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Green Dot updates FY'16 outlook, provides Q2 guidance

Green DotCorp. updated its full-year 2016 outlook, now expecting non-GAAP total operating revenuesto be between $705 million and $710 million, versus its previous estimate ofbetween $700 million and $705 million.

Including unusual incremental launch expenses, the companynow anticipates adjusted EBITDA to be between $156 million and $160 million,versus its previous estimate of between $154 million and $158 million. AdjustedEBITDA should be between $167 million and $171 million, versus its previousestimate of between $165 million and $169 million, excluding unusualincremental launch expenses, according to a May 4 news release.

Including $11 million in unusual incremental launchexpenses, Green Dot now expects non-GAAP EPS for the full year to be between$1.39 and $1.44, versus its previous estimate of between $1.35 and $1.40.Non-GAAP EPS should be between $1.52 and $1.57, versus its previous estimate ofbetween $1.48 and $1.53, excluding $11 million in unusual incremental launchexpenses.

For the second quarter, the company anticipates non-GAAPtotal operating revenues to be about $168 million. Adjusted EBITDA should be$28 million and $36 million, including and excluding an estimated $8 million inunusual incremental launch expenses, respectively. The companyanticipates second-quarter non-GAAP EPS of approximately 21 cents and 31 cents,including and excluding an estimated $8 million in unusual incremental launchexpenses, respectively.

The S&P Capital IQ consensus normalized EPS estimate forthe second quarter is 34 cents, and $1.40 for full year 2016.

Green Dot reported first-quarter net income available tocommon stockholders of $31.9 million, or 63 cents per share, compared with$39.6 million, or 76 cents per share, a year earlier. Non-GAAP net income was$41.0 million, or 78 cents per share, compared with $45.9 million, or 86 centsper share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate forthe first quarter was 71 cents.