$LC
LendingClub Corp

2014 Q2 Form 10-Q Financial Statement

#000119312514310410 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $48.23M $20.84M
YoY Change 131.42% 212.76%
Cost Of Revenue $85.60M $41.00M
YoY Change 108.78% 205.97%
Gross Profit $48.20M $20.80M
YoY Change 131.73% 210.45%
Gross Profit Margin 99.95% 99.81%
Selling, General & Admin $48.21M $15.64M
YoY Change 208.16% 90.77%
% of Gross Profit 100.01% 75.21%
Research & Development $6.900M
YoY Change
% of Gross Profit 14.32%
Depreciation & Amortization $2.500M $300.0K
YoY Change 733.33% 200.0%
% of Gross Profit 5.19% 1.44%
Operating Expenses $56.77M $19.06M
YoY Change 197.91% 107.39%
Operating Profit -$8.572M $1.743M
YoY Change -591.8% -170.03%
Interest Expense $85.59M $41.03M
YoY Change 108.6% 205.12%
% of Operating Profit 2354.1%
Other Income/Expense, Net
YoY Change
Pretax Income -$8.547M $1.782M
YoY Change -579.63% -170.55%
Income Tax $640.0K $85.00K
% Of Pretax Income 4.77%
Net Earnings -$9.187M $1.697M
YoY Change -641.37% -167.18%
Net Earnings / Revenue -19.05% 8.14%
Basic Earnings Per Share -$0.16 $0.14
Diluted Earnings Per Share -$0.16 $0.02
COMMON SHARES
Basic Shares Outstanding 57.97M shares 25.12M shares
Diluted Shares Outstanding 57.97M shares 37.70M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.00M
YoY Change
Cash & Equivalents $68.96M $54.59M
Short-Term Investments
Other Short-Term Assets $6.900M
YoY Change
Inventory
Prepaid Expenses
Receivables $1.500M
Other Receivables $21.80M
Total Short-Term Assets $99.20M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $19.42M $5.039M
YoY Change 285.39% 619.86%
Goodwill $72.68M
YoY Change
Intangibles $39.08M
YoY Change
Long-Term Investments $200.0K
YoY Change
Other Assets $20.40M
YoY Change
Total Long-Term Assets $2.481B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $99.20M
Total Long-Term Assets $2.481B
Total Assets $2.581B $1.319B
YoY Change 95.72% 157.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.000M
YoY Change
Accrued Expenses $40.10M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.200M
YoY Change
Total Short-Term Liabilities $2.393B
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $48.30M
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $48.30M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.393B
Total Long-Term Liabilities $48.30M
Total Liabilities $2.443B $1.262B
YoY Change 93.57% 173.82%
SHAREHOLDERS EQUITY
Retained Earnings -$66.82M -$55.90M
YoY Change 19.53%
Common Stock $297.0K $127.0K
YoY Change 133.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $137.1M -$46.95M
YoY Change
Total Liabilities & Shareholders Equity $2.581B $1.319B
YoY Change 95.72% 157.23%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$9.187M $1.697M
YoY Change -641.37% -167.18%
Depreciation, Depletion And Amortization $2.500M $300.0K
YoY Change 733.33% 200.0%
Cash From Operating Activities $2.000M $4.400M
YoY Change -54.55% -588.89%
INVESTING ACTIVITIES
Capital Expenditures -$4.400M -$2.600M
YoY Change 69.23% 1200.0%
Acquisitions
YoY Change
Other Investing Activities -$355.1M -$251.2M
YoY Change 41.36% 161.67%
Cash From Investing Activities -$359.5M -$253.7M
YoY Change 41.7% 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 361.8M 252.6M
YoY Change 43.23% 123.34%
NET CHANGE
Cash From Operating Activities 2.000M 4.400M
Cash From Investing Activities -359.5M -253.7M
Cash From Financing Activities 361.8M 252.6M
Net Change In Cash 4.300M 3.300M
YoY Change 30.3% -79.5%
FREE CASH FLOW
Cash From Operating Activities $2.000M $4.400M
Capital Expenditures -$4.400M -$2.600M
Free Cash Flow $6.400M $7.000M
YoY Change -8.57% -1100.0%

Facts In Submission

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dei Trading Symbol
TradingSymbol
ck0001409970
dei Entity Registrant Name
EntityRegistrantName
LENDINGCLUB CORP
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0001409970
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
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us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
The Credit Agreement and Pledge and Security Agreement contain certain affirmative and negative covenants applicable to the Company and its subsidiaries. These include restrictions on the Company’s ability to make certain restricted payments, including restrictions on the Company’s ability to pay dividends, incur additional indebtedness, place liens on assets, merge or consolidate, make investments and enter into certain affiliate transactions. The Credit Agreement also requires Lending Club to maintain a maximum total leverage ratio (as defined in the Credit Agreement) of less than 5.50:1 initially, and decreasing to 3.50:1 after September 30, 2015 (on a consolidated basis). The total leverage ratio as of June 30, 2014 was 2.59.
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Borrowings under the Credit Agreement bear interest, which at the option of the Company may be either (a) a floating base rate tied to an underlying index plus an additional 1.25% per annum or (b) a Eurocurrency rate (for an interest period of one, two, three or six months) plus an additional 2.25% per annum (a "Eurocurrency Rate Loan").
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CY2013Q2 ck0001409970 Origination And Servicing Expense
OriginationAndServicingExpense
3414000
CY2013Q2 ck0001409970 Operating Leases Rent Expense Sublease Expense
OperatingLeasesRentExpenseSubleaseExpense
200000
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0194 pure
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28985590 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.524 pure
CY2014Q2 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03 pure
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M4D
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28985590 shares
CY2014Q2 us-gaap Interest Income Operating
InterestIncomeOperating
85212000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9187000
CY2014Q2 us-gaap Management Fees Revenue
ManagementFeesRevenue
1461000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-8547000
CY2014Q2 us-gaap Revenues
Revenues
48225000
CY2014Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-382000
CY2014Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
-396000
CY2014Q2 us-gaap Noninterest Income
NoninterestIncome
48621000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-9187000
CY2014Q2 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
-109000
CY2014Q2 us-gaap Servicing Fees Net
ServicingFeesNet
1468000
CY2014Q2 us-gaap Fees And Commissions
FeesAndCommissions
45801000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
28981000
CY2014Q2 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
5000
CY2014Q2 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
800000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
19225000
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
900000
CY2014Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
100000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
56772000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
640000
CY2014Q2 us-gaap Interest Expense
InterestExpense
85594000
CY2014Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1100000
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
3000000
CY2014Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1100000
CY2014Q2 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
312500
CY2014Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
400000
CY2014Q2 ck0001409970 Fair Valuation Adjustments On Notes And Certificates
FairValuationAdjustmentsOnNotesAndCertificates
-26391000
CY2014Q2 ck0001409970 Fair Valuation Adjustments Member Loans At Fair Value
FairValuationAdjustmentsMemberLoansAtFairValue
-26405000
CY2014Q2 ck0001409970 Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.050 pure
CY2014Q2 ck0001409970 Origination And Servicing Expense
OriginationAndServicingExpense
8566000

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