Company: GDOT
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001386278-25-000076
Chunk: 114

Company: GREEN DOT CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 114
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 expense associated with shortfalls from stock-based compensation, a decrease of $4.7 million in tax expense due to nondeductible expenses and penalties discussed above, and a decrease of $1.6 million related to our bank owned life insurance surrender penalties we incurred in connection with the surrender and restructuring of our existing bank owned life insurance policies completed in 2024.

The "Other" category in our effective tax rate consists of a variety of permanent differences, none of which were individually significant.

39

Comparison of Consolidated Results for the Nine Months Ended September 30, 2025 and 2024

Operating Revenues

The following table presents a breakdown of our operating revenues among card revenues and other fees, cash processing revenues, interchange revenues and net interest income:

 Nine Months Ended September 30, 20252024Amount% of TotalOperating RevenuesAmount% of TotalOperating Revenues (In thousands, except percentages)Operating revenues:    Card revenues and other fees$1,150,240 73.8 %$878,002 69.2 %Cash processing revenues201,623 12.9 198,447 15.6 Interchange revenues140,215 9.1 148,950 11.8 Interest income, net65,798 4.2 43,453 3.4 Total operating revenues$1,557,876 100.0 %$1,268,852 100.0 %

Card Revenues and Other Fees — Card revenues and other fees totaled $1,150.2 million for the nine months ended September 30, 2025, an increase of $272.2 million, or 31%, from the comparable prior year period. This increase was driven principally by the same factors discussed above under “Comparison of Three-Month Periods Ended September 30, 2025 and 2024—Operating Revenues—Card Revenues and Other Fees." In addition, this net increase was further partially offset by lower breakage revenue on our gift card portfolio.

Cash Processing Revenues — Cash processing revenues totaled $201.6 million for the nine months ended September 30, 2025, an increase of $3.2 million, or 2%, from the comparable prior year period. In our Money Movement Services segment, our tax processing revenues increased from the expansion of our taxpayer advance program and a favorable mix-shift in the distribution channel in which tax refunds were generated, despite a 13% decline in