$Green Dot (GDOT.US)$Revenue has continued to grow over the ...
$Green Dot(GDOT.US$Revenue has continued to grow over the past 5 years, with an average growth rate of 10%. Operating profit was affected by the continuous decline in gross margin starting in 2020 and effective control of operating expenses in the past two years. After a sharp drop of 75.5% in 2020, it has grown rapidly for two years, but it has not yet returned to the level of 5 years ago, and the net profit curve is similar.
The income statement shows that interest expenses are very low and can be ignored, but other non-operating losses have continued to expand in the past two years, reaching 100 million in 2022, which has had some impact on net profit.
The balance ratio has increased from 60% to 84% over the past 5 years. Accounts receivable are relatively normal, and goodwill and other intangible assets have changed little. In 2022, it was 445 million, accounting for 57% of net assets of 780 million yuan.
Investments and advance payments grew from 970 million to 2.1 billion in 2021, and continued to grow to 2.36 billion dollars in 2022. They may be other sources of non-operating losses in the income statement. The short-term results of the investment seem unsatisfactory.
Long-term loans increased from zero to $35 million in 2022, and other current liabilities increased from $1.19 billion to $2.75 billion in 2020, and continued to rise to $3.49 billion thereafter, which is a huge burden.
Net cash flow operating over the past 5 years has been far lower than net investment, and no shareholder surplus has been generated.
The liquidity ratio has dropped to 0.37, and the company appears to be facing a serious short-term cash shortage.
The current price-earnings ratio is 16.2, which is not attractive for the time being.
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