Green Dot Corporation

we are seeing there, including new business wins and key renewals. Jess will then discuss our financials in more detail. After Jess has finished discussing our financials, I will conclude with some final comments and observations before taking your questions. First, I would like to provide you with some context on why we decided to undergo the process of evaluating our strategic alternatives, which we announced in early March. The Board has an obligation and a fiduciary duty to ensure that we create and maximize value for the company's shareholders. It is something that boards do on a regular basis, whether it is known to the public or not. In the case of Green Dot, we firmly believe that we have unique and valuable assets and a strong management team. The company has a strategy that the board believes in, and there are some very good things happening that validate the strategy and its potential, as you will hear throughout this call. However, given market dynamics, the board and management team agreed that it makes sense to review the strategic alternatives to gain a better understanding of the company's inherent value and potential in the marketplace and to help ensure that we are delivering the highest value to our shareholders. That said, there is not much more to say at this time, but we will provide updates when appropriate. Now let me turn to the quarter. It was a strong quarter and start to the year. with results outpacing our internal expectations. Adjusted revenue was up 24%, while adjusted EBITDA was up 53%, and we saw growth in all three of our operating segments. The team remained focused on building a revenue engine, driving scale in our operations, and investing in our infrastructure to support our customers, while also ensuring we can manage growth across the enterprise as we execute on our strategic plans. We also continued strengthening our management team with the addition of Kim Olson as our chief risk officer. Kim brings a wealth of experience in building and effectively managing enterprise risk organization and has extensive experience across the financial services industry. As we begin seeing early signs of return to growth, it is imperative that we continue investing in the right people and infrastructure to manage risk and set the stage for sustainable growth and profitability. Kim and her team will be critical to that effort, and we are fortunate to have her on the team. While there was significant progress and success in the quarter, I believe the most notable were our new business wins, which Chris will discuss, as well as the recent extension of our longstanding agreement with Walmart. I am thrilled we've been able to renew and extend this longstanding partner who has been an important part of Green Dot's story for almost 20 years. We have been working diligently every day to work with Walmart to win the business, and we are grateful and proud that the value we've delivered is being recognized by this long-term extension. We look forward to working with Walmart in the coming years and continuing to find a way to deliver value for Walmart and their customers. Now let me turn it over to Chris to discuss the momentum we are seeing and some of our recent client wins and renewals. Chris?

Thank you, Bill, and good afternoon, everyone. As Bill highlighted, it was a solid start to the year as we continued building on the momentum of recent quarters and have begun to see signs of a return to growth. Over the last couple of years, I've discussed with you our efforts to develop strong, efficient business development capabilities that would be an engine for sustainable long-term revenue growth. we continue to see progress across the enterprise. Pipelines remain robust. In fact, year to date, we have signed in nearly the same amount of revenue as we did throughout all of 24. In addition to signing new business, we also renewed existing partners, with a recent highlight being the renewal of our Walmart distribution agreements. This was a strong quarter and an exciting start to 2025, and we expect these trends to continue with additional business wins and partner launches, which we look forward to updating you on in the coming months. Now, let me turn to some new business wins. As you may have seen earlier this week, Samsung announced the launch of the new Samsung Wallet features that are powered in part by ARK, Green Dot's comprehensive and configurable embedded finance platform. Through this partnership, Samsung's wallet, nearly 12 million U.S. users will have access to Tap to Transfer, a peer-to-peer tool enabling users to quickly transfer funds from Samsung Wallets to other digital wallets or contactless debit cards. As one of the world's largest and most well-known consumer electronics brands, we are thrilled that they have entrusted us to help deliver their product vision and look forward to building upon the relationship and leveraging the breadth of our embedded finance platform with Samsung. We are already collaborating and have identified additional features and functionality that can drive value for Samsung and their customers for years to come. Additionally, last week, we announced a new partnership with Crypto.com, a leading digital asset platform with 140 million global users. Crypto.com provides a platform to invest in digital currencies and deliver additional products and services. Crypto.com will leverage ARK, our embedded finance platform, as an on-ramp and off-ramp for customers' cash accounts, enabling them to easily fund accounts using U.S. dollars, either digitally or with cash at thousands of Green Dot Network cash access locations nationwide. Additionally, Crypto.com will launch a new interest-earning savings vault powered by ARK, with additional features and functionality planned for the future. Crypto.com is recognized as a technology leader that places extreme importance on the customer experience, both the ease of use and the security of their customer funds. We're very excited that they have chosen Green Dot and our ARK platform and look forward to launching later this year and building out and deepening our relationship in the future. Last, let's talk about renewal. Over the last two years, we've navigated countless renewals across our business with very high levels of success, renewing more than 60% of our non-GAAP revenue with multi-year extensions. This strength in renewals is further highlighted by the extension of multiple product and distribution programs with Walmart. This partnership dates back to 2006 and now extends to 2033. We will continue powering the Walmart money card and offering Green Dot products in Walmart. and they will remain a valued partner in the Green Dot Network. Over the last several years, we have worked diligently with the Walmart team to demonstrate our value as a partner, and we are thrilled to continue strengthening our long-term partnership. I think it's important to point out that these wins and renewals are an example of the progress we're making on an increasingly regular basis. The results of our organizational focus on developing meaningful relationships are that we can now talk regularly about new customer wins and the renewals of some of our largest customers. I think this dynamic clearly illustrates that we have made substantial progress in how we align the company to support our partners in our go-to-market strategy. This is not about luck. As Bill stated in his comments, for several years, the company has focused on a strategy of investing in areas that would position us for growth and success in the embedded finance market, and those investments are paying off. I would frame the drivers of our success across several themes. First is the development of our products and services. We have been more focused on investing in and developing capabilities that align with the future of embedded finance. We have a more robust platform with a unified set of products and services. Our new customer wins are a proof point that these investments and our vision are increasingly leading customers to view us as a valuable partner that can support their growth. Next is business development. Our business development organization continues to mature and we are getting better at ensuring that the marketplace understands and appreciates the breadth and depth of our capabilities. Important to our efforts has been the launch and expansion of our embedded finance platform brand, ARK, which has been well received and is resonating in the market. Third is to ensure that we are aligned with the right partners, specifically partners that turn to us for comprehensive and scalable products and features that will grow their customer base and revenues by leveraging our ARK platform. Additionally, we are focused on working with partners that place a high priority on compliance, risk management, and security, just as we do. Ultimately, we believe this results in stronger, lower-risk partnerships that can generate long-term, sustainable growth. Last, we are investing in infrastructure to support our growth. After several years of work and investment in our infrastructure, we are positioned to launch partners more quickly and efficiently and help them drive growth. and effectively manage our risk. We will continue to focus on improvements in our capabilities to launch new partners more efficiently, which is foundational to our growth strategy. Before handing it over to Jess, I would also like to highlight recent changes to the revenue organization. First, we appointed Crystal Bryant-Mentor, who previously led our money processing business, as the new general manager of our pay card division. Crystal has proven herself to be a strong results-driven leader, She was instrumental in repositioning money processing to focus on third-party partnerships and expanding our product capabilities. Since taking over money processing, she grew third-party transactions from less than 50% of our transactions to now accounting for over 70% of total transactions. And she was critical in building our partnership with Samsung. With Crystal now leading our pay card business, money processing has been moved under Renata Cain, our GM of Bass. Renata joined us a little over a year ago to run our Bass business, and she and the team have succeeded in building very strong pipeline, signing numerous new partners, and renewing several key relationships. Now with money processing and Bass, which are both powered by the ARC platform under Renata's leadership, I believe we will see further momentum, brand awareness, and growth for both businesses overall. In summary, we continue to build on our momentum, as the market is increasingly aware of our capabilities as an embedded finance platform and valued partner. With that, let me turn it over to Jess to discuss our first quarter results.

Jess? Thank you, Chris, and good afternoon, everyone.