Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | LC | |
Entity Registrant Name | LENDINGCLUB CORPORATION | |
Entity Central Index Key | 1,409,970 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 403,859,898 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 534,451 | $ 515,602 |
Restricted cash | 148,890 | 177,810 |
Securities available for sale at fair value | 246,940 | 287,137 |
Loans at fair value (includes $2,351,103 and $2,600,422 from consolidated trust, respectively) | 4,026,755 | 4,311,984 |
Loans held for sale at fair value | 9,409 | 9,048 |
Accrued interest receivable (includes $20,570 and $24,037 from consolidated trust, respectively) | 35,644 | 40,299 |
Property, equipment and software, net | 92,290 | 89,263 |
Intangible assets, net | 25,049 | 26,211 |
Goodwill | 35,633 | 35,633 |
Other assets | 77,079 | 69,644 |
Total assets | 5,232,140 | 5,562,631 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 7,470 | 10,889 |
Accrued interest payable (includes $22,994 and $26,839 from consolidated trust, respectively) | 38,422 | 43,574 |
Accrued expenses and other liabilities | 83,338 | 85,619 |
Payable to investors | 96,131 | 125,884 |
Notes and certificates at fair value (includes $2,364,563 and $2,616,023 from consolidated trust, respectively) | 4,034,357 | 4,320,895 |
Total liabilities | 4,259,718 | 4,586,861 |
Stockholders’ Equity | ||
Common stock, $0.01 par value; 900,000,000 shares authorized; 405,126,913 and 400,262,472 shares issued, respectively; 402,844,213 and 397,979,772 shares outstanding, respectively | 4,051 | 4,003 |
Additional paid-in capital | 1,253,910 | 1,226,206 |
Accumulated deficit | (265,428) | (234,187) |
Treasury stock, at cost; 2,282,700 shares | (19,485) | (19,485) |
Accumulated other comprehensive loss | (626) | (767) |
Total stockholders’ equity | 972,422 | 975,770 |
Total liabilities and stockholders’ equity | $ 5,232,140 | $ 5,562,631 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Member Loans at fair value, from consolidated trust | $ 4,026,755 | $ 4,311,984 |
Accrued interest receivable from consolidated Trust | 35,644 | 40,299 |
Accrued interest payable from consolidated Trust | 38,422 | 43,574 |
Notes and certificates, at fair value from consolidated Trust | $ 4,034,357 | $ 4,320,895 |
Common stock, par value ($ per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 405,126,913 | 400,262,472 |
Common stock, shares outstanding | 402,844,213 | 397,979,772 |
Treasury stock, shares | 2,282,700 | 2,282,700 |
Consolidated Trust | ||
Member Loans at fair value, from consolidated trust | $ 2,351,103 | $ 2,600,422 |
Accrued interest receivable from consolidated Trust | 20,570 | 24,037 |
Accrued interest payable from consolidated Trust | 22,994 | 26,839 |
Notes and certificates, at fair value from consolidated Trust | $ 2,364,563 | $ 2,616,023 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Income Statement [Abstract] | |||
Transaction fees | $ 98,692 | $ 124,508 | |
Investor fees | [1] | 21,180 | 20,487 |
Other revenue (expense) | [1] | 2,221 | 6,103 |
Other revenue (expense) | |||
Total interest income | 160,996 | 177,879 | |
Total interest expense | (158,607) | (176,683) | |
Net interest income | 2,389 | 1,196 | |
Total net revenue | 124,482 | 152,294 | |
Operating expenses: | |||
Sales and marketing | 54,583 | 66,575 | |
Origination and servicing | 20,449 | 19,198 | |
Engineering and product development | 35,760 | 24,198 | |
Other general and administrative | 43,574 | 38,035 | |
Total operating expenses | 154,366 | 148,006 | |
Income (loss) before income tax expense | (29,884) | 4,288 | |
Income tax (benefit) expense | (40) | 151 | |
Net income (loss) | $ (29,844) | $ 4,137 | |
Net income(loss) per share: Basic ($ per share) | $ (0.07) | $ 0.01 | |
Net income(loss) per share: Diluted ($ per share) | $ (0.07) | $ 0.01 | |
Weighted-average common shares - Diluted (shares) | 400,308,521 | 380,266,636 | |
Weighted-average common shares - Basic (shares) | 400,308,521 | 392,397,825 | |
[1] | Prior period amounts have been reclassified to conform to the current period presentation. See “Note 1 – Basis of Presentation” for additional information. |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (29,844) | $ 4,137 |
Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Change in net unrealized gain (loss) on securities available for sale | 236 | 803 |
Other comprehensive income (loss), before tax | 236 | 803 |
Income tax effect | 95 | 0 |
Other comprehensive income (loss), net of tax | 141 | 803 |
Comprehensive income (loss) | $ (29,703) | $ 4,940 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ (29,844) | $ 4,137 |
Adjustments to reconcile net income (loss) to net cash (used for) provided by operating activities: | ||
Net fair value adjustments of loans, loans held for sale, notes and certificates | 1,417 | 167 |
Change in fair value of loan servicing liabilities | (809) | (2,078) |
Change in fair value of loan servicing assets | 4,047 | (232) |
Stock-based compensation, net | 19,498 | 15,021 |
Excess tax benefit from share-based awards | 0 | (39) |
Depreciation and amortization | 10,254 | 6,655 |
Gain on sales of loans | (5,043) | (4,699) |
Other, net | 352 | 30 |
Purchase of loans held for sale | (1,176,154) | (1,308,463) |
Principal payments received on loans held for sale | 892 | 0 |
Proceeds from sales of whole loans | 1,172,161 | 1,308,463 |
Net change in operating assets and liabilities: | ||
Accrued interest receivable | 4,655 | (1,027) |
Other assets | (6,452) | 657 |
Due from related parties | 71 | (242) |
Accounts payable | (3,833) | (123) |
Accrued interest payable | (5,152) | 1,393 |
Accrued expenses and other liabilities | (3,178) | (9,679) |
Net cash (used for) provided by operating activities | (17,118) | 9,941 |
Cash Flows from Investing Activities: | ||
Purchases of loans | (524,412) | (921,825) |
Principal payments received on loans | 640,006 | 586,159 |
Proceeds from recoveries and sales of charged-off loans | 10,889 | 10,191 |
Proceeds from sales of whole loans | 2,118 | 0 |
Purchases of securities available for sale | (26,430) | (3,661) |
Proceeds from maturities of securities available for sale | 66,817 | 17,374 |
Investment in Cirrix Capital | 0 | (10,000) |
Net change in restricted cash | 28,920 | (23,752) |
Purchases of property, equipment and software, net | (7,908) | (10,483) |
Net cash provided by (used for) investing activities | 190,000 | (355,997) |
Cash Flows from Financing Activities: | ||
Change in payable to investors | (29,753) | (1,245) |
Proceeds from issuances of notes and certificates | 523,305 | 901,258 |
Proceeds from secured borrowings | 0 | 15,113 |
Principal payments and retirements of notes and certificates | (641,103) | (583,982) |
Payments on notes and certificates from recoveries/sales of related charged-off loans | (10,790) | (10,177) |
Repurchase of common stock | 0 | (19,485) |
Proceeds from stock option exercises and other | 4,308 | 4,846 |
Excess tax benefit from share-based awards | 0 | 39 |
Net cash (used for) provided by financing activities | (154,033) | 306,367 |
Net Increase (Decrease) in Cash and Cash Equivalents | 18,849 | (39,689) |
Cash and Cash Equivalents, Beginning of Period | 515,602 | 623,531 |
Cash and Cash Equivalents, End of Period | 534,451 | 583,842 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 163,692 | 175,224 |
Accruals for property, equipment and software | $ 905 | $ 4,286 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation LendingClub Corporation (Lending Club) is an online marketplace connecting borrowers and investors. LC Advisors, LLC (LCA), is a registered investment advisor with the Securities and Exchange Commission (SEC) and wholly-owned subsidiary of Lending Club that acts as the general partner for certain private funds and advisor to separately managed accounts (SMAs) and a fund of which its wholly-owned subsidiary RV MP Fund GP, LLC, is the general partner. Springstone Financial, LLC (Springstone), is a wholly-owned subsidiary of Lending Club that facilitates education and patient finance loans. LC Trust I (the Trust) is an independent Delaware business trust that acquires loans from Lending Club and holds them for the sole benefit of certain investors that have purchased a trust certificate (Certificate) issued by the Trust and that are related to specific underlying loans for the benefit of the investor. The accompanying unaudited condensed consolidated financial statements include Lending Club, its subsidiaries (collectively referred to as the Company, we, or us) and the Trust. All intercompany balances and transactions have been eliminated.These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and contain all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. These accounting principles require management to make certain estimates and assumptions that affect the amounts in the accompanying financial statements. Actual results may differ from those estimates, and results reported in the interim periods are not necessarily indicative of the results for the full year or any other interim period. In the first quarter of 2017, the Company simplified the presentation of “Total net revenue” in the unaudited Condensed Consolidated Statements of Operations to present revenues from transactions with investors as a single line item “Investor fees” by aggregating the revenues previously reported as “Servicing fees” and “Management fees.” Additionally, the Company aggregated “Fair value adjustments - loans, loans held for sale, notes and certificates” into “Other revenue (expense).” These changes had no impact to “Total net revenue.” Prior period amounts have been reclassified to conform to the current period presentation. The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (Annual Report) filed on February 28, 2017. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The Company's significant accounting policies are discussed in “ Part II – Item 8 – Financial Statements and Supplementary Data – Note 2. Summary of Significant Accounting Policies ” in the Annual Report. There have been no significant changes to these significant accounting policies for the period ended March 31, 2017 . Adoption of New Accounting Standards The Company adopted the following accounting standards during the period ended March 31, 2017 : Accounting Standards Update (ASU) 2016-09 Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), simplifies the accounting for employee share-based payment transactions, including the associated accounting for income taxes, forfeitures, and classification in the statement of cash flows. The Company adopted ASU 2016-09 effective January 1, 2017, under the modified retrospective method with the cumulative effect of adoption recorded as a reclassification to 2017 beginning accumulated deficit. The Company also elected to present the change in presentation in the Statement of Cash Flows related to excess tax benefits prospectively and, therefore, prior period amounts have not been adjusted. Under ASU 2016-09, the Company now recognizes the excess income tax benefits or deficiencies from stock-based compensation in the income tax provision in the Consolidated Statements of Operations, and as an operating activity in the Consolidated Statements of Cash Flows. Additionally, excess tax benefits and tax deficiencies are now excluded from the calculation of assumed proceeds using the treasury stock method when computing fully diluted earnings per share. The Company recognized a $56.5 million deferred tax asset with a full valuation allowance (net zero impact upon adoption) in the Consolidated Balance Sheet for the excess income tax benefits from stock-based compensation as of January 1, 2017. The Company also elected to recognize forfeitures as they occur for equity awards with only a service condition, rather than estimate expected forfeitures, as permitted by ASU 2016-09. The Company recorded a $1.4 million reclassification to 2017 beginning accumulated deficit to remove the estimate of forfeitures as of January 1, 2017. ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment, simplifies the accounting for goodwill impairments by eliminating Step 2 of the goodwill impairment test. Under ASU 2017-04, a goodwill impairment loss is now measured as the amount by which the carrying amount of a reporting unit exceeds its fair value. The Company elected to early adopt ASU 2017-04 effective January 1, 2017. The adoption did not have an effect on the Company's condensed consolidated financial statements for the period ended March 31, 2017 . New Accounting Standards Not Yet Adopted Updates to the new accounting standards not yet adopted as disclosed in the Company’s Annual Report for the year ended December 31, 2016 are as follows: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which will be effective January 1, 2018. The guidance clarifies that revenue from contracts with customers should be recognized in a manner that depicts both the likelihood of payment and the timing of the related transfer of goods or performance of services. In March 2016, the FASB issued an amendment (ASU 2016-08) to the new revenue recognition guidance clarifying how to determine if an entity is a principal or agent in a transaction. In April (ASU 2016-10) and May (ASU 2016-12) of 2016, the FASB further amended the guidance to include performance obligation identification, licensing implementation, collectability assessment and other presentation and transition clarifications. The effective date and transition requirements for the amendments is the same as for ASU 2014-09. The Company plans to adopt the revenue recognition guidance beginning January 1, 2018 and currently anticipates using the modified retrospective method of adoption. However, the adoption method to be used is subject to completion of the Company’s impact assessment. We have preliminarily determined the revenue streams that are in the scope and have begun reviewing our revenue contracts to identify any changes in the timing of revenue recognition, presentation of certain revenue streams as gross versus net reporting, and the capitalization of contract costs. The assessment of applying Topic 606 is ongoing and, therefore, the Company has not yet determined whether those impacts will be material to the Company’s consolidated financial statements. No new accounting standards that are applicable to the Company were issued after the filing of the Company's Annual Report for the year ended December 31, 2016. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The following table details the computation of the Company's basic and diluted net income (loss) per share: Three Months Ended 2017 2016 Net income (loss) $ (29,844 ) $ 4,137 Weighted average common shares - Basic 400,308,521 380,266,636 Weighted average common shares - Diluted 400,308,521 392,397,825 Net income (loss) per share: Basic $ (0.07 ) $ 0.01 Diluted $ (0.07 ) $ 0.01 |
Securities Available for Sale
Securities Available for Sale | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | Securities Available for Sale The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of March 31, 2017 and December 31, 2016 , were as follows: March 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 167,115 $ 173 $ (101 ) $ 167,187 Asset-backed securities 20,097 1 (4 ) 20,094 U.S. agency securities 19,601 20 — 19,621 Certificates of deposit 17,000 — — 17,000 Commercial paper 15,551 — — 15,551 U.S. Treasury securities 2,494 1 — 2,495 Other securities 5,002 — (10 ) 4,992 Total securities available for sale $ 246,860 $ 195 $ (115 ) $ 246,940 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 181,359 $ 63 $ (199 ) $ 181,223 Certificates of deposit 27,501 — — 27,501 Asset-backed securities 25,369 4 (9 ) 25,364 Commercial paper 20,164 — — 20,164 U.S. agency securities 19,602 21 — 19,623 U.S. Treasury securities 2,493 3 — 2,496 Other securities 10,805 — (39 ) 10,766 Total securities available for sale $ 287,293 $ 91 $ (247 ) $ 287,137 A summary of securities available for sale with unrealized losses as of March 31, 2017 and December 31, 2016 , aggregated by period of continuous unrealized loss, is as follows: Less than 12 months 12 months or longer Total March 31, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 85,233 $ (99 ) $ 3,173 $ (2 ) $ 88,406 $ (101 ) Asset-backed securities 8,678 (4 ) — — 8,678 (4 ) Other securities — — 3,991 (10 ) 3,991 (10 ) Total securities with unrealized losses (1) $ 93,911 $ (103 ) $ 7,164 $ (12 ) $ 101,075 $ (115 ) Less than 12 months Total December 31, 2016 Fair Unrealized Fair Unrealized Fair Unrealized Corporate debt securities $ 107,862 $ (185 ) $ 11,682 $ (14 ) $ 119,544 $ (199 ) Asset-backed securities 6,628 (8 ) 1,870 (1 ) 8,498 (9 ) Other securities 6,800 (3 ) 3,966 (36 ) 10,766 (39 ) Total securities with unrealized losses (1) $ 121,290 $ (196 ) $ 17,518 $ (51 ) $ 138,808 $ (247 ) (1) The number of investment positions with unrealized losses at March 31, 2017 and December 31, 2016 totaled 55 and 72 , respectively. There were no impairment charges recognized during the first quarter of 2017 or 2016 . The contractual maturities of securities available for sale at March 31, 2017 , were as follows: Within 1 year After 1 year through 5 years After 5 years through 10 years After 10 years Total Corporate debt securities $ 98,086 $ 69,101 $ — $ — $ 167,187 Asset-backed securities 8,178 11,916 — — 20,094 U.S. agency securities 19,621 — — — 19,621 Certificates of deposit 17,000 — — — 17,000 Commercial paper 15,551 — — — 15,551 U.S. Treasury securities — 2,495 — — 2,495 Other securities 1,001 3,991 — — 4,992 Total fair value $ 159,437 $ 87,503 $ — $ — $ 246,940 Total amortized cost $ 159,456 $ 87,404 $ — $ — $ 246,860 There were no sales of securities available for sale during the first quarter of 2017 or 2016. |
(Notes)
(Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Loans, Loans Held For Sale, Notes and Certificates and Loan Servicing Rights | Loans, Loans Held For Sale, Notes and Certificates and Loan Servicing Rights Loans, Loans Held For Sale, Notes and Certificates The Company sells loans and issues notes and the Trust issues certificates as a means to allow investors to invest in the corresponding loans. At March 31, 2017 and December 31, 2016 , loans, loans held for sale, notes and certificates measured at fair value on a recurring basis were as follows: Loans Loans Held For Sale Notes and Certificates March 31, December 31, March 31, December 31, March 31, December 31, Aggregate principal balance outstanding $ 4,312,252 $ 4,565,653 $ 9,724 $ 9,345 $ 4,318,302 $ 4,572,912 Net fair value adjustments (285,497 ) (253,669 ) (315 ) (297 ) (283,945 ) (252,017 ) Fair value $ 4,026,755 $ 4,311,984 $ 9,409 $ 9,048 $ 4,034,357 $ 4,320,895 Loans invested in by the Company for which there was no associated note or certificate had an aggregate principal balance outstanding of $26.6 million and a fair value of $24.8 million at March 31, 2017 . Loans invested in by the Company for which there was no associated note or certificate had an aggregate principal balance outstanding of $27.9 million and a fair value of $25.9 million at December 31, 2016 . The Company places all loans that are contractually past due by 120 days or more on non-accrual status. At March 31, 2017 and December 31, 2016 , loans that were 90 days or more past due (including non-accrual loans) were as follows: March 31, 2017 December 31, 2016 > 90 days past due Non-accrual loans > 90 days past due Non-accrual loans Outstanding principal balance $ 39,492 $ 1,807 $ 45,718 $ 5,055 Net fair value adjustments (33,860 ) (1,516 ) (40,183 ) (4,392 ) Fair value $ 5,632 $ 291 $ 5,535 $ 663 # of loans (not in thousands) 3,557 165 4,041 483 Loan Servicing Rights Loans underlying loan servicing rights had a total outstanding principal balance of $6.73 billion and $6.54 billion as of March 31, 2017 and December 31, 2016 , respectively. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities For a description of the fair value hierarchy and the Company’s fair value methodologies, see “Note 2. Summary of Significant Accounting Policies” in the Annual Report. The Company records certain assets and liabilities at fair value as listed in the following tables. Financial Instruments Recorded at Fair Value The following tables present the fair value hierarchy for assets and liabilities measured at fair value: March 31, 2017 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Loans $ — $ — $ 4,026,755 $ 4,026,755 Loans held for sale — — 9,409 9,409 Securities available for sale: Corporate debt securities — 167,187 — 167,187 Asset-backed securities — 20,094 — 20,094 U.S. agency securities — 19,621 — 19,621 Certificates of deposit — 17,000 — 17,000 Commercial paper — 15,551 — 15,551 U.S. Treasury securities — 2,495 — 2,495 Other securities — 4,992 — 4,992 Total securities available for sale — 246,940 — 246,940 Servicing assets — — 22,360 22,360 Total assets $ — $ 246,940 $ 4,058,524 $ 4,305,464 Liabilities: Notes and certificates $ — $ — $ 4,034,357 $ 4,034,357 Servicing liabilities — — 2,311 2,311 Loan trailing fee liability — — 5,814 5,814 Total liabilities $ — $ — $ 4,042,482 $ 4,042,482 December 31, 2016 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Assets: Loans $ — $ — $ 4,311,984 $ 4,311,984 Loans held for sale — — 9,048 9,048 Securities available for sale: Corporate debt securities — 181,223 — 181,223 Certificates of deposit — 27,501 — 27,501 Asset-backed securities — 25,364 — 25,364 Commercial paper — 20,164 — 20,164 U.S. agency securities — 19,623 — 19,623 U.S. Treasury securities — 2,496 — 2,496 Other securities — 10,766 — 10,766 Total securities available for sale — 287,137 — 287,137 Servicing assets — — 21,398 21,398 Total assets $ — $ 287,137 $ 4,342,430 $ 4,629,567 Liabilities: Notes and certificates $ — $ — $ 4,320,895 $ 4,320,895 Loan trailing fee liability $ — $ — $ 4,913 $ 4,913 Servicing liabilities — — 2,846 2,846 Total liabilities $ — $ — $ 4,328,654 $ 4,328,654 Financial instruments are categorized in the valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. Since the Company's loans and related notes and certificates, loans held for sale, loan servicing rights, and loan trailing fee liability do not trade in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of these assets and liabilities. These fair value estimates may also include observable, actively quoted components derived from external sources. As a result, changes in fair value for assets and liabilities within the Level 2 or Level 3 categories may include changes in fair value that were attributable to both observable and unobservable inputs. The Company did not transfer any assets or liabilities in or out of Level 3 during the first quarter of 2017 or the year ended December 31, 2016 . Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs used for the Company's Level 3 fair value measurements at March 31, 2017 and December 31, 2016 : March 31, 2017 Loans, Notes and Certificates Servicing Asset/Liability Loan Trailing Fee Liability Minimum Maximum Weighted Average Minimum Maximum Weighted Average Minimum Maximum Weighted Average Discount rates 2.4 % 17.2 % 8.6 % 3.1 % 15.7 % 8.9 % 3.1 % 15.7 % 8.9 % Net cumulative expected loss rates (1) 0.7 % 40.7 % 14.2 % 0.3 % 40.7 % 12.5 % 0.3 % 40.7 % 12.9 % Cumulative expected prepayment rates (1) 8.1 % 41.6 % 30.8 % 8.0 % 41.6 % 31.1 % 8.0 % 41.6 % 30.5 % Total market servicing rates (% per annum on outstanding principal balance) (2) N/A N/A N/A 0.63 % 0.90 % 0.63 % N/A N/A N/A December 31, 2016 Loans, Notes and Certificates Servicing Asset/Liability Loan Trailing Fee Liability Minimum Maximum Weighted Average Minimum Maximum Weighted Average Minimum Maximum Weighted Average Discount rates 1.2 % 16.6 % 7.2 % 3.4 % 15.1 % 7.8 % 3.4 % 15.0 % 7.7 % Net cumulative expected loss rates (1) 0.3 % 33.9 % 14.6 % 0.3 % 33.9 % 12.8 % 0.3 % 33.9 % 13.5 % Cumulative expected prepayment rates (1) 8.0 % 42.7 % 30.7 % 8.0 % 42.7 % 29.3 % 8.0 % 42.7 % 28.3 % Total market servicing rates (% per annum on outstanding principal balance) (2) N/A N/A N/A 0.63 % 0.90 % 0.63 % N/A N/A N/A N/A Not applicable (1) Expressed as a percentage of the original principal balance of the loan, note or certificate. (2) Includes collection fees estimated to be paid to a hypothetical third-party servicer. At March 31, 2017 and December 31, 2016 , the discounted cash flow methodology used to estimate the note and certificates' fair values used the same projected net cash flows as their related loans. As demonstrated by the following tables, the fair value adjustments for loans were largely offset by the fair value adjustments of the notes and certificates due to the payment dependent design of the notes and certificates and because the principal balances of the loans were close to the combined principal balances of the notes and certificates. The following tables present additional information about Level 3 loans, loans held for sale, notes and certificates measured at fair value on a recurring basis for the first quarters of 2017 and 2016 : Loans Loans Held For Sale Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at December 31, 2016 $ 4,565,653 $ (253,669 ) $ 4,311,984 $ 9,345 $ (297 ) $ 9,048 $ 4,572,912 $ (252,017 ) $ 4,320,895 Purchases of loans 524,416 (4 ) 524,412 1,176,155 (1 ) 1,176,154 — — — Issuances of notes and certificates — — — — — — 523,305 — 523,305 Whole loan sales — — — (1,174,436 ) 157 (1,174,279 ) — — — Principal payments and retirements (639,719 ) — (639,719 ) (1,180 ) — (1,180 ) (641,105 ) 2 (641,103 ) Charge-offs (138,098 ) 138,098 — (160 ) 160 — (136,810 ) 136,810 — Recoveries — (10,889 ) (10,889 ) — — — — (10,790 ) (10,790 ) Change in fair value recorded in earnings — (159,033 ) (159,033 ) — (334 ) (334 ) — (157,950 ) (157,950 ) Ending balance at March 31, 2017 $ 4,312,252 $ (285,497 ) $ 4,026,755 $ 9,724 $ (315 ) $ 9,409 $ 4,318,302 $ (283,945 ) $ 4,034,357 Loans Loans Held For Sale Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at December 31, 2015 $ 4,681,671 $ (125,590 ) $ 4,556,081 $ — $ — $ — $ 4,697,169 $ (125,586 ) $ 4,571,583 Purchases of loans 921,825 — 921,825 1,308,463 — 1,308,463 — — — Issuances of notes and certificates — — — — — — 901,258 — 901,258 Whole loan sales — — — (1,308,463 ) — (1,308,463 ) — — — Principal payments (586,159 ) — (586,159 ) — — — (583,982 ) — (583,982 ) Charge-offs (84,991 ) 84,991 — — — — (84,977 ) 84,977 — Recoveries — (10,191 ) (10,191 ) — — — — (10,177 ) (10,177 ) Change in fair value recorded in earnings — (165,400 ) (165,400 ) — — — — (165,233 ) (165,233 ) Ending balance at March 31, 2016 $ 4,932,346 $ (216,190 ) $ 4,716,156 $ — $ — $ — $ 4,929,468 $ (216,019 ) $ 4,713,449 The following tables present additional information about Level 3 servicing assets and liabilities measured at fair value on a recurring basis for the first quarters of 2017 and 2016 : Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Servicing Assets Servicing Liabilities Servicing Assets Servicing Liabilities Fair value at beginning of period $ 21,398 $ 2,846 $ 10,250 $ 3,973 Issuances (1) 5,317 274 5,631 932 Change in fair value, included in servicing fees (4,047 ) (809 ) 232 (2,078 ) Other net changes included in deferred revenue (308 ) — 851 — Fair value at end of period $ 22,360 $ 2,311 $ 16,964 $ 2,827 (1) Represents the offsets to the gains or losses on sales of the related loans, recorded in other revenue. The following table presents additional information about Level 3 loan trailing fee liability measured at fair value on a recurring basis for the first quarters of 2017 and 2016 : Three Months Ended 2017 2016 Fair value at beginning of period $ 4,913 $ — Issuances 1,663 1,002 Cash payment of loan trailing fee (826 ) (4 ) Change in fair value, included in origination and servicing 64 4 Fair value at end of period $ 5,814 $ 1,002 Significant Recurring Level 3 Fair Value Asset and Liability Input Sensitivity Fair valuation adjustments recorded through earnings related to Level 3 instruments for the first quarters of 2017 and 2016 . Generally, changes in the net cumulative expected loss rates, cumulative prepayment rates, and discount rates will have an immaterial net impact on the fair value of loans, notes and certificates, servicing assets and liabilities, and loan trailing fee liability. Certain of these unobservable inputs may (in isolation) have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. When multiple inputs are used within the valuation techniques for loans, notes and certificates, servicing assets and liabilities, and loan trailing fee liability, a change in one input in a certain direction may be offset by an opposite change from another input. A specific loan that is projected to have larger future default losses than previously estimated has lower expected future cash flows over its remaining life, which reduces its estimated fair value. Conversely, a specific loan that is projected to have smaller future default losses than previously estimated has increased expected future cash flows over its remaining life, which increases its estimated fair value. The Company's selection of the most representative market servicing rates for servicing assets and servicing liabilities is inherently judgmental. The Company reviews third-party servicing rates for its loans, loans in similar credit sectors, and market servicing benchmarking analyses provided by third-party valuation firms, when available. The table below shows the impact on the estimated fair value of servicing assets and liabilities, calculated using different market servicing rate assumptions as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Servicing Assets Servicing Liabilities Servicing Assets Servicing Liabilities Weighted-average market servicing rate assumptions 0.63 % 0.63 % 0.63 % 0.63 % Change in fair value from: Servicing rate increase by 0.10% $ (5,889 ) $ 741 $ (5,673 ) $ 964 Servicing rate decrease by 0.10% $ 5,987 $ (643 ) $ 5,812 $ (825 ) Financial Instruments, Assets, and Liabilities Not Recorded at Fair Value The following tables present the fair value hierarchy for financial instruments, assets, and liabilities not recorded at fair value: March 31, 2017 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Cash and cash equivalents (1) $ 534,451 $ — $ 534,451 $ — $ 534,451 Restricted cash 148,890 — 148,890 — 148,890 Servicer reserve receivable 4,362 — 4,362 — 4,362 Deposits 855 — 855 — 855 Total assets $ 688,558 $ — $ 688,558 $ — $ 688,558 Liabilities: Accrued expenses and other liabilities $ 11,748 $ — $ — $ 11,748 $ 11,748 Accounts payable 7,470 — 7,470 — 7,470 Payables to investors 96,131 — 96,131 — 96,131 Total liabilities $ 115,349 $ — $ 103,601 $ 11,748 $ 115,349 December 31, 2016 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Cash and cash equivalents (1) $ 515,602 $ — $ 515,602 $ — $ 515,602 Restricted cash 177,810 — 177,810 — 177,810 Servicer reserve receivable 4,938 — 4,938 — 4,938 Deposits 855 — 855 — 855 Total assets $ 699,205 $ — $ 699,205 $ — $ 699,205 Liabilities: Accrued expenses and other liabilities $ 10,981 $ — $ — $ 10,981 $ 10,981 Accounts payable 10,889 — 10,889 — 10,889 Payables to investors 125,884 — 125,884 — 125,884 Total liabilities $ 147,754 $ — $ 136,773 $ 10,981 $ 147,754 (1) Carrying amount approximates fair value due to the short maturity of these financial instruments. |
Property, Equipment and Softwar
Property, Equipment and Software, net | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Software, Net | Property, Equipment and Software, Net Property, equipment and software, net, consist of the following: March 31, December 31, Internally developed software (1) $ 86,238 $ 75,202 Leasehold improvements 22,802 22,637 Computer equipment 18,794 18,080 Purchased software 7,284 7,598 Furniture and fixtures 6,832 6,827 Construction in progress 777 707 Total property, equipment and software 142,727 131,051 Accumulated depreciation and amortization (50,437 ) (41,788 ) Total property, equipment and software, net $ 92,290 $ 89,263 (1) Includes $12.6 million and $7.4 million in development in progress as of March 31, 2017 and December 31, 2016 , respectively. Depreciation and amortization expense on property, equipment and software was $9.1 million and $5.4 million for the first quarters of 2017 and 2016 , respectively. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets consist of the following: March 31, December 31, Loan servicing assets, at fair value $ 22,360 $ 21,398 Prepaid expenses 16,555 16,960 Other investments 10,463 10,372 Insurance reimbursement receivable (1) 9,625 — Accounts receivable 7,096 7,572 Servicer reserve receivable 4,362 4,938 Receivable from investors 2,454 1,566 Tenant improvement receivable 1,678 3,290 Due from related parties (2) 405 476 Other 2,081 3,072 Total other assets $ 77,079 $ 69,644 (1) Represents insurance recoveries for certain legal expenses incurred as a result of the Company's board review and related governmental and regulatory inquiries. (2) Represents management fees due to LCA from certain private funds for which LCA acts as the general partner. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets The Company's intangible asset balance was $25.0 million and $26.2 million at March 31, 2017 and December 31, 2016 , respectively. Amortization expense associated with intangible assets for the first quarters of 2017 and 2016 was $1.2 million and $1.3 million , respectively. Goodwill The Company's goodwill balance was $35.6 million at March 31, 2017 and December 31, 2016 . The Company did not record any goodwill impairment expense for the first quarters of 2017 and 2016 . The Company's annual goodwill impairment testing date is April 1. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following: March 31, December 31, Accrued expenses $ 21,853 $ 19,734 Accrued compensation (1) 19,774 27,009 Deferred rent 13,767 11,638 Transaction fee refund reserve 10,778 9,098 Loan trailing fee liability, at fair value 5,814 4,913 Loan servicing liabilities, at fair value 2,311 2,846 Deferred revenue 2,249 2,556 Credit loss coverage reserve 1,680 2,529 Reimbursement payable to limited partners of LCA private funds 1,520 2,313 Payable to issuing banks 896 1,658 Contingent liabilities 500 — Other 2,196 1,325 Total accrued expenses and other liabilities $ 83,338 $ 85,619 (1) Includes accrued cash retention awards of $5.4 million and $3.0 million as of March 31, 2017 and December 31, 2016 , respectively. |
Secured Borrowings
Secured Borrowings | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Secured Borrowings | Secured Borrowings During the second quarter of 2016, the Company repurchased $22.3 million of near-prime loans from a single institutional investor that did not meet a non-credit, non-pricing requirement of the investor, of which $15.1 million were originally sold to the investor prior to March 31, 2016. As a result, these loans were accounted for as secured borrowings at March 31, 2016. During the second quarter of 2016, the Company resold the loans to a different investor at par. This subsequent transfer qualified for sale accounting treatment, and the loans were removed from the Company's condensed consolidated balance sheet and the secured borrowings liability was reduced to zero in the second quarter of 2016. There were no secured borrowing liabilities as of March 31, 2017 . |
Employee Incentive Plans
Employee Incentive Plans | 3 Months Ended |
Mar. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Employee Incentive Plans | Employee Incentive Plans The Company’s equity incentive plans provide for granting stock options and restricted stock units (RSUs) to employees, consultants, officers and directors. Stock-based compensation expense was as follows for the periods presented: Three Months Ended 2017 2016 Stock options $ 4,345 $ 7,657 RSUs 14,634 5,126 ESPP 385 388 Stock issued related to acquisition 134 1,850 Total stock-based compensation expense $ 19,498 $ 15,021 The following table presents the Company's stock-based compensation expense recorded in the condensed consolidated statements of operations: Three Months Ended 2017 2016 Sales and marketing $ 2,299 $ 1,904 Origination and servicing 1,416 746 Engineering and product development 6,588 3,723 Other general and administrative 9,195 8,648 Total stock-based compensation expense $ 19,498 $ 15,021 The Company capitalized $2.5 million and $1.9 million of stock-based compensation expense associated with developing software for internal use during the first quarters of 2017 and 2016 , respectively. The Company adopted ASU 2016-09 on January 1, 2017. See Note 2, “ Summary of Significant Accounting Policies, ” for information on the adoption of ASU 2016-09. Performance-based Restricted Stock Units During the first quarter of 2017, the Company's chief executive officer received performance-based restricted stock units (PBRSUs). PBRSUs are equity awards that may be earned based on achieving pre-established performance metrics over a specific performance period. Depending on the probability of achieving the pre-established performance targets, the PBRSUs issued could range from 0% to 200% of the target amount. PBRSUs granted under the Company’s equity incentive plans generally have a one -year performance period with one-half of the grant vesting in one-year following the completion of the performance period and the remaining one-half vesting in two -years following the completion of the performance period. Over the performance period, the number of PBRSUs that may be earned and the related stock-based compensation expense that is recognized is adjusted upward or downward based upon the probability of achieving the pre-established performance targets against the performance metrics. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company continues to recognize a full valuation allowance against net deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. As of March 31, 2017 and December 31, 2016 , the valuation allowance was $131.8 million and $75.3 million , respectively. The increase in the valuation allowance is due to the adoption of ASU 2016-09, which increased the Company's deferred tax assets for previously unrecognized excess tax benefits associated with the exercise of stock options and the vesting of RSUs. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Lease Commitments Total facilities rental expense for the first quarters of 2017 and 2016 was $3.8 million and $3.2 million , respectively. Minimum lease payments for the first quarters of 2017 and 2016 were $3.6 million and $2.2 million , respectively. As of March 31, 2017 , the Company pledged $0.8 million of cash and $4.7 million in letters of credit as security deposits in connection with its lease agreements. The Company's future minimum payments under non-cancelable operating leases in excess of one year and anticipated sublease income as of March 31, 2017 , were as follows: Operating Leases Subleases Net 2017 $ 11,500 $ 258 $ 11,242 2018 16,065 310 15,755 2019 15,633 39 15,594 2020 16,534 — 16,534 2021 16,790 — 16,790 Thereafter 41,223 — 41,223 Total $ 117,745 $ 607 $ 117,138 Loan Purchase Obligation Under the Company's loan account program with WebBank, member FDIC, that serves as the Company's primary issuing bank, WebBank retains ownership of the loans facilitated through Lending Club's marketplace for two business days after origination. As part of this arrangement, the Company has committed to purchase the loans at par plus accrued interest, at the conclusion of the two business days. As of March 31, 2017 and December 31, 2016 , the Company was committed to purchase loans with an outstanding principal balance of $52.3 million and $32.2 million at par, respectively. Loan Repurchase Obligations The Company has historically limited its loan or note repurchase obligations to events of verified identity theft or in connection with certain customer accommodations. As institutional investors seek to securitize loans purchased through the marketplace, the Company has increased the circumstances and the required burden of proof of economic harm under which the Company is obligated to repurchase loans from these investors. The Company believes these repurchase obligations are customary and consistent with institutional loan and securitization market standards. In addition to and distinct from the repurchase obligations described in the preceding paragraph, the Company performs certain administrative functions for a variety of retail and institutional investors, including executing, without discretion, loan investments as directed by the investor. To the extent loans do not meet the investor's investment criteria at the time of issuance, or are transferred to the investor as a result of a system error by the Company, the Company is obligated to repurchase such loans at par. As a result of the loan repurchase obligations described above, the Company repurchased $0.9 million in loans during the first quarter of 2017 . Loan Funding and Purchase Commitments During the first quarter of 2017 , the Company purchased a total of $6.2 million in loans to fulfill contractual purchase obligations and support upcoming securitization initiatives. As required by applicable regulations, the Company is required to purchase loans resulting from direct marketing efforts if such loans are not otherwise invested in by investors on the platform. The Company did not purchase any such loans during the first quarter of 2017 . Additionally, loans in the process of being facilitated and originated by the Company's issuing bank partner at March 31, 2017 , were substantially funded in April 2017 . As of the date of this report, no loans remained without investor commitments and the Company was not required to purchase any of these loans. In addition, if neither Springstone nor the Company can arrange for other investors to invest in or purchase loans that Springstone facilitates and that are originated by an issuing bank partner but do not meet the credit criteria for purchase by the issuing bank partner (Pool B loans), Springstone and the Company are contractually committed to purchase these loans. As of March 31, 2017 , the Company had a $9.0 million deposit in a bank account to secure potential, future purchases of these loans, if necessary. The funds are recorded as restricted cash on the Company's consolidated balance sheets. During the first quarter of 2017 , the Company was required to purchase $1.7 million of Pool B loans. Pool B loans are held on the Company's balance sheet and have an outstanding principal balance of $2.4 million as of March 31, 2017 . Credit Support Agreements In connection with a significant platform purchase agreement, the Company is subject to a credit support agreement with a third-party whole loan investor that requires the Company to reimburse the investor for credit losses in excess of a specified percentage of the original principal balance of whole loans acquired by the investor during a 12 -month period. During the first quarter of 2017 , the Company reimbursed the investor $4.0 million as a result of this credit support agreement. As of March 31, 2017 , the Company has accrued approximately $1.7 million for future expected reimbursement to the investor. The Company is also subject to a credit support agreement with Cirrix Capital (Investment Fund). The credit support agreement requires the Company to pledge and restrict cash in support of its contingent obligation to reimburse the Investment Fund for net credit losses on loans underlying the Investment Fund's certificates that are in excess of a specified, aggregate net loss threshold. On April 14, 2017, the credit support agreement was terminated effective December 31, 2016, however, the Company remains subject to the credit support agreement for credit losses on loans underlying the Investment Fund's certificates that were issued on or prior to December 31, 2016. As of March 31, 2017 , $3.4 million was pledged and restricted to support this contingent obligation. The Company's maximum exposure to loss under this credit support agreement was limited to $6.0 million at March 31, 2017 . Legal Securities Class Actions. During the year ended December 31, 2016, several putative class action lawsuits alleging violations of federal securities laws were filed in California Superior Court, naming as defendants the Company, current and former directors, certain officers, and the underwriters in the December 2014 initial public offering (the IPO). All of these actions were consolidated into a single action (Consolidated State Court Action), entitled In re LendingClub Corporation Shareholder Litigation , No. CIV537300. In August 2016, plaintiffs filed an amended complaint alleging violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 (Securities Act) based on allegedly false and misleading statements in the IPO registration statement and prospectus. The Company filed a demurrer requesting the Court dismiss certain of the claims alleged in the amended complaint, which was granted in part in the fourth quarter of 2016. The plaintiffs then filed a Second Amended Consolidated Complaint which the Company responded to with a new demurrer seeking to dismiss certain claims. The Court granted in part and denied in part this new demurrer thus setting the operative complaint. In early April 2017 the plaintiffs filed their motion for class certification which the Company will oppose; a hearing on this issue is currently set for June 2017. Discovery is continuing. The Company believes that the plaintiffs’ allegations are without merit, and intends to vigorously defend against the claims. In May 2016, two related putative securities class actions (entitled Evellard v. LendingClub Corporation, et al. , No. 16-CV-2627-WHA, and Wertz v. LendingClub Corporation, et al. , No. 16-CV-2670-WHA) were filed in the United States District Court for the Northern District of California, naming as defendants the Company and certain of its officers and directors. In mid-August 2016, the two actions were consolidated into a single action. The Company moved to dismiss the amended complaint filed in the fourth quarter of 2016. The Court held a hearing on this motion in the first quarter of 2017 and a ruling is expected imminently. Discovery will commence if the Company does not succeed in dismissing every claim in the complaint. The Company believes that the plaintiffs’ allegations are without merit, and intends to vigorously defend against the claims. Derivative Lawsuits . In May 2016 and August 2016, respectively, two putative shareholder derivative actions were filed ( Avila v. Laplanche, et al. , No. CIV538758 and Dua v. Laplanche, et al. , CGC-16-553731) against certain of the Company’s current and former officers and directors and naming the Company as a nominal defendant. Both actions were voluntarily dismissed without prejudice. On December 14, 2016, a new putative shareholder derivative action was filed in the Delaware Court of Chancery ( Steinberg, et al. v. Morris, et al., C.A. No. 12984-CB), against certain of the Company's current and former officers and directors and naming the Company as a nominal defendant. The action is based on allegations similar to those in the securities class action litigation described above. Federal Consumer Class Action. In April 2016, a putative class action lawsuit was filed in federal court in New York, alleging that persons received loans, through the Company's platform, that exceeded states' usury limits in violation of state usury and consumer protection laws, and the federal RICO statute. The Company filed a motion to compel arbitration on an individual basis, which was granted in February 2017. The Company believes that the plaintiff's allegations are without merit, and intends to defend this matter vigorously. On February 23, 2016, Phoenix Licensing, L.L.C. and LPL Licensing, L.L.C. filed a complaint for patent infringement against the Company in the U.S. District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent Nos. 8,234,184, 6,999,938, 5,987,434, 8,352,317, and 7,860,744 by generating customized marketing materials, replies, and offers to client responses. The parties settled in the first quarter of 2017. On May 9, 2016, following the announcement of the board review described elsewhere in this filing, the Company received a grand jury subpoena from the U.S. Department of Justice (DOJ). The Company also received formal requests for information from the SEC and Federal Trade Commission (FTC). The Company continues cooperating with the DOJ, SEC, FTC and any other governmental or regulatory authorities or agencies. No assurance can be given as to the timing or outcome of these matters. In addition to the foregoing, the Company is subject to, and may continue to be subject to legal proceedings and regulatory actions in the ordinary course of business, including inquiries by state regulatory bodies related to the Company's marketplace lending model. These include inquiries from the California Department of Business Oversight, Colorado Department of Law, New York Department of Financial Services, and West Virginia Attorney General's office. No assurance can be given as to the timing or outcome. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company defines operating segments to be components of the Company for which discrete financial information is evaluated regularly by the Company’s executive management committee as chief operating decision maker (CODM). For purposes of allocating resources and evaluating financial performance, the Company’s CODM reviews financial information by the product types of personal loans, and education and patient finance loans. These product types are aggregated and viewed as one operating segment, and therefore, one reportable segment due to their similar economic characteristics, product economics, production process, and regulatory environment. Substantially all of the Company’s revenue is generated in the United States. No individual borrower or investor accounted for 10% or more of consolidated net revenue for any of the periods presented. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Related party transactions must be reviewed and approved by the Audit Committee of the Company’s board of directors when not conducted in the ordinary course of business subject to the standard terms of the Company’s online marketplace or certificate investment program. Related party transactions may include any transaction between entities under common control or with a related person occurring since the beginning of the Company’s latest fiscal year, or any currently proposed transaction. This review also includes any material amendment or modification to an existing related party transaction. The Company has defined related persons as members of the board of directors, executive officers, principal owners of the Company’s outstanding stock and any immediate family members of each such related persons, as well as any other person or entity with significant influence over the Company’s management or operations. Several of the Company's executive officers and directors (including immediate family members) have made deposits and withdrawals to their investor accounts and purchased loans, notes and certificates or have investments in private funds managed by LCA. The Company believes all such transactions by related persons were made in the ordinary course of business and were transacted on terms and conditions that were not more favorable than those obtained by similarly situated third-party investors. On April 1, 2016, the Company closed its $10.0 million investment, for an approximate ownership interest of 15% in the Investment Fund, a holding company that participates in a family of funds with other unrelated third parties and purchases whole loans and interests in loans from the Company. At the time the Company made its investment, the Company's Related Party Investors also had limited partnership interests in the Investment Fund that resulted in an aggregate ownership of approximately 29% in the Investment Fund. As of March 31, 2017 , the Company and a board member had an aggregate ownership interest of approximately 27% in the Investment Fund. During the first quarter of 2017 , this family of funds purchased $22.5 million of whole loans and interests in whole loans. During the first quarter of 2017 , the Company earned $354 thousand in investor fees from this family of funds, and paid interest of $2.3 million to the family of funds. The Company believes that the sales of whole loans and interests in whole loans, and the investor fees charged were on terms and conditions that were not more favorable than those obtained by other third-party investors. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated the impact of events that have occurred subsequent to March 31, 2017 , through the date the condensed consolidated financial statements were filed with the SEC. Based on this evaluation, other than as recorded or disclosed within these condensed consolidated financial statements and related notes, the Company has determined none of these events were required to be recognized or disclosed. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | LendingClub Corporation (Lending Club) is an online marketplace connecting borrowers and investors. LC Advisors, LLC (LCA), is a registered investment advisor with the Securities and Exchange Commission (SEC) and wholly-owned subsidiary of Lending Club that acts as the general partner for certain private funds and advisor to separately managed accounts (SMAs) and a fund of which its wholly-owned subsidiary RV MP Fund GP, LLC, is the general partner. Springstone Financial, LLC (Springstone), is a wholly-owned subsidiary of Lending Club that facilitates education and patient finance loans. LC Trust I (the Trust) is an independent Delaware business trust that acquires loans from Lending Club and holds them for the sole benefit of certain investors that have purchased a trust certificate (Certificate) issued by the Trust and that are related to specific underlying loans for the benefit of the investor. The accompanying unaudited condensed consolidated financial statements include Lending Club, its subsidiaries (collectively referred to as the Company, we, or us) and the Trust. All intercompany balances and transactions have been eliminated.These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and contain all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. These accounting principles require management to make certain estimates and assumptions that affect the amounts in the accompanying financial statements. Actual results may differ from those estimates, and results reported in the interim periods are not necessarily indicative of the results for the full year or any other interim period. In the first quarter of 2017, the Company simplified the presentation of “Total net revenue” in the unaudited Condensed Consolidated Statements of Operations to present revenues from transactions with investors as a single line item “Investor fees” by aggregating the revenues previously reported as “Servicing fees” and “Management fees.” Additionally, the Company aggregated “Fair value adjustments - loans, loans held for sale, notes and certificates” into “Other revenue (expense).” These changes had no impact to “Total net revenue.” Prior period amounts have been reclassified to conform to the current period presentation. The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (Annual Report) filed on February 28, 2017. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards The Company adopted the following accounting standards during the period ended March 31, 2017 : Accounting Standards Update (ASU) 2016-09 Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), simplifies the accounting for employee share-based payment transactions, including the associated accounting for income taxes, forfeitures, and classification in the statement of cash flows. The Company adopted ASU 2016-09 effective January 1, 2017, under the modified retrospective method with the cumulative effect of adoption recorded as a reclassification to 2017 beginning accumulated deficit. The Company also elected to present the change in presentation in the Statement of Cash Flows related to excess tax benefits prospectively and, therefore, prior period amounts have not been adjusted. Under ASU 2016-09, the Company now recognizes the excess income tax benefits or deficiencies from stock-based compensation in the income tax provision in the Consolidated Statements of Operations, and as an operating activity in the Consolidated Statements of Cash Flows. Additionally, excess tax benefits and tax deficiencies are now excluded from the calculation of assumed proceeds using the treasury stock method when computing fully diluted earnings per share. The Company recognized a $56.5 million deferred tax asset with a full valuation allowance (net zero impact upon adoption) in the Consolidated Balance Sheet for the excess income tax benefits from stock-based compensation as of January 1, 2017. The Company also elected to recognize forfeitures as they occur for equity awards with only a service condition, rather than estimate expected forfeitures, as permitted by ASU 2016-09. The Company recorded a $1.4 million reclassification to 2017 beginning accumulated deficit to remove the estimate of forfeitures as of January 1, 2017. ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment, simplifies the accounting for goodwill impairments by eliminating Step 2 of the goodwill impairment test. Under ASU 2017-04, a goodwill impairment loss is now measured as the amount by which the carrying amount of a reporting unit exceeds its fair value. The Company elected to early adopt ASU 2017-04 effective January 1, 2017. The adoption did not have an effect on the Company's condensed consolidated financial statements for the period ended March 31, 2017 . New Accounting Standards Not Yet Adopted Updates to the new accounting standards not yet adopted as disclosed in the Company’s Annual Report for the year ended December 31, 2016 are as follows: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which will be effective January 1, 2018. The guidance clarifies that revenue from contracts with customers should be recognized in a manner that depicts both the likelihood of payment and the timing of the related transfer of goods or performance of services. In March 2016, the FASB issued an amendment (ASU 2016-08) to the new revenue recognition guidance clarifying how to determine if an entity is a principal or agent in a transaction. In April (ASU 2016-10) and May (ASU 2016-12) of 2016, the FASB further amended the guidance to include performance obligation identification, licensing implementation, collectability assessment and other presentation and transition clarifications. The effective date and transition requirements for the amendments is the same as for ASU 2014-09. The Company plans to adopt the revenue recognition guidance beginning January 1, 2018 and currently anticipates using the modified retrospective method of adoption. However, the adoption method to be used is subject to completion of the Company’s impact assessment. We have preliminarily determined the revenue streams that are in the scope and have begun reviewing our revenue contracts to identify any changes in the timing of revenue recognition, presentation of certain revenue streams as gross versus net reporting, and the capitalization of contract costs. The assessment of applying Topic 606 is ongoing and, therefore, the Company has not yet determined whether those impacts will be material to the Company’s consolidated financial statements. No new accounting standards that are applicable to the Company were issued after the filing of the Company's Annual Report for the year ended December 31, 2016. |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income (Loss) per Share | The following table details the computation of the Company's basic and diluted net income (loss) per share: Three Months Ended 2017 2016 Net income (loss) $ (29,844 ) $ 4,137 Weighted average common shares - Basic 400,308,521 380,266,636 Weighted average common shares - Diluted 400,308,521 392,397,825 Net income (loss) per share: Basic $ (0.07 ) $ 0.01 Diluted $ (0.07 ) $ 0.01 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of March 31, 2017 and December 31, 2016 , were as follows: March 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 167,115 $ 173 $ (101 ) $ 167,187 Asset-backed securities 20,097 1 (4 ) 20,094 U.S. agency securities 19,601 20 — 19,621 Certificates of deposit 17,000 — — 17,000 Commercial paper 15,551 — — 15,551 U.S. Treasury securities 2,494 1 — 2,495 Other securities 5,002 — (10 ) 4,992 Total securities available for sale $ 246,860 $ 195 $ (115 ) $ 246,940 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 181,359 $ 63 $ (199 ) $ 181,223 Certificates of deposit 27,501 — — 27,501 Asset-backed securities 25,369 4 (9 ) 25,364 Commercial paper 20,164 — — 20,164 U.S. agency securities 19,602 21 — 19,623 U.S. Treasury securities 2,493 3 — 2,496 Other securities 10,805 — (39 ) 10,766 Total securities available for sale $ 287,293 $ 91 $ (247 ) $ 287,137 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | A summary of securities available for sale with unrealized losses as of March 31, 2017 and December 31, 2016 , aggregated by period of continuous unrealized loss, is as follows: Less than 12 months 12 months or longer Total March 31, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 85,233 $ (99 ) $ 3,173 $ (2 ) $ 88,406 $ (101 ) Asset-backed securities 8,678 (4 ) — — 8,678 (4 ) Other securities — — 3,991 (10 ) 3,991 (10 ) Total securities with unrealized losses (1) $ 93,911 $ (103 ) $ 7,164 $ (12 ) $ 101,075 $ (115 ) Less than 12 months Total December 31, 2016 Fair Unrealized Fair Unrealized Fair Unrealized Corporate debt securities $ 107,862 $ (185 ) $ 11,682 $ (14 ) $ 119,544 $ (199 ) Asset-backed securities 6,628 (8 ) 1,870 (1 ) 8,498 (9 ) Other securities 6,800 (3 ) 3,966 (36 ) 10,766 (39 ) Total securities with unrealized losses (1) $ 121,290 $ (196 ) $ 17,518 $ (51 ) $ 138,808 $ (247 ) (1) The number of investment positions with unrealized losses at March 31, 2017 and December 31, 2016 totaled 55 and 72 , respectively. |
Available-for-sale Securities by Contractual Maturity | The contractual maturities of securities available for sale at March 31, 2017 , were as follows: Within 1 year After 1 year through 5 years After 5 years through 10 years After 10 years Total Corporate debt securities $ 98,086 $ 69,101 $ — $ — $ 167,187 Asset-backed securities 8,178 11,916 — — 20,094 U.S. agency securities 19,621 — — — 19,621 Certificates of deposit 17,000 — — — 17,000 Commercial paper 15,551 — — — 15,551 U.S. Treasury securities — 2,495 — — 2,495 Other securities 1,001 3,991 — — 4,992 Total fair value $ 159,437 $ 87,503 $ — $ — $ 246,940 Total amortized cost $ 159,456 $ 87,404 $ — $ — $ 246,860 |
Loans, Loans Held For Sale, Not
Loans, Loans Held For Sale, Notes and Certificates and Loan Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Loans and Notes and Certificates | At March 31, 2017 and December 31, 2016 , loans, loans held for sale, notes and certificates measured at fair value on a recurring basis were as follows: Loans Loans Held For Sale Notes and Certificates March 31, December 31, March 31, December 31, March 31, December 31, Aggregate principal balance outstanding $ 4,312,252 $ 4,565,653 $ 9,724 $ 9,345 $ 4,318,302 $ 4,572,912 Net fair value adjustments (285,497 ) (253,669 ) (315 ) (297 ) (283,945 ) (252,017 ) Fair value $ 4,026,755 $ 4,311,984 $ 9,409 $ 9,048 $ 4,034,357 $ 4,320,895 |
Past Due Financing Receivables | At March 31, 2017 and December 31, 2016 , loans that were 90 days or more past due (including non-accrual loans) were as follows: March 31, 2017 December 31, 2016 > 90 days past due Non-accrual loans > 90 days past due Non-accrual loans Outstanding principal balance $ 39,492 $ 1,807 $ 45,718 $ 5,055 Net fair value adjustments (33,860 ) (1,516 ) (40,183 ) (4,392 ) Fair value $ 5,632 $ 291 $ 5,535 $ 663 # of loans (not in thousands) 3,557 165 4,041 483 |
Fair Value of Assets and Liab28
Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Loans, Loan Servicing Rights, Related Notes and Certificates | The following tables present the fair value hierarchy for assets and liabilities measured at fair value: March 31, 2017 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Loans $ — $ — $ 4,026,755 $ 4,026,755 Loans held for sale — — 9,409 9,409 Securities available for sale: Corporate debt securities — 167,187 — 167,187 Asset-backed securities — 20,094 — 20,094 U.S. agency securities — 19,621 — 19,621 Certificates of deposit — 17,000 — 17,000 Commercial paper — 15,551 — 15,551 U.S. Treasury securities — 2,495 — 2,495 Other securities — 4,992 — 4,992 Total securities available for sale — 246,940 — 246,940 Servicing assets — — 22,360 22,360 Total assets $ — $ 246,940 $ 4,058,524 $ 4,305,464 Liabilities: Notes and certificates $ — $ — $ 4,034,357 $ 4,034,357 Servicing liabilities — — 2,311 2,311 Loan trailing fee liability — — 5,814 5,814 Total liabilities $ — $ — $ 4,042,482 $ 4,042,482 December 31, 2016 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Assets: Loans $ — $ — $ 4,311,984 $ 4,311,984 Loans held for sale — — 9,048 9,048 Securities available for sale: Corporate debt securities — 181,223 — 181,223 Certificates of deposit — 27,501 — 27,501 Asset-backed securities — 25,364 — 25,364 Commercial paper — 20,164 — 20,164 U.S. agency securities — 19,623 — 19,623 U.S. Treasury securities — 2,496 — 2,496 Other securities — 10,766 — 10,766 Total securities available for sale — 287,137 — 287,137 Servicing assets — — 21,398 21,398 Total assets $ — $ 287,137 $ 4,342,430 $ 4,629,567 Liabilities: Notes and certificates $ — $ — $ 4,320,895 $ 4,320,895 Loan trailing fee liability $ — $ — $ 4,913 $ 4,913 Servicing liabilities — — 2,846 2,846 Total liabilities $ — $ — $ 4,328,654 $ 4,328,654 |
Quantitative Information about Significant Unobservable Inputs Used for Fair Value Measurements | The following tables present quantitative information about the significant unobservable inputs used for the Company's Level 3 fair value measurements at March 31, 2017 and December 31, 2016 : March 31, 2017 Loans, Notes and Certificates Servicing Asset/Liability Loan Trailing Fee Liability Minimum Maximum Weighted Average Minimum Maximum Weighted Average Minimum Maximum Weighted Average Discount rates 2.4 % 17.2 % 8.6 % 3.1 % 15.7 % 8.9 % 3.1 % 15.7 % 8.9 % Net cumulative expected loss rates (1) 0.7 % 40.7 % 14.2 % 0.3 % 40.7 % 12.5 % 0.3 % 40.7 % 12.9 % Cumulative expected prepayment rates (1) 8.1 % 41.6 % 30.8 % 8.0 % 41.6 % 31.1 % 8.0 % 41.6 % 30.5 % Total market servicing rates (% per annum on outstanding principal balance) (2) N/A N/A N/A 0.63 % 0.90 % 0.63 % N/A N/A N/A December 31, 2016 Loans, Notes and Certificates Servicing Asset/Liability Loan Trailing Fee Liability Minimum Maximum Weighted Average Minimum Maximum Weighted Average Minimum Maximum Weighted Average Discount rates 1.2 % 16.6 % 7.2 % 3.4 % 15.1 % 7.8 % 3.4 % 15.0 % 7.7 % Net cumulative expected loss rates (1) 0.3 % 33.9 % 14.6 % 0.3 % 33.9 % 12.8 % 0.3 % 33.9 % 13.5 % Cumulative expected prepayment rates (1) 8.0 % 42.7 % 30.7 % 8.0 % 42.7 % 29.3 % 8.0 % 42.7 % 28.3 % Total market servicing rates (% per annum on outstanding principal balance) (2) N/A N/A N/A 0.63 % 0.90 % 0.63 % N/A N/A N/A N/A Not applicable (1) Expressed as a percentage of the original principal balance of the loan, note or certificate. (2) Includes collection fees estimated to be paid to a hypothetical third-party servicer. |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Table | The following tables present additional information about Level 3 servicing assets and liabilities measured at fair value on a recurring basis for the first quarters of 2017 and 2016 : Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Servicing Assets Servicing Liabilities Servicing Assets Servicing Liabilities Fair value at beginning of period $ 21,398 $ 2,846 $ 10,250 $ 3,973 Issuances (1) 5,317 274 5,631 932 Change in fair value, included in servicing fees (4,047 ) (809 ) 232 (2,078 ) Other net changes included in deferred revenue (308 ) — 851 — Fair value at end of period $ 22,360 $ 2,311 $ 16,964 $ 2,827 (1) Represents the offsets to the gains or losses on sales of the related loans, recorded in other revenue. The following tables present additional information about Level 3 loans, loans held for sale, notes and certificates measured at fair value on a recurring basis for the first quarters of 2017 and 2016 : Loans Loans Held For Sale Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at December 31, 2016 $ 4,565,653 $ (253,669 ) $ 4,311,984 $ 9,345 $ (297 ) $ 9,048 $ 4,572,912 $ (252,017 ) $ 4,320,895 Purchases of loans 524,416 (4 ) 524,412 1,176,155 (1 ) 1,176,154 — — — Issuances of notes and certificates — — — — — — 523,305 — 523,305 Whole loan sales — — — (1,174,436 ) 157 (1,174,279 ) — — — Principal payments and retirements (639,719 ) — (639,719 ) (1,180 ) — (1,180 ) (641,105 ) 2 (641,103 ) Charge-offs (138,098 ) 138,098 — (160 ) 160 — (136,810 ) 136,810 — Recoveries — (10,889 ) (10,889 ) — — — — (10,790 ) (10,790 ) Change in fair value recorded in earnings — (159,033 ) (159,033 ) — (334 ) (334 ) — (157,950 ) (157,950 ) Ending balance at March 31, 2017 $ 4,312,252 $ (285,497 ) $ 4,026,755 $ 9,724 $ (315 ) $ 9,409 $ 4,318,302 $ (283,945 ) $ 4,034,357 Loans Loans Held For Sale Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at December 31, 2015 $ 4,681,671 $ (125,590 ) $ 4,556,081 $ — $ — $ — $ 4,697,169 $ (125,586 ) $ 4,571,583 Purchases of loans 921,825 — 921,825 1,308,463 — 1,308,463 — — — Issuances of notes and certificates — — — — — — 901,258 — 901,258 Whole loan sales — — — (1,308,463 ) — (1,308,463 ) — — — Principal payments (586,159 ) — (586,159 ) — — — (583,982 ) — (583,982 ) Charge-offs (84,991 ) 84,991 — — — — (84,977 ) 84,977 — Recoveries — (10,191 ) (10,191 ) — — — — (10,177 ) (10,177 ) Change in fair value recorded in earnings — (165,400 ) (165,400 ) — — — — (165,233 ) (165,233 ) Ending balance at March 31, 2016 $ 4,932,346 $ (216,190 ) $ 4,716,156 $ — $ — $ — $ 4,929,468 $ (216,019 ) $ 4,713,449 |
Fair Value, Liabilities Measured on Recurring Basis | The following table presents additional information about Level 3 loan trailing fee liability measured at fair value on a recurring basis for the first quarters of 2017 and 2016 : Three Months Ended 2017 2016 Fair value at beginning of period $ 4,913 $ — Issuances 1,663 1,002 Cash payment of loan trailing fee (826 ) (4 ) Change in fair value, included in origination and servicing 64 4 Fair value at end of period $ 5,814 $ 1,002 |
Fair Value Disclosure And Measurement | The table below shows the impact on the estimated fair value of servicing assets and liabilities, calculated using different market servicing rate assumptions as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Servicing Assets Servicing Liabilities Servicing Assets Servicing Liabilities Weighted-average market servicing rate assumptions 0.63 % 0.63 % 0.63 % 0.63 % Change in fair value from: Servicing rate increase by 0.10% $ (5,889 ) $ 741 $ (5,673 ) $ 964 Servicing rate decrease by 0.10% $ 5,987 $ (643 ) $ 5,812 $ (825 ) |
Fair Value, by Balance Sheet Grouping | The following tables present the fair value hierarchy for financial instruments, assets, and liabilities not recorded at fair value: March 31, 2017 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Cash and cash equivalents (1) $ 534,451 $ — $ 534,451 $ — $ 534,451 Restricted cash 148,890 — 148,890 — 148,890 Servicer reserve receivable 4,362 — 4,362 — 4,362 Deposits 855 — 855 — 855 Total assets $ 688,558 $ — $ 688,558 $ — $ 688,558 Liabilities: Accrued expenses and other liabilities $ 11,748 $ — $ — $ 11,748 $ 11,748 Accounts payable 7,470 — 7,470 — 7,470 Payables to investors 96,131 — 96,131 — 96,131 Total liabilities $ 115,349 $ — $ 103,601 $ 11,748 $ 115,349 December 31, 2016 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Cash and cash equivalents (1) $ 515,602 $ — $ 515,602 $ — $ 515,602 Restricted cash 177,810 — 177,810 — 177,810 Servicer reserve receivable 4,938 — 4,938 — 4,938 Deposits 855 — 855 — 855 Total assets $ 699,205 $ — $ 699,205 $ — $ 699,205 Liabilities: Accrued expenses and other liabilities $ 10,981 $ — $ — $ 10,981 $ 10,981 Accounts payable 10,889 — 10,889 — 10,889 Payables to investors 125,884 — 125,884 — 125,884 Total liabilities $ 147,754 $ — $ 136,773 $ 10,981 $ 147,754 (1) Carrying amount approximates fair value due to the short maturity of these financial instruments. |
Property, Equipment and Softw29
Property, Equipment and Software, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Software | Property, equipment and software, net, consist of the following: March 31, December 31, Internally developed software (1) $ 86,238 $ 75,202 Leasehold improvements 22,802 22,637 Computer equipment 18,794 18,080 Purchased software 7,284 7,598 Furniture and fixtures 6,832 6,827 Construction in progress 777 707 Total property, equipment and software 142,727 131,051 Accumulated depreciation and amortization (50,437 ) (41,788 ) Total property, equipment and software, net $ 92,290 $ 89,263 (1) Includes $12.6 million and $7.4 million in development in progress as of March 31, 2017 and December 31, 2016 , respectively. |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other assets consist of the following: March 31, December 31, Loan servicing assets, at fair value $ 22,360 $ 21,398 Prepaid expenses 16,555 16,960 Other investments 10,463 10,372 Insurance reimbursement receivable (1) 9,625 — Accounts receivable 7,096 7,572 Servicer reserve receivable 4,362 4,938 Receivable from investors 2,454 1,566 Tenant improvement receivable 1,678 3,290 Due from related parties (2) 405 476 Other 2,081 3,072 Total other assets $ 77,079 $ 69,644 (1) Represents insurance recoveries for certain legal expenses incurred as a result of the Company's board review and related governmental and regulatory inquiries. (2) Represents management fees due to LCA from certain private funds for which LCA acts as the general partner. |
Accrued Expenses and Other Li31
Accrued Expenses and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consist of the following: March 31, December 31, Accrued expenses $ 21,853 $ 19,734 Accrued compensation (1) 19,774 27,009 Deferred rent 13,767 11,638 Transaction fee refund reserve 10,778 9,098 Loan trailing fee liability, at fair value 5,814 4,913 Loan servicing liabilities, at fair value 2,311 2,846 Deferred revenue 2,249 2,556 Credit loss coverage reserve 1,680 2,529 Reimbursement payable to limited partners of LCA private funds 1,520 2,313 Payable to issuing banks 896 1,658 Contingent liabilities 500 — Other 2,196 1,325 Total accrued expenses and other liabilities $ 83,338 $ 85,619 (1) Includes accrued cash retention awards of $5.4 million and $3.0 million as of March 31, 2017 and December 31, 2016 , respectively. |
Employee Incentive Plans (Table
Employee Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | Stock-based compensation expense was as follows for the periods presented: Three Months Ended 2017 2016 Stock options $ 4,345 $ 7,657 RSUs 14,634 5,126 ESPP 385 388 Stock issued related to acquisition 134 1,850 Total stock-based compensation expense $ 19,498 $ 15,021 |
Schedule of Stock-Based Compensation Expense Recorded for Stock Options, Warrants and Series F Convertible Preferred Stock | The following table presents the Company's stock-based compensation expense recorded in the condensed consolidated statements of operations: Three Months Ended 2017 2016 Sales and marketing $ 2,299 $ 1,904 Origination and servicing 1,416 746 Engineering and product development 6,588 3,723 Other general and administrative 9,195 8,648 Total stock-based compensation expense $ 19,498 $ 15,021 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The Company's future minimum payments under non-cancelable operating leases in excess of one year and anticipated sublease income as of March 31, 2017 , were as follows: Operating Leases Subleases Net 2017 $ 11,500 $ 258 $ 11,242 2018 16,065 310 15,755 2019 15,633 39 15,594 2020 16,534 — 16,534 2021 16,790 — 16,790 Thereafter 41,223 — 41,223 Total $ 117,745 $ 607 $ 117,138 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Details) - Accounting Standards Update 2016-09 - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred tax assets | $ 56.5 | |
Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of adjustment | $ (1.4) |
Net Income (Loss) Per Share - B
Net Income (Loss) Per Share - Basic and Diluted Net Income (Loss) per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ (29,844) | $ 4,137 |
Basic weighted average common shares outstanding (shares) | 400,308,521 | 380,266,636 |
Diluted weighted average common shares outstanding (shares) | 400,308,521 | 392,397,825 |
Net income (loss) per common share: | ||
Basic ($ per share) | $ (0.07) | $ 0.01 |
Diluted ($ per share) | $ (0.07) | $ 0.01 |
Securities Available for Sale -
Securities Available for Sale - Amortized cost/fair value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 246,860 | $ 287,293 |
Gross Unrealized Gains | 195 | 91 |
Gross Unrealized Losses | (115) | (247) |
Securities available for sale: | 246,940 | 287,137 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 167,115 | 181,359 |
Gross Unrealized Gains | 173 | 63 |
Gross Unrealized Losses | (101) | (199) |
Securities available for sale: | 167,187 | 181,223 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,097 | 25,369 |
Gross Unrealized Gains | 1 | 4 |
Gross Unrealized Losses | (4) | (9) |
Securities available for sale: | 20,094 | 25,364 |
U.S. agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 19,601 | 19,602 |
Gross Unrealized Gains | 20 | 21 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale: | 19,621 | 19,623 |
Certificates of deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,000 | 27,501 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale: | 17,000 | 27,501 |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,551 | 20,164 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale: | 15,551 | 20,164 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,494 | 2,493 |
Gross Unrealized Gains | 1 | 3 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale: | 2,495 | 2,496 |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,002 | 10,805 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (10) | (39) |
Securities available for sale: | $ 4,992 | $ 10,766 |
Securities Available for Sale37
Securities Available for Sale - Continuous loss (Details) $ in Thousands | Mar. 31, 2017USD ($)position | Dec. 31, 2016USD ($)position |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | $ 93,911 | $ 121,290 |
Unrealized Losses, Less than 12 months | (103) | (196) |
Fair Value, 12 months or longer | 7,164 | 17,518 |
Unrealized Losses, 12 months or longer | (12) | (51) |
Fair Value | 101,075 | 138,808 |
Unrealized Losses | $ (115) | $ (247) |
Number of positions with unrealized losses | position | 55 | 72 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | $ 85,233 | $ 107,862 |
Unrealized Losses, Less than 12 months | (99) | (185) |
Fair Value, 12 months or longer | 3,173 | 11,682 |
Unrealized Losses, 12 months or longer | (2) | (14) |
Fair Value | 88,406 | 119,544 |
Unrealized Losses | (101) | (199) |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 8,678 | 6,628 |
Unrealized Losses, Less than 12 months | (4) | (8) |
Fair Value, 12 months or longer | 0 | 1,870 |
Unrealized Losses, 12 months or longer | 0 | (1) |
Fair Value | 8,678 | 8,498 |
Unrealized Losses | (4) | (9) |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 0 | 6,800 |
Unrealized Losses, Less than 12 months | 0 | (3) |
Fair Value, 12 months or longer | 3,991 | 3,966 |
Unrealized Losses, 12 months or longer | (10) | (36) |
Fair Value | 3,991 | 10,766 |
Unrealized Losses | $ (10) | $ (39) |
Securities Available for Sale38
Securities Available for Sale - Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair value | ||
Within 1 year | $ 159,437 | |
After 1 year through 5 years | 87,503 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 246,940 | $ 287,137 |
Amortized cost | ||
Within 1 year | 159,456 | |
After 1 year through 5 years | 87,404 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 246,860 | |
Corporate debt securities | ||
Fair value | ||
Within 1 year | 98,086 | |
After 1 year through 5 years | 69,101 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 167,187 | 181,223 |
Asset-backed securities | ||
Fair value | ||
Within 1 year | 8,178 | |
After 1 year through 5 years | 11,916 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 20,094 | 25,364 |
U.S. agency securities | ||
Fair value | ||
Within 1 year | 19,621 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 19,621 | 19,623 |
Certificates of deposit | ||
Fair value | ||
Within 1 year | 17,000 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 17,000 | 27,501 |
Commercial paper | ||
Fair value | ||
Within 1 year | 15,551 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 15,551 | 20,164 |
U.S. Treasury securities | ||
Fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 2,495 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 2,495 | 2,496 |
Other securities | ||
Fair value | ||
Within 1 year | 1,001 | |
After 1 year through 5 years | 3,991 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | $ 4,992 | $ 10,766 |
Loans, Loans Held For Sale, N39
Loans, Loans Held For Sale, Notes and Certificates and Loan Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 4,026,755 | $ 4,311,984 |
Loans held for sale | 9,409 | 9,048 |
Fair Value | 4,034,357 | 4,320,895 |
Fair Value, Measurements, Recurring | Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate principal balance outstanding | 4,312,252 | 4,565,653 |
Fair value adjustments | (285,497) | (253,669) |
Loans | 4,026,755 | 4,311,984 |
Fair Value, Measurements, Recurring | Loans Held For Sale | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate principal balance outstanding | 9,724 | 9,345 |
Fair value adjustments | (315) | (297) |
Loans held for sale | 9,409 | 9,048 |
Fair Value, Measurements, Recurring | Notes and Certificates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate principal balance outstanding | 4,318,302 | 4,572,912 |
Fair value adjustments | (283,945) | (252,017) |
Fair Value | $ 4,034,357 | $ 4,320,895 |
Loans, Loans Held For Sale, N40
Loans, Loans Held For Sale, Notes and Certificates and Loan Servicing Rights - Past Due Table (Details) - Loans $ in Thousands | Mar. 31, 2017USD ($)Loan | Dec. 31, 2016USD ($)Loan |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Outstanding principal balance, past 90 days due | $ 39,492 | $ 45,718 |
Outstanding principal balance, non-accrual loans | 1,807 | 5,055 |
Net fair value adjustments, past 90 days due | (33,860) | (40,183) |
Net fair value adjustments, non-accrual loans | (1,516) | (4,392) |
Fair value, past 90 days due | 5,632 | 5,535 |
Fair value, non-accrual loans | $ 291 | $ 663 |
Number of loans, 90 days past due | Loan | 3,557 | 4,041 |
Number of loans, non-accrual loans | Loan | 165 | 483 |
Loans, Loans Held For Sale, N41
Loans, Loans Held For Sale, Notes and Certificates and Loan Servicing Rights - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Loans held for sale | $ 9,409 | $ 9,048 |
Nonaccrual policy | 120 days | |
Loan Servicing Rights | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Principal balance of underlying loan servicing rights | $ 6,730,000 | 6,540,000 |
Loans Notes And Certificates | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Held-for-sale, principal | 26,600 | 27,900 |
Loans held for sale | $ 24,800 | $ 25,900 |
Fair Value of Assets and Liab42
Fair Value of Assets and Liabilities - Loans, Loan Servicing Rights, Related Notes and Certificates (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 4,026,755 | $ 4,311,984 |
Loans held for sale | 9,409 | 9,048 |
Securities available for sale: | 246,940 | 287,137 |
Servicing assets | 22,360 | 21,398 |
Total assets | 4,305,464 | 4,629,567 |
Notes and certificates | 4,034,357 | 4,320,895 |
Servicing liabilities | 2,311 | 2,846 |
Loan trailing fee liability | 5,814 | 4,913 |
Total liabilities | 4,042,482 | 4,328,654 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 167,187 | 181,223 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 20,094 | 25,364 |
U.S. agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 19,621 | 19,623 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 17,000 | 27,501 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 15,551 | 20,164 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 2,495 | 2,496 |
Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 4,992 | 10,766 |
Level 1 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Securities available for sale: | 0 | 0 |
Servicing assets | 0 | 0 |
Total assets | 0 | 0 |
Notes and certificates | 0 | 0 |
Servicing liabilities | 0 | 0 |
Loan trailing fee liability | 0 | 0 |
Total liabilities | 0 | 0 |
Level 1 Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 1 Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 1 Inputs | U.S. agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 1 Inputs | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 1 Inputs | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 1 Inputs | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 1 Inputs | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 2 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Securities available for sale: | 246,940 | 287,137 |
Servicing assets | 0 | 0 |
Total assets | 246,940 | 287,137 |
Notes and certificates | 0 | 0 |
Servicing liabilities | 0 | 0 |
Loan trailing fee liability | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 167,187 | 181,223 |
Level 2 Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 20,094 | 25,364 |
Level 2 Inputs | U.S. agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 19,621 | 19,623 |
Level 2 Inputs | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 17,000 | 27,501 |
Level 2 Inputs | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 15,551 | 20,164 |
Level 2 Inputs | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 2,495 | 2,496 |
Level 2 Inputs | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 4,992 | 10,766 |
Level 3 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 4,026,755 | 4,311,984 |
Loans held for sale | 9,409 | 9,048 |
Securities available for sale: | 0 | 0 |
Servicing assets | 22,360 | 21,398 |
Total assets | 4,058,524 | 4,342,430 |
Notes and certificates | 4,034,357 | 4,320,895 |
Servicing liabilities | 2,311 | 2,846 |
Loan trailing fee liability | 5,814 | 4,913 |
Total liabilities | 4,042,482 | 4,328,654 |
Level 3 Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 3 Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 3 Inputs | U.S. agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 3 Inputs | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 3 Inputs | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 3 Inputs | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Level 3 Inputs | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | $ 0 | $ 0 |
Fair Value of Assets and Liab43
Fair Value of Assets and Liabilities - Quantitative Information about Significant Unobservable Inputs Used for Fair Value Measurements (Detail) - Level 3 Inputs | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Minimum | Servicing Asset Liability | ||
Fair Value Inputs [Abstract] | ||
Discount rates | 3.10% | 3.40% |
Net cumulative expected loss rates | 0.30% | 0.30% |
Cumulative prepayment rates | 8.00% | 8.00% |
Total market servicing rates | 0.63% | 0.63% |
Maximum | Servicing Asset Liability | ||
Fair Value Inputs [Abstract] | ||
Discount rates | 15.70% | 15.10% |
Net cumulative expected loss rates | 40.70% | 33.90% |
Cumulative prepayment rates | 41.60% | 42.70% |
Total market servicing rates | 0.90% | 0.90% |
Weighted- Average | Servicing Asset Liability | ||
Fair Value Inputs [Abstract] | ||
Discount rates | 8.90% | 7.80% |
Net cumulative expected loss rates | 12.50% | 12.80% |
Cumulative prepayment rates | 31.10% | 29.30% |
Total market servicing rates | 0.63% | 0.63% |
Loans, notes and certificates | Minimum | ||
Fair Value Inputs [Abstract] | ||
Discount rates | 2.40% | 1.20% |
Net cumulative expected loss rates | 0.70% | 0.30% |
Cumulative prepayment rates | 8.10% | 8.00% |
Loans, notes and certificates | Maximum | ||
Fair Value Inputs [Abstract] | ||
Discount rates | 17.20% | 16.60% |
Net cumulative expected loss rates | 40.70% | 33.90% |
Cumulative prepayment rates | 41.60% | 42.70% |
Loans, notes and certificates | Weighted- Average | ||
Fair Value Inputs [Abstract] | ||
Discount rates | 8.60% | 7.20% |
Net cumulative expected loss rates | 14.20% | 14.60% |
Cumulative prepayment rates | 30.80% | 30.70% |
Trailing Fee Liability | Minimum | ||
Fair Value Inputs [Abstract] | ||
Discount rates | 3.10% | 3.40% |
Net cumulative expected loss rates | 0.30% | 0.30% |
Cumulative prepayment rates | 8.00% | 8.00% |
Trailing Fee Liability | Maximum | ||
Fair Value Inputs [Abstract] | ||
Discount rates | 15.70% | 15.00% |
Net cumulative expected loss rates | 40.70% | 33.90% |
Cumulative prepayment rates | 41.60% | 42.70% |
Trailing Fee Liability | Weighted- Average | ||
Fair Value Inputs [Abstract] | ||
Discount rates | 8.90% | 7.70% |
Net cumulative expected loss rates | 12.90% | 13.50% |
Cumulative prepayment rates | 30.50% | 28.30% |
Fair Value of Assets and Liab44
Fair Value of Assets and Liabilities - Additional Information about Loans, Notes and Certificates Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Loans Notes And Certificates | ||
Loans | ||
Outstanding Principal Balance, Beginning | $ 4,565,653 | $ 4,681,671 |
Valuation Adjustment, Beginning | (253,669) | (125,590) |
Fair Value, Beginning | 4,311,984 | 4,556,081 |
Outstanding Principal Balance, Purchases of loans | 524,416 | 921,825 |
Valuation Adjustment, Purchases of loans | (4) | 0 |
Fair Value, Purchases of loans | 524,412 | 921,825 |
Outstanding Principal Balance, Issuances of notes and certificates | 0 | 0 |
Valuation Adjustment, Issuances of notes and certificates | 0 | 0 |
Fair Value, Issuances of notes and certificates | 0 | 0 |
Outstanding Principal Balance, Whole loan sales | 0 | 0 |
Valuation Adjustment, Whole loan sales | 0 | 0 |
Fair Value, Whole loan sales | 0 | 0 |
Outstanding Principal Balance, Principal payments | (639,719) | (586,159) |
Valuation Adjustment, Principal payments | 0 | 0 |
Fair Value, Principal payments | (639,719) | (586,159) |
Outstanding Principal Balance, Charge-offs | (138,098) | (84,991) |
Valuation Adjustment, Charge-offs | 138,098 | 84,991 |
Fair Value, Charge-offs | 0 | 0 |
Outstanding Principal Balance, Recoveries | 0 | 0 |
Valuation Adjustment, Recoveries | (10,889) | (10,191) |
Fair Value, Recoveries | (10,889) | (10,191) |
Outstanding Principal Balance, Change in fair value recorded in earnings | 0 | 0 |
Valuation Adjustment, Change in fair value recorded in earnings | (159,033) | (165,400) |
Fair Value, Change in fair value recorded in earnings | (159,033) | (165,400) |
Outstanding Principal Balance, Ending | 4,312,252 | 4,932,346 |
Valuation Adjustment, Ending | (285,497) | (216,190) |
Fair Value, Ending | 4,026,755 | 4,716,156 |
Notes and Certificates | ||
Outstanding Principal Balance, Beginning | 4,572,912 | 4,697,169 |
Valuation Adjustment, Beginning | (252,017) | (125,586) |
Fair value at beginning of period | 4,320,895 | 4,571,583 |
Outstanding Principal Balance, Purchases of loans | 0 | 0 |
Valuation Adjustment, Purchases of loans | 0 | 0 |
Fair Value, Purchases of loans | 0 | 0 |
Outstanding Principal Balance, Issuances of notes and certificates | 523,305 | 901,258 |
Valuation Adjustment, Issuances of notes and certificates | 0 | 0 |
Fair Value, Issuances of notes and certificates | 523,305 | 901,258 |
Outstanding Principal Balance, Whole loan sales | 0 | 0 |
Valuation Adjustment, Whole loan sales | 0 | 0 |
Fair Value, Whole loan sales | 0 | 0 |
Outstanding Principal Balance, Principal payments | (641,105) | (583,982) |
Valuation Adjustment, Principal payments | 2 | 0 |
Fair Value, Principal payments | (641,103) | (583,982) |
Outstanding Principal Balance, Charge-offs | (136,810) | (84,977) |
Valuation Adjustment, Charge-offs | 136,810 | 84,977 |
Fair Value, Charge-offs | 0 | 0 |
Outstanding Principal Balance, Recoveries | 0 | 0 |
Valuation Adjustment, Recoveries | (10,790) | (10,177) |
Fair Value, Recoveries | (10,790) | (10,177) |
Outstanding Principal Balance, Change in fair value recorded in earnings | 0 | 0 |
Valuation Adjustment, Change in fair value recorded in earnings | (157,950) | (165,233) |
Fair Value, Change in fair value recorded in earnings | (157,950) | (165,233) |
Outstanding Principal Balance, Ending | 4,318,302 | 4,929,468 |
Valuation Adjustment, Ending | (283,945) | (216,019) |
Fair value at end of period | 4,034,357 | 4,713,449 |
Loans Held For Sale | ||
Loans | ||
Outstanding Principal Balance, Beginning | 9,345 | 0 |
Valuation Adjustment, Beginning | (297) | 0 |
Fair Value, Beginning | 9,048 | 0 |
Outstanding Principal Balance, Purchases of loans | 1,176,155 | 1,308,463 |
Valuation Adjustment, Purchases of loans | (1) | 0 |
Fair Value, Purchases of loans | 1,176,154 | 1,308,463 |
Outstanding Principal Balance, Issuances of notes and certificates | 0 | 0 |
Valuation Adjustment, Issuances of notes and certificates | 0 | 0 |
Fair Value, Issuances of notes and certificates | 0 | 0 |
Outstanding Principal Balance, Whole loan sales | (1,174,436) | (1,308,463) |
Valuation Adjustment, Whole loan sales | 157 | 0 |
Fair Value, Whole loan sales | (1,174,279) | (1,308,463) |
Outstanding Principal Balance, Principal payments | (1,180) | 0 |
Valuation Adjustment, Principal payments | 0 | 0 |
Fair Value, Principal payments | (1,180) | 0 |
Outstanding Principal Balance, Charge-offs | (160) | 0 |
Valuation Adjustment, Charge-offs | 160 | 0 |
Fair Value, Charge-offs | 0 | 0 |
Outstanding Principal Balance, Recoveries | 0 | 0 |
Valuation Adjustment, Recoveries | 0 | 0 |
Fair Value, Recoveries | 0 | 0 |
Outstanding Principal Balance, Change in fair value recorded in earnings | 0 | 0 |
Valuation Adjustment, Change in fair value recorded in earnings | (334) | 0 |
Fair Value, Change in fair value recorded in earnings | (334) | 0 |
Outstanding Principal Balance, Ending | 9,724 | 0 |
Valuation Adjustment, Ending | (315) | 0 |
Fair Value, Ending | $ 9,409 | $ 0 |
Fair Value of Assets and Liab45
Fair Value of Assets and Liabilities - Additional Information about Servicing Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Servicing Assets, Changes in fair value due to: | ||
Fair value at beginning of period | $ 21,398 | |
Fair value at end of period | 22,360 | |
Servicing Liabilities, Changes in fair value due to: | ||
Fair value at beginning of period | 2,846 | |
Fair value at end of period | 2,311 | |
Fair Value, Measurements, Recurring | ||
Servicing Assets, Changes in fair value due to: | ||
Fair value at beginning of period | 21,398 | $ 10,250 |
Issuances | 5,317 | 5,631 |
Changes in fair value, included in servicing fees | (4,047) | 232 |
Other net changes included in deferred revenue | (308) | 851 |
Fair value at end of period | 22,360 | 16,964 |
Servicing Liabilities, Changes in fair value due to: | ||
Fair value at beginning of period | 2,846 | 3,973 |
Issuances | 274 | 932 |
Change in fair value, included in servicing fees | (809) | (2,078) |
Other net changes included in deferred revenue | 0 | 0 |
Fair value at end of period | $ 2,311 | $ 2,827 |
Fair Value of Assets and Liab46
Fair Value of Assets and Liabilities - Trailing Fee Liability (Details) - Trailing Fee Liability - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value at beginning of period | $ 4,913 | $ 0 |
Issuances | 1,663 | 1,002 |
Cash payment of loan trailing fee | (826) | (4) |
Change in fair value, included in origination and servicing | 64 | 4 |
Fair value at end of period | $ 5,814 | $ 1,002 |
Fair Value of Assets and Liab47
Fair Value of Assets and Liabilities - Additional Information about Servicing Assets and Liabilities Measured Using Different Market Servicing Rates and Different Prepayment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Change in rate | 0.10% | 0.10% |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted-average total market servicing rate assumptions | 0.63% | 0.63% |
Assets, servicing rate increase by .1% | $ (5,889) | $ (5,673) |
Liabilities, servicing rate increase by .1% | 741 | 964 |
Assets, servicing rate decrease by .1% | 5,987 | 5,812 |
Liabilities, servicing rate decrease by .1% | $ (643) | $ (825) |
Fair Value of Assets and Liab48
Fair Value of Assets and Liabilities - Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 4,305,464 | $ 4,629,567 |
Total liabilities | 4,042,482 | 4,328,654 |
Level 1 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 246,940 | 287,137 |
Total liabilities | 0 | 0 |
Level 3 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 4,058,524 | 4,342,430 |
Total liabilities | 4,042,482 | 4,328,654 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 534,451 | 515,602 |
Restricted cash | 148,890 | 177,810 |
Servicer reserve receivable | 4,362 | 4,938 |
Deposits | 855 | 855 |
Total assets | 688,558 | 699,205 |
Accrued expenses and other liabilities | 11,748 | 10,981 |
Accounts payable | 7,470 | 10,889 |
Payables to investors | 96,131 | 125,884 |
Total liabilities | 115,349 | 147,754 |
Portion at Other than Fair Value Measurement | Level 1 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Servicer reserve receivable | 0 | 0 |
Deposits | 0 | 0 |
Total assets | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Accounts payable | 0 | 0 |
Payables to investors | 0 | 0 |
Total liabilities | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 2 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 534,451 | 515,602 |
Restricted cash | 148,890 | 177,810 |
Servicer reserve receivable | 4,362 | 4,938 |
Deposits | 855 | 855 |
Total assets | 688,558 | 699,205 |
Accrued expenses and other liabilities | 0 | 0 |
Accounts payable | 7,470 | 10,889 |
Payables to investors | 96,131 | 125,884 |
Total liabilities | 103,601 | 136,773 |
Portion at Other than Fair Value Measurement | Level 3 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Servicer reserve receivable | 0 | 0 |
Deposits | 0 | 0 |
Total assets | 0 | 0 |
Accrued expenses and other liabilities | 11,748 | 10,981 |
Accounts payable | 0 | 0 |
Payables to investors | 0 | 0 |
Total liabilities | 11,748 | 10,981 |
Balance at Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 534,451 | 515,602 |
Restricted cash | 148,890 | 177,810 |
Servicer reserve receivable | 4,362 | 4,938 |
Deposits | 855 | 855 |
Total assets | 688,558 | 699,205 |
Accrued expenses and other liabilities | 11,748 | 10,981 |
Accounts payable | 7,470 | 10,889 |
Payables to investors | 96,131 | 125,884 |
Total liabilities | $ 115,349 | $ 147,754 |
Property, Equipment and Softw49
Property, Equipment and Software, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Internally developed software | $ 86,238 | $ 75,202 |
Leasehold improvements | 22,802 | 22,637 |
Computer equipment | 18,794 | 18,080 |
Purchased software | 7,284 | 7,598 |
Furniture and fixtures | 6,832 | 6,827 |
Construction in progress | 777 | 707 |
Total property, equipment and software | 142,727 | 131,051 |
Accumulated depreciation and amortization | (50,437) | (41,788) |
Total property, equipment and software, net | 92,290 | 89,263 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Internally developed software | $ 12,600 | $ 7,400 |
Property, Equipment and Softw50
Property, Equipment and Software, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $ 10,254 | $ 6,655 |
Property, Equipment and Software | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $ 9,100 | $ 5,400 |
Other Assets (Detail)
Other Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other Assets [Abstract] | ||
Other assets | $ 77,079 | $ 69,644 |
Loan servicing assets, at fair value | ||
Other Assets [Abstract] | ||
Other assets | 22,360 | 21,398 |
Prepaid expenses | ||
Other Assets [Abstract] | ||
Other assets | 16,555 | 16,960 |
Other investments | ||
Other Assets [Abstract] | ||
Other assets | 10,463 | 10,372 |
Insurance reimbursement receivable | ||
Other Assets [Abstract] | ||
Other assets | 9,625 | 0 |
Accounts receivable | ||
Other Assets [Abstract] | ||
Other assets | 7,096 | 7,572 |
Servicer reserve receivable | ||
Other Assets [Abstract] | ||
Other assets | 4,362 | 4,938 |
Receivable from investors | ||
Other Assets [Abstract] | ||
Other assets | 2,454 | 1,566 |
Tenant improvement receivable | ||
Other Assets [Abstract] | ||
Other assets | 1,678 | 3,290 |
Due from related parties | ||
Other Assets [Abstract] | ||
Other assets | 405 | 476 |
Other | ||
Other Assets [Abstract] | ||
Other assets | $ 2,081 | $ 3,072 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangible assets, net | $ 25,049,000 | $ 26,211,000 | |
Amortization expense | 1,200,000 | $ 1,300,000 | |
Goodwill | 35,633,000 | $ 35,633,000 | |
Goodwill impairment | $ 0 | $ 0 |
Accrued Expenses and Other Li53
Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 21,853 | $ 19,734 |
Accrued compensation | 19,774 | 27,009 |
Deferred rent | 13,767 | 11,638 |
Transaction fee refund reserve | 10,778 | 9,098 |
Loan trailing fee liability, at fair value | 5,814 | 4,913 |
Loan servicing liabilities, at fair value | 2,311 | 2,846 |
Deferred revenue | 2,249 | 2,556 |
Credit loss coverage reserve | 1,680 | 2,529 |
Reimbursement payable to limited partners of LCA private funds | 1,520 | 2,313 |
Payable to issuing banks | 896 | 1,658 |
Contingent liabilities | 500 | 0 |
Other | 2,196 | 1,325 |
Total accrued expenses and other liabilities | 83,338 | 85,619 |
Accrued cash retention awards | $ 5,400 | $ 3,000 |
Secured Borrowings (Details)
Secured Borrowings (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Receivables [Abstract] | |||
Repurchased near-prime loans | $ 22,300,000 | ||
Secured borrowings - amount originally sold to investor | $ 0 | $ 0 | $ 15,100,000 |
Employee Incentive Plans - Sche
Employee Incentive Plans - Schedule of Stock-Based Compensation Expense Recorded for Stock Options, Warrants and Series F Convertible Preferred Stock (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 19,498 | $ 15,021 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 2,299 | 1,904 |
Origination and servicing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 1,416 | 746 |
Engineering and product development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 6,588 | 3,723 |
Other general and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 9,195 | 8,648 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 4,345 | 7,657 |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 14,634 | 5,126 |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 385 | 388 |
Stock issued related to acquisition | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 134 | $ 1,850 |
Employee Incentive Plans - Addi
Employee Incentive Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance period | 1 year | |
Vesting period | 2 years | |
Internally Developed Software | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense, capitalized amount | $ 2.5 | $ 1.9 |
Minimum | Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award issuance range | 0.00% | |
Maximum | Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award issuance range | 200.00% | |
Share-based Compensation Award, Tranche One | Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting rate | 50.00% | |
Share-based Compensation Award, Tranche Two | Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting rate | 50.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 131.8 | $ 75.3 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | ||||
Aug. 31, 2016lawsuit | May 31, 2016lawsuit | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | May 05, 2017USD ($) | Dec. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||||||
Rental expense | $ 3,800,000 | $ 3,200,000 | ||||
Minimum rent payments | 3,600,000 | $ 2,200,000 | ||||
Security deposit - cash | 800,000 | |||||
Security deposit - letters of credit | 4,700,000 | |||||
Operating Leases | ||||||
2,017 | 11,500,000 | |||||
2,018 | 16,065,000 | |||||
2,019 | 15,633,000 | |||||
2,020 | 16,534,000 | |||||
2,021 | 16,790,000 | |||||
Thereafter | 41,223,000 | |||||
Total | 117,745,000 | |||||
Subleases | ||||||
2,017 | 258,000 | |||||
2,018 | 310,000 | |||||
2,019 | 39,000 | |||||
2,020 | 0 | |||||
2,021 | 0 | |||||
Thereafter | 0 | |||||
Total | 607,000 | |||||
Net | ||||||
2,017 | 11,242,000 | |||||
2,018 | 15,755,000 | |||||
2,019 | 15,594,000 | |||||
2,020 | 16,534,000 | |||||
2,021 | 16,790,000 | |||||
Thereafter | 41,223,000 | |||||
Total | $ 117,138,000 | |||||
Loan purchase obligation period | 2 days | |||||
Contingent loan purchase commitment limit | $ 52,300,000 | $ 32,200,000 | ||||
Commitment repurchases | 900,000 | |||||
Loan commitment purchases | 6,200,000 | |||||
Commitments and Contingencies [Line Items] | ||||||
Deposit | 9,000,000 | |||||
Purchases | 1,700,000 | |||||
Principal balance | $ 2,400,000 | |||||
Support agreement - period | 12 months | |||||
Reimbursement | $ 4,000,000 | |||||
Credit loss coverage reserve | 1,680,000 | $ 2,529,000 | ||||
Pledged and restricted to support contingent obligation | 3,400,000 | |||||
Maximum exposure | $ 6,000,000 | |||||
Number of lawsuits | lawsuit | 2 | 2 | ||||
Subsequent Event | ||||||
Commitments and Contingencies [Line Items] | ||||||
Remaining limit of contingent loan purchase commitment | $ 0 |
Segment Reporting (Details)
Segment Reporting (Details) | 3 Months Ended |
Mar. 31, 2017customerSegmentsegment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | Segment | 1 |
Number of reportable segments | segment | 1 |
Sales Revenue, Net | |
Segment Reporting Information [Line Items] | |
Number of individual customers and investors accounting for more than 10% of revenue | customer | 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Deposits and Withdrawals Made by Related Parties (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Apr. 01, 2016 | |
Related Party Fund | ||
Related Party Transaction [Line Items] | ||
Loans | $ 22,500 | |
Related Party Fund | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Expense | 2,300 | |
Related Party Fund | Servicing Fees | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Income | $ 354 | |
Related Party Fund | ||
Related Party Transaction [Line Items] | ||
Equity method investment | $ 10,000 | |
Ownership | 15.00% | |
Related Party Fund | The Company, CEO, and Director | ||
Related Party Transaction [Line Items] | ||
Ownership | 29.00% | |
Related Party Fund | The Company And A Director | ||
Related Party Transaction [Line Items] | ||
Ownership | 27.00% |