Green Dot Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Green Dot Corp. has filed its 2023 10-K report detailing financial performance and asset information for the fiscal year ending December 31, 2023.</b>

AI Summary

GREEN DOT CORP (GDOT) filed a Annual Report (10-K) with the SEC on February 29, 2024. Green Dot Corp. filed its 2023 Form 10-K on February 29, 2024, reporting for the fiscal year ending December 31, 2023. The filing covers financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for multiple fiscal years. Asset details including Building, Machinery and Equipment, and Software and Software Development Costs are provided as of December 31, 2023. The company's business address is listed as 114 W 7th Street, Suite 240, Austin, TX 78701, with a phone number of 626-765-2000.

Why It Matters

For investors and stakeholders tracking GREEN DOT CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Green Dot Corp.'s financial health and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess performance and make informed decisions. The detailed breakdown of revenues, assets, and equity components allows for a year-over-year comparison and analysis of the company's financial trajectory and stability.

Risk Assessment

Risk Level: medium — GREEN DOT CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. While it contains detailed financial information, it does not inherently signal immediate or extreme risk beyond what is typical for a publicly traded company.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Green Dot Corp.'s performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240229 — Filing Date (FILED AS OF DATE)
• 2023-01-01 — Fiscal Year Start (2023 FY)
• 2022-12-31 — Prior Year End (2022-12-31)

Key Players & Entities

• GREEN DOT CORP (company) — FILER
• 0001386278 (company) — CENTRAL INDEX KEY
• DE (company) — STATE OF INCORPORATION
• 114 W 7TH STREET SUITE 240 (company) — BUSINESS ADDRESS STREET 1
• AUSTIN (company) — BUSINESS ADDRESS CITY
• TX (company) — BUSINESS ADDRESS STATE
• 78701 (company) — BUSINESS ADDRESS ZIP
• 6267652000 (company) — BUSINESS PHONE

FAQ

Industry Context

Green Dot Corporation operates in the financial services sector, specifically focusing on prepaid debit cards and related financial technology services.

Regulatory Implications

The filing is a Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the detailed financial statements for revenue trends and profitability.
2. Examine the asset and liability sections for financial health indicators.
3. Review any disclosed risk factors for potential business challenges.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.001 — hich registered: Class A Common Stock, $0.001 par value GDOT New York Stock Exchange
• $10 billion — Green Dot Bank currently has less than $10 billion in total consolidated assets, Green Dot

Filing Documents

• gdot-20231231.htm (10-K) — 2592KB
• exb211-subsidiariesofgreen.htm (EX-21.1) — 8KB
• exb231-consentofindependen.htm (EX-23.1) — 2KB
• exb311-gdot12312023.htm (EX-31.1) — 11KB
• exb312-gdot12312023.htm (EX-31.2) — 11KB
• exb321-gdot12312023.htm (EX-32.1) — 6KB
• exb322-gdot12312023.htm (EX-32.2) — 6KB
• exb97-compensationrecovery.htm (EX-97) — 36KB
• gdot-20231231_g1.jpg (GRAPHIC) — 102KB
• gdot-20231231_g2.jpg (GRAPHIC) — 342KB
• 0001386278-24-000010.txt (&nbsp;) — 13665KB
• gdot-20231231.xsd (EX-101.SCH) — 65KB
• gdot-20231231_cal.xml (EX-101.CAL) — 125KB
• gdot-20231231_def.xml (EX-101.DEF) — 345KB
• gdot-20231231_lab.xml (EX-101.LAB) — 1035KB
• gdot-20231231_pre.xml (EX-101.PRE) — 665KB
• gdot-20231231_htm.xml (XML) — 2147KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 97 Item 9A.

Controls and Procedures

Controls and Procedures 97 Item 9B. Other Information 97 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 97 PART III. Item 10. Directors, Executive Officers and Corporate Governance 98 Item 11.

Executive Compensation

Executive Compensation 98 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 98 Item 13. Certain Relationships and Related Transactions, and Director Independence 98 Item 14. Principal Accounting Fees and Services 98 PART IV. Item 15. Exhibits, Financial Statement Schedules 99 Item 16. Form 10-K Summary 101 Signature 102

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, (the "Securities Act") and the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "endeavors," "strives," "may" and "assumes," variations of such words and similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are subject to risks, uncertainties, and assumptions that are difficult to predict, including inflation and interest rate trends and impacts and other macro-economic impacts on our business, results of operations and financial condition and governmental and our responses to such events, including those identified below, under "Part I, Item 1A. Risk Factors," and elsewhere herein. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. In this report, unless otherwise specified or the context otherwise requires, "Green Dot," "we," "us," and "our" refer to Green Dot Corporation and its consolidated subsidiaries, "Green Dot Bank" refe

Business

ITEM 1. Business Overview Founded in 1999, 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. As the regulated entity and issuing bank for the substantial majority of products and services we provide, whether our own or on behalf of our partners, we are directly accountable for all aspects of each program's integrity, inclusive of ensuring the program's compliance with all applicable banking regulations, state and federal law and our various internal governance policies and procedures, in addition to deploying enterprise-class risk management practices and procedures to ensure each program's initial and ongoing safety and soundness. Green Dot Bank is a wholly owned subsidiary of Green Dot Corporation and member of the Federal Deposit Insurance Corporation. Our Products and Services 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 movement services, such as tax refunds, cash deposits and disbursements. We offer several deposit account programs, including: Innovative consumer and small business checking account products that allow customers to acquire and manage their checking account entirely through a mobile application available on smartphone devices; Network-branded reloadable prepaid debit cards marketed under several leading consumer brand names; Network-branded gift cards (known as open-loop) that are sold at participating retail stores; and Secured credit programs designed to help pe

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View this 10-K filing on SEC EDGAR