Green Dot Corporation (NYSE:GDOT) Q2 2023 Earnings Call Transcript

GO2bank is growing very nicely, doing very well as a product. And we’re very happy with our cost per funded accomplishments. And so we’re going to be steady as she goes. I expect at least in the near-term.

Joel Riechers: Great. Thank you. It’s super helpful. And then just in terms of BaaS contract restructuring, will the pass through revenue cause any long-term drag on EBIT margin, or do you guys think that’s something that could be addressed over time just through renegotiations?

Jess Unruh: I think at least in the near-term, it’ll continue to be a drag. It’s hard to say what any renegotiation or what the ultimate economics will shake out to be. So it’s hard to say what it’ll look like long-term, but at least in the near-term, it’ll continue to have some margin compression.

Joel Riechers: Thank you.

George Gresham: Thank you.

Operator: This concludes our question-and-answer session for today. I would now like to turn the conference back over to Mr. Gresham for any closing remarks.

George Gresham: Thank you, operator. Let me just say in closing and with all sincerity, I want to extend my heartfelt gratitude to our team members who work so hard to make the lives better for the consumers we serve, the partners we serve. We’ve had teams extraordinarily dedicated to the technology conversion we’ve made reference to today. And I just want to really thank them for their hard work and sacrifices and couldn’t be more pleased with our partnerships with Ceridian and POS and all of our other partners across the organization. And of course thank you to our investors for coming along with us on this ride as we turn this company in the right direction. Appreciate it so much. Thank you for your interest in Green Dot today, and we look forward to talking to you next time. Bye-bye.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.