Operating cash flow remained deeply negative at -$572.9M in 2026Q2, with securities sales of $576.1M funding loan growth, and no dividends paid while buybacks were minimal at $12.6M, indicating cash generation is accrual-based rather than cash-based.
Happen, Inc. Common Stock (HAPN) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'11 |
|---|
| Cash from Operations | -2.79B | -2.73B | -2.63B | -1.14B | 375.57M | 239.87M | 418.03M | -270.64M | -639.74M | -573.39M | 545K | 74.74M | 49.92M | 1.14M | -11.09M |
| Operating CF Margin % | - | -204.31% | -226.9% | -100.1% | 29.58% | 26.69% | 91.83% | -27.64% | -65.21% | -54.14% | 0.05% | 8.14% | 9.41% | 0.43% | -25.95% |
| Operating CF Growth % | -440.04% | -3.52% | -131.76% | -402.63% | 56.57% | -42.62% | 254.46% | 57.69% | -11.57% | - | - | 49.72% | 4282.79% | 110.27% | - |
| Net Income | 210.58M | 135.68M | 51.33M | 38.94M | 289.69M | 18.58M | -187.54M | -30.69M | -128.15M | -154.04M | -145.97M | -5M | -32.89M | 7.31M | -11.94M |
| Depreciation & Amortization | 67.67M | 62.89M | 53.3M | 47.2M | 43.83M | 44.28M | 54.03M | 62.15M | 54.76M | 46.21M | 29.88M | 21.58M | 10.26M | 1.66M | 150K |
| Stock-Based Compensation | 29.51M | 34.29M | 40.07M | 52.39M | 66.36M | 66.76M | 61.53M | 73.64M | 75.09M | 70.98M | 69.24M | 51.22M | 37.15M | 6.49M | 660K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -143.5M | 0 | -27.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -3.1B | -2.99B | -2.79B | -1.24B | 156.78M | 93.61M | 613.98M | -299.63M | -579.77M | -618.57M | 23.37M | -6.37M | 2.26M | 465K | 326K |
| Working Capital Changes | 2.49M | 33.29M | 15.96M | -32.85M | -37.6M | 16.64M | -96.54M | -76.11M | -61.67M | 82.04M | 24.02M | 13.3M | 33.14M | -14.79M | -278K |
| Change in Receivables | 0 | 0 | 0 | 54.89M | 0 | 0 | -5.05M | -16.3M | -3.79M | 6.29M | -2.22M | -14.01M | -8.4M | -10.69M | -2.39M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | -11.61M | -5.68M | -16.38M | -12.49M | 8.91M | 12.68M | 11.58M | 12.85M | 3.22M |
| Cash from Investing | 704.54M | 1.93B | 607.81M | 516.7M | -2.81B | -454.41M | 565.77M | 653.77M | 878.74M | 998.57M | -325.88M | -2.41B | -1.26B | -1.12B | -218.81M |
| Capital Expenditures | -87.53M | -140.34M | -54.3M | -59.51M | -69.48M | -34.41M | -31.15M | -50.67M | -52.98M | -44.62M | -51.84M | -39.39M | -20.57M | -10.44M | -383K |
| CapEx % of Revenue | 6.6% | 10.51% | 4.68% | 5.24% | 5.47% | 3.83% | 6.84% | 5.17% | 5.4% | 4.21% | 4.65% | 4.29% | 3.88% | 3.9% | 0.9% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 522.89M | 418.58M | 0 | 0 | 0 | 0 | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | 4.85B | 2.8B | 1.83B | 362.59M |
| Other Investing | -1.28B | 316.19M | -226.51M | 540.14M | -2.6B | -1.09B | 400K | 612.39M | 867.45M | 819.88M | -275.21M | -2.07B | -1.13B | -1.11B | -218.42M |
| Cash from Financing | 2.03B | 747.82M | 1.71B | 789.57M | 2.8B | 349.64M | -842.44M | -540.06M | -239.23M | -474.31M | 314.48M | 2.09B | 2.03B | 1.12B | 247.8M |
| Debt Issued (Net) | 806.06M | 769.91M | 1.72B | 809.4M | 2.8B | 358.94M | -783.29M | -513.29M | -223.26M | -480.81M | 262.95M | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.41M | 5.23M | 5.61M | -14.24M | 5.09M | 892.48M | 0 | 31.95M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -50.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.48M | 0 | 0 | 0 | 0 |
| Other Financing | 1.22B | -22.09M | -13.67M | -19.83M | -9.03M | -9.29M | -8.95M | -29.18M | -21.2M | 893K | 65.77M | 45.63M | 37.23M | 3.95M | 701K |
| Net Change in Cash | -52.61M | -46.96M | -316.75M | 169.66M | 360.9M | 135.1M | 141.36M | -156.94M | -231K | -49.12M | -10.85M | -246.25M | 820.48M | -3.25M | 17.91M |
| Free Cash Flow | -2.87B | -2.87B | -2.69B | -1.2B | 306.09M | 205.46M | 386.88M | -321.31M | -692.72M | -618M | -51.3M | 35.35M | 29.35M | -9.3M | -11.47M |
| FCF Margin % | -216.73% | -214.82% | -231.58% | -105.35% | 24.11% | 22.86% | 84.99% | -32.81% | -70.61% | -58.35% | -4.6% | 3.85% | 5.53% | -3.48% | -26.84% |
| FCF Growth % | -33.67% | -6.65% | -124.77% | -490.77% | 48.98% | -46.89% | 220.41% | 53.62% | -12.09% | -1104.75% | - | 20.46% | 415.71% | 18.95% | - |
| FCF per Share | -24.45 | -24.12 | -23.77 | -11.03 | 2.94 | 2.01 | 4.28 | -3.68 | -8.19 | -7.56 | -0.66 | 0.47 | 1.94 | -0.80 | -0.99 |
| FCF Conversion (FCF/Net Income) | -13.65x | -20.10x | -51.32x | -29.19x | 1.30x | 12.91x | -2.23x | 8.80x | 4.99x | 3.73x | -0.00x | -14.96x | -1.52x | 0.16x | 0.93x |
| Interest Paid | 254.69M | 341.39M | 378.28M | 258.63M | 79.73M | 77.33M | 143.84M | 254.59M | 394.46M | 581.43M | 684.77M | 536.45M | 345.92M | 176.19M | 28.06M |
| Taxes Paid | 572K | 3.38M | 275K | 6.63M | 14.46M | 4.8M | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying HAPN stock.
Happen, Inc. Common Stock (HAPN) generated $-2726.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Happen, Inc. Common Stock (HAPN) reported negative free cash flow of $2.87B in 2025, indicating capital requirements exceeded cash from operations.
Happen, Inc. Common Stock (HAPN) spent $140.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Provision volatility and fee reliance
Metrics are mathematically derived from official filings.
Earnings Retention Drives Capital Build
LendingClub's net income rose to $58.1M in 2026Q2, yet operating cash flow remained deeply negative at -$572.9M, according to recent financial statements, indicating that capital generation is primarily accrual-based rather than cash-based.
Despite positive net income in every quarter, operating cash flow has been consistently negative, ranging from -$185.4M in 2024Q4 to -$903.8M in 2025Q4. This divergence suggests that earnings are being reinvested into loan originations and trading assets, which consume cash. The retained earnings, however, are building regulatory capital, as evidenced by the improving net income trend, which may support future growth without external capital raises.
Securities Sales Fund Loan Growth
LendingClub's investment securities sales totaled $576.1M in 2026Q2, far exceeding purchases of $22.8M, as per quarterly filings, indicating a strategy of liquidating securities to fund loan portfolio expansion.
The consistent pattern of selling more investment securities than purchasing (sales outpaced purchases in every quarter) suggests that LendingClub is actively managing its securities portfolio to generate liquidity. This may reflect a deliberate shift toward higher-yielding loans, but it also reduces the interest income buffer from securities. The net cash inflow from securities sales has grown from $119.6M in 2024Q1 to $553.3M in 2026Q2, indicating an accelerating pace of portfolio monetization.
Loan Originations Outpace Deposit Inflows
Operating cash flow averaged -$655M per quarter over the last five quarters, according to LendingClub's cash flow statements, suggesting that loan originations are significantly exceeding cash inflows from deposits and other sources.
The negative operating cash flow, despite positive net income, indicates that LendingClub is aggressively growing its loan book, likely through originations that are not matched by equivalent deposit growth. This reliance on wholesale funding or securities sales to bridge the gap may increase funding costs and liquidity risk. Investors should monitor whether deposit growth can keep pace with loan growth to avoid over-reliance on volatile funding sources.
No Dividends, Minimal Buybacks
LendingClub paid no dividends and repurchased only $12.6M in shares in 2026Q2, as reported in cash flow statements, indicating a conservative capital return policy that prioritizes reinvestment over shareholder distributions.
With no dividend payments throughout the period and only sporadic buyback activity (a $12.6M repurchase in 2026Q2 and a $12.6M issuance in 2026Q1), LendingClub is clearly retaining capital to support growth and absorb potential credit losses. This is consistent with a bank in a growth phase, but it may disappoint income-focused investors. The lack of buybacks also suggests management sees better returns from loan growth than from repurchasing undervalued shares.
Deposit Flows Hidden in Operating Cash Flow
LendingClub's operating cash flow does not separately disclose deposit inflows, but the persistent negative OCF, as per financial statements, implies that deposit growth is insufficient to fund loan growth, necessitating securities sales.
The cash flow statement aggregates deposit changes within operating cash flow, making it difficult to isolate deposit quality. However, the consistent negative OCF, even as net income improves, suggests that deposit inflows are not keeping pace with loan originations. This may indicate a reliance on more expensive funding sources, which could pressure net interest margins if deposit betas rise. Analysts should examine the balance sheet for deposit composition to assess stability.
Cash Flow Masks Credit Risk
Loan loss provisions reached $85.2M in 2026Q2, the highest in the series, according to LendingClub's cash flow data, yet actual cash losses are not separately disclosed, potentially understating credit deterioration.
The cash flow statement shows loan loss provisions as a non-cash adjustment, but actual charge-offs are not visible. The rising provisions, combined with the aggressive loan growth, may indicate that credit quality is deteriorating, but the cash flow statement does not reveal the extent of realized losses. Investors should cross-reference the income statement and balance sheet for allowance coverage and charge-off trends to gauge the true credit risk.