OnDeck was on track with its Q2 earnings announced Aug. 8, keeping investors happy and the share price flat in early trading but then trending upwards. Revenues were better than analysts’ expectations, and net losses were lower than projections. According to OnDeck, the results show “strong credit performance and record levels of loans under management, originations and gross revenue.”
The company has altered its business model and is taking on more loans in the balance sheet. Credit performance has improved, which has increased the provision for loan losses. The company is advancing its international expansion, its partnership with JPMorgan and expects gross revenue between $73 million and $76 million in Q3.
Here are the numbers:
$69.5 million | OnDeck’s revenue, which was a year-on-year increase of 9.8 percent and $1.6 million over analyst expectations
$32 million | Provision for loan losses, almost twice the $15.5 seen this time last year
47% | The year-on-year growth in loans under management, reaching $1 billion
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41% | The year-on-year growth in originations, which reached $590 million
$0.20 | Net loss per share; projections were for a net loss of $0.24 per share
