Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | On Deck Capital, Inc. | |
Entity Central Index Key | 0001420811 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding (in shares) | 76,301,387 | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 58,744 | $ 59,859 |
Restricted cash | 43,336 | 37,779 |
Loans and finance receivables | 1,207,609 | 1,169,407 |
Less: Allowance for credit losses | (145,739) | (140,040) |
Loans and finance receivables held for investment, net | 1,061,870 | 1,029,367 |
Property, equipment and software, net | 17,088 | 16,700 |
Other assets | 67,169 | 18,115 |
Total assets | 1,248,207 | 1,161,820 |
Liabilities: | ||
Accounts payable | 5,819 | 4,011 |
Interest payable | 2,687 | 2,385 |
Debt | 841,602 | 816,231 |
Accrued expenses and other liabilities | 65,135 | 36,708 |
Total liabilities | 915,243 | 859,335 |
Commitments and contingencies | ||
Mezzanine equity: | ||
Redeemable noncontrolling interest | 15,122 | 0 |
Stockholders’ equity: | ||
Common stock—$0.005 par value, 1,000,000,000 shares authorized and 79,338,337 and 78,412,291 shares issued and 76,301,387 and 75,375,341 outstanding at June 30, 2019 and December 31 2018, respectively. | 401 | 396 |
Treasury stock—at cost | (5,656) | (5,656) |
Additional paid-in capital | 508,630 | 502,003 |
Accumulated deficit | (186,997) | (196,959) |
Accumulated other comprehensive loss | (1,894) | (1,832) |
Total On Deck Capital, Inc. stockholders' equity | 314,484 | 297,952 |
Noncontrolling interest | 3,358 | 4,533 |
Total stockholders' equity | 317,842 | 302,485 |
Total liabilities, mezzanine equity and stockholders' equity | $ 1,248,207 | $ 1,161,820 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.005 | $ 0.005 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 79,338,337 | 78,412,291 |
Common stock, shares outstanding (in shares) | 76,301,387 | 75,375,341 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue: | ||||
Interest and finance income | $ 105,641 | $ 92,209 | $ 211,440 | $ 178,438 |
Other revenue | 4,605 | 3,247 | 8,781 | 7,158 |
Gross revenue | 110,246 | 95,456 | 220,221 | 185,596 |
Cost of revenue: | ||||
Provision for credit losses | 42,951 | 33,293 | 86,242 | 69,586 |
Interest expense | 11,381 | 12,245 | 22,713 | 24,117 |
Total cost of revenue | 54,332 | 45,538 | 108,955 | 93,703 |
Net revenue | 55,914 | 49,918 | 111,266 | 91,893 |
Operating expense: | ||||
Sales and marketing | 13,307 | 11,432 | 25,267 | 22,030 |
Technology and analytics | 16,681 | 12,799 | 33,487 | 23,806 |
Processing and servicing | 5,609 | 5,041 | 11,098 | 10,262 |
General and administrative | 16,353 | 16,034 | 30,382 | 33,759 |
Total operating expense | 51,950 | 45,306 | 100,234 | 89,857 |
Income (loss) from operations, before provision for income taxes | 3,964 | 4,612 | 11,032 | 2,036 |
Provision for income taxes | 1,796 | 0 | 3,536 | 0 |
Net income (loss) | 2,168 | 4,612 | 7,496 | 2,036 |
Less: Net income (loss) attributable to noncontrolling interest | (2,127) | (1,016) | (2,465) | (1,535) |
Net income (loss) attributable to On Deck Capital, Inc. common stockholders | $ 4,295 | $ 5,628 | $ 9,961 | $ 3,571 |
Net income (loss) per share attributable to On Deck Capital, Inc. common stockholders: | ||||
Basic (in dollars per share) | $ 0.06 | $ 0.08 | $ 0.13 | $ 0.05 |
Diluted (in dollars per share) | $ 0.05 | $ 0.07 | $ 0.13 | $ 0.05 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 76,137,751 | 74,385,446 | 75,840,604 | 74,182,929 |
Diluted (in shares) | 78,901,601 | 78,288,267 | 79,013,757 | 77,786,748 |
Comprehensive income (loss): | ||||
Net Income (loss) | $ 2,168 | $ 4,612 | $ 7,496 | $ 2,036 |
Unrealized (loss) on derivative instrument | (124) | 0 | (866) | 0 |
Foreign currency translation adjustment | 405 | (395) | 771 | (508) |
Comprehensive income (loss) | 2,449 | 4,217 | 7,401 | 1,528 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (58) | (179) | (32) | (229) |
Less: Net income (loss) attributable to noncontrolling interest | (2,127) | (1,016) | (2,465) | (1,535) |
Comprehensive income (loss) attributable to On Deck Capital, Inc. common stockholders | $ 4,634 | $ 5,412 | $ 9,898 | $ 3,292 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interest - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Noncontrolling interest | Redeemable Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2017 | 73,822,001 | ||||||||
Beginning balance at Dec. 31, 2017 | $ 264,842 | $ 260,831 | $ 386 | $ 490,200 | $ (224,047) | $ (5,656) | $ (52) | $ 4,011 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 3,122 | 3,122 | 3,122 | ||||||
Issuance of common stock through vesting of restricted stock units and option exercises (in shares) | 246,130 | ||||||||
Issuance of common stock through vesting of restricted stock units and option exercises | 41 | 41 | $ 2 | 39 | |||||
Employee stock purchase plan (in shares) | 196,360 | ||||||||
Employee stock purchase plan | 919 | 919 | $ 1 | 918 | |||||
Tax withholding related to vesting of restricted stock units | (118) | (118) | (118) | ||||||
Currency translation adjustment | (113) | (63) | (63) | (50) | |||||
Net Income (loss) | (2,576) | (2,058) | (2,058) | (518) | |||||
Other | (4) | (4) | (1) | (3) | |||||
Ending balance (in shares) at Mar. 31, 2018 | 74,264,491 | ||||||||
Ending balance at Mar. 31, 2018 | 266,113 | 262,670 | $ 389 | 494,161 | (226,106) | (5,656) | (118) | 3,443 | 0 |
Beginning balance (in shares) at Dec. 31, 2017 | 73,822,001 | ||||||||
Beginning balance at Dec. 31, 2017 | 264,842 | 260,831 | $ 386 | 490,200 | (224,047) | (5,656) | (52) | 4,011 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Currency translation adjustment | (508) | ||||||||
Unrealized (loss) on derivative instrument | 0 | ||||||||
Net Income (loss) | 2,036 | ||||||||
Ending balance (in shares) at Jun. 30, 2018 | 74,641,004 | ||||||||
Ending balance at Jun. 30, 2018 | 276,170 | 270,520 | $ 391 | 496,597 | (220,478) | (5,656) | (334) | 5,650 | 0 |
Beginning balance (in shares) at Dec. 31, 2017 | 73,822,001 | ||||||||
Beginning balance at Dec. 31, 2017 | $ 264,842 | 260,831 | $ 386 | 490,200 | (224,047) | (5,656) | (52) | 4,011 | 0 |
Ending balance (in shares) at Dec. 31, 2018 | 75,375,341 | 75,375,341 | |||||||
Ending balance at Dec. 31, 2018 | $ 302,485 | 297,952 | $ 396 | 502,003 | (196,959) | (5,656) | (1,832) | 4,533 | 0 |
Beginning balance (in shares) at Mar. 31, 2018 | 74,264,491 | ||||||||
Beginning balance at Mar. 31, 2018 | 266,113 | 262,670 | $ 389 | 494,161 | (226,106) | (5,656) | (118) | 3,443 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 2,712 | 2,712 | 2,712 | ||||||
Issuance of common stock through vesting of restricted stock units and option exercises (in shares) | 376,513 | ||||||||
Issuance of common stock through vesting of restricted stock units and option exercises | 0 | $ 2 | (2) | ||||||
Employee stock purchase plan | 49 | 49 | 49 | ||||||
Tax withholding related to vesting of restricted stock units | (323) | (323) | (323) | ||||||
Investment by noncontrolling interests | 3,402 | 3,402 | |||||||
Currency translation adjustment | (395) | (216) | (216) | (179) | |||||
Unrealized (loss) on derivative instrument | 0 | ||||||||
Net Income (loss) | 4,612 | 5,628 | 5,628 | (1,016) | |||||
Ending balance (in shares) at Jun. 30, 2018 | 74,641,004 | ||||||||
Ending balance at Jun. 30, 2018 | $ 276,170 | 270,520 | $ 391 | 496,597 | (220,478) | (5,656) | (334) | 5,650 | 0 |
Beginning balance (in shares) at Dec. 31, 2018 | 75,375,341 | 75,375,341 | |||||||
Beginning balance at Dec. 31, 2018 | $ 302,485 | 297,952 | $ 396 | 502,003 | (196,959) | (5,656) | (1,832) | 4,533 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 2,743 | 2,743 | 2,743 | ||||||
Issuance of common stock through vesting of restricted stock units and option exercises (in shares) | 264,364 | ||||||||
Issuance of common stock through vesting of restricted stock units and option exercises | 47 | 47 | $ 2 | 45 | |||||
Employee stock purchase plan (in shares) | 267,688 | ||||||||
Employee stock purchase plan | 1,660 | 1,660 | $ 1 | 1,659 | |||||
Tax withholding related to vesting of restricted stock units | (291) | (291) | (291) | ||||||
Currency translation adjustment | 366 | 340 | 340 | 26 | |||||
Unrealized (loss) on derivative instrument | (742) | (742) | (742) | ||||||
Net Income (loss) | 5,328 | 5,666 | 5,666 | (338) | |||||
Ending balance (in shares) at Mar. 31, 2019 | 75,907,393 | ||||||||
Ending balance at Mar. 31, 2019 | $ 311,596 | 307,375 | $ 399 | 506,159 | (191,293) | (5,656) | (2,234) | 4,221 | 0 |
Beginning balance (in shares) at Dec. 31, 2018 | 75,375,341 | 75,375,341 | |||||||
Beginning balance at Dec. 31, 2018 | $ 302,485 | 297,952 | $ 396 | 502,003 | (196,959) | (5,656) | (1,832) | 4,533 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Currency translation adjustment | 771 | ||||||||
Unrealized (loss) on derivative instrument | (866) | ||||||||
Net Income (loss) | $ 7,496 | ||||||||
Ending balance (in shares) at Jun. 30, 2019 | 76,301,387 | 76,301,387 | |||||||
Ending balance at Jun. 30, 2019 | $ 317,842 | 314,484 | $ 401 | 508,630 | (186,997) | (5,656) | (1,894) | 3,358 | 15,122 |
Beginning balance (in shares) at Mar. 31, 2019 | 75,907,393 | ||||||||
Beginning balance at Mar. 31, 2019 | 311,596 | 307,375 | $ 399 | 506,159 | (191,293) | (5,656) | (2,234) | 4,221 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 2,965 | 2,965 | 2,965 | ||||||
Issuance of common stock through vesting of restricted stock units and option exercises (in shares) | 393,994 | ||||||||
Issuance of common stock through vesting of restricted stock units and option exercises | 28 | 28 | $ 2 | 26 | |||||
Employee stock purchase plan | 335 | 335 | 335 | ||||||
Tax withholding related to vesting of restricted stock units | (844) | (844) | (844) | ||||||
Fair value of redeemable noncontrolling interest resulting from business combination | 0 | 16,444 | |||||||
Currency translation adjustment | 405 | ||||||||
Currency translation adjustment | 414 | 463 | 463 | (49) | (9) | ||||
Unrealized (loss) on derivative instrument | (124) | (124) | (124) | ||||||
Net Income (loss) | 2,168 | ||||||||
Net Income (loss) | 3,481 | 4,295 | 4,295 | (814) | (1,313) | ||||
Other | $ (9) | (9) | (11) | 1 | 1 | ||||
Ending balance (in shares) at Jun. 30, 2019 | 76,301,387 | 76,301,387 | |||||||
Ending balance at Jun. 30, 2019 | $ 317,842 | $ 314,484 | $ 401 | $ 508,630 | $ (186,997) | $ (5,656) | $ (1,894) | $ 3,358 | $ 15,122 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net Income (loss) | $ 7,496,000 | $ 2,036,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Provision for credit losses | 86,242,000 | 69,586,000 |
Depreciation and amortization | 3,574,000 | 4,218,000 |
Amortization of debt issuance costs | 1,573,000 | 3,756,000 |
Stock-based compensation | 6,331,000 | 6,004,000 |
Amortization of net deferred origination costs | 35,277,000 | 26,499,000 |
Changes in servicing rights, at fair value | 69,000 | 188,000 |
Unfunded loan commitment reserve | 452,000 | 640,000 |
Gain on lease termination | 0 | (1,481,000) |
Loss on disposal of fixed assets | 1,537,000 | 5,668,000 |
Amortization of intangibles | 189,000 | 0 |
Changes in operating assets and liabilities: | ||
Other assets | (9,595,000) | (1,999,000) |
Accounts payable | 1,499,000 | 1,413,000 |
Interest payable | 302,000 | 244,000 |
Accrued expenses and other liabilities | 1,613,000 | 1,992,000 |
Net cash provided by operating activities | 136,559,000 | 118,764,000 |
Cash flows from investing activities | ||
Purchases of property, equipment and software | (1,360,000) | (695,000) |
Capitalized internal-use software | (4,220,000) | (2,464,000) |
Originations of term loan, lines of credit and finance receivable, excluding rollovers into new originations | (1,029,348,000) | (1,009,626,000) |
Payments of net deferred origination costs | (33,505,000) | (29,958,000) |
Principal repayments of term loans, lines of credit and finance receivables | 946,025,000 | 865,537,000 |
Purchase of loans | 0 | (801,000) |
Acquisition of shares in business combination | (3,004,000) | 0 |
Net cash used in investing activities | (125,412,000) | (178,007,000) |
Cash flows from financing activities | ||
Investments by noncontrolling interests | 0 | 3,403,000 |
Tax withholding related to vesting of restricted stock units | (1,135,000) | (441,000) |
Proceeds from exercise of stock options and warrants | 71,000 | 39,000 |
Issuance of common stock under employee stock purchase plan | 1,281,000 | 668,000 |
Proceeds from the issuance of debt | 355,840,000 | 407,184,000 |
Payments of debt issuance costs | (2,812,000) | (3,748,000) |
Repayments of debt principal | (359,392,000) | (342,828,000) |
Net cash (used in) provided by financing activities | (6,147,000) | 64,277,000 |
Effect of exchange rate changes on cash and cash equivalents | (558,000) | (1,407,000) |
Net increase in cash, cash equivalents and restricted cash | 4,442,000 | 3,627,000 |
Cash, cash equivalents, and restricted cash at beginning of year | 97,638,000 | 114,824,000 |
Cash, cash equivalents, and restricted cash at end of period | 102,080,000 | 118,451,000 |
Reconciliation to amounts on consolidated balance sheets | ||
Total cash, cash equivalents and restricted cash | 97,638,000 | 114,824,000 |
Supplemental disclosure of other cash flow information | ||
Cash paid for interest | 20,038,000 | 21,445,000 |
Supplemental disclosures of non-cash investing and financing activities | ||
Stock-based compensation included in capitalized internal-use software | 109,000 | 130,000 |
Unpaid principal balance of term loans rolled into new originations | $ 198,319,000 | $ 167,687,000 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies On Deck Capital, Inc.’s principal activity is providing financing to small businesses located throughout the United States as well as Canada and Australia, through term loans and lines of credit, and additionally in Canada through merchant cash advances. We use technology and analytics to aggregate data about a business and then quickly and efficiently analyze the creditworthiness of the business using our proprietary credit-scoring model. We originate most of the loans in our portfolio and also purchase loans from an issuing bank partner. We subsequently transfer most of our loan volume into one of our wholly-owned subsidiaries for financing purposes. In October 2018, we announced the launch of ODX, a wholly-owned subsidiary that helps banks digitize their small business lending process. ODX offers a combination of software, analytic insights, and professional services that allow banks to bring their small business lending process online. In April 2019, we combined our Canadian operations with Evolocity Financial Group, or Evolocity, to create a new holding company in which we own a 58.5% majority interest. We have accounted for this transaction as a business combination and have consolidated the financial position and results of operations of the holding company. The noncontrolling interest has been classified as mezzanine equity because it was deemed to be a redeemable noncontrolling interest. See Note 2 for further discussion. Basis of Presentation and Principles of Consolidation We prepare our consolidated financial statements and footnotes in accordance with accounting principles generally accepted in the United States of America, or GAAP, as contained in the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC. All intercompany transactions and accounts have been eliminated in consolidation. When used in these notes to consolidated financial statements, the terms "we," "us," "our" or similar terms refer to On Deck Capital, Inc. and its consolidated subsidiaries. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Significant estimates include allowance for credit losses, stock-based compensation expense, capitalized software development costs, interest rate cap, the useful lives of long-lived assets, our effective income tax rate and valuation allowance for deferred tax assets. We base our estimates on historical experience, current events and other factors we believe to be reasonable under the circumstances. These estimates and assumptions are inherently subjective in nature; actual results may differ from these estimates and assumptions. Recently Adopted Accounting Standards In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which improves the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance. The amendments in this update better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The effective date for the standard is for fiscal years beginning after December 15, 2018. We elected to early adopt this ASU in fiscal year 2018. See Note 10 for a discussion of our derivatives. In February 2016, the FASB issued ASU 2016-02, Leases , which creates ASC 842, Leases , and supersedes ASC 840, Leases . ASU 2016-02 requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months . The new standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . We elected the prospective transition option provided by the ASU that would not require earlier periods to be restated upon adoption. We elected the package of practical expedients afforded under the standard which permit an entity not to: (i) reassess whether existing or expired contracts are or contain a lease, (ii) reassess the lease classification, and (iii) reassess any initial direct costs for any existing leases. Our operating lease commitments, which were primarily real estate leases, were recognized as a $37.5 million lease liability when we adopted the new standard. The balance, which is included in Other Liabilities on the Consolidated Balance Sheet, is $36.5 million at June 30, 2019. We simultaneously recognized a $37.5 million right-of-use asset when we adopted the standard. Our right-of-use asset was partially offset by $10.1 million of existing deferred rent and lease incentives resulting in a net right-of-use asset of $27.6 million which is included in Other Assets on the Consolidated Balance Sheet. At June 30, 2019 the balance was $26.7 million . Our total operating lease cost for the three months ended June 30, 2019 was $1.5 million and allocated within operating expenses. The weighted average remaining lease term was 6.8 years and we utilized a weighted average discount rate of approximately 7% . Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments . ASU 2016-13 will change the impairment model and how entities measure credit losses for most financial assets. The standard requires entities to use the new expected credit loss impairment model which will replace the incurred loss model used today. The new guidance will be effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted, although we do not intend to do so. We are currently assessing the impact that the adoption of this guidance will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment , which eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard will become effective for annual reporting periods beginning after December 12, 2019. Early adoption is permitted, although we do not intend to do so. We are currently evaluating the impact the new standard may have on our disclosures, but we do not expect it to have a material impact. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements for fair value measurements under ASC 820, Fair Value Measurement. The new guidance will be effective for annual reporting periods beginning after December 15, 2019. We are currently evaluating the impact the new standard may have on our disclosures, but we do not expect it to have a material impact. Revision of Prior Period Financial Statements During the second quarter of 2019, we identified an immaterial error in our historical financial statements relating to the accrual of commissions on a portion of our renewal loans. The aggregate amount of the under-accrual was $2.4 million , approximately 90% of which relates to 2015 and subsequent periods, and represents less than 1% , of our total stockholders’ equity at March 31, 2019. The amount of the error in each of the impacted annual and interim periods was less than 1% of total commissions paid for such period. In accordance with the SEC’s SAB No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” we evaluated the error and concluded that the impact was not material to our financial statements for any prior annual or interim period. Accordingly, we have revised our previously reported financial information to correct the immaterial error contained in our Quarterly Report on Form 10-Q for the three-months ended and six-months ended June 30, 2018. We will also revise previously reported financial information for this immaterial error in our future filings, as applicable. A summary of revisions to certain previously reported financial information is presented in Note 11. |
Business Combination
Business Combination | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combination | Business Combination On April 1, 2019, we combined our Canadian operations with Evolocity Financial Group, or Evolocity, a Montreal-based online small business lender. The purpose of the transaction was to accelerate the growth of our Canadian operations and to enable us to provide a broader range of financing options to Canadian small businesses nationwide. In the transaction, Evolocity contributed its business to a holding company, and we contributed our Canadian business plus cash to that holding company such that we own a 58.5% majority interest in the holding company. The remainder is owned by former Evolocity stockholders. The Company has accounted for this transaction as a business combination. The transaction has a preliminary purchase price for accounting purposes of approximately $16.7 million. Our provisional valuation of the assets acquired and liabilities assumed, including but not limited to loans, intangible assets and goodwill, is preliminary and the fair values are subject to change within the measurement period of up to one year from the business combination date. Goodwill arising from the business combination is not amortized, but is subject to impairment testing at least annually or more frequently if there is an indicator of impairment. The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed in connection with the business combination (in thousands): Fair Value Loans and finance receivables $ 37,454 Intangibles and other assets (1) 2,860 Debt and other liabilities (34,437 ) Goodwill (1) 10,844 Net assets acquired $ 16,721 (1) Goodwill, and Intangibles and other assets were included in Other Assets on the Consolidated Balance Sheet as of June 30, 2019. We consolidate the financial position and results of operations of the holding company. As part of this business combination, the noncontrolling interest was deemed to be a redeemable noncontrolling interest. These interests are classified as mezzanine equity and measured at the greater of fair value at the end of each reporting period or the historical cost basis of the noncontrolling interest adjusted for cumulative earnings allocations. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share Basic and diluted net income (loss) per common share is calculated as follows (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net Income (loss) $ 2,168 $ 4,612 $ 7,496 $ 2,036 Less: Net income (loss) attributable to noncontrolling interest (2,127 ) (1,016 ) (2,465 ) (1,535 ) Net income (loss) attributable to On Deck Capital, Inc. common stockholders $ 4,295 $ 5,628 $ 9,961 $ 3,571 Denominator: Weighted-average common shares outstanding, basic 76,137,751 74,385,446 75,840,604 74,182,929 Net income (loss) per common share, basic $ 0.06 $ 0.08 $ 0.13 $ 0.05 Effect of dilutive securities 2,763,850 3,902,821 3,173,153 3,603,819 Weighted-average common shares outstanding, diluted 78,901,601 78,288,267 79,013,757 77,786,748 Net income (loss) per common share, diluted $ 0.05 $ 0.07 $ 0.13 $ 0.05 Anti-dilutive securities excluded 6,747,782 5,174,846 5,591,794 5,351,219 The difference between basic and diluted net income per common share has been calculated using the Treasury Stock Method based on the assumed exercise of outstanding stock options, the vesting of restricted stock units, or RSUs, performance restricted stock units, or PRSUs, and the issuance of stock under our employee stock purchase plan. Changes in the average market price of our stock can impact when stock equivalents are considered dilutive or anti-dilutive. The following common share equivalent securities have been included in the calculation of dilutive weighted-average common shares outstanding: Three Months Ended June 30, Six Months Ended June 30, Dilutive Common Share Equivalents 2019 2018 2019 2018 Weighted-average common shares outstanding 76,137,751 74,385,446 75,840,604 74,182,929 RSUs and PRSUs 489,080 1,018,066 755,731 768,172 Stock options 2,274,770 2,860,430 2,413,951 2,830,587 Employee stock purchase plan — 24,325 3,471 5,060 Total dilutive common share equivalents 78,901,601 78,288,267 79,013,757 77,786,748 The following common share equivalent securities were excluded from the calculation of diluted net income per share attributable to common stockholders. Their effect would have been antidilutive for the three and six months ended June 30, 2019 and 2018 . Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Anti-Dilutive Common Share Equivalents Warrants to purchase common stock — 22,000 — 22,000 RSUs and PRSUs 2,361,583 429,942 1,633,192 600,632 Stock options 4,176,551 4,722,904 3,958,602 4,728,587 Employee stock purchase plan 209,648 — — — Total anti-dilutive common share equivalents 6,747,782 5,174,846 5,591,794 5,351,219 |
Interest Income
Interest Income | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift, Interest [Abstract] | |
Interest Income | Interest Income Interest income was comprised of the following components for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest and finance income $ 122,799 $ 106,090 $ 246,234 $ 204,845 Amortization of net deferred origination costs (17,451 ) (13,913 ) (35,344 ) (26,459 ) Interest and finance income, net 105,348 92,177 210,890 178,386 Interest on deposits and investments 293 32 550 52 Total interest and finance income $ 105,641 $ 92,209 $ 211,440 $ 178,438 |
Loans and Finance Receivables H
Loans and Finance Receivables Held for Investment and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans and Finance Receivables Held for Investment and Allowance for Credit Losses | Loans and Finance Receivables Held for Investment and Allowance for Credit Losses Loans and finance receivables held for investment consisted of the following as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Term loans $ 936,053 $ 956,755 Lines of credit 238,105 188,199 Other loans and finance receivables (1) 10,964 — Total Unpaid Principal Balance 1,185,122 1,144,954 Net deferred origination costs 22,487 24,453 Total loans and finance receivables held for investment $ 1,207,609 $ 1,169,407 (1) Includes secured equipment loans and merchant cash advances. As part of the business combination with Evolocity, on April 1, 2019 we purchased $37.5 million of term loans and finance receivables. During the six months ended June 30, 2018 , we paid $0.8 million to purchase term loans that we previously sold to a third party. No loans from third parties were purchased during 2019. We include both loans we originate and loans funded by our issuing bank partner and later purchased by us as part of our originations. During the three months ended June 30, 2019 and 2018 we purchased loans from our issuing bank partner in the amount of $95.5 million and $109.3 million , respectively. During the six months ended June 30, 2019 and 2018 we purchased loans from our issuing bank partner in the amount of $207.1 million and $248.5 million , respectively. The change in the allowance for credit losses for the three and six months ended June 30, 2019 and 2018 consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance at beginning of period $ 147,406 $ 118,921 $ 140,040 $ 109,015 Recoveries of previously charged off amounts 4,523 3,206 8,437 6,551 Loans and finance receivables charged off (49,141 ) (31,362 ) (88,980 ) (61,094 ) Provision for credit losses 42,951 33,293 86,242 69,586 Allowance for credit losses at end of period $ 145,739 $ 124,058 $ 145,739 $ 124,058 When loans and finance receivables are charged off, we typically continue to attempt to recover amounts from the respective borrowers and guarantors, including, when we deem it appropriate, through formal legal action. Alternatively, we may sell previously charged-off loans to a third-party debt collector. The proceeds from these sales are recorded as a component of the recoveries of loans previously charged off. We did not sell any previously charged-off loans for the three and six months ended June 30, 2019 . For the three and six months ended June 30, 2018 loans sold accounted for $0.2 million and $0.7 million of recoveries of loans previously charged off. As of June 30, 2019 and December 31, 2018 , our off-balance sheet credit exposure related to the undrawn line of credit balances wa s $282.2 million and $264.2 million , respectively. The related reserve on unfunded loan commitments was $6.3 million and $5.9 million as of June 30, 2019 and December 31, 2018 , respectively. Net adjustments to the liability for unfunded loan c ommitments are included in general and administrative expense. Th e following table contains information, on a combined basis, regarding the unpaid principal balance we originated related to non-delinquent, paying and non-paying delinquent loans and finance receivables as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Current loans and finance receivables $ 1,060,465 $ 1,031,449 Delinquent: paying (accrual status) 52,735 54,427 Delinquent: non-paying (non-accrual status) 71,922 59,078 Total $ 1,185,122 $ 1,144,954 The portion of the allowance for credit losses attributable to current loans and finance receivables was $70.5 million and $85.7 million as of June 30, 2019 and December 31, 2018 , respectively, while the portion of the allowance for credit losses attributable to delinquent loans and finance receivables was $75.3 million and $54.3 million as of June 30, 2019 and December 31, 2018 , respectively. The following table shows an aging analysis of the unpaid principal balance related to loans and finance receivables by delinquency statu s as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 By delinquency status: Current loans and finance receivables $ 1,060,465 $ 1,031,449 1-14 calendar days past due 23,798 27,655 15-29 calendar days past due 15,518 14,665 30-59 calendar days past due 23,931 21,470 60-89 calendar days past due 18,162 19,031 90 + calendar days past due 43,248 30,684 Total unpaid principal balance $ 1,185,122 $ 1,144,954 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes our outstanding debt as of June 30, 2019 and December 31, 2018 (in thousands): Outstanding Type Maturity Date Weighted Average Interest June 30, 2019 December 31, 2018 Debt: OnDeck Asset Securitization Trust II Securitization April 2022 (1) 3.8% $ 225,000 $ 225,000 OnDeck Account Receivables Trust 2013-1 Revolving March 2022 (2) 4.2% 111,827 117,664 Receivable Assets of OnDeck, LLC Revolving September 2021 (3) 4.8% 101,453 113,631 OnDeck Asset Funding II LLC Revolving August 2022 (4) 5.4% 110,202 109,568 Prime OnDeck Receivable Trust II Revolving March 2022 (5) 4.4% 108,949 108,816 Loan Assets of OnDeck, LLC Revolving October 2022 (6) 4.2% 98,469 100,000 Corporate Debt Revolving January 2021 5.4% 20,000 — Other Agreements Various Various (7) 6.8% (8) 72,909 (9) 47,318 4.6% 848,809 821,997 Deferred debt issuance cost (7,207 ) (5,766 ) Total Debt $ 841,602 $ 816,231 (1) The period during which new loans may be purchased under this securitization transaction expires in March 2020 . (2) The period during which new borrowings may be made under this facility expires in March 2021 . (3) The period during which new borrowings of Class A revolving loans may be made under this debt facility expires in December 2020 . The $19.7 million of Class B borrowing capacity matures in December 2019 . (4) The period during which new borrowings may be made under this facility expires in August 2021 . (5) The period during which new borrowings may be made under this facility expires in March 2021 . (6) The period during which new borrowings may be made under this debt facility expires in April 2022 . (7) The periods during which new borrowings may be made under the various agreements expire between September 2019 and June 2020 . Maturity dates range from September 2019 through December 2022 . (8) Weighted average interest rate as of June 30, 2019 reflects the credit facilities assumed as a part of the combination with Evolocity Financial Group. (9) Outstanding amounts as of June 30, 2019 reflects the credit facilities assumed as a part of the combination with Evolocity Financial Group. Certai n of our loans held for investment are pledged as collateral for borrowings in our funding debt facilities. These loans totaled $1.0 billion and $1.0 billion as of June 30, 2019 and December 31, 2018 , respectively. Our corporate debt facility is collateralized by substantially all of our assets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs We evaluate our financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period. Our interest rate cap is reported at fair value utilizing Level 2 inputs. The fair value is determined using third party valuations that are based on discounted cash flow analysis using observed market inputs. The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 Level 1 Level 2 Level 3 Total Assets : Interest rate cap — 41 — 41 Total assets $ — $ 41 $ — $ 41 December 31, 2018 Level 1 Level 2 Level 3 Total Assets : Interest rate cap $ — $ 1,253 $ — $ 1,253 Total assets $ — $ 1,253 $ — $ 1,253 There were no transfers between levels for the three months ended June 30, 2019 and December 31, 2018 . Assets and Liabilities Disclosed at Fair Value Because our loans and finance receivables and fixed-rate debt are not measured at fair value, we are required to disclose their fair value in accordance with ASC 825. Due to the lack of transparency and comparable loans and finance receivables, we utilize an income valuation technique to estimate fair value. We utilize industry-standard modeling, such as discounted cash flow models, to arrive at an estimate of fair value and may utilize third-party service providers to assist in the valuation process. This determination requires significant judgments to be made. The following tables summarize the carrying value and fair value of our loans held for investment and fixed-rate debt (in thousands): June 30, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets : Loans and finance receivables, net $ 1,061,870 $ 1,191,009 $ — $ — $ 1,191,009 Total assets $ 1,061,870 $ 1,191,009 $ — $ — $ 1,191,009 Liabilities: Fixed-rate debt $ 240,238 $ 236,026 $ — $ — $ 236,026 Total fixed-rate debt $ 240,238 $ 236,026 $ — $ — $ 236,026 December 31, 2018 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets : Loans and finance receivables, net $ 1,029,367 $ 1,155,464 $ — $ — $ 1,155,464 Total assets $ 1,029,367 $ 1,155,464 $ — $ — $ 1,155,464 Liabilities: Fixed-rate debt $ 232,972 $ 226,965 $ — $ — $ 226,965 Total fixed-rate debt $ 232,972 $ 226,965 $ — $ — $ 226,965 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For interim periods, the income tax provision is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. We use an estimated annual effective tax rate which is based on expected annual income and statutory tax rates to determine our quarterly provision for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. Our provision for income taxes for the three and six months ended June 30, 2019 was $1.8 million and $3.5 million , representing an estimated quarterly effective income tax rate of 45% for the three months ended June 30, 2019 and a year to date effective income tax rate of 32% . The effective income tax rate for the full year 2018 was 0% due to the availability of net operating loss carryforwards. A valuation allowance of $37.6 million was recorded against our net deferred tax assets of approximately $ 42.7 million as of June 30, 2019 resulting in a net deferred tax asset of approximately $5.0 million . |
Stock-Based Compensation and Em
Stock-Based Compensation and Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation and Employee Benefit Plans | Stock-Based Compensation and Employee Benefit Plans Options The following is a summary of option activity for the six months ended June 30, 2019 : Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2019 7,932,782 $ 5.86 — — Exercised (389,335 ) $ 2.63 — — Expired (508,557 ) $ 11.24 — — Outstanding at June 30, 2019 7,034,890 $ 5.65 5.5 $ 9,043 Exercisable at June 30, 2019 6,093,122 $ 5.63 5.1 $ 9,043 Vested or expected to vest as of June 30, 2019 6,984,662 $ 5.65 5.5 $ 9,043 Total compensation cost related to nonvested option awards not yet recognized as of June 30, 2019 was $1.9 million and will be recognized over a weighted-average period of 2.1 years . The aggregate intrinsic value of employee options exercised during the six months ended June 30, 2019 and 2018 was $1.4 million and $2.0 million , respectively. Restricted Stock Units The following table is a summary of activity in RSUs and PRSUs for the six months ended June 30, 2019 : Number of RSUs and PRSUs Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 3,307,561 $ 6.00 RSUs and PRSUs granted 1,984,378 $ 5.64 RSUs and PRSUs vested (585,312 ) $ 6.57 RSUs and PRSUs forfeited/expired (294,195 ) $ 5.78 Unvested at June 30, 2019 4,412,432 $ 5.78 Expected to vest after June 30, 2019 3,594,305 $ 5.76 As of June 30, 2019 , there was $16 million of unrecognized compensation cost related to unvested RSUs and PRSUs, which is expected to be recognized over a weighted-average period of 2.8 years . Stock-based compensation expense related to stock options, RSUs, PRSUs and the employee stock purchase plan are included in the following line items in our accompanying consolidated statements of operations for the three months and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Sales and marketing $ 474 $ 505 $ 1,033 $ 1,040 Technology and analytics 889 657 1,717 1,253 Processing and servicing 49 94 139 201 General and administrative 1,836 1,538 3,442 3,510 Total $ 3,248 $ 2,794 $ 6,331 $ 6,004 |
Derivatives and Hedging
Derivatives and Hedging | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Derivatives and Hedging We are subject to interest rate risk in connection with borrowings under our debt agreements which are subject to variable interest rates. In December 2018 we entered into an interest rate cap, which is a derivative instrument, to manage our interest rate risk on a portion of our variable-rate debt. We do not use derivatives for speculative purposes. The interest rate cap is designated as a cash flow hedge. In exchange for our up-front premium, we would receive variable amounts from a counterparty if interest rates rise above the strike rate on the contract. The interest rate cap agreement is for a notional amount of $300 million and has a maturity date of January 2021. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the changes in the fair value of the derivative are recorded in Accumulated Other Comprehensive Income, or AOCI, and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in interest expense. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. We estimate that $ 1.0 million will be reclassified as an increase to interest expense over the next 12 months. The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of June 30, 2019 and December 31, 2018 (in thousands): Derivative Type Classification June 30, 2019 December 31, 2018 Assets: Interest rate cap agreement Other Assets $ 41 $ 1,253 The table below presents the effect of cash flow hedge accounting on AOCI as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Amount Recognized in OCI on Derivative: Interest rate cap agreement $ 866 $ 456 The table below presents the effect of our derivative financial instruments on the Statement of Operations and Comprehensive Income as of three and six months ended June 30, 2019 and 2018 (in thousands): Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest expense $ (204 ) $ — $ (338 ) $ — |
Revisions of Prior Period Finan
Revisions of Prior Period Financial Statements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Revisions of Prior Period Financial Statements | Revision of Prior Period Financial Statements We revised prior period financial statements to correct an immaterial error related to the channel attribution of certain loans and the commissions associated with those loans. Commissions become due upon the closing of a loan. Those commissions are capitalized as a component of the loan balance and are amortized as an adjustment to interest income over the life of the loan. A summary of those revisions is as follows: Revised Consolidated Balance Sheet as of December 31, 2018 (in thousands): As Reported Adjustment As Revised Loans and finance receivables $ 1,169,157 $ 250 $ 1,169,407 Total assets $ 1,161,570 $ 250 $ 1,161,820 Accrued expenses and other liabilities $ 34,654 $ 2,054 $ 36,708 Total liabilities $ 857,281 $ 2,054 $ 859,335 Accumulated deficit $ (195,155 ) $ (1,804 ) $ (196,959 ) Total On Deck Capital, Inc. stockholders' equity $ 299,756 $ (1,804 ) $ 297,952 Total stockholders' equity $ 304,289 $ (1,804 ) $ 302,485 Revised Consolidated Statements of Operations and Comprehensive Income (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Reported Adjustment As Revised As Reported Adjustment As Revised Interest and finance income $92,371 $(162) $92,209 $178,740 $(302) $178,438 Gross revenue $95,618 $(162) $95,456 $185,898 $(302) $185,596 Net revenue $50,080 (1) $(162) $49,918 $92,195 (1) $(302) $91,893 Income (loss) from operations, before provision for income taxes $4,774 (1) $(162) $4,612 $2,338 (1) $(302) $2,036 Net income (loss) $4,774 $(162) $4,612 $2,338 $(302) $2,036 (1) Includes a prior period reclassification to include interest expense as funding costs. There was no impact to earnings per share for any period presented. Revised Consolidated Statements of Cash Flows We revised our condensed consolidated statement of cash flows for the six months ended June 30, 2018 to reflect the correction of the error, which had no impact to net cash provided by operating activities, net cash used in investing activities and net cash provided by financing activities in the period. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash and loans. We hold cash, cash equivalents and restricted cash in accounts at regulated domestic financial institutions in amounts that exceed or may exceed FDIC insured amounts and at non-U.S. financial institutions where deposited amounts may be uninsured. We believe these institutions to be of acceptable credit quality and we have not experienced any related losses to date. We are exposed to default risk on loans we originate and hold and that we purchase from our issuing bank partner. We perform an evaluation of each customer's financial condition and during the term of the customer's loan(s), we have the contractual right to limit a customer's ability to take working capital loans or other financing from other lenders that may cause a material adverse change in the financial condition of the customer. Contingencies From time to time we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters cannot be predicted with certainty. However, we believe that the final outcome of any such current matters will not result in a material adverse effect on our consolidated financial condition, consolidated results of operations or consolidated cash flows. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 19, 2019, we increased the commitment under our corporate revolving debt facility by $20 million to an aggregate commitment amount of $105 million . The facility's interest rate of 1-month LIBOR plus 3.0% and the final maturity date in January 2021 did not change. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation We prepare our consolidated financial statements and footnotes in accordance with accounting principles generally accepted in the United States of America, or GAAP, as contained in the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC. All intercompany transactions and accounts have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Significant estimates include allowance for credit losses, stock-based compensation expense, capitalized software development costs, interest rate cap, the useful lives of long-lived assets, our effective income tax rate and valuation allowance for deferred tax assets. We base our estimates on historical experience, current events and other factors we believe to be reasonable under the circumstances. These estimates and assumptions are inherently subjective in nature; actual results may differ from these estimates and assumptions. |
Recently Adopted Accounting Standards and Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Standards In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which improves the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance. The amendments in this update better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The effective date for the standard is for fiscal years beginning after December 15, 2018. We elected to early adopt this ASU in fiscal year 2018. See Note 10 for a discussion of our derivatives. In February 2016, the FASB issued ASU 2016-02, Leases , which creates ASC 842, Leases , and supersedes ASC 840, Leases . ASU 2016-02 requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months . The new standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . We elected the prospective transition option provided by the ASU that would not require earlier periods to be restated upon adoption. We elected the package of practical expedients afforded under the standard which permit an entity not to: (i) reassess whether existing or expired contracts are or contain a lease, (ii) reassess the lease classification, and (iii) reassess any initial direct costs for any existing leases. Our operating lease commitments, which were primarily real estate leases, were recognized as a $37.5 million lease liability when we adopted the new standard. The balance, which is included in Other Liabilities on the Consolidated Balance Sheet, is $36.5 million at June 30, 2019. We simultaneously recognized a $37.5 million right-of-use asset when we adopted the standard. Our right-of-use asset was partially offset by $10.1 million of existing deferred rent and lease incentives resulting in a net right-of-use asset of $27.6 million which is included in Other Assets on the Consolidated Balance Sheet. At June 30, 2019 the balance was $26.7 million . Our total operating lease cost for the three months ended June 30, 2019 was $1.5 million and allocated within operating expenses. The weighted average remaining lease term was 6.8 years and we utilized a weighted average discount rate of approximately 7% . Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments . ASU 2016-13 will change the impairment model and how entities measure credit losses for most financial assets. The standard requires entities to use the new expected credit loss impairment model which will replace the incurred loss model used today. The new guidance will be effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted, although we do not intend to do so. We are currently assessing the impact that the adoption of this guidance will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment , which eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard will become effective for annual reporting periods beginning after December 12, 2019. Early adoption is permitted, although we do not intend to do so. We are currently evaluating the impact the new standard may have on our disclosures, but we do not expect it to have a material impact. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements for fair value measurements under ASC 820, Fair Value Measurement. The new guidance will be effective for annual reporting periods beginning after December 15, 2019. We are currently evaluating the impact the new standard may have on our disclosures, but we do not expect it to have a material impact. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | We evaluate our financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period. Because our loans and finance receivables and fixed-rate debt are not measured at fair value, we are required to disclose their fair value in accordance with ASC 825. Due to the lack of transparency and comparable loans and finance receivables, we utilize an income valuation technique to estimate fair value. We utilize industry-standard modeling, such as discounted cash flow models, to arrive at an estimate of fair value and may utilize third-party service providers to assist in the valuation process. This determination requires significant judgments to be made. |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisition, Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed in connection with the business combination (in thousands): Fair Value Loans and finance receivables $ 37,454 Intangibles and other assets (1) 2,860 Debt and other liabilities (34,437 ) Goodwill (1) 10,844 Net assets acquired $ 16,721 (1) Goodwill, and Intangibles and other assets were included in Other Assets on the Consolidated Balance Sheet as of June 30, 2019. |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic and diluted net income (loss) per common share is calculated as follows (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net Income (loss) $ 2,168 $ 4,612 $ 7,496 $ 2,036 Less: Net income (loss) attributable to noncontrolling interest (2,127 ) (1,016 ) (2,465 ) (1,535 ) Net income (loss) attributable to On Deck Capital, Inc. common stockholders $ 4,295 $ 5,628 $ 9,961 $ 3,571 Denominator: Weighted-average common shares outstanding, basic 76,137,751 74,385,446 75,840,604 74,182,929 Net income (loss) per common share, basic $ 0.06 $ 0.08 $ 0.13 $ 0.05 Effect of dilutive securities 2,763,850 3,902,821 3,173,153 3,603,819 Weighted-average common shares outstanding, diluted 78,901,601 78,288,267 79,013,757 77,786,748 Net income (loss) per common share, diluted $ 0.05 $ 0.07 $ 0.13 $ 0.05 Anti-dilutive securities excluded 6,747,782 5,174,846 5,591,794 5,351,219 |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method | The following common share equivalent securities have been included in the calculation of dilutive weighted-average common shares outstanding: Three Months Ended June 30, Six Months Ended June 30, Dilutive Common Share Equivalents 2019 2018 2019 2018 Weighted-average common shares outstanding 76,137,751 74,385,446 75,840,604 74,182,929 RSUs and PRSUs 489,080 1,018,066 755,731 768,172 Stock options 2,274,770 2,860,430 2,413,951 2,830,587 Employee stock purchase plan — 24,325 3,471 5,060 Total dilutive common share equivalents 78,901,601 78,288,267 79,013,757 77,786,748 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following common share equivalent securities were excluded from the calculation of diluted net income per share attributable to common stockholders. Their effect would have been antidilutive for the three and six months ended June 30, 2019 and 2018 . Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Anti-Dilutive Common Share Equivalents Warrants to purchase common stock — 22,000 — 22,000 RSUs and PRSUs 2,361,583 429,942 1,633,192 600,632 Stock options 4,176,551 4,722,904 3,958,602 4,728,587 Employee stock purchase plan 209,648 — — — Total anti-dilutive common share equivalents 6,747,782 5,174,846 5,591,794 5,351,219 |
Interest Income (Tables)
Interest Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift, Interest [Abstract] | |
Summary of Interest Income | Interest income was comprised of the following components for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest and finance income $ 122,799 $ 106,090 $ 246,234 $ 204,845 Amortization of net deferred origination costs (17,451 ) (13,913 ) (35,344 ) (26,459 ) Interest and finance income, net 105,348 92,177 210,890 178,386 Interest on deposits and investments 293 32 550 52 Total interest and finance income $ 105,641 $ 92,209 $ 211,440 $ 178,438 |
Loans and Finance Receivables_2
Loans and Finance Receivables Held for Investment and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Loans | Loans and finance receivables held for investment consisted of the following as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Term loans $ 936,053 $ 956,755 Lines of credit 238,105 188,199 Other loans and finance receivables (1) 10,964 — Total Unpaid Principal Balance 1,185,122 1,144,954 Net deferred origination costs 22,487 24,453 Total loans and finance receivables held for investment $ 1,207,609 $ 1,169,407 |
Schedule of Allowance for Loan Losses | The change in the allowance for credit losses for the three and six months ended June 30, 2019 and 2018 consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance at beginning of period $ 147,406 $ 118,921 $ 140,040 $ 109,015 Recoveries of previously charged off amounts 4,523 3,206 8,437 6,551 Loans and finance receivables charged off (49,141 ) (31,362 ) (88,980 ) (61,094 ) Provision for credit losses 42,951 33,293 86,242 69,586 Allowance for credit losses at end of period $ 145,739 $ 124,058 $ 145,739 $ 124,058 |
Schedule of Non-delinquent and Delinquent Loans | Th e following table contains information, on a combined basis, regarding the unpaid principal balance we originated related to non-delinquent, paying and non-paying delinquent loans and finance receivables as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Current loans and finance receivables $ 1,060,465 $ 1,031,449 Delinquent: paying (accrual status) 52,735 54,427 Delinquent: non-paying (non-accrual status) 71,922 59,078 Total $ 1,185,122 $ 1,144,954 The following table shows an aging analysis of the unpaid principal balance related to loans and finance receivables by delinquency statu s as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 By delinquency status: Current loans and finance receivables $ 1,060,465 $ 1,031,449 1-14 calendar days past due 23,798 27,655 15-29 calendar days past due 15,518 14,665 30-59 calendar days past due 23,931 21,470 60-89 calendar days past due 18,162 19,031 90 + calendar days past due 43,248 30,684 Total unpaid principal balance $ 1,185,122 $ 1,144,954 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The following table summarizes our outstanding debt as of June 30, 2019 and December 31, 2018 (in thousands): Outstanding Type Maturity Date Weighted Average Interest June 30, 2019 December 31, 2018 Debt: OnDeck Asset Securitization Trust II Securitization April 2022 (1) 3.8% $ 225,000 $ 225,000 OnDeck Account Receivables Trust 2013-1 Revolving March 2022 (2) 4.2% 111,827 117,664 Receivable Assets of OnDeck, LLC Revolving September 2021 (3) 4.8% 101,453 113,631 OnDeck Asset Funding II LLC Revolving August 2022 (4) 5.4% 110,202 109,568 Prime OnDeck Receivable Trust II Revolving March 2022 (5) 4.4% 108,949 108,816 Loan Assets of OnDeck, LLC Revolving October 2022 (6) 4.2% 98,469 100,000 Corporate Debt Revolving January 2021 5.4% 20,000 — Other Agreements Various Various (7) 6.8% (8) 72,909 (9) 47,318 4.6% 848,809 821,997 Deferred debt issuance cost (7,207 ) (5,766 ) Total Debt $ 841,602 $ 816,231 (1) The period during which new loans may be purchased under this securitization transaction expires in March 2020 . (2) The period during which new borrowings may be made under this facility expires in March 2021 . (3) The period during which new borrowings of Class A revolving loans may be made under this debt facility expires in December 2020 . The $19.7 million of Class B borrowing capacity matures in December 2019 . (4) The period during which new borrowings may be made under this facility expires in August 2021 . (5) The period during which new borrowings may be made under this facility expires in March 2021 . (6) The period during which new borrowings may be made under this debt facility expires in April 2022 . (7) The periods during which new borrowings may be made under the various agreements expire between September 2019 and June 2020 . Maturity dates range from September 2019 through December 2022 . (8) Weighted average interest rate as of June 30, 2019 reflects the credit facilities assumed as a part of the combination with Evolocity Financial Group. (9) Outstanding amounts as of June 30, 2019 reflects the credit facilities assumed as a part of the combination with Evolocity Financial Group. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 Level 1 Level 2 Level 3 Total Assets : Interest rate cap — 41 — 41 Total assets $ — $ 41 $ — $ 41 December 31, 2018 Level 1 Level 2 Level 3 Total Assets : Interest rate cap $ — $ 1,253 $ — $ 1,253 Total assets $ — $ 1,253 $ — $ 1,253 |
Schedule of Assets and Liabilities Disclosed at Fair Value | The following tables summarize the carrying value and fair value of our loans held for investment and fixed-rate debt (in thousands): June 30, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets : Loans and finance receivables, net $ 1,061,870 $ 1,191,009 $ — $ — $ 1,191,009 Total assets $ 1,061,870 $ 1,191,009 $ — $ — $ 1,191,009 Liabilities: Fixed-rate debt $ 240,238 $ 236,026 $ — $ — $ 236,026 Total fixed-rate debt $ 240,238 $ 236,026 $ — $ — $ 236,026 December 31, 2018 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets : Loans and finance receivables, net $ 1,029,367 $ 1,155,464 $ — $ — $ 1,155,464 Total assets $ 1,029,367 $ 1,155,464 $ — $ — $ 1,155,464 Liabilities: Fixed-rate debt $ 232,972 $ 226,965 $ — $ — $ 226,965 Total fixed-rate debt $ 232,972 $ 226,965 $ — $ — $ 226,965 |
Stock-Based Compensation and _2
Stock-Based Compensation and Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Option Activity | The following is a summary of option activity for the six months ended June 30, 2019 : Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2019 7,932,782 $ 5.86 — — Exercised (389,335 ) $ 2.63 — — Expired (508,557 ) $ 11.24 — — Outstanding at June 30, 2019 7,034,890 $ 5.65 5.5 $ 9,043 Exercisable at June 30, 2019 6,093,122 $ 5.63 5.1 $ 9,043 Vested or expected to vest as of June 30, 2019 6,984,662 $ 5.65 5.5 $ 9,043 |
Schedule of Activities of RSUs | The following table is a summary of activity in RSUs and PRSUs for the six months ended June 30, 2019 : Number of RSUs and PRSUs Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 3,307,561 $ 6.00 RSUs and PRSUs granted 1,984,378 $ 5.64 RSUs and PRSUs vested (585,312 ) $ 6.57 RSUs and PRSUs forfeited/expired (294,195 ) $ 5.78 Unvested at June 30, 2019 4,412,432 $ 5.78 Expected to vest after June 30, 2019 3,594,305 $ 5.76 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense related to stock options, RSUs, PRSUs and the employee stock purchase plan are included in the following line items in our accompanying consolidated statements of operations for the three months and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Sales and marketing $ 474 $ 505 $ 1,033 $ 1,040 Technology and analytics 889 657 1,717 1,253 Processing and servicing 49 94 139 201 General and administrative 1,836 1,538 3,442 3,510 Total $ 3,248 $ 2,794 $ 6,331 $ 6,004 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of June 30, 2019 and December 31, 2018 (in thousands): Derivative Type Classification June 30, 2019 December 31, 2018 Assets: Interest rate cap agreement Other Assets $ 41 $ 1,253 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The table below presents the effect of cash flow hedge accounting on AOCI as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Amount Recognized in OCI on Derivative: Interest rate cap agreement $ 866 $ 456 |
Derivative Instruments, Gain (Loss) | The table below presents the effect of our derivative financial instruments on the Statement of Operations and Comprehensive Income as of three and six months ended June 30, 2019 and 2018 (in thousands): Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest expense $ (204 ) $ — $ (338 ) $ — |
Revisions of Prior Period Fin_2
Revisions of Prior Period Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | A summary of those revisions is as follows: Revised Consolidated Balance Sheet as of December 31, 2018 (in thousands): As Reported Adjustment As Revised Loans and finance receivables $ 1,169,157 $ 250 $ 1,169,407 Total assets $ 1,161,570 $ 250 $ 1,161,820 Accrued expenses and other liabilities $ 34,654 $ 2,054 $ 36,708 Total liabilities $ 857,281 $ 2,054 $ 859,335 Accumulated deficit $ (195,155 ) $ (1,804 ) $ (196,959 ) Total On Deck Capital, Inc. stockholders' equity $ 299,756 $ (1,804 ) $ 297,952 Total stockholders' equity $ 304,289 $ (1,804 ) $ 302,485 Revised Consolidated Statements of Operations and Comprehensive Income (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Reported Adjustment As Revised As Reported Adjustment As Revised Interest and finance income $92,371 $(162) $92,209 $178,740 $(302) $178,438 Gross revenue $95,618 $(162) $95,456 $185,898 $(302) $185,596 Net revenue $50,080 (1) $(162) $49,918 $92,195 (1) $(302) $91,893 Income (loss) from operations, before provision for income taxes $4,774 (1) $(162) $4,612 $2,338 (1) $(302) $2,036 Net income (loss) $4,774 $(162) $4,612 $2,338 $(302) $2,036 (1) Includes a prior period reclassification to include interest expense as funding costs. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2019 | Apr. 01, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease, liability | $ 36.5 | |||
Operating lease, right-of-use asset | 26.7 | $ 27.6 | ||
Deferred rent and lease incentives | $ 10.1 | |||
Operating lease, cost | $ 1.5 | |||
Operating lease, weighted average remaining lease term | 6 years 9 months 26 days | |||
Operating lease, weighted average discount rate, percent | 7.00% | |||
Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease, liability | $ 37.5 | |||
Operating lease, right-of-use asset | $ 37.5 | |||
On Deck Capital Canada | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Ownership percentage | 58.50% | |||
Restatement Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Under accrual of commissions on renewal loans | $ 2.4 | |||
Under accrual of commissions on renewal loans, percent | 90.00% | |||
Under accrual of commissions on renewal loans, portion of Stockholders' Equity, percent | 1.00% | |||
Under accrual of commissions on renewal loans, portion of commissions paid, percent | 1.00% |
Business Combination (Narrative
Business Combination (Narrative) (Details) - On Deck Capital Canada $ in Thousands | Apr. 01, 2019USD ($) |
Business Acquisition [Line Items] | |
Ownership percentage | 58.50% |
Purchase price | $ 16,700 |
Loans and finance receivables | 37,454 |
Intangibles and other assets | 2,860 |
Debt and other liabilities | (34,437) |
Goodwill | 10,844 |
Net assets acquired | $ 16,721 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share (Basic and Diluted Net Loss per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||||
Net Income (loss) | $ 2,168 | $ 5,328 | $ 4,612 | $ (2,576) | $ 7,496 | $ 2,036 |
Less: Net income (loss) attributable to noncontrolling interest | (2,127) | (1,016) | (2,465) | (1,535) | ||
Net income (loss) attributable to On Deck Capital, Inc. common stockholders | $ 4,295 | $ 5,628 | $ 9,961 | $ 3,571 | ||
Denominator: | ||||||
Weighted-average common shares outstanding, basic (in shares) | 76,137,751 | 74,385,446 | 75,840,604 | 74,182,929 | ||
Net income (loss) per common share, basic (in dollars per share) | $ 0.06 | $ 0.08 | $ 0.13 | $ 0.05 | ||
Effect of dilutive securities (in shares) | 2,763,850 | 3,902,821 | 3,173,153 | 3,603,819 | ||
Weighted-average common shares outstanding, diluted (in shares) | 78,901,601 | 78,288,267 | 79,013,757 | 77,786,748 | ||
Net income (loss) per common share, diluted (in dollars per share) | $ 0.05 | $ 0.07 | $ 0.13 | $ 0.05 | ||
Anti-dilutive securities excluded (in shares) | 6,747,782 | 5,174,846 | 5,591,794 | 5,351,219 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share (Dilutive Common Share Equivalents) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted-average common shares outstanding, basic (in shares) | 76,137,751 | 74,385,446 | 75,840,604 | 74,182,929 |
Effect of dilutive securities (in shares) | 2,763,850 | 3,902,821 | 3,173,153 | 3,603,819 |
Weighted-average common shares outstanding, diluted (in shares) | 78,901,601 | 78,288,267 | 79,013,757 | 77,786,748 |
RSUs and PRSUs | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Effect of dilutive securities (in shares) | 489,080 | 1,018,066 | 755,731 | 768,172 |
Stock options | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Effect of dilutive securities (in shares) | 2,274,770 | 2,860,430 | 2,413,951 | 2,830,587 |
Employee stock purchase plan | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Effect of dilutive securities (in shares) | 0 | 24,325 | 3,471 | 5,060 |
Net Income (Loss) Per Common _5
Net Income (Loss) Per Common Share (Anti-Dilutive Common Share Equivalents) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded (in shares) | 6,747,782 | 5,174,846 | 5,591,794 | 5,351,219 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded (in shares) | 4,176,551 | 4,722,904 | 3,958,602 | 4,728,587 |
Warrants to purchase common stock | Warrants to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded (in shares) | 0 | 22,000 | 0 | 22,000 |
RSUs and PRSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded (in shares) | 2,361,583 | 429,942 | 1,633,192 | 600,632 |
Employee stock purchase plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded (in shares) | 209,648 | 0 | 0 | 0 |
Interest Income (Details)
Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Banking and Thrift, Interest [Abstract] | ||||
Interest and finance income | $ 122,799 | $ 106,090 | $ 246,234 | $ 204,845 |
Amortization of net deferred origination costs | (17,451) | (13,913) | (35,344) | (26,459) |
Interest and finance income, net | 105,348 | 92,177 | 210,890 | 178,386 |
Interest on deposits and investments | 293 | 32 | 550 | 52 |
Total interest and finance income | $ 105,641 | $ 92,209 | $ 211,440 | $ 178,438 |
Loans and Finance Receivables_3
Loans and Finance Receivables Held for Investment and Allowance for Credit Losses (Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unpaid principal balance | $ 1,185,122 | $ 1,144,954 |
Net deferred origination costs | 22,487 | 24,453 |
Total loans and finance receivables held for investment | 1,207,609 | 1,169,407 |
Term loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unpaid principal balance | 936,053 | 956,755 |
Lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unpaid principal balance | 238,105 | 188,199 |
Other loans and finance receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unpaid principal balance | $ 10,964 | $ 0 |
Loans and Finance Receivables_4
Loans and Finance Receivables Held for Investment and Allowance for Credit Losses (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Apr. 01, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and finance receivables | $ 1,207,609,000 | $ 1,207,609,000 | $ 1,169,407,000 | |||
Originations of loans held for investment, modified | 0 | $ 801,000 | ||||
Proceeds from sale of previously charged-off loans | 0 | $ 200,000 | 700,000 | |||
Allowance for loan losses for non-delinquent loans | 70,500,000 | 70,500,000 | 85,700,000 | |||
Allowance for loan losses for delinquent loans | 75,300,000 | 75,300,000 | 54,300,000 | |||
Unused lines of Credit | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Off-balance sheet credit exposure | 282,200,000 | 282,200,000 | 264,200,000 | |||
Reserve for Off-balance Sheet Activities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Related accrual for unfunded loan commitments | 6,300,000 | 6,300,000 | $ 5,900,000 | |||
Financial Institutions Borrower | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originations of loans held for investment, modified | $ 95,500,000 | $ 109,300,000 | $ 207,100,000 | $ 248,500,000 | ||
On Deck Capital Canada | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and finance receivables | $ 37,500,000 |
Loans and Finance Receivables_5
Loans and Finance Receivables Held for Investment and Allowance for Credit Losses (Allowance Roll Forward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for credit losses, beginning balance | $ 147,406 | $ 118,921 | $ 140,040 | $ 109,015 |
Recoveries of previously charged off amounts | 4,523 | 3,206 | 8,437 | 6,551 |
Loans and finance receivables charged off | (49,141) | (31,362) | (88,980) | (61,094) |
Provision for credit losses | 42,951 | 33,293 | 86,242 | 69,586 |
Allowance for credit losses, ending balance | $ 145,739 | $ 124,058 | $ 145,739 | $ 124,058 |
Loans and Finance Receivables_6
Loans and Finance Receivables Held for Investment and Allowance for Credit Losses (Non-delinquent, Paying and Non-paying Delinquent Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Current loans and finance receivables | $ 1,060,465 | $ 1,031,449 |
Delinquent: paying (accrual status) | 52,735 | 54,427 |
Delinquent: non-paying (non-accrual status) | 71,922 | 59,078 |
Total unpaid principal balance | $ 1,185,122 | $ 1,144,954 |
Loans and Finance Receivables_7
Loans and Finance Receivables Held for Investment and Allowance for Credit Losses (Aging Analysis of Term Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Current loans and finance receivables | $ 1,060,465 | $ 1,031,449 |
Total unpaid principal balance | 1,185,122 | 1,144,954 |
1-14 calendar days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 23,798 | 27,655 |
15-29 calendar days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 15,518 | 14,665 |
30-59 calendar days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 23,931 | 21,470 |
60-89 calendar days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 18,162 | 19,031 |
90 calendar days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | $ 43,248 | $ 30,684 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate at June 30, 2019 | 4.60% | |
Total | $ 841,602 | $ 816,231 |
OnDeck Asset Securitization Trust II | Secured Debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate at June 30, 2019 | 3.80% | |
Debt | $ 225,000 | 225,000 |
OnDeck Account Receivables Trust 2013-1 | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate at June 30, 2019 | 4.20% | |
Debt | $ 111,827 | 117,664 |
Receivable Assets of OnDeck, LLC | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate at June 30, 2019 | 4.80% | |
Debt | $ 101,453 | 113,631 |
OnDeck Asset Funding II LLC | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate at June 30, 2019 | 5.40% | |
Debt | $ 110,202 | 109,568 |
Prime OnDeck Receivable Trust II | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate at June 30, 2019 | 4.40% | |
Debt | $ 108,949 | 108,816 |
Loan Assets of OnDeck, LLC | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate at June 30, 2019 | 4.20% | |
Debt | $ 98,469 | 100,000 |
Corporate Debt | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate at June 30, 2019 | 5.40% | |
Debt | $ 20,000 | 0 |
Other Agreements | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate at June 30, 2019 | 6.80% | |
Debt | $ 72,909 | 47,318 |
Debt | ||
Debt Instrument [Line Items] | ||
Debt | 848,809 | 821,997 |
Deferred debt issuance cost | (7,207) | (5,766) |
Total | $ 841,602 | $ 816,231 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | Dec. 17, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Loans held for investment that are pledged as collateral | $ 1,000 | $ 1,000 | |
Credit Facility Due December 2019 | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Increase in line of credit | $ 19.7 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 0 | $ 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,191,009 | 1,155,464 |
Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 41 | 1,253 |
Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 41 | 1,253 |
Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Interest Rate Cap | Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cap | 41 | 1,253 |
Interest Rate Cap | Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cap | 0 | 0 |
Interest Rate Cap | Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cap | 41 | 1,253 |
Interest Rate Cap | Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cap | $ 0 | $ 0 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans and finance receivables, net | $ 0 | $ 0 |
Total assets | 0 | 0 |
Fixed-rate debt | 0 | 0 |
Total fixed-rate debt | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans and finance receivables, net | 0 | 0 |
Total assets | 0 | 0 |
Fixed-rate debt | 0 | 0 |
Total fixed-rate debt | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans and finance receivables, net | 1,191,009 | 1,155,464 |
Total assets | 1,191,009 | 1,155,464 |
Fixed-rate debt | 236,026 | 226,965 |
Total fixed-rate debt | 236,026 | 226,965 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans and finance receivables, net | 1,061,870 | 1,029,367 |
Total assets | 1,061,870 | 1,029,367 |
Fixed-rate debt | 240,238 | 232,972 |
Total fixed-rate debt | 240,238 | 232,972 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans and finance receivables, net | 1,191,009 | 1,155,464 |
Total assets | 1,191,009 | 1,155,464 |
Fixed-rate debt | 236,026 | 226,965 |
Total fixed-rate debt | $ 236,026 | $ 226,965 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 1,796 | $ 0 | $ 3,536 | $ 0 | |
Income tax provision effective rate | 45.00% | 32.00% | 0.00% | ||
Valuation allowance | $ (37,600) | $ (37,600) | |||
Deferred tax assets | 42,700 | 42,700 | |||
Net deferred tax asset less valuation allowance | $ 5,000 | $ 5,000 |
Stock-Based Compensation and _3
Stock-Based Compensation and Employee Benefit Plans (Summary of Option Activity) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Number of Options | |
Beginning balance (in shares) | shares | 7,932,782 |
Exercised (in shares) | shares | (389,335) |
Expired (in shares) | shares | (508,557) |
Ending balance (in shares) | shares | 7,034,890 |
Exercisable, number of options (in shares) | shares | 6,093,122 |
Vested or expected to vest, number of options (in shares) | shares | 6,984,662 |
Weighted- Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 5.86 |
Exercised (in dollars per share) | $ / shares | 2.63 |
Expired (in dollars per share) | $ / shares | 11.24 |
Ending balance (in dollars per share) | $ / shares | 5.65 |
Exercisable, weighted-average exercise price (in dollars per share) | $ / shares | 5.63 |
Vested or expected to vest, weighted-average exercise price (in dollars per share) | $ / shares | $ 5.65 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding, weighted-average remaining contractual term | 5 years 6 months |
Outstanding, aggregate intrinsic value | $ | $ 9,043 |
Exercisable, weighted-average remaining contractual term | 5 years 1 month 6 days |
Exercisable, aggregate intrinsic value | $ | $ 9,043 |
Vested or expected to vest, weighted-average remaining contractual term | 5 years 6 months |
Vested or expected to vest, aggregate intrinsic value | $ | $ 9,043 |
Stock-Based Compensation and _4
Stock-Based Compensation and Employee Benefit Plans (Options) (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||
Compensation cost for nonvested option awards not yet recognized | $ 1.9 | |
Weighted-average recognition period | 2 years 1 month 6 days | |
Aggregate intrinsic value | $ 1.4 | $ 2 |
Stock-Based Compensation and _5
Stock-Based Compensation and Employee Benefit Plans (Restricted Stock Unit Activity) (Details) - RSUs and PRSUs | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Number of RSUs and PRSUs | |
Unvested beginning balance (in shares) | shares | 3,307,561 |
RSUs and PRSUs granted (in shares) | shares | 1,984,378 |
RSUs and PRSUs vested (in shares) | shares | (585,312) |
RSUs and PRSUs forfeited/expired (in shares) | shares | (294,195) |
Unvested ending balance (in shares) | shares | 4,412,432 |
Expected to vest after March 31, 2019 (in shares) | shares | 3,594,305 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 6 |
RSUs and PRSUs granted (in dollars per share) | $ / shares | 5.64 |
RSUs and PRSUs vested (in dollars per share) | $ / shares | 6.57 |
RSUs and PRSUs forfeited/expired (in dollars per share) | $ / shares | 5.78 |
Unvested, ending balance (in dollars per share) | $ / shares | 5.78 |
Expected to vest after March 31, 2019 (in dollars per share) | $ / shares | $ 5.76 |
Stock-Based Compensation and _6
Stock-Based Compensation and Employee Benefit Plans (Restricted Stock Units) (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Recognition period | 2 years 1 month 6 days |
RSUs and PRSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 16 |
Recognition period | 2 years 10 months |
Stock-Based Compensation and _7
Stock-Based Compensation and Employee Benefit Plans (Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 3,248 | $ 2,794 | $ 6,331 | $ 6,004 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 474 | 505 | 1,033 | 1,040 |
Technology and analytics | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 889 | 657 | 1,717 | 1,253 |
Processing and servicing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 49 | 94 | 139 | 201 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 1,836 | $ 1,538 | $ 3,442 | $ 3,510 |
Derivatives and Hedging (Narrat
Derivatives and Hedging (Narrative) (Details) - Designated as Hedging Instrument - Interest Rate Cap | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Derivative [Line Items] | |
Derivative, notional amount | $ 300,000,000 |
Reclassification out of Accumulated Other Comprehensive Income | |
Derivative [Line Items] | |
Reclassified interest expense | $ 1,000,000 |
Derivative and Hedging (Fair Va
Derivative and Hedging (Fair Value by Balance Sheet Location) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Interest Rate Cap | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate cap agreement | $ 41 | $ 1,253 |
Derivatives and Hedging (Deriva
Derivatives and Hedging (Derivative Instruments, Gain (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Interest rate cap agreement | $ (124) | $ (742) | $ 0 | $ (866) | $ 0 | |
Interest Rate Cap | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Interest rate cap agreement | $ 866 | $ 456 |
Derivative and Hedging (Effects
Derivative and Hedging (Effects of Cash Flow Hedges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investment Income (Expense) | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest expense | $ (204) | $ 0 | $ (338) | $ 0 |
Revisions of Prior Period Fin_3
Revisions of Prior Period Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Financial Position [Abstract] | ||||||||
Loans and finance receivables | $ 1,207,609 | $ 1,207,609 | $ 1,169,407 | |||||
Total assets | 1,248,207 | 1,248,207 | 1,161,820 | |||||
Accrued expenses and other liabilities | 65,135 | 65,135 | 36,708 | |||||
Total liabilities | 915,243 | 915,243 | 859,335 | |||||
Accumulated deficit | (186,997) | (186,997) | (196,959) | |||||
Total On Deck Capital, Inc. stockholders' equity | 314,484 | 314,484 | 297,952 | |||||
Total stockholders' equity | 317,842 | $ 311,596 | $ 276,170 | $ 266,113 | 317,842 | $ 276,170 | 302,485 | $ 264,842 |
Income Statement [Abstract] | ||||||||
Interest and finance income | 105,641 | 92,209 | 211,440 | 178,438 | ||||
Gross revenue | 110,246 | 95,456 | 220,221 | 185,596 | ||||
Net revenue | 55,914 | 49,918 | 111,266 | 91,893 | ||||
Income (loss) from operations, before provision for income taxes | 3,964 | 4,612 | 11,032 | 2,036 | ||||
Net Income (loss) | $ 2,168 | $ 5,328 | 4,612 | $ (2,576) | $ 7,496 | 2,036 | ||
Previously Reported | ||||||||
Statement of Financial Position [Abstract] | ||||||||
Loans and finance receivables | 1,169,157 | |||||||
Total assets | 1,161,570 | |||||||
Accrued expenses and other liabilities | 34,654 | |||||||
Total liabilities | 857,281 | |||||||
Accumulated deficit | (195,155) | |||||||
Total On Deck Capital, Inc. stockholders' equity | 299,756 | |||||||
Total stockholders' equity | 304,289 | |||||||
Income Statement [Abstract] | ||||||||
Interest and finance income | 92,371 | 178,740 | ||||||
Gross revenue | 95,618 | 185,898 | ||||||
Net revenue | 50,080 | 92,195 | ||||||
Income (loss) from operations, before provision for income taxes | 4,774 | 2,338 | ||||||
Net Income (loss) | 4,774 | 2,338 | ||||||
Restatement Adjustment | ||||||||
Statement of Financial Position [Abstract] | ||||||||
Loans and finance receivables | 250 | |||||||
Total assets | 250 | |||||||
Accrued expenses and other liabilities | 2,054 | |||||||
Total liabilities | 2,054 | |||||||
Accumulated deficit | (1,804) | |||||||
Total On Deck Capital, Inc. stockholders' equity | (1,804) | |||||||
Total stockholders' equity | $ (1,804) | |||||||
Income Statement [Abstract] | ||||||||
Interest and finance income | (162) | (302) | ||||||
Gross revenue | (162) | (302) | ||||||
Net revenue | (162) | (302) | ||||||
Income (loss) from operations, before provision for income taxes | (162) | (302) | ||||||
Net Income (loss) | $ (162) | $ (302) |
Subsequent Events (Details)
Subsequent Events (Details) - Debt Facility Sun Trust Facility Agreement Due January 2021 - Revolving Credit Facility - Subsequent Event | Jul. 19, 2019USD ($) |
Subsequent Event [Line Items] | |
Line of credit facility, increase | $ 20,000,000 |
Line of credit facility, maximum borrowing capacity | $ 105,000,000 |
LIBOR | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 3.00% |