LendingClub Corporation (NYSE:LC) Q3 2024 Earnings Conference Call October 23, 2024 5:00 PM ET
Company Participants
Artem Nalivayko - Head, IR
Scott Sanborn - CEO
Drew LaBenne - CFO
Conference Call Participants
Tim Switzer - KBW
Vincent Caintic - BTIG
Giuliano Bologna - Compass Point
John Hecht - Jefferies
Brad Capuzzi - Piper Sandler
Reggie Smith - JP Morgan
Operator
Good afternoon. Thank you for attending today's LendingClub Third Quarter 2024 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 turn 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 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 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 and pricing, 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 today also include non-GAAP measures relating to our performance, including tangible book value per common share, and pre-provision net revenue. You could 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, everybody.
We have a terrific quarter with continued product innovation and credit outperformance now supported by an improving rate environment. As a result, we delivered across all of our key operating metrics. Originations grew 6% sequentially to $1.9 billion. Revenue grew 8% to over $200 million. Pre-provision net revenue grew 19% to $65.5 million and we delivered $14.5 million of GAAP net income.