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Thursday, December 7, 2017

-=Lending Club (LC) Investor Day Presentation

Lending Club Investor Day Presentation- Guides Q4 and FY128 revenues below consensus; 
  • Long-term plan to drive top line growth by 15-20% while expanding EBITDA margin to approx ox 20%
  • Sees its penetration rate is approx 3-4% of a $300-350 bln segment.
  • Estimates a $75 mln per quarter origination volume lift.
  • Investor related revenue expected to be in the range of $85-90 mln, 2018 $125-145 mln
  • 2017 Adjusted EBITDA Margin expected to be 7.6% at the mid-point; 2018 is 11.9% at the mid point.
  • Increasing revenue yield from Program Fees, Gain on Sale, and Net Interest Margin expanding total revenue yield in 2018.
  • Q4 Guidance
    • Net Revenue $155-160 mln, Capital IQ consensus $163 mln
    • GAAP Net Income ($10 mln)-($6 mln)
    • Adjusted EBITDA $16-20 mln
    • Volumes in line now expect a ($3M) timing impact to both our Revenue & EBITDA from holding the residual from our recent securitization.
  • 2018 Guidance
    • Net Revenue in the range of $680-705 mln, Capital IQ consensus $734 mln
    • GAAP Net Income ($53 mln)-($38 mln)
    • Adjusted EBITDA $75-90 mln
    • Adjusted EBITDA Margin 11.9% in mid range 

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