LendingClub Corporation (NYSE:LC) Q3 2023 Earnings Conference Call October 25, 2023 5:00 PM ET
Company Participants
Artem Nalivayko - Vice President of Finance
Scott Sanborn - Chief Executive Officer
Drew LaBenne - Chief Financial Officer
Conference Call Participants
Bill Ryan - Seaport Research Partners
David Chiaverini - Wedbush Securities
John Hecht - Jefferies
Reggie Smith - JPMorgan
Tim Switzer - KBW
Operator
Hello, everyone. Thank you for attending today's LendingClub Third Quarter 2023 Earnings Conference Call. My name is Sierra, and I will be your moderator today. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions]
I would now like to pass the conference over to our host Artem Nalivayko, Vice President of Finance.
Artem Nalivayko
Thank you, and good afternoon. Welcome to LendingClub's third quarter earnings conference call. Joining me today to talk about our results are Scott Sanborn, CEO, and Drew LaBenne, CFO.
You can find the presentation accompanying our earnings release on the Investor Relations section of our website. On the call, in addition to the 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 including with respect 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 presentation. Any forward-looking statements that we make on this call are based on current expectation and assumptions, and we undertake no obligation to update these statements as a result of new information or future events.
Our remarks also include non-GAAP measures relating to our performance, including tangible book value per common share and pre-provision net revenue. You can find more information on our use of non-GAAP measures and a reconciliation to the most directly comparable GAAP measures in today’s earnings release and presentation.
And now, I'd like to turn the call over to Scott.
Scott Sanborn
Alright. Thanks, Artem. Welcome everyone. We delivered another profitable quarter thanks to disciplined execution and proactive efforts to appropriately position the company in what remains a dynamic environment. Our $1.5 billion in originations was in line with our expectations. Total revenue for the quarter was $201 million and pre-provisioned net revenue, which is revenue less non-provision expenses was $73 million, which was well above the high end of our guidance and aided by a couple of non-recurring items, which Drew will explain.