$LC
LendingClub Corp

2012 Q4 Form 10-K Financial Statement

#000119312514124211 Filed on March 31, 2014

View on sec.gov

Income Statement

Concept 2012 Q4 2012 2011 Q1
Revenue $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 $22.64M
YoY Change -9.43%
% of Gross Profit 79.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $150.0K
YoY Change 50.0%
% of Gross Profit 0.52%
Operating Expenses $27.74M
YoY Change -0.21%
Operating Profit $859.0K
YoY Change -107.16%
Interest Expense $32.03M
YoY Change
% of Operating Profit 3728.75%
Other Income/Expense, Net
YoY Change
Pretax Income -$11.94M
YoY Change 0.37%
Income Tax
% Of Pretax Income
Net Earnings -$11.94M
YoY Change 0.0%
Net Earnings / Revenue -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 Q4 2012 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.60M
YoY Change 68.59%
Cash & Equivalents $52.55M $52.60M $13.34M
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 $1.578M $1.600M
YoY Change 296.48% 220.0%
Goodwill
YoY Change
Intangibles $0.00
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 $850.8M $850.8M
YoY Change 160.35% 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 $798.6M $798.6M
YoY Change 171.4% 117.6%
SHAREHOLDERS EQUITY
Retained Earnings -$57.64M
YoY Change 13.51%
Common Stock $123.0K
YoY Change 38.2%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.00K
YoY Change
Treasury Stock Shares
Shareholders Equity $52.21M $52.20M $15.51M
YoY Change
Total Liabilities & Shareholders Equity $850.8M $850.8M
YoY Change 160.35% 110.96%

Cashflow Statement

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

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b><i><u>Change in Fiscal Year</u></i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> On December&#xA0;19, 2012, our Board of Directors approved a change in our fiscal year-end from March&#xA0;31 to December&#xA0;31. The change was effective as of December&#xA0;31, 2012.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i><u>Reclassifications</u></i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Subsequent to the issuance of LC&#x2019;s December&#xA0;31, 2012 consolidated financial statements, LC corrected the classification of its preferred stock to present its preferred stock within permanent stockholders&#x2019; equity rather than temporary equity as previously presented. This revision is in accordance with ASC 480 &#x2013; Distinguishing Liabilities from Equity (ASC 480) and resulted in a change to Stockholders&#x2019; deficit from $50.8 million to Stockholders&#x2019; equity of $52.2 million as of December&#xA0;31, 2012. The revision had no effect on our Consolidated Statements of Operations, reported assets and liabilities on the Consolidated Balance Sheet, or the Consolidated Statements of Cash Flows.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> During the year ended December&#xA0;31, 2013, LC 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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CY2012 ck0001409970 Payments On Notes And Certificates At Fair Value
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