Revenue during the quarter grew 10.95 percent to $253 million from $228.02 million in the previous year period. Total expenses were 75.74 percent of quarterly revenues, down from 76.11 percent for the same period last year. This has led to an improvement of 36 basis points in operating margin to 24.26 percent.

Operating income for the quarter was $61.38 million, compared with $54.49 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $89.61 million compared with $78.29 million in the prior year period. At the same time, adjusted EBITDA margin improved 108 basis points in the quarter to 35.42 percent from 34.34 percent in the last year period.

Said Green Dot Founder and chief executive officer, Steve Streit, "Q1 was a fabulous quarter for Green Dot with outstanding and record-setting financial results. Our hard work and vision to build Green Dot into one of the country’s premier financial technology platforms is coming together and paying off. Today’s Green Dot is a diverse enterprise where six revenue divisions are working together to provide thrust to Green Dot’s consolidated top line growth, while our highly efficient, high-scale, proprietary technology platform enabled top line growth to fall to the bottom line at increasingly expansive margins."

For financial year 2017, Green Dot Corporation forecasts revenue to be in the range of $830 million to $845 million. The company projects net income to be in the range of $46.20 million to $49.10 million and expects adjusted net income to be in the range of $99.20 million to $102.10 million. It company expects diluted earnings per share to be in the range of $0.88 to $0.94 and expects diluted earnings per share to be in the range of $1.89 to $1.94 on adjusted basis.

For the second-quarter 2017, Green Dot Corporation forecasts revenue to be in the range of $207 million to $209 million. The company expects net income to be $10.40 million and forecasts adjusted net income to be $20.60 million. The company forecasts diluted earnings per share to be $0.20. On an adjusted basis, the company forecasts diluted earnings per share to be $0.40.

Operating cash flow improves significantly
Green Dot Corporation has generated cash of $94.86 million from operating activities during the quarter, up 33.05 percent or $23.56 million, when compared with the last year period.

The company has spent $135.92 million cash to meet investing activities during the quarter as against cash outgo of $25.28 million in the last year period.

Cash flow from financing activities was $94.23 million for the quarter as against cash outgo of $78.39 million in the last year period.

Cash and cash equivalents stood at $785.84 million as on Mar. 31, 2017, up 6.23 percent or $46.09 million from $739.75 million on Mar. 31, 2016.

Working capital turns negative
Working capital of Green Dot Corporation has turned negative to $85.20 million on Mar. 31, 2017 from positive $114.97 million on Mar. 31, 2016. Current ratio was at 0.92 as on Mar. 31, 2017, down from 1.13 on Mar. 31, 2016.

Days sales outstanding went down to 12 days for the quarter compared with 15 days for the same period last year.