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GreenSky's Q2 transaction volume grows 36% YOY

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GreenSky's Q2 transaction volume grows 36% YOY

Greensky Inc. reported second-quarter net income attributable to the company of $5.6 million, or 9 cents per share.

GAAP net income for the quarter was $40.8 million, compared to $38.6 million in the year-ago quarter.

Pro forma net income for the second quarter was $33.5 million, compared to the year-ago period's $30.0 million.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 16 cents.

The Atlanta-based company recorded a 36% year-over-year growth in transaction volume. For the recent quarter, transaction volume was $1.32 billion, up from $970 million in the year-ago second quarter.

Total revenue was $105.7 million, up from $82.4 million in the year-ago period. Transaction fees totaled $90.2 million, up from $71.5 million in the second quarter of 2017. Servicing and other revenues amounted to $15.5 million in the recent quarter, compared to $11.0 million in the year-ago period.

Total costs and expenses amounted to $58.9 million in the second quarter, up from $45.1 million a year ago. Sales and marketing expense increased year over year to $1.0 million from $339,000.

The company also reported fair value change in servicing liabilities of $85 million for the three months ended June 30.

For full year 2018, GreenSky expects transaction volume to increase 35% to 41% to between $5.1 billion and $5.3 billion. Full-year revenue is expected to increase 34% to 37% to between $433 million and $445 million. Adjusted EBITDA is projected to grow 20% to 25% to a range of $192 million and $199 million. The company also expects pro forma net income for the year to be between $121 million and $125 million, or 64 cents to 66 cents per share, assuming an effective tax rate of 22.3% and weighted average shares outstanding of 189.2 million.

GreenSky recently announced a partnership with American Express Co., where it will have access to the latter's virtual payments solutions to facilitate purchases.