Pasadena-Based Green Dot Posts Fourth Quarter Surge

Published : Thursday, February 21, 2019 | 4:47 PM

Pasadena-based Green Dot Corporation reported strong financial results for the fourth quarter of 2018, earning total operating revenues of $237.8 million.

“Green Dot’s products and platform model generated strong consolidated organic growth in [the fourth quarter] which capped another truly amazing year of double-digit top and bottom line growth for our company,” said Green Dot Founder and Chief Executive Officer Steve Streit in a statement.

The company posted generally accepted accounting principles (GAA) net income of $14.3 million, and GAAP diluted earnings per common share of $0.26. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) finished at $43.9 million, with a non-GAAP diluted earnings per common share of $0.56.

“Both in the quarter and the full year, Green Dot succeeded in growing topline revenue, adjusted EBITDA and non-GAAP earnings per common share, all well in excess of original guidance, and once again expanded both fourth quarter and full year operating and adjusted EBITDA margins, despite the continued material investments we’ve made in our operating platform and our future innovations roadmap.”

Streit added that Green Dot’s long-term strategy is to create a unique, sustainable and highly valuable financial technology (fintech) ecosystem that fuels company innovation and that of its many business partners.

Green Dot’s total GAAP operating revenues for the quarter were up by 12 percent, from $213.0 million for the fourth quarter of 2017, the statement said. GAAP net income increased 17 percent, from $12.2 million for the fourth quarter of 2017.

Its GAAP diluted earnings per common share went up from $0.23 for the fourth quarter of 2017, representing a year-over-year increase of 13 percent.

Green Dot’s wholly-owned commercial bank charter, its “Banking as a Service” platform, is used by a growing list of consumer and technology companies to design their own banking solutions to customers and partners.

The company uses the same integrated technology and banking platform to design and deploy its own leading collection of banking and financial services products directly to consumers through one of the largest retail banking distribution platforms in America.

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