CA-based prepaid card specialist Green Dot reported flat revenues, a net loss and a drop in active cards for the fourth quarter (4Q/15). However, gross dollar volume (GDV) was up 5.8% year-on-year (YOY) and purchase dollar volume (PDV) increased 9.0% YOY for 4Q/15.
Gross revenues for the fourth quarter were $150.9 million, compared to $146.4 million for the prior quarter, and $150.6 million for the year ago quarter.
Net loss for 4Q/15 was $6.1 million, compared to a net loss of $0.8 million for 4Q/14. For 3Q/15 Green Dot posted a net profit of $0.2 million.
Green Dot’s GDV for 4Q/15 was $5.44 billion, compared to $5.04 billion for 3Q/15 and $5.14 billion for 4Q/14.
Green Dot’s PDV for 4Q/15 was $3.87 billion, compared to $3.68 billion for 3Q/15 and $3.55 billion for 4Q/14.
The number of active cards for the fourth quarter was 4.50 million, compared to 4.51 million for the prior quarter, and 4.72 million for the year ago quarter.
Green Dot noted it successfully completed the first wave of account conversions from its legacy TSYS processing platform to its new MasterCard PTS processing platform during 4Q/15.
Also during 4Q/15, Green DotGreen Dot entered into a multi-year agreement with OneMain Financial to provide an integrated prepaid card solution for the millions of customers who apply for and receive loans from OneMain’s network of 2,000 branches and through its online properties.
The AAFES, the Army and Airforce Exchange Service joined the list of Green Dot retail locations.
Kwik Trip, and their 516 locations bcame a new Green Dot retail distributor.
Additionally, Green Dot entered into agreements with four new Financial Service Center companies representing over 240 new check cashing stores nationwide selling Green Dot brand prepaid cards and reload services.
The Company also announced in 4Q/15 Green Dot Bank’s first lending product on a national scale will be the Green Dot Bank secured credit card.
Green Dot expects full year 2016 non-GAAP total operating revenues to be between $700 million and $705 million.
4Q/14: $150.6 million
1Q/15: $227.2 million
2Q/15: $170.2 million
3Q/15: $146.4 million
4Q/15: $150.9 million
4Q/14: ($0.8 million)
1Q/15: $40.8 million
2Q/15: $3.5 million
3Q/15: $0.2 million
4Q/15: ($6.1 million)
GROSS DOLLAR VOLUME
4Q/14: $5.14 billion
1Q/15: $6.35 billion
2Q/15: $5.18 billion
3Q/15: $5.04 billion
4Q/15: $5.44 billion
PURCHASE DOLLAR VOLUME
4Q/14: $3.55 billion
1Q/15: $4.68 billion
2Q/15: $3.83 billion
3Q/15: $3.68 billion
4Q/15: $3.87 billion
4Q/14: 4.72 million
1Q/15: 5.38 million
2Q/15: 4.80 million
3Q/15: 4.51 million
4Q/15: 4.50 million
Source: Green Dot
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