$LC
LendingClub Corp

2013 Q4 Form 10-Q Financial Statement

#000119312513442262 Filed on November 14, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $96.20M $27.42M $9.897M
YoY Change 177.0%
Cost Of Revenue $62.70M $51.40M $18.30M
YoY Change 180.87%
Gross Profit $33.50M $27.40M $9.900M
YoY Change 176.77%
Gross Profit Margin 34.82% 99.95% 100.03%
Selling, General & Admin $30.60M $19.79M $8.850M
YoY Change 123.63%
% of Gross Profit 91.34% 72.23% 89.39%
Research & Development $1.400M
YoY Change
% of Gross Profit 14.14%
Depreciation & Amortization $800.0K $400.0K $0.00
YoY Change
% of Gross Profit 2.39% 1.46% 0.0%
Operating Expenses $30.70M $24.79M $10.78M
YoY Change 129.96%
Operating Profit $2.800M $2.613M -$879.0K
YoY Change -397.27%
Interest Expense $51.37M $18.26M
YoY Change 181.34%
% of Operating Profit 1965.94%
Other Income/Expense, Net
YoY Change
Pretax Income $2.900M $2.628M -$882.0K
YoY Change -397.96%
Income Tax $0.00 -$85.00K $0.00
% Of Pretax Income 0.0% -3.23%
Net Earnings $2.900M $2.713M -$882.0K
YoY Change -407.6%
Net Earnings / Revenue 3.01% 9.9% -8.91%
Basic Earnings Per Share -$0.09
Diluted Earnings Per Share $40.17K $37.40K -$0.09
COMMON SHARES
Basic Shares Outstanding 13.69M shares 53.31M shares 10.30M shares
Diluted Shares Outstanding 80.00M shares 10.30M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.30M $52.40M
YoY Change
Cash & Equivalents $49.30M $62.19M $52.41M
Short-Term Investments
Other Short-Term Assets $3.500M $1.100M
YoY Change
Inventory
Prepaid Expenses
Receivables $400.0K
Other Receivables $34.10M
Total Short-Term Assets $87.30M $58.00M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $12.60M $8.407M $1.100M
YoY Change 698.16% 664.27%
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments $200.0K $1.400M
YoY Change
Other Assets $12.20M $5.700M
YoY Change
Total Long-Term Assets $1.856B $611.3M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $87.30M $58.00M
Total Long-Term Assets $1.856B $611.3M
Total Assets $1.943B $1.612B $669.3M
YoY Change 128.41% 140.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.500M $800.0K
YoY Change
Accrued Expenses $26.90M $8.800M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.875B $617.9M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.875B $617.9M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.875B $1.550B $617.8M
YoY Change 134.82% 150.86%
SHAREHOLDERS EQUITY
Retained Earnings -$50.33M -$53.19M
YoY Change -12.68%
Common Stock $138.0K $136.0K
YoY Change 12.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $68.09M -$41.36M $51.60M
YoY Change
Total Liabilities & Shareholders Equity $1.943B $1.612B $669.3M
YoY Change 128.41% 140.8%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $2.900M $2.713M -$882.0K
YoY Change -407.6%
Depreciation, Depletion And Amortization $800.0K $400.0K $0.00
YoY Change
Cash From Operating Activities -$15.10M $9.700M $2.100M
YoY Change 361.9%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M -$3.700M -$500.0K
YoY Change 640.0%
Acquisitions
YoY Change
Other Investing Activities -$335.6M -$295.2M -$156.3M
YoY Change 88.87%
Cash From Investing Activities -$338.3M -$298.9M -$156.9M
YoY Change 90.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 340.4M 296.9M 159.9M
YoY Change 85.68%
NET CHANGE
Cash From Operating Activities -15.10M 9.700M 2.100M
Cash From Investing Activities -338.3M -298.9M -156.9M
Cash From Financing Activities 340.4M 296.9M 159.9M
Net Change In Cash -13.00M 7.700M 5.100M
YoY Change 50.98%
FREE CASH FLOW
Cash From Operating Activities -$15.10M $9.700M $2.100M
Capital Expenditures -$2.700M -$3.700M -$500.0K
Free Cash Flow -$12.40M $13.40M $2.600M
YoY Change 415.38%

Facts In Submission

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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 interim condensed consolidated financial statements cover the period from January&#xA0;1, 2013 through September&#xA0;30, 2013, representing three quarters of our newly adopted fiscal year period and should be read in conjunction with our audited financial statements and notes thereto for the nine-month 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 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 September&#xA0;30, 2013, the Company has net credit risk exposure on $0.4 million of fair value of Member Loans held that were financed directly by LendingClub.&#xA0; At September 30, 2012, we had net credit risk exposure on $0.5 million of fair value of Member Loans held that were financed directly by Lending Club.</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>Reclassifications</u></i></b></p> <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt"> &#xA0;</p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> During the third quarter of 2013, we changed the definitions used to classify operating expenses. Operating expenses were formerly classified as Sales, marketing and customer service, Engineering, and General and administrative. Our new categories of operating expenses are Sales and marketing, Origination and servicing, and General and administrative. As a result of the new classification, loan origination and servicing costs which were previously included in Sales, marketing and customer service are now included as a separate financial statement line and engineering costs which represent technology related expenses are categorized within General and administrative expenses. The changes had no impact to the total operating expenses or net income. Prior period amounts have been reclassified to conform to the current presentation.</p> </div>
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us-gaap Use Of Estimates
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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b><i><u>Use of Estimates</u></i></b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The preparation of our condensed consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other factors we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of certain assets and liabilities. These judgments, assumptions and estimates include but are not limited to the following: (i)&#xA0;revenue recognition; (ii)&#xA0;fair value determinations for Member Loans, Notes and Certificates; (iii)&#xA0;stock-based compensation expense; (iv)&#xA0;provision for income taxes, net of valuation allowance for deferred tax assets; and (v)&#xA0;loan servicing asset/liability fair value determination. These judgments, estimates and assumptions are inherently subjective in nature and actual results may differ from these judgments, estimates and assumptions, and the differences could be material.</p> </div>
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.73
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1566750 shares
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M12D
us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
2100402 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12614487 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
232689 shares
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.01
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y2M16D
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
341256000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7736000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1264000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
1115694000
us-gaap Increase Decrease In Deposits Outstanding
IncreaseDecreaseInDepositsOutstanding
-442000
us-gaap Interest Income Operating
InterestIncomeOperating
124771000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
250433000
us-gaap Management Fees Revenue
ManagementFeesRevenue
2082000
us-gaap Investment Advisory Management And Administrative Fees
InvestmentAdvisoryManagementAndAdministrativeFees
2082000
us-gaap Interest Paid
InterestPaid
116746000
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
24500000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
7280000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4450000
us-gaap Revenues
Revenues
64505000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
44000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
792000
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
15000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
4718000
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
1500000
us-gaap Servicing Fees Net
ServicingFeesNet
2461000
us-gaap Fees And Commissions
FeesAndCommissions
55229000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Proceeds From Loans
ProceedsFromLoans
341256000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
22433000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
775771000
us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
250433000
us-gaap Share Based Compensation
ShareBasedCompensation
3345000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
9635000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
26577000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1300000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
7871000
us-gaap Operating Expenses
OperatingExpenses
60055000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
137000
us-gaap Interest Expense
InterestExpense
124727000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1120000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1531000
us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
4450000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
907000
us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
400000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3300000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
339048000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-782338000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
30000000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues
1366207000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
5532000
ck0001409970 Related Party Investments
RelatedPartyInvestments
5080000
ck0001409970 Highly Liquid Investments Maturity Period
HighlyLiquidInvestmentsMaturityPeriod
P3M
ck0001409970 Fair Valuation Adjustments On Notes And Certificates
FairValuationAdjustmentsOnNotesAndCertificates
-37848000
ck0001409970 Share Based Compensation Arrangement By Sharebased Payment Award Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
21900000
ck0001409970 Payment Of Liquidation Preference Transfer Of Voting Power Threshold Maximum Percentage
PaymentOfLiquidationPreferenceTransferOfVotingPowerThresholdMaximumPercentage
0.50 pure
ck0001409970 Internal Revenue Code Ownership Change Limitation Period
InternalRevenueCodeOwnershipChangeLimitationPeriod
P3Y
ck0001409970 Related Party Deposits
RelatedPartyDeposits
1868000
ck0001409970 Related Party Withdrawals
RelatedPartyWithdrawals
317000
ck0001409970 Fair Valuation Adjustments Net
FairValuationAdjustmentsNet
29000
ck0001409970 Fair Value Assets Measured On Recurring Basis Loss Included In Investment Income
FairValueAssetsMeasuredOnRecurringBasisLossIncludedInInvestmentIncome
-37877000
ck0001409970 Fair Valuation Adjustments Member Loans At Fair Value
FairValuationAdjustmentsMemberLoansAtFairValue
-37877000
ck0001409970 Maximum Period For Loan Classified As Nonaccrual Loan
MaximumPeriodForLoanClassifiedAsNonaccrualLoan
P120D
ck0001409970 Share Based Compensation Arrangement By Share Based Payment Award Options Ratable Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsRatablePeriod
Next 12 quarters thereafter
ck0001409970 Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainIncludedInEarnings
-37848000
ck0001409970 Proceeds From Origination Of Member Loans At Fair Value
ProceedsFromOriginationOfMemberLoansAtFairValue
1115774000
ck0001409970 Payments On Charged Off Notes And Certificates At Fair Value
PaymentsOnChargedOffNotesAndCertificatesAtFairValue
1139000
ck0001409970 Proceeds From Issuance Of Notes And Certificates At Fair Value
ProceedsFromIssuanceOfNotesAndCertificatesAtFairValue
1115694000
ck0001409970 Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.050 pure
ck0001409970 Payments On Notes And Certificates At Fair Value
PaymentsOnNotesAndCertificatesAtFairValue
339048000
ck0001409970 Percentage Of Cumulative Stock Ownership Change
PercentageOfCumulativeStockOwnershipChange
0.50 pure
ck0001409970 Increase Decrease In Payable To Member Lenders And Investors
IncreaseDecreaseInPayableToMemberLendersAndInvestors
-1593000
ck0001409970 Servicing And Origination
ServicingAndOrigination
11045000
ck0001409970 Recoveries From Sale And Collection Of Charged Off Loans For Member Loans
RecoveriesFromSaleAndCollectionOfChargedOffLoansForMemberLoans
1180000
ck0001409970 Recoveries From Sale And Collection Of Charged Off Loans For Notes And Certificates
RecoveriesFromSaleAndCollectionOfChargedOffLoansForNotesAndCertificates
1139000
ck0001409970 Proceeds From Recoveries And Sale Of Charged Off Member Loans
ProceedsFromRecoveriesAndSaleOfChargedOffMemberLoans
1180000
ck0001409970 Payments For Proceeds From Origination Of Member Loans Sold
PaymentsForProceedsFromOriginationOfMemberLoansSold
250433000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.62
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.62
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9739922 shares
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3301000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
68779184 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9739922 shares
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
764000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1704000
us-gaap Increase Decrease In Deposits Outstanding
IncreaseDecreaseInDepositsOutstanding
513000
us-gaap Interest Income Operating
InterestIncomeOperating
44704000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6030000
us-gaap Management Fees Revenue
ManagementFeesRevenue
476000
us-gaap Investment Advisory Management And Administrative Fees
InvestmentAdvisoryManagementAndAdministrativeFees
476000
us-gaap Interest Paid
InterestPaid
38092000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
4123000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-6030000
us-gaap Revenues
Revenues
21776000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
482000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
568000
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
286000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
42000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
255000
us-gaap Noninterest Income
NoninterestIncome
21490000
us-gaap Net Income Loss
NetIncomeLoss
-6030000
us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
255000
us-gaap Servicing Fees Net
ServicingFeesNet
1341000
us-gaap Proceeds From Loans
ProceedsFromLoans
131061000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10517000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
356269000
us-gaap Share Based Compensation
ShareBasedCompensation
779000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
27697000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
12151000
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-33000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
5060000
us-gaap Operating Expenses
OperatingExpenses
27806000
us-gaap Interest Expense
InterestExpense
44222000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
16000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
487000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
182000
us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
500000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
800000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-325271000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1741000
ck0001409970 Payments On Loans Payable
PaymentsOnLoansPayable
810000
ck0001409970 Fair Valuation Adjustments On Notes And Certificates
FairValuationAdjustmentsOnNotesAndCertificates
-15322000
ck0001409970 Fair Valuation Adjustments Net
FairValuationAdjustmentsNet
230000
ck0001409970 Fair Valuation Adjustments Member Loans At Fair Value
FairValuationAdjustmentsMemberLoansAtFairValue
-15551000
ck0001409970 Proceeds From Origination Of Member Loans At Fair Value
ProceedsFromOriginationOfMemberLoansAtFairValue
454080000
ck0001409970 Payments On Charged Off Notes And Certificates At Fair Value
PaymentsOnChargedOffNotesAndCertificatesAtFairValue
219000
ck0001409970 Proceeds From Issuance Of Notes And Certificates At Fair Value
ProceedsFromIssuanceOfNotesAndCertificatesAtFairValue
461961000
ck0001409970 Payments On Notes And Certificates At Fair Value
PaymentsOnNotesAndCertificatesAtFairValue
131772000
ck0001409970 Increase Decrease In Payable To Member Lenders And Investors
IncreaseDecreaseInPayableToMemberLendersAndInvestors
2859000
ck0001409970 Servicing And Origination
ServicingAndOrigination
5138000
ck0001409970 Proceeds From Recoveries And Sale Of Charged Off Member Loans
ProceedsFromRecoveriesAndSaleOfChargedOffMemberLoans
216000
ck0001409970 Provision Recoveries For Loan And Lease Losses
ProvisionRecoveriesForLoanAndLeaseLosses
-33000
CY2012 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
23900000
CY2012 ck0001409970 Related Party Investments
RelatedPartyInvestments
3144000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10300351 shares
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
68991793 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10300351 shares
CY2012Q3 us-gaap Interest Income Operating
InterestIncomeOperating
18490000
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-882000
CY2012Q3 us-gaap Management Fees Revenue
ManagementFeesRevenue
225000
CY2012Q3 us-gaap Investment Advisory Management And Administrative Fees
InvestmentAdvisoryManagementAndAdministrativeFees
225000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-882000
CY2012Q3 us-gaap Revenues
Revenues
9897000
CY2012Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
231000
CY2012Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
83000
CY2012Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
137000
CY2012Q3 us-gaap Noninterest Income
NoninterestIncome
9814000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-882000
CY2012Q3 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
137000
CY2012Q3 us-gaap Servicing Fees Net
ServicingFeesNet
479000
CY2012Q3 us-gaap Fees And Commissions
FeesAndCommissions
8973000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4107000
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4743000
CY2012Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
7000
CY2012Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
100000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
10779000
CY2012Q3 us-gaap Interest Expense
InterestExpense
18259000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300000
CY2012Q3 ck0001409970 Fair Valuation Adjustments On Notes And Certificates
FairValuationAdjustmentsOnNotesAndCertificates
-7107000
CY2012Q3 ck0001409970 Fair Valuation Adjustments Member Loans At Fair Value
FairValuationAdjustmentsMemberLoansAtFairValue
-7248000
CY2012Q3 ck0001409970 Servicing And Origination
ServicingAndOrigination
1929000
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80346432 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
509163 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6482703 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
60026463 shares
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1148679 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13328103 shares
CY2013Q3 us-gaap Interest Income Operating
InterestIncomeOperating
51386000
CY2013Q3 us-gaap Management Fees Revenue
ManagementFeesRevenue
869000
CY2013Q3 us-gaap Investment Advisory Management And Administrative Fees
InvestmentAdvisoryManagementAndAdministrativeFees
869000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2628000
CY2013Q3 us-gaap Revenues
Revenues
27415000
CY2013Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
16000
CY2013Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
10000
CY2013Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
349000
CY2013Q3 us-gaap Noninterest Income
NoninterestIncome
27405000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
2713000
CY2013Q3 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
349000
CY2013Q3 us-gaap Servicing Fees Net
ServicingFeesNet
942000
CY2013Q3 us-gaap Fees And Commissions
FeesAndCommissions
25245000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9331000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10460000
CY2013Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
24787000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-85000
CY2013Q3 us-gaap Interest Expense
InterestExpense
51370000
CY2013Q3 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
2713000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1900000
CY2013Q3 ck0001409970 Fair Valuation Adjustments On Notes And Certificates
FairValuationAdjustmentsOnNotesAndCertificates
-15607000
CY2013Q3 ck0001409970 Fair Valuation Adjustments Member Loans At Fair Value
FairValuationAdjustmentsMemberLoansAtFairValue
-15613000
CY2013Q3 ck0001409970 Servicing And Origination
ServicingAndOrigination
4996000

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