$LC
LendingClub Corp

2014 Q3 Form 10-Q Financial Statement

#000119312514397209 Filed on November 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $56.06M $27.42M
YoY Change 104.5% 177.0%
Cost Of Revenue $94.50M $51.40M
YoY Change 83.85% 180.87%
Gross Profit $56.10M $27.40M
YoY Change 104.74% 176.77%
Gross Profit Margin 100.06% 99.95%
Selling, General & Admin $52.85M $19.79M
YoY Change 167.04% 123.63%
% of Gross Profit 94.2% 72.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.100M $400.0K
YoY Change 675.0%
% of Gross Profit 5.53% 1.46%
Operating Expenses $63.02M $24.79M
YoY Change 154.23% 129.96%
Operating Profit -$6.916M $2.613M
YoY Change -364.68% -397.27%
Interest Expense $94.46M $51.37M
YoY Change 83.88% 181.34%
% of Operating Profit 1965.94%
Other Income/Expense, Net
YoY Change
Pretax Income -$6.952M $2.628M
YoY Change -364.54% -397.96%
Income Tax $419.0K -$85.00K
% Of Pretax Income -3.23%
Net Earnings -$7.371M $2.713M
YoY Change -371.69% -407.6%
Net Earnings / Revenue -13.15% 9.9%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$0.12 $37.40K
COMMON SHARES
Basic Shares Outstanding 59.84M shares 53.31M shares
Diluted Shares Outstanding 59.84M shares 80.00M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.70M
YoY Change
Cash & Equivalents $82.67M $62.19M
Short-Term Investments
Other Short-Term Assets $6.800M
YoY Change
Inventory
Prepaid Expenses
Receivables $2.500M
Other Receivables $23.10M
Total Short-Term Assets $115.1M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $23.69M $8.407M
YoY Change 181.74% 664.27%
Goodwill $72.59M
YoY Change
Intangibles
YoY Change
Long-Term Investments $400.0K
YoY Change
Other Assets $25.20M
YoY Change
Total Long-Term Assets $2.700B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $115.1M
Total Long-Term Assets $2.700B
Total Assets $2.815B $1.612B
YoY Change 74.66% 140.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.400M
YoY Change
Accrued Expenses $50.70M
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 $2.623B
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $48.00M
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $48.00M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.623B
Total Long-Term Liabilities $48.00M
Total Liabilities $2.673B $1.550B
YoY Change 72.5% 150.86%
SHAREHOLDERS EQUITY
Retained Earnings -$74.19M -$53.19M
YoY Change 39.48%
Common Stock $609.0K $136.0K
YoY Change 347.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $141.5M -$41.36M
YoY Change
Total Liabilities & Shareholders Equity $2.815B $1.612B
YoY Change 74.66% 140.8%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$7.371M $2.713M
YoY Change -371.69% -407.6%
Depreciation, Depletion And Amortization $3.100M $400.0K
YoY Change 675.0%
Cash From Operating Activities $13.30M $9.700M
YoY Change 37.11% 361.9%
INVESTING ACTIVITIES
Capital Expenditures -$5.600M -$3.700M
YoY Change 51.35% 640.0%
Acquisitions
YoY Change
Other Investing Activities -$246.1M -$295.2M
YoY Change -16.63% 88.87%
Cash From Investing Activities -$251.7M -$298.9M
YoY Change -15.79% 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 252.2M 296.9M
YoY Change -15.06% 85.68%
NET CHANGE
Cash From Operating Activities 13.30M 9.700M
Cash From Investing Activities -251.7M -298.9M
Cash From Financing Activities 252.2M 296.9M
Net Change In Cash 13.80M 7.700M
YoY Change 79.22% 50.98%
FREE CASH FLOW
Cash From Operating Activities $13.30M $9.700M
Capital Expenditures -$5.600M -$3.700M
Free Cash Flow $18.90M $13.40M
YoY Change 41.04% 415.38%

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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
LENDINGCLUB CORP
dei Trading Symbol
TradingSymbol
ck0001409970
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
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dei Current Fiscal Year End Date
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dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Entity Central Index Key
EntityCentralIndexKey
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us-gaap Debt Instrument Covenant Description
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The credit agreement and pledge and security agreement contain certain affirmative and negative covenants applicable to us and our subsidiaries. These covenants include restrictions on our ability to make certain restricted payments, including restrictions on our ability to pay dividends, incur additional indebtedness, place liens on assets, merge or consolidate, make investments and enter into certain transactions with our affiliates. The credit agreement also requires us 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 September 30, 2014 was 2.25:1.
us-gaap Earnings Per Share Basic
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ck0001409970 Number Of Unfunded Loans
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ck0001409970 Fair Value Adjustments Loans Notes And Certificates Net
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ck0001409970 Date Of Fully Funded Loans
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CY2014Q3 ck0001409970 Litigation Settlement Amount Offered Shares Of Common Stock
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CY2014Q3 ck0001409970 Litigation Settlement Amount Offered Cash Consideration
LitigationSettlementAmountOfferedCashConsideration
215000

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