GreenSky Provides Business, Operational and Liquidity Update

GreenSky, Inc. (“GreenSky” or the “Company”) (NASDAQ: GSKY), a leading financial technology company Powering Commerce at the Point of Sale, today commented on business, operational and liquidity trends.

COVID-19 Response

"While the impact of COVID-19 continues to evolve, and the ultimate duration and severity of the pandemic are unknown, GreenSky is well positioned strategically and financially to adapt to the current environment,” said David Zalik, GreenSky Chairman & CEO.

“We remain highly focused on serving the needs of all members of the GreenSky ecosystem: our merchants, bank partners, and GreenSky program borrowers. Each of our bank partners is working with us to provide temporary relief from payments to GreenSky program borrowers requesting hardship assistance. Moreover, having successfully instituted a Company-wide work-at-home program to ensure the safety of all GreenSky associates and their families, we continue to support the ongoing loan servicing, enrollment, application, transaction processing, and funding needs of our bank partners, merchants and their consumer customers in seamless fashion. Finally, as indicated in the Transaction Volume and Credit Performance section below, we continue to be gratified by the durability of our business, including continued low delinquencies, during this highly unusual time,” added Zalik.

First Quarter Transaction Volume and Credit Performance

• Transaction volume in the first quarter was approximately $1.372 billion, up 10% over the quarter ended March 31, 2019. As previously disclosed, in January and February 2020, before COVID-19 began disrupting business activity nationally, GreenSky generated $905 million of transaction volume, up 16% over the comparable 2019 two-month period.
• In March 2020, as activity was beginning to slow due to COVID-19, transaction volume was nearly $467 million, slightly above March 2019 transaction volume of $461 million. In light of the impact of COVID-19, the Company anticipates second quarter transaction volume to continue to decline.
• Credit performance is historically strong as the Company enters the second quarter. The 30-day delinquencies were 1.23%, an 8 basis point improvement over the same quarter in 2019, and the weighted-average FICO score for originations in the first quarter of 2020 was greater than 770. The Company believes that its super-prime program borrowers and focus on promotional credit are strongly resilient.

The foregoing metrics are preliminary and unaudited.