||||
| Stock-based compensation and related employer payroll taxes | 15,583 | 8,830 | 6,956 | (382) | 30,987 | ||||||||||||||||||||||||
| Amortization of acquired intangible assets | 8,174 | 8,175 | 8,174 | 8,093 | 32,616 | ||||||||||||||||||||||||
| Contingent consideration gain | — | — | (1,866) | — | (1,866) | ||||||||||||||||||||||||
| Impairment charges | 100 | 4 | 17 | 457 | 578 | ||||||||||||||||||||||||
| Other expense | 2,856 | 1,534 | 1,115 | 339 | 5,844 | ||||||||||||||||||||||||
| Operating income (loss) | 81,385 | 43,963 | (2,187) | (243) | 122,918 | ||||||||||||||||||||||||
| Interest expense, net | 1,604 | 66 | 120 | 74 | 1,864 | ||||||||||||||||||||||||
| Other income (expense), net | 133 | (99) | 8 | (15) | 27 | ||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 79,914 | $ | 43,798 | $ | (2,299) | $ | (332) | $ | 121,081 | |||||||||||||||||||
| 2019 | |||||||||||||||||||||||||||||
Key Metrics (7) | Q1 | Q2 | Q3 | Q4 | FY (8) | ||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
Consolidated (9) | |||||||||||||||||||||||||||||
| Gross dollar volume | $ | 12,977 | $ | 10,019 | $ | 9,827 | $ | 10,636 | $ | 43,459 | |||||||||||||||||||
| Number of active accounts | 6.05 | 5.66 | 5.18 | 5.04 | 5.48 | ||||||||||||||||||||||||
| Purchase volume | $ | 8,200 | $ | 6,470 | $ | 6,047 | $ | 6,287 | $ | 27,004 | |||||||||||||||||||
| Consumer Services | |||||||||||||||||||||||||||||
| Gross dollar volume | $ | 8,397 | $ | 6,714 | $ | 6,391 | $ | 6,747 | $ | 28,249 | |||||||||||||||||||
| Number of active accounts | 4.40 | 4.10 | 3.86 | 3.73 | 4.02 | ||||||||||||||||||||||||
Direct deposit active accounts (10) | 0.83 | 0.82 | 0.84 | 0.86 | 0.84 | ||||||||||||||||||||||||
| Purchase volume | $ | 6,074 | $ | 4,950 | $ | 4,664 | $ | 4,822 | $ | 20,510 | |||||||||||||||||||
| B2B Services | |||||||||||||||||||||||||||||
| Gross dollar volume | $ | 4,580 | $ | 3,305 | $ | 3,436 | $ | 3,889 | $ | 15,210 | |||||||||||||||||||
| Number of active accounts | 1.65 | 1.56 | 1.32 | 1.31 | 1.46 | ||||||||||||||||||||||||
| Purchase volume | $ | 2,126 | $ | 1,520 | $ | 1,383 | $ | 1,465 | $ | 6,494 | |||||||||||||||||||
| Money Movement | |||||||||||||||||||||||||||||
| Number of cash transfers | 10.98 | 11.25 | 11.73 | 12.08 | 46.04 | ||||||||||||||||||||||||
| Number of tax refunds processed | 9.39 | 2.52 | 0.11 | 0.07 | 12.09 | ||||||||||||||||||||||||
GREEN DOT CORPORATION
REPORTABLE SEGMENT INFORMATION (REVISED) (1)
(Unaudited)
| 2020 | |||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | |||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||
| Segment Revenue | |||||||||||||||||||||||||||||
| Consumer Services | $ | 152,922 | $ | 162,639 | $ | 150,554 | $ | 154,299 | $ | 620,414 | |||||||||||||||||||
| B2B Services | 73,840 | 76,619 | 77,064 | 77,128 | 304,651 | ||||||||||||||||||||||||
| Money Movement Services | 120,052 | 65,667 | 56,536 | 45,754 | 288,009 | ||||||||||||||||||||||||
Corporate and Other (2) | (273) | (4,906) | (4,710) | (2,665) | (12,554) | ||||||||||||||||||||||||
| Total segment revenues | 346,541 | 300,019 | 279,444 | 274,516 | 1,200,520 | ||||||||||||||||||||||||
Net revenue adjustment (3) | 15,628 | 16,221 | 11,626 | 9,765 | 53,240 | ||||||||||||||||||||||||
| Total operating revenues | $ | 362,169 | $ | 316,240 | $ | 291,070 | $ | 284,281 | $ | 1,253,760 | |||||||||||||||||||
Segment Profit (4) | |||||||||||||||||||||||||||||
| Consumer Services | $ | 50,385 | $ | 58,412 | $ | 51,494 | $ | 51,879 | $ | 212,170 | |||||||||||||||||||
| B2B Services | 19,827 | 16,327 | 16,372 | 13,366 | 65,892 | ||||||||||||||||||||||||
| Money Movement Services | 66,719 | 27,842 | 17,974 | 11,346 | 123,881 | ||||||||||||||||||||||||
Corporate and Other (2) | (44,813) | (57,331) | (52,151) | (41,836) | (196,131) | ||||||||||||||||||||||||
Total segment profit (5) | 92,118 | 45,250 | 33,689 | 34,755 | 205,812 | ||||||||||||||||||||||||
Reconciliation to income (loss) before income taxes (6) | |||||||||||||||||||||||||||||
| Depreciation and amortization of property, equipment and internal-use software | 13,697 | 14,479 | 14,839 | 14,991 | 58,006 | ||||||||||||||||||||||||
| Stock-based compensation and related employer payroll taxes | 11,578 | 13,758 | 12,018 | 18,635 | 55,989 | ||||||||||||||||||||||||
| Amortization of acquired intangible assets | 7,279 | 6,952 | 6,944 | 6,944 | 28,119 | ||||||||||||||||||||||||
| Impairment charges | — | 1,088 | 31 | 20,669 | 21,788 | ||||||||||||||||||||||||
| Other expense | 715 | 3,583 | 2,507 | 5,032 | 11,837 | ||||||||||||||||||||||||
| Operating income (loss) | 58,849 | 5,390 | (2,650) | (31,516) | 30,073 | ||||||||||||||||||||||||
| Interest expense, net | 241 | 443 | 39 | 38 | 761 | ||||||||||||||||||||||||
| Other income (expense), net | 192 | 2,154 | (1,650) | (1,913) | (1,217) | ||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 58,800 | $ | 7,101 | $ | (4,339) | $ | (33,467) | $ | 28,095 | |||||||||||||||||||
| 2020 | |||||||||||||||||||||||||||||
Key Metrics (7) | Q1 | Q2 | Q3 | Q4 | FY (8) | ||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
Consolidated (9) | |||||||||||||||||||||||||||||
| Gross dollar volume | $ | 14,294 | $ | 15,107 | $ | 14,453 | $ | 14,349 | $ | 58,203 | |||||||||||||||||||
| Number of active accounts | 5.74 | 6.25 | 5.72 | 5.45 | 5.79 | ||||||||||||||||||||||||
| Purchase volume | $ | 8,282 | $ | 8,477 | $ | 7,600 | $ | 6,861 | $ | 31,220 | |||||||||||||||||||
| Consumer Services | |||||||||||||||||||||||||||||
| Gross dollar volume | $ | 7,561 | $ | 8,683 | $ | 8,333 | $ | 7,562 | $ | 32,139 | |||||||||||||||||||
| Number of active accounts | 3.70 | 4.10 | 3.98 | 3.73 | 3.88 | ||||||||||||||||||||||||
Direct deposit active accounts (10) | 0.89 | 0.90 | 0.91 | 0.88 | 0.90 | ||||||||||||||||||||||||
| Purchase volume | $ | 5,555 | $ | 6,123 | $ | 5,840 | $ | 5,176 | $ | 22,694 | |||||||||||||||||||
| B2B Services | |||||||||||||||||||||||||||||
| Gross dollar volume | $ | 6,733 | $ | 6,424 | $ | 6,120 | $ | 6,787 | $ | 26,064 | |||||||||||||||||||
| Number of active accounts | 2.04 | 2.15 | 1.74 | 1.72 | 1.91 | ||||||||||||||||||||||||
| Purchase volume | $ | 2,727 | $ | 2,354 | $ | 1,760 | $ | 1,685 | $ | 8,526 | |||||||||||||||||||
| Money Movement | |||||||||||||||||||||||||||||
| Number of cash transfers | 12.13 | 12.48 | 12.81 | 11.29 | 48.71 | ||||||||||||||||||||||||
| Number of tax refunds processed | 9.70 | 1.90 | 0.75 | 0.11 | 12.46 | ||||||||||||||||||||||||
(1)Effective beginning with the first quarter of 2021, Green Dot Corporation (“Green Dot”) realigned its segment financial reporting based on how its current Chief Operating Decision Maker (“CODM”) manages its businesses, including resource allocation and performance assessment. Its CODM (who is the Chief Executive Officer) organizes and manages the business primarily on the basis of the channels in which its product and services are offered and uses net revenue and segment profit to assess profitability. As a result of this realignment, Green Dot’s operations are now aggregated amongst three reportable segments: 1) Consumer Services, 2) Business to Business ("B2B") Services and 3) Money Movement Services. Green Dot has restated segment information for the historical periods presented to conform to the current presentation. These changes have no impact on Green Dot’s previously reported consolidated financial results. Green Dot does not evaluate performance or allocate resources based on segment asset data, and therefore such information is not presented.
(2)The Corporate and Other segment primarily consists of net interest income earned by our bank, eliminations of intersegment revenues and expenses, unallocated corporate expenses, and other costs that are not considered when management evaluates segment performance.
(3)Represents commissions and certain processing-related costs associated with Banking as a Service ("BaaS") products and services where Green Dot does not control customer acquisition. This adjustment is netted against Green Dot's B2B Services revenues when evaluating segment performance.
(4)Segment profit reflects each segment's net revenue less direct costs, such as sales and marketing expenses, processing expenses, third-party call center support and transaction losses.
(5)Green Dot has previously referred to total segment profit as adjusted EBITDA in prior press releases announcing its financial results.
(6)To supplement Green Dot’s consolidated financial statements presented in accordance with GAAP, Green Dot uses measures of operating results that are adjusted to exclude various, primarily non-cash, expenses and charges. Adjusted EBITDA is widely used to measure a company’s operating performance without regard to items, such as non-operating net interest income and expense, income tax benefit and expense, depreciation and amortization, stock-based compensation and related employer payroll taxes, changes in the fair value of contingent consideration, impairment charges, and certain other income and expenses that are not reflective of ongoing operating results. Green Dot excludes this income and expenses as they are not considered when management evaluates segment performance.
(7)Please refer to Green Dot’s latest Annual Report on Form 10-K for a description of the key business metrics other than direct deposit active accounts.
(8)Number of active accounts and direct deposit active accounts represent the average for the fiscal year.
(9)Represents the sum of Consumer Services and B2B Services segments.
(10)Represents a sub-set of the number of active accounts within Consumer Services that are enrolled in direct deposit. Direct deposit active accounts represent accounts that have received one or more payroll or government benefit transaction during the period.