Company: GreenSky, Inc.
Symbol: GSKY
Description: They are a leading technology company that powers commerce at the point of sale.
Trade Date: 5/24
Shares: 34.1 million
Price Range: $21.00-$23.00
Underwriter(s): Goldman Sachs & Co., J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Citigroup, Credit Suisse, SunTrust Robinson Humphrey
Co-Manager(s): Raymond James, Sandler O’ Neill, Fifth Third Securities, Guggenheim Securities
Terms Added: 5-14-18
Business: Their platform facilitates merchant sales, while reducing the friction, and improving the economics, associated with a consumer making a purchase and a bank extending financing for that purchase. They had approximately 12,000 active merchants on their platform as of March 31, 2018 and, from their inception through March 31, 2018, merchants used their platform to enable approximately 1.7 million consumers to finance over $12 billion of transactions with their Bank Partners.
Financials: Their total revenue was $173.5 million, $263.9 million and $325.9 million and their net income was $93.8 million, $124.5 million and $138.7 million in 2015, 2016, and 2017, respectively. In the first quarter of 2018, their total revenue increased 30.6% to $85.3 million and their net income decreased 15.5% to $18.6 million, compared to results in the same quarter the previous year, reflecting, in part approximately $4.5 million in interest expense in the first quarter of 2018 related to their term loan that was established in August 2017 and amended in March 2018.
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