$LC
LendingClub Corp

2013 Q4 Form 10-K Financial Statement

#000119312515070385 Filed on February 27, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 2012 Q4
Revenue $96.20M $98.00M
YoY Change 520.38%
Cost Of Revenue $62.70M $187.4M
YoY Change 231.1%
Gross Profit $33.50M $98.00M
YoY Change 242.66%
Gross Profit Margin 34.82% 100.0%
Selling, General & Admin $30.60M $71.87M
YoY Change 217.42%
% of Gross Profit 91.34% 73.34%
Research & Development $15.53M
YoY Change
% of Gross Profit 15.84%
Depreciation & Amortization $800.0K $1.663M
YoY Change 1008.67%
% of Gross Profit 2.39% 1.7%
Operating Expenses $30.70M $90.69M
YoY Change 226.93%
Operating Profit $2.800M $7.306M
YoY Change 750.52%
Interest Expense $187.4M
YoY Change 485.22%
% of Operating Profit 2565.66%
Other Income/Expense, Net
YoY Change
Pretax Income $2.900M $7.308M
YoY Change -161.19%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $2.900M $7.308M
YoY Change -161.19%
Net Earnings / Revenue 3.01% 7.46%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $40.17K $0.00
COMMON SHARES
Basic Shares Outstanding 13.69M shares 51.56M shares
Diluted Shares Outstanding 81.43M shares

Balance Sheet

Concept 2013 Q4 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.30M $49.30M
YoY Change -6.27%
Cash & Equivalents $49.30M $49.30M $52.55M
Short-Term Investments
Other Short-Term Assets $3.500M $3.500M
YoY Change 133.33%
Inventory
Prepaid Expenses
Receivables $400.0K $400.0K
Other Receivables $34.10M $34.10M
Total Short-Term Assets $87.30M $87.30M
YoY Change 46.23%
LONG-TERM ASSETS
Property, Plant & Equipment $12.60M $12.60M $1.578M
YoY Change 698.16% 687.5% 296.48%
Goodwill $0.00
YoY Change
Intangibles $0.00 $0.00
YoY Change
Long-Term Investments $200.0K $200.0K
YoY Change -71.43%
Other Assets $12.20M $12.20M
YoY Change 62.67%
Total Long-Term Assets $1.856B $1.856B
YoY Change 134.62%
TOTAL ASSETS
Total Short-Term Assets $87.30M $87.30M
Total Long-Term Assets $1.856B $1.856B
Total Assets $1.943B $1.943B $850.8M
YoY Change 128.41% 128.42% 160.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.500M $4.500M
YoY Change 275.0%
Accrued Expenses $26.90M $26.90M
YoY Change 169.0%
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 $1.875B
YoY Change 134.82%
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 $1.875B
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.875B $1.875B $798.6M
YoY Change 134.82% 134.82% 171.4%
SHAREHOLDERS EQUITY
Retained Earnings -$50.33M -$57.64M
YoY Change -12.68% 13.51%
Common Stock $138.0K $123.0K
YoY Change 12.2% 38.2%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.00K
YoY Change
Treasury Stock Shares
Shareholders Equity $68.09M $68.10M $52.21M
YoY Change
Total Liabilities & Shareholders Equity $1.943B $1.943B $850.8M
YoY Change 128.41% 128.42% 160.35%

Cashflow Statement

Concept 2013 Q4 2013 2012 Q4
OPERATING ACTIVITIES
Net Income $2.900M $7.308M
YoY Change -161.19%
Depreciation, Depletion And Amortization $800.0K $1.663M
YoY Change 1008.67%
Cash From Operating Activities -$15.10M $1.139M
YoY Change -110.27%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M $10.44M
YoY Change 2624.54%
Acquisitions $0.00
YoY Change
Other Investing Activities -$335.6M -$1.110B
YoY Change 152.43%
Cash From Investing Activities -$338.3M -$1.121B
YoY Change 412.15%
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 $1.116B
YoY Change 350.45%
NET CHANGE
Cash From Operating Activities -15.10M $1.139M
Cash From Investing Activities -338.3M -$1.121B
Cash From Financing Activities 340.4M $1.116B
Net Change In Cash -13.00M -$3.252M
YoY Change -118.16%
FREE CASH FLOW
Cash From Operating Activities -$15.10M $1.139M
Capital Expenditures -$2.700M $10.44M
Free Cash Flow -$12.40M -$9.296M
YoY Change -18.95%

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Our loan account program agreement with our primary issuing bank, WebBank, a Utah-chartered industrial bank that handles a variety of consumer and commercial financing programs, was modified such that WebBank retains ownership of the loans facilitated through our marketplace for two business days before selling the loans to us. WebBank earns interest related to such loans during the two business days it owns the loans.
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><i>Use of Estimates</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The preparation of our consolidated financial statements and related disclosures in conformity with GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in our 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;fair value determinations for loans, notes and certificates; (ii)&#xA0;stock-based compensation expense; (iii)&#xA0;provision for income taxes, net of valuation allowance for deferred tax assets; (iv)&#xA0;consolidation of variable interest entities; (v)&#xA0;fair value determinations for servicing assets and liabilities; and (vi)&#xA0;reserves for contingencies. These judgments, estimates and assumptions are inherently subjective in nature and actual results may differ from these estimates and assumptions, and the differences could be material.</p> </div>
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