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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________________________
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to
Commission file number 001-34819
https://cdn.kscope.io/ccd60a670467a8cf7f186bc45141589d-gdot-20220630_g1.jpg
(Exact name of Registrant as specified in its charter)

Delaware95-4766827
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)

114 W 7th Street, Suite 240
Austin,Texas78701(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 valueGDOTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ
There were 53,750,176 shares of Class A common stock outstanding, par value $0.001 per share as of July 31, 2022.



GREEN DOT CORPORATION
TABLE OF CONTENTS
 Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.



Table of Contents
PART I
ITEM 1. Financial Statements
GREEN DOT CORPORATION
CONSOLIDATED BALANCE SHEETS
June 30, 2022December 31, 2021
(unaudited)
Assets(In thousands, except par value)
Current assets:  
Unrestricted cash and cash equivalents$776,305 $1,322,319 
Restricted cash6,173 3,321 
Settlement assets498,061 320,377 
Accounts receivable, net67,380 80,401 
Prepaid expenses and other assets62,893 81,380 
Income tax receivable644 1,354 
Total current assets1,411,456 1,809,152 
Investment securities available-for-sale, at fair value2,391,350 2,115,501 
Loans to bank customers, net of allowance for loan losses of $10,204 and $5,555 as of June 30, 2022 and December 31, 2021, respectively
21,097 19,270 
Prepaid expenses and other assets199,792 136,400 
Property, equipment, and internal-use software, net138,645 135,341 
Operating lease right-of-use assets9,158 10,967 
Deferred expenses7,293 16,855 
Net deferred tax assets73,362 15,048 
Goodwill and intangible assets455,719 466,943 
Total assets$4,707,872 $4,725,477 
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accounts payable$87,140 $51,353 
Deposits3,376,004 3,286,889 
Obligations to customers182,507 124,221 
Settlement obligations15,017 15,682 
Amounts due to card issuing banks for overdrawn accounts396 513 
Other accrued liabilities97,800 128,294 
Operating lease liabilities4,540 6,918 
Deferred revenue15,096 28,903 
Income tax payable12,106 291 
Total current liabilities3,790,606 3,643,064 
Other accrued liabilities3,507 3,531 
Operating lease liabilities6,187 8,209 
Total liabilities3,800,300 3,654,804 
Commitments and contingencies (Note 17)
Stockholders’ equity:  
Class A common stock, $0.001 par value; 100,000 shares authorized as of June 30, 2022 and December 31, 2021; 53,740 and 54,868 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
54 55 
Additional paid-in capital376,902 401,055 
Retained earnings753,002 699,370 
Accumulated other comprehensive loss(222,386)(29,807)
Total stockholders’ equity907,572 1,070,673 
Total liabilities and stockholders’ equity$4,707,872 $4,725,477 
See notes to unaudited consolidated financial statements
1

Table of Contents
GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
 (In thousands, except per share data)
Operating revenues:
Card revenues and other fees$218,574 $197,937 $431,402 $383,949 
Cash processing revenues57,467 66,825 157,495 157,740 
Interchange revenues76,038 101,115 154,894 212,341 
Interest income, net10,690 3,496 19,595 8,829 
Total operating revenues362,769 369,373 763,386 762,859 
Operating expenses:
Sales and marketing expenses77,376 96,507 160,902 215,410 
Compensation and benefits expenses57,611 59,984 123,875 134,951 
Processing expenses112,388 94,316 224,480 191,985 
Other general and administrative expenses91,455 86,763 178,598 154,725 
Total operating expenses338,830 337,570 687,855 697,071 
Operating income23,939 31,803 75,531 65,788 
Interest expense, net29 38 116 75 
Other (expense) income, net(4,038)1,633 (4,808)547 
Income before income taxes19,872 33,398 70,607 66,260 
Income tax expense4,864 8,465 16,975 15,592 
Net income$15,008 $24,933 $53,632 $50,668 
Basic earnings per common share:$0.28 $0.46 $0.98 $0.93 
Diluted earnings per common share:$0.27 $0.45 $0.97 $0.91 
Basic weighted-average common shares issued and outstanding:53,928 54,005 54,240 53,829 
Diluted weighted-average common shares issued and outstanding:54,389 55,061 54,855 55,059 
See notes to unaudited consolidated financial statements
2

Table of Contents
GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(In thousands)
Net income$15,008 $24,933 $53,632 $50,668 
Other comprehensive (loss) income
Unrealized holding (loss) gains, net of tax(79,983)8,652 (192,579)(13,892)
Comprehensive (loss) income$(64,975)$33,585 $(138,947)$36,776 
See notes to unaudited consolidated financial statements
3

Table of Contents
GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(UNAUDITED)
Three Months Ended June 30, 2022
Class A Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Stockholders' Equity
SharesAmount
(In thousands)
Balance at March 31, 202254,293 $54 $388,299 $737,994 $(142,403)$983,944 
Common stock issued under stock plans, net of withholdings and related tax effects292 1 2,013   2,014 
Stock-based compensation  5,635   5,635 
Repurchases of Class A Common Stock(845)(1)(19,045)  (19,046)
Net income   15,008  15,008 
Other comprehensive loss    (79,983)(79,983)
Balance at June 30, 202253,740 $54 $376,902 $753,002 $(222,386)$907,572 

Three Months Ended June 30, 2021
Class A Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
SharesAmount
(In thousands)
Balance at March 31, 202154,389 $54 $364,926 $677,625 $(19,116)$1,023,489 
Common stock issued under stock plans, net of withholdings and related tax effects251 1 2,259 — — 2,260 
Stock-based compensation— — 8,366 — — 8,366 
Net income— — — 24,933 — 24,933 
Other comprehensive income— — — — 8,652 8,652 
Balance at June 30, 202154,640 $55 $375,551 $702,558 $(10,464)$1,067,700 
See notes to unaudited consolidated financial statements

4

Table of Contents
GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (CONTINUED)
(UNAUDITED)
Six Months Ended June 30, 2022
Class A Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Stockholders' Equity
SharesAmount
(In thousands)
Balance at December 31, 202154,868 $55 $401,055 $699,370 $(29,807)$1,070,673 
Common stock issued under stock plans, net of withholdings and related tax effects498 1 (602)  (601)
Stock-based compensation  20,493   20,493 
Repurchases of Class A Common Stock(1,626)(2)(44,044)  (44,046)
Net income   53,632  53,632 
Other comprehensive loss    (192,579)(192,579)
Balance at June 30, 202253,740 $54 $376,902 $753,002 $(222,386)$907,572 

Six Months Ended June 30, 2021
Class A Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
SharesAmount
(In thousands)
Balance at December 31, 202054,034 $54 $354,460 $651,890 $3,428 $1,009,832 
Common stock issued under stock plans, net of withholdings and related tax effects606 1 (4,512)— — (4,511)
Stock-based compensation— — 25,603 — — 25,603 
Net income— — — 50,668 — 50,668 
Other comprehensive loss— — — — (13,892)(13,892)
Balance at June 30, 202154,640 $55 $375,551 $702,558 $(10,464)$1,067,700 
See notes to unaudited consolidated financial statements
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GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Six Months Ended June 30,
 20222021
 (In thousands)
Operating activities  
Net income$53,632 $50,668 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization of property, equipment and internal-use software28,399 27,181 
Amortization of intangible assets12,181 13,887 
Provision for uncollectible overdrawn accounts from purchase transactions7,407 10,213 
Provision for loan losses18,452 10,143 
Stock-based compensation20,493 25,603 
Losses (earnings) in equity method investments6,647 (578)
Amortization of (discount) premium on available-for-sale investment securities(544)1,588 
Impairment of long-lived assets4,134  
Other(1,445)84 
Changes in operating assets and liabilities:
Accounts receivable, net5,614 (757)
Prepaid expenses and other assets15,809 6,330 
Deferred expenses9,562 9,644 
Accounts payable and other accrued liabilities12,046 (15,505)
Deferred revenue(14,192)(12,542)
Income tax receivable/payable11,968 (1,958)
Other, net(2,709)(4,545)
Net cash provided by operating activities187,454 119,456 
Investing activities  
Purchases of available-for-sale investment securities(694,358)(217,652)
Proceeds from maturities of available-for-sale securities165,635 72,666 
Proceeds from sales and calls of available-for-sale securities2,875 5,198 
Payments for acquisition of property and equipment(36,537)(23,826)
Net changes in loans(18,732)(16,487)
Investment in TailFin Labs, LLC(35,000)(35,000)
Purchases of other investments(31,934)(50,000)
Other investing activities(1,448)(599)
Net cash used in investing activities(649,499)(265,700)
Financing activities
Borrowings on revolving line of credit50,000  
Repayments on revolving line of credit(50,000) 
Proceeds from exercise of options and ESPP purchases3,415 5,230 
Taxes paid related to net share settlement of equity awards(4,016)(9,741)
Net changes in deposits85,240 125,539 
Net changes in settlement assets and obligations to customers(120,063)425,821 
Contingent consideration payments(1,647)(2,000)
Repurchase of Class A common stock(44,046) 
Net cash (used in) provided by financing activities(81,117)544,849 
Net (decrease) increase in unrestricted cash, cash equivalents and restricted cash(543,162)398,605 
Unrestricted cash, cash equivalents and restricted cash, beginning of period1,325,640 1,496,701 
Unrestricted cash, cash equivalents and restricted cash, end of period$782,478 $1,895,306 
Cash paid for interest$326 $274 
Cash paid for income taxes$4,086 $17,289 
Reconciliation of unrestricted cash, cash equivalents and restricted cash at end of period:
Unrestricted cash and cash equivalents$776,305 $1,891,100 
Restricted cash6,173 4,206 
Total unrestricted cash, cash equivalents and restricted cash, end of period$782,478 $1,895,306 
See notes to unaudited consolidated financial statements
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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1—Organization
Green Dot Corporation (“we,” “our,” or “us” refer to Green Dot Corporation and its consolidated subsidiaries) is a financial technology and registered bank holding company committed to giving all people the power to bank seamlessly, affordably, and with confidence. Our technology platform enables us to build products and features that address the most pressing financial challenges of consumers and businesses, transforming the way they manage and move money, and making financial empowerment more accessible for all. We offer a broad set of financial services to consumers and businesses including debit, checking, credit, prepaid, and payroll cards, as well as robust money processing services, such as tax refunds, cash deposits and disbursements.
We were incorporated in Delaware in 1999 and became a bank holding company under the Bank Holding Company Act and a member bank of the Federal Reserve System in December 2011.
Note 2—Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP. We consolidated our wholly-owned subsidiaries and eliminated all significant intercompany balances and transactions.
We have also prepared the accompanying unaudited consolidated financial statements in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X and, consequently, they do not include all of the annual disclosures required by GAAP. Reference is made to our Annual Report on Form 10-K for the year ended December 31, 2021 for additional disclosures, including a summary of our significant accounting policies. There have been no material changes to our significant accounting policies during the six months ended June 30, 2022, other than the adoption of the accounting pronouncements discussed herein. In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal and recurring items, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of June 30, 2022 and through the date of this report. The accounting estimates used in the preparation of our consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained, and as our operating environment changes. Actual results may differ from these estimates due to a variety of factors, including those identified under Part II, Item 1A. "Risk Factors" in this report.
Recent Accounting Pronouncements    
Recently adopted accounting pronouncements
In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies an issuer’s accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We adopted the provisions of ASU 2020-06 on January 1, 2022, the results of which did not have a material impact on our consolidated financial statements.
Note 3—Revenues
As discussed in Note 19 — Segment Information, we determine our operating segments based on how our chief operating decision maker manages our operations, makes operating decisions and evaluates operating performance. Within our segments, we believe that the nature, amount, timing and uncertainty of our revenue and cash flows and how they are affected by economic factors can be further illustrated based on the timing in which revenue for each of our products and services is recognized. Our products and services are offered only to customers within the United States.
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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
Note 3—Revenues (continued)
The following table disaggregates our revenues earned from external customers by each of our reportable segments:
Three Months Ended June 30, 2022
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$92,430 $42,467 $53,337 $188,234 
Transferred over time53,971 109,068 806 163,845 
Operating revenues (1)
$146,401 $151,535 $54,143 $352,079 
Three Months Ended June 30, 2021
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$113,924 $43,016 $64,715 $221,655 
Transferred over time62,506 80,412 1,304 144,222 
Operating revenues (1)
$176,430 $123,428 $66,019 $365,877 
Six Months Ended June 30, 2022
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$187,320 $83,690 $149,741 $420,751 
Transferred over time113,500 207,822 1,718 323,040 
Operating revenues (1)
$300,820 $291,512 $151,459 $743,791 
Six Months Ended June 30, 2021
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$226,576 $91,875 $153,835 $472,286 
Transferred over time128,532 150,661 2,551 281,744 
Operating revenues (1)
$355,108 $242,536 $156,386 $754,030 
(1)
Excludes net interest income, a component of total operating revenues, as it is outside the scope of ASC 606, Revenues. Also excludes the effects of intersegment revenues.
Revenues recognized at a point in time are comprised of interchange fees, ATM fees, overdraft protection fees, other similar cardholder transaction-based fees, and substantially all of our cash processing revenues. Revenues recognized over time consists of new card fees, monthly maintenance fees, revenue earned from gift cards and substantially all BaaS partner program management fees.
As presented on our consolidated balance sheets, we record deferred revenue for any upfront payments received in advance of our performance obligations being satisfied. These contract liabilities consist principally of unearned new card fees and monthly maintenance fees. We recognized approximately $9.0 million and $9.1 million in revenue for the three months ended June 30, 2022 and 2021, respectively, and $25.5 million and $26.6 million for the six months ended June 30, 2022 and 2021, respectively, that were included in deferred revenue at the beginning of the periods and did not recognize any revenue during these periods from performance obligations satisfied in previous periods. Substantially all of the deferred revenue balances at the beginning of the periods are recognized in the first half of each year. Changes in the deferred revenue balance are driven primarily by the amount of new card fees recognized during the period, and the degree to which these reductions to the deferred revenue balance are offset by the deferral of new card fees associated with cards sold during the period.
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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
Note 4—Investment Securities
Our available-for-sale investment securities were as follows:
Amortized costGross unrealized gainsGross unrealized lossesFair value
(In thousands)
June 30, 2022
Corporate bonds$10,000 $ $(726)$9,274 
Agency bond securities240,185  (35,777)204,408 
Agency mortgage-backed securities2,396,285 149 (249,534)2,146,900 
Municipal bonds30,251  (5,258)24,993 
Asset-backed securities5,766 11 (2)5,775 
Total investment securities$2,682,487 $160 $(291,297)$2,391,350 
December 31, 2021
Corporate bonds$10,000 $ $(27)$9,973 
Agency bond securities230,841  (9,245)221,596 
Agency mortgage-backed securities1,879,793 806 (32,268)1,848,331 
Municipal bonds28,135 288 (243)28,180 
Asset-backed securities7,326 99 (4)7,421 
Total investment securities$2,156,095 $1,193 $(41,787)$2,115,501 
As of June 30, 2022 and December 31, 2021, the gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows:
Less than 12 months12 months or moreTotal fair valueTotal unrealized loss
Fair valueUnrealized lossFair valueUnrealized loss
(In thousands)
June 30, 2022
Corporate bonds$9,274 $(726)$ $ $9,274 $(726)
Agency bond securities9,221 (123)195,188 (35,654)204,409 (35,777)
Agency mortgage-backed securities1,688,226 (181,315)440,726 (68,219)2,128,952 (249,534)
Municipal bonds24,993 (5,258)  24,993 (5,258)
Asset-backed securities  774 (2)774 (2)
Total investment securities$1,731,714 $(187,422)$636,688 $(103,875)$2,368,402 $(291,297)
December 31, 2021
Corporate bonds$9,973 $(27)$ $ $9,973 $(27)
Agency bond securities$52,865 $(2,128)$168,730 $(7,117)$221,595 $(9,245)
Agency mortgage-backed securities1,661,091 (27,899)106,510 (4,369)1,767,601 (32,268)
Municipal bonds9,678 (243)  9,678 (243)
Asset-backed securities2,358 (4)  2,358 (4)
Total investment securities$1,735,965 $(30,301)$275,240 $(11,486)$2,011,205 $(41,787)
Our investments generally consist of highly rated securities, substantially all of which are directly or indirectly backed by the U.S. federal government, as our investment policy restricts our investments to highly liquid, low credit risk assets. As such, we have not recorded any significant credit-related impairment losses during the three and six months ended June 30, 2022 or 2021 on our available-for-sale investment securities. Unrealized losses as of June 30, 2022 and December 31, 2021 are the result of recent fluctuations in interest rates as our investment portfolio is comprised predominantly of fixed rate securities. Substantially all of the underlying securities within our investment portfolio were in an unrealized loss position as of June 30, 2022 and December 31, 2021 due to the timing of our investment purchases, as a significant portion of our investments were purchased prior to recent increases in interest rates by the Federal Reserve.
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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)