On Deck Capital (NYSE: ONDK) shares are flat in Monday's after hours session. On Deck Capital reported Q2 adjusted EPS loss of $0.20 versus estimated loss of $0.24. Sales were $69.5 million versus estimates of $67.83 million.
The online facilitator of loans to small and medium sized businesses said Loans Under Management increased by 47 percent year-over-year to $1 billion. Originations grew 41 percent to $590 million. Unpaid Principal Balances grew to $790 million, an increase of 57 percent year-over-year. Provisions for loses doubled year-over-year to $32.3 million to which the company said "The increase in provision expense primarily reflected the 74% increase in originations of loans designated as held for investment in connection with the planned reduction of Marketplace sales during the second quarter of 2016."
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CEO Noah Breslow said "Although financial comparisons continue to be affected by our planned reduction in Marketplace sales and its resulting accounting impacts, we believe that retaining a greater percentage of loans on our balance sheet is the right decision for the long-term economics of the business. To that end, our Unpaid Principal Balance grew 57% year-over-year, which will drive future gross revenue."
Revenues for Q3 are expected to between $73 million and $76 million compared with analyst estimates of $74.82 million. Full year 2016 revenues are expected to be between $280 million and $290 million compared with analyst estimates of $286.10 million
Shares of On Deck Capital closed Monday's regular session down $0.09 or 1.71 percent to $5.16.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.