Green Dot Corporation (GDOT) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Stockholders of Green Dot Corporation. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Bill Jacobs, Chairman of Green Dot Corporation. Mr. Jacobs, the floor is yours.

Thank you. Good afternoon. I'm Bill Jacobs, Chairman of the Board of Directors of Green Dot Corporation. Welcome to the 2020 Annual Meeting of Stockholders, which I will now call to order. Joining me today are the other members of Green Dot's Board of Directors. They are Ken Aldrich; Chris Brewster; Glinda Hodges; Raj Date; Nino Fanlo; Dan Henry, our CEO; Jeff Osher; Ellen Richey; and George Shaheen. Also in attendance today are representatives from Ernst & Young LLP, our independent public accounting firm. Jim Hunter of Computershare, our transfer agent, will act as the inspector of elections of this meeting and has executed an oath of the inspector of elections. The rules of procedures are posted on the virtual annual meeting website. Please review them. In order to conduct an orderly meeting and give all eligible shareholders and proxy holders an opportunity to participate, we ask that you adhere to these rules at all times. An opportunity will be provided to present questions during the question-and-answer session of the annual meeting. However, please note that you may submit questions at any time during this virtual annual meeting in the space provided on the virtual annual meeting screen. Please follow the instructions provided on the virtual annual meeting screen to submit questions. We intend to make every effort to answer all questions. However, if multiple questions are submitted on the same topic, we will summarize and respond collectively. I will now turn the meeting over to John Ricci, our General Counsel, who is acting as Secretary for the meeting. John?

Thank you, Bill. The Board fixed April 27, 2020, as the record date for determining stockholders entitled to notice of and to vote at this meeting. An affidavit has been given to the inspector of elections attesting to the fact that the notice of meeting, the proxy statement and the company's 2019 annual report to stockholders were mailed to all stockholders of record beginning April 29, 2020. As of the close of business on April 27, 2020, Green Dot had outstanding entitled to vote 52,905,013 shares of Class A common stock, each of which is entitled to 1 vote. Based on the tabulation of proxies already received from stockholders and to the best of our knowledge, there are present at this meeting a quorum for the transaction of business. The final report of the inspector of elections will include the votes, if any, of stockholders present and voting at the meeting. It is 1:04 p.m. and the polls are now open for voting. Any stockholders desiring to vote should do so at this time through the Internet using the virtual annual meeting website. We have 4 proposals from the company that stockholders are being asked to approve: first, to elect 10 nominees to the Board of Directors; second, to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2020; third, to vote on a nonbinding advisory resolution to approve executive compensation; and fourth, to approve the amendment and restatement of our 2010 equity incentive plan. Detailed information concerning these proposals is in the proxy statement sent or made available to Green Dot stockholders. We will now have a brief question-and-answer period on these proposals. If you have a question, please submit your question in the space provided on the virtual meeting screen and follow the instructions provided on the virtual meeting screen. The time allotted for questions and answers have expired. No questions received. Is there anyone else who wishes to vote at the virtual meeting and who has not yet submitted their vote? All votes should be submitted through the Internet using the virtual meeting website at this time because votes cannot be accepted after the polls are closed, which will happen momentarily. [Voting]

All votes being submitted. It is 1:06 p.m. and the polls are now closed. Based on information we have received from our inspector of elections, I will now announce the preliminary voting results for the meeting, which remain subject to the inspector of election's final report. Each of the nominees has been elected. Ernst & Young LLP has been ratified as Green Dot's independent registered public accounting firm for the year ending December 31, 2020. The nonbinding resolution on executive compensation has been approved. The amendment and restatement of the company's 2010 equity incentive plan has been approved. Final results of the vote will be recorded as stated in the minutes of this meeting and also filed with the Securities and Exchange Commission on a Form 8-K within 4 business days.

This concludes the formal business of the meeting. The 2020 annual meeting is now adjourned. I would like to thank you for attending today's virtual meeting. Goodbye.

This concludes the meeting. You may now disconnect.