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What were the key takeaways from Green Dot’s earnings call?

- **Revenue Growth**: 21% YoY revenue increase driven by B2B partnerships, despite EBITDA decline.
- **Strategic Shifts**: Exited Shanghai to focus on U.S. growth; launched 10+ new partnerships in Q3, including Crypto.com, Stripe, and DolFinTech.
- **Balance Sheet Optimization**: Interest income now key growth driver; BaaS deposits up 20% YoY with improving net yields.
- **Embedded Finance Momentum**: 94% of companies plan to increase embedded finance spending, with 76% investing in next 12 months.
- **Q&A Takeaways**: 6-8 month implementation timeline for new partnerships; Workday and Stripe integrations target 1M+ employees and SMB cash deposits.


**CEO Summary Section**
- **Revenue Growth**: Adjusted revenue up 21% YoY, driven by B2B segment and interest income, despite a 17% decline in adjusted EBITDA due to consumer channel challenges.
- **Strategic Initiatives**: Ceased Shanghai operations to optimize risk and focus on U.S. growth; launched partnerships with Crypto.com, Stripe, and DolFinTech, with a pipeline of new BaaS and Money Processing launches.
- **Balance Sheet Optimization**: Growing deposits in BaaS and improving net yields on balance sheet; interest income now a key growth driver.
- **Embedded Finance Momentum**: 94% of surveyed companies plan to increase embedded finance spending, with 76% expecting to invest in next 12 months.

**CFO Financial Commentary**
- **Q3 2025 Results**: Non-GAAP revenue $210M (21% YoY), adjusted EBITDA $42M (down 17% YoY) due to consumer channel decline, but better than internal projections.
- **Segment Performance**: B2B segment revenue +30% YoY, driven by BaaS partnerships; Money Movement segment margin +300bps, Tax Processing revenue up YoY.
- **2025 Guidance Update**: Revenue $2.0B-$2.1B, adjusted EBITDA $165M-$175M (up from $160M-$170M), non-GAAP EPS $1.31-$1.44.
- **Cost Management**: Exited Shanghai operations to reduce expenses; 2025 capex <1% of revenue.

**Q&A Highlights**
- **Market Drivers**: Embedded finance adoption driven by companies seeking to deepen customer relationships and monetize ecosystems (e.g., 94% of surveyed firms plan to increase spending).
- **Revenue Timeline**: New signings typically launch in 6-8 months, with revenue ramp over 12-18 months; Project 30 aims to reduce implementation time to 30 days.
- **Partnership Impact**: Workday EWA integration enables access to 1M+ employees; Stripe partnership targets SMB cash deposit market with 50,000+ Green Dot locations.
- **Balance Sheet Growth**: BaaS deposits up 20% YoY, with focus on improving net yield on $1.5B+ balance sheet.


Green Dot Corporation (GDOT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GDOT

GDOT fundamentals

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