$LC
LendingClub Corp

2012 Q1 Form 10-K Financial Statement

#000119312513136975 Filed on April 01, 2013

View on sec.gov

Income Statement

Concept 2012 Q1 2012 2011 Q4
Revenue $5.214M $15.80M
YoY Change -66.95%
Cost Of Revenue $56.60M
YoY Change 76.88%
Gross Profit $28.60M
YoY Change 81.01%
Gross Profit Margin 181.05%
Selling, General & Admin $6.976M $22.64M
YoY Change -9.43%
% of Gross Profit 79.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $49.00K $150.0K
YoY Change 50.0%
% of Gross Profit 0.52%
Operating Expenses $7.838M $27.74M
YoY Change -0.21%
Operating Profit $859.0K
YoY Change -107.16%
Interest Expense $12.52M $32.03M
YoY Change
% of Operating Profit 3728.75%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.624M -$11.94M
YoY Change 0.37%
Income Tax
% Of Pretax Income
Net Earnings -$2.624M -$11.94M
YoY Change 0.0%
Net Earnings / Revenue -50.33% -75.61%
Basic Earnings Per Share -$1.36
Diluted Earnings Per Share -$1.36
COMMON SHARES
Basic Shares Outstanding 8.781M shares
Diluted Shares Outstanding 8.781M shares

Balance Sheet

Concept 2012 Q1 2012 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.60M
YoY Change 68.59%
Cash & Equivalents $31.24M $52.60M $24.71M
Short-Term Investments
Other Short-Term Assets $1.500M
YoY Change 114.29%
Inventory
Prepaid Expenses
Receivables $100.0K
Other Receivables $5.500M
Total Short-Term Assets $59.70M
YoY Change 74.05%
LONG-TERM ASSETS
Property, Plant & Equipment $525.0K $1.600M $398.0K
YoY Change 220.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $700.0K
YoY Change -78.79%
Other Assets $7.500M
YoY Change 53.06%
Total Long-Term Assets $791.1M
YoY Change 114.39%
TOTAL ASSETS
Total Short-Term Assets $59.70M
Total Long-Term Assets $791.1M
Total Assets $403.3M $850.8M $326.8M
YoY Change 110.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M
YoY Change 33.33%
Accrued Expenses $10.00M
YoY Change 127.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $798.6M
YoY Change 117.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $798.6M
Total Long-Term Liabilities $0.00
Total Liabilities $367.0M $798.6M $294.3M
YoY Change 117.6%
SHAREHOLDERS EQUITY
Retained Earnings -$53.40M -$50.78M
YoY Change
Common Stock $91.00K $89.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.34M $52.20M -$46.23M
YoY Change
Total Liabilities & Shareholders Equity $403.3M $850.8M $326.8M
YoY Change 110.96%

Cashflow Statement

Concept 2012 Q1 2012 2011 Q4
OPERATING ACTIVITIES
Net Income -$2.624M -$11.94M
YoY Change 0.0%
Depreciation, Depletion And Amortization $49.00K $150.0K
YoY Change 50.0%
Cash From Operating Activities -$1.618M -$11.09M
YoY Change 4.58%
INVESTING ACTIVITIES
Capital Expenditures $99.00K $383.0K
YoY Change -195.75%
Acquisitions
YoY Change
Other Investing Activities -$439.8M
YoY Change 101.37%
Cash From Investing Activities -$72.30M -$218.8M
YoY Change 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $62.00K $158.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.45M 247.8M
YoY Change 0.2%
NET CHANGE
Cash From Operating Activities -1.618M -11.09M
Cash From Investing Activities -72.30M -218.8M
Cash From Financing Activities 80.45M 247.8M
Net Change In Cash 6.532M 17.91M
YoY Change 0.04%
FREE CASH FLOW
Cash From Operating Activities -$1.618M -$11.09M
Capital Expenditures $99.00K $383.0K
Free Cash Flow -$1.717M -$11.47M
YoY Change 12.44%

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us-gaap Operating Loss Carryforwards Limitations On Use
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The Company believes limitations exist only on the future annual deductibility of approximately $2.5 million of the Company's total net operating loss carryforwards
ck0001409970 Future Annual Deduction Of Operating Loss Carry Forward
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ck0001409970 Number Of Loans
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dei Trading Symbol
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ck0001409970
dei Entity Registrant Name
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LENDINGCLUB CORP
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Period Focus
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FY
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Document Fiscal Year Focus
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2012
dei Document Type
DocumentType
10-K
dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
dei Entity Central Index Key
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0001409970
dei Entity Well Known Seasoned Issuer
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No
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<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i><u>Reclassification of Amounts in Previously Published Statements of Operations</u></i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation for accrued interest receivable, prepaid and other assets, accrued interest payable, and accrued expenses and other assets. These reclassifications had no impact on previously reported results of consolidated operations or consolidated stockholders&#x2019; equity.</font></p> </div>
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us-gaap Noninterest Income
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28927000
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us-gaap Depreciation Depletion And Amortization
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us-gaap Share Based Compensation
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us-gaap Fees And Commissions
FeesAndCommissions
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us-gaap Preferred Stock Dividend Rate Percentage
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us-gaap Proceeds From Sale And Collection Of Loans Heldforsale
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Capitalized Computer Software Additions
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us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i><u>Concentrations of Credit Risk</u></i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, Member Loans funded directly by LendingClub and the related accrued interest receivable, and deposits with service providers. We hold our cash, cash equivalents and restricted cash in accounts at high-credit quality regulated domestic financial institutions. We are exposed to credit risk in the event of default by these institutions to the extent the amount recorded on the balance sheet periodically exceeds the FDIC insured amounts. For the nine months ended December&#xA0;31, 2012, the Company has funded one loan for $0.01 million.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We obtain third-party credit reports and perform other evaluations of our borrower members&#x2019; financial condition, as needed, and do not allow borrower members to have more than two Member Loans outstanding at any one time. All of our loans are unsecured but we maintain a fair value allowance for Member Loans at fair value and an allowance for loan losses for Member Loans at amortized cost, as described above. Additionally, the potential gross credit risk to the Company from Member Loans is significantly mitigated to the extent that loans are financed by Notes or Certificates which absorb the loans&#x2019; credit losses pursuant to the member payment dependency provision.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The deposits placed with the majority of the service providers are short-term and generally may be applied toward amounts due the providers as services are rendered. One deposit with a nationally recognized payment services provider is ongoing throughout the contract term and is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement. The payments services agreement is cancelable by us at any time. Additionally, we regularly monitor the amount of the ongoing deposit with the payment services provider and the financial condition of the payment services provider.</font></p> </div>
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us-gaap Fiscal Period
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us-gaap Net Cash Provided By Used In Investing Activities
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>1. Nature of Organization</u></b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i><u>Organization and Operation</u></i></b></font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6px; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><font style="FONT-FAMILY: 'Times New Roman'" size="2">LendingClub Corporation (&#x201C;we&#x201D;, &#x201C;us&#x201D;, &#x201C;our&#x201D;, &#x201C;the Company&#x201D;) is an online marketplace that facilitates loans to l qualified borrowers and investments from qualified investors. We were incorporated in Delaware in October 2006, and in May 2007, we began operations. We expanded our operations in August 2007 with the launch of our public website, www.lendingclub.com. Pursuant to a public offering of Member Payment Dependent Notes (&#x201C;Notes&#x201D;), self-directed investors have the opportunity to purchase, directly on our website, Notes issued by us, with each series of Notes corresponding to an individual Member Loan facilitated through our platform. The Notes are unsecured, are dependent for payment on the related Member Loan and offer interest rates and credit characteristics that the investors find attractive.</font></font></font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><font style="FONT-FAMILY: 'Times New Roman'" size="2">In addition to the direct offering to investors, the Company&#x2019;s wholly-owned subsidiary, LC Advisors, LLC (&#x201C;LCA&#x201D;), a registered investment adviser, acts as the general partner for certain privately offered funds (the &#x201C;Funds&#x201D;) and advisor to certain privately offered separately managed accounts (&#x201C;SMAs&#x201D;). In connection with the private offerings, the Company established LC Trust I (&#x201C;Trust&#x201D;), a Delaware business trust in February 2011 to acquire and hold Member Loans for the sole benefit of investors that purchase through Trust Certificates (&#x201C;Certificates&#x201D;) issued by the Trust and which are related to the underlying Member Loans. Private investors each purchase a Certificate from the Trust and the Trust uses these proceeds to acquire and hold Member Loans for the sole benefit of the Certificate holder. The Certificates can only be settled with cash flows from the underlying Member Loans and Certificate holder does not have recourse to the general credit or other assets of the Trust, Company, borrower members or other investors.</font></font></font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">All Member Loans are unsecured obligations of individual borrower members with fixed interest rates, three-year or five-year maturities, minimum amounts of $1,000 and maximum amounts up to $35,000. The Member Loans are posted on our website pursuant to a program agreement with WebBank, an FDIC-insured, state-chartered industrial bank organized under the laws of the state of Utah, approved loans are funded and issued by WebBank and sold to us after closing. As a part of operating our platform, we verify the identity of members, obtain borrower members&#x2019; credit characteristics from consumer reporting agencies such as TransUnion, Experian or Equifax and screen borrower members for eligibility to participate in the platform and facilitate the posting of Member Loans. Also, after acquiring the Member Loans from WebBank, we service the Member Loans on an ongoing basis.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We pay WebBank a monthly service fee based on the amount of loans issued by WebBank in each month, subject to a minimum monthly fee.</font></p> </div>
us-gaap Proceeds From Loans
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us-gaap Revenues
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1100000
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Monthly
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320014000
CY2012 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
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158000
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898000
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641000
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15536000
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0.000 pure
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150000
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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200000
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383000
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17908000
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319703000
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253000
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368000
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500000
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105306000
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407000
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28063000
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0.0115 pure
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31912000
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2345000
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101950000
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3613419 shares
CY2012 us-gaap Income Tax Expense Benefit
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1300000
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
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32660000
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357000
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32030000
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0.42
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24000
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1500000
CY2012 ck0001409970 Number Of Loans
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81 Loan
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0.080 pure
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1000
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-6731000
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2712000
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6731000
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6732000
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533000
CY2012 ck0001409970 Interest Income Member Loans At Amortized Cost Net
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724000
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206000
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2345000
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31777000
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2602000
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101950000
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ProceedsFromIssuanceOfNotesAndCertificatesAtFairValue
319704000
CY2012 ck0001409970 Proceeds From Loans Amortized Cost
ProceedsFromLoansAmortizedCost
1349000
CY2012 ck0001409970 Proceeds From Origination Of Member Loans At Fair Value
ProceedsFromOriginationOfMemberLoansAtFairValue
320014000
CY2012 ck0001409970 Proceeds From Origination Of Member Loans Net
ProceedsFromOriginationOfMemberLoansNet
1064000
CY2012 ck0001409970 Related Party Deposits
RelatedPartyDeposits
191000
CY2012 ck0001409970 Related Party Investments
RelatedPartyInvestments
191000
CY2012 ck0001409970 Servicing Fees On Notes At Fair Value
ServicingFeesOnNotesAtFairValue
1222000

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