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Jun 30, 2022
LendingClub Q2 2022 Earnings Report
Announced record revenue and net income, driven by growth in net interest income and marketplace revenue.
Key Takeaways
LendingClub Corporation reported record second-quarter results with revenue of $330.1 million, a 61% year-over-year increase. Net income was $182.1 million, including a $135 million income tax benefit, and $46.8 million excluding the income tax benefit. The company's marketplace bank model and focus on prudent underwriting contributed to the strong performance.
Revenue of $330.1 million grew 61% year-over-year.
Net interest income increased 153% year-over-year to $116.2 million.
Net income of $182.1 million increased $172.7 million year-over-year, including an income tax benefit of $132.0 million.
Net income excluding the income tax benefit was $46.8 million, up 399% year-over-year.
Forward Guidance
The company reaffirmed full year revenue and net income guidance for 2022 (excluding the income tax benefit from release of a deferred tax asset valuation allowance).
Positive Outlook
- Total revenue between $280M to $300M for Q3 2022.
- Total revenue between $1.15B to $1.25B for Full Year 2022.
- Net income between $30M to $40M for Q3 2022.
- Net income between $280M to $300M for Full Year 2022.
- Net income excluding income tax benefit between $30M to $40M for Q3 2022.
Challenges Ahead
- Net income excluding income tax benefit between $145M to $165M for Full Year 2022.
- Challenging economic backdrop.
- Increased uncertainty.
- Dynamic environment.
- No specific negative guidance mentioned besides the above macroeconomic factors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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