XNAS:NTSP Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

Form 10-Q

 

x                Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

for the quarterly period ended June 30, 2012

 

OR

 

o                   Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

for the transition period from                   to                   

 

Commission file number: 001-34915

 

NETSPEND HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

20-2306550

(State of organization)

 

(I.R.S. Employer Identification No.)

 

 

 

701 BRAZOS STREET

 

 

SUITE 1300

 

 

AUSTIN, TEXAS

 

78701-2582

(Address of principal executive offices)

 

(Zip Code)

 

(512) 532-8200

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes x No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer o

 

Accelerated filer x

 

 

 

Non-accelerated filer o

 

Smaller reporting company o

(Do not check if a smaller reporting company)

 

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes o No x

 

The Registrant had 74,635,918 shares of common stock, par value $0.001 per share, outstanding as of July 31, 2012.

 

 

 



Table of Contents

 

TABLE OF CONTENTS

 

Item

 

Description

 

Page

 

 

 

 

 

 

 

PART I—FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

1

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

23

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

37

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

38

 

 

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

38

 

 

 

 

 

Item 1A.

 

Risk Factors

 

38

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

39

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

39

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

39

 

 

 

 

 

Item 5.

 

Other Information

 

39

 

 

 

 

 

Item 6.

 

Exhibits

 

40

 



Table of Contents

 

PART I. FINANCIAL INFORMATION

 

Item 1. Unaudited Financial Statements

 

NetSpend Holdings, Inc.

Condensed Consolidated Balance Sheets

As of June 30, 2012 and December 31, 2011

 

 

 

June 30,

 

December 31,

 

 

 

2012

 

2011

 

 

 

(Unaudited)

 

 

 

 

 

(in thousands, except share and per share data)

 

Assets

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

$

31,177

 

$

72,076

 

Accounts receivable, net of allowance for doubtful accounts of $1,174 and $581 as of June 30, 2012 and December 31, 2011, respectively

 

7,747

 

7,552

 

Prepaid card supply

 

4,031

 

2,000

 

Prepaid expenses

 

3,822

 

3,326

 

Other current assets

 

1,801

 

2,179

 

Income tax receivable

 

2,383

 

 

Deferred tax assets

 

3,891

 

4,138

 

Total current assets

 

54,852

 

91,271

 

 

 

 

 

 

 

Property, equipment and software, net

 

22,226

 

20,631

 

Goodwill

 

128,567

 

128,567

 

Intangible assets

 

20,835

 

22,227

 

Long-term investment

 

2,970

 

2,497

 

Non-current deferred tax assets

 

2,233

 

 

Other assets

 

8,849

 

7,549

 

Total assets

 

$

240,532

 

$

272,742

 

 

 

 

 

 

 

Liabilities & Stockholders’ Equity

 

 

 

 

 

Current liabilities

 

 

 

 

 

Accounts payable (includes $416 and $0 of related party payables as of June 30, 2012 and

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