GreenSky, Inc. Reports Third Quarter 2020 Financial Results
Transaction Volume of
"I am pleased to share that GreenSky enjoyed a very productive quarter on multiple fronts. Our solid third quarter operating results reflect the continuing durability of our home improvement business, despite the ongoing challenges related to COVID-19. Moreover, we are beginning to regain momentum in our elective healthcare business as the industry continues to emerge from the impact of the shutdowns earlier this year,” said
“The successful completion of our previously announced institutional asset sales reflects a pivotal point in the transformation and diversification of GreenSky’s funding and liquidity,” said
Third Quarter Financial Highlights:
-
Transaction Volume: Third quarter transaction volume of
$1.5 billion declined 10% from$1.6 billion in the third quarter of 2019, but continues to show momentum in 2020, up 9% over the second quarter of this year. The decline in year-over-year volume was largely driven by the COVID-19 impact on our elective healthcare business, which declined significantly when compared to the third quarter of 2019.
-
Transaction
Fee Rate : The average transaction fee rate was 7.3% in the third quarter, an increase of 40 basis points from a transaction fee rate of 6.9% in the same quarter of prior year, reflecting continued demand for certain products offered by our merchants and consumer preferences for promotional financing in the current environment.
-
Revenue: Third quarter total revenue declined 7%, year-over-year, from
$153.5 million to$142.0 million . However, when adjusting for the$16.4 million of servicing asset recognized in 2019, the comparable third quarter revenue was up 4% over the prior year.-
Transaction fee revenue was down 5% to
$107.5 million , due to the decrease in transaction volumes, which was partially offset by the increase in the transaction fee rate during the quarter. -
Total servicing revenue decreased 32% to
$27.4 million . However, servicing fees earned during the quarter increased 16%, reflecting growth of the servicing portfolio to$9.5 billion in the third quarter of 2020 compared to$8.8 billion in the third quarter of 2019. Total servicing revenue was offset by the$0.8 million decrease in the fair value of our servicing assets in 2020, compared to an increase of$16.4 million in servicing assets in the same quarter of 2019. -
Interest and other revenue increased to
$7.0 million related to interest income earned on loans receivable held for sale.
-
Transaction fee revenue was down 5% to
-
Cost of Revenue: Total cost of revenue increased
$27.1 million primarily due to the$18.3 million non-cash mark-to-market expense related to sales facilitation obligations and$2.7 million of COVID-19 related costs. The remaining$6.1 million increase in cost of revenue, or 9% increase year-over-year, is in line with the 12% increase in the average balance of the third quarter servicing portfolio compared to the prior year.
-
Credit Quality and COVID-19 Assistance: The weighted-average FICO score for originations in the third quarter of 2020 increased to 784 compared to 770 in the third quarter of 2019. Credit performance continued to be positive with 30-day plus delinquencies of 1.04%, an improvement of 25 basis points compared to the third quarter of 2019. As of
September 30 , less than 1% of the Company’s total servicing portfolio remained in payment deferral related to COVID-19 assistance, compared to 4% at the end of the second quarter of 2020.
-
Net Income and Diluted Earnings per Share: For the third quarter of 2020, the Company recognized net income of
$2.8 million compared to net income of$44.1 million for the same period in 2019, which resulted in a diluted earnings per share of$0.01 , compared to diluted earnings per share of$0.23 in the third quarter of 2019.
-
Adjusted Pro Forma Net Income and Adjusted Earnings per Share (1): For the third quarter of 2020, the Company recognized adjusted pro forma net income of
$6.2 million compared to$35.5 million for the same period in 2019, which resulted in adjusted pro forma diluted earnings per share of$0.03 , compared to$0.20 in the third quarter of 2019.
-
Adjusted EBITDA(1): Third quarter Adjusted EBITDA was
$38.7 million , an increase of 17% from$33.1 million for the same quarter in 2019. Adjusted EBITDA margin improved to 27% in the third quarter of 2020, up from 22% in the third quarter of 2019.
|
(1) |
Adjusted Pro Forma Net Income, Adjusted Pro Forma Diluted Earnings per Share and Adjusted EBITDA are non-GAAP measures. Refer to “Non-GAAP Financial Measures” for important additional information. |
|
Business Updates:
- Merchant Network: GreenSky continues to execute its strategic plan related to enhancing merchant productivity and transaction profitability. As a result, the Company has discontinued relationships with underperforming merchants as measured by transaction volume trends, credit metrics, and the ability to delight their customers. At the end of the third quarter, the Company maintained a strong network of approximately 16,000 merchants, while selectively adding new merchants to its network.
-
Patient Solutions: As previously announced in
October 2020 , GreenSky entered into a new, long-term,$600 million per year bank funding partnership, totaling$1.8 billion in the initial three-year term for its elective healthcare business. The new funding commitment will be instrumental in supporting the post-COVID-19 recovery and growth of its elective healthcare business.
-
Funding Diversification: In September and
October 2020 , GreenSky completed a total of$875 million in new funding initiatives, which included the sale of approximately$775 million in loan participations or whole loans to institutional asset managers and bank partners and an increase to an existing bank partner’s funding commitment by$100 million . Notwithstanding the discounts realized on these sales transactions, as the credit markets continue to normalize, we expect that the lifetime cost of funds associated with future sales transactions will more closely approximate GreenSky’s historical bank waterfall cost of funds.
-
Investor Day: The Company will be hosting a Virtual Investor Day on
January 12, 2021 , where the leadership team will be presenting key elements of GreenSky's strategy. Meeting logistics will be announced in early December.
Conference call and webcast:
As previously announced, the Company’s management will host a conference call to discuss third quarter 2020 results at
About
Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current views with respect to, among other things, its operations; its financial performance; the impact of COVID-19; post-COVID-19 recovery of the elective healthcare business and the elective healthcare industry; funding capacity and liquidity profile; and lifetime cost of funds associated with future loan sale transactions. 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
Non-GAAP Financial Measures
This press release presents information about the Company’s Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Pro Forma Net Income, and Adjusted Pro Forma Diluted Earnings Per Share, which are non-GAAP financial measures provided as supplements to the results provided in accordance with accounting principles generally accepted in
We are presenting these non-GAAP measures to assist investors in evaluating our financial performance and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.
These non-GAAP measures are presented for supplemental informational purposes only. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as net income. The non-GAAP measures GreenSky uses may differ from the non-GAAP measures used by other companies. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is provided below for each of the fiscal periods indicated.
(tables follow)
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|
|||||||
|
|
|
|
|
||||
|
Assets |
|
|
|
||||
|
Cash and cash equivalents |
$ |
113,573 |
|
|
$ |
195,760 |
|
|
Restricted cash |
324,934 |
|
|
250,081 |
|
||
|
Loan receivables held for sale, net |
543,316 |
|
|
51,926 |
|
||
|
Accounts receivable, net of allowance of |
20,936 |
|
|
19,493 |
|
||
|
Property, equipment and software, net |
22,638 |
|
|
18,309 |
|
||
|
Deferred tax assets, net |
385,488 |
|
|
364,841 |
|
||
|
Other assets |
51,023 |
|
|
50,638 |
|
||
|
Total assets |
$ |
1,461,908 |
|
|
$ |
951,048 |
|
|
|
|
|
|
||||
|
Liabilities and Equity (Deficit) |
|
|
|
||||
|
Liabilities |
|
|
|
||||
|
Accounts payable |
$ |
15,096 |
|
|
$ |
11,912 |
|
|
Accrued compensation and benefits |
11,420 |
|
|
10,734 |
|
||
|
Other accrued expenses |
4,564 |
|
|
3,244 |
|
||
|
Finance charge reversal liability |
187,512 |
|
|
206,035 |
|
||
|
Term loan |
453,342 |
|
|
384,497 |
|
||
|
SPV facility |
432,840 |
|
|
— |
|
||
|
Tax receivable agreement liability |
307,294 |
|
|
311,670 |
|
||
|
Financial guarantee liability |
162,999 |
|
|
16,698 |
|
||
|
Other liabilities |
92,719 |
|
|
61,201 |
|
||
|
Total liabilities |
1,667,786 |
|
|
1,005,991 |
|
||
|
|
|
|
|
||||
|
Commitments, Contingencies and Guarantees |
|
|
|
||||
|
|
|
|
|
||||
|
Equity (Deficit) |
|
|
|
||||
|
Class A common stock, |
894 |
|
|
800 |
|
||
|
Class B common stock, |
108 |
|
|
114 |
|
||
|
Additional paid-in capital |
109,781 |
|
|
115,782 |
|
||
|
Retained earnings |
25,496 |
|
|
56,109 |
|
||
|
|
(147,327 |
) |
|
(146,234 |
) |
||
|
Accumulated other comprehensive income (loss) |
(4,705 |
) |
|
(756 |
) |
||
|
Noncontrolling interests |
(190,125 |
) |
|
(80,758 |
) |
||
|
Total equity (deficit) |
(205,878 |
) |
|
(54,943 |
) |
||
|
Total liabilities and equity (deficit) |
$ |
1,461,908 |
|
|
$ |
951,048 |
|
|
|
||||||||||||||||
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|
||||||||||||||||
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|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||
|
Revenue |
|
|
|
|
|
|
|
|
||||||||
|
Transaction fees |
|
$ |
107,538 |
|
|
$ |
112,782 |
|
|
$ |
299,199 |
|
|
$ |
305,195 |
|
|
Servicing |
|
27,446 |
|
|
40,626 |
|
|
87,210 |
|
|
90,577 |
|
||||
|
Interest and other |
|
7,039 |
|
|
121 |
|
|
10,433 |
|
|
907 |
|
||||
|
Total revenue |
|
142,023 |
|
|
153,529 |
|
|
396,842 |
|
|
396,679 |
|
||||
|
Costs and expenses |
|
|
|
|
|
|
|
|
||||||||
|
Cost of revenue (exclusive of depreciation and amortization shown separately below) |
|
92,346 |
|
|
65,278 |
|
|
229,442 |
|
|
180,099 |
|
||||
|
Compensation and benefits |
|
21,683 |
|
|
21,799 |
|
|
66,158 |
|
|
61,891 |
|
||||
|
Property, office and technology |
|
4,143 |
|
|
3,909 |
|
|
12,242 |
|
|
12,648 |
|
||||
|
Depreciation and amortization |
|
2,973 |
|
|
1,955 |
|
|
8,180 |
|
|
5,117 |
|
||||
|
Sales, general and administrative |
|
11,614 |
|
|
8,657 |
|
|
30,068 |
|
|
22,843 |
|
||||
|
Financial guarantee |
|
(302 |
) |
|
1,117 |
|
|
28,354 |
|
|
4,035 |
|
||||
|
Related party |
|
350 |
|
|
670 |
|
|
1,304 |
|
|
1,795 |
|
||||
|
Total costs and expenses |
|
132,807 |
|
|
103,385 |
|
|
375,748 |
|
|
288,428 |
|
||||
|
Operating profit |
|
9,216 |
|
|
50,144 |
|
|
21,094 |
|
|
108,251 |
|
||||
|
Other income (expense), net |
|
|
|
|
|
|
|
|
||||||||
|
Interest and dividend income |
|
157 |
|
|
780 |
|
|
1,025 |
|
|
2,490 |
|
||||
|
Interest expense |
|
(6,775 |
) |
|
(5,634 |
) |
|
(18,289 |
) |
|
(18,200 |
) |
||||
|
Other gains (losses), net |
|
410 |
|
|
318 |
|
|
2,216 |
|
|
(5,400 |
) |
||||
|
Total other income (expense), net |
|
(6,208 |
) |
|
(4,536 |
) |
|
(15,048 |
) |
|
(21,110 |
) |
||||
|
Income before income tax expense (benefit) |
|
3,008 |
|
|
45,608 |
|
|
6,046 |
|
|
87,141 |
|
||||
|
Income tax expense (benefit) |
|
197 |
|
|
1,533 |
|
|
799 |
|
|
(3,528 |
) |
||||
|
Net income |
|
$ |
2,811 |
|
|
$ |
44,075 |
|
|
$ |
5,247 |
|
|
$ |
90,669 |
|
|
Less: Net income attributable to noncontrolling interests |
|
1,850 |
|
|
29,349 |
|
|
3,487 |
|
|
60,728 |
|
||||
|
Net income attributable to |
|
$ |
961 |
|
|
$ |
14,726 |
|
|
$ |
1,760 |
|
|
$ |
29,941 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per share of Class A common stock: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.24 |
|
|
$ |
0.03 |
|
|
$ |
0.50 |
|
|
Diluted |
|
$ |
0.01 |
|
|
$ |
0.23 |
|
|
$ |
0.02 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average shares of Class A common stock outstanding: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
69,960,268 |
|
|
61,855,370 |
|
|
66,267,288 |
|
|
60,309,032 |
|
||||
|
Diluted |
|
178,057,682 |
|
|
177,054,114 |
|
|
177,536,866 |
|
|
180,330,109 |
|||||
|
|
|||||||
|
|
|||||||
|
|
Nine Months Ended |
||||||
|
2020 |
|
2019 |
|||||
|
Cash flows from operating activities |
|
|
|
||||
|
Net income |
$ |
5,247 |
|
|
$ |
90,669 |
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization |
8,180 |
|
|
5,117 |
|
||
|
Share-based compensation expense |
11,306 |
|
|
9,713 |
|
||
|
Equity-based payments to non-employees |
12 |
|
|
11 |
|
||
|
Fair value change in servicing assets and liabilities |
(1,370 |
) |
|
(24,809 |
) |
||
|
Operating lease liability payments |
(342 |
) |
|
(255 |
) |
||
|
Financial guarantee losses |
26,274 |
|
|
(36 |
) |
||
|
Amortization of debt related costs |
1,748 |
|
|
1,258 |
|
||
|
Original issuance discount on term loan payment |
(18 |
) |
|
(31 |
) |
||
|
Income tax expense (benefit) |
799 |
|
|
(3,528 |
) |
||
|
Loss on remeasurement of tax receivable agreement liability |
— |
|
|
6,383 |
|
||
|
Impairment losses |
188 |
|
|
— |
|
||
|
Mark to market on loan receivables held for sale |
17,332 |
|
|
— |
|
||
|
Changes in assets and liabilities: |
|
|
|
||||
|
(Increase) decrease in loan receivables held for sale |
(508,722 |
) |
|
(27,493 |
) |
||
|
(Increase) decrease in accounts receivable |
(1,442 |
) |
|
(5,690 |
) |
||
|
(Increase) decrease in other assets |
(3,354 |
) |
|
1,919 |
|
||
|
Increase (decrease) in accounts payable |
3,184 |
|
|
8,627 |
|
||
|
Increase (decrease) in finance charge reversal liability |
(18,523 |
) |
|
44,401 |
|
||
|
Increase (decrease) in guarantee liability |
(64 |
) |
|
— |
|
||
|
Increase (decrease) in other liabilities |
29,073 |
|
|
19,177 |
|
||
|
Net cash provided by (used in) operating activities |
(430,492 |
) |
|
125,433 |
|
||
|
Cash flows from investing activities |
|
|
|
||||
|
Purchases of property, equipment and software |
(12,120 |
) |
|
(10,921 |
) |
||
|
Net cash used in investing activities |
(12,120 |
) |
|
(10,921 |
) |
||
|
Cash flows from financing activities |
|
|
|
||||
|
Proceeds from term loan |
70,494 |
|
|
— |
|
||
|
Repayments of term loan |
(3,170 |
) |
|
(2,969 |
) |
||
|
Proceeds from SPV facility |
570,000 |
|
|
— |
|
||
|
Repayments of SPV facility |
(137,160 |
) |
|
— |
|
||
|
Class A common stock repurchases |
— |
|
|
(104,272 |
) |
||
|
Member distributions |
(50,965 |
) |
|
(23,181 |
) |
||
|
Payments under tax receivable agreement |
(12,755 |
) |
|
(4,664 |
) |
||
|
Proceeds from option exercises |
— |
|
|
308 |
|
||
|
Payment of option exercise taxes |
(1,166 |
) |
|
(12,350 |
) |
||
|
Payment of taxes on Class B common stock exchanges |
— |
|
|
(2,198 |
) |
||
|
Net cash provided by (used in) financing activities |
435,278 |
|
|
(149,326 |
) |
||
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
(7,334 |
) |
|
(34,814 |
) |
||
|
Cash and cash equivalents and restricted cash at beginning of period |
445,841 |
|
|
458,499 |
|
||
|
Cash and cash equivalents and restricted cash at end of period |
$ |
438,507 |
|
|
$ |
423,685 |
|
|
|
|
|
|
||||
|
Supplemental non-cash investing and financing activities |
|
|
|
||||
|
Distributions accrued but not paid |
3,470 |
|
|
6,351 |
|
||
|
Capitalized software costs accrued but not paid |
435 |
|
|
— |
|
||
|
Tax withholding on equity awards accrued but not paid |
21 |
|
|
64 |
|
||
|
Reconciliation of Adjusted EBITDA
|
|||||||||||||||||||
|
|
|||||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||||
|
Net income |
$ |
2,811 |
|
|
$ |
44,075 |
|
|
$ |
5,247 |
|
|
$ |
90,669 |
|
||||
|
Interest expense(1) |
6,775 |
|
|
5,634 |
|
|
18,289 |
|
|
18,200 |
|
||||||||
|
Income tax expense (benefit) |
197 |
|
|
1,533 |
|
|
799 |
|
|
(3,528 |
) |
||||||||
|
Depreciation and amortization |
2,973 |
|
|
1,955 |
|
|
8,180 |
|
|
5,117 |
|
||||||||
|
Equity-based compensation expense(2) |
4,338 |
|
|
3,781 |
|
|
11,318 |
|
|
9,724 |
|
||||||||
|
Change in financial guarantee liability(3) |
(2,382 |
) |
|
(320 |
) |
|
26,274 |
|
|
(36 |
) |
||||||||
|
Servicing asset and liability changes(4) |
368 |
|
|
(16,174 |
) |
|
(1,370 |
) |
|
(24,809 |
) |
||||||||
|
MTM on sales facilitation obligations(5) |
18,262 |
|
|
— |
|
|
18,262 |
|
|
— |
|
||||||||
|
Discontinued charged-off receivables program(6) |
— |
|
|
(7,921 |
) |
|
— |
|
|
(22,703 |
) |
||||||||
|
Transaction and non-recurring expenses(7) |
5,367 |
|
|
549 |
|
|
8,625 |
|
|
8,672 |
|
||||||||
|
Adjusted EBITDA |
$ |
38,709 |
|
|
$ |
33,112 |
|
|
$ |
95,624 |
|
|
$ |
81,306 |
|
||||
|
Total revenue |
$ |
142,023 |
|
|
$ |
153,529 |
|
|
$ |
396,842 |
|
|
$ |
396,679 |
|
||||
|
Adjusted EBITDA Margin |
27.3 |
% |
|
21.6 |
% |
|
24.1 |
% |
|
20.5 |
% |
||||||||
|
(1) |
Includes interest expense on our term loan. Interest expense on the SPV Facility and its related loans receivables held for sale are excluded from the adjustment above as such amounts are a component of cost of revenue in our on-going business. |
|
|
(2) |
Includes equity-based compensation to employees and directors, as well as equity-based payments to non-employees. |
|
|
(3) |
Includes non-cash charges related to our financial guarantee arrangements with our ongoing |
|
|
(4) |
Includes the non-cash changes in the fair value of servicing assets and servicing liabilities related to our servicing assets associated with Bank Partner agreements and other contractual arrangements. 2019 amounts have been updated to be consistent with the Company's 2020 presentation in accordance with our Non-GAAP policy. |
|
|
(5) |
MTM on sales facilitation obligations reflects changes in the fair value in the embedded derivative for sales facilitation obligations. The changes in fair value are recognized as a mark-to-market expense in cost of revenue for the period. |
|
|
(6) |
Includes the amounts related to the now discontinued program of transferring our rights to charged-off receivables to third parties. 2019 amounts have been updated to be consistent with the Company's 2020 presentation in accordance with our Non-GAAP policy. |
|
|
(7) |
For the three and nine months ended |
|
Reconciliation of Adjusted Pro Forma Net Income
|
|||||||||||||||
|
|
|||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
Net income |
$ |
2,811 |
|
|
$ |
44,075 |
|
|
$ |
5,247 |
|
|
$ |
90,669 |
|
|
Discontinued charged-off receivables program(1) |
— |
|
|
(7,921 |
) |
|
— |
|
|
(22,703 |
) |
||||
|
Transaction and non-recurring expenses(2) |
5,367 |
|
|
549 |
|
|
8,625 |
|
|
8,672 |
|
||||
|
Incremental pro forma tax expense(3) |
(1,929 |
) |
|
(1,229 |
) |
|
(3,307 |
) |
|
(10,071 |
) |
||||
|
Adjusted Pro Forma Net Income |
$ |
6,249 |
|
|
$ |
35,474 |
|
|
$ |
10,565 |
|
|
$ |
66,567 |
|
|
(1) |
Includes the amounts related to the now discontinued program of transferring our rights to charged-off receivables to third parties. 2019 amounts have been updated to be consistent with the Company's 2020 presentation in accordance with our Non-GAAP policy. |
|
|
(2) |
For the three and nine months ended |
|
|
(3) |
Represents the incremental tax effect on net income, adjusted for the discontinued charged-off receivables program and transaction and non-recurring expenses, assuming that all consolidated net income was subject to corporate taxation at a full year effective tax rate of 25.39% and 27.93% for the three and nine months ended |
|
Reconciliation of Adjusted Pro Forma Diluted EPS
|
|||||||||||||||
|
|
|||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
GAAP Diluted EPS |
$ |
0.01 |
|
|
$ |
0.23 |
|
|
$ |
0.02 |
|
|
$ |
0.46 |
|
|
Discontinued charged-off receivables program |
— |
|
|
(0.04 |
) |
|
— |
|
|
(0.14 |
) |
||||
|
Transaction and non-recurring expenses |
0.03 |
|
|
— |
|
|
0.05 |
|
|
0.05 |
|
||||
|
Incremental pro forma tax expense(1) |
(0.01 |
) |
|
0.01 |
|
|
(0.01 |
) |
|
— |
|
||||
|
Adjusted Pro Forma Diluted EPS(2) |
$ |
0.03 |
|
|
$ |
0.20 |
|
|
$ |
0.06 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average shares of Class A common stock outstanding – diluted |
178,057,682 |
|
|
177,054,114 |
|
|
177,536,866 |
|
|
180,330,109 |
|||||
|
(1) |
Represents the incremental tax effect on GAAP diluted EPS of the items noted above, and assuming that all consolidated net income was subject to corporate taxation for the periods presented at a full year effective tax rate of 25.39% and 27.93% for the three and nine months ended |
|
|
(2) |
Adjusted Pro Forma Diluted EPS represents Adjusted Pro Forma Net Income divided by GAAP weighted average diluted shares outstanding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20201109006099/en/
470.284.7013
investors@greensky.com
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