Green Dot Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Fiscal Year 2014; Announces Impairment Charge for the Fourth Quarter Ended December 31, 2013
For the full year, the company reported total operating revenues of $573,621,000 against $546,285,000 a year ago. Operating income was $49,132,000 against $72,140,000 a year ago. Income before income taxes was $52,500,000 against $76,138,000 a year ago. Net income allocated to common stockholders was $28,680,000 or $0.76 per diluted common A and B shares against $39,618,000 or $1.07 per diluted common A and B shares a year ago. Net cash provided by operating activities was $121,344,000 against $102,028,000 for the same period last year. Payments for acquisition of property and equipment were $35,742,000 against $40,441,000 for the same period last year. Non-GAAP total operating revenue was $582,343,000 against $554,536,000 a year ago. Non-GAAP net income was $51,407,000 or $1.15 per diluted share against $60,233,000 or $1.37 per diluted share for the same period last year. Adjusted EBITDA was $103,016,000 against $111,256,000 for the same period last year.
The company provided earnings guidance for the fiscal 2014. The company expects non-GAAP total operating revenues of between $640 million and $650 million and operating revenues of between $629 million and $639 million. Net income is in the range of $38 to $41 million. Non GAAP net income is in the range of $55 to $58 million. Adjusted EBITDA is in the range of $114 to $118 million. GAAP diluted earnings per share is in the range of $1.00 to $1.08. Non GAAP diluted earnings per share is in the range of $1.22 to $1.28.
For the fourth quarter, the company announced an impairment charge of $3.4 million ($2.5 million net of tax) for a write-down of capitalized internal-use software.