LendingClub Corporation (NYSE:LC) Q2 2022 Results Conference Call July 27, 2022 5:00 PM ET

Company Participants

Sameer Gokhale - Head, Investor Relations

Scott Sanborn - Chief Executive Officer

Tom Casey - Chief Financial Officer

Conference Call Participants

Bill Ryan - Seaport Research

David Chiaverini - Wedbush Securities

Michael Perito - KBW

Giuliano Bologna - Compass Point

Operator

Good afternoon. Thank you for attending the LendingClub Corp Second Quarter 2022 Earnings Call. My name is Matt and I will be your moderator for today's call. [Operator Instructions]

I would now like to pass the conference over to our host Sameer Gokhale, Head of Investor Relations for LendingClub. Sameer, please go ahead.

Sameer Gokhale

Thank you, and good afternoon. Welcome to LendingClub second quarter 2022 earnings conference call. Joining me today to talk about our results and recent events are Scott Sanborn, CEO; and Tom Casey, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website.

On the call, in addition to questions from analysts, we will also be answering some of the questions that were submitted for consideration via email. Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve risks and uncertainties. These statements include, but are not limited to our competitive advantages and strategy, macroeconomic conditions and outlook, platform, volume, future products and services and future business and financial performance.

Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are described in today's press release and our most recent Forms 10-K as filed with the SEC, as well as our subsequent filings made with the Securities and Exchange Commission, including our upcoming Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

And now, I'd like to turn the call over to Scott.

Scott Sanborn

Thanks, Sameer. Good afternoon, everyone. I am pleased to report another quarter of record revenue, earnings and loan volume, all exceeding our guidance. Tom will give you the details shortly, but let me share a few highlights.

Revenue grew 61% year on year, outpacing originations growth of 41%, and demonstrating the power of our combined marketplace and portfolio revenue streams. And our net income, excluding a onetime tax benefit quadrupled year over year. Our digital marketplace bank model is proving to be resilient and we are reiterating our guidance for the full-year. We're very pleased with our results in the first half, but as we noted last quarter, the macro environment is shifting. The fed has become more hawkish in their battle with inflation, which has implications for our business and for the economy overall.