Green Dot Corporation (NYSE:GDOT), today reported financial results for the fourth quarter ended December 31, 2013.
As previously guided by management, quarterly results reflected heavy investments made into several large scale growth initiatives, including new distribution. Despite this, for the fourth quarter of 2013, Green Dot reported accelerated growth of 5% year-over-year in non-GAAP total operating revenues1 to $144.9 million and non-GAAP diluted earnings per share1 of $0.18. GAAP results for the fourth quarter were $142.3 million in total operating revenues and $0.02 in diluted earnings per share.
Net cash provided by operating activities for the year was $121.3 million, a 19% increase versus the comparable period last year.
“We ended 2013 with both non-GAAP revenues and adjusted EBITDA 11% higher than the midpoint of our original guidance at the beginning of the year. Despite perhaps the most challenging year in our company’s history, we’re pleased to have delivered our twelfth straight year of revenue growth. In fact, Green Dot has grown non-GAAP revenues by 82% and generated cash from operations of nearly $346 million since our IPO just three and a half years ago. Our performance in this quarter and over many years exemplifies the consumer value proposition of our products and the strength of the Green Dot brand. Additionally, we are upbeat about our prospects for growth in 2014 given the previously announced large scale distribution expansion for our Green Dot family of brands, the new product initiatives at Walmart and our growing presence in the Financial Service Center channel. Given all of this, we are excited about our company’s future opportunities,” said Green Dot Chairman and Chief Executive Officer, Steve Streit.
GAAP financial results for the fourth quarter of 2013 compared to the fourth quarter of 2012:
Total operating revenues on a generally accepted accounting principles (GAAP) basis increased 4% to $142.3 million for the fourth quarter of 2013 from $137.3 million for the fourth quarter of 2012
- GAAP net income was $1.0 million for the fourth quarter of 2013 versus $10.4 million for the fourth quarter of 2012
- GAAP basic and diluted earnings per common share were both $0.02 for the fourth quarter of 2013 versus $0.24 in each case for the fourth quarter of 2012
- GAAP results include an impairment charge of $3.4 million ($2.5 million net of tax) for a write-down of capitalized internal-use software
- Non-GAAP financial results for the fourth quarter of 2013 compared to the fourth quarter of 2012:
- Non-GAAP total operating revenues1 increased 5% to $144.9 million for the fourth quarter of 2013 from $138.6 million for the fourth quarter of 2012
- Non-GAAP net income was $8.3 million for the fourth quarter of 2013 versus $13.7 million for the fourth quarter of 2012
- Non-GAAP diluted earnings per share was $0.18 for the fourth quarter of 2013 versus $0.31 for the fourth quarter of 2012
- EBITDA plus employee stock-based compensation expense and stock-based retailer incentive compensation expense (adjusted EBITDA1) was $17.6 million for the fourth quarter of 2013 versus $25.0 million for the fourth quarter of 2012
Details at: http://ir.greendot.com/phoenix.zhtml?c=235286&p=irol-newsArticle&ID=1895456&highlight=
Source: Green Dot