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GreenSky GreenSky , Inc. Reports Strong First Quarter Profitability Record First Quarter Adjusted EBITDA Raises Full Year Guidance Revenue of $ 125.2 million Net Income of $ 12.1 million ; Diluted EPS of $ 0.05 Adjusted Pro Forma Net Income of $ 15.2 million ; Adjusted Pro Forma Diluted EPS of $ 0.08 Adjusted EBITDA of $ 35.1 million ATLANTA - ( BUSINESS WIRE ) – May 4 , 2021 - GreenSky , Inc. ( NASDAQ : GSKY ) , a leading financial technology company Powering Commerce at the Point of Sale® , reported financial results today for the first quarter ended March 31 , 2021 . ● " I am delighted to share that GreenSky's strong performance for the first quarter of the year has us on an early pace to materially exceed our 2021 performance goals , " said David Zalik , GreenSky's Chairman and CEO . " During the first quarter , we delivered strong profitability across all key metrics and are encouraged by the continued momentum in transaction volume growth . Specifically , our Home Improvement business saw a record amount of first quarter application approvals , while our Elective Healthcare business continued to restore and normalize . Enterprise - wide transaction volume was up 28 % from February to March , compared to 21 % for the same period in 2019 , reflecting accelerated growth compared to pre - pandemic levels . Moreover , during the quarter we enjoyed tremendous Home Improvement new merchant enrollments in the windows & doors , HVAC , roofing and kitchen and bath categories , positioning us for exceptional volumes in the coming quarters . " Zalik continued , " For the first quarter , when compared to the first quarter of 2020 , GreenSky's Net Income increased by $ 23 million , Pro Forma Net Income increased by $ 24 million and Adjusted EBITDA more than doubled to a record $ 35 million , reflecting a first quarter Adjusted EBITDA margin of 28 % . " Andrew Kang , Chief Financial Officer , said , " Building off a successful launch to grow and diversify our funding in 2020 , through the first four months of 2021 , we have completed an additional $ 2.3 billion in new funding initiatives across a diverse set of investors and with improved economics compared to 2020. We increased the commitment of our existing forward flow agreement , completed additional loan sales in the quarter and increased our bank waterfall commitment with an existing , long - standing bank partner and extended that commitment for an additional 2 years . " Mr. Kang continued , " Our strong first quarter results were driven by an 11 % year - over - year improvement in Cost of Revenue and the ongoing positive credit performance of our servicing portfolio , which has us well positioned to exceed budget for the full year . As a result , we are raising our 2021 net income and Adjusted EBITDA guidance . " First Quarter Financial Highlights : Transaction Volume : First quarter transaction volume was $ 1.3 billion , compared to $ 1.4 billion in the first quarter of 2020 , as supply chains continued to normalize , and application momentum continued to build throughout the quarter . This momentum continued into the month of April , which saw monthly transaction volume exceed April 2020 transaction volume by 38 % . Transaction Fee Rate : The average transaction fee rate was 6.61 % in the first quarter , an increase of 6 basis points from an average transaction fee rate of 6.55 % in the first quarter of 2020. Excluding certain sponsor rebates that have been consistent in the first quarter , the average transaction fee rate was 6.89 % . Revenue : First quarter total revenue increased 3 % year - over - year , from $ 121.9 million to $ 125.2 million . Transaction fee revenue was $ 85.7 million compared to $ 89.9 million in the first quarter of 2020 . 1