Form S-1/A
GREENSKY, INC. filed this Form S-1/A on 05/14/2018
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Subdocument 1 - S-1/A
Page 1 - As filed with the Securities and Exchange Commission on May 14, 2018.
Page 2 - N/A
Page 3 - N/A
Page 4 - TABLE OF CONTENTS
Page 5 - BASIS OF PRESENTATION
Page 6 - N/A
Page 7 - MARKET, INDUSTRY AND OTHER DATA
Page 8 - PROSPECTUS SUMMARY
Page 9 - N/A
Page 10 - Our Market Opportunity
Page 11 - Our Ecosystem
Page 12 - N/A
Page 13 - Our Platform
Page 14 - Business Metrics
Page 15 - Our Strengths and Competitive Advantages
Page 16 - Our Growth Opportunities
Page 17 - Risk Factors Summary
Page 18 - Organizational Structure
Page 19 - N/A
Page 20 - N/A
Page 21 - N/A
Page 22 - Corporate Information
Page 23 - The Offering
Page 24 - N/A
Page 25 - N/A
Page 26 - N/A
Page 27 - N/A
Page 28 - N/A
Page 29 - Summary Historical and Pro Forma Consolidated Financial Data
Page 30 - Statement of Operations
Page 31 - Non-GAAP Financial Measures
Page 32 - N/A
Page 33 - RISK FACTORS
Page 34 - Our results of operations and continued growth depend on our ability to retain existing, and attract
Page 35 - A large percentage of our revenue is concentrated with our top ten merchants, and the loss of a sign
Page 36 - We have experienced rapid growth, which may be difficult to sustain and which may place significant
Page 37 - We may be unable to successfully develop and commercialize new or enhanced products and services.
Page 38 - Increases in loan delinquencies and default rates in the GreenSky program could cause us to lose amo
Page 39 - We are subject to certain additional risks in connection with promotional financing offered through
Page 40 - Litigation, regulatory actions and compliance issues could subject us to significant fines, penaltie
Page 41 - Regulatory agencies and consumer advocacy groups are becoming more aggressive in asserting disparate
Page 42 - Disruptions in the operation of our computer systems and third-party data centers could have an adve
Page 43 - If the credit decisioning and scoring models we use contain errors or are otherwise ineffective, our
Page 44 - We rely extensively on models in managing many aspects of our business. Any inaccuracies or errors i
Page 45 - Our revenue is impacted, to a significant extent, by the general economy and the financial performan
Page 46 - Our business would suffer if we fail to attract and retain highly skilled employees.
Page 47 - We may be unable to sufficiently protect our proprietary rights and may encounter disputes from time
Page 48 - Some aspects of our platform include open source software, and any failure to comply with the terms
Page 49 - The effect of comprehensive U.S. tax reform legislation or challenges to our tax positions could adv
Page 50 - Risks Related to Our Regulatory Environment
Page 51 - Our industry is highly regulated and is undergoing regulatory transformation, which has created inhe
Page 52 - The highly regulated environment in which our Bank Partners operate could have an adverse effect on
Page 53 - We are subject to regulatory examinations and investigations and may incur fines, penalties and incr
Page 54 - The contours of the Dodd-Frank UDAAP standard are still uncertain and there is a risk that certain f
Page 55 - Our use of third-party vendors and our other ongoing third-party business relationships is subject t
Page 56 - The increased scrutiny of third-party medical financing by governmental agencies may lead to increas
Page 57 - If we were found to be operating without having obtained necessary state or local licenses, it could
Page 58 - Risks Related to Our Organizational Structure
Page 59 - The owners of the Class B common stock, who also are the Continuing LLC Members, control us and thei
Page 60 - We will be required to pay for certain tax benefits we may claim arising in connection with the merg
Page 61 - In certain circumstances, including certain changes of control of our Company, payments by us under
Page 62 - Our certificate of incorporation will provide, subject to certain exceptions, that the Court of Chan
Page 63 - The market price of our Class A common stock may be volatile, which could cause the value of your in
Page 64 - Failure to comply with the requirements to design, implement and maintain effective internal control
Page 65 - Investors in this offering will experience immediate and substantial dilution.
Page 66 - Future offerings of debt or equity securities by us may adversely affect the market price of our Cla
Page 67 - We cannot predict with certainty the impact our capital structure may have on our stock price.
Page 68 - Certain provisions of our certificate of incorporation and bylaws could hinder, delay or prevent a c
Page 69 - CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Page 70 - ORGANIZATIONAL STRUCTURE
Page 71 - Reorganization Transactions
Page 72 - Offering-Related Transactions
Page 73 - N/A
Page 74 - Holding Company Structure
Page 75 - N/A
Page 76 - USE OF PROCEEDS
Page 77 - DIVIDEND POLICY
Page 78 - CAPITALIZATION
Page 79 - DILUTION
Page 80 - N/A
Page 81 - SELECTED CONSOLIDATED FINANCIAL DATA
Page 82 - Other Financial Data
Page 83 - UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION
Page 84 - GREENSKY, INC.
Page 85 - Notes to Pro Forma Consolidated Balance Sheet
Page 86 - GREENSKY, INC.
Page 87 - GREENSKY, INC.
Page 88 - Notes to Pro Forma Consolidated Statement of Operations
Page 89 - N/A
Page 90 - MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
Page 91 - Business Metrics
Page 92 - Factors Affecting our Performance
Page 93 - Components of Results of Operations
Page 94 - Cost of Revenue (exclusive of depreciation and amortization expense)
Page 95 - Operating Expenses
Page 96 - Results of Operations
Page 97 - Three Months Ended March 31, 2018 and 2017
Page 98 - Cost of revenue (exclusive of depreciation and amortization expense)
Page 99 - Compensation and benefits
Page 100 - Depreciation and amortization
Page 101 - Years Ended December 31, 2017, 2016 and 2015
Page 102 - Cost of revenue (exclusive of depreciation and amortization expense)
Page 103 - Compensation and benefits
Page 104 - Sales and marketing
Page 105 - General and administrative
Page 106 - Quarterly Consolidated Results of Operations Data
Page 107 - Quarterly Revenue Trends
Page 108 - Quarterly Expense Trends
Page 109 - Cash flows
Page 110 - Cash used in investing activities
Page 111 - Cash provided by/(used in) financing activities
Page 112 - Credit facility
Page 113 - Charged-Off Receivables
Page 114 - Off-Balance Sheet Arrangements
Page 115 - Finance charge reversals
Page 116 - N/A
Page 117 - Valuation of Class A Option and Profits Interests Grants
Page 118 - Interest rate risk
Page 119 - N/A
Page 120 - BUSINESS
Page 121 - Our Market Opportunity
Page 122 - N/A
Page 123 - Our Ecosystem
Page 124 - Our Business Model
Page 125 - Our Platform
Page 126 - Our Strengths and Competitive Advantages
Page 127 - Our Growth Opportunities
Page 128 - Our Payments and Financing Solutions
Page 129 - Our Merchants
Page 130 - Customer Service and Loan Servicing
Page 131 - Compliance
Page 132 - Legal Proceedings
Page 133 - MANAGEMENT
Page 134 - Anne Byrd has served as our Chief Operations Officer since February 2018. Prior to joining the Compa
Page 135 - Robert Partlow has served as our Executive Vice President and Chief Financial Officer since 2014. Pr
Page 136 - Nigel Morris has served as a member of our board of directors since 2014. Mr. Morris is the co-found
Page 137 - Independence of our Board of Directors
Page 138 - Governance and Nominating Committee
Page 139 - EXECUTIVE COMPENSATION
Page 140 - Outstanding Equity Awards at Fiscal Year-End
Page 141 - Emerging Growth Company Status
Page 142 - 2018 Omnibus Incentive Compensation Plan
Page 143 - N/A
Page 144 - Types of Awards
Page 145 - Restricted Shares
Page 146 - Performance Units
Page 147 - Cash Incentive Awards
Page 148 - Change of Control
Page 149 - No Repricing
Page 150 - Director Compensation
Page 151 - Compensation Policies and Practices as They Relate to Risk Management
Page 152 - CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Page 153 - Exchange Agreement
Page 154 - 2018 Omnibus Incentive Compensation Plan
Page 155 - Tax Receivable Agreement
Page 156 - N/A
Page 157 - Other Related Party Transactions
Page 158 - N/A
Page 159 - Indemnification Agreements
Page 160 - PRINCIPAL STOCKHOLDERS
Page 161 - N/A
Page 162 - N/A
Page 163 - DESCRIPTION OF CAPITAL STOCK
Page 164 - Class B Common Stock
Page 165 - Preferred Stock
Page 166 - Undesignated Preferred Stock
Page 167 - Delaware Anti-Takeover Statute
Page 168 - Choice of Forum
Page 169 - SHARES ELIGIBLE FOR FUTURE SALE
Page 170 - Lock-Up of Our Class A Common Stock
Page 171 - UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS
Page 172 - This summary is for general information only and is not intended to constitute a complete descriptio
Page 173 - Gain on Disposition of Shares of Class A Common Stock
Page 174 - Foreign Account Tax Compliance Act
Page 175 - UNDERWRITING
Page 176 - N/A
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Page 182 - N/A
Page 183 - N/A
Page 184 - LEGAL MATTERS
Page 185 - INDEX TO FINANCIAL STATEMENTS
Page 186 - Report of Independent Registered Public Accounting Firm
Page 187 - GreenSky, Inc.
Page 188 - GreenSky, Inc.
Page 189 - Report of Independent Registered Public Accounting Firm
Page 190 - GreenSky Holdings, LLC
Page 191 - GreenSky Holdings, LLC
Page 192 - GreenSky Holdings, LLC
Page 193 - GreenSky Holdings, LLC
Page 194 - GreenSky Holdings, LLC
Page 195 - GreenSky Holdings, LLC
Page 196 - GreenSky Holdings, LLC
Page 197 - GreenSky Holdings, LLC
Page 198 - GreenSky Holdings, LLC
Page 199 - GreenSky Holdings, LLC
Page 200 - GreenSky Holdings, LLC
Page 201 - GreenSky Holdings, LLC
Page 202 - GreenSky Holdings, LLC
Page 203 - GreenSky Holdings, LLC
Page 204 - GreenSky Holdings, LLC
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Page 215 - GreenSky Holdings, LLC
Page 216 - GreenSky Holdings, LLC
Page 217 - GreenSky Holdings, LLC
Page 218 - GreenSky Holdings, LLC
Page 219 - GreenSky Holdings, LLC
Page 220 - GreenSky Holdings, LLC
Page 221 - GreenSky Holdings, LLC
Page 222 - GreenSky Holdings, LLC
Page 223 - GreenSky Holdings, LLC
Page 224 - GreenSky Holdings, LLC
Page 225 - GreenSky Holdings, LLC
Page 226 - GreenSky Holdings, LLC
Page 227 - GreenSky Holdings, LLC
Page 228 - GreenSky Holdings, LLC
Page 229 - 34,090,909 Shares
Page 230 - PART II INFORMATION NOT REQUIRED IN PROSPECTUS
Page 231 - Item 15. Recent Sales of Unregistered Securities
Page 232 - EXHIBIT INDEX
Page 233 - N/A
Page 234 - SIGNATURES
Subdocument 2 - EX-1.1 - Underwriting agreement
Page 1 - Exhibit 1.1
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Page 31 - ANNEX II
Page 32 - N/A
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Page 36 - N/A
Page 37 - ANNEX III
Page 38 - EXHIBIT A
Subdocument 3 - EX-3.1 - EX-3.(i) - Articles of Incorporation
Page 1 - Exhibit 3.1
Page 2 - N/A
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Subdocument 4 - EX-5.1 - Opinion regarding legality
Page 1 - Exhibit 5.1
Page 2 - N/A
Subdocument 5 - EX-10.22 - Material contracts
Page 1 - Exhibit 10.22
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Page 12 - Article 3
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Subdocument 6 - EX-23.1 - Consents of experts and counsel
Page 1 - N/A
Subdocument 7 - EX-23.2 - Consents of experts and counsel
Page 1 - N/A