Greensky - GSKY STOCK NEWS

TortoiseEcofin announced that GreenSky, Inc. (NASDAQ: GSKY) will be removed from the Ecofin Global Digital Payments Infrastructure Index due to its merger with The Goldman Sachs Group, Inc. (NASDAQ: GS). This change will take effect on December 15, 2021, at market open. The Ecofin Index represents global digital payments companies engaged in electronic transactions and related Fintech services. The removal of GSKY from the index reflects its strategic transition post-merger.

GreenSky, Inc. (NASDAQ: GSKY) reported strong Q3 2021 financial results, with a net income of $39.8 million and diluted EPS of $0.19. Adjusted EBITDA reached a record $58.3 million, representing a 51% increase year-over-year. The company announced a pending acquisition by Goldman Sachs valued at approximately $2.24 billion, expected to close by Q1 2022. Despite challenges in the home improvement sector, transaction volume rose to $1.5 billion, and credit performance remained stable with a delinquency rate of just 0.73%. Liquidity at September 30, 2021, stood at $342 million.

The Goldman Sachs Group and GreenSky, Inc. (NASDAQ: GSKY) announced a definitive agreement for Goldman Sachs to acquire GreenSky in an all-stock transaction valued at approximately $2.24 billion. The acquisition aims to enhance Goldman Sachs' consumer banking platform and provide innovative financing solutions to GreenSky's network of over 10,000 merchants, facilitating seamless customer transactions. GreenSky has supported around 4 million customers with home improvement financing, driving notable growth for both parties. The transaction is anticipated to close in Q4 2021 or Q1 2022, subject to shareholder and regulatory approvals.

GreenSky, Inc. (NASDAQ: GSKY) reported record financial results for Q2 2021, with net income of $46.7 million and adjusted EBITDA of $60.8 million, representing a 53% increase year-over-year. Transaction volume reached $1.5 billion, a 14% growth compared to Q2 2020. The company expanded strategic partnerships, including a five-year agreement with EGIA, projected to generate up to $1 billion in transaction volumes. GreenSky raised its full-year guidance, anticipating revenue between $520 million and $540 million. Additionally, liquidity improved with over $200 million in unrestricted cash.

GreenSky, Inc. (NASDAQ: GSKY) will announce its Q2 2021 financial results after U.S. market hours on July 28, 2021. A conference call will take place on July 29, 2021, at 9:00 a.m. ET for management to discuss these results. Interested parties can join via a live webcast available on the company's investor relations website. GreenSky, a technology company based in Atlanta, offers a patented platform for merchants and banks, supporting over $9 billion in loans with approximately 3.9 million consumers funded since inception.

GreenSky (NASDAQ: GSKY) has reached a settlement with the Consumer Financial Protection Bureau relating to consumer complaints about allegedly unauthorized loans. The company will pay a civil penalty of $2.5 million and provide redress for consumers capped at $3 million in cash and $6 million in loan cancellations. As of June 30, 2021, GreenSky had fully reserved for this matter. President Tim Kaliban expressed pride in their consumer advocacy efforts and noted that the resolution allows the company to focus on growth and strengthening business integrity.

GreenSky, Inc. (NASDAQ: GSKY) has expanded its partnership with the Electric & Gas Industries Association (EGIA), becoming the exclusive first-look financing provider for its vast network of contractors. This multi-year agreement aims to enhance access to point-of-sale financing for energy efficiency and home improvement projects. Since its launch, EGIA's financing program has facilitated over $4.5 billion in commerce. The collaboration will also support EGIA's OPTIMUS program, offering optimal financing solutions for contractors and their customers.

GreenSky, Inc. (NASDAQ: GSKY) has appointed Ritesh Gupta as the new Executive Vice President and Chief Operating Officer, effective July 1, 2021. Gupta, who holds over two decades of experience in financial services, joined GreenSky in 2018 as Executive Vice President of Operations. CEO David Zalik expressed confidence in Gupta's leadership, highlighting his role in navigating challenges during the pandemic and developing growth initiatives. GreenSky services a $9.3 billion loan portfolio and has facilitated approximately $29 billion in consumer financing through its proprietary technology since inception.

GreenSky, Inc. (NASDAQ: GSKY) has launched Version 6.5 of its GreenSky Mobile App, enhancing features for its merchants and customers. The app now allows users to sign digitally within the application, improving transaction efficiency. GreenSky's CTO highlighted the app's advanced security measures and seamless integration capabilities, emphasizing its competitive edge in the market. The company currently services a loan portfolio of $9.3 billion, facilitating approximately $29 billion in transactions through its technology platform since inception.