Green Dot Corp (GDOT) Q1 2021 Earnings Telephone Call Transcript


  • Prepared Remarks
  • Issues and Answers
  • Contact Participants

Prepared Remarks:

Thank you so much, and great afternoon, every person. Nowadays, we have been discussing Green mark’s earliest one-fourth 2021 monetary and functioning outcomes. Soon after remarks, we’re going to open the decision for inquiries. Our very own most recent profits production that accompanies this name and webcast are found at ir.greendot.

As an indication, our very own reviews can include forward-looking comments and expectations relating to potential outcome and gratification. Be sure to refer to the cautionary words in income release plus Green Dot’s filings utilizing the Securities and change Commission, like the newest Form 10-K and 10-Q, for additional info concerning issue that could result in genuine brings about vary materially from forward-looking comments.

During name, we’re going to make reference to our very own economic measures that do not adapt with normally acknowledged bookkeeping axioms. With regard to quality, unless if not noted, all data we explore today shall be on a non-GAAP grounds. Facts could be calculated in a different way than close non-GAAP facts recommended by other companies. Quantitative reconciliation of our non-GAAP financial details on the immediately equivalent GAAP economic information appears in today’s press release. The content of this label is home from the Green.corporation and is susceptible to copyright security.

Greetings, all, and thank you for signing up for all of us. We’re pleased to mention a stronger first quarter of 2021 with money well ahead of the recommendations given in March, actually inspite of the well-documented change in income tax quantities from the very first to next one-fourth. The one-fourth, we provided $380 million of non-GAAP revenue, modified EBITDA of $73 million, and non-GAAP EPS of $0.83. Even as we communicated finally quarter, we want to reinvest outperformance back in increases initiatives, in fact it is whatever you performed with profits upside in Q1.

Before leaping inside listings, i do want to talk about some vital variations we’re generating to your segment reporting and exactly why our company is doing it. Starting this quarter, the first quarter of 2021, we will break down our numbers into three key segments: first will be our Consumer segment, which includes Green Dot’s retail and direct businesses; second, our Business-to-Business segment, including BaaS, or banking platform services, and our Employer business branded as Rapid; and third, our Money Movement segment, which includes our tax processing business and our money processing network, also known as Green Dot Network.

Our very own function in creating this shift will be deliver deeper clearness about what’s travel abilities and essential efforts across our very own specific people in order to let dealers better value our very own long-lasting technique and areas of financial investment advancing.

We will provide best quality on our crucial metrics of active profile and drive deposit account in different portions. This is exactly meant to give traders a deeper understanding of the development metrics we give attention to across all of our various contours of business. On the finally profits call, we stated 2021 is going to be a year of both increases and financial investment dedicated to creating a leaner, a lot more stable, growth-minded providers in the a long time. We plan to render strategic investments in advertising, men, and technology to grow all of our base of GO2bank people and decrease the as a whole difficulty of one’s enterprise, with all the purpose of creating big bottom-line growth in 2022 and steady working control in many years ahead.

Before moving up to Jess for an intense dive on our very payday now loans Warwick NY own economic results, allow me a few minutes to walk your through features from your three portions of customer, B2B, and Money fluctuations. Initial, the Consumer phase, like shopping and direct, are revealing good year-over-year profits increases. And merged, this part’s income enhanced 21percent in the first one-fourth. At the same time, sum ended up being upwards just 6percent in Q1 considering all of our aggressive advertising and marketing invest fueling GO2bank’s buyer exchange strategy. Our very own buyers part by yourself keeps more than four million productive account and close to one million drive deposit records. In the first quarter, active account increased by more than 10per cent year-on-year, and our very own drive deposit energetic records expanded by 9percent.


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