0001409970-19-000976.txt : 20190807 0001409970-19-000976.hdr.sgml : 20190807 20190807164257 ACCESSION NUMBER: 0001409970-19-000976 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 105 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190807 DATE AS OF CHANGE: 20190807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LendingClub Corp CENTRAL INDEX KEY: 0001409970 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36771 FILM NUMBER: 191006098 BUSINESS ADDRESS: STREET 1: 595 MARKET STREET STREET 2: SUITE 200 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-632-5600 MAIL ADDRESS: STREET 1: 595 MARKET STREET STREET 2: SUITE 200 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 10-Q 1 q21910q.htm 10-Q Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  
FORM
10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
Commission File Number: 001-36771
 
LendingClub Corporation
(Exact name of registrant as specified in its charter)
Delaware
51-0605731
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
595 Market Street, Suite 200,
 
 
San Francisco,
CA
94105
 
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (415632-5600
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock, par value $0.01 per share
LC
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  
As of July 31, 2019, there were 87,169,359 shares of the registrant’s common stock outstanding.



LENDINGCLUB CORPORATION
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



LENDINGCLUB CORPORATION


Except as the context requires otherwise, as used herein, “LendingClub,” “Company,” “we,” “us,” and “our,” refer to LendingClub Corporation, a Delaware corporation, and, where appropriate, its consolidated subsidiaries and consolidated variable interest entities (VIEs), including:

Various wholly-owned Delaware limited liability companies established to enter into warehouse credit agreements with certain lenders for secured credit facilities.
Various entities established to facilitate LendingClub-sponsored asset-backed securities transactions, including transactions where certain accredited investors and qualified institutional buyers have the opportunity to invest in a pool of unsecured personal whole loans in a certificated form (CLUB Certificates).
LC Trust I (the LC Trust), an independent Delaware business trust that acquires loans from LendingClub and holds them for the sole benefit of certain investors that have purchased trust certificates issued by the LC Trust and that are related to specific underlying loans for the benefit of the investor.
Springstone Financial, LLC (Springstone), a wholly-owned Delaware limited liability company that facilitates the origination of education and patient finance loans by third-party issuing banks.

Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this Quarterly Report on Form 10-Q (Report) include, without limitation, statements regarding borrowers, credit scoring, our strategy, future operations, expected losses, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth. You can identify these forward-looking statements by words such as “anticipate,” “appear,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or similar expressions.

These forward-looking statements include, among other things, statements about:

our ability to attract and retain borrowers;
the ability of borrowers to repay loans and the plans of borrowers;
our ability to maintain investor confidence in the operation of our platform;
the likelihood of investors to continue to, directly or indirectly, invest through our platform;
our ability to secure new or additional sources of investor commitments for our platform;
expected rates of return for investors;
the effectiveness of our platform’s credit scoring models;
our ability to innovate and the success of new product initiatives;
our ability to obtain or add bank functionality;
the use of our own capital to purchase loans;
maintaining liquidity and capital availability to support purchase of loans, contractual commitments and obligations (including repurchase obligations or other commitments to purchase loans), regulatory obligations to fund loans, and general strategic directives (such as with respect to product testing or supporting our Company-sponsored securitizations and CLUB Certificate transactions), and to support marketplace equilibrium across our platform;
the impact of holding loans on and our ability to sell loans off our balance sheet;
transaction fees or other revenue we expect to recognize after loans are issued by the issuing banks who originate loans facilitated through our platform;
interest income on our loans invested in by the Company and the negative fair value adjustments on associated loans;
our financial condition and performance, including the impact that management’s estimates have on our financial performance and the relationship between the interim period and full year results;
our ability, and that of third-party vendors, to maintain service and quality expectations;
capital expenditures;

1


LENDINGCLUB CORPORATION


interest rate risk and credit performance associated with the outstanding principal balance of loans and other securities and their impact to investor returns and demand for our products;
the impact of new accounting standards;
the impact of pending litigation and regulatory investigations and inquiries;
our compliance with applicable local, state and Federal laws, regulations and regulatory developments or court decisions affecting our business;
our compliance with contractual obligations or restrictions;
investor, borrower, platform and loan performance-related factors that may affect our revenue;
the potential adoption rates and returns related to new products and services;
the potential impact of macro-economic developments that could impact the credit performance of our loans, notes, certificates and secured borrowings, and influence borrower and investor behavior;
the effectiveness of our cost structure simplification efforts and ability to control our cost structure;
our ability to develop and maintain effective internal controls;
our ability to recruit and retain quality employees to support current operations and future growth;
the impact of expense initiatives and review of our cost structure;
our ability to manage and repay our indebtedness; and
other risk factors listed from time to time in reports we file with the SEC.

We caution you that the foregoing list may not contain all of the forward-looking statements in this Report. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. We have included important factors in the “Risk Factors” section of this Report and our Annual Report on Form 10-K for the year ended December 31, 2018, as well as in our condensed consolidated financial statements, related notes, and other information appearing elsewhere in this Report and our other filings with the Securities and Exchange Commission, that could, among other things, cause actual results or events to differ materially from forward-looking statements contained in this Report. Forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

You should read this Report carefully and completely and with the understanding that actual future results may be materially different from what we expect. We do not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, actual results, future events or otherwise, other than as required by law.


2


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

LENDINGCLUB CORPORATION
Condensed Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
 
June 30, 
 2019
 
December 31, 
 2018
Assets
 
 
 
Cash and cash equivalents
$
334,713

 
$
372,974

Restricted cash (1)
166,034

 
271,084

Securities available for sale (includes $53,007 and $53,611 pledged as collateral at fair value, respectively)
220,449

 
170,469

Loans held for investment at fair value (1) 
1,512,984

 
1,883,251

Loans held for investment by the Company at fair value (1)
5,027

 
2,583

Loans held for sale by the Company at fair value (1)
435,083

 
840,021

Accrued interest receivable (1)
17,545

 
22,255

Property, equipment and software, net
119,553

 
113,875

Intangible assets, net
16,242

 
18,048

Other assets (1)
239,276

 
124,967

Total assets
$
3,066,906

 
$
3,819,527

Liabilities and Equity
 
 
 
Accounts payable
$
8,677

 
$
7,104

Accrued interest payable (1)
14,561

 
19,241

Accrued expenses and other liabilities (1)
262,844

 
152,118

Payable to investors
64,126

 
149,052

Notes, certificates and secured borrowings at fair value (1)
1,517,951

 
1,905,875

Payable to securitization note holders (1)

 
256,354

Credit facilities and securities sold under repurchase agreements (1)
324,426

 
458,802

Total liabilities
2,192,585

 
2,948,546

Equity
 
 
 
Common stock, $0.01 par value; 180,000,000 shares authorized; 87,616,553 and 86,384,667 shares issued, respectively; 87,160,013 and 85,928,127 shares outstanding, respectively (2)
876

 
864

Additional paid-in capital (2)
1,439,244

 
1,405,392

Accumulated deficit
(548,323
)
 
(517,727
)
Treasury stock, at cost; 456,540 shares (2)
(19,485
)
 
(19,485
)
Accumulated other comprehensive income
1,313

 
157

Total LendingClub stockholders’ equity
873,625

 
869,201

Noncontrolling interests
696

 
1,780

Total equity
874,321

 
870,981

Total liabilities and equity
$
3,066,906

 
$
3,819,527


(1) 
Includes amounts in consolidated variable interest entities (VIEs) presented separately in the table below.
(2) 
All share information and balances have been retroactively adjusted to reflect a reverse stock split. See “Note 4. Net Loss Per Share” for additional information.


3


The following table presents the assets and liabilities of consolidated VIEs, which are included in the Condensed Consolidated Balance Sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. Additionally, the assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation.
 
June 30, 
 2019
 
December 31, 
 2018
Assets of consolidated VIEs, included in total assets above
 
 
 
Restricted cash
$
35,646

 
$
43,918

Loans held for investment at fair value
441,856

 
642,094

Loans held for sale by the Company at fair value
292,834

 
739,216

Accrued interest receivable
6,418

 
10,438

Other assets
2,591

 
2,498

Total assets of consolidated variable interest entities
$
779,345

 
$
1,438,164

Liabilities of consolidated VIEs, included in total liabilities above
 
 
 
Accrued interest payable
$
5,883

 
$
7,594

Accrued expenses and other liabilities
269

 
1,627

Notes, certificates and secured borrowings at fair value
441,856

 
648,908

Payable to securitization note holders

 
256,354

Credit facilities and securities sold under repurchase agreements
199,397

 
306,790

Total liabilities of consolidated variable interest entities
$
647,405

 
$
1,221,273



See Notes to Condensed Consolidated Financial Statements.

4


LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)

 
Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Net revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Transaction fees
$
152,207

 
$
135,926

 
$
287,604

 
$
247,108

 
 
 
 
 
 
 
 
Interest income
92,562

 
127,760

 
192,734

 
265,778

Interest expense
(66,916
)
 
(100,898
)
 
(142,276
)
 
(211,741
)
Net fair value adjustments
(35,974
)
 
(26,556
)
 
(70,703
)
 
(55,269
)
Net interest income and fair value adjustments
(10,328
)
 
306

 
(20,245
)
 
(1,232
)
Investor fees
32,272

 
27,400

 
64,003

 
55,295

Gain on sales of loans
13,886

 
11,880

 
29,038

 
24,551

Net investor revenue (1)
35,830

 
39,586

 
72,796

 
78,614

 
 
 
 
 
 
 
 
Other revenue
2,770

 
1,467

 
4,825

 
2,924

 
 
 
 
 
 
 
 
Total net revenue
190,807

 
176,979

 
365,225

 
328,646

Operating expenses:
 
 
 
 
 
 
 
Sales and marketing
69,323

 
69,046

 
135,946

 
126,563

Origination and servicing
24,931

 
25,593

 
53,204

 
48,238

Engineering and product development
43,299

 
37,650

 
85,845

 
74,487

Other general and administrative
64,324

 
57,583

 
121,200

 
109,892

Goodwill impairment

 
35,633

 

 
35,633

Class action and regulatory litigation expense

 
12,262

 

 
25,762

Total operating expenses
201,877

 
237,767

 
396,195

 
420,575

Loss before income tax expense
(11,070
)
 
(60,788
)
 
(30,970
)
 
(91,929
)
Income tax (benefit) expense
(438
)
 
24

 
(438
)
 
63

Consolidated net loss
(10,632
)
 
(60,812
)
 
(30,532
)
 
(91,992
)
Less: Income attributable to noncontrolling interests
29

 
49

 
64

 
50

LendingClub net loss
$
(10,661
)
 
$
(60,861
)
 
$
(30,596
)
 
$
(92,042
)
Net loss per share attributable to LendingClub: (2)
 
 
 
 
 
 
 
Basic
$
(0.12
)
 
$
(0.72
)
 
$
(0.35
)
 
$
(1.10
)
Diluted
$
(0.12
)
 
$
(0.72
)
 
$
(0.35
)
 
$
(1.10
)
Weighted-average common shares – Basic (2)
86,719,049

 
84,238,897

 
86,429,892

 
83,950,978

Weighted-average common shares – Diluted (2)
86,719,049

 
84,238,897

 
86,429,892

 
83,950,978


(1) 
See “Notes to Condensed Consolidated Financial Statements Note 1. Basis of Presentation” for additional information.
(2) 
All share and per share information has been retroactively adjusted to reflect a reverse stock split. See “Note 4. Net Loss Per Share” for additional information.

See Notes to Condensed Consolidated Financial Statements.


5


LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)

 
Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
LendingClub net loss
$
(10,661
)
 
$
(60,861
)
 
$
(30,596
)
 
$
(92,042
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
Net unrealized gain (loss) on securities available for sale
1,543

 
(413
)
 
1,611

 
(391
)
Other comprehensive income (loss), before tax
1,543

 
(413
)
 
1,611

 
(391
)
Income tax effect
438

 
(1
)
 
438

 
(20
)
Other comprehensive income (loss), net of tax
1,105

 
(412
)
 
1,173

 
(371
)
Less: Other comprehensive income (loss) attributable to noncontrolling interests
17


26

 
17

 
17

LendingClub other comprehensive income (loss), net of tax
1,088


(438
)
 
1,156

 
(388
)
LendingClub comprehensive income (loss)
(9,573
)

(61,299
)
 
(29,440
)
 
(92,430
)
Comprehensive income (loss) attributable to noncontrolling interests
17


26

 
17

 
17

Total comprehensive income (loss)
$
(9,556
)

$
(61,273
)
 
$
(29,423
)
 
$
(92,413
)

See Notes to Condensed Consolidated Financial Statements.

6


LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Changes in Equity
(In Thousands, Except Share Data)
(Unaudited)

 
LendingClub Corporation Stockholders
 
 
 
 
 
Common Stock(1)
 
Additional
Paid-in
Capital(1)
 
Treasury Stock
 
Accumulated Other Comprehensive Income (Loss)
 
Accumulated
Deficit
 
Total LendingClub Stockholders’ Equity
 
Noncontrolling Interests
 
Total
Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
Balance at
March 31, 2019
86,384,050

 
$
868

 
$
1,420,838

 
456,540

 
$
(19,485
)
 
$
225

 
$
(537,662
)
 
$
864,784

 
$
1,090

 
$
865,874

Stock-based compensation

 

 
22,274

 

 

 

 

 
22,274

 

 
22,274

Issuances under equity incentive plans, net of tax
611,993

 
6

 
(6,278
)
 

 

 

 

 
(6,272
)
 

 
(6,272
)
Employee stock purchase plan (ESPP) purchase shares
163,970

 
2

 
2,410

 

 

 

 

 
2,412

 

 
2,412

Net unrealized gain on securities available for sale, net of tax

 

 

 

 

 
1,088

 

 
1,088

 
17

 
1,105

Dividends paid and return of capital to noncontrolling interests

 

 

 

 

 

 

 

 
(440
)
 
(440
)
Net loss

 

 

 

 

 

 
(10,661
)
 
(10,661
)
 
29

 
(10,632
)
Balance at
June 30, 2019
87,160,013

 
$
876

 
$
1,439,244

 
456,540

 
$
(19,485
)
 
$
1,313

 
$
(548,323
)
 
$
873,625

 
$
696

 
$
874,321

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LendingClub Corporation Stockholders
 
 
 
 
 
Common Stock(1)
 
Additional
Paid-in
Capital(1)
 
Treasury Stock
 
Accumulated Other Comprehensive Income (Loss)
 
Accumulated
Deficit
 
Total LendingClub Stockholders’ Equity
 
Noncontrolling Interests
 
Total
Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
Balance at December 31, 2018
85,928,127

 
$
864

 
$
1,405,392

 
456,540

 
$
(19,485
)
 
$
157

 
$
(517,727
)
 
$
869,201

 
$
1,780

 
$
870,981

Stock-based compensation

 

 
42,387

 

 

 

 

 
42,387

 

 
42,387

Issuances under equity incentive plans, net of tax
1,067,916

 
10

 
(10,945
)
 

 

 

 

 
(10,935
)
 

 
(10,935
)
ESPP purchase shares
163,970

 
2

 
2,410

 

 

 

 

 
2,412

 

 
2,412

Net unrealized gain on securities available for sale, net of tax

 

 

 

 

 
1,156

 

 
1,156

 
17

 
1,173

Dividends paid and return of capital to noncontrolling interests

 

 

 

 

 

 

 

 
(1,165
)
 
(1,165
)
Net loss

 

 

 

 

 

 
(30,596
)
 
(30,596
)
 
64

 
(30,532
)
Balance at
June 30, 2019
87,160,013

 
$
876

 
$
1,439,244

 
456,540

 
$
(19,485
)
 
$
1,313

 
$
(548,323
)
 
$
873,625

 
$
696

 
$
874,321

(1) 
All share information and balances have been retroactively adjusted to reflect a reverse stock split. See “Note 4. Net Loss Per Share” for additional information.


7


LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Changes in Equity
(In Thousands, Except Share Data)
(Unaudited)

 
LendingClub Corporation Stockholders
 
 
 
 
 
Common Stock(1)
 
Additional
Paid-in
Capital(1)
 
Treasury Stock
 
Accumulated Other Comprehensive Income (Loss)
 
Accumulated
Deficit
 
Total LendingClub Stockholders’ Equity
 
Noncontrolling Interests
 
Total
Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
Balance at
March 31, 2018
83,921,526

 
$
844

 
$
1,350,145

 
456,540

 
$
(19,485
)
 
$
45

 
$
(420,600
)
 
$
910,949

 
$
4,171

 
$
915,120

Stock-based compensation

 

 
22,511