Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

The following table sets forth our unaudited Consolidated Statements of Operations data for each of the eight quarters ended December 31, 2019. The unaudited quarterly statements of operations data set forth below have been prepared on the same basis as our audited consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal, recurring nature that are necessary for a fair statement of the unaudited quarterly statements of operations data. Our historical results are not necessarily indicative of our future operating results. The following quarterly consolidated financial data should be read in conjunction with the consolidated financial statements and the related notes included elsewhere in this Report.



Quarter Ended	December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Net revenue:

Transaction fees	$	149,951		$	161,205		$	152,207		$	135,397

Interest income	74,791			77,820			92,562			100,172
Interest expense	(49,251		)	(55,060		)	(66,916		)	(75,360		)
Net fair value adjustments	(42,659		)	(31,628		)	(35,974		)	(34,729		)
Net interest income and fair value adjustments	(17,119		)	(8,868		)	(10,328		)	(9,917		)
Investor fees	30,258			30,271			32,272			31,731
Gain on sales of loans	20,373			18,305			13,886			15,152
Net investor revenue ⁽¹⁾	33,512			39,708			35,830			36,966

Other revenue	5,023			3,983			2,770			2,055

Total net revenue	188,486			204,896			190,807			174,418
Operating expenses:
Sales and marketing	67,222			76,255			69,323			66,623
Origination and servicing	22,203			27,996			24,931			28,273
Engineering and product development	41,080			41,455			43,299			42,546
Other general and administrative	57,607			59,485			64,324			56,876
Total operating expenses	188,112			205,191			201,877			194,318
Income (Loss) before income tax expense	374			(295		)	(11,070		)	(19,900		)
Income tax expense (benefit)	140			97			(438		)	—
Consolidated net income (loss)	234			(392		)	(10,632		)	(19,900		)
Less: (Loss) Income attributable to noncontrolling interests	—			(9		)	29			35
LendingClub net income (loss)	$	234		$	(383	)	$	(10,661	)	$	(19,935	)
Other data:
Loan originations ⁽²⁾	$	3,083,129		$	3,349,613		$	3,129,520		$	2,727,831
Weighted-average common shares – Basic⁽³⁾	88,371,672			87,588,495			86,719,049			86,108,871
Weighted-average common shares – Diluted⁽³⁾	88,912,677			87,588,495			86,719,049			86,108,871
Net income (loss) per share attributable to LendingClub:⁽³⁾
Basic	$	0.00		$	0.00		$	(0.12	)	$	(0.23	)
Diluted	$	0.00		$	0.00		$	(0.12	)	$	(0.23	)


⁽¹⁾	See “Note 1. Basis of Presentation” for additional information.


⁽²⁾	Loan originations include loans facilitated through the platform plus outstanding purchase commitments at period end. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Key Operating and Financial Metrics” for additional information.


⁽³⁾	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.



Quarter Ended	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Net revenue:

Transaction fees	$	142,053		$	137,781		$	135,926		$	111,182

Interest income	106,170			115,514			127,760			138,018
Interest expense	(83,222		)	(90,642		)	(100,898		)	(110,843		)
Net fair value adjustments	(25,865		)	(19,554		)	(26,556		)	(28,713		)
Net interest income and fair value adjustments	(2,917		)	5,318			306			(1,538		)
Investor fees	30,419			29,169			27,400			27,895
Gain on sales of loans	10,509			10,919			11,880			12,671
Net investor revenue⁽¹⁾	38,011			45,406			39,586			39,028

Other revenue	1,457			1,458			1,467			1,457

Total net revenue	181,521			184,645			176,979			151,667
Operating expenses:
Sales and marketing	68,353			73,601			69,046			57,517
Origination and servicing	25,707			25,431			25,593			22,645
Engineering and product development	39,552			41,216			37,650			36,837
Other general and administrative	61,303			57,446			57,583			52,309
Goodwill impairment	—			—			35,633			—
Class action and regulatory litigation expense	—			9,738			12,262			13,500
Total operating expenses	194,915			207,432			237,767			182,808
Loss before income tax expense	(13,394		)	(22,787		)	(60,788		)	(31,141		)
Income tax expense (benefit)	18			(38		)	24			39
Consolidated net loss	(13,412		)	(22,749		)	(60,812		)	(31,180		)
Less: Income attributable to noncontrolling interests	50			55			49			1
LendingClub net loss	$	(13,462	)	$	(22,804	)	$	(60,861	)	$	(31,181	)
Other data:
Loan originations ⁽²⁾	$	2,871,019		$	2,886,462		$	2,818,331		$	2,306,003
Weighted-average common shares – Basic⁽³⁾	85,539,436			84,871,828			84,238,897			83,659,860
Weighted-average common shares – Diluted⁽³⁾	85,539,436			84,871,828			84,238,897			83,659,860
Net loss per share attributable to LendingClub:⁽³⁾
Basic	$	(0.16	)	$	(0.27	)	$	(0.72	)	$	(0.37	)
Diluted	$	(0.16	)	$	(0.27	)	$	(0.72	)	$	(0.37	)


⁽¹⁾	See “Note 1. Basis of Presentation” for additional information.


⁽²⁾	Loan originations include loans facilitated through the platform plus outstanding purchase commitments at period end. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Key Operating and Financial Metrics” for additional information.


⁽³⁾	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.