Green Dot Corporation

Hello and welcome to the Green Dot Corp First Quarter 2024 conference call. All participants will be in a listen-only mode. Should you need any assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Mr. Tim Willey, Senior Vice President, Finance. Please go ahead.

Thank you, Anne. Good afternoon, everyone. Today, we are discussing Green Dot's first quarter 2024 financial and operating results. Following our remarks, we'll open the call for your questions. Our most recent earnings release that accompanies this call and webcast can be found at ir.greendot.com. As a reminder, our comments may include forward-looking statements and expectations regarding future results and performance. Please refer to the cautionary language in the earnings release and in Green Dot's filings with the Securities and Exchange Commission, including our most recent Form 10-K and 10-Q, for additional information concerning factors that could cause actual results to differ materially from the forward-looking statements. During the call, we will refer to our financial measures that do not conform with generally accepted accounting principles. For the sake of clarity, unless otherwise noted, all numbers we talk about today will be on a non-GAAP basis. Information may be calculated differently than similar non-GAAP data presented by other companies. Quantitative reconciliation of our non-GAAP financial information to the directly comparable GAAP financial information appears in today's press release. The content of this call is property of the Green Dot Corporation and is subject to copyright protection. Now, I'd like to turn the call over to George.

Good afternoon, and thank you for joining our first quarter earnings call. I'd like to start by making some brief comments on our progress during the quarter before turning it over to Jess for a more detailed financial discussion. I will then make some closing comments, and we will open it up to your questions. First, there are no material developments to report since our fourth quarter earnings release regarding the proposed consent order received from the Federal Reserve Board. As we have previously disclosed, the matters addressed in the proposed consent order relate to activities and practices that commenced prior to the company's CEO transition in 2020. As I have mentioned many times, as an organization, risk management and compliance remain a top priority and we continue making significant investments in our control functions to ensure that our business activities are performed in a safe and sound manner and in compliance with all applicable laws and regulations. We strive to be recognized as an industry leader in risk management and compliance, which in time, I believe, will be a competitive advantage. Turning to the quarter, we are off to a solid start for the year. While our results reflect ongoing headwinds from client deconversions a year ago, they were generally in line with our expectations for the quarter, and we continue to expect improved momentum in the second half of the year. I continue to see progress on key initiatives we've mentioned on previous calls that are critical to ensuring we maximize the value of our assets and differentiators. I would like to briefly touch on a couple of these initiatives before handing it over to Jess to discuss our results in more detail. First, we are focused on driving efficiency and higher returns on capital. The team continues building processes and infrastructure that will enable us to be a well-managed, efficient, and growth-focused organization. These efforts may be somewhat overshadowed by the expenses associated with our investments in regulatory and compliance improvements, but we are making progress in building a company that can utilize its scale to drive operating leverage, further efficiencies, and elevated returns. Second, we are focused on accelerating revenue growth and positioning the company for more steady and predictable revenue and earnings streams in the coming years. We expect improved momentum on this front as we move through 2024, and we are focused on ensuring our business grows on a sustainable basis at scale in 2025 and beyond. Our business development pipelines are solid and very encouraging. We signed over 300 new clients in our pay card division and four new partners in the Green Dot Network. And we just launched PLS, a new financial services center customer in our retail division. We continue to see a growing number of opportunities in various stages of discussion across all of our channels, which is quite exciting. The discussions we are having in terms of potential partners and the business models that are being discussed continues to drive my belief that we are still in the early stages of the embedded finance evolution. In conjunction with the activity and opportunity we are seeing, we are making investments across a variety of areas, namely the infrastructure to more efficiently launch new partners, expanding our capabilities and product offerings and money movement, and driving enhancements to our core product suite that will drive deeper engagement and monetization. Given our assets and capabilities, the possibilities are limitless. It's a very exciting time to be part of the embedded finance landscape. Now, I'll turn it over to Jeff to walk you through the financials. Jeff?