What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-02-26 compared with 2020-03-02 · 7 added, 75 removed, 26 unchanged (76% of the section changed)

9 unchanged sentences

Any future determination to pay dividends on our Class A common stock, if permissible, will be at the discretion of our board of directors and will depend upon, among other factors, our financial condition, operating results, current and anticipated cash needs, plans for expansion and other factors that our board of directors may deem relevant.

Unregistered Sales of Equity Securities

The information required to be disclosed by paragraph (a) of Item 5 to Form 10-K has been included in a current report on Form 8-K and, therefore, is not furnished herein, pursuant to the last sentence in that paragraph.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Total Number of Shares Purchased

Average Price Paid Per Share

Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs

Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs

(In thousands)

October 1, 2019 to October 31, 2019

November 1, 2019 to November 30, 2019

December 1, 2019 to December 31, 2019

In May 2017, our Board of Directors authorized, subject to regulatory approval, expansion of our stock repurchase program by an additional $150 million.

2 unchanged sentences

We have an authorized $50 million remaining under our current stock repurchase program for any additional repurchases.

There was no repurchase activity during the three months ended December 31, 2019 .

There was no repurchase activity during the year ended December 31, 2020.

For the majority of restricted stock units (including performance-based restricted stock units) granted, the number of shares issued on the date the restricted stock units vest is net of shares withheld to meet applicable tax withholding requirements.

Although these withheld shares are not issued or considered common stock repurchases under our stock repurchase program and therefore are not included in the table above, they are treated as common stock repurchases in our financial statements as they reduce the number of shares that would have been issued upon vesting.

Although these withheld shares are not issued or considered common stock repurchases under our stock repurchase program, they are treated as common stock repurchases in our financial statements as they reduce the number of shares that would have been issued upon vesting.

Stock Performance Graph

4 unchanged sentences

Total Return to Shareholders (Includes reinvestment of dividends)

Company/ Index

Base Period 12/31/14

Company/ Index Base Period 12/31/15 2016 2017 2018 2019 2020

Green Dot Corporation $ 100 $ 143 $ 367 $ 484 $ 142 $ 340

Russell 2000 $ 100 $ 121 $ 139 $ 124 $ 155 $ 186

S&P Smallcap 600 $ 100 $ 127 $ 143 $ 131 $ 161 $ 179

1 unchanged sentence

Selected Financial Data

The following tables present selected historical financial data for our business.

This information should be read in conjunction with Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8.

Financial Statements and Supplementary Data of this report.

The selected consolidated financial data in this section is not intended to replace the financial statements and is qualified in its entirety by the consolidated financial statements and related notes.

We derived the statements of operations data for the years ended December 31, 2019 , 2018 , and 2017 , respectively, and the balance sheet data as of December 31, 2019 and 2018 from our audited consolidated financial statements included in Item 8 of this report.

We derived the statements of operations data for the years ended December 31, 2016 and 2015 , and balance sheet data as of December 31, 2017 , 2016 and 2015 , from our audited consolidated financial statements not included in this report.

Our historical results are not necessarily indicative of our results to be expected in any future period.

Year Ended December 31,

(In thousands, except per share data)

Consolidated Statements of Operations Data:

Operating revenues:

Card revenues and other fees

Processing and settlement service revenues

Interchange revenues

Interest income, net

Stock-based retailer incentive compensation(1)

Total operating revenues

Operating expenses:

Sales and marketing expenses

Compensation and benefits expenses(2)

Processing expenses

Other general and administrative expenses

Total operating expenses

Operating income

Interest expense, net

Income before income taxes

Income tax expense

Income attributable to preferred stock

Net income allocated to common stockholders

Basic earnings per common share:

Class A common stock

Basic weighted-average common shares issued and outstanding:

Class A common stock

Diluted earnings per common share:

Class A common stock

Diluted weighted-average common shares issued and outstanding:

Class A common stock

As of December 31,

(In thousands)

Consolidated Balance Sheet Data:

Cash, cash equivalents and restricted cash(3)

Investment securities, available-for-sale

Settlement assets(4)

Loans to bank customers

Obligations to customers(4)

Settlement obligations(4)

Short-term debt

Long-term debt

Total liabilities

Total stockholders' equity

Represents the recorded fair value of the shares for which our right to repurchase lapsed during the specified period pursuant to the terms of the agreement under which we issued 2,208,552 shares of our Class A common stock to Walmart.

Our right to repurchase these shares fully lapsed in May 2015.

Includes stock-based compensation expense of $29.6 million , $50.1 million , $40.7 million , $28.3 million , and $27.0 million for the years ended December 31, 2019 , 2018 , 2017 , 2016 and 2015 , respectively.

Includes $2.7 million , $0.5 million , $90.9 million , $12.1 million , and $5.8 million of restricted cash as of December 31, 2019 , 2018 , 2017 , 2016 , and 2015 , respectively.

Our retail distributors collect customer funds for purchases of new cards and reloads at the point of sale and then remit these funds directly to bank accounts established for the benefit of these customers by the banks that issue our cards.

Our retail distributors’ remittance of these funds takes an average of two business days.

Settlement assets represent the amounts due from our retail distributors and partners for customer funds collected at the point of sale that have not yet been received by our subsidiary bank.

Also included in this balance are payroll amounts funded in advance (up to two days early) to certain cardholders who are eligible to participate in our early direct deposit programs.

Obligations to customers represent customer funds collected from or to be remitted by our retail distributors for which the underlying products have not been activated.

Settlement obligations represent the customer funds received by our subsidiary bank that are due to third-party card issuing banks upon activation.

Pursuant to the amendments adopted to eliminate the requirements under Item 301 of Regulation S-K, we have omitted selected historical financial data for our business over the last five fiscal year periods.

Such financial data can be found under Item 8.

Financial Statements and Supplementary Data of this report or in prior years annual reports filed on Form 10-K with the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity