GreenSky, Inc. Provides Business Update in Light of COVID-19

The phone number for Gerald R. Benjamin in contact section of release (dated March 19, 2020) should read 404.380.1093 (instead of 404.380.1903).

The corrected release reads:

GREENSKY, INC. PROVIDES BUSINESS UPDATE IN LIGHT OF COVID-19

GreenSky, Inc. (“GreenSky” or the “Company”) (NASDAQ: GSKY), a leading financial technology company Powering Commerce at the Point of Sale^®, commented on its recent business trends, strong financial position, and ongoing response to COVID-19.

COVID-19 Response

"While the impact of COVID-19 continues to evolve, GreenSky remains committed to serving our bank partners, merchants, and consumers, while caring for the safety of our associates and their families,” said David Zalik, GreenSky Chairman & CEO. “In particular, I am deeply pleased with GreenSky’s response to this challenge, including successfully and seamlessly migrating to a work-at-home program, allowing our associates to continue safely delivering uninterrupted, best-in-class service to our merchants and consumer borrowers. In addition, I remain gratified by GreenSky’s strong financial position and significant excess liquidity,” added Zalik.

Business Updates

• GreenSky enjoyed material growth in January and February 2020, generating $905 million of transaction volume, up 16% over the comparable 2019 two-month period. March 2020 month-to-date transaction volume, through yesterday, March 18, 2020, exceeded $289 million, up 14% over the comparable 2019 month to date period.
• GreenSky’s corporate liquidity position is strong with nearly $190 million of unrestricted cash on its balance sheet and an undrawn $100 million revolving credit facility.
• GreenSky has significant funding to support new transaction volume, coming into 2020 with more than $2.2 billion of unused bank funding commitments, plus anticipated current-year portfolio paydowns creating another $2.7 billion of incremental availability to fund current-year transaction volume.
• GreenSky continues to expect its previously-announced $6 billion three-year ($2 billion per annum) forward flow financing arrangement to close and fund in the second quarter.

GreenSky’s business updates are unaudited and have not been verified or reviewed by any third party, and this information is subject to change upon completion of the Company’s quarter-end review procedures (and such changes could be material). The Company undertakes no obligation to update or review the information set forth in this press release.

About GreenSky, Inc.

GreenSky, Inc. (NASDAQ: GSKY) is a leading technology company Powering Commerce at the Point of Sale^® for a growing ecosystem of merchants, consumers and banks. Our highly scalable, proprietary technology platform enables over 17,000 merchants to offer frictionless promotional payment options to consumers, driving increased sales volume and accelerated cash flow. Banks leverage GreenSky’s technology to provide loans to super-prime and prime consumers nationwide. Since our inception, over 3 million consumers have financed over $22 billion of commerce using our paperless, real time “apply and buy” technology. GreenSky is headquartered in Atlanta, Georgia. For more information, visit https://www.greensky.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect the Company's current views with respect to, among other things, the outcome of its exploration of strategic alternatives, including the terms, structure and timing of any resulting transactions; its operations, including transaction volume and credit performance; its financial performance; and bank partner commitments and other funding initiatives, including the timing and availability of the proposed forward flow arrangement. You generally can identify these statements by the use of words such as “outlook,” “potential,” “continue,” “may,” “seek,” “approximately,” “predict,” “believe,” “expect,” “plan,” “intend,” “estimate” or “anticipate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These risks and uncertainties include those risks described in GreenSky's filings with the Securities and Exchange Commission and include, but are not limited to, risks related to the ongoing impact of the COVID-19 pandemic on the Company, the capital markets and the economy in general; the Company's ability to retain existing, and attract new, merchants and bank partners or other funding partners; its future financial performance, including trends in revenue, cost of revenue, gross profit or gross margin, operating expenses, and free cash flow; changes in market interest rates; increases in loan delinquencies; its ability to operate successfully in a highly regulated industry; the effect of management changes; cyberattacks and security vulnerabilities in its products and services; and the Company’s ability to compete successfully in highly competitive markets. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, GreenSky disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

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