LendingClub Corporation (NYSE:LC) Q4 2023 Earnings Conference Call January 30, 2023 5:00 PM ET

Company Participants

Artem Nalivayko - Head of IR

Scott Sanborn - CEO

Drew LaBenne - CFO

Conference Call Participants

Brad Capuzzi - Piper Sandler

Giuliano Bologna - Compass Point

Bill Ryan - Seaport Research Partners

Reggie Smith - JPMorgan

David Chiaverini - Wedbush Securities

Michael Perito - KBW

Operator

Hello, everyone. Thank you for attending today's LendingClub Fourth 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, Head of Investor Relations.

Artem Nalivayko

Thank you, and good afternoon. Welcome to LendingClub's fourth quarter and full year 2023 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, pre-provision net revenue and risk adjusted 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

All right. Thank you, Artem. Welcome everyone. We're pleased with how we closed out the year, delivering an 8% increase in originations quarter-on-quarter, supported by a 21% increase in marketplace loans. This growth in originations, which is our first since the Fed began rapidly increasing rates was driven by marketplace demand for our new structured certificates program.