0001386278-21-000039 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Jul. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-34819
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4766827
Entity Address, Address Line One	3465 E. Foothill Blvd.
Entity Address, City or Town	Pasadena,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91107
City Area Code	(626)
Local Phone Number	765-2000
Title of 12(b) Security	Class A Common Stock, $0.001 par value
Trading Symbol	GDOT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		54,644,063
Entity Registrant Name	GREEN DOT CORP
Entity Central Index Key	0001386278
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Unrestricted cash and cash equivalents	$ 1,891,100	$ 1,491,842
Restricted cash	4,206	4,859
Settlement assets	384,200	782,262
Accounts receivable, net	58,299	67,755
Prepaid expenses and other assets	61,795	66,705
Income tax receivable	611	0
Total current assets	2,400,211	2,413,423
Investment securities available-for-sale, at fair value	1,090,513	970,969
Loans to bank customers, net of allowance for loan losses of $6,693 and $757 as of June 30, 2021 and December 31, 2020, respectively	27,355	21,011
Prepaid expenses and other assets	124,563	40,481
Property, equipment, and internal-use software, net	130,821	133,400
Operating lease right-of-use assets	12,024	13,134
Deferred expenses	8,688	18,332
Net deferred tax assets	17,499	12,739
Goodwill and intangible assets	476,890	491,778
Total assets	4,288,564	4,115,267
Current liabilities:
Accounts payable	39,032	34,823
Deposits	2,864,782	2,735,116
Obligations to customers	129,641	95,375
Settlement obligations	11,252	17,759
Amounts due to card issuing banks for overdrawn accounts	498	235
Other accrued liabilities	120,427	145,359
Operating lease liabilities	7,329	8,175
Deferred revenue	16,254	28,584
Income tax payable	10,795	12,146
Total current liabilities	3,200,010	3,077,572
Other accrued liabilities	2,333	4,275
Operating lease liabilities	11,329	16,396
Net deferred tax liabilities	7,192	7,192
Total liabilities	3,220,864	3,105,435
Commitments and contingencies (Note 17)
Stockholders’ equity:
Class A common stock, $0.001 par value; 100,000 shares authorized as of June 30, 2021 and December 31, 2020; 54,640 and 54,034 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	55	54
Additional paid-in capital	375,551	354,460
Retained earnings	702,558	651,890
Accumulated other comprehensive (loss) income	(10,464)	3,428
Total stockholders’ equity	1,067,700	1,009,832
Total liabilities and stockholders’ equity	$ 4,288,564	$ 4,115,267

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for loan losses	$ 6,693	$ 757
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	54,640,000	54,034,000
Common stock, shares outstanding (in shares)	54,640,000	54,034,000

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating revenues:
Operating revenues	$ 365,877	$ 314,101	$ 754,030	$ 669,427
Interest income, net	3,496	2,139	8,829	8,982
Total operating revenues	369,373	316,240	762,859	678,409
Operating expenses:
Sales and marketing expenses	96,507	106,811	215,410	223,549
Compensation and benefits expenses	59,984	58,867	134,951	111,932
Processing expenses	94,316	71,371	191,985	142,466
Other general and administrative expenses	86,763	73,801	154,725	136,223
Total operating expenses	337,570	310,850	697,071	614,170
Operating income	31,803	5,390	65,788	64,239
Interest expense, net	38	443	75	684
Other income, net	1,633	2,154	547	2,346
Income before income taxes	33,398	7,101	66,260	65,901
Income tax expense	8,465	3,807	15,592	15,762
Net income	$ 24,933	$ 3,294	$ 50,668	$ 50,139
Basic earnings per common share (in usd per share)	$ 0.46	$ 0.06	$ 0.93	$ 0.95
Diluted earnings per common share (in usd per share)	$ 0.45	$ 0.06	$ 0.91	$ 0.93
Basic weighted-average common shares issued and outstanding (in shares)	54,005	52,275	53,829	52,084
Diluted weighted-average common shares issued and outstanding (in shares)	55,061	53,164	55,059	52,913
Card revenues and other fees
Operating revenues:
Operating revenues	$ 197,937	$ 152,681	$ 383,949	$ 294,075
Cash processing revenues
Operating revenues:
Operating revenues	66,825	65,450	157,740	188,516
Interchange revenues
Operating revenues:
Operating revenues	$ 101,115	$ 95,970	$ 212,341	$ 186,836

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 24,933	$ 3,294	$ 50,668	$ 50,139
Other comprehensive income (loss)
Unrealized holding gain (loss), net of tax	8,652	(4,006)	(13,892)	151
Comprehensive income (loss)	$ 33,585	$ (712)	$ 36,776	$ 50,290

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Class A Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2019			51,807
Beginning balance at Dec. 31, 2019	$ 927,356	$ (281)	$ 52	$ 296,224	$ 629,040	$ (281)	$ 2,040
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans, net of withholdings and related tax effects (in shares)			515
Common stock issued under stock plans, net of withholdings and related tax effects	1,873			1,873
Stock-based compensation	24,987			24,987
Walmart restricted shares (in shares)			975
Walmart restricted shares	0		$ 1	(1)
Net income	50,139				50,139
Other comprehensive income (loss)	151						151
Ending balance (in shares) at Jun. 30, 2020			53,297
Ending balance at Jun. 30, 2020	1,004,225		$ 53	323,083	678,898		2,191
Beginning balance (in shares) at Mar. 31, 2020			52,854
Beginning balance at Mar. 31, 2020	988,005		$ 53	306,151	675,604		6,197
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans, net of withholdings and related tax effects (in shares)			443
Common stock issued under stock plans, net of withholdings and related tax effects	3,330			3,330
Stock-based compensation	13,602			13,602
Net income	3,294				3,294
Other comprehensive income (loss)	(4,006)						(4,006)
Ending balance (in shares) at Jun. 30, 2020			53,297
Ending balance at Jun. 30, 2020	1,004,225		$ 53	323,083	678,898		2,191
Beginning balance (in shares) at Dec. 31, 2020			54,034
Beginning balance at Dec. 31, 2020	$ 1,009,832		$ 54	354,460	651,890		3,428
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans, net of withholdings and related tax effects (in shares)	64		606
Common stock issued under stock plans, net of withholdings and related tax effects	$ (4,511)		$ 1	(4,512)
Stock-based compensation	25,603			25,603
Net income	50,668				50,668
Other comprehensive income (loss)	(13,892)						(13,892)
Ending balance (in shares) at Jun. 30, 2021			54,640
Ending balance at Jun. 30, 2021	1,067,700		$ 55	375,551	702,558		(10,464)
Beginning balance (in shares) at Mar. 31, 2021			54,389
Beginning balance at Mar. 31, 2021	1,023,489		$ 54	364,926	677,625		(19,116)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans, net of withholdings and related tax effects (in shares)			251
Common stock issued under stock plans, net of withholdings and related tax effects	2,260		$ 1	2,259
Stock-based compensation	8,366			8,366
Net income	24,933				24,933
Other comprehensive income (loss)	8,652						8,652
Ending balance (in shares) at Jun. 30, 2021			54,640
Ending balance at Jun. 30, 2021	$ 1,067,700		$ 55	$ 375,551	$ 702,558		$ (10,464)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income	$ 50,668	$ 50,139
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment and internal-use software	27,181	28,175
Amortization of intangible assets	13,887	14,231
Provision for uncollectible overdrawn accounts from purchase transactions	10,213	4,398
Provision for loan losses	10,143	254
Stock-based compensation	25,603	24,987
(Earnings) losses in equity method investments	(578)	2,716
Realized gain on sale of available-for-sale investment securities	0	(5,062)
Amortization of premium on available-for-sale investment securities	1,588	432
Amortization of deferred financing costs	84	84
Impairment of long-lived assets	0	1,088
Changes in operating assets and liabilities:
Accounts receivable, net	(757)	8,583
Prepaid expenses and other assets	6,330	9,285
Deferred expenses	9,644	9,981
Accounts payable and other accrued liabilities	(15,505)	13,665
Deferred revenue	(12,542)	(15,096)
Income tax receivable/payable	(1,958)	15,407
Other, net	(4,545)	(1,751)
Net cash provided by operating activities	119,456	161,516
Investing activities
Purchases of available-for-sale investment securities	(217,652)	(208,502)
Proceeds from maturities of available-for-sale securities	72,666	61,717
Proceeds from sales and calls of available-for-sale securities	5,198	187,668
Payments for acquisition of property and equipment	(23,826)	(31,395)
Net changes in loans	(16,487)	1,612
Investment in TailFin Labs, LLC	(35,000)	(35,000)
Purchase of bank-owned life insurance policies	(50,000)	0
Other	(599)	(832)
Net cash used in investing activities	(265,700)	(24,732)
Financing activities
Borrowings on revolving line of credit	0	100,000
Repayments on revolving line of credit	0	(135,000)
Proceeds from exercise of options and ESPP purchases	5,230	4,858
Taxes paid related to net share settlement of equity awards	(9,741)	(2,985)
Net changes in deposits	125,539	826,203
Net changes in settlement assets and obligations to customers	425,821	(56,603)
Contingent consideration payments	(2,000)	(2,000)
Net cash provided by financing activities	544,849	734,473
Net increase in unrestricted cash, cash equivalents and restricted cash	398,605	871,257
Unrestricted cash, cash equivalents and restricted cash, beginning of period	1,496,701	1,066,154
Unrestricted cash, cash equivalents and restricted cash, end of period	1,895,306	1,937,411
Cash paid for interest	274	759
Cash paid for income taxes	17,289	34
Unrestricted cash and cash equivalents	1,891,100	1,931,467
Restricted cash	4,206	5,944
Total unrestricted cash, cash equivalents and restricted cash, end of period	$ 1,895,306	$ 1,937,411

Organization	6 Months Ended
Organization	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Green Dot Corporation (“we,” “our,” or “us” refer to Green Dot Corporation and its consolidated subsidiaries) is a financial technology and registered bank holding company focused on making modern banking and money movement accessible for all. Our goal is to deliver trusted, best-in-class money management and payment solutions to our customers and partners, seamlessly connecting people to their money. Our proprietary technology enables faster, more efficient electronic payments and money management, powering intuitive and seamless ways for people to spend, send, control and save their money. Through our bank, we offer a suite of financial products to consumers and businesses including debit, prepaid, checking, credit and payroll cards, as well as robust money processing services, such as cash deposits and disbursements, and tax refund processing. We were incorporated in Delaware in 1999 and became a bank holding company under the Bank Holding Company Act and a member bank of the Federal Reserve System in December 2011.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP. We consolidated our wholly-owned subsidiaries and eliminated all significant intercompany balances and transactions. We have also prepared the accompanying unaudited consolidated financial statements in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X and, consequently, they do not include all of the annual disclosures required by GAAP. Reference is made to our Annual Report on Form 10-K for the year ended December 31, 2020 for additional disclosures, including a summary of our significant accounting policies. There have been no material changes to our significant accounting policies during the six months ended June 30, 2021, other than the adoption of the accounting pronouncements discussed herein. In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal and recurring items, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of June 30, 2021 and through the date of this report. The accounting estimates used in the preparation of our consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained, and as our operating environment changes. Actual results may differ from these estimates due to the uncertainty around the magnitude, duration and effects of the COVID-19 pandemic, as well as other factors. Recent Accounting Pronouncements Recently adopted accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies various aspects related to the accounting for income taxes. The standard removes certain exceptions to the general principles in Topic 740 and also clarifies and modifies existing guidance to improve consistent application of Topic 740. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We adopted the provisions of ASU 2019-12 on January 1, 2021, the results of which did not have a material impact on our consolidated financial statements. Recently issued accounting pronouncements not yet adopted In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies an issuer’s accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are currently evaluating the provisions of ASU 2020-06, but do not expect any material impact on our consolidated financial statements. Note 2—Summary of Significant Accounting Policies (continued) In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions to GAAP requirements for modifications of debt instruments, leases, derivatives and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The guidance permits entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The amendments in ASU 2020-04 were effective upon issuance and may be elected over time through December 31, 2022, as reference rate reform activities occur. Upon adoption, the guidance must be applied prospectively for all eligible contract modifications. We do not expect any material impact on our consolidated financial statements as our existing revolving line of credit is based on variable rates available that we elect at the time of borrowing. See Note 9 — Debt, to these consolidated financial statements for additional information.

Revenues

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenues

As discussed in Note 19 — Segment Information, we determine our operating segments based on how our chief operating decision maker manages our operations, makes operating decisions and evaluates operating performance. Within our segments, we believe that the nature, amount, timing and uncertainty of our revenue and cash flows and how they are affected by economic factors can be further illustrated based on the timing in which revenue for each of our products and services is recognized. Our products and services are offered only to customers within the United States.

The following table disaggregates our revenues earned from external customers by each of our reportable segments:


	Three Months Ended June 30, 2021
	Consumer Services		B2B Services		Money Movement Services		Total
Timing of recognition	(In thousands)
Transferred point in time	$	113,924	$	43,016	$	64,715	$	221,655
Transferred over time	62,506		80,412		1,304		144,222
Operating revenues (1)	$	176,430	$	123,428	$	66,019	$	365,877


	Three Months Ended June 30, 2020
	Consumer Services		B2B Services		Money Movement Services		Total
Timing of recognition	(In thousands)
Transferred point in time	$	99,429	$	43,517	$	63,834	$	206,780
Transferred over time	56,763		48,725		1,833		107,321
Operating revenues (1)	$	156,192	$	92,242	$	65,667	$	314,101


	Six Months Ended June 30, 2021
	Consumer Services		B2B Services		Money Movement Services		Total
Timing of recognition	(In thousands)
Transferred point in time	$	226,576	$	91,875	$	153,835	$	472,286
Transferred over time	128,532		150,661		2,551		281,744
Operating revenues (1)	$	355,108	$	242,536	$	156,386	$	754,030


	Six Months Ended June 30, 2020
	Consumer Services		B2B Services		Money Movement Services		Total
Timing of recognition	(In thousands)
Transferred point in time	$	188,730	$	90,574	$	182,934	$	462,238
Transferred over time	113,707		90,697		2,785		207,189
Operating revenues (1)	$	302,437	$	181,271	$	185,719	$	669,427


(1)			Excludes net interest income, a component of total operating revenues, as it is outside the scope of ASC 606, Revenues. Also excludes the effects of intersegment revenues.

Note 3—Revenues (continued)

Revenues recognized at a point in time are comprised of ATM fees, interchange, and other similar transaction-based fees. Revenues recognized over time consists of new card fees, monthly maintenance fees, revenue earned from gift cards and substantially all BaaS partner program management fees. Substantially all of our money movement services are recognized at a point in time.

As disclosed on our Consolidated Balance Sheets, we record deferred revenue for any upfront payments received in advance of our performance obligations being satisfied. These contract liabilities consist principally of unearned new card fees and monthly maintenance fees. We recognized approximately $9.1 million and $8.9 million in revenue for the three months ended June 30, 2021 and 2020, respectively, and $26.6 million and $25.9 million for the six months ended June 30, 2021 and 2020, respectively, that were included in deferred revenue at the beginning of the periods and did not recognize any revenue during these periods from performance obligations satisfied in previous periods. Changes in the deferred revenue balance are driven primarily by the amount of new card fees recognized during the period, and the degree to which these reductions to the deferred revenue balance are offset by the deferral of new card fees associated with cards sold during the period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Investment Securities

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Our available-for-sale investment securities were as follows:


	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
	(In thousands)
June 30, 2021
Corporate bonds	$	10,000	$	7	$	—	$	10,007

Agency bond securities	230,840		—		(6,260)		224,580
Agency mortgage-backed securities	826,446		1,339		(10,014)		817,771
Municipal bonds	29,770		310		(42)		30,038
Asset-backed securities	7,985		135		(3)		8,117
Total investment securities	$	1,105,041	$	1,791	$	(16,319)	$	1,090,513

December 31, 2020
Corporate bonds	$	10,000	$	110	$	—	$	10,110


Agency bond securities	235,839		31		(1,713)		234,157
Agency mortgage-backed securities	686,108		5,258		(337)		691,029
Municipal bonds	29,977		524		—		30,501
Asset-backed securities	4,917		255		—		5,172
Total investment securities	$	966,841	$	6,178	$	(2,050)	$	970,969

Note 4—Investment Securities (continued)

As of June 30, 2021 and December 31, 2020, the gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows:


	Less than 12 months				12 months or more				Total fair value		Total unrealized loss
	Fair value		Unrealized loss		Fair value		Unrealized loss
	(In thousands)
June 30, 2021
Agency bond securities	$	224,579	$	(6,260)	$	—	$	—	$	224,579	$	(6,260)
Agency mortgage-backed securities	720,761		(10,014)		—		—		720,761		(10,014)
Municipal bonds	13,638		(42)		—		—		13,638		(42)
Asset-backed securities	3,043		(3)		—		—		3,043		(3)
Total investment securities	$	962,021	$	(16,319)	$	—	$	—	$	962,021	$	(16,319)

December 31, 2020

Agency bond securities	$	189,127	$	(1,713)	$	—	$	—	$	189,127	$	(1,713)
Agency mortgage-backed securities	162,579		(337)		—		—		162,579		(337)


Total investment securities	$	351,706	$	(2,050)	$	—	$	—	$	351,706	$	(2,050)

Our investments generally consist of highly rated securities, substantially all of which are directly or indirectly backed by the U.S. federal government. Our investment policy restricts our investments to highly liquid, low credit risk assets. As such, we have not recorded any significant credit-related impairment losses during the three and six months ended June 30, 2021 or 2020 on our available-for-sale investment securities. Unrealized losses as of June 30, 2021 are the result of recent fluctuations in interest rates as our investment portfolio is comprised predominantly of fixed rate securities. We do not intend to sell our investments, and we have determined that it is more likely than not that we will not be required to sell our investments before recovery of their amortized cost bases, which may be at maturity.

As of June 30, 2021, the contractual maturities of our available-for-sale investment securities were as follows:


	Amortized cost		Fair value
	(In thousands)

Due after one year through five years	$	10,000	$	10,007
Due after five years through ten years	190,840		185,766
Due after ten years	69,770		68,852
Mortgage and asset-backed securities	834,431		825,888
Total investment securities	$	1,105,041	$	1,090,513

The expected payments on mortgage-backed and asset-backed securities may not coincide with their contractual maturities because the issuers have the right to call or prepay certain obligations.

Accounts Receivable

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Accounts Receivable

Accounts receivable, net consisted of the following:


	June 30, 2021		December 31, 2020
	(In thousands)
Trade receivables	$	23,966	$	25,279
Reserve for uncollectible trade receivables	(315)		(315)
Net trade receivables	23,651		24,964

Overdrawn cardholder balances from purchase transactions	8,216		3,229
Reserve for uncollectible overdrawn accounts from purchase transactions	(5,512)		(1,653)
Net overdrawn cardholder balances from purchase transactions	2,704		1,576
Overdrawn cardholder balances from maintenance fees	3,637		3,165
Total net overdrawn account balances due from cardholders	6,341		4,741

Receivables due from card issuing banks	5,278		4,377
Fee advances, net	2,098		21,424
Other receivables	20,931		12,249
Accounts receivable, net	$	58,299	$	67,755

Our net overdrawn account balances due from cardholders are a result of purchase transactions that we may honor or maintenance fee assessments, in each case, in excess of the funds in the cardholder’s account. While we decline authorization attempts for amounts that exceed the available balance in a cardholder’s account, the application of card association rules, and the timing of the settlement of transactions, among other things, can result in overdrawn accounts. Overdrawn cardholder balances from maintenance fee assessments are presented net of the consideration we expect to receive and are recorded as contra-revenue within card revenues and other fees.

Activity in the reserve for uncollectible overdrawn accounts from purchase transactions consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)
Balance, beginning of period	$	2,280	$	3,680	$	1,653	$	3,398
Provision for uncollectible overdrawn accounts from purchase transactions	7,219		3,082		10,213		4,398
Charge-offs	(3,987)		(1,692)		(6,354)		(2,726)
Balance, end of period	$	5,512	$	5,070	$	5,512	$	5,070

Loans to Bank Customers

6 Months Ended

Jun. 30, 2021

Loans and Leases Receivable Disclosure [Abstract]

Loans to Bank Customers

The following table presents total outstanding loans, gross of the related allowance for credit losses, and a summary of the related payment status:


	30-59 Days Past Due			60-89 Days Past Due			90 Days or More Past Due			Total Past Due			Total Current or Less Than 30 Days Past Due			Total Outstanding
	(In thousands)
June 30, 2021
Residential	$	—		$	—		$	—		$	—		$	3,108		$	3,108
Commercial	—			—			—			—			4,114			4,114
Installment	—			—			—			—			377			377
Consumer	3,902			88			—			3,990			8,540			12,530
Secured credit card	480			240			383			1,103			12,816			13,919
Total loans	$	4,382		$	328		$	383		$	5,093		$	28,955		$	34,048

Percentage of outstanding	12.9		%	1.0		%	1.1		%	15.0		%	85.0		%	100.0		%

December 31, 2020
Residential	$	—		$	—		$	—		$	—		$	3,008		$	3,008
Commercial	—			—			—			—			3,435			3,435
Installment	—			—			—			—			497			497
Secured credit card	864			699			1,363			2,926			11,902			14,828
Total loans	$	864		$	699		$	1,363		$	2,926		$	18,842		$	21,768

Percentage of outstanding	4.0		%	3.2		%	6.3		%	13.4		%	86.6		%	100.0		%

Beginning in 2021, we introduced an optional overdraft protection program service on certain demand deposit account programs that allows cardholders who opt-in to spend a pre-determined amount in excess of their available card balance. When overdrawn, these deposit accounts are reclassified as consumer loans. Overdrawn balances are unsecured and considered immediately due from the cardholder.

Nonperforming Loans

The following table presents the carrying value, gross of the related allowance for credit losses, of our nonperforming loans. See Note 2 — Summary of Significant Accounting Policies to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2020 for further information on the criteria for classification as nonperforming.


	June 30, 2021		December 31, 2020
	(In thousands)
Residential	$	219	$	240
Installment	129		137
Secured credit card	383		1,363
Total loans	$	731	$	1,740

Credit Quality Indicators

We closely monitor and assess the credit quality and credit risk of our loan portfolio on an ongoing basis. We continuously review and update loan risk classifications. We evaluate our loans using non-classified or classified as the primary credit quality indicator. Classified loans are those loans that have demonstrated credit weakness where we believe there is a heightened risk of principal loss, including all impaired loans. Classified loans are generally internally categorized as substandard, doubtful or loss, consistent with regulatory guidelines.

Our secured credit card portfolio is collateralized by cash deposits made by each cardholder in an amount equal to the user's available credit limit, which mitigates the risk of any significant credit losses we expect to incur.

The table below presents the carrying value, gross of the related allowance for credit losses, of our loans within the primary credit quality indicators related to our loan portfolio:

Note 6—Loans to Bank Customers (continued)


	June 30, 2021				December 31, 2020
	Non-Classified		Classified		Non-Classified		Classified
	(In thousands)
Residential	$	2,889	$	219	$	2,768	$	240
Commercial	4,114		—		3,435		—
Installment	248		129		360		137
Consumer	12,530		—		—		—
Secured credit card	13,536		383		13,465		1,363
Total loans	$	33,317	$	731	$	20,028	$	1,740

Impaired Loans and Troubled Debt Restructurings

When, for economic or legal reasons related to a borrower’s financial difficulties, we grant a concession for other than an insignificant period of time to a borrower that we would not otherwise consider, the related loan is classified as a Troubled Debt Restructuring, or TDR. Our TDR modifications involve an extension of the maturity date at a stated interest rate lower than the current market rate for new debt with similar risk. As of June 30, 2021, none of our TDR modifications have been made in response to the COVID-19 pandemic.

The following table presents our impaired loans and loans that we modified as TDRs as of June 30, 2021 and December 31, 2020:


	June 30, 2021				December 31, 2020
	Unpaid Principal Balance		Carrying Value		Unpaid Principal Balance		Carrying Value
	(In thousands)
Residential	$	219	$	164	$	240	$	180

Installment	129		96		137		103

Allowance for Credit Losses

Activity in the allowance for credit losses on our loan portfolio consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)
Balance, beginning of period	$	1,531	$	1,057	$	757	$	1,166
Provision for loans	8,733		62		10,143		254
Loans charged off	(3,645)		(634)		(4,352)		(1,121)
Recoveries of loans previously charged off	74		85		145		271
Balance, end of period	$	6,693	$	570	$	6,693	$	570

Activity within our allowance for credit losses has increased during the comparable periods principally due to the introduction of our optional overdraft protection program services on certain demand deposit accounts.

Equity Method Investment	6 Months Ended
Equity Method Investment	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment On January 2, 2020, we effectuated our agreement with Walmart to jointly establish a new fintech accelerator under the name TailFin Labs, LLC (“TailFin Labs”), with a mission to develop innovative products, services and technologies that sit at the intersection of retail shopping and consumer financial services. The entity is majority-owned by Walmart and focuses on developing tech-enabled solutions to integrate omni-channel retail shopping and financial services. We hold a 20% ownership interest in the entity, in exchange for annual capital contributions of $35.0 million per year from January 2020 through January 2024. We account for our investment in TailFin Labs under the equity method of accounting in accordance with ASC 323, Investments – Equity Method and Joint Ventures. Under the equity method of accounting, the initial investment is recorded at cost and the investment is subsequently adjusted for, among other things, its proportionate share of earnings or losses. However, given the capital structure of the TailFin Labs arrangement, we apply the Hypothetical Liquidation Book Value ("HLBV") method to determine the allocation of profits and losses since our liquidation rights Note 7—Equity Method Investment (continued) and priorities, as defined by the agreement, differ from our underlying ownership interest. The HLBV method calculates the proceeds that would be attributable to each partner in an investment based on the liquidation provisions of the agreement if the partnership was to be liquidated at book value as of the balance sheet date. Each partner’s allocation of income or loss in the period is equal to the change in the amount of net equity they are legally able to claim based on a hypothetical liquidation of the entity at the end of a reporting period compared to the beginning of that period, adjusted for any capital transactions. Any future economic benefits derived from products or services developed by TailFin Labs will be negotiated on a case-by-case basis between the parties. As of June 30, 2021, our net investment in TailFin Labs amounted to approximately $61.5 million and is included in the long term portion of prepaid expenses and other assets on our consolidated balance sheet. We recorded equity in losses from TailFin Labs of approximately $0.7 million and $2.8 million for the three months ended June 30, 2021 and 2020, respectively, and $2.3 million and $2.9 million for the six months ended June 30, 2021 and 2020, respectively, which are recorded as a component of other income and expense on our consolidated statement of operations. Total equity in losses also includes income and losses from other investments that are not material to these consolidated financial statements.

Deposits

6 Months Ended

Jun. 30, 2021

Deposits [Abstract]

Deposits

Deposits are categorized as non-interest or interest-bearing deposits as follows:


	June 30, 2021		December 31, 2020
	(In thousands)
Non-interest bearing deposit accounts	$	2,835,881	$	2,704,050
Interest-bearing deposit accounts
Checking accounts	5,282		5,060
Savings	7,348		8,505
GPR deposits	11,235		12,955
Time deposits, denominations greater than or equal to $100	4,211		3,767
Time deposits, denominations less than $100	825		779
Total interest-bearing deposit accounts	28,901		31,066
Total deposits	$	2,864,782	$	2,735,116

The scheduled contractual maturities for total time deposits are presented in the table below:


	June 30, 2021
	(In thousands)
Due in 2021	$	623
Due in 2022	1,750
Due in 2023	1,166
Due in 2024	562
Due in 2025	504
Thereafter	431
Total time deposits	$	5,036

Debt	6 Months Ended
Debt	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt 2019 Revolving Facility In October 2019, we entered into a secured credit agreement with Wells Fargo Bank, National Association, and other lenders party thereto. The credit facility provides for a $100.0 million five-year revolving line of credit (the "2019 Revolving Facility"), maturing in October 2024. We use the proceeds of any borrowings under the 2019 Revolving Facility for working capital and other general corporate purposes, subject to the terms and conditions set forth in the credit agreement. We classify amounts outstanding as long-term on our consolidated balance sheets; however, we may make voluntary repayments at any time prior to maturity. As of June 30, 2021, we had no borrowings outstanding on the 2019 Revolving Facility and had the full amount available for use. Note 9—Debt (continued) At our election, loans made under the credit agreement bear interest at 1) a LIBOR rate (the “LIBOR Rate") or 2) a base rate determined by reference to the highest of (a) the United States federal funds rate plus .50%, (b) the Wells Fargo prime rate and (c) a daily rate equal to one-month LIBOR rate plus 1.0% (the “Base Rate"), plus in either case an applicable margin. The margin is dependent upon on our total leverage ratio and varies from 1.25% to 2.00% for LIBOR Rate loans and .25% to 1.00% for Base Rate loans. We also pay a commitment fee, which varies from .20% to .35% per annum on the actual daily unused portions of the 2019 Revolving Facility. Letter of credit fees are payable in respect of outstanding letters of credit at a rate per annum equal to the applicable margin for LIBOR Rate loans. The 2019 Revolving Facility contains certain affirmative and negative covenants including negative covenants that limit or restrict, among other things, liens, indebtedness, investments and acquisitions, mergers and fundamental changes, asset sales, restricted payments, changes in the nature of the business, transactions with affiliates and other matters customarily restricted in such agreements. We must also maintain a minimum fixed charge coverage ratio and a maximum consolidated leverage ratio at the end of each fiscal quarter, as set forth in the credit agreement. At June 30, 2021, we were in compliance with all such covenants. If an event of default shall occur and be continuing under the facility, the commitments may be terminated and the principal amounts outstanding under the 2019 Revolving Facility, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable. We did not incur any cash interest expense related to our debt during the three and six months ended June 30, 2021. Cash interest expense was $0.4 million for the three months ended June 30, 2020 and $0.6 million for the six months ended June 30, 2020.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense for the six months ended June 30, 2021 and 2020 differs from the amount computed by applying the statutory federal income tax rate to income before income taxes. The sources and tax effects of the differences are as follows:


	Six Months Ended June 30,
	2021		2020
U.S. federal statutory tax rate	21.0	%	21.0	%
State income taxes, net of federal tax benefit	1.1		(0.6)
General business credits	(1.9)		(6.6)
Employee stock-based compensation	(2.9)		1.8
IRC 162(m) limitation	6.4		8.1
Nondeductible expenses	0.1		0.7

Other	(0.3)		(0.5)
Effective tax rate	23.5	%	23.9	%

The effective tax rate for the six months ended June 30, 2021 and 2020 differs from the statutory federal income tax rate of 21%, primarily due to state income taxes, net of federal tax benefits, general business credits, employee stock-based compensation, and the Internal Revenue Code (IRC) 162(m) limitation on the deductibility of executive compensation. The overall decrease in the effective tax rate for the six months ended June 30, 2021 as compared to the six months ended June 30, 2020 is primarily due to a decrease of $1.1 million on the IRC 162(m) limitation on the deductibility of executive compensation and an increase of $3.1 million in excess tax benefits from stock-based compensation. We recognized an excess tax benefit on stock-based compensation of $1.9 million for the six months ended June 30, 2021, compared to a $1.2 million discrete tax expense on shortfalls from stock based compensation for the prior year comparable period.

We have made a policy election to account for Global Intangible Low-Taxed Income ("GILTI") in the year the GILTI tax is incurred. For the six months ended June 30, 2021, the provision for GILTI tax expense was not material to our financial statements.

Note 10—Income Taxes (continued)

We establish a valuation allowance when we consider it more-likely-than-not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2021 and 2020, we did not have a valuation allowance on any of our deferred tax assets as we believe it is more-likely-than-not that we will realize the benefits of our deferred tax assets. During the six months ended June 30, 2020, we released our valuation allowance against our capital loss carryforwards, as we recognized capital gains on the sale of certain investment securities during that period sufficient to offset our capital loss carryforward amount.

We are subject to examination by the Internal Revenue Service, or IRS, and various state tax authorities. We remain subject to examination of our federal income tax return for the years ended December 31, 2017 through 2020. We generally remain subject to examination of our various state income tax returns for a period of four to five years from the respective dates that the returns were filed. The IRS initiated an examination of our 2017 U.S. federal tax return during the second quarter ended June 30, 2020, and the examination remains ongoing as of June 30, 2021. We do not expect the outcome of this examination will have any material impact on our consolidated financial statements.

As of June 30, 2021, we have federal net operating loss carryforwards of approximately $19.2 million and state net operating loss carryforwards of approximately $68.8 million, which will be available to offset future income. If not used, the federal net operating losses will expire between 2026 and 2034. Of our total state net operating loss carryforwards, approximately $46.6 million will expire between 2023 and 2040, while the remaining balance of approximately $22.2 million does not expire and carries forward indefinitely. The net operating losses are subject to an annual IRC Section 382 limitation, which restricts their utilization against taxable income in future periods. In addition, we have state business tax credits of approximately $19.4 million that can be carried forward indefinitely and other state business tax credits of approximately $1.1 million that will expire between 2023 and 2027.

As of June 30, 2021 and December 31, 2020, we had a liability of $11.0 million and $9.5 million, respectively, for unrecognized tax benefits related to various federal and state income tax matters excluding interest, penalties and related tax benefits. The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is as follows:


	Six Months Ended June 30,
	2021		2020
	(In thousands)
Beginning balance	$	9,518	$	8,398
Increases related to positions taken during prior years	—		235
Increases related to positions taken during the current year	1,470		1,200


Ending balance	$	10,988	$	9,833

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate	$	10,801	$	9,660

As of June 30, 2021 and 2020, we recognized accrued interest and penalties related to unrecognized tax benefits of approximately $0.6 million and $0.7 million, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock Repurchase Program In May 2017, our Board of Directors authorized, subject to regulatory approval, expansion of our stock repurchase program by an additional $150 million. As of June 30, 2021, we have an authorized $50 million remaining under our current stock repurchase program for any additional repurchases. Walmart Restricted Shares On January 2, 2020, we issued Walmart, in a private placement, 975,000 restricted shares of our Class A Common Stock. The shares vest in equal monthly increments through December 1, 2022. Walmart is entitled to voting rights and participate in any dividends paid from the issuance date on the unvested balance, and therefore, the total amount of restricted shares issued are included in our total Class A shares outstanding. As of June 30, 2021, there were 487,502 unvested shares outstanding. The estimated grant-date fair value of the restricted shares is recorded as a component of stock-based compensation expense over the related period we expect to benefit under the term of our relationship with Walmart.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

We currently grant restricted stock unit awards to employees, directors and non-employee consultants under our 2010 Equity Incentive Plan and from time to time may also grant stock option awards. Through our 2010 Employee Stock Purchase Plan, employees are also able to purchase shares of our Class A common stock at a discount through payroll deductions. We have reserved shares of our Class A common stock for issuance under these plans.

The total stock-based compensation expense recognized was $8.4 million and $13.6 million for the three months ended June 30, 2021 and 2020, respectively, and $25.6 million and $25.0 million for the six months ended June 30, 2021 and 2020, respectively.

Restricted Stock Units

Restricted stock units subject to service only conditions for the six months ended June 30, 2021 was as follows:


	Shares	Weighted-Average Grant-Date Fair Value
	(In thousands, except per share data)
Outstanding at December 31, 2020	1,222	$	36.24
Restricted stock units granted	697	48.24
Restricted stock units vested	(376)	35.19
Restricted stock units canceled	(157)	39.30
Outstanding at June 30, 2021	1,386	$	42.21

Performance-Based Restricted Stock Units

Performance-based restricted stock unit activity for the six months ended June 30, 2021 was as follows:


	Shares	Weighted-Average Grant-Date Fair Value
	(In thousands, except per share data)
Outstanding at December 31, 2020	946	$	35.62
Performance restricted stock units granted (at target)	401	46.93
Performance restricted stock units vested	(241)	37.48
Performance restricted stock units canceled	(62)	48.42
Adjustment for completed performance periods	110	33.41
Outstanding at June 30, 2021	1,154	$	37.76

We grant performance-based restricted stock units to certain employees that are subject to the attainment of pre-established internal performance conditions, market conditions, or a combination thereof (collectively referred to herein as performance-based restricted stock units). The actual number of shares subject to the award is determined at the end of the performance period and may range from 0% to 200% of the target shares granted depending upon the terms of the award. These awards generally contain an additional service component after each performance period is concluded and the unvested balance of the shares after the performance metrics are achieved will vest over the remaining requisite service period. Compensation expense related to these awards is recognized using the accelerated attribution method over the vesting period (generally, a period of at least four years) based on the grant date fair value of the award.

Stock Options

Total stock option activity for the six months ended June 30, 2021 was as follows:


	Options	Weighted-Average Exercise Price
	(In thousands, except per share data)
Outstanding at December 31, 2020	1,634	$	32.04

Options exercised	(64)	28.23
Options canceled	(362)	50.80
Outstanding at June 30, 2021	1,208	$	26.60
Exercisable at June 30, 2021	624	$	29.19

Earnings per Common Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings per Common Share

The calculation of basic and diluted earnings per share (EPS) was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands, except per share data)
Basic earnings per Class A common share
Numerator:
Net income	$	24,933	$	3,294	$	50,668	$	50,139
Amount attributable to unvested Walmart restricted shares	(235)		(52)		(517)		(828)
Net income allocated to Class A common stockholders	$	24,698	$	3,242	$	50,151	$	49,311
Denominator:
Weighted-average Class A shares issued and outstanding	54,005		52,275		53,829		52,084
Basic earnings per Class A common share	$	0.46	$	0.06	$	0.93	$	0.95

Diluted earnings per Class A common share
Numerator:
Net income allocated to Class A common stockholders	$	24,698	$	3,242	$	50,151	$	49,311
Re-allocated earnings	4		1		11		13
Diluted net income allocated to Class A common stockholders	$	24,702	$	3,243	$	50,162	$	49,324
Denominator:
Weighted-average Class A shares issued and outstanding	54,005		52,275		53,829		52,084
Dilutive potential common shares:
Stock options	446		58		477		57
Service-based restricted stock units	362		567		453		469
Performance-based restricted stock units	242		258		293		299
Employee stock purchase plan	6		6		7		4
Diluted weighted-average Class A shares issued and outstanding	55,061		53,164		55,059		52,913
Diluted earnings per Class A common share	$	0.45	$	0.06	$	0.91	$	0.93

The restricted shares issued to Walmart contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing EPS pursuant to the two-class method. The computation above excludes income attributable to the unvested restricted shares from the numerator and excludes the dilutive impact of those underlying shares from the denominator.

For the periods presented, we excluded certain restricted stock units and stock options outstanding (as applicable), which could potentially dilute basic EPS in the future, from the computation of diluted EPS as their effect was anti-dilutive. Additionally, we have excluded any performance-based restricted stock units where the performance contingency has not been met as of the end of the period. The following table shows the weighted-average number of shares excluded from the diluted EPS calculation as their effects were anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
	(In thousands)
Class A common stock
Options to purchase Class A common stock	139	795	139	772
Service-based restricted stock units	562	268	320	295
Performance-based restricted stock units	829	453	742	286
Unvested Walmart restricted shares	515	840	555	875
Total	2,045	2,356	1,756	2,228

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Under applicable accounting guidance, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

We determine the fair values of our financial instruments based on the fair value hierarchy established under applicable accounting guidance, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs used to measure fair value.

For more information regarding the fair value hierarchy and how we measure fair value, see Note 2–Summary of Significant Accounting Policies to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2020.

As of June 30, 2021 and December 31, 2020, our assets and liabilities carried at fair value on a recurring basis were as follows:


	Level 1		Level 2		Level 3		Total Fair Value
June 30, 2021	(In thousands)
Assets
Corporate bonds	$	—	$	10,007	$	—	$	10,007

Agency bond securities	—		224,580		—		224,580
Agency mortgage-backed securities	—		817,771		—		817,771
Municipal bonds	—		30,038		—		30,038
Asset-backed securities	—		8,117		—		8,117
Total assets	$	—	$	1,090,513	$	—	$	1,090,513

Liabilities
Contingent consideration	$	—	$	—	$	3,300	$	3,300

December 31, 2020
Assets
Corporate bonds	$	—	$	10,110	$	—	$	10,110


Agency bond securities	—		234,157		—		234,157
Agency mortgage-backed securities	—		691,029		—		691,029
Municipal bonds	—		30,501		—		30,501
Asset-backed securities	—		5,172		—		5,172
Total assets	$	—	$	970,969	$	—	$	970,969

Liabilities
Contingent consideration	$	—	$	—	$	5,300	$	5,300

We based the fair value of our fixed income securities held as of June 30, 2021 and December 31, 2020 on quoted prices in active markets for similar assets. We had no transfers between Level 1, Level 2 or Level 3 assets or liabilities during the three and six months ended June 30, 2021 or 2020.

The following table presents changes in our contingent consideration payable for the three and six months ended June 30, 2021 and 2020, which is categorized in Level 3 of the fair value hierarchy:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)
Balance, beginning of period	$	4,300	$	8,300	$	5,300	$	9,300

Payments of contingent consideration	(1,000)		(1,000)		(2,000)		(2,000)


Balance, end of period	$	3,300	$	7,300	$	3,300	$	7,300

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following describes the valuation technique for determining the fair value of financial instruments, whether or not such instruments are carried at fair value on our consolidated balance sheets.

Short-term Financial Instruments

Our short-term financial instruments consist principally of unrestricted and restricted cash and cash equivalents, settlement assets and obligations, and obligations to customers. These financial instruments are short-term in nature, and, accordingly, we believe their carrying amounts approximate their fair values. Under the fair value hierarchy, these instruments are classified as Level 1.

Investment Securities

The fair values of investment securities have been derived using methodologies referenced in Note 2–Summary of Significant Accounting Policies to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2020. Under the fair value hierarchy, our investment securities are classified as Level 2.

Loans

We determined the fair values of loans by discounting both principal and interest cash flows expected to be collected using a discount rate commensurate with the risk that we believe a market participant would consider in determining fair value. Under the fair value hierarchy, our loans are classified as Level 3.

Deposits

The fair value of demand and interest checking deposits and savings deposits is the amount payable on demand at the reporting date. We determined the fair value of time deposits by discounting expected future cash flows using market-derived rates based on our market yields on certificates of deposit, by maturity, at the measurement date. Under the fair value hierarchy, our deposits are classified as Level 2.

Contingent Consideration

The fair value of contingent consideration obligations, such as the earn-out associated with our acquisition of UniRush LLC ("UniRush") in 2017, is estimated through valuation models designed to estimate the probability of such contingent payments based on various assumptions. Estimated payments are discounted using present value techniques to arrive at an estimated fair value. Our contingent consideration payable is classified as Level 3 because we use unobservable inputs to estimate fair value, including the probability of achieving certain earnings thresholds and appropriate discount rates. Changes in fair value of contingent consideration are recorded through operating expenses.

Debt

The fair value of our revolving line of credit is based on borrowing rates currently available to a market participant for loans with similar terms or maturity. The carrying amount of our outstanding revolving line of credit approximates fair value because the base interest rate charged varies with market conditions and the credit spread is commensurate with current market spreads for issuers of similar risk. The fair value of the revolving line of credit is classified as a Level 2 liability in the fair value hierarchy.

Fair Value of Financial Instruments

The carrying values and fair values of certain financial instruments that were not carried at fair value, excluding short-term financial instruments for which the carrying value approximates fair value, at June 30, 2021 and December 31, 2020 are presented in the table below.


	June 30, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Financial Assets
Loans to bank customers, net of allowance	$	27,355	$	27,132	$	21,011	$	20,421

Financial Liabilities
Deposits	$	2,864,782	$	2,864,221	$	2,735,116	$	2,735,072

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

Our leases consist of operating lease agreements principally related to our corporate and subsidiary office locations. Currently, we do not enter into any financing lease agreements. Our leases have remaining lease terms of less than 1 year to approximately 5 years, many of which include renewal options of varying terms.

As of December 31, 2020, we committed to a remote workforce strategy for most U.S. based employees and recorded a substantial impairment charge to our lease right-of-use assets as we no longer intend to utilize our leased office spaces in the U.S. for the duration of our remaining lease terms. Our lease agreements have or will be terminated in due course in accordance with our lease provisions; however, we may be contractually obligated to continue making lease payments where no termination option is available.

Our total lease expense amounted to approximately $0.6 million and $2.2 million for the three months ended June 30, 2021 and 2020, respectively, and $1.8 million and $4.6 million for the six months ended June 30, 2021 and 2020, respectively. Our lease expense is generally based on fixed payments stated within the agreements. Any variable payments for non-lease components and other short term lease expenses are not considered material.

Supplemental Information

Supplemental information related to our ROU assets and related lease liabilities is as follows:


	June 30, 2021

Cash paid for operating lease liabilities (in thousands)	$	5,893
Weighted average remaining lease term (years)	3.1
Weighted average discount rate	4.8		%

Maturities of our operating lease liabilities as of June 30, 2021 is as follows:


	Operating Leases
	(In thousands)
Remainder of 2021	$	4,212
2022	7,833
2023	3,740
2024	3,658
2025	1,012
	20,455
Less: imputed interest	(1,797)
Total lease liabilities	$	18,658

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Financial Commitments In May 2021, we announced that we entered into a definitive agreement to purchase the assets and operations of Tax Refund Solutions (“TRS”), a business segment of Republic Bank & Trust Company ("Republic Bank"), subject to customary closing conditions. Pursuant to the terms of the definitive agreement, we have agreed to pay Republic Bank approximately $165 million in cash for the TRS assets. We are seeking the Federal Reserve’s approval of or non-objection, as applicable, to the proposed transaction. The parties are working to complete the proposed transaction in the third quarter of 2021. As discussed in Note 7 — Equity Method Investment, we are committed to make annual capital contributions in TailFin Labs, LLC of $35.0 million per year through January 2024. Our definitive agreement to acquire all of the equity interests of UniRush provides for a minimum $4 million annual earn-out payment for five years following the closing, ending in February 2022. As of June 30, 2021, the estimated fair value of our remaining earn-out payments amounted to $3.3 million, and is recorded in the current portion of other accrued liabilities on our consolidated balance sheets. Note 17—Commitments and Contingencies (continued) Litigation and Claims In the ordinary course of business, we are a party to various legal proceedings, including, from time to time, actions which are asserted to be maintainable as class action suits. We review these actions on an ongoing basis to determine whether it is probable and estimable that a loss has occurred and use that information when making accrual and disclosure decisions. We have provided reserves where necessary for all claims and, based on current knowledge and in part upon the advice of legal counsel, all matters are believed to be adequately covered by insurance, or, if not covered, we do not expect the outcome in any legal proceedings, individually or collectively, to have a material adverse impact on our financial condition or results of operations. On December 18, 2019, an alleged class action entitled Koffsmon v. Green Dot Corp., et al., No. 19-cv-10701-DDP-E, was filed in the United States District Court for the Central District of California, against us and two of our former officers. The suit asserts purported claims under Sections 10(b) and 20(a) of the Exchange Act for allegedly misleading statements regarding our business strategy. Plaintiff alleges that defendants made statements that were misleading because they allegedly failed to disclose details regarding our customer acquisition strategy and its impact on our financial performance. The suit is purportedly brought on behalf of purchasers of our securities between May 9, 2018 and November 7, 2019, and seeks compensatory damages, fees and costs. On February 18, 2020, a shareholder derivative suit and securities class action entitled Hellman v. Streit, et al, No. 20-cv-01572-SVW-PVC was filed in United States District Court for the Central District of California, against us and certain of our officers and directors. The suit avers purported breach of fiduciary duty and unjust enrichment claims, as well as claims under Sections 10(b), 14(a) and 20(a) of the Exchange Act, on the basis of the same wrongdoing alleged in the first lawsuit described above. The suit does not define the purported class allegedly damaged. These cases have been related. We have not yet responded to the complaints in these matters. Due to the inherent uncertainties of litigation, we cannot accurately predict the ultimate outcome of this matter. We are unable at this time to determine whether the outcome of the litigation would have a material impact on our results of operations, financial condition or cash flows. Other Legal Matters We monitor the laws of all 50 states to identify state laws or regulations that apply (or may apply) to our products and services. We have obtained money transmitter licenses (or similar such licenses) where applicable, based on advice of counsel or when we have been requested to do so. If we were found to be in violation of any laws and regulations governing banking, money transmitters, electronic fund transfers, or money laundering in the United States or abroad, we could be subject to penalties or could be forced to change our business practices. From time to time we enter into contracts containing provisions that contingently require us to indemnify various parties against claims from third parties. These contracts primarily relate to: (i) contracts with our card issuing banks, under which we are responsible to them for any unrecovered overdrafts on cardholders’ accounts; (ii) certain real estate leases, under which we may be required to indemnify property owners for environmental and other liabilities, and other claims arising from our use of the premises; (iii) certain agreements with our officers, directors, and employees, under which we may be required to indemnify these persons for liabilities arising out of their relationship with us; and (iv) contracts under which we may be required to indemnify our retail distributors, suppliers, vendors and other parties with whom we have contracts against claims arising from certain of our actions, omissions, violations of law and/or infringement of patents, trademarks, copyrights and/or other intellectual property rights. Generally, a maximum obligation under these contracts is not explicitly stated. Because the obligated amounts associated with these types of agreements are not explicitly stated, the overall maximum amount of the obligation cannot be reasonably estimated. With the exception of overdrafts on cardholders’ accounts, historically, we have not been required to make payments under these and similar contingent obligations, and no liabilities have been recorded for these obligations in our consolidated balance sheets. For additional information regarding overdrafts on cardholders’ accounts, refer to Note 5 — Accounts Receivable.

Significant Retailer and Partner Concentration

6 Months Ended

Jun. 30, 2021

Risks and Uncertainties [Abstract]

Significant Retailer and Partner Concentration

A credit concentration may exist if customers are involved in similar industries, economic sectors, and geographic regions. Our retail distributors operate in similar economic sectors but diverse domestic geographic regions. The loss of a significant retail distributor could have a material adverse effect upon our card sales, profitability, and revenue growth.

Revenues derived from our products sold at retail distributors constituting greater than 10% of our total operating revenues were as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Walmart	23%	29%	24%	27%

In addition, approximately 20% and 18% of our total operating revenues for the three and six months ended June 30, 2021, respectively, were generated from a single BaaS partner, without a corresponding concentration to our gross profit for the period.

Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

Effective beginning with the first quarter of 2021, we have realigned our segment financial reporting based on how our current Chief Operating Decision Maker (“CODM”) manages our businesses, including resource allocation and performance assessment. Our CODM organizes and manages the business primarily on the basis of the channels in which our product and services are offered and uses net revenues and segment profit to assess profitability. Segment profit reflects each segment's net revenue less direct costs, such as sales and marketing expenses, processing expenses, third-party call center support and transaction losses. As a result of this realignment, our operations are now aggregated amongst three reportable segments: 1) Consumer Services, 2) Business to Business ("B2B") Services, and 3) Money Movement Services.

Our Consumer Services segment consists of revenues and expenses derived from deposit account programs, such as consumer checking accounts, prepaid cards, secured credit cards, and gift cards that we offer to consumers (i) through distribution arrangements with more than 90,000 retail locations and thousands of neighborhood Financial Service Center locations (the "Retail" channel), and (ii) directly through various marketing channels, such as online search engine optimization, online displays, direct mail campaigns, mobile advertising, and affiliate referral programs (the "Direct" channel).

Our B2B Services segment consists of revenues and expenses derived from (i) our partnerships with some of America's most prominent consumer and technology companies that make our banking products and services available to their consumers, partners and workforce through integration with our banking platform (the "Banking-as-a-Service", or "BaaS" channel), and (ii) a comprehensive payroll platform that we offer to corporate enterprises (the "Employer" channel) to facilitate payments for today’s workforce. Our products and services in this segment include deposit account programs, such as consumer and small business checking accounts and prepaid cards, as well as our Simply Paid Disbursements services utilized by our partners.

Our Money Movement Services segment consists of revenues and expenses generated on a per transaction basis from our services that specialize in facilitating the movement of cash on behalf of consumers and businesses, such as money processing services and tax refund processing services. Our money processing services are marketed to third-party banks, program managers, and other companies seeking cash deposit and disbursement capabilities for their customers. Those customers, including our own cardholders, can access our cash deposit and disbursement services at any of the locations within our network of retail distributors and neighborhood Financial Service Centers. We market our tax-related financial services through a network of tax preparation franchises, independent tax professionals and online tax preparation providers.

The Corporate and Other segment primarily consists of net interest income earned by our bank, eliminations of intersegment revenues and expenses, unallocated corporate expenses, and other fixed costs that are not considered when our CODM evaluates segment performance, such as salaries, wages and related benefits for our employees, professional service fees, software licenses, telephone and communication costs, rent and utilities, and insurance. We do not evaluate performance or allocate resources based on segment asset data, and therefore such information is not presented.

Note 19—Segment Information (continued)

We have restated segment information for the historical periods presented herein to conform to our current presentation. The change in segment presentation does not affect the financial results of our consolidated statements of operations, balance sheets or statements of cash flows as previously presented.

The following tables present financial information for each of our reportable segments for the periods then ended:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Segment Revenue	(In thousands)
Consumer Services	$	182,093	$	162,639	$	366,434	$	315,561
B2B Services	112,589		76,619		218,564		150,459
Money Movement Services	66,019		65,667		156,386		185,719
Corporate and Other	(2,763)		(4,906)		(3,641)		(5,179)
Total segment revenues	357,938		300,019		737,743		646,560
Net revenue adjustment	11,435		16,221		25,116		31,849
Total operating revenues	$	369,373	$	316,240	$	762,859	$	678,409

Net revenue adjustments represent commissions and certain processing-related costs associated with our BaaS products and services, which are netted against our B2B Services revenues when evaluating segment performance.


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Segment Profit	(In thousands)
Consumer Services	$	55,790	$	58,412	$	109,317	$	108,797
B2B Services	18,174		16,327		35,707		36,154
Money Movement Services	38,192		27,842		87,006		94,561
Corporate and Other	(49,232)		(57,331)		(95,746)		(102,144)
Total segment profit	62,924		45,250		136,284		137,368

Reconciliation to income before income taxes
Depreciation and amortization of property, equipment and internal-use software	13,981		14,479		27,181		28,176
Stock based compensation and related employer taxes	8,444		13,758		25,626		25,336
Amortization of acquired intangible assets	6,943		6,952		13,887		14,231
Impairment charges	—		1,088		—		1,088
Other expense	1,753		3,583		3,802		4,298
Operating income	31,803		5,390		65,788		64,239
Interest expense, net	38		443		75		684
Other income, net	1,633		2,154		547		2,346
Income before income taxes	$	33,398	$	7,101	$	66,260	$	65,901

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP. We consolidated our wholly-owned subsidiaries and eliminated all significant intercompany balances and transactions. We have also prepared the accompanying unaudited consolidated financial statements in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X and, consequently, they do not include all of the annual disclosures required by GAAP. Reference is made to our Annual Report on Form 10-K for the year ended December 31, 2020 for additional disclosures, including a summary of our significant accounting policies. There have been no material changes to our significant accounting policies during the six months ended June 30, 2021, other than the adoption of the accounting pronouncements discussed herein. In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal and recurring items, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented.
Use of estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of June 30, 2021 and through the date of this report. The accounting estimates used in the preparation of our consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained, and as our operating environment changes. Actual results may differ from these estimates due to the uncertainty around the magnitude, duration and effects of the COVID-19 pandemic, as well as other factors.
Recently adopted accounting pronouncements; Recently issued accounting pronouncements not yet adopted	Recent Accounting Pronouncements Recently adopted accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies various aspects related to the accounting for income taxes. The standard removes certain exceptions to the general principles in Topic 740 and also clarifies and modifies existing guidance to improve consistent application of Topic 740. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We adopted the provisions of ASU 2019-12 on January 1, 2021, the results of which did not have a material impact on our consolidated financial statements. Recently issued accounting pronouncements not yet adopted In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies an issuer’s accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are currently evaluating the provisions of ASU 2020-06, but do not expect any material impact on our consolidated financial statements. Note 2—Summary of Significant Accounting Policies (continued) In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions to GAAP requirements for modifications of debt instruments, leases, derivatives and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The guidance permits entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The amendments in ASU 2020-04 were effective upon issuance and may be elected over time through December 31, 2022, as reference rate reform activities occur. Upon adoption, the guidance must be applied prospectively for all eligible contract modifications. We do not expect any material impact on our consolidated financial statements as our existing revolving line of credit is based on variable rates available that we elect at the time of borrowing. See Note 9 — Debt, to these consolidated financial statements for additional information.
Fair value of financial instruments	Short-term Financial Instruments Our short-term financial instruments consist principally of unrestricted and restricted cash and cash equivalents, settlement assets and obligations, and obligations to customers. These financial instruments are short-term in nature, and, accordingly, we believe their carrying amounts approximate their fair values. Under the fair value hierarchy, these instruments are classified as Level 1. Investment Securities The fair values of investment securities have been derived using methodologies referenced in Note 2–Summary of Significant Accounting Policies to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2020. Under the fair value hierarchy, our investment securities are classified as Level 2. Loans We determined the fair values of loans by discounting both principal and interest cash flows expected to be collected using a discount rate commensurate with the risk that we believe a market participant would consider in determining fair value. Under the fair value hierarchy, our loans are classified as Level 3. Deposits The fair value of demand and interest checking deposits and savings deposits is the amount payable on demand at the reporting date. We determined the fair value of time deposits by discounting expected future cash flows using market-derived rates based on our market yields on certificates of deposit, by maturity, at the measurement date. Under the fair value hierarchy, our deposits are classified as Level 2. Contingent Consideration The fair value of contingent consideration obligations, such as the earn-out associated with our acquisition of UniRush LLC ("UniRush") in 2017, is estimated through valuation models designed to estimate the probability of such contingent payments based on various assumptions. Estimated payments are discounted using present value techniques to arrive at an estimated fair value. Our contingent consideration payable is classified as Level 3 because we use unobservable inputs to estimate fair value, including the probability of achieving certain earnings thresholds and appropriate discount rates. Changes in fair value of contingent consideration are recorded through operating expenses. Debt The fair value of our revolving line of credit is based on borrowing rates currently available to a market participant for loans with similar terms or maturity. The carrying amount of our outstanding revolving line of credit approximates fair value because the base interest rate charged varies with market conditions and the credit spread is commensurate with current market spreads for issuers of similar risk. The fair value of the revolving line of credit is classified as a Level 2 liability in the fair value hierarchy. Fair Value of Financial Instruments The carrying values and fair values of certain financial instruments that were not carried at fair value, excluding short-term financial instruments for which the carrying value approximates fair value

Revenues (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates our revenues earned from external customers by each of our reportable segments:


	Three Months Ended June 30, 2021
	Consumer Services		B2B Services		Money Movement Services		Total
Timing of recognition	(In thousands)
Transferred point in time	$	113,924	$	43,016	$	64,715	$	221,655
Transferred over time	62,506		80,412		1,304		144,222
Operating revenues (1)	$	176,430	$	123,428	$	66,019	$	365,877


	Three Months Ended June 30, 2020
	Consumer Services		B2B Services		Money Movement Services		Total
Timing of recognition	(In thousands)
Transferred point in time	$	99,429	$	43,517	$	63,834	$	206,780
Transferred over time	56,763		48,725		1,833		107,321
Operating revenues (1)	$	156,192	$	92,242	$	65,667	$	314,101


	Six Months Ended June 30, 2021
	Consumer Services		B2B Services		Money Movement Services		Total
Timing of recognition	(In thousands)
Transferred point in time	$	226,576	$	91,875	$	153,835	$	472,286
Transferred over time	128,532		150,661		2,551		281,744
Operating revenues (1)	$	355,108	$	242,536	$	156,386	$	754,030


	Six Months Ended June 30, 2020
	Consumer Services		B2B Services		Money Movement Services		Total
Timing of recognition	(In thousands)
Transferred point in time	$	188,730	$	90,574	$	182,934	$	462,238
Transferred over time	113,707		90,697		2,785		207,189
Operating revenues (1)	$	302,437	$	181,271	$	185,719	$	669,427


(1)			Excludes net interest income, a component of total operating revenues, as it is outside the scope of ASC 606, Revenues. Also excludes the effects of intersegment revenues.

Investment Securities (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Investment Securities

Our available-for-sale investment securities were as follows:


	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
	(In thousands)
June 30, 2021
Corporate bonds	$	10,000	$	7	$	—	$	10,007

Agency bond securities	230,840		—		(6,260)		224,580
Agency mortgage-backed securities	826,446		1,339		(10,014)		817,771
Municipal bonds	29,770		310		(42)		30,038
Asset-backed securities	7,985		135		(3)		8,117
Total investment securities	$	1,105,041	$	1,791	$	(16,319)	$	1,090,513

December 31, 2020
Corporate bonds	$	10,000	$	110	$	—	$	10,110


Agency bond securities	235,839		31		(1,713)		234,157
Agency mortgage-backed securities	686,108		5,258		(337)		691,029
Municipal bonds	29,977		524		—		30,501
Asset-backed securities	4,917		255		—		5,172
Total investment securities	$	966,841	$	6,178	$	(2,050)	$	970,969

Schedule of Available-for-sale Securities, Unrealized Loss Position

As of June 30, 2021 and December 31, 2020, the gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows:


	Less than 12 months				12 months or more				Total fair value		Total unrealized loss
	Fair value		Unrealized loss		Fair value		Unrealized loss
	(In thousands)
June 30, 2021
Agency bond securities	$	224,579	$	(6,260)	$	—	$	—	$	224,579	$	(6,260)
Agency mortgage-backed securities	720,761		(10,014)		—		—		720,761		(10,014)
Municipal bonds	13,638		(42)		—		—		13,638		(42)
Asset-backed securities	3,043		(3)		—		—		3,043		(3)
Total investment securities	$	962,021	$	(16,319)	$	—	$	—	$	962,021	$	(16,319)

December 31, 2020

Agency bond securities	$	189,127	$	(1,713)	$	—	$	—	$	189,127	$	(1,713)
Agency mortgage-backed securities	162,579		(337)		—		—		162,579		(337)


Total investment securities	$	351,706	$	(2,050)	$	—	$	—	$	351,706	$	(2,050)

Schedule of Maturity Dates for Available-for-Sale Investment Securities

As of June 30, 2021, the contractual maturities of our available-for-sale investment securities were as follows:


	Amortized cost		Fair value
	(In thousands)

Due after one year through five years	$	10,000	$	10,007
Due after five years through ten years	190,840		185,766
Due after ten years	69,770		68,852
Mortgage and asset-backed securities	834,431		825,888
Total investment securities	$	1,105,041	$	1,090,513

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable, net consisted of the following:


	June 30, 2021		December 31, 2020
	(In thousands)
Trade receivables	$	23,966	$	25,279
Reserve for uncollectible trade receivables	(315)		(315)
Net trade receivables	23,651		24,964

Overdrawn cardholder balances from purchase transactions	8,216		3,229
Reserve for uncollectible overdrawn accounts from purchase transactions	(5,512)		(1,653)
Net overdrawn cardholder balances from purchase transactions	2,704		1,576
Overdrawn cardholder balances from maintenance fees	3,637		3,165
Total net overdrawn account balances due from cardholders	6,341		4,741

Receivables due from card issuing banks	5,278		4,377
Fee advances, net	2,098		21,424
Other receivables	20,931		12,249
Accounts receivable, net	$	58,299	$	67,755

Activity in the reserve for uncollectible overdrawn accounts from purchase transactions consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)
Balance, beginning of period	$	2,280	$	3,680	$	1,653	$	3,398
Provision for uncollectible overdrawn accounts from purchase transactions	7,219		3,082		10,213		4,398
Charge-offs	(3,987)		(1,692)		(6,354)		(2,726)
Balance, end of period	$	5,512	$	5,070	$	5,512	$	5,070

Loans to Bank Customers (Tables)

6 Months Ended

Jun. 30, 2021

Loans and Leases Receivable Disclosure [Abstract]

Schedule of Past Due Financing Receivables

The following table presents total outstanding loans, gross of the related allowance for credit losses, and a summary of the related payment status:


	30-59 Days Past Due			60-89 Days Past Due			90 Days or More Past Due			Total Past Due			Total Current or Less Than 30 Days Past Due			Total Outstanding
	(In thousands)
June 30, 2021
Residential	$	—		$	—		$	—		$	—		$	3,108		$	3,108
Commercial	—			—			—			—			4,114			4,114
Installment	—			—			—			—			377			377
Consumer	3,902			88			—			3,990			8,540			12,530
Secured credit card	480			240			383			1,103			12,816			13,919
Total loans	$	4,382		$	328		$	383		$	5,093		$	28,955		$	34,048

Percentage of outstanding	12.9		%	1.0		%	1.1		%	15.0		%	85.0		%	100.0		%

December 31, 2020
Residential	$	—		$	—		$	—		$	—		$	3,008		$	3,008
Commercial	—			—			—			—			3,435			3,435
Installment	—			—			—			—			497			497
Secured credit card	864			699			1,363			2,926			11,902			14,828
Total loans	$	864		$	699		$	1,363		$	2,926		$	18,842		$	21,768

Percentage of outstanding	4.0		%	3.2		%	6.3		%	13.4		%	86.6		%	100.0		%

Schedule of Nonperforming Loans


	June 30, 2021		December 31, 2020
	(In thousands)
Residential	$	219	$	240
Installment	129		137
Secured credit card	383		1,363
Total loans	$	731	$	1,740

Schedule of Credit Quality Indicators Related to Loan Portfolio

The table below presents the carrying value, gross of the related allowance for credit losses, of our loans within the primary credit quality indicators related to our loan portfolio:

Note 6—Loans to Bank Customers (continued)


	June 30, 2021				December 31, 2020
	Non-Classified		Classified		Non-Classified		Classified
	(In thousands)
Residential	$	2,889	$	219	$	2,768	$	240
Commercial	4,114		—		3,435		—
Installment	248		129		360		137
Consumer	12,530		—		—		—
Secured credit card	13,536		383		13,465		1,363
Total loans	$	33,317	$	731	$	20,028	$	1,740

Schedule of Troubled Debt Restructurings

The following table presents our impaired loans and loans that we modified as TDRs as of June 30, 2021 and December 31, 2020:


	June 30, 2021				December 31, 2020
	Unpaid Principal Balance		Carrying Value		Unpaid Principal Balance		Carrying Value
	(In thousands)
Residential	$	219	$	164	$	240	$	180

Installment	129		96		137		103

Schedule of Allowance for Loan Losses

Activity in the allowance for credit losses on our loan portfolio consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)
Balance, beginning of period	$	1,531	$	1,057	$	757	$	1,166
Provision for loans	8,733		62		10,143		254
Loans charged off	(3,645)		(634)		(4,352)		(1,121)
Recoveries of loans previously charged off	74		85		145		271
Balance, end of period	$	6,693	$	570	$	6,693	$	570

Deposits (Tables)

6 Months Ended

Jun. 30, 2021

Deposits [Abstract]

Schedule of Deposits

Deposits are categorized as non-interest or interest-bearing deposits as follows:


	June 30, 2021		December 31, 2020
	(In thousands)
Non-interest bearing deposit accounts	$	2,835,881	$	2,704,050
Interest-bearing deposit accounts
Checking accounts	5,282		5,060
Savings	7,348		8,505
GPR deposits	11,235		12,955
Time deposits, denominations greater than or equal to $100	4,211		3,767
Time deposits, denominations less than $100	825		779
Total interest-bearing deposit accounts	28,901		31,066
Total deposits	$	2,864,782	$	2,735,116

Schedule of Contractual Maturities For Total Time Deposits

The scheduled contractual maturities for total time deposits are presented in the table below:


	June 30, 2021
	(In thousands)
Due in 2021	$	623
Due in 2022	1,750
Due in 2023	1,166
Due in 2024	562
Due in 2025	504
Thereafter	431
Total time deposits	$	5,036

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Federal Tax Rate and Actual Income Tax Expense Reconciliation

The sources and tax effects of the differences are as follows:


	Six Months Ended June 30,
	2021		2020
U.S. federal statutory tax rate	21.0	%	21.0	%
State income taxes, net of federal tax benefit	1.1		(0.6)
General business credits	(1.9)		(6.6)
Employee stock-based compensation	(2.9)		1.8
IRC 162(m) limitation	6.4		8.1
Nondeductible expenses	0.1		0.7

Other	(0.3)		(0.5)
Effective tax rate	23.5	%	23.9	%

Schedule of Income Tax Contingencies

The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is as follows:


	Six Months Ended June 30,
	2021		2020
	(In thousands)
Beginning balance	$	9,518	$	8,398
Increases related to positions taken during prior years	—		235
Increases related to positions taken during the current year	1,470		1,200


Ending balance	$	10,988	$	9,833

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate	$	10,801	$	9,660

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

Restricted stock units subject to service only conditions for the six months ended June 30, 2021 was as follows:


	Shares	Weighted-Average Grant-Date Fair Value
	(In thousands, except per share data)
Outstanding at December 31, 2020	1,222	$	36.24
Restricted stock units granted	697	48.24
Restricted stock units vested	(376)	35.19
Restricted stock units canceled	(157)	39.30
Outstanding at June 30, 2021	1,386	$	42.21

Performance-Based Restricted Stock Units

Performance-based restricted stock unit activity for the six months ended June 30, 2021 was as follows:


	Shares	Weighted-Average Grant-Date Fair Value
	(In thousands, except per share data)
Outstanding at December 31, 2020	946	$	35.62
Performance restricted stock units granted (at target)	401	46.93
Performance restricted stock units vested	(241)	37.48
Performance restricted stock units canceled	(62)	48.42
Adjustment for completed performance periods	110	33.41
Outstanding at June 30, 2021	1,154	$	37.76

Schedule of Stock Option Activity

Total stock option activity for the six months ended June 30, 2021 was as follows:


	Options	Weighted-Average Exercise Price
	(In thousands, except per share data)
Outstanding at December 31, 2020	1,634	$	32.04

Options exercised	(64)	28.23
Options canceled	(362)	50.80
Outstanding at June 30, 2021	1,208	$	26.60
Exercisable at June 30, 2021	624	$	29.19

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Share

The calculation of basic and diluted earnings per share (EPS) was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands, except per share data)
Basic earnings per Class A common share
Numerator:
Net income	$	24,933	$	3,294	$	50,668	$	50,139
Amount attributable to unvested Walmart restricted shares	(235)		(52)		(517)		(828)
Net income allocated to Class A common stockholders	$	24,698	$	3,242	$	50,151	$	49,311
Denominator:
Weighted-average Class A shares issued and outstanding	54,005		52,275		53,829		52,084
Basic earnings per Class A common share	$	0.46	$	0.06	$	0.93	$	0.95

Diluted earnings per Class A common share
Numerator:
Net income allocated to Class A common stockholders	$	24,698	$	3,242	$	50,151	$	49,311
Re-allocated earnings	4		1		11		13
Diluted net income allocated to Class A common stockholders	$	24,702	$	3,243	$	50,162	$	49,324
Denominator:
Weighted-average Class A shares issued and outstanding	54,005		52,275		53,829		52,084
Dilutive potential common shares:
Stock options	446		58		477		57
Service-based restricted stock units	362		567		453		469
Performance-based restricted stock units	242		258		293		299
Employee stock purchase plan	6		6		7		4
Diluted weighted-average Class A shares issued and outstanding	55,061		53,164		55,059		52,913
Diluted earnings per Class A common share	$	0.45	$	0.06	$	0.91	$	0.93

Schedule of Antidilutive Shares

The following table shows the weighted-average number of shares excluded from the diluted EPS calculation as their effects were anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
	(In thousands)
Class A common stock
Options to purchase Class A common stock	139	795	139	772
Service-based restricted stock units	562	268	320	295
Performance-based restricted stock units	829	453	742	286
Unvested Walmart restricted shares	515	840	555	875
Total	2,045	2,356	1,756	2,228

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Carried at Fair Value

As of June 30, 2021 and December 31, 2020, our assets and liabilities carried at fair value on a recurring basis were as follows:


	Level 1		Level 2		Level 3		Total Fair Value
June 30, 2021	(In thousands)
Assets
Corporate bonds	$	—	$	10,007	$	—	$	10,007

Agency bond securities	—		224,580		—		224,580
Agency mortgage-backed securities	—		817,771		—		817,771
Municipal bonds	—		30,038		—		30,038
Asset-backed securities	—		8,117		—		8,117
Total assets	$	—	$	1,090,513	$	—	$	1,090,513

Liabilities
Contingent consideration	$	—	$	—	$	3,300	$	3,300

December 31, 2020
Assets
Corporate bonds	$	—	$	10,110	$	—	$	10,110


Agency bond securities	—		234,157		—		234,157
Agency mortgage-backed securities	—		691,029		—		691,029
Municipal bonds	—		30,501		—		30,501
Asset-backed securities	—		5,172		—		5,172
Total assets	$	—	$	970,969	$	—	$	970,969

Liabilities
Contingent consideration	$	—	$	—	$	5,300	$	5,300

Schedule of Changes in Contingent Consideration Payable

The following table presents changes in our contingent consideration payable for the three and six months ended June 30, 2021 and 2020, which is categorized in Level 3 of the fair value hierarchy:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)
Balance, beginning of period	$	4,300	$	8,300	$	5,300	$	9,300

Payments of contingent consideration	(1,000)		(1,000)		(2,000)		(2,000)


Balance, end of period	$	3,300	$	7,300	$	3,300	$	7,300

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Not Carried at Fair Value


	June 30, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Financial Assets
Loans to bank customers, net of allowance	$	27,355	$	27,132	$	21,011	$	20,421

Financial Liabilities
Deposits	$	2,864,782	$	2,864,221	$	2,735,116	$	2,735,072

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of Supplemental Lease Information

Supplemental information related to our ROU assets and related lease liabilities is as follows:


	June 30, 2021

Cash paid for operating lease liabilities (in thousands)	$	5,893
Weighted average remaining lease term (years)	3.1
Weighted average discount rate	4.8		%

Schedule of Maturities of Operating Lease Liabilities

Maturities of our operating lease liabilities as of June 30, 2021 is as follows:


	Operating Leases
	(In thousands)
Remainder of 2021	$	4,212
2022	7,833
2023	3,740
2024	3,658
2025	1,012
	20,455
Less: imputed interest	(1,797)
Total lease liabilities	$	18,658

Significant Retailer and Partner Concentration (Tables)

6 Months Ended

Jun. 30, 2021

Risks and Uncertainties [Abstract]

Schedule of Customer Concentrations

Revenues derived from our products sold at retail distributors constituting greater than 10% of our total operating revenues were as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Walmart	23%	29%	24%	27%

Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following tables present financial information for each of our reportable segments for the periods then ended:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Segment Revenue	(In thousands)
Consumer Services	$	182,093	$	162,639	$	366,434	$	315,561
B2B Services	112,589		76,619		218,564		150,459
Money Movement Services	66,019		65,667		156,386		185,719
Corporate and Other	(2,763)		(4,906)		(3,641)		(5,179)
Total segment revenues	357,938		300,019		737,743		646,560
Net revenue adjustment	11,435		16,221		25,116		31,849
Total operating revenues	$	369,373	$	316,240	$	762,859	$	678,409


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Segment Profit	(In thousands)
Consumer Services	$	55,790	$	58,412	$	109,317	$	108,797
B2B Services	18,174		16,327		35,707		36,154
Money Movement Services	38,192		27,842		87,006		94,561
Corporate and Other	(49,232)		(57,331)		(95,746)		(102,144)
Total segment profit	62,924		45,250		136,284		137,368

Reconciliation to income before income taxes
Depreciation and amortization of property, equipment and internal-use software	13,981		14,479		27,181		28,176
Stock based compensation and related employer taxes	8,444		13,758		25,626		25,336
Amortization of acquired intangible assets	6,943		6,952		13,887		14,231
Impairment charges	—		1,088		—		1,088
Other expense	1,753		3,583		3,802		4,298
Operating income	31,803		5,390		65,788		64,239
Interest expense, net	38		443		75		684
Other income, net	1,633		2,154		547		2,346
Income before income taxes	$	33,398	$	7,101	$	66,260	$	65,901

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Operating revenues	$ 365,877	$ 314,101	$ 754,030	$ 669,427
Deferred revenue, revenue recognized	9,100	8,900	26,600	25,900
Transferred point in time
Disaggregation of Revenue [Line Items]
Operating revenues	221,655	206,780	472,286	462,238
Transferred over time
Disaggregation of Revenue [Line Items]
Operating revenues	144,222	107,321	281,744	207,189
Consumer Services
Disaggregation of Revenue [Line Items]
Operating revenues	176,430	156,192	355,108	302,437
Consumer Services \| Transferred point in time
Disaggregation of Revenue [Line Items]
Operating revenues	113,924	99,429	226,576	188,730
Consumer Services \| Transferred over time
Disaggregation of Revenue [Line Items]
Operating revenues	62,506	56,763	128,532	113,707
B2B Services
Disaggregation of Revenue [Line Items]
Operating revenues	123,428	92,242	242,536	181,271
B2B Services \| Transferred point in time
Disaggregation of Revenue [Line Items]
Operating revenues	43,016	43,517	91,875	90,574
B2B Services \| Transferred over time
Disaggregation of Revenue [Line Items]
Operating revenues	80,412	48,725	150,661	90,697
Cash processing revenues
Disaggregation of Revenue [Line Items]
Operating revenues	66,019	65,667	156,386	185,719
Cash processing revenues \| Transferred point in time
Disaggregation of Revenue [Line Items]
Operating revenues	64,715	63,834	153,835	182,934
Cash processing revenues \| Transferred over time
Disaggregation of Revenue [Line Items]
Operating revenues	$ 1,304	$ 1,833	$ 2,551	$ 2,785

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Investment Securities - Gross Gains and Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 1,105,041	$ 966,841
Gross unrealized gains	1,791	6,178
Gross unrealized losses	(16,319)	(2,050)
Fair value	1,090,513	970,969
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost	10,000	10,000
Gross unrealized gains	7	110
Gross unrealized losses	0	0
Fair value	10,007	10,110
Agency bond securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	230,840	235,839
Gross unrealized gains	0	31
Gross unrealized losses	(6,260)	(1,713)
Fair value	224,580	234,157
Agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	826,446	686,108
Gross unrealized gains	1,339	5,258
Gross unrealized losses	(10,014)	(337)
Fair value	817,771	691,029
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost	29,770	29,977
Gross unrealized gains	310	524
Gross unrealized losses	(42)	0
Fair value	30,038	30,501
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	7,985	4,917
Gross unrealized gains	135	255
Gross unrealized losses	(3)	0
Fair value	$ 8,117	$ 5,172

Investment Securities - Continuous Unrealized Loss (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	$ 962,021,000		$ 962,021,000		$ 351,706,000
Unrealized loss, less than 12 months	(16,319,000)		(16,319,000)		(2,050,000)
Fair value, 12 months or more	0		0		0
Unrealized loss, 12 months or more	0		0		0
Total fair value	962,021,000		962,021,000		351,706,000
Total unrealized loss	(16,319,000)		(16,319,000)		(2,050,000)
OTTI Loss, AFS	0	$ 0	0	$ 0
Agency bond securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	224,579,000		224,579,000		189,127,000
Unrealized loss, less than 12 months	(6,260,000)		(6,260,000)		(1,713,000)
Fair value, 12 months or more	0		0		0
Unrealized loss, 12 months or more	0		0		0
Total fair value	224,579,000		224,579,000		189,127,000
Total unrealized loss	(6,260,000)		(6,260,000)		(1,713,000)
Agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	720,761,000		720,761,000		162,579,000
Unrealized loss, less than 12 months	(10,014,000)		(10,014,000)		(337,000)
Fair value, 12 months or more	0		0		0
Unrealized loss, 12 months or more	0		0		0
Total fair value	720,761,000		720,761,000		162,579,000
Total unrealized loss	(10,014,000)		(10,014,000)		$ (337,000)
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	13,638,000		13,638,000
Unrealized loss, less than 12 months	(42,000)		(42,000)
Fair value, 12 months or more	0		0
Unrealized loss, 12 months or more	0		0
Total fair value	13,638,000		13,638,000
Total unrealized loss	(42,000)		(42,000)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	3,043,000		3,043,000
Unrealized loss, less than 12 months	(3,000)		(3,000)
Fair value, 12 months or more	0		0
Unrealized loss, 12 months or more	0		0
Total fair value	3,043,000		3,043,000
Total unrealized loss	$ (3,000)		$ (3,000)

Investment Securities - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Amortized cost
Due after one year through five years	$ 10,000
Due after five years through ten years	190,840
Due after ten years	69,770
Mortgage and asset-backed securities	834,431
Amortized cost	1,105,041	$ 966,841
Fair value
Due after one year through five years	10,007
Due after five years through ten years	185,766
Due after ten years	68,852
Mortgage and asset-backed securities	825,888
Fair value	$ 1,090,513	$ 970,969

Accounts Receivable - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable current and noncurrent, net	$ 58,299		$ 67,755
Trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	23,966		25,279
Reserve for uncollectible overdrawn accounts	(315)		(315)
Accounts receivable current and noncurrent, net	23,651		24,964
Overdrawn cardholder balances from purchase transactions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	8,216		3,229
Reserve for uncollectible overdrawn accounts	(5,512)	$ (2,280)	(1,653)	$ (5,070)	$ (3,680)	$ (3,398)
Accounts receivable current and noncurrent, net	2,704		1,576
Overdrawn cardholder balances from maintenance fees
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable current and noncurrent, net	3,637		3,165
Total net overdrawn account balances due from cardholders
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable current and noncurrent, net	6,341		4,741
Receivables due from card issuing banks
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable current and noncurrent, net	5,278		4,377
Fee advances, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable current and noncurrent, net	2,098		21,424
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable current and noncurrent, net	$ 20,931		$ 12,249

Accounts Receivable - Reserve For Uncollectible Overdrawn Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Uncollectible Overdrawn Accounts [Roll Forward]
Provision for uncollectible overdrawn accounts from purchase transactions			$ 10,213	$ 4,398
Overdrawn cardholder balances from purchase transactions
Uncollectible Overdrawn Accounts [Roll Forward]
Balance, beginning of period	$ 2,280	$ 3,680	1,653	3,398
Provision for uncollectible overdrawn accounts from purchase transactions	7,219	3,082	10,213	4,398
Charge-offs	(3,987)	(1,692)	(6,354)	(2,726)
Balance, end of period	$ 5,512	$ 5,070	$ 5,512	$ 5,070

Loans to Bank Customers - Loan Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	$ 34,048	$ 21,768
Total Outstanding (as a percent)	100.00%	100.00%
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	$ 4,382	$ 864
Past Due (as a percent)	12.90%	4.00%
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	$ 328	$ 699
Past Due (as a percent)	1.00%	3.20%
90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	$ 383	$ 1,363
Past Due (as a percent)	1.10%	6.30%
Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	$ 5,093	$ 2,926
Past Due (as a percent)	15.00%	13.40%
Financial Asset, Not Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	$ 28,955	$ 18,842
Total Current or Less Than 30 Days Past Due (as a percent)	85.00%	86.60%
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	$ 3,108	$ 3,008
Residential \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Residential \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Residential \| 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Residential \| Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Residential \| Financial Asset, Not Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	3,108	3,008
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	4,114	3,435
Commercial \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Commercial \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Commercial \| 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Commercial \| Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Commercial \| Financial Asset, Not Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	4,114	3,435
Installment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	377	497
Installment \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Installment \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Installment \| 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Installment \| Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0	0
Installment \| Financial Asset, Not Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	377	497
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	12,530
Consumer \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	3,902
Consumer \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	88
Consumer \| 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	0
Consumer \| Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	3,990
Consumer \| Financial Asset, Not Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	8,540
Secured credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	13,919	14,828
Secured credit card \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	480	864
Secured credit card \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	240	699
Secured credit card \| 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	383	1,363
Secured credit card \| Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	1,103	2,926
Secured credit card \| Financial Asset, Not Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Outstanding	$ 12,816	$ 11,902

Loans to Bank Customers - Nonperforming Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Nonperforming Loans [Line Items]
Nonperforming loans	$ 731	$ 1,740
Residential
Nonperforming Loans [Line Items]
Nonperforming loans	219	240
Installment
Nonperforming Loans [Line Items]
Nonperforming loans	129	137
Secured credit card
Nonperforming Loans [Line Items]
Nonperforming loans	$ 383	$ 1,363

Loans to Bank Customers - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Outstanding Loans [Line Items]
Total loans	$ 27,355	$ 21,011
Non-Classified
Outstanding Loans [Line Items]
Total loans	33,317	20,028
Classified
Outstanding Loans [Line Items]
Total loans	731	1,740
Residential \| Non-Classified
Outstanding Loans [Line Items]
Total loans	2,889	2,768
Residential \| Classified
Outstanding Loans [Line Items]
Total loans	219	240
Commercial \| Non-Classified
Outstanding Loans [Line Items]
Total loans	4,114	3,435
Commercial \| Classified
Outstanding Loans [Line Items]
Total loans	0	0
Installment \| Non-Classified
Outstanding Loans [Line Items]
Total loans	248	360
Installment \| Classified
Outstanding Loans [Line Items]
Total loans	129	137
Consumer \| Non-Classified
Outstanding Loans [Line Items]
Total loans	12,530	0
Consumer \| Classified
Outstanding Loans [Line Items]
Total loans	0	0
Secured credit card \| Non-Classified
Outstanding Loans [Line Items]
Total loans	13,536	13,465
Secured credit card \| Classified
Outstanding Loans [Line Items]
Total loans	$ 383	$ 1,363

Loans to Bank Customers - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Residential
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 219	$ 240
Carrying Value	164	180
Consumer
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	129	137
Carrying Value	$ 96	$ 103

Loans to Bank Customers - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Allowance for Loan Losses [Roll Forward]
Balance, beginning of period	$ 1,531	$ 1,057	$ 757	$ 1,166
Provision for loans	8,733	62	10,143	254
Loans charged off	(3,645)	(634)	(4,352)	(1,121)
Recoveries of loans previously charged off	74	85	145	271
Balance, end of period	$ 6,693	$ 570	$ 6,693	$ 570

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Equity Method Investment (Details) - USD ($)	3 Months Ended		6 Months Ended
Equity Method Investment (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jan. 02, 2020
Schedule of Equity Method Investments [Line Items]
(Earnings) losses in equity method investments			$ (578,000)	$ 2,716,000
Walmart Program Agreement
Schedule of Equity Method Investments [Line Items]
Capital contributions, authorized amount					$ 35,000,000.0
TailFin Labs
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 61,500,000		61,500,000
(Earnings) losses in equity method investments	$ 700,000	$ 2,800,000	$ 2,300,000	$ 2,900,000
TailFin Labs \| Walmart Program Agreement
Schedule of Equity Method Investments [Line Items]
Equity interest					20.00%

Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Noninterest-bearing Deposit Liabilities, by Component [Abstract]
Non-interest bearing deposit accounts	$ 2,835,881	$ 2,704,050
Interest-bearing deposit accounts
Checking accounts	5,282	5,060
Savings	7,348	8,505
GPR deposits	11,235	12,955
Time deposits, denominations greater than or equal to $100	4,211	3,767
Time deposits, denominations less than $100	825	779
Total interest-bearing deposit accounts	28,901	31,066
Total deposits	$ 2,864,782	$ 2,735,116

Deposits - Contractual Maturities (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Deposits [Abstract]
Due in 2021	$ 623
Due in 2022	1,750
Due in 2023	1,166
Due in 2024	562
Due in 2025	504
Thereafter	431
Total time deposits	$ 5,036

Debt - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
Debt - Narrative (Details) - USD ($)	Oct. 31, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee				0.20%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee				0.35%
Line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000.0
Facility term	5 years
Line of credit		$ 0		$ 0
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders \| Line of credit
Debt Instrument [Line Items]
Interest expense		$ 0	$ 400,000	$ 0	$ 600,000
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders \| Line of credit \| Federal funds rate
Debt Instrument [Line Items]
Margin included in variable base rate	0.50%
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders \| Line of credit \| Base rate
Debt Instrument [Line Items]
Margin included in variable base rate	1.00%
Wells Fargo Bank \| Line of credit \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable base rate	1.25%
Wells Fargo Bank \| Line of credit \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable base rate	2.00%
Wells Fargo Bank \| Line of credit \| Base rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable base rate	0.25%
Wells Fargo Bank \| Line of credit \| Base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable base rate	1.00%

Income Taxes - Effective Tax Rate Reconciliation (Details)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate (percent)	21.00%	21.00%
State income taxes, net of federal tax benefit	1.10%	(0.60%)
General business credits	(1.90%)	(6.60%)
Employee stock-based compensation	(2.90%)	1.80%
IRC 162(m) limitation	6.40%	8.10%
Nondeductible expenses	0.10%	0.70%
Other	(0.30%)	(0.50%)
Effective tax rate (percent)	23.50%	23.90%

Income Taxes - Narrative (Details) - USD ($)	6 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Decrease in IRC 162(m) limitation	$ 1,100,000
Increase in excess tax benefit, shared-based compensation and additional expenses	3,100,000
Discrete tax benefits related to excess tax benefits from stock-based compensation	1,900,000	$ (1,200,000)
Deferred tax assets, valuation allowance	0
Unrecognized tax benefits	10,988,000	9,833,000	$ 9,518,000	$ 8,398,000
Unrecognized tax benefits, income tax penalties and interest accrued	600,000	$ 700,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	68,800,000
State \| Tax Year 2021-2039
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	46,600,000
State \| Indefinitely
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	22,200,000
State \| Latest tax year
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	19,400,000
State \| Tax year 2023-2027
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	1,100,000
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 19,200,000
Internal Revenue Service (IRS) \| Minimum \| State
Operating Loss Carryforwards [Line Items]
Income tax examination, period	4 years
Internal Revenue Service (IRS) \| Maximum \| State
Operating Loss Carryforwards [Line Items]
Income tax examination, period	5 years

Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 9,518	$ 8,398
Increases related to positions taken during prior years	0	235
Increases related to positions taken during the current year	1,470	1,200
Ending balance	10,988	9,833
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate	$ 10,801	$ 9,660

Stockholders' Equity (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Jan. 02, 2020	May 31, 2017
Class of Stock [Line Items]
Share repurchase program authorized amount				$ 150,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 50,000,000
Common stock, shares issued (in shares)	54,640,000	54,034,000
Private Placement \| Common Class A \| Walmart Program Agreement
Class of Stock [Line Items]
Common stock, shares issued (in shares)			975,000
Common stock, shares issued and unvested (in shares)	487,502

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock-based compensation	$ 8.4	$ 13.6	$ 25.6	$ 25.0
Performance-based restricted stock units \| 2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
Minimum \| Performance-based restricted stock units \| 2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share percentage for shares issued			0.00%
Maximum \| Performance-based restricted stock units \| 2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share percentage for shares issued			200.00%

Stock-Based Compensation - Restricted Stock and Performance Stock Units (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-Option equity instruments outstanding, beginning balance (in shares) \| shares	1,222
Non-Option equity instruments, granted (in shares) \| shares	697
Non-Option equity instruments, exercised (in shares) \| shares	(376)
Non-Option equity instruments, canceled (in shares) \| shares	(157)
Non-Option equity instruments outstanding, ending balance (in shares) \| shares	1,386
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Equity instruments other than options, nonvested, weighted average grant date fair value, beginning balance (in usd per share) \| $ / shares	$ 36.24
Equity instruments other than options, grants in period, weighted average grant date fair value (in usd per share) \| $ / shares	48.24
Equity instruments other than options, vested in period, weighted average grant date fair value (in usd per share) \| $ / shares	35.19
Equity instruments other than options, canceled, weighted average grant date fair value (in usd per share) \| $ / shares	39.30
Equity instruments other than options, nonvested, weighted average grant date fair value , ending balance (in usd per share) \| $ / shares	$ 42.21
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-Option equity instruments outstanding, beginning balance (in shares) \| shares	946
Non-Option equity instruments, granted (in shares) \| shares	401
Non-Option equity instruments, exercised (in shares) \| shares	(241)
Non-Option equity instruments, canceled (in shares) \| shares	(62)
Non-Option equity instruments outstanding, adjustments for completed performance periods (in shares) \| shares	110
Non-Option equity instruments outstanding, ending balance (in shares) \| shares	1,154
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Equity instruments other than options, nonvested, weighted average grant date fair value, beginning balance (in usd per share) \| $ / shares	$ 35.62
Equity instruments other than options, grants in period, weighted average grant date fair value (in usd per share) \| $ / shares	46.93
Equity instruments other than options, vested in period, weighted average grant date fair value (in usd per share) \| $ / shares	37.48
Equity instruments other than options, canceled, weighted average grant date fair value (in usd per share) \| $ / shares	$ 48.42
Equity instruments other than options, adjustments, weighted average grant date fair value (in usd per share) \| $ / shares	33.41
Equity instruments other than options, nonvested, weighted average grant date fair value , ending balance (in usd per share) \| $ / shares	$ 37.76

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning balance (in shares)	1,634
Options, exercised in period (in shares)	(64)
Options, canceled in period (in shares)	(362)
Options outstanding, ending balance (in shares)	1,208
Options, exercisable (in shares)	624
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options outstanding, beginning balance, weighted average exercise price (in usd per share)	$ 32.04
Options, exercises in period, weighted average exercise price (in usd per share)	28.23
Options, canceled in period, weighted average canceled price (in usd per share)	50.80
Options outstanding, ending balance, weighted average exercise price (in usd per share)	26.60
Options, exercisable, weighted average exercise price (in usd per share)	$ 29.19

Earnings per Common Share - Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic earnings per Class A common share
Net income	$ 24,933	$ 3,294	$ 50,668	$ 50,139
Net income allocated to Class A common stockholders	$ 24,698	$ 3,242	$ 50,151	$ 49,311
Basic weighted-average common shares issued and outstanding (in shares)	54,005	52,275	53,829	52,084
Basic earnings per common share (in usd per share)	$ 0.46	$ 0.06	$ 0.93	$ 0.95
Diluted earnings per Class A common share
Net income allocated to Class A common stockholders	$ 24,698	$ 3,242	$ 50,151	$ 49,311
Re-allocated earnings	4	1	11	13
Diluted net income allocated to Class A common stockholders	$ 24,702	$ 3,243	$ 50,162	$ 49,324
Basic weighted-average common shares issued and outstanding (in shares)	54,005	52,275	53,829	52,084
Diluted weighted-average Class A shares issued and outstanding (in shares)	55,061	53,164	55,059	52,913
Diluted earnings per common share (in usd per share)	$ 0.45	$ 0.06	$ 0.91	$ 0.93
Stock options
Diluted earnings per Class A common share
Dilutive potential common shares (in shares)	446	58	477	57
Restricted stock units
Diluted earnings per Class A common share
Dilutive potential common shares (in shares)	362	567	453	469
Performance-based restricted stock units
Diluted earnings per Class A common share
Dilutive potential common shares (in shares)	242	258	293	299
Employee stock purchase plan
Diluted earnings per Class A common share
Dilutive potential common shares (in shares)	6	6	7	4
Other Classes of Common Stock
Basic earnings per Class A common share
Net income allocated to Class A common stockholders	$ (235)	$ (52)	$ (517)	$ (828)
Diluted earnings per Class A common share
Net income allocated to Class A common stockholders	(235)	(52)	(517)	(828)
Common Class A
Basic earnings per Class A common share
Net income allocated to Class A common stockholders	24,698	3,242	50,151	49,311
Diluted earnings per Class A common share
Net income allocated to Class A common stockholders	$ 24,698	$ 3,242	$ 50,151	$ 49,311

Earnings per Common Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Shares [Line Items]
Antidilutive shares (in shares)	2,045	2,356	1,756	2,228
Stock options
Antidilutive Shares [Line Items]
Antidilutive shares (in shares)	139	795	139	772
Restricted stock units
Antidilutive Shares [Line Items]
Antidilutive shares (in shares)	562	268	320	295
Performance-based restricted stock units
Antidilutive Shares [Line Items]
Antidilutive shares (in shares)	829	453	742	286
Unvested Walmart restricted shares
Antidilutive Shares [Line Items]
Antidilutive shares (in shares)	515	840	555	875

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 1,090,513	$ 970,969
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	10,007	10,110
Agency bond securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	224,580	234,157
Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	817,771	691,029
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	30,038	30,501
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	8,117	5,172
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,090,513	970,969
Contingent consideration	3,300	5,300
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Contingent consideration	0	0
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,090,513	970,969
Contingent consideration	0	0
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Contingent consideration	3,300	5,300
Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	10,007	10,110
Recurring \| Corporate bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Recurring \| Corporate bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	10,007	10,110
Recurring \| Corporate bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Recurring \| Agency bond securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	224,580	234,157
Recurring \| Agency bond securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Recurring \| Agency bond securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	224,580	234,157
Recurring \| Agency bond securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Recurring \| Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	817,771	691,029
Recurring \| Agency mortgage-backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Recurring \| Agency mortgage-backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	817,771	691,029
Recurring \| Agency mortgage-backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	30,038	30,501
Recurring \| Municipal bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Recurring \| Municipal bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	30,038	30,501
Recurring \| Municipal bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	8,117	5,172
Recurring \| Asset-backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Recurring \| Asset-backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	8,117	5,172
Recurring \| Asset-backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 0	$ 0

Fair Value Measurements - Contingent Consideration Payable (Details) - Contingent consideration payable - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 4,300	$ 8,300	$ 5,300	$ 9,300
Payments of contingent consideration	(1,000)	(1,000)	(2,000)	(2,000)
Balance, end of period	$ 3,300	$ 7,300	$ 3,300	$ 7,300

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans to bank customers, net of allowance	$ 27,355	$ 21,011
Deposits	2,864,782	2,735,116
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans to bank customers, net of allowance	27,132	20,421
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deposits	$ 2,864,221	$ 2,735,072

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 0.6	$ 2.2	$ 1.8	$ 4.6
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	5 years		5 years

Leases - Supplemental Information (Details) $ in Thousands	6 Months Ended
Leases - Supplemental Information (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Leases [Abstract]
Cash paid for operating lease liabilities (in thousands)	$ 5,893
Weighted average remaining lease term (years)	3 years 1 month 6 days
Weighted average discount rate	4.80%

Leases - Maturities of Operating Leases (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Operating Leases
Remainder of 2021	$ 4,212
2022	7,833
2023	3,740
2024	3,658
2025	1,012
Payments due	20,455
Less: imputed interest	(1,797)
Total lease liabilities	$ 18,658

Commitments and Contingencies (Details) - USD ($)		6 Months Ended
Commitments and Contingencies (Details) - USD ($)	May 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Jan. 02, 2020
Business Acquisition [Line Items]
Loss contingency accrual		$ 0	$ 0
Recurring
Business Acquisition [Line Items]
Contingent consideration		3,300,000	5,300,000
Recurring \| Level 3
Business Acquisition [Line Items]
Contingent consideration		3,300,000	$ 5,300,000
Tax Refund Solutions
Business Acquisition [Line Items]
Payments to acquire businesses	$ 165,000,000
UniRush, LLC
Business Acquisition [Line Items]
Contingent consideration, earn-out payable		$ 4,000,000
Contingent consideration, earn-out period		5 years
Walmart Program Agreement
Business Acquisition [Line Items]
Capital contributions, authorized amount				$ 35,000,000.0

Significant Retailer and Partner Concentration (Details) - Percent of total operating revenues	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Customer concentration risk \| Walmart
Concentration Risk [Line Items]
Concentration risk, percentage	23.00%	29.00%	24.00%	27.00%
Partner concentration risk \| Single BaaS Partner
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%		18.00%

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Thousands	Jun. 30, 2021 USD ($) retail_location	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segment retail_location	Jun. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments (in segments) \| segment			3
Number of retail locations (more than) \| retail_location	90,000		90,000
Total segment revenues	$ 357,938	$ 300,019	$ 737,743	$ 646,560
Revenues	369,373	316,240	762,859	678,409
Total segment profit	62,924	45,250	136,284	137,368
Reconciliation to income before income taxes
Depreciation and amortization of property, equipment and internal-use software			27,181	28,175
Stock based compensation and related employer taxes	8,400	13,600	25,600	25,000
Amortization of acquired intangible assets			13,887	14,231
Operating income	31,803	5,390	65,788	64,239
Interest expense, net	38	443	75	684
Other income, net	1,633	2,154	547	2,346
Income before income taxes	33,398	7,101	66,260	65,901
Operating segments \| Consumer Services
Segment Reporting Information [Line Items]
Total segment revenues	182,093	162,639	366,434	315,561
Total segment profit	55,790	58,412	109,317	108,797
Operating segments \| B2B Services
Segment Reporting Information [Line Items]
Total segment revenues	112,589	76,619	218,564	150,459
Total segment profit	18,174	16,327	35,707	36,154
Operating segments \| Cash processing revenues
Segment Reporting Information [Line Items]
Total segment revenues	66,019	65,667	156,386	185,719
Total segment profit	38,192	27,842	87,006	94,561
Corporate and Other
Segment Reporting Information [Line Items]
Total segment revenues	(2,763)	(4,906)	(3,641)	(5,179)
Total segment profit	(49,232)	(57,331)	(95,746)	(102,144)
Segment reconciling items
Segment Reporting Information [Line Items]
Revenues	11,435	16,221	25,116	31,849
Reconciliation to income before income taxes
Depreciation and amortization of property, equipment and internal-use software	13,981	14,479	27,181	28,176
Stock based compensation and related employer taxes	8,444	13,758	25,626	25,336
Amortization of acquired intangible assets	6,943	6,952	13,887	14,231
Impairment charges	0	1,088	0	1,088
Other expense	$ 1,753	$ 3,583	$ 3,802	$ 4,298

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details