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GSKY GreenSky

GreenSky, Inc., headquartered in Atlanta, is a leading technology company Powering Commerce at the Point of Sale® for a growing ecosystem of merchants, consumers and banks. Its highly scalable, proprietary and patented technology platform enables merchants to offer frictionless promotional payment options to consumers, driving increased sales volume and accelerated cash flow. Banks leverage its technology to provide loans to super-prime and prime consumers nationwide. The Company currently services a $9.5 billion loan portfolio, and since its inception, over 3.7 million consumers have financed approximately $28 billion of commerce using its paperless, real time 'apply and buy' technology.

Company profile

Ticker
GSKY
Exchange
CEO
David Zalik
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
GreenSky Holdings, LLC • GreenSky, LLC • GreenSky Patient Solutions, LLC • GreenSky Operations, LLC • GreenSky Management Company, LLC • GreenSky Servicing, LLC • GreenSky Administrative Services, LLC • GreenSky Marketing, LLC • GreenSky Software, LLC • GS Depositor I, LLC ...

GSKY stock data

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Calendar

5 Aug 21
27 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from GreenSky earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 469.82M 469.82M 469.82M 469.82M 469.82M 469.82M
Cash burn (monthly) 8.96M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 35.05M n/a n/a n/a n/a n/a
Cash remaining 434.77M n/a n/a n/a n/a n/a
Runway (months of cash) 48.5 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
24 Sep 21 Andrew Kang Class A common stock Payment of exercise Dispose F No No 11.51 2,344 26.98K 303,911
14 Sep 21 Andrew Kang Class A common stock Payment of exercise Dispose F No No 8.85 14,925 132.09K 306,255
8 Sep 21 Angela M Nagy Class A common stock Grant Acquire A No No 0 25,000 0 77,689
6 Sep 21 Angela M Nagy Class A common stock Payment of exercise Dispose F No No 7.85 2,186 17.16K 52,689
6 Sep 21 Gupta Ritesh Class A common stock Payment of exercise Dispose F No No 7.85 1,093 8.58K 323,996
23 Aug 21 Babbit Joel M. Class A common stock Payment of exercise Dispose F No No 7.73 64,426 498.01K 203,362
23 Aug 21 Babbit Joel M. Class A common stock Option exercise Acquire M No No 5.65 86,176 486.89K 267,788
23 Aug 21 Babbit Joel M. Stock Option Class A common stock Option exercise Dispose M No No 5.65 86,176 486.89K 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 98 99 -1.0%
Opened positions 14 22 -36.4%
Closed positions 15 13 +15.4%
Increased positions 39 32 +21.9%
Reduced positions 27 34 -20.6%
13F shares
Current Prev Q Change
Total value 467.49M 543.63M -14.0%
Total shares 82.26M 81.11M +1.4%
Total puts 681.7K 138.3K +392.9%
Total calls 154.5K 390K -60.4%
Total put/call ratio 4.4 0.4 +1144.2%
Largest owners
Shares Value Change
Sheft Robert 23.39M $108.3M 0.0%
Allianz Asset Management GmbH 12.05M $66.86M 0.0%
Pacific Investment Management 8.08M $77.35M 0.0%
Vanguard 6.04M $33.53M +0.3%
BLK Blackrock 4.16M $23.11M -1.4%
Ubs Oconnor 4.12M $22.87M +11.4%
Galileo (PTC) 3.67M $20.37M 0.0%
MS Morgan Stanley 2.79M $15.48M -1.2%
Healthcare Of Ontario Pension Plan Trust Fund 2.15M $11.95M +223.8%
Adage Capital Partners GP, L.L.C. 2.02M $11.22M -18.0%
Largest transactions
Shares Bought/sold Change
Healthcare Of Ontario Pension Plan Trust Fund 2.15M +1.49M +223.8%
DB Deutsche Bank AG - Registered Shares 46.67K -893.56K -95.0%
Azora Capital 496.31K -494.47K -49.9%
Balentine 494.39K +494.39K NEW
Adage Capital Partners GP, L.L.C. 2.02M -444.34K -18.0%
Ubs Oconnor 4.12M +420.6K +11.4%
Jacobs Levy Equity Management 193.94K +193.94K NEW
Renaissance Technologies 152.97K -190.23K -55.4%
Dimensional Fund Advisors 203.25K +138.8K +215.4%
Millennium Management 327.05K -134.2K -29.1%

Financial report summary

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Risks
  • Business and Industry Risks
  • The global outbreak of the novel coronavirus, or COVID-19, has caused severe disruptions in the U.S. economy, and may have an adverse impact on our performance and results of operations.
  • Our agreements with our Bank Partners are non-exclusive, short term in duration and subject to termination by our Bank Partners upon the occurrence of certain events, including our failure to comply with applicable regulatory requirements. If such agreements expire or are terminated, and we are unable to replace the commitments of the expiring or terminating Bank Partners, our business would be adversely affected.
  • Our results of operations and continued growth depend on our ability to retain existing, and attract new, merchants, Bank Partners, and other funding sources.
  • A large percentage of our revenue is concentrated with our top ten merchants, and the loss of a significant merchant could have a negative impact on our operating results.
  • Our results depend, to a significant extent, on the active and effective promotion and support of the GreenSky program by our Sponsors and merchants.
  • If our merchants fail to fulfill their obligations to consumers or comply with applicable law, we may incur remediation costs.
  • We have been in the past and may in the future be subject to federal and state regulatory inquiries regarding our business.
  • Prior to the COVID-19 pandemic, we experienced rapid growth, which if again experienced may be difficult to sustain and may place significant demands on our operational, administrative and financial resources.
  • If we experience negative publicity, we may lose the confidence of our Bank Partners, other funding sources, merchants and consumers who use the GreenSky program and our business may suffer.
  • We may be unable to successfully develop and commercialize new or enhanced products and services.
  • Changes in market interest rates could have an adverse effect on our business.
  • Increases in loan delinquencies and default rates in the GreenSky program could cause us to lose amounts we place in escrow and may require us to deploy resources to enhance our collections and default servicing capabilities, which could adversely affect our ability to maintain loan volumes, and could affect our ability to pursue or close alternative funding structures.
  • We own participations in certain loans originated through the GreenSky program, and the non-performance, or even significant underperformance, of those participations would adversely affect our business.
  • The expected replacement of London Interbank Offered Rate ("LIBOR") and replacement or reform of other interest rate benchmarks could adversely affect our results of operations and financial condition.
  • We are subject to certain additional risks in connection with promotional financing offered through the GreenSky program.
  • Fraudulent activity could negatively impact our business and could cause our Bank Partners to be less willing to originate loans as part of the GreenSky program.
  • Misconduct and errors by our employees and third-party service providers could harm our business and reputation.
  • If the credit decisioning, pricing, loss forecasting and credit scoring models we use contain errors, do not adequately assess risk or are otherwise ineffective, our reputation and relationships with our Bank Partners, other funding sources, our merchants and consumers could be harmed.
  • We depend on the accuracy and completeness of information about customers of our merchants, and any misrepresented information could adversely affect our business.
  • We rely extensively on models in managing many aspects of our business. Any inaccuracies or errors in our models could have an adverse effect on our business.
  • The consumer finance and payments industry is highly competitive and is likely to become more competitive, and our inability to compete successfully or maintain or improve our market share and margins could adversely affect our business.
  • Our revenue is impacted, to a significant extent, by the general economy and the financial performance of our merchants.
  • Because our business is heavily concentrated on consumer lending and payments in the U.S. home improvement industry, our results are more susceptible to fluctuations in that market than the results of a more diversified company would be.
  • As part of our elective healthcare vertical we face some factors that differ from our home improvement vertical, and the unique considerations of this industry vertical, and our failure to comply with applicable regulations, or accurately forecast demand or growth could have an adverse effect on our business.
  • We may in the future expand into new industry verticals, and our failure to mitigate specific regulatory, credit, and other risks associated with a new industry vertical could have an adverse effect on our business.
  • The Amended Credit Agreement that governs our term loan and revolving loan facility contains various covenants that could limit our ability to engage in activities that may be in our best long-term interests.
  • The Warehouse Facility contains various covenants that could limit our ability to engage in activities that may be in our best long-term interests.
  • We may incur losses on interest rate swap and hedging arrangements.
  • To the extent that we seek to grow through future acquisitions, or other strategic investments or alliances, we may not be able to do so effectively.
  • Legal and Regulatory Risks
  • We are subject to federal and state consumer protection laws.
  • Our industry is highly regulated and is undergoing regulatory transformation, which has created inherent uncertainty. Changing federal, state and local laws, as well as changing regulatory enforcement policies and priorities, may negatively impact our business.
  • The highly regulated environment in which our Bank Partners operate could have an adverse effect on our business.
  • We are subject to regulatory examinations and investigations and may incur fines, penalties and increased costs that could negatively impact our business.
  • The CFPB is a relatively new agency, and there continues to be uncertainty as to how its actions will impact our business; the agency’s actions have had, and may continue to have, an adverse impact on our business.
  • The contours of the Dodd-Frank UDAAP standard are still uncertain and there is a risk that certain features of the GreenSky program loans could be deemed to violate the UDAAP standard.
  • Our vendor relationships subject us to a variety of risks, and the failure of third parties to comply with legal or regulatory requirements or to provide various services that are important to our operations could have an adverse effect on our business.
  • Litigation, regulatory actions and compliance issues could subject us to significant fines, penalties, judgments, remediation costs and/or requirements resulting in increased expenses.
  • Regulatory agencies and consumer advocacy groups are becoming more aggressive in asserting “disparate impact” claims.
  • Our use of third-party vendors and our other ongoing third-party business relationships are subject to increasing regulatory requirements and attention.
  • We are subject to numerous laws and regulations related to privacy, data protection and information security. Our actual or perceived failure to comply with such obligations could harm our business, and changes in such regulations or laws could increase our costs, affect or limit how we collect and use personal information and adversely affect our business opportunities, marketing, market research or advertising practices.
  • Future non-compliance with Payment Card Industry Data Security Standards (“PCI DSS”) may subject us to fines, penalties and civil liability and may result in the loss of our ability to settle on credit card networks.
  • The increased scrutiny of third-party medical financing by governmental agencies may lead to increased regulatory burdens and may adversely affect our business.
  • In recent years, federal regulators and the United States DOJ have increased their focus on enforcing the SCRA against servicers. Similarly, state legislatures have taken steps to strengthen their own state-specific versions of the SCRA.
  • Anti-money laundering and anti-terrorism financing laws could have significant adverse consequences for us.
  • We may be unable to sufficiently protect our proprietary rights and may encounter disputes from time to time relating to our use of the intellectual property of third parties.
  • If we were found to be operating without having obtained necessary state or local licenses, it could adversely affect our business.
  • If loans originated through the GreenSky program are found to violate applicable state usury laws or other lending laws, it could adversely affect our business.
  • FDIC receivership or conservatorship of the Bank Partner that issues loan participations could adversely affect our business.
  • Information Technology and Security Risks
  • Cyber-attacks and other security breaches could have an adverse effect on our business.
  • Disruptions in the operation of our computer systems and third-party data centers could have an adverse effect on our business.
  • Some aspects of our platform include open source software, and any failure to comply with the terms of one or more of these open source licenses could negatively affect our business.
  • Legal Organization and Capital Structure Risks
  • We are a holding company with no operations of our own and, as such, depend on our subsidiaries for cash to fund all of our operations and expenses, including future dividend payments, if any.
  • We may be required to pay additional taxes as a result of an IRS audit of GS Holdings.
  • The owners of the Class B common stock, who also are the Continuing LLC Members, control us and their interests may conflict with yours in the future.
  • We will be required to pay for certain tax benefits we may claim arising in connection with the merger of the Former Corporate Investors, our purchase of Holdco Units and future exchanges of Holdco Units under the Exchange Agreement, which payments could be substantial.
  • In certain circumstances, including certain changes of control of our Company, payments by us under the TRA may be accelerated and/or significantly exceed the actual benefits we realize in respect of the tax attributes subject to the TRA.
  • We are currently subject to putative securities class action litigation in connection with our IPO and may be subject to similar litigation in the future. If the outcome of this litigation is unfavorable, it could have a material adverse effect on our financial condition, results of operations and cash flows.
  • If we were deemed to be an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), as a result of our ownership of GS Holdings and GSLLC, applicable restrictions could make it impractical for us to continue our business as currently contemplated and could have an adverse effect on our business.
  • Our certificate of incorporation provides, subject to certain exceptions, that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to bring a claim in a judicial forum that they find more favorable for disputes with us or our directors, officers, employees or stockholders.
  • Class A Common Stock Risks
  • An active trading market for our Class A common stock may not be sustained, which may make it difficult to sell shares of Class A common stock.
  • The market price of our Class A common stock has been and will likely continue to be volatile.
  • As a public company since May 2018, we have incurred, and will continue to incur, increased costs and are subject to additional regulations and requirements, and our management is required to devote substantial time to related compliance matters, which could lower profits and make it more difficult to run our business.
  • Failure to comply with the requirements to design, implement and maintain effective internal controls could have an adverse effect on our business and stock price.
  • Current owners of Class A common stock may be diluted by the future issuance of additional Class A common stock in connection with our incentive plans, acquisitions or otherwise.
  • Because we have no current plans to pay cash dividends on our Class A common stock, you may not receive any return on investment unless you sell your Class A common stock for a price greater than that which you paid for it.
  • Future offerings of debt or equity securities by us may adversely affect the market price of our Class A common stock.
  • Future sales, or the expectation of future sales, of shares of our Class A common stock, including sales by Continuing LLC Members, could cause the market price of our Class A common stock to decline.
  • Our capital structure may have a negative impact on our stock price.
  • Certain provisions of our certificate of incorporation and bylaws could hinder, delay or prevent a change in control of us, which could adversely affect the price of our Class A common stock.
  • If securities and industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • The loss of the services of our senior management could adversely affect our business.
  • Our business would suffer if we fail to attract and retain highly skilled employees.
  • Our risk management processes and procedures may not be effective.
  • If assumptions or estimates we use in preparing our financial statements are incorrect or are required to change, our reported results of operations and financial condition may be adversely affected.
  • Future changes in financial accounting standards may significantly change our reported results of operations.
Management Discussion
  • •Transaction volume (as defined below) was $1.5 billion during the three months ended June 30, 2021 compared to $1.4 billion during the three months ended June 30, 2020, an increase of 14%. Transaction volume was $2.8 billion during the six months ended June 30, 2021 compared to $2.7 billion during the six months ended June 30, 2020, an increase of 4%;
  • •Total revenue of $136.5 million during the three months ended June 30, 2021 increased 3% from $133.0 million during the three months ended June 30, 2020. Total revenue of $261.7 million during the six months ended June 30, 2021 increased 3% from $254.8 million during the six months ended June 30, 2020;
  • •The outstanding balance of loans serviced by our platform totaled $9.43 billion as of June 30, 2021 compared to $9.38 billion as of June 30, 2020, an increase of 1%;
Content analysis
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H.S. sophomore Avg
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