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SEC Filings

8-K
GREENSKY, INC. filed this Form 8-K on 11/13/2018
Entire Document
 

Reconciliation of Net Income to Adjusted EBITDA Three Months Ended Nine Months Ended ($ in thousands) 9/30/17 9/30/18 9/30/17 9/30/18 Net income Interest expense Tax expense1 Depreciation and amortization Equity-related expense2 Fair value change in servicing liabilities3 Non-recurring transaction expenses4 $38,162 2,189 114 923 1,557 800 2,612 $45,712 6,013 3,572 1,192 1,457 420 511 $98,766 2,363 286 2,798 3,329 800 2,612 $105,132 17,391 5,378 3,229 4,316 621 2,393 Revenue $88,316 $113,912 $236,073 $304,942 1 Includes non-corporate tax expense. Non-corporate tax expense is included within general and administrative expenses in our Unaudited Consolidated Statements of Operations. Prior to the IPO, we did not have any corporate income tax expense. 2 Includes equity-based compensation to employees and directors, as well as equity-based payments to non-employees. 3 Includes the non-cash impact of the initial recognition of servicing liabilities and subsequent fair value changes in such servicing liabilities during the periods presented. 4 In 2018, non-recurring transaction expenses include certain costs associated with our IPO, which were not deferrable against the proceeds of the IPO. In 2017, non-recurring transaction expenses include one-time fees paid to an affiliate of one of the members of the board of directors in conjunction with the August 2017 term loan transaction. 46 Adjusted EBITDA margin 52% 52% 47% 45% Adjusted EBITDA$46,357 $58,877 $110,954 $138,460