{"id":454453,"date":"2021-03-10T06:03:05","date_gmt":"2021-03-10T11:03:05","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454453"},"modified":"2021-03-10T06:03:05","modified_gmt":"2021-03-10T11:03:05","slug":"greensky-inc-reports-fourth-quarter-and-fiscal-year-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/greensky-inc-reports-fourth-quarter-and-fiscal-year-2020-financial-results\/","title":{"rendered":"GreenSky, Inc. Reports Fourth Quarter and Fiscal Year 2020 Financial Results"},"content":{"rendered":"

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GreenSky, Inc. Reports Fourth Quarter and Fiscal Year 2020 Financial Results<\/b><\/p>\n

Full Year Transaction Volume of $5.5 Billion;
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<\/b>Net Income of $28.7 Million; Diluted EPS of $0.14;
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<\/b>Adjusted EBITDA of $105.9 Million
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<\/b>Fourth Quarter Net Income of $23.4 Million; Diluted EPS of $0.11 <\/b><\/p>\n

ATLANTA–(BUSINESS WIRE<\/a>)–
\nGreenSky, Inc. (NASDAQ: GSKY), a leading financial technology company Powering Commerce at the Point of Sale\u00ae<\/sup>, reported financial results today for the fourth quarter and fiscal year ended December 31, 2020.\n<\/p>\n

\n\u201cThe momentum witnessed at the end of last year has continued into 2021 and we are optimistic with respect to transaction volume growth and lower costs in the upcoming year,\u201d said David Zalik, GreenSky Chairman and CEO. \u201cDespite a challenging year, we reported 2020 revenue in line with our 2019 results, and I am extremely proud of the dedication and commitment of our associates who delivered annual transaction volume in excess of $5.5 billion. Looking ahead, I am encouraged by the improving consumer credit trends being observed, and I am cautiously optimistic that 2021 performance will likely be better than initially estimated. GreenSky is poised to deliver transaction volume growth in excess of 15% this year and we continue to make solid progress on strategic initiatives outside of our core home improvement business and expect to see the results of those strategies over the coming months.\u201d\n<\/p>\n

\n\u201cDuring the last four months of the year, GreenSky secured over $1 billion in new funding, demonstrating the successful roll-out of our diversified funding model,\u201d said Andrew Kang, Chief Financial Officer. \u201cWe set a goal to gain access to new sources of liquidity, and we now have a proven track record of asset sales to both institutional investors and banks. I am very excited to also announce that earlier this month, we executed a $1 billion forward flow sale agreement with a leading life insurance company that will further support our transaction volume growth into 2022. As market pricing has improved and restored to pre-pandemic levels, the economics of our recent sales and forward flow agreement are now consistent with GreenSky\u2019s historical cost of funds, in contrast to our initial sale in 2020. With tailwinds in funding and optimism regarding credit performance, we are raising our 2021 net income and Adjusted EBITDA guidance.\u201d\n<\/p>\n

Fourth Quarter and Fiscal Year 2020 Financial Highlights:<\/b><\/p>\n