Embed Size (px)
Citation preview
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
($2)
$6
$10
$14
$6
1Q '18
$(0.03)
2Q '18
$0.07
3Q '18
$0.12
4Q '18
$0.18
1Q '19
$0.08EPS
$6
$10
$13
$16
$8
1Q '18
$0.08
2Q '18
$0.13
3Q '18
$0.17
4Q '18
$0.20
1Q '19
$0.11EPS
$1,011 $1,047
$1,118 $1,169
$1,203
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
46.0% 47.1% 47.5% 47.0% 46.9%
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
$591 $587
$648 $658
$636
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
35.6%36.1%
36.5% 36.6%
35.6%
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
$74 $80
$88 $94 $95 27.8%
28.3%29.3%
30.0%29.5%
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
Net Interest Income
Net Interest Margin$86
$92
$99
$105 $106 $4
$3
$4
$4 $4
$90
$96
$103
$109 $110
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
Interest Income Other Revenue
$119 $124 $134 $140 $147
12.0% 12.1% 12.2% 12.2% 12.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
$0
$50
$100
$150
$200
$250
$300
$350
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
Allowance for Loan Losses
Reserve Ratio
$36$33
$39 $40$43
6.1% 5.7% 6.0% 6.0% 6.8%
-17.0%
-12.0%
-7.0%
-2.0%
3.0%
8.0%
13.0%
18.0%
23.0%
$20
$30
$40
$50
$60
$70
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
Provision for Loan Losses
Provision Rate
4.5% 4.4% 4.0% 4.8% 5.4%
2.2% 2.4% 2.4%2.7%
3.3%6.7% 6.8% 6.4%7.5%
8.7%
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
90+ calendar days past due
15-89 calendar days past due
10.9% 11.2% 11.1%12.0% 12.2%
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
2.8x 2.7x2.8x
2.7x 2.7x
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
$699 $735
$771 $805
$839
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
$11.8 $12.2
$11.7
$11.2 $11.3
6.8%
6.6%
6.0%
5.6%5.4%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
$5.0
$7.0
$9.0
$11.0
$13.0
$15.0
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
Funding Cost Cost of Funds Rate
$11 $11 $11 $11 $12
$11$13 $13 $14
$17
$5$5 $5 $6
$5
$18$16
$13$14
$14
$45 $45$43
$45
$48
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
S&M T&A P&S G&A Efficiency Ratio
49% 48%
41% 41%44%
$11 $11 $10 $12 $11
$11 $12 $13$13 $16
$5$5 $5
$6$5
$10
$13 $11$13
$12$36
$41$39
$43$45
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
S&M T&A P&S G&A Adj Efficiency Ratio
40%43%
38% 39% 41%
$267$278
$290
$304$314
26% 26% 26%26%
26%
10%
15%
20%
25%
30%
$200
$220
$240
$260
$280
$300
$320
$340
$360
$380
$400
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
Equity
Equity/Assets
$485$543
$594 $597 $605
$250$225
$225 $225 $225$8
$20$296
$420$252 $246
$337
$1,039
$1,188
$1,070 $1,068
$1,187
72%65%
77% 77%72%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
Warehouse Securitization Corporate Debt Excess Capacity Capacity Utilization
$70 $74 $71$60 $60
1Q '18 2Q '18 3Q '18 4Q '18 1Q '19
•▪
▪
▪
•▪ →
▪ →
▪ →
▪ →
▪ →
•▪
▪
▪
•▪
▪
($ thousands, except per share data)Mar 31,
2018
Jun 30,
2018
Sep 30,
2018
Dec 31,
2018
Mar 31,
2019
Net income (loss) ($1,918) $5,790 $9,769 $14,039 $5,858
Adjustments (after-tax)
Stock-based compensation expense 3,210 2,794 2,848 2,967 2,436
Real estate disposition charges 4,187 - - - -
Severance and executive transition expenses 911 - - - -
Debt Extinguishment Costs - 1,384 550 - -
Sales Tax Refund - - - (1,097) -
Adjusted Net income (loss) (1) (2) $6,390 $9,968 $13,167 $15,909 $8,294
Adjusted Net income (loss) per share (3)
Basic $0.09 $0.13 $0.18 $0.21 $0.11
Diluted $0.08 $0.13 $0.17 $0.20 $0.10
Weighted-average common shares outstanding:
Basic 73,977,241 74,385,446 74,715,592 75,158,264 75,539,535
Diluted 77,352,294 78,288,267 79,372,491 79,244,921 79,115,037
Quarter Ended
($ thousands)
Mar 31,
2018
Jun 30,
2018
Sep 30,
2018
Dec 31,
2018
Mar 31,
2019
Total Operating Expense $44,551 $45,306 $42,672 $44,961 $48,284
Gross Revenue 90,280 95,618 102,999 109,479 110,167
Efficiency Ratio 49.3% 47.4% 41.4% 41.1% 43.8%
Adjustments (pre-tax)
Stock-based compensation expense 3,210 2,794 2,848 2,967 3,083
Real estate disposition charges 4,187 - - - -
Severance and executive transition expenses 911 - - - -
Debt Extinguishment Costs - 1,384 550 - -
Sales Tax Refund - - - (1,097) -
Operating Expense Less Noteworthy Items (pre-tax) $36,243 $41,128 $39,274 $43,091 $45,201
Gross Revenue 90,280 95,618 102,999 109,479 110,167
Adjusted Efficiency Ratio (1) 40.1% 43.0% 38.1% 39.4% 41.0%
Quarter Ended
($ thousands)
Mar 31,
2018
Jun 30,
2018
Sep 30,
2018
Dec 31,
2018
Mar 31,
2019
Net income (loss) ($1,918) $5,790 $9,769 $14,039 $5,858
Average Total Assets 1,006,860 1,046,583 1,092,888 1,140,884 1,209,022
Return on Assets (0.8%) 2.2% 3.6% 4.9% 1.9%
Adjustments (after-tax)
Stock-based compensation expense 3,210 2,794 2,848 2,967 2,436
Real estate disposition charges 4,187 - - - -
Severance and executive transition expenses 911 - - - -
Debt Extinguishment Costs - 1,384 550 - -
Sales Tax Refund - - - (1,097) -
Adjusted Net income (1)(2) $6,390 $9,968 $13,167 $15,909 $8,294
Average Total Assets 1,006,860 1,046,583 1,092,888 1,140,884 1,209,022
Adjusted Return on Assets (3) 2.5% 3.8% 4.8% 5.6% 2.7%
Quarter Ended
($ thousands)
Mar 31,
2018
Jun 30,
2018
Sep 30,
2018
Dec 31,
2018
Mar 31,
2019
Net income (loss) ($1,918) $5,790 $9,769 $14,039 $5,858
Average OnDeck Stockholders' Equity 263,195 268,060 277,570 291,893 303,321
Return on Equity (2.9%) 8.6% 14.1% 19.2% 7.7%
Adjustments (after-tax)
Stock-based compensation expense 3,210 2,794 2,848 2,967 2,436
Real estate disposition charges 4,187 - - - -
Severance and executive transition expenses 911 - - - -
Debt Extinguishment Costs - 1,384 550 - -
Sales Tax Refund - - - (1,097) -
Adjusted Net income (1)(2) $6,390 $9,968 $13,167 $15,909 $8,294
Average OnDeck Stockholders' Equity 263,195 268,060 277,570 291,893 303,321
Adjusted Return on Equity (3) 9.7% 14.9% 19.0% 21.8% 10.9%
Quarter Ended
($ millions)
Low High Low High
Net income attributable to On Deck Capital, Inc.
common stockholders$4 $8 $20 $30
Stock based compensation (after tax) 3 3 10 10
Adjusted Net income (1)(2) $7 $11 $30 $40
Twelve Months Ending,
December 31, 2019
Three Months Ending,
June 30, 2019
