LendingClub Corporation (NYSE:LC) Q2 2024 Earnings Conference Call July 30, 2024 5:00 PM ET

Company Participants

Artem Nalivayko - Head, Investor Relations
Scott Sanborn - Chief Executive Officer
Drew LaBenne - Chief Financial Officer

Conference Call Participants

Giuliano Bologna - Compass Point
Vincent Caintic - BTIG
Bill Ryan - Seaport Research Partners
David Chiaverini - Wedbush Securities
Reggie Smith - JPMorgan
Brad Capuzzi - Piper Sandler
Tim Switzer - KBW

Operator

Good afternoon. Thank you for attending today's LendingClub 2Q '24 Earnings Conference Call. My name is Sheila, and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end.

I would now like to pass the conference over to our host, Artem Nalivayko, Head of Investor Relations. Artem, you may proceed.

Artem Nalivayko

Thank you, and good afternoon. Welcome to LendingClub's second 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 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, 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 expectations 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.

I'm pleased to report that we had a strong quarter of growth, with originations climbing 10% sequentially to $1.8 billion, pre-provision net revenue growing 13% to $55 million, and GAAP net income growing 21% to nearly $15 million, all while sustaining our industry outperformance on credit, growing our balance sheet by nearly 9% year-to-date and continuing to innovate on a truly differentiated experience for our growing member base.