LendingClub (NYSE:LC) Cyclically Adjusted Revenue per Share

: $8.30 (As of Sep. 2023)

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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Revenue per Share and the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted Revenue per Share of a company over the past 10 years.

LendingClub's adjusted revenue per share for the three months ended in Sep. 2023 was $1.815. Add all the adjusted revenue per share for the past 10 years together and divide the count will get our Cyclically Adjusted Revenue per Share, which is $8.30 for the trailing ten years ended in Sep. 2023.

During the past 12 months, LendingClub's average Cyclically Adjusted Revenue Growth Rate was 3.80% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Revenue Growth Rate using Cyclically Adjusted Revenue per Share data.

As of today (2023-12-02), LendingClub's current stock price is $6.75. LendingClub's Cyclically Adjusted Revenue per Share for the quarter that ended in Sep. 2023 was $8.30. LendingClub's Cyclically Adjusted PS Ratio of today is 0.81.

During the past 11 years, the highest Cyclically Adjusted PS Ratio of LendingClub was 2.13. The lowest was 0.62. And the median was 1.19.

LendingClub Cyclically Adjusted Revenue per Share Historical Data

The historical data trend for LendingClub's Cyclically Adjusted Revenue per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

LendingClub Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Cyclically Adjusted Revenue per Share

8.05

LendingClub Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Cyclically Adjusted Revenue per Share																8.00	8.05	8.23	8.30	8.30

Competitive Comparison

For the Credit Services subindustry, LendingClub's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

LendingClub Cyclically Adjusted PS Ratio Distribution

For the Credit Services industry and Financial Services sector, LendingClub's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where LendingClub's Cyclically Adjusted PS Ratio falls into.

LendingClub Cyclically Adjusted Revenue per Share Calculation

What is Cyclically Adjusted Revenue per Share? How do we calculate Cyclically Adjusted Revenue per Share?

Cyclically Adjusted Revenue per Share is the average of the inflation adjusted Revenue per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted Revenue per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the revenue per share from 2001 through 2010.

We adjusted the 2001 revenue per share data with the total inflation from 2001 through 2010 to the equivalent revenue in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's revenue is $1 a share in 2001, then the 2001's equivalent revenue in 2010 is $1.4 a share. If Wal-Mart's revenue is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 revenue in 2010 is $1.35. So on and so forth, you get the equivalent revenue per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, LendingClub's adjusted Revenue per Share data for the three months ended in Sep. 2023 was:

Adj_RevenuePerShare	=	Revenue per Share	/	CPI of Sep. 2023 (Change)	*	Current CPI (Sep. 2023)
	=	1.815	/	129.8595	*	129.8595
	=	1.815

Current CPI (Sep. 2023) = 129.8595.

LendingClub Quarterly Data

	Revenue per Share	CPI	Adj_RevenuePerShare
201312	2.292	98.326	3.027
201403	2.702	99.695	3.520
201406	3.421	100.560	4.418
201409	0.635	100.428	0.821
201412	0.766	99.070	1.004
201503	0.928	99.621	1.210
201506	1.102	100.684	1.421
201509	1.238	100.392	1.601
201512	1.556	99.792	2.025
201603	1.696	100.470	2.192
201606	1.077	101.688	1.375
201609	1.255	101.861	1.600
201612	1.417	101.863	1.806
201703	1.299	102.862	1.640
201706	1.454	103.349	1.827
201709	1.608	104.136	2.005
201712	1.594	104.011	1.990
201803	1.542	105.290	1.902
201806	1.797	106.317	2.195
201809	1.876	106.507	2.287
201812	1.821	105.998	2.231
201903	1.697	107.251	2.055
201906	1.913	108.070	2.299
201909	2.020	108.329	2.421
201912	2.743	108.420	3.285
202003	1.423	108.902	1.697
202006	0.543	108.767	0.648
202009	0.933	109.815	1.103
202012	0.889	109.897	1.050
202103	1.107	111.754	1.286
202106	1.962	114.631	2.223
202109	2.280	115.734	2.558
202112	2.167	117.630	2.392
202203	2.704	121.301	2.895
202206	3.088	125.017	3.208
202209	2.837	125.227	2.942
202212	2.440	125.222	2.530
202303	2.252	127.348	2.296
202306	2.132	128.729	2.151
202309	1.815	129.860	1.815

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

LendingClub (NYSE:LC) Cyclically Adjusted Revenue per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted Revenue per Share may underestimate the company's revenue. Cyclically Adjusted PS Ratio can seem to be too high even the actual PS Ratio is low.

For the Cyclically Adjusted PS Ratio, the revenue per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/S calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PS Ratio is also called CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

LendingClub's Cyclically Adjusted PS Ratio of today is calculated as

Cyclically Adjusted PS Ratio	=	Share Price	/	Cyclically Adjusted Revenue per Share
	=	6.75	/	8.3
	=	0.81

During the past 11 years, the highest Cyclically Adjusted PS Ratio of LendingClub was 2.13. The lowest was 0.62. And the median was 1.19.

Be Aware

Cyclically Adjusted PS Ratio works better for cyclical companies. It gives you a better idea on the company's real revenue value.

LendingClub Cyclically Adjusted Revenue per Share Related Terms

Thank you for viewing the detailed overview of LendingClub's Cyclically Adjusted Revenue per Share provided by GuruFocus.com. Please click on the following links to see related term pages.

LendingClub (NYSE:LC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Credit Services » LendingClub Corp (NYSE:LC) » Definitions » Cyclically Adjusted Revenue per Share

Comparable Companies

Traded in Other Exchanges

8LCA:Germany

Address

595 Market Street, Suite 200, San Francisco, CA, USA, 94105

Website

https://www.lendingclub.com

LendingClub Corp is a company engaged in operating an online lending marketplace platform that connects borrowers and investors for the provision of the loan facility. It offers investors access to an asset class that has generally been closed to many investors and only available on a limited basis to institutional investors. The company through the platform offers loan products such as personal, education and patient finance, small business, and auto to interested investors. It generates a majority of the revenue from the transaction fees received from the platform's role in accepting and decisioning applications on behalf of the bank partners to enable loan originations.

Executives

Janey Whiteside	director	C/O LENDINGCLUB CORPORATION, 595 MARKET ST., #200, SAN FRANCISCO CA 94105
Stephen M Cutler	director	JPMORGAN CHASE & CO., 270 PARK AVENUE, NEW YORK NY 10017
Andrew Labenne	officer: Chief Financial Officer	C/O BAKKT HOLDINGS, INC., 5500 WINDWARD PKWY., SUITE 450, ALPHARETTE GA 30005
Kathryn Reimann	director	C/O LENDINGCLUB CORPORATION, 595 MARKET ST., #200, SAN FRANCISCO CA 94105
Syed Faiz Ahmad	director	7601 SOUTHWEST PARKWAY, AUSTIN TX 78735
Adrienne Harris	director	150 NORTH RIVERSIDE PLAZA, SUITE 5200, CHICAGO IL 60606
Allan R Landon	director	130 MERCHANT ST 22ND FLR, HONOLULU HI 96813
Erin Selleck	director	C/O BROADWAY FINANCIAL CORPORATION, 5055 WILSHIRE BLVD. SUITE 500, LOS ANGELES CA 90036
Annie Armstrong	officer: Chief Risk Officer	C/O LENDINGCLUB CORPORATION, 595 MARKET ST. #200, SAN FRANCISCO CA 94105
Shanda Global Investment Ltd	10 percent owner	303 TWIN DOLPHIN DRIVE, #6054, REDWOOD CITY CA 94065
Michael P Zeisser	director
Brandon Pace	officer: General Counsel and Secretary	C/O LENDINGCLUB CORPORATION, 595 MARKET ST, SUITE 200, SAN FRANCISCO CA 94105
Ronnie Momen	officer: Chief Lending Officer	C/O LENDINGCLUB CORPORATION, SAN FRANCISCO CA 94105
Valerie Kay	officer: Chief Capital Officer	C/O LENDINGCLUB CORPORATION, 71 STEVENSON ST, SUITE 1000, SAN FRANCISCO CA 94105
Bahman Koohestani	officer: Chief Technology Officer	500 W. MADISON STREET, #1000, CHICAGO IL 60661