$Green Dot (GDOT.US)$Revenue has been continuously growing for 5 years, with an average growth rate of 10%. Operating profit was significantly down by 75.5% in 2020 due to the continuous decline in gross margin since 2020 and effective control of operating expenses in the past two years. It quickly rebounded in the following two years but has not yet recovered to the level five years ago, similar to the trend of net income.
The income statement shows very low interest expenses, which can be ignored. However, other non-operating losses have been continuously expanding in the past two years, reaching 0.01 billion in 2022, which has had some impact on net income.
Over the past 5 years, the asset-liability ratio has increased from 60% to 84%. Accounts receivable are relatively normal, with little change in goodwill and other intangible assets. In 2022, the amount was 0.445 billion, accounting for 57% of net assets of 0.78 billion.
Investments and prepayments increased from 0.97 billion in 2021 to 2.1 billion, and further to 2.36 billion in 2022, possibly the source of other non-operating losses in the income statement. The short-term results of the investments seem less than satisfactory.
In 2022, long-term loans increased from 0 to 0.035 billion, while other current liabilities increased from 1.19 billion in 2020 to 2.75 billion, then continued to rise to 3.49 billion, which is a very large burden.
For the past 5 years, operating net cash flow has been significantly lower than investment net cash flow, resulting in no shareholder surplus.
The current ratio has decreased to 0.37, indicating that the company seems to be facing a serious short-term cash shortage problem.
The current PE ratio is 16.2, which is currently not attractive.
