GreenSky, Inc. (GSKY) Tops Q2 EPS by 2c, Revenues Beat; Offers FY18 EPS/Revenue Guidance Above Consensus

GreenSky, Inc. (NASDAQ: GSKY) reported Q2 EPS of $0.18, $0.02 better than the analyst estimate of $0.16. Revenue for the quarter came in at $106 million versus the consensus estimate of $105.19 million.

• Revenue grew 28.3 percent to $105.7 million from $82.4 million in the second quarter of 2017.
• GAAP Net income was $40.8 million and reflects tax expense on the portion of GreenSky’s earnings attributable to the C-corporation ownership for the 38 days of the second quarter that the Company was a public entity. A prior period comparison is not meaningful.
• Pro forma Net income was $33.5 million, or $0.18 per diluted share, and represents all of GreenSky’s enterprise earnings for the period, net of tax at an assumed effective tax rate of 22.3 percent.
• Adjusted EBITDA increased by 28 percent to $52.1 million from $40.8 million in the second quarter of 2017. As a percentage of revenue, Adjusted EBITDA was 49 percent for both periods.
• As of June 30, 2018, unrestricted cash totaled $236.6 million.

“GreenSky is off to a great start as a public company as we continue to expand our ecosystem of merchants, consumers and bank partners,” said David Zalik, President and CEO of GreenSky. “Our singular focus on accelerating commerce was evidenced by a 36 percent increase in transaction volume from our growing network of home improvement merchants and elective health care providers. We also reached an important milestone with quarterly revenue and adjusted EBITDA of well over $100 million and $50 million, respectively, for the first time in GreenSky’s history.”

GUIDANCE:

GreenSky, Inc. sees FY2018 EPS of $0.64-$0.66, versus the consensus of $0.63. GreenSky, Inc. sees FY2018 revenue of $433-445 million, versus the consensus of $431.6 million.

For earnings history and earnings-related data on GreenSky, Inc. (GSKY) click here.

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