What changed in this filing

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Item 1. Financial Statements

2025-11-10 compared with 2025-08-11 · 203 added, 151 removed, 770 unchanged (31% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Assets (In thousands, except par value)

9 unchanged sentences

Investment securities available-for-sale, at fair value 2,326,288 2,008,650

Loans to bank customers, net of allowance for credit losses of $ 22,406 and $ 17,542 as of June 30, 2025 and December 31, 2024, respectively

Loans to bank customers, net of allowance for credit losses of $ 21,988 and $ 17,542 as of September 30, 2025 and December 31, 2024, respectively

37,139 31,961

25 unchanged sentences

Class A common stock, $ 0.001 par value;

100,000 shares authorized as of June 30, 2025 and December 31, 2024;

55,388 and 54,227 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively

100,000 shares authorized as of September 30, 2025 and December 31, 2024;

55,421 and 54,227 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

Additional paid-in capital 421,866 408,010

6 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

11 unchanged sentences

Other general and administrative expenses 86,790 70,027 257,258 295,193

Restructuring and other charges 19,902 — 19,902 —

Total operating expenses 527,657 412,675 1,516,563 1,284,897

Operating income (loss) 13,399 ( 23,667 ) 74,144 ( 13,113 )

Operating (loss) income ( 32,831 ) ( 2,932 ) 41,313 ( 16,045 )

Interest expense, net 1,555 1,577 4,572 4,306

13 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND LOSS

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

8 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Class A Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity

1 unchanged sentence

(In thousands)

Balance at March 31, 2025 54,873 $ 55 $ 408,602 $ 769,375 $ ( 230,369 ) $ 947,663

Balance at June 30, 2025 55,388 $ 55 $ 416,767 $ 722,350 $ ( 218,290 ) $ 920,882

Common stock issued under stock plans, net of withholdings and related tax effects 33 1 ( 161 ) — — ( 160 )

2 unchanged sentences

Other comprehensive income — — — — 18,098 18,098

Balance at June 30, 2025 55,388 $ 55 $ 416,767 $ 722,350 $ ( 218,290 ) $ 920,882

Three Months Ended June 30, 2024

Balance at September 30, 2025 55,421 $ 56 $ 421,866 $ 691,559 $ ( 200,192 ) $ 913,289

Three Months Ended September 30, 2024

Class A Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity

1 unchanged sentence

(In thousands)

Balance at March 31, 2024 53,158 $ 53 $ 383,205 $ 775,054 $ ( 287,666 ) $ 870,646

Balance at June 30, 2024 53,707 $ 54 $ 392,810 $ 746,339 $ ( 269,252 ) $ 869,951

Common stock issued under stock plans, net of withholdings and related tax effects 44 — ( 228 ) — — ( 228 )

2 unchanged sentences

Other comprehensive income — — — — 62,175 62,175

Balance at June 30, 2024 53,707 $ 54 $ 392,810 $ 746,339 $ ( 269,252 ) $ 869,951

Balance at September 30, 2024 53,751 $ 54 $ 400,769 $ 738,499 $ ( 207,077 ) $ 932,245

See notes to unaudited consolidated financial statements

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (CONTINUED)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Class A Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity

6 unchanged sentences

Other comprehensive income — — — — 77,890 77,890

Balance at June 30, 2025 55,388 $ 55 $ 416,767 $ 722,350 $ ( 218,290 ) $ 920,882

Six Months Ended June 30, 2024

Balance at September 30, 2025 55,421 $ 56 $ 421,866 $ 691,559 $ ( 200,192 ) $ 913,289

Nine Months Ended September 30, 2024

Class A Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity

6 unchanged sentences

Other comprehensive income — — — — 79,910 79,910

Balance at June 30, 2024 53,707 $ 54 $ 392,810 $ 746,339 $ ( 269,252 ) $ 869,951

Balance at September 30, 2024 53,751 $ 54 $ 400,769 $ 738,499 $ ( 207,077 ) $ 932,245

See notes to unaudited consolidated financial statements

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

Nine Months Ended September 30,

(In thousands)

28 unchanged sentences

Investment in TailFin Labs, LLC — ( 35,000 )

Proceeds from other investments — 55,088

Other investing activities ( 2,019 ) ( 846 )

Net cash provided by investing activities 501,664 7,783

Net cash (used in) provided by investing activities ( 287,457 ) 85,818

Financing activities

31 unchanged sentences

Reference is made to our Annual Report on Form 10-K for the year ended December 31, 2024 for additional disclosures, including a summary of our significant accounting policies.

There have been no material changes to our previously disclosed significant accounting policies during the six months ended June 30, 2025.

There have been no material changes to our previously disclosed significant accounting policies during the nine months ended September 30, 2025 except as disclosed in Note 19 — Restructuring and Other Charges .

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.

2 unchanged sentences

accordingly, accounting estimates require the exercise of judgment.

These financial statements were prepared using information reasonably available as of June 30, 2025 and through the date of this report.

These financial statements were prepared using information reasonably available as of September 30, 2025 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.

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Accounting pronouncements not yet adopted

In September 2025, the FASB issued ASU 2025-06 " Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software," which amends the accounting for and disclosure of software costs.

The new guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted.

This updated standard is to be applied using a prospective, modified transition, or retrospective application.

We are currently evaluating the potential effect that the updated standard will have on our consolidated financial statement and disclosures.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 2—Summary of Significant Accounting Policies (continued)

In November 2024, the FASB issued ASU 2024-03 "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

1 unchanged sentence

The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

The requirements will be applied prospectively with the option for retrospective application.

This updated standard is to be applied prospectively with the option for retrospective application.

We are currently evaluating the potential effect that the updated standard will have on our consolidated financial statement disclosures.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 3— Revenues

3 unchanged sentences

The following tables disaggregate our revenues earned from external customers by each of our reportable segments:

Three Months Ended June 30, 2025

Consumer Services B2B Services Money Movement Services Total

Three Months Ended September 30, 2025

B2B Services Consumer Services Money Movement Services Total

Timing of recognition (In thousands)

3 unchanged sentences

$ 352,786 $ 86,377 $ 32,995 $ 472,158

Three Months Ended June 30, 2024

Consumer Services B2B Services Money Movement Services Total

Three Months Ended September 30, 2024

B2B Services Consumer Services Money Movement Services Total

Timing of recognition (In thousands)

3 unchanged sentences

$ 263,264 $ 95,576 $ 34,826 $ 393,666

Six Months Ended June 30, 2025

Consumer Services B2B Services Money Movement Services Total

Nine Months Ended September 30, 2025

B2B Services Consumer Services Money Movement Services Total

Timing of recognition (In thousands)

3 unchanged sentences

$ 1,021,171 $ 270,665 $ 200,242 $ 1,492,078

Six Months Ended June 30, 2024

Consumer Services B2B Services Money Movement Services Total

Nine Months Ended September 30, 2024

B2B Services Consumer Services Money Movement Services Total

Timing of recognition (In thousands)

5 unchanged sentences

Also excludes the effects of inter-segment revenues.

Revenues recognized at a point in time are comprised of interchange fees, ATM fees, overdraft protection fees, other similar accountholder 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 (as defined herein) partner program management service fees.

GREEN DOT CORPORATION

1 unchanged sentence

Note 3—Revenues (continued)

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 $ 0.5 million and $ 0.7 million in revenue for the three months ended June 30, 2025 and 2024, respectively, and $ 2.7 million and $ 3.6 million for the six months ended June 30, 2025 and 2024, respectively, that were included in deferred revenue at the beginning of the respective periods and did not recognize any revenue during these periods from performance obligations satisfied in previous periods.

We recognized approximately $ 0.1 million and $ 0.2 million in revenue for the three months ended September 30, 2025 and 2024, respectively, and $ 2.9 million and $ 3.7 million for the nine months ended September 30, 2025 and 2024, respectively, that were included in deferred revenue at the beginning of the respective 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 respective periods are recognized in the first half of each year.

4 unchanged sentences

(In thousands)

June 30, 2025

September 30, 2025

Agency bond securities $ 179,226 $ — $ ( 23,519 ) $ 155,707

9 unchanged sentences

Total investment securities $ 2,400,781 $ 3 $ ( 367,982 ) $ 2,032,802

As of June 30, 2025 and December 31, 2024, the gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows:

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 4—Investment Securities (continued)

As of September 30, 2025 and December 31, 2024, 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 months 12 months or more Total fair value Total unrealized loss

1 unchanged sentence

(In thousands)

June 30, 2025

September 30, 2025

Agency bond securities $ — $ — $ 155,707 $ ( 23,519 ) $ 155,707 $ ( 23,519 )

9 unchanged sentences

Total investment securities $ 15,311 $ ( 937 ) $ 2,016,530 $ ( 367,045 ) $ 2,031,841 $ ( 367,982 )

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 4—Investment Securities (continued)

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 credit-related impairment loss during the three and six months ended June 30, 2025 or 2024 on our available-for-sale investment securities.

Unrealized losses as of June 30, 2025 and December 31, 2024 are the result of increases in interest rates relative to when they were purchased 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, 2025 and December 31, 2024 due to the timing of our investment purchases, as a significant portion of our investments were purchased prior to increases in interest rates by the Federal Reserve, and general volatility in market conditions.

As such, we have not recorded any credit-related impairment loss during the three and nine months ended September 30, 2025 or 2024 on our available-for-sale investment securities.

Unrealized losses as of September 30, 2025 and December 31, 2024 are the result of increases in interest rates relative to when they were purchased 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 September 30, 2025 and December 31, 2024 due to the timing of our investment purchases, as a significant portion of our investments were purchased prior to increases in interest rates by the Federal Reserve, and general volatility in market conditions.

Except as disclosed below, we do not currently intend to sell our remaining investments, and we have determined that it is more likely than not that we will not be required to sell our investments before recovery of their amortized cost bases, which may be at maturity.

In April 2025, we sold certain available-for-sale securities in order to reposition the proceeds into higher yielding assets.

As a result, we recorded an estimated realized loss of $ 24.5 million during the three months ended March 31, 2025 because we no longer had the intent to hold the securities until recovery of their amortized cost bases as of the then balance sheet date.

Total losses recognized upon final settlement of the securities sold amounted to $ 24.8 million, and are reflected as a component of other expense, net on our consolidated statement of operations for the six months ended June 30, 2025.

As of June 30, 2025, the contractual maturities of our available-for-sale investment securities were as follows:

As a result, we recorded a realized loss of $ 24.8 million upon final settlement of the securities sold.

Realized losses are reflected as a component of other expense, net on our consolidated statement of operations for the nine months ended September 30, 2025.

As of September 30, 2025, the contractual maturities of our available-for-sale investment securities were as follows:

Amortized cost Fair value

6 unchanged sentences

The expected payments on mortgage-backed and asset-backed securities may not coincide with their contractual maturities because the issuers have the right to call or prepay certain obligations.

See Note 2 — Summary of Significant Accounting Policies.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 5— Accounts Receivable

Accounts receivable, net consisted of the following:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(In thousands)

10 unchanged sentences

Accounts receivable, net $ 145,822 $ 132,007

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 5—Accounts Receivable (continued)

Included within "other receivables" above is $ 40 million related to the settlement of a class-action lawsuit.

See Note 17—Commitments and Contingencies for further information.

Activity in the reserve for uncollectible overdrawn accounts from purchase transactions consisted of the following:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

4 unchanged sentences

Balance, end of period $ 1,268 $ 2,489 $ 1,268 $ 2,489

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 6— Loans to Bank Customers

2 unchanged sentences

(In thousands)

June 30, 2025

September 30, 2025

Residential $ — $ — $ — $ — $ 7,630 $ 7,630

19 unchanged sentences

These loan balances generally fluctuate over the first half of each year due to the seasonal nature of these advances.

A portion of our secured credit card portfolio is classified as loans held for sale.

These loans are included in the long-term portion of prepaid and other assets on our consolidated balance sheets.

Changes in valuation allowances are recorded as a component of other expense, net on our consolidated statement of operations.

As of June 30, 2025 and December 31, 2024, the fair value of the loans held for sale amounted to approximately $ 3.5 million and $ 3.8 million, respectively.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 6—Loans to Bank Customers (continued)

The portion of our secured credit card portfolio that was previously classified as loans held for sale was reclassified to loans to bank customers on our consolidated balance sheet as of September 30, 2025 based on changes in management's intention.

These secured card balances, which amounted to approximately $ 3.4 million upon transfer, were previously included in the long-term portion of prepaid and other assets.

As of December 31, 2024, the fair value of the loans held for sale amounted to approximately $ 3.8 million.

Nonperforming Loans

1 unchanged sentence

See Note 2 — Summary of Significant Accounting Policies to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information on the criteria for classification as nonperforming.

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(In thousands)

2 unchanged sentences

Total loans $ 2,046 $ 2,570

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 6—Loans to Bank Customers (continued)

Credit Quality Indicators

6 unchanged sentences

The table below presents the carrying value, gross of the related allowance for credit losses, of our loans within the primary credit quality indicators related to our loan portfolio:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Non-Classified Classified Non-Classified Classified

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Activity in the allowance for credit losses on our loan portfolio consisted of the following:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

5 unchanged sentences

Balance, end of period $ 21,988 $ 17,778 $ 21,988 $ 17,778

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 7— Equity Method Investments

7 unchanged sentences

The HLBV method calculates the proceeds that would be attributable to each partner in an investment based on the liquidation provisions of the agreement if the partnership was to be liquidated at book value as of the balance sheet date.

Each partner’s allocation of income or loss in the period is equal to the change in the amount of net equity they are legally able to claim based on a hypothetical liquidation of the entity at the end of a reporting period compared to the beginning of that period, adjusted for any capital transactions.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 7—Equity Method Investments (continued)

beginning of that period, adjusted for any capital transactions.

Based on the terms of the agreement and under the HLBV method, we are entitled to 20 % of any net profits, but assume 100 % of any net losses.

3 unchanged sentences

Any future economic benefits derived from products or services developed by TailFin will be negotiated on a case-by-case basis between the parties.

As of June 30, 2025 and December 31, 2024, our net investment in TailFin amounted to approximately $ 49.9 million and $ 128.4 million, respectively, and is included in the long-term portion of prepaid expenses and other assets on our consolidated balance sheets.

Under the HLBV method and based on the terms of the agreement, we recorded equity in losses attributable to TailFin of approximately $ 75.8 million and $ 4.8 million for the three months ended June 30, 2025 and 2024, respectively, and $ 78.5 million and $ 7.9 million for the six months ended June 30, 2025 and 2024, respectively.

Our equity in losses for the three and six months ended June 30, 2025 reflect the $ 70 million incentive payment described below.

As of September 30, 2025 and December 31, 2024, our net investment in TailFin amounted to approximately $ 46.7 million and $ 128.4 million, respectively, and is included in the long-term portion of prepaid expenses and other assets on our consolidated balance sheets.

Under the HLBV method and based on the terms of the agreement, we recorded equity in losses attributable to TailFin of approximately $ 3.2 million and $ 4.4 million for the three months ended September 30, 2025 and 2024, respectively, and $ 81.7 million and $ 12.3 million for the nine months ended September 30, 2025 and 2024, respectively.

Our equity in losses for the nine months ended September 30, 2025 reflect the $ 70 million incentive payment described below.

These amounts are recorded as a component of other expense, net on our consolidated statements of operations.

2 unchanged sentences

In consideration of the amended Agreements, we and the assignee of Walmart Inc.

and its subsidiary parties, RNBW Ventures Inc., (“RNBW”), agreed to cause TailFin to pay RNBW a one-time, non-refundable incentive payment in the amount of $ 70 million, which we recorded as a component of equity in losses attributable to TailFin during the three months ended June 30, 2025 under our HLBV method of accounting.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 7—Equity Method Investments (continued)

and its subsidiary parties, RNBW Ventures Inc., (“RNBW”), agreed to cause TailFin to pay RNBW a one-time, non-refundable incentive payment in the amount of $ 70 million, which we recorded as a component of equity in losses attributable to TailFin during the second quarter of 2025 under our HLBV method of accounting.

The following table presents summarized financial information of TailFin's statements of operations.

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

3 unchanged sentences

Compensation and professional services ( 1,356 ) ( 3,804 ) ( 7,220 ) ( 8,882 )

Other ( 100 ) — ( 100 ) —

Net loss ( 3,191 ) ( 4,424 ) ( 11,700 ) ( 12,339 )

5 unchanged sentences

Other equity method investments

Our equity method investments also include an investment held by our bank, which amounted to $ 3.1 million and $ 3.2 million, respectively, as of June 30, 2025 and December 31, 2024.

Equity in earnings from this investment for the three and six months ended June 30, 2025 and 2024 were not significant.

Our equity method investments also include an investment held by our bank, which amounted to $ 3.1 million and $ 3.2 million, respectively, as of September 30, 2025 and December 31, 2024.

Equity in earnings from this investment for the three and nine months ended September 30, 2025 and 2024 were not significant.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 8— Deposits

Deposits are categorized as non-interest bearing or interest-bearing deposit accounts as follows:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(In thousands)

9 unchanged sentences

The scheduled contractual maturities for total time deposits are presented in the table below:

June 30, 2025

September 30, 2025

(In thousands)

10 unchanged sentences

The principal amounts bear interest at a fixed rate of 8.75 % per annum, payable semi-annually in arrears.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 9—Debt (continued)

Prior to March 15, 2029, we may redeem at our option, the Notes in whole or in part at any time at a redemption price equal to 100 % of the outstanding principal amount to be redeemed, together with accrued but unpaid interest thereon, plus a make-whole amount.

2 unchanged sentences

The Notes are junior in right of payment to existing and future secured indebtedness.

As of June 30, 2025, we were in compliance with all affirmative and negative non-financial covenants thereunder.

As of September 30, 2025, we were in compliance with all affirmative and negative non-financial covenants thereunder.

The net proceeds of the offering were used to repay outstanding indebtedness under our revolving credit facility discussed below, and for general corporate purposes.

The following table provides the outstanding long-term debt balance, at amortized cost:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(In thousands)

2 unchanged sentences

Notes payable, net of unamortized discount and issuance costs $ 63,442 $ 48,526

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 9—Debt (continued)

2025 Revolving Facility

2 unchanged sentences

Interest payments are due monthly, and accrue based on the then-outstanding principal balance.

We had no outstanding balance as of June 30, 2025.

We had no outstanding balance as of September 30, 2025.

2019 Revolving Facility

2 unchanged sentences

In September 2024, the then-outstanding balance on the 2019 Revolving Facility was repaid in full, and the 2019 Revolving Facility terminated at its maturity date.

We incurred total cash interest expense on our debt of approximately $ 1.4 million and $ 1.2 million during the three months ended June 30, 2025 and 2024, respectively, and $ 2.7 million during each of the six months ended June 30, 2025 and 2024 .

We incurred total cash interest expense on our debt of approximately $ 1.4 million and $ 1.5 million during the three months ended September 30, 2025 and 2024, respectively, and $ 4.1 million and $ 4.2 million during the nine months ended September 30, 2025 and 2024, respectively.

Note 10— Income Taxes

Our income tax benefit for the six months ended June 30, 2025 and income tax expense for the six months ended June 30, 2024 differs from the amount computed by applying the statutory federal income tax rate to income before income taxes.

Our income tax benefit for the nine months ended September 30, 2025 and income tax expense for the nine months ended September 30, 2024 differs from the amount computed by applying the statutory federal income tax rate to income before income taxes.

The sources and tax effects of the differences are as follows:

Six Months Ended June 30,

Nine Months Ended September 30,

federal statutory tax rate 21.0 % 21.0 %

8 unchanged sentences

Global intangible low-tax income tax — ( 1.5 )

Change in valuation allowance ( 4.1 ) —

Other ( 0.1 ) ( 0.1 )

Effective tax rate 19.9 % ( 4.6 ) %

The effective tax rate for the nine months ended September 30, 2025 and 2024 differs from the statutory federal income tax rate of 21%, primarily due to state income taxes, net of federal tax benefits, general business credits, stock-based compensation, and the Internal Revenue Code (the "IRC") 162(m) limitation on the deductibility of executive compensation.

The net increase in the effective tax rate for the nine months ended September 30, 2025 from the prior year comparable period was due to several factors, including an increase of $ 0.8 million in the amount of compensation expense that was subject to the IRC 162(m) limitation on the deductibility of certain executive compensation, an increase of $ 2.6 million in the valuation allowance on the deferred tax assets of our China subsidiary, a lower tax rate benefit due to a decrease of $ 1.0 million in general business credits, and a lower tax rate benefit from the cash surrender value in bank-owned life insurance policies.

These increases were partially offset by a decrease of $ 1.2 million decrease in tax expense associated with shortfalls from stock-based compensation, a decrease of $ 0.9 million in state income taxes expense, net of federal benefits, a decrease of $ 9.7 million in tax expense from nondeductible expenses and penalties primarily related to the tax effect associated with the civil money penalty we incurred in 2024 for our Consent Order received from the Federal Reserve Board, and a decrease of $ 2.3 million related to bank-owned life insurance surrender penalties we incurred in connection with the surrender and restructuring of our existing bank-owned life insurance policies we completed in 2024.

GREEN DOT CORPORATION

1 unchanged sentence

Note 10—Income Taxes (continued)

The effective tax rate for the six months ended June 30, 2025 and 2024 differs from the statutory federal income tax rate of 21%, primarily due to state income taxes, net of federal tax benefits, general business credits, stock-based compensation, and the Internal Revenue Code (the "IRC") 162(m) limitation on the deductibility of executive compensation.

The net increase in the effective tax rate for the six months ended June 30, 2025 from the prior year comparable period was due to several factors, including an increase of $ 1.0 million in the amount of compensation expense that was subject to the IRC 162(m) limitation on the deductibility of certain executive compensation, a lower tax rate benefit due to a decrease of $ 0.6 million in general business credits, an increase of $ 0.9 million in state income taxes expense, net of federal benefits, and a lower tax rate benefit from the cash surrender value in bank-owned life insurance policies.

These increases were partially offset by a $ 0.8 million decrease in tax expense associated with shortfalls from stock-based compensation, a decrease of $ 14.5 million in tax expense from nondeductible expenses and penalties primarily related to the tax effect associated with the civil money penalty we incurred in 2024 for our Consent Order received from the Federal Reserve Board and a decrease of $ 0.7 million related to bank-owned life insurance surrender penalties we incurred in connection with the surrender and restructuring of our existing bank-owned life insurance policies we completed in 2024.

We have made a policy election to account for Global Intangible Low-Taxed Income ("GILTI") in the year the GILTI tax is incurred.

For the six months ended June 30, 2025 and 2024, the provision for GILTI tax expense was not material to our financial statements.

For the nine months ended September 30, 2025 and 2024, the provision for GILTI tax expense was not material to our financial statements.

On July 4, 2025, H.R.

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Department of the Treasury.

We are currently assessing the impact of these tax law changes on our effective tax rate and deferred tax assets in 2025 and future periods.

However, since the OBBBA was enacted subsequent to our balance sheet date, our tax provision for the three and six months ended June 30, 2025, does not incorporate the effects of these tax law changes.

We are currently evaluating the impact of these tax law changes on our effective tax rate and deferred tax assets in 2025 and future periods.

We will continue to monitor additional guidance as it becomes available and reflect the impact in future periods as appropriate.

We establish a valuation allowance when we consider it more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

As of June 30, 2025, we have a valuation allowance recorded against a portion of our unrealized loss on equity securities as we believe it is more-likely-than-not that the tax benefits related to this portion of the loss will not be realized.

As of June 30, 2024, we did no t have a valuation allowance on any of our deferred tax assets as we believed it was more-likely-than-not that we would realize the benefits of our deferred tax assets.

As of September 30, 2025, we have a valuation allowance recorded against a portion of our unrealized loss on equity securities as we believe it is more-likely-than-not that the tax benefits related to this portion of the loss will not be realized.

In addition, during the current period ended September 30, 2025, we recorded an increase in the valuation allowance related to the deferred tax assets of our China subsidiary.

As a result of our plan to exit our operational activities in China, we determined that it is no longer more-likely-than-not that its net operating loss carryforwards and other related tax attributes will be realized.

As of September 30, 2024, we did no t have a valuation allowance on any of our deferred tax assets as we believed it was more-likely-than-not that we would realize the benefits of our deferred tax assets.

We are subject to examination by the Internal Revenue Service (the "IRS"), and various state tax authorities.

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The IRS initiated an examination of our 2017 U.S.

federal tax return during the second quarter ended June 30, 2020, and the examination remains ongoing as of June 30, 2025.

We do not expect that this examination will have a material impact on our consolidated financial statements.

As of June 30, 2025, we had federal net operating loss carryforwards of approximately $ 11.1 million, state net operating loss carryforwards of approximately $ 120.1 million, and capital loss carryforwards of approximately $ 0.1 million which will be available to offset future income.

federal tax return during the second quarter ended June 30, 2020.

In October 2025, we reached a tentative settlement agreement with the IRS related to the examination of our 2017 U.S.

federal tax return.

As of the issuance of these financial statements, the IRS has not provided their formal settlement agreement, but we expect to receive it by December 31, 2025.

The net impact of the settlement agreement will be recognized in the fourth quarter of 2025 and we do not expect that this settlement will have a material impact on our consolidated financial statements.

As of September 30, 2025, we had federal net operating loss carryforwards of approximately $ 11.1 million, state net operating loss carryforwards of approximately $ 120.1 million, and capital loss carryforwards of approximately $ 0.1 million which will be available to offset future income.

If not used, the federal net operating losses will expire between 2030 and 2034.

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Note 10—Income Taxes (continued)

As of June 30, 2025 and December 31, 2024, we had a liability of $ 13.7 million and $ 12.5 million, respectively, for unrecognized tax benefits related to various federal and state income tax matters excluding interest, penalties and related tax benefits.

As of September 30, 2025 and December 31, 2024, we had a liability of $ 13.5 million and $ 12.5 million, respectively, for unrecognized tax benefits related to various federal and state income tax matters excluding interest, penalties and related tax benefits.

The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is as follows:

Six Months Ended June 30,

Nine Months Ended September 30,

(In thousands)

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The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate $ 12,922 $ 12,884

As of June 30, 2025 and 2024, we recognized accrued interest and penalties related to unrecognized tax benefits of approximately $ 2.0 million and $ 1.6 million, respectively.

As of September 30, 2025 and 2024, we recognized accrued interest and penalties related to unrecognized tax benefits of approximately $ 2.2 million and $ 1.8 million, respectively.

Note 11— Stockholders' Equity

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In February 2022, our Board of Directors authorized a $ 100 million increase to our stock repurchase program.

As of June 30, 2025, we had an authorized $ 4.5 million remaining under our stock repurchase program for additional repurchases.

There were no repurchases during the six months ended June 30, 2025.

As of September 30, 2025, we had an authorized $ 4.5 million remaining under our stock repurchase program for additional repurchases.

There were no repurchases during the nine months ended September 30, 2025.

Note 12— Stock-Based Compensation

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We have reserved shares of our Class A common stock for issuance under these plans.

The total stock-based compensation expense recognized was $ 5.7 million and $ 7.2 million for the three months ended June 30, 2025 and 2024, respectively, and $ 8.8 million and $ 15.9 million for the six months ended June 30, 2025 and 2024, respectively.

The total stock-based compensation expense recognized was $ 5.3 million and $ 8.2 million for the three months ended September 30, 2025 and 2024, respectively, and $ 14.0 million and $ 24.1 million for the nine months ended September 30, 2025 and 2024, respectively.

Restricted Stock Units

Restricted stock unit activity for awards subject to only service conditions was as follows for the six months ended June 30, 2025:

Restricted stock unit activity for awards subject to only service conditions was as follows for the nine months ended September 30, 2025:

Shares Weighted-Average Grant-Date Fair Value

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Restricted stock units canceled ( 485 ) 10.84

Outstanding at June 30, 2025

Outstanding at September 30, 2025

GREEN DOT CORPORATION

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Performance-Based Restricted Stock Units

Performance-based restricted stock unit activity for the six months ended June 30, 2025 was as follows:

Performance-based restricted stock unit activity for the nine months ended September 30, 2025 was as follows:

Shares Weighted-Average Grant-Date Fair Value

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Performance restricted stock units canceled ( 936 ) 12.58

Outstanding at June 30, 2025

Outstanding at September 30, 2025

We grant performance-based restricted stock units to certain employees that are subject to the attainment of pre-established internal performance conditions, market conditions, or a combination thereof (collectively referred to herein as "performance-based restricted stock units").

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The calculation of basic and diluted loss per share ("EPS") was as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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Diluted loss per Class A common share $ ( 0.56 ) $ ( 0.15 ) $ ( 0.95 ) $ ( 0.60 )

As a result of our net losses for the three and six months ended June 30, 2025 and 2024, the dilutive impacts of certain potential common shares were excluded from our dilutive weighted-average shares since their inclusion would have been anti-dilutive.

As a result of our net losses for the three and nine months ended September 30, 2025 and 2024, the dilutive impacts of certain potential common shares were excluded from our dilutive weighted-average shares since their inclusion would have been anti-dilutive.

For the periods presented, we also excluded certain restricted stock units and stock options outstanding, which could potentially dilute basic EPS in the future, from the computation of diluted EPS as their effect was anti-dilutive under the treasury stock method.

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The following table shows the weighted-average number of anti-dilutive shares excluded from the diluted EPS calculation:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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For more information regarding the fair value hierarchy and how we measure fair value, see Note 2–Summary of Significant Accounting Policies to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024.

As of June 30, 2025 and December 31, 2024, our assets carried at fair value on a recurring basis were as follows:

As of September 30, 2025 and December 31, 2024, our assets carried at fair value on a recurring basis were as follows:

Level 1 Level 2 Level 3 Total Fair Value

June 30, 2025 (In thousands)

September 30, 2025 (In thousands)

Investment securities:

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Asset-backed securities — 321,060 — 321,060

Loans held for sale — — 3,532 3,532

Total assets $ — $ 2,326,288 $ — $ 2,326,288

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Total assets $ — $ 2,032,802 $ 3,849 $ 2,036,651

We based the fair value of our fixed income securities held as of June 30, 2025 and December 31, 2024 on quoted prices in active markets for similar assets.

We had no transfers between Level 1, Level 2 or Level 3 assets or liabilities during the three and six months ended June 30, 2025 or 2024.

We based the fair value of our fixed income securities held as of September 30, 2025 and December 31, 2024 on quoted prices in active markets for similar assets.

We had no transfers between Level 1, Level 2 or Level 3 assets or liabilities during the three and nine months ended September 30, 2025 or 2024.

A reconciliation of changes in fair value for Level 3 assets or liabilities are not considered material to these consolidated financial statements and therefore are not presented for any of the periods presented.

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The fair value of the Notes is based on borrowing rates currently available to a market participant for loans with similar terms, maturity and credit risk.

The carrying amount of our outstanding Notes at June 30, 2025 approximates fair value because the interest rate charged is commensurate with current market rates for issuers of similar risk.

The carrying amount of our outstanding Notes at September 30, 2025 approximates fair value because the interest rate charged is commensurate with current market rates for issuers of similar risk.

The fair value of the Notes are classified as a Level 2 liability in the fair value hierarchy.

Fair Value of Financial Instruments

The carrying values and fair values of certain financial instruments that were not carried at fair value, excluding short-term financial instruments for which the carrying value approximates fair value, at June 30, 2025 and December 31, 2024 are presented in the table below.

June 30, 2025 December 31, 2024

The carrying values and fair values of certain financial instruments that were not carried at fair value, excluding short-term financial instruments for which the carrying value approximates fair value, at September 30, 2025 and December 31, 2024 are presented in the table below.

September 30, 2025 December 31, 2024

Carrying Value Fair Value Carrying Value Fair Value

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Currently, we do not enter into any financing lease agreements.

Our leases have remaining lease terms of approximately 2 years to 8 years, most of which generally include renewal options of varying terms.

Our total lease expense amounted to approximately $ 0.9 million for each of the three months ended June 30, 2025 and 2024, and $ 1.8 million for each of the six months ended June 30, 2025 and 2024.

Our leases have remaining lease terms of approximately less than 1 year to 7 years, some of which generally include renewal options of varying terms.

Our total lease expense amounted to approximately $ 0.7 million and $ 1.0 million for the three months ended September 30, 2025 and 2024, respectively, and $ 2.5 million and $ 2.8 million for the nine months ended September 30, 2025 and 2024, respectively.

Our lease expense is generally based on fixed payments stated within the agreements.

Any variable payments for non-lease components and other short term lease expenses are not considered material.

In line with our plan to exit our operational activities in China, we provided notice of early termination for our office facility lease to the lessor during the third quarter of 2025.

Consequently, both the operating lease right-of-use asset and the corresponding lease liability were remeasured based on the modified lease term and early termination conditions, which resulted in a reduction in these balances as of September 30, 2025.

Refer to Note 19—Restructuring and Other Charges for further information regarding our China subsidiary.

Additional Information

Additional information related to our right of use assets and related lease liabilities is as follows:

June 30, 2025

September 30, 2025

Cash paid for operating lease liabilities (in thousands) $ 2,064

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Weighted average discount rate 4.5 %

Maturities of our operating lease liabilities as of June 30, 2025 are as follows:

Maturities of our operating lease liabilities as of September 30, 2025 are as follows:

Operating Leases

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Nonetheless, given the inherent unpredictability of these matters, an adverse outcome could, from time to time, have a material adverse impact on our financial condition or results of operations.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 17—Commitments and Contingencies (continued)

Other Litigation and Claims

On December 18, 2019, an alleged class action entitled Koffsmon v.

Green Dot Corp., et al.

Green Dot Corp., et al., No.

19-cv-10701-DDP-E, was filed in the United States District Court for the Central District of California, against us and two of our former officers.

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Defendants filed a motion to dismiss the First Amended Complaint on May 31, 2022, and the motion was denied on March 29, 2024.

The trial on these claims is currently scheduled to begin in August 2026.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 17—Commitments and Contingencies (continued)

On September 18, 2025, the parties jointly filed a Notice of Settlement, and on October 17, 2025, plaintiffs filed a motion for preliminary approval of the settlement, which is scheduled to be heard on November 21, 2025.

Pursuant to the terms of the settlement (which are subject to final documentation and court approval), we expect to pay $ 40.0 million to the plaintiffs in resolution of all claims against us and our two former officers.

If the settlement is approved by the Court, the settlement amount will be funded from available insurance coverage and this amount, less fees and expenses, will be distributed to purchasers of our securities between May 9, 2018 and November 7, 2019 who file valid proofs of claim under procedures to be implemented by the Court.

The expected settlement amount has been recorded as of September 30, 2025 within the current portion of other accrued liabilities on our consolidated financial statements, with a corresponding insurance recovery recorded within accounts receivable, net.

On February 18, 2020, a putative shareholder derivative action entitled Hellman v.

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Due to the inherent uncertainties of litigation, we cannot accurately predict the ultimate outcome of these matters.

Given the uncertainty of litigation and the preliminary stage of these claims, we are currently unable to estimate the probability of the outcome of these actions or the range of reasonably possible losses, if any, or the impact on our results of operations, financial condition or cash flows, except as disclosed.

Given the uncertainty of litigation and the preliminary stage of the Hellman action, we are currently unable to estimate the probability of the outcome of these actions or the range of reasonably possible losses, if any, or the impact on our results of operations, financial condition or cash flows, except as disclosed.

Other Legal Matters

We monitor the laws of all 50 states to identify state laws or regulations that apply (or may apply) to our products and services.

We monitor federal laws and the laws of all 50 states to identify laws or regulations that apply (or may apply) to our products and services.

We have obtained money transmitter licenses (or similar such licenses) where applicable, based on advice of counsel or when we have been requested to do so.

If we were found to be in violation of any laws and regulations governing our business, which includes without limitation banking, money transmitters, electronic fund transfers, or money laundering in the United States or abroad, we could be subject to penalties or could be forced to change our business practices.

If we were found to be in violation of any laws and regulations governing our business, which includes without limitation banking, money transmitters, electronic fund transfers, escheatment, changes in accounting policies, or money laundering in the United States or abroad, we could be subject to penalties or could be forced to change our business practices.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 17—Commitments and Contingencies (continued)

From time to time, we enter into contracts containing provisions that contingently require us to indemnify various parties against claims from third parties.

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For additional information regarding overdrafts on accountholders’ balances, refer to Note 5 — Accounts Receivable.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 18— Significant Retailer and Partner Concentration

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Revenues derived from our products sold at retail distributors constituting at least 10% of our total operating revenues were as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Walmart 8 % 10 % 7 % 10 %

In addition, approximately 63 % and 54 % of our total operating revenues for the three months ended June 30, 2025 and 2024, respectively, and 59 % and 50 % for the six months ended June 30, 2025 and 2024, respectively, were generated from a single BaaS partner, but without a corresponding concentration to our gross profit for the respective periods.

In addition, approximately 67 % and 59 % of our total operating revenues for the three months ended September 30, 2025 and 2024, respectively, and 62 % and 53 % for the nine months ended September 30, 2025 and 2024, respectively, were generated from a single BaaS partner, but without a corresponding concentration to our gross profit for the respective periods.

Note 19— Restructuring and Other Charges

During the third quarter of 2025, we announced a plan to exit our operational activities in China by the end of 2025 as a means of reducing complexity and promoting long-term structural improvements for our business.

As a result of this transition, we recorded restructuring and other charges of approximately $ 19.9 million during the three months ended September 30, 2025.

These charges were primarily related to severance and employee benefits and other direct costs associated with the restructuring, including lease related termination costs.

Restructuring and other charges is comprised of the following components:

Three Months Ended September 30,

(In thousands)

Employee severance and benefits $ 17,947

Lease termination and related charges 1,603

Restructuring and other charges $ 19,902

We generally recognize employee severance costs when payments are probable and amounts are estimable or when notification occurs.

Costs related to contracts without future benefit or subject to termination are recognized at the earlier of the contract termination or cease-use date.

Other exit-related costs are recognized as incurred.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 19—Restructuring and Other Charges (continued)

Accruals for restructuring liabilities are included in the short term portion of other accrued liabilities on our consolidated balance sheet as of September 30, 2025.

The following table summarizes activity related to our consolidated balance sheet:

Employee Severance and Benefits Lease Termination and Related Charges Other Total Restructuring and Other Charges

(In thousands)

Balance at December 31, 2024

$ — $ — $ — $ —

Charges 17,947 1,603 352 19,902

Payments — ( 197 ) — ( 197 )

Non-cash adjustments — ( 399 ) ( 77 ) ( 476 )

Balance at September 30, 2025

$ 17,947 $ 1,007 $ 275 $ 19,229

Note 20— Segment Information

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Our operations are aggregated amongst three reportable segments:

1) Consumer Services, 2) Business to Business ("B2B") Services, and 3) Money Movement Services.

Our Consumer Services segment consists of revenues and expenses derived from deposit account programs, such as consumer checking accounts, prepaid cards, secured credit cards, and gift cards that we offer to consumers (i) through distribution arrangements with more than 95,000 retail locations and thousands of neighborhood Financial Service Center locations (the "Retail channel"), and (ii) directly through various marketing channels, such as online search engine optimization, online displays, direct mail campaigns, mobile advertising, and affiliate referral programs (the "Direct channel").

1) Business to Business ("B2B") Services, 2) Consumer Services, and 3) Money Movement Services.

Our B2B Services segment consists of revenues and expenses derived from (i) our partnerships with prominent consumer and technology companies that make our banking products and services available to their consumers, partners and workforce through integration with our banking platform (the "Banking-as-a-Service", or "BaaS channel"), and (ii) a comprehensive payroll platform that we offer to corporate enterprises (the "Employer channel") to facilitate payments for today’s workforce.

Our products and services in this segment include deposit account programs, such as consumer and small business checking accounts and prepaid cards, as well as our disbursement services utilized by our partners.

Our Money Movement Services segment consists of revenues and expenses generated on a per transaction basis from our services that specialize in facilitating the movement of cash on behalf of consumers and businesses, such as money processing services and tax refund processing services.

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We market our tax-related financial services through a network of tax preparation franchises, independent tax professionals and online tax preparation providers.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 19—Segment Information (continued)

Our Corporate and Other segment primarily consists of net interest income, certain other investment income earned by our bank, interest profit sharing arrangements with certain BaaS partners (a reduction of revenue), eliminations of inter-segment revenues and expenses, and unallocated corporate expenses, which include our fixed expenses such as salaries, wages and related benefits for our employees and certain third-party contractors, professional services fees, software licenses, telephone and communication costs, rent, utilities, and insurance.

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We do not evaluate performance or allocate resources based on segment asset data, and therefore such information is not presented.

GREEN DOT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 20—Segment Information (continued)

The following tables present key financial information for each of our reportable segments for the periods then ended:

Three Months Ended June 30, 2025

Consumer Services B2B Services Money Movement Services Corporate and Other Total

Three Months Ended September 30, 2025

B2B Services Consumer Services Money Movement Services Corporate and Other Total

(In thousands)

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Segment profit $ 29,540 $ 31,718 $ 12,904 $ ( 50,591 ) $ 23,571

Three Months Ended June 30, 2024

Consumer Services B2B Services Money Movement Services Corporate and Other Total

Three Months Ended September 30, 2024

B2B Services Consumer Services Money Movement Services Corporate and Other Total

(In thousands)

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Note 20—Segment Information (continued)

Six Months Ended June 30, 2025

Consumer Services B2B Services Money Movement Services Corporate and Other Total

Nine Months Ended September 30, 2025

B2B Services Consumer Services Money Movement Services Corporate and Other Total

(In thousands)

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Segment profit $ 84,672 $ 98,444 $ 123,842 $ ( 147,403 ) $ 159,555

Six Months Ended June 30, 2024

Consumer Services B2B Services Money Movement Services Corporate and Other Total

Nine Months Ended September 30, 2024

B2B Services Consumer Services Money Movement Services Corporate and Other Total

(In thousands)

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The reconciliations of total segment revenues to total operating revenues are presented below:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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The reconciliations of segment profit to loss before incomes taxes are presented below:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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Legal settlement expenses 2,357 869 4,550 32,896

Restructuring and other charges 19,902 — 19,902 —

Other expense 6,244 1,441 14,162 7,710

Operating income (loss) 13,399 ( 23,667 ) 74,144 ( 13,113 )

Operating (loss) income ( 32,831 ) ( 2,932 ) 41,313 ( 16,045 )

Interest expense, net 1,555 1,577 4,572 4,306

2 unchanged sentences

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-Q

Item 1. Financial Statements