SAN FRANCISCO, Aug. 4, 2015 /PRNewswire/ -- Lending Club
(NYSE:LC), the world's largest online marketplace connecting
borrowers and investors, today announced financial results for the
second quarter ended June 30, 2015
and raised its outlook for the remainder of the year.
|
Quarter Ended June
30,
|
|
Six Months Ended
June 30,
|
|
($ in
millions)
|
2015
|
2014
|
%
Change
|
|
2015
|
2014
|
%
Change
|
|
Originations
|
$ 1,911.8
|
$ 1,005.9
|
90%
|
|
$ 3,546.8
|
$ 1,797.3
|
97%
|
|
Operating
Revenue
|
$ 96.1
|
$ 48.6
|
98%
|
|
$ 177.2
|
$ 87.3
|
103%
|
|
Adjusted
EBITDA(1)
|
$ 13.4
|
$ 4.0
|
235%
|
|
$ 24.0
|
$ 5.9
|
310%
|
|
|
|
|
|
|
|
(1)
Adjusted EBITDA is a non-GAAP financial measure. Please see the
discussion below under the heading "Non-GAAP Measures" and the
reconciliation at the end of this release.
|
|
"We had another very strong quarter with accelerating revenue
growth from 17% to 19% quarter over quarter and expanding margins
from 13.1% in Q1 to 13.9% in Q2." said Renaud Laplanche, CEO and founder. "Strong
platform effects, industry leading position, superior engineering,
and record high customer satisfaction translating into a loyal
repeat customer base, have helped us continue to lower our
acquisition costs this quarter. These results and the continued
momentum we are seeing give us the confidence to, once again, raise
our outlook for the full year in terms of both growth and
margins."
Second Quarter 2015 Financial Highlights
Originations – Loan originations in the second quarter of
2015 were $1.91 billion, compared to
$1.01 billion in the same period last
year, an increase of 90% year-over-year. The Lending Club platform
has now facilitated loans totaling roughly $11.2 billion since inception.
Operating Revenue – Operating revenue in the second
quarter of 2015 was $96.1 million,
compared to $48.6 million in the same
period last year, an increase of 98% year-over-year. Operating
revenue as a percent of originations, or our revenue yield, was
5.03% in the second quarter, up from 4.83% in the prior year.
Adjusted EBITDA(2) – Adjusted EBITDA was
$13.4 million in the second quarter
of 2015, compared to $4.0 million in
the same period last year. As a percent of operating revenue,
Adjusted EBITDA margin increased to 13.9% in the second quarter of
2015, up from 8.2% in the prior year.
Net Loss – GAAP net loss was $4.1
million for the second quarter of 2015, compared to a net
loss of $9.2 million in the same
period last year. Lending Club's GAAP net loss included
$12.5 million of stock-based
compensation expense during the second quarter of 2015, compared to
$8.3 million in the second quarter of
2014.
Loss Per Share (EPS) - Basic and diluted loss per
share was ($0.01) for the second
quarter of 2015 compared to EPS of ($0.16) in the same period last year.
Adjusted EPS(2)– Adjusted EPS was $0.03 for the second quarter of 2015 compared to
$0.01 in the same period last
year.
Cash, Cash Equivalents and Securities Available for Sale
- As of June 30, 2015, cash, cash
equivalents and securities available for sale totaled $888 million, with no outstanding debt.
"The second quarter was another example of how our diversified
borrower channel and investor mix is driving fast and efficient
growth," said Carrie Dolan, CFO. "We
continue to see improving sales and marketing efficiency in our
standard personal loan product and we saw better than expected
acceptance and response rates in our custom products. With demand
remaining strong on both the borrower and investor sides of our
online credit marketplace, our increasing confidence in our
near-term and long-term opportunities is reflected in our raised
outlook."
Recent Business Developments
- Opened to investors in Texas
and Arizona in the second quarter
and, subsequent to the quarter end, opened to investors in
Arkansas, Iowa and Oklahoma. Lending Club is now available to
investors in 33 states.
- Opened to borrowers in Nebraska and North
Dakota. Lending Club is now available to borrowers in 47
states.
- Investor base exceeds 100,000 active individual investors who
collectively invested over $1 billion on the Lending Club
platform in Q2.
- Launched an alliance with Ingram Micro (NYSE: IM), the world's
largest wholesale technology distribution company, to be the
exclusive provider of unsecured lines of credit and term loans up
to $300,000 for Ingram Micro's tens
of thousands of U.S. value-added resellers, and with Zulily
(NASDAQ: ZU), a specialty online retailer that's topped a billion a
year in sales.
Outlook
Based on the information available as of August 4, 2015, Lending Club provides the
following outlook:
|
Third Quarter
2015
|
|
Operating
Revenues in the range of $106 million to $108
million.
|
|
Adjusted
EBITDA(2) in the range of $12 million to $14
million.
|
|
Fiscal Year
2015
|
|
Total Revenues
in the range of $405 million to $409 million, up from $385 million
to $392 million previously.
|
|
Adjusted
EBITDA(2) in the range of $49 million to $53
million, up from $40 million to $46 million previously.
|
|
|
|
(2)
Adjusted EBITDA and Adjusted EPS are non-GAAP financial
measures. Please see the discussion below under the heading
"Non-GAAP Measures" and the reconciliations at the end of this
release.
|
About Lending Club
Lending Club's mission is to transform the banking system to
make credit more affordable and investing more rewarding. The
company's technology platform enables it to deliver innovative
solutions to borrowers and investors. Since launching in 2007, the
Lending Club platform has facilitated over $11.2 billion in consumer loans and has more than
doubled annual loan volume each year. We operate at a lower cost
than traditional bank lending programs, so we're able to pass the
savings on to borrowers in the form of lower rates and to investors
in the form of solid returns. Lending Club has been prominently
recognized as a leader for its growth and innovation, including
being named one of Forbes'
America's Most Promising Companies three years in a row, a CNBC
Disruptor two years in a row, a 2012 World Economic Forum
Technology Pioneer, and one of The World's 10 Most Innovative
Companies in Finance by Fast Company. Lending Club is based in
San Francisco, California. More
information is available at https://www.lendingclub.com. Currently
only residents of the following states may invest in Lending Club
notes: AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, KY
(accredited investors), LA, MA, ME, MN, MS, MT, NH, NV, NY, OK, RI,
SD TX, UT, VA, VT, WA, WI, WV, or WY. All loans made by WebBank, a
Utah-chartered Industrial Bank,
Member FDIC.
Conference Call and Webcast Information
The Lending Club Second Quarter 2015 webcast and teleconference
is scheduled to begin at 2:00 p.m. Pacific
Time on Tuesday, August 4,
2015. A live webcast of the call will be available at
http://ir.lendingclub.com under the Events & Presentations
menu. To access the call, please dial +1 (888) 317-6003, or outside
the U.S. +1 (412) 317-6061, with conference ID 5811720, ten minutes
prior to 2:00 p.m. Pacific Time (or
5:00 p.m. Eastern Time). An audio
archive of the call will be available at http://ir.lendingclub.com.
An audio replay will be also available the evening of August 4, 2015, until August 11, 2015, by calling +1 (877) 344-7529 or
+1 (412) 317-0088, with Conference ID 10069982.
Non-GAAP Measures
Our non-GAAP measures have limitations as analytical tools and
you should not consider them in isolation or as a substitute for an
analysis of our results under GAAP. There are a number of
limitations related to the use of these non-GAAP financial measures
versus their nearest GAAP equivalents. Contribution, contribution
margin, adjusted EBITDA, adjusted EBITDA margin, and adjusted EPS
should not be viewed as substitutes for, or superior to, net income
(loss), and basic and diluted EPS, as prepared in accordance with
GAAP. Other companies, including companies in our industry, may
calculate these measures differently, which may reduce their
usefulness as a comparative measure. Contribution, contribution
margin, adjusted EBITDA, adjusted EBITDA margin and adjusted EPS do
not consider the potentially dilutive impact of stock-based
compensation. Although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future and adjusted EBITDA and adjusted EBITDA
margin do not reflect cash capital expenditure requirements for
such replacements or for new capital expenditure requirements.
Adjusted EBITDA and adjusted EBITDA margin do not reflect tax
payments that may represent a reduction in cash available to us.
Please see the "Reconciliation of GAAP to Non-GAAP Measures" tables
at the end of this release.
In evaluating contribution, contribution margin, adjusted
EBITDA, adjusted EBITDA margin and adjusted EPS, you should be
aware that in the future we will incur expenses similar to the
adjustments in this presentation.
Safe Harbor Statement
Some of the statements in this above are "forward-looking
statements." The words "anticipate," "believe," "estimate,"
"expect," "intend," "may," "outlook," "plan," "predict," "project,"
"will," "would" and similar expressions may identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. The Company may not
actually achieve the plans, intentions or expectations disclosed in
forward-looking statements, and you should not place undue reliance
on forward-looking statements. Actual results or events could
differ materially from the plans, intentions and expectations
disclosed in forward-looking statements. The Company does not
assume any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Information in this press release is not an offer to sell
securities or the solicitation of an offer to buy securities, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction.
Additional information about Lending Club is available in the
prospectus for Lending Club's notes, which can be obtained on
Lending Club's website at
https://www.lendingclub.com/info/prospectus.action.
|
|
LENDINGCLUB
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands,
except share and per share data)
(Unaudited)
|
|
|
Three months
ended
June
30,
|
|
Six months
ended
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Operating
revenue
|
|
|
|
|
|
|
|
|
Transaction
fees
|
$
|
85,651
|
|
|
$
|
45,801
|
|
|
$
|
158,133
|
|
|
$
|
81,213
|
|
|
Servicing
fees
|
6,479
|
|
|
1,468
|
|
|
11,871
|
|
|
3,248
|
|
|
Management
fees
|
2,548
|
|
|
1,461
|
|
|
4,763
|
|
|
2,555
|
|
|
Other revenue
(expense)
|
1,441
|
|
|
(109)
|
|
|
2,397
|
|
|
307
|
|
|
Total operating
revenue
|
96,119
|
|
|
48,621
|
|
|
177,164
|
|
|
87,323
|
|
|
Net interest
income (expense) after fair value adjustments
|
798
|
|
|
(396)
|
|
|
985
|
|
|
(380)
|
|
|
Total net
revenue
|
96,917
|
|
|
48,225
|
|
|
178,149
|
|
|
86,943
|
|
|
Operating expenses
(1):
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
40,317
|
|
|
19,225
|
|
|
75,201
|
|
|
39,807
|
|
|
Origination and
servicing
|
15,287
|
|
|
8,566
|
|
|
27,967
|
|
|
15,968
|
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
Engineering and
product development
|
16,062
|
|
|
8,030
|
|
|
28,390
|
|
|
13,752
|
|
|
Other
|
29,002
|
|
|
20,951
|
|
|
56,089
|
|
|
33,262
|
|
|
Total operating
expenses
|
100,668
|
|
|
56,772
|
|
|
187,647
|
|
|
102,789
|
|
|
Loss before income
tax expense
|
(3,751)
|
|
|
(8,547)
|
|
|
(9,498)
|
|
|
(15,846)
|
|
|
Income tax
expense
|
389
|
|
|
640
|
|
|
1,016
|
|
|
640
|
|
|
Net
loss
|
$
|
(4,140)
|
|
|
$
|
(9,187)
|
|
|
$
|
(10,514)
|
|
|
$
|
(16,486)
|
|
|
Basic net loss per
share attributable to common stockholders
|
$
|
(0.01)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.03)
|
|
|
$
|
(0.29)
|
|
|
Diluted net loss per
share attributable to common stockholders
|
$
|
(0.01)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.03)
|
|
|
$
|
(0.29)
|
|
|
Weighted-average
common shares – Basic
|
372,841,945
|
|
|
57,971,180
|
|
|
372,401,583
|
|
|
56,903,128
|
|
|
Weighted-average
common shares – Diluted
|
372,841,945
|
|
|
57,971,180
|
|
|
372,401,583
|
|
|
56,903,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes stock-based compensation expense as follows:
|
|
|
|
|
Three months
ended
June
30,
|
|
Six months
ended
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Sales and
marketing
|
$
|
1,806
|
|
|
$
|
615
|
|
|
$
|
3,325
|
|
|
$
|
4,117
|
|
|
Origination and
servicing
|
867
|
|
|
470
|
|
|
1,588
|
|
|
828
|
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
Engineering and
product development
|
2,432
|
|
|
1,258
|
|
|
3,838
|
|
|
1,995
|
|
|
Other
|
7,381
|
|
|
5,976
|
|
|
15,328
|
|
|
8,412
|
|
|
Total stock-based
compensation expense
|
$
|
12,486
|
|
|
$
|
8,319
|
|
|
$
|
24,079
|
|
|
$
|
15,352
|
|
|
|
LENDINGCLUB
CORPORATION
OPERATING AND
FINANCIAL HIGHLIGHTS
(In thousands,
except percentages and number of employees, or as
noted)
(Unaudited)
|
|
|
|
June 30,
2015
|
|
Three months
ended
|
|
%
Change
|
|
June 30,
2014
|
|
September 30,
2014
|
|
December 31,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
Q/Q
|
|
Y/Y
|
|
Operating
Highlights:
|
|
Loan originations (in
millions)
|
$
|
1,006
|
|
|
$
|
1,165
|
|
|
$
|
1,415
|
|
|
$
|
1,635
|
|
|
$
|
1,912
|
|
|
17%
|
|
|
90%
|
|
|
Operating
revenue
|
$
|
48,621
|
|
|
$
|
56,538
|
|
|
$
|
69,551
|
|
|
$
|
81,045
|
|
|
$
|
96,119
|
|
|
19%
|
|
|
98%
|
|
|
Contribution
(1)
|
$
|
21,915
|
|
|
$
|
26,881
|
|
|
$
|
32,672
|
|
|
$
|
35,721
|
|
|
$
|
43,188
|
|
|
21%
|
|
|
97%
|
|
|
Contribution
margin (1)
|
45.1%
|
|
|
47.5%
|
|
|
47.0%
|
|
|
44.1%
|
|
|
44.9%
|
|
|
N/M
|
|
N/M
|
|
Adjusted EBITDA
(1)
|
$
|
4,002
|
|
|
$
|
7,517
|
|
|
$
|
7,916
|
|
|
$
|
10,646
|
|
|
$
|
13,399
|
|
|
26%
|
|
|
235%
|
|
|
Adjusted EBITDA
margin (1)
|
8.2%
|
|
|
13.3%
|
|
|
11.4%
|
|
|
13.1%
|
|
|
13.9%
|
|
|
N/M
|
|
N/M
|
|
Adjusted EPS -
diluted (1)
|
$
|
0.01
|
|
|
$
|
0.02
|
|
|
$
|
0.01
|
|
|
$
|
0.02
|
|
|
$
|
0.03
|
|
|
N/M
|
|
N/M
|
|
Standard Program
Originations by Investor Type:
|
|
|
|
|
|
|
|
Managed accounts,
individuals
|
46%
|
|
|
44%
|
|
|
48%
|
|
|
51%
|
|
|
50%
|
|
|
|
|
|
|
Self-managed,
individuals
|
23%
|
|
|
25%
|
|
|
19%
|
|
|
24%
|
|
|
20%
|
|
|
|
|
|
|
Institutional
investors
|
31%
|
|
|
31%
|
|
|
33%
|
|
|
25%
|
|
|
30%
|
|
|
|
|
|
|
Total
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
|
|
|
|
Originations by
Program:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standard
program
|
81%
|
|
|
75%
|
|
|
78%
|
|
|
79%
|
|
|
76%
|
|
|
|
|
|
|
Custom
program
|
19%
|
|
|
25%
|
|
|
22%
|
|
|
21%
|
|
|
24%
|
|
|
|
|
|
|
Total
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
|
|
|
|
Servicing
Portfolio by Method Financed (in millions, at end of
period):
|
|
|
|
|
|
Notes
|
$
|
881
|
|
|
$
|
983
|
|
|
$
|
1,055
|
|
|
$
|
1,210
|
|
|
$
|
1,314
|
|
|
9%
|
|
|
49%
|
|
|
Certificates
|
1,481
|
|
|
1,601
|
|
|
1,797
|
|
|
2,067
|
|
|
2,381
|
|
|
15%
|
|
|
61%
|
|
|
Whole loans
sold
|
981
|
|
|
1,373
|
|
|
1,874
|
|
|
2,300
|
|
|
2,853
|
|
|
24%
|
|
|
191%
|
|
|
Total
|
$
|
3,343
|
|
|
$
|
3,957
|
|
|
$
|
4,726
|
|
|
$
|
5,577
|
|
|
$
|
6,548
|
|
|
|
|
|
|
Select Balance
Sheet Information (in millions, at end of period):
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
69
|
|
|
$
|
83
|
|
|
$
|
870
|
|
|
$
|
874
|
|
|
$
|
490
|
|
|
(44)%
|
|
|
N/M
|
|
Securities available
for sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
398
|
|
|
N/M
|
|
N/M
|
|
Loans
|
$
|
2,326
|
|
|
$
|
2,534
|
|
|
$
|
2,799
|
|
|
$
|
3,231
|
|
|
$
|
3,637
|
|
|
13%
|
|
|
56%
|
|
|
Notes and
certificates
|
$
|
2,337
|
|
|
$
|
2,552
|
|
|
$
|
2,814
|
|
|
$
|
3,249
|
|
|
$
|
3,660
|
|
|
13%
|
|
|
57%
|
|
|
Total
assets
|
$
|
2,582
|
|
|
$
|
2,815
|
|
|
$
|
3,890
|
|
|
$
|
4,328
|
|
|
$
|
4,783
|
|
|
11%
|
|
|
85%
|
|
|
Total stockholders'
equity
|
$
|
137
|
|
|
$
|
142
|
|
|
$
|
973
|
|
|
$
|
982
|
|
|
$
|
996
|
|
|
1%
|
|
|
N/M
|
|
Condensed Cash
Flow Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow from
operating activities
|
$
|
2,043
|
|
|
$
|
13,258
|
|
|
$
|
14,525
|
|
|
$
|
6,495
|
|
|
$
|
15,278
|
|
|
|
|
|
|
Cash flow related to
loans
|
(242,789)
|
|
|
(241,279)
|
|
|
(304,472)
|
|
|
(479,976)
|
|
|
(458,923)
|
|
|
|
|
|
|
Other
|
(116,739)
|
|
|
(10,382)
|
|
|
(27,125)
|
|
|
1,276
|
|
|
(425,803)
|
|
|
|
|
|
|
Net cash used in
investing activities
|
(359,528)
|
|
|
(251,661)
|
|
|
(331,597)
|
|
|
(478,700)
|
|
|
(884,726)
|
|
|
|
|
|
|
Cash flow related to
notes and certificates
|
242,759
|
|
|
248,802
|
|
|
301,593
|
|
|
483,543
|
|
|
462,978
|
|
|
|
|
|
|
Other
|
119,085
|
|
|
3,317
|
|
|
802,585
|
|
|
(6,993)
|
|
|
22,811
|
|
|
|
|
|
|
Net cash flow from
financing activities
|
361,844
|
|
|
252,119
|
|
|
1,104,178
|
|
|
476,550
|
|
|
485,789
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
$
|
4,359
|
|
|
$
|
13,716
|
|
|
$
|
787,106
|
|
|
$
|
4,345
|
|
|
$
|
(383,659)
|
|
|
|
|
|
|
Employees and
contractors (2)
|
628
|
|
|
742
|
|
|
843
|
|
|
976
|
|
|
1,136
|
|
|
|
|
|
|
|
Notes:
|
|
N/M Not
meaningful.
|
|
(1)
|
Represents a Non-GAAP
measure. See Reconciliation of GAAP to Non-GAAP
measures.
|
|
(2)
|
As of the end of each
respective period.
|
|
|
LENDINGCLUB
CORPORATION
RECONCILIATION OF
GAAP TO NON-GAAP MEASURES
(In thousands,
except percentages and per share data)
(Unaudited)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
2014
|
|
September 30,
2014
|
|
December 31,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June
30,
2014
|
|
June 30,
2015
|
|
Contribution
reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(9,187)
|
|
|
$
|
(7,371)
|
|
|
$
|
(9,037)
|
|
|
$
|
(6,374)
|
|
|
$
|
(4,140)
|
|
|
$
|
(16,486)
|
|
|
$
|
(10,514)
|
|
|
Net interest expense
(income) and other adjustments
|
396
|
|
|
474
|
|
|
1,430
|
|
|
(187)
|
|
|
(798)
|
|
|
380
|
|
|
(985)
|
|
|
General and
administrative expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering and
product development
|
8,030
|
|
|
9,235
|
|
|
11,714
|
|
|
12,328
|
|
|
16,062
|
|
|
13,752
|
|
|
28,390
|
|
|
Other
|
20,951
|
|
|
22,613
|
|
|
26,492
|
|
|
27,087
|
|
|
29,002
|
|
|
33,262
|
|
|
56,089
|
|
|
Stock-based
compensation expense
|
1,085
|
|
|
1,511
|
|
|
1,742
|
|
|
2,240
|
|
|
2,673
|
|
|
4,945
|
|
|
4,913
|
|
|
Income tax
expense
|
640
|
|
|
419
|
|
|
331
|
|
|
627
|
|
|
389
|
|
|
640
|
|
|
1,016
|
|
|
Contribution
|
$
|
21,915
|
|
|
$
|
26,881
|
|
|
$
|
32,672
|
|
|
$
|
35,721
|
|
|
$
|
43,188
|
|
|
$
|
36,493
|
|
|
$
|
78,909
|
|
|
Total operating
revenue
|
$
|
48,621
|
|
|
$
|
56,538
|
|
|
$
|
69,551
|
|
|
$
|
81,045
|
|
|
$
|
96,119
|
|
|
$
|
87,323
|
|
|
$
|
177,164
|
|
|
Contribution
margin
|
45.1%
|
|
|
47.5%
|
|
|
47.0%
|
|
|
44.1%
|
|
|
44.9%
|
|
|
41.8%
|
|
|
44.5%
|
|
|
Adjusted EBITDA
reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(9,187)
|
|
|
$
|
(7,371)
|
|
|
$
|
(9,037)
|
|
|
$
|
(6,374)
|
|
|
$
|
(4,140)
|
|
|
$
|
(16,486)
|
|
|
$
|
(10,514)
|
|
|
Net interest expense
(income) and other adjustments
|
396
|
|
|
474
|
|
|
1,430
|
|
|
(187)
|
|
|
(798)
|
|
|
380
|
|
|
(985)
|
|
|
Acquisition and
related expense
|
1,378
|
|
|
301
|
|
|
293
|
|
|
294
|
|
|
403
|
|
|
2,519
|
|
|
697
|
|
|
Depreciation
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering and
product development
|
1,088
|
|
|
1,447
|
|
|
1,868
|
|
|
2,744
|
|
|
3,261
|
|
|
1,879
|
|
|
6,005
|
|
|
Other
|
245
|
|
|
322
|
|
|
383
|
|
|
404
|
|
|
524
|
|
|
461
|
|
|
928
|
|
|
Amortization of
intangible assets
|
1,123
|
|
|
1,388
|
|
|
1,387
|
|
|
1,545
|
|
|
1,274
|
|
|
1,123
|
|
|
2,819
|
|
|
Stock-based
compensation expense
|
8,319
|
|
|
10,537
|
|
|
11,261
|
|
|
11,593
|
|
|
12,486
|
|
|
15,352
|
|
|
24,079
|
|
|
Income tax
expense
|
640
|
|
|
419
|
|
|
331
|
|
|
627
|
|
|
389
|
|
|
640
|
|
|
1,016
|
|
|
Adjusted
EBITDA
|
$
|
4,002
|
|
|
$
|
7,517
|
|
|
$
|
7,916
|
|
|
$
|
10,646
|
|
|
$
|
13,399
|
|
|
$
|
5,868
|
|
|
$
|
24,045
|
|
|
Total operating
revenue
|
$
|
48,621
|
|
|
$
|
56,538
|
|
|
$
|
69,551
|
|
|
$
|
81,045
|
|
|
$
|
96,119
|
|
|
$
|
87,323
|
|
|
$
|
177,164
|
|
|
Adjusted EBITDA
margin
|
8.2%
|
|
|
13.3%
|
|
|
11.4%
|
|
|
13.1%
|
|
|
13.9%
|
|
|
6.7%
|
|
|
13.6%
|
|
|
Adjusted net loss
and net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(9,187)
|
|
|
$
|
(7,371)
|
|
|
$
|
(9,037)
|
|
|
$
|
(6,374)
|
|
|
$
|
(4,140)
|
|
|
$
|
(16,486)
|
|
|
$
|
(10,514)
|
|
|
Acquisition and
related expense
|
1,378
|
|
|
301
|
|
|
293
|
|
|
294
|
|
|
403
|
|
|
2,519
|
|
|
697
|
|
|
Stock-based
compensation expense
|
8,319
|
|
|
10,537
|
|
|
11,261
|
|
|
11,593
|
|
|
12,486
|
|
|
15,352
|
|
|
24,079
|
|
|
Amortization of
acquired intangible assets
|
1,123
|
|
|
1,388
|
|
|
1,387
|
|
|
1,545
|
|
|
1,274
|
|
|
1,123
|
|
|
2,819
|
|
|
Income tax effects
related to acquisitions
|
640
|
|
|
419
|
|
|
331
|
|
|
627
|
|
|
389
|
|
|
640
|
|
|
1,016
|
|
|
Adjusted net
income
|
$
|
2,273
|
|
|
$
|
5,274
|
|
|
$
|
4,235
|
|
|
$
|
7,685
|
|
|
$
|
10,412
|
|
|
$
|
3,148
|
|
|
$
|
18,097
|
|
|
GAAP diluted shares
(1)
|
57,971
|
|
|
59,844
|
|
|
127,859
|
|
|
371,959
|
|
|
372,842
|
|
|
56,903
|
|
|
372,402
|
|
|
Diluted effect of
preferred stock conversion (2)
|
249,029
|
|
|
249,351
|
|
|
195,608
|
|
|
—
|
|
|
—
|
|
|
247,379
|
|
|
—
|
|
|
Other dilutive equity
awards
|
27,469
|
|
|
27,993
|
|
|
39,488
|
|
|
38,166
|
|
|
32,808
|
|
|
31,190
|
|
|
34,458
|
|
|
Non-GAAP diluted
shares
|
334,469
|
|
|
337,188
|
|
|
362,955
|
|
|
410,125
|
|
|
405,650
|
|
|
335,472
|
|
|
406,860
|
|
|
Adjusted net
income per diluted share
|
$
|
0.01
|
|
|
$
|
0.02
|
|
|
$
|
0.01
|
|
|
$
|
0.02
|
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.04
|
|
|
|
Notes:
|
|
(1)
|
Equivalent to the
basic and diluted shares reflected in the quarterly EPS
calculations.
|
|
(2)
|
For the fourth
quarter of 2014 and prior quarters, gives effect to the conversion
of convertible preferred stock into common stock as though the
conversion had occurred at the beginning of the period under the
"if converted" method.
|
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SOURCE Lending Club