Company: GDOT
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001386278-25-000009
Chunk: 89

Company: GREEN DOT CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 7
Chunk 89
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4 from the comparable prior year period, principally due to higher processing expenses with the growth of certain BaaS account programs, as well as higher third-party call center support costs as a result of an increase in gross dollar volume and the number of active accounts. As a result of these factors, our segment profit for the year ended December 31, 2024 increased by approximately 19% from the prior year comparable period. This segment also experienced margin compression because certain BaaS partnerships were structured based on a fixed profit and therefore, our segment profit for certain arrangements will not scale with revenue growth.

44

Money Movement Services

The results of operations and key metrics of our Money Movement Services segment for the years ended December 31, 2024 and 2023 were as follows:

Year Ended December 31,20242023Change%(In thousands, except percentages)Financial ResultsSegment revenues$217,657 $209,674 $7,983 3.8 %Segment expenses95,075 96,498 (1,423)(1.5)%Segment profit$122,582 $113,176 $9,406 8.3 %Key Metrics(In millions, except percentages)Number of cash transfers32.28 33.86 (1.58)(4.7)%Number of tax refunds processed13.82 14.14 (0.32)(2.3)%

As additional supplemental information, our key metrics within our Money Movement Services segment is presented on a quarterly basis as follows:

20242023Q4Q3Q2Q1Q4Q3Q2Q1(In millions)Key MetricsNumber of cash transfers8.14 8.22 8.15 7.77 8.19 8.31 8.66 8.70 Number of tax refunds processed0.15 0.19 4.20 9.28 0.16 0.20 3.87 9.91 

Segment revenues within our Money Movement services for the year ended December 31, 2024 increased $8.0 million, or 4%, from the comparable prior year period, and segment expenses for the year ended December 31, 2024 decreased $1.4 million, or 1%.

The increase in segment revenues for the year ended December 31, 2024 was driven primarily by an increase in our tax processing revenues, partially offset by a decrease in cash transfer revenues. Although