$LC
LendingClub Corp

2013 Q2 Form 10-Q Financial Statement

#000119312513329399 Filed on August 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $20.84M $6.663M
YoY Change 212.76%
Cost Of Revenue $41.00M $13.40M
YoY Change 205.97%
Gross Profit $20.80M $6.700M
YoY Change 210.45%
Gross Profit Margin 99.81% 100.56%
Selling, General & Admin $15.64M $8.200M
YoY Change 90.77%
% of Gross Profit 75.21% 122.39%
Research & Development $1.000M
YoY Change
% of Gross Profit 14.93%
Depreciation & Amortization $300.0K $100.0K
YoY Change 200.0%
% of Gross Profit 1.44% 1.49%
Operating Expenses $19.06M $9.189M
YoY Change 107.39%
Operating Profit $1.743M -$2.489M
YoY Change -170.03%
Interest Expense $41.03M $13.45M
YoY Change 205.12%
% of Operating Profit 2354.1%
Other Income/Expense, Net
YoY Change
Pretax Income $1.782M -$2.526M
YoY Change -170.55%
Income Tax $85.00K $0.00
% Of Pretax Income 4.77%
Net Earnings $1.697M -$2.526M
YoY Change -167.18%
Net Earnings / Revenue 8.14% -37.91%
Basic Earnings Per Share $0.14 -$0.25
Diluted Earnings Per Share $0.02 -$0.25
COMMON SHARES
Basic Shares Outstanding 25.12M shares 9.954M shares
Diluted Shares Outstanding 37.70M shares 9.954M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.30M
YoY Change
Cash & Equivalents $54.59M $47.28M
Short-Term Investments
Other Short-Term Assets $600.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $50.70M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.039M $700.0K
YoY Change 619.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.100M
YoY Change
Other Assets $4.900M
YoY Change
Total Long-Term Assets $461.9M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $50.70M
Total Long-Term Assets $461.9M
Total Assets $1.319B $512.6M
YoY Change 157.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100M
YoY Change
Accrued Expenses $5.500M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $460.9M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $460.9M
Total Long-Term Liabilities $0.00
Total Liabilities $1.262B $461.0M
YoY Change 173.82%
SHAREHOLDERS EQUITY
Retained Earnings -$55.90M
YoY Change
Common Stock $127.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$46.95M $51.60M
YoY Change
Total Liabilities & Shareholders Equity $1.319B $512.6M
YoY Change 157.23%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $1.697M -$2.526M
YoY Change -167.18%
Depreciation, Depletion And Amortization $300.0K $100.0K
YoY Change 200.0%
Cash From Operating Activities $4.400M -$900.0K
YoY Change -588.89%
INVESTING ACTIVITIES
Capital Expenditures -$2.600M -$200.0K
YoY Change 1200.0%
Acquisitions
YoY Change
Other Investing Activities -$251.2M -$96.00M
YoY Change 161.67%
Cash From Investing Activities -$253.7M -$96.10M
YoY Change 164.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 252.6M 113.1M
YoY Change 123.34%
NET CHANGE
Cash From Operating Activities 4.400M -900.0K
Cash From Investing Activities -253.7M -96.10M
Cash From Financing Activities 252.6M 113.1M
Net Change In Cash 3.300M 16.10M
YoY Change -79.5%
FREE CASH FLOW
Cash From Operating Activities $4.400M -$900.0K
Capital Expenditures -$2.600M -$200.0K
Free Cash Flow $7.000M -$700.0K
YoY Change -1100.0%

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<div> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b><i><u>Change in Fiscal Year</u></i></b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> On December&#xA0;19, 2012, our Board of Directors approved a change in our fiscal year-end from March&#xA0;31<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">st</sup> to December&#xA0;31<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">st</sup>. The change was effective as of December&#xA0;31, 2012 and we filed a transition report with the Securities and Exchange Commission (&#x201C;SEC&#x201D;) which covered the nine-month period ending December&#xA0;31, 2012. The accompanying condensed consolidated financial statements covers the period from January&#xA0;1, 2013 through June&#xA0;30, 2013, representing two quarters of our newly adopted fiscal year period and should be read in conjunction with our audited financial statements and notes thereto for the period ended December&#xA0;31, 2012.</p> </div>
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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b><i><u>Concentrations of Credit Risk</u></i></b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, Member Loans financed directly by LendingClub and the related accrued interest receivable, and deposits with service providers. We hold our cash and cash equivalents and restricted cash in accounts at 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 exceeds the FDIC insured amounts. As of June&#xA0;30, 2013, the Company has net credit risk exposure on $0.4 million fair value of Member Loans held that were financed with sources of funds other than Notes or Certificates.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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. 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.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The deposit placed with the payment service provider is short-term and generally may be applied toward amounts due to the provider as services are rendered. The deposit 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 payment services agreement is cancelable by us at any time.</p> </div>
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<div> <p style="MARGIN-TOP: 0pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b><i><u>Reclassifications</u></i></b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> Certain prior period amounts have been reclassified to conform to the current presentation for accrued interest receivable, prepaid and other assets, accrued interest payable, accrued expenses and other liabilities, and payable to investor members. These reclassifications had no impact on previously reported results of consolidated operations or consolidated stockholders&#x2019; equity.</p> </div>
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