GreenSky, Inc. Provides Business Update in Light of COVID-19
COVID-19 Response
"While the impact of COVID-19 continues to evolve, GreenSky remains committed to serving our bank partners, merchants, and consumers, while caring for the safety of our associates and their families,” said
Business Updates
- GreenSky enjoyed material growth in January and
February 2020 , generating$905 million of transaction volume, up 16% over the comparable 2019 two-month period.March 2020 month-to-date transaction volume, through yesterday,March 18, 2020 , exceeded$289 million , up 14% over the comparable 2019 month to date period. - GreenSky’s corporate liquidity position is strong with nearly
$190 million of unrestricted cash on its balance sheet and an undrawn$100 million revolving credit facility. - GreenSky has significant funding to support new transaction volume, coming into 2020 with more than
$2.2 billion of unused bank funding commitments, plus anticipated current-year portfolio paydowns creating another$2.7 billion of incremental availability to fund current-year transaction volume. - GreenSky continues to expect its previously-announced
$6 billion three-year ($2 billion per annum) forward flow financing arrangement to close and fund in the second quarter.
GreenSky’s business updates are unaudited and have not been verified or reviewed by any third party, and this information is subject to change upon completion of the Company’s quarter-end review procedures (and such changes could be material). The Company undertakes no obligation to update or review the information set forth in this press release.
About
Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current views with respect to, among other things, the outcome of its exploration of strategic alternatives, including the terms, structure and timing of any resulting transactions; its operations, including transaction volume and credit performance; its financial performance; and bank partner commitments and other funding initiatives, including the timing and availability of the proposed forward flow arrangement. You generally can identify these statements by the use of words such as “outlook,” “potential,” “continue,” “may,” “seek,” “approximately,” “predict,” “believe,” “expect,” “plan,” “intend,” “estimate” or “anticipate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These risks and uncertainties include those risks described in GreenSky's filings with the
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