Elevate Credit Announces Second Quarter 2021 Results Strong Quarterly Sequential Loan Growth

The following excerpt is from the company's SEC filing.
FORT WORTH, TX - August 3, 2021 -
Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or the “Company”), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced results for the second quarter ended June 30, 2021.
“The second quarter brought back an exciting return to growth across all products,” said Elevate CEO, Jason Harvison. “The reopening of the broader economy has created strong tailwinds for our industry in the second half of 2021. I am also pleased to report progress on our infrastructure improvements with the rollout of our new technology platform, Blueprint, which will enable us to expand more seamlessly to additional new partners and products in the near future.”
Second Quarter 2021 Financial Results
Net income (loss):
Net loss for the three months ended June 30, 2021 totaled $(3.0) million compared to net income of $8.6 million in the second quarter of 2020. The net loss in the second quarter of 2021 resulted from loan loss provision associated with increased loan originations and increased direct marketing expense on new customer acquisition. The number of new and former customer loans originated during the second quarter of 2021 totaled approximately 54,000 loans, an increase from approximately 10,400 in the prior year second quarter.
Fully diluted loss per share for the second quarter of 2021 totaled $(0.09), a decrease from $0.20 per fully diluted share a year ago.
Combined loans receivable - principal:
Combined loans receivable - principal totaled $399.3 million at June 30, 2021, a sequential quarter increase of 13% from $353.1 million at March 31, 2021 and a decrease of $14.4 million, or 3%, from $413.7 million at June 30, 2020.
Credit quality:
The combined loan loss reserve at June 30, 2021
$40.3 million, or 10% of combined loans receivable compared to 14% a year ago reflecting the continued strong credit performance of the loan portfolio.
Revenue:
Revenues decreased during the second quarter of 2021 to $84.5 million, compared to $118.0 million for the second quarter of 2020. The decrease in revenue is primarily attributable to a lower average combined loans receivable-principal coupled with lower effective APRs earned on the loan portfolio.
Adjusted EBITDA:
Adjusted EBITDA totaled $11.6 million in the second quarter of 2021, down from $45.2 million in the second quarter of 2020. The Adjusted EBITDA margin for the second quarter of 2021 was 13.7%, down from 38.3% in the prior-year second quarter.
__________________________
Our 2021 results and comparable periods are presented on a continuing operations basis and exclude the results of discontinued operations in the UK, unless otherwise stated. Elevate exited the UK market in the second quarter of 2020.
Adjusted EBITDA, Adjusted EBITDA margin, combined loans receivable - principal, combined loans receivable, and combined loan loss reserve are non-GAAP financial measures. These terms are defined elsewhere in this release. Please see the schedules appearing later in this release for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.
Year-to-date 2021 Financial Results
Net income:
Net income for the six months ended June 30, 2021 totaled $9.7 million, up $6.1 million compared to $3.6 million in the first half of 2020. Fully diluted earnings per share for the first half of 2021 totaled $0.27, an increase from $0.09 per fully diluted share a year ago.
Revenues decreased during the first half of 2021 to $174.3 million, compared to $280.5 million for the first half of 2020. The decrease in revenue is primarily attributable to a lower average combined loans receivable-principal coupled with lower effective APRs earned on the loan portfolio.
Adjusted EBITDA totaled $43.2 million in the first half of 2021, down from $80.1 million in the first half of 2020. The Adjusted EBITDA margin for the first half of 2021 was 24.8%, down from 28.6% in the prior-year first half.
Liquidity and Capital Resources
Interest expense in the second quarter of 2021 declined to $8.6 million compared to $12.2 million in the second quarter of 2020.
The Company paid down its debt facilities by over $97 million in January 2021, while drawing down a net $10 million on its debt facilities in the second quarter of 2021 to help fund loan growth. Total debt at June 30, 2021 was $351.2 million on $157.7 million in equity resulting in a debt to equity ratio of 2.6 compared to 3.1 at both December 31, 2020 and June 30, 2020, when including all liabilities.
During the second quarter of 2021, the Company purchased $8.0 million of common shares (2.3 million common shares) under the Company's previously approved common stock repurchase program or roughly 7% of common shares outstanding at the beginning of the quarter. As of June 30, 2021, the Company has repurchased approximately 28% of all common shares issued and outstanding since August 2019 under this common stock repurchase program.
Financial Outlook
For the full year 2021, the Company expects total revenue of $380 million to $400 million, net income and diluted earnings per share to be roughly breakeven, and Adjusted EBITDA of $50 million to $60 million.
Conference Call
The Company will host a conference call to discuss its second quarter 2021 financial results on Tuesday, August 3, at 4:00 pm Central Time / 5:00 pm Eastern Time. Interested parties may access the conference call live over the phone by dialing 1-877-407-0792 (domestic) or 1-201-689-8263 (international) and requesting the Elevate Credit Second Quarter 2021 Earnings Conference Call. Participants are asked to dial in a few minutes prior to the call to register for the event. The conference call will also be webcast live through Elevate’s Investor Relations website at https://investors.elevate.com/corporate-profile/.
An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 pm ET on August 17, 2021, and can be accessed by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international), and providing the passcode 13721164, or by accessing Elevate’s Investor Relations website.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “likely” and other words and terms of similar meaning. The forward-looking statements include statements regarding: our expectations of future financial performance including our outlook for full fiscal year 2021 (including all statements under the heading "Financial Outlook"); our potential to drive long-term earnings growth; our expectation of continued strong earnings through 2021; and the Company's targeted customer acquisition cost range of $250-$300. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: the effect of the COVID-19 pandemic and various policies being implemented to prevent its spread on the Company's business, financial condition and results of operations; the Company’s limited operating history in an evolving industry; the Company’s ability to grow revenue and maintain or achieve consistent profitability in the future; new laws and regulations in the consumer lending industry in many jurisdictions that could restrict the consumer lending products and services the Company offers, impose additional compliance costs on the Company, render the Company’s current operations unprofitable or even prohibit the Company’s current operations; scrutiny by regulators and payment processors of certain online lenders’ access to the Automated Clearing House system to disburse and collect loan proceeds and repayments; a lack of sufficient debt financing at acceptable prices or disruptions in the credit markets; the impact of competition in our industry and innovation by our competitors; our ability to prevent security breaches, disruption in service and comparable events that could compromise the personal and confidential information held in our data systems, reduce the attractiveness of our platform or adversely impact our ability to service loans; and other risks related to litigation, compliance and regulation. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's most recent Annual Report on Form 10-K, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
About Elevate
Elevate (NYSE: ELVT), together with the banks that license its marketing and technology services, has originated $9.2 billion in non-prime credit to more than 2.6 million non-prime consumers to date and has saved its customers more than $8.5 billion versus the cost of payday loans. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s suite of groundbreaking credit products includes RISE, Elastic and Today Card. For more information, please visit
http://corporate.elevate.com
Investor Relations:
Solebury Trout
Sloan Bohlen, (817) 928-1646
investors@elevate.com
Media Inquiries:
James McCusker, (203) 585-4750
jmccusker@soleburytrout.com
Elevate Credit, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in thousands, except share and per share amounts)
Revenues
84,540 
117,991 
174,273 
280,458 
Cost of sales:
Provision for loan losses
27,225 
41,477 
48,195 
120,052 
Direct marketing costs
10,564 
14,947 
11,313 
Other cost of sales
2,905 
1,607 
4,952 
4,277 
Total cost of sales
40,694 
43,428 
68,094 
135,642 
Gross profit
43,846 
74,563 
106,179 
144,816 
Operating expenses:
Compensation and benefits
18,585 
16,844 
37,593 
40,318 
Professional services
8,659 
8,471 
15,738 
16,397 
Selling and marketing
1,243 
1,858 
Occupancy and equipment
5,289 
4,843 
10,245 
9,479 
Depreciation and amortization
4,552 
4,529 
9,795 
8,825 
Other
1,586 
1,978 
Total operating expenses
38,606 
36,498 
76,200 
78,855 
Operating income
5,240 
38,065 
29,979 
65,961 
Other expense:
Net interest expense
(8,567)
(12,177)
(17,353)
(25,833)
Non-operating income (loss)
(1,422)
(5,685)
Total other expense
(8,057)
(13,599)
(16,636)
(31,518)
Income (loss) from continuing operations before taxes
(2,817)
24,466 
13,343 
34,443 
Income tax expense
8,373 
3,672 
10,428 
Net income (loss) from continuing operations
(3,045)
16,093 
9,671 
24,015 
Net loss from discontinued operations
(7,540)
(20,373)
8,553 
3,642 
Basic earnings per share
Continuing operations
Discontinued operations
(0.18)
(0.47)
Basic earnings (loss) per share
Diluted earnings per share
Diluted earnings (loss) per share
Basic weighted average shares outstanding
35,132,980 
42,182,412 
35,591,583 
42,673,879 
Diluted weighted average shares outstanding
42,511,808 
36,331,631 
43,090,730 
Condensed Consolidated Balance Sheets
(Dollars in thousands)
ASSETS
Cash and cash equivalents*
105,782 
197,983 
Restricted cash*
3,862 
3,135 
Loans receivable, net of allowance for loan losses of $40,314 and $48,399, respectively*
378,142 
374,832 
Prepaid expenses and other assets*
13,114 
10,060 
Operating lease right of use assets
6,819 
8,320 
Receivable from CSO lenders
1,255 
Receivable from payment processors*
5,485 
6,147 
Deferred tax assets, net
22,332 
25,958 
Property and equipment, net
32,175 
34,000 
Goodwill, net
6,776 
Intangible assets, net
1,133 
Total assets
574,732 
669,599 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities*
52,784 
52,252 
Operating lease liabilities
10,617 
11,952 
Deferred revenue*
2,465 
3,134 
Notes payable, net*
351,214 
438,403 
Total liabilities
417,080 
505,741 
COMMITMENTS, CONTINGENCIES AND GUARANTEES
Preferred stock
Common stock
Additional paid-in capital
203,050 
200,433 
Treasury stock
(33,632)
(16,492)
Accumulated deficit
(11,784)
(20,101)
Total stockholders’ equity
157,652 
163,858 
Total liabilities and stockholders’ equity
* These balances include certain assets and liabilities of variable interest entities (“VIEs”) that can only be used to settle the liabilities of that respective VIE. All assets of the Company are pledged as security for the Company’s outstanding debt, including debt held by the VIEs.
Non-GAAP Financial Measures
This press release and the attached financial tables contain certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted earnings, adjusted diluted earnings per share, combined loans receivable - principal, combined loans receivable and combined loan loss reserve.
Adjusted Earnings Measures
In addition to the financial information prepared in accordance with GAAP, Elevate uses certain non-GAAP measures such as “Adjusted EBITDA”, "Adjusted EBITDA margin", "Adjusted earnings (loss)", and "Adjusted diluted earnings (loss) per share" (collectively, "Adjusted Earnings Measures") in assessing its operating performance. Elevate believes these non-GAAP measures are appropriate measures to be used in evaluating the performance of its business.
Elevate defines Adjusted EBITDA as net income (loss) from continuing operations excluding the impact of income tax expense, non-operating (income) loss, net interest expense, share-based compensation expense and depreciation and amortization expense. Elevate defines Adjusted EBITDA margin as Adjusted EBITDA divided by revenue.
Elevate defines Adjusted earnings (loss) as net income (loss) from continuing operations excluding the impact of a contingent loss related to a legal matter (tax effected). Elevate defines Adjusted diluted earnings (loss) per share as Adjusted earnings divided by Diluted weighted average shares outstanding.
Management believes that Adjusted Earnings Measures are useful supplemental measures to assist management and investors in analyzing the operating performance of the business and provide greater transparency into the results of operations of our core business. Management uses these non-GAAP financial measures frequently in its decision-making because it provides supplemental information that facilitates internal comparisons to the historical operating performance of prior periods and gives an additional indication of Elevate’s core operating performance. Elevate includes these non-GAAP financial measures in its earnings announcement in order to provide transparency to its investors and enable investors to better compare its operating performance with the operating performance of its competitors.
Adjusted Earnings Measures should not be considered as alternatives to net income (loss) or any other performance measure derived in accordance with GAAP. Management's use of Adjusted Earnings Measures has limitations as an analytical tool, and investors should not consider it in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Some of these limitations are:
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect expected cash capital expenditure requirements for such replacements or for new capital assets;
Adjusted EBITDA does not reflect changes in, or cash requirements for, the Company's working capital needs; and
Adjusted EBITDA does not reflect interest associated with notes payable used for funding customer loans, for other corporate purposes or tax payments that may represent a reduction in cash available to the Company.
Additionally, Elevate’s definition of Adjusted Earnings Measures may not be comparable to similarly titled measures reported by other companies.
The following table presents a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to Elevate’s net income (loss) from continuing operations for the three and six months ended June 30, 2021 and 2020:
Adjustments:
8,567 
12,177 
17,353 
25,833 
Share-based compensation
1,787 
2,599 
3,389 
5,347 
Non-operating (income) loss
1,422 
5,685 
11,579 
45,193 
43,163 
80,133 
Adjusted earnings (loss) and adjusted diluted earnings (loss) per share
For the three and six months ended June 30, 2020, the Company recognized $1.4 million and $5.7 million, respectively, of charges related to a contingent loss on a legal matter in Non-operating loss. The following table presents a reconciliation of Net income (loss) from continuing operations and diluted earnings (loss) per share - continuing operations to Adjusted earnings (loss) and Adjusted diluted earnings (loss) per share, which excludes the impact of the contingent loss.
(Dollars in thousands except per share amounts)
Impact of contingent loss related to a legal matter
Cumulative tax effect of adjustments
(1,580)
17,120 
28,120 
Diluted earnings (loss) per share - continuing operations
(0.01)
(0.04)
Supplemental Schedules
Revenue by Product
Three Months Ended June 30, 2021
Rise (1)
 (Installment Loans)
(Lines of Credit)
(Credit Card)
Average combined loans receivable – principal(2)
204,625 
133,629 
17,726 
355,980 
Effective APR
Finance charges
50,834 
31,618 
1,262 
83,714 
Total revenue
51,033 
31,729 
1,778 
Three Months Ended June 30, 2020
273,898 
185,626 
7,170 
466,694 
75,533 
41,777 
117,803 
75,542 
41,782 
Six Months Ended June 30, 2021
211,115 
140,309 
15,941 
367,365 
104,576 
65,988 
2,373 
172,937 
1,336 
104,837 
66,149 
3,287 
Six Months Ended June 30, 2020
306,581 
212,457 
5,894 
524,932 
179,038 
99,952 
279,882 
179,146 
100,128 
1,184 
(1)    Includes loans originated by third-party lenders through the CSO programs, which are not included in the Company's condensed consolidated financial statements.
(2)    Average combined loans receivable - principal is calculated using daily principal balances. See the "Combined Loan Information" section for a reconciliation of this non-GAAP measure to the most comparable GAAP measure.
Loan Loss Reserve by Product
Combined loan loss reserve(1):
Beginning balance
26,592 
10,749 
1,818 
39,159 
Net charge-offs
(19,349)
(5,831)
(26,063)
20,856 
5,454 
Ending balance
28,099 
10,372 
1,850 
40,321 
Combined loans receivable(1)(2)
244,389 
152,605 
21,487 
418,481 
Combined loan loss reserve as a percentage of ending combined loans receivable
Net charge-offs as a percentage of revenues
Provision for loan losses as a percentage of revenues
51,707 
25,145 
77,760 
(38,100)
(20,120)
(58,643)
27,007 
13,579 
40,614 
18,604 
1,376 
60,594 
260,384 
171,196 
8,304 
439,884 
(1)    Not a financial measure prepared in accordance with GAAP. See the "Combined Loan Information" section for a reconciliation of this non-GAAP measure to the most comparable GAAP measure.
(2)    Includes loans originated by third-party lenders through the CSO programs, which are not included in the Company's condensed consolidated financial statements.
Loan Loss Reserve by Product, Continued
33,968 
13,201 
1,910 
49,079 
(42,023)
(13,374)
(1,556)
(56,953)
36,154 
10,545 
1,496 
52,099 
28,852 
1,041 
81,992 
(93,061)
(47,324)
(1,065)
(141,450)
81,576 
37,076 
1,400 
Customer Loan Data by Product
Beginning number of combined loans outstanding
91,508 
90,021 
12,802 
194,331 
New customer loans originated
27,704 
6,339 
4,943 
38,986 
Former customer loans originated
14,909 
15,041 
Attrition
(25,337)
(4,214)
(29,815)
Ending number of combined loans outstanding
108,784 
92,278 
17,481 
218,543 
Customer acquisition cost
Average customer loan balance
2,122 
1,599 
1,199 
1,827 
142,633 
134,240 
4,613 
281,486 
1,896 
2,815 
7,602 
(43,728)
(25,988)
(69,659)
107,125 
108,553 
6,566 
222,244 
2,249 
1,518 
1,231 
1,862 
103,940 
100,105 
10,803 
214,848 
36,360 
9,191 
7,325 
52,876 
27,765 
27,991 
(59,281)
(17,244)
(77,172)
152,435 
146,317 
3,207 
301,959 
25,040 
10,057 
3,468 
38,565 
24,149 
24,289 
(94,499)
(47,961)
(142,569)
The Elastic line of credit product is originated by a third-party lender, Republic Bank, which initially provides all of the funding for that product. Republic Bank retains 10% of the balances of all of the loans originated and sells a 90% loan participation in the Elastic lines of credit to a third party SPV, Elastic SPV, Ltd. Elevate is required to consolidate Elastic SPV, Ltd. as a variable interest entity under GAAP and the condensed consolidated financial statements include revenue, losses and loans receivable related to the 90% of Elastic lines of credit originated by Republic Bank and sold to Elastic SPV, Ltd.
Since the fourth quarter of 2018, the Company licensed its Rise installment loan brand to a third-party lender, FinWise Bank, which originates Rise installment loans in seventeen states. FinWise Bank initially provides all of the funding, retains 4% of the balances of all of the loans originated and sells the remaining 96% loan participation in those Rise installment loans to a third party SPV, EF SPV, Ltd. Elevate is required to consolidate EF SPV, Ltd. as a variable interest entity under GAAP and the condensed consolidated financial statements include revenue, losses and loans receivable related to the 96% of Rise installment loans originated by FinWise Bank and sold to EF SPV, Ltd.
Since the third quarter of 2020, the Company also licenses its Rise installment loan brand to an additional third-party lender, Capital Community Bank ("CCB"), which originates Rise installment loans in three
states. Similar to the relationship with FinWise Bank, CCB initially provides all of the funding, retains 5% of the balances of all of the loans originated and sells the remaining 95% loan participation in those Rise installment loans to a third-party SPV, EC SPV, Ltd. Elevate is required to consolidate EC SPV, Ltd. as a variable interest entity under GAAP and the condensed consolidated financial statements include revenue, losses and loans receivable related to the 95% of the Rise installment loans originated by CCB and sold to EC SPV, Ltd.
Elevate defines combined loans receivable - principal as loans owned by the Company plus loans originated and owned by third-party lenders pursuant to our CSO programs. Under these programs, the Company does not make Rise loans directly, but rather acts as a Credit Services Organization (which is also known as a Credit Access Business), or, “CSO,” and the loans are originated by an unaffiliated third party. There were no new loan originations in the first half of 2021 under our CSO programs, but the Company continues to have obligations as the CSO until the wind-down of this portfolio is complete. Elevate defines combined loan loss reserve as the loan loss reserve for loans owned by the Company plus the loan loss reserve for loans originated and owned by third-party lenders and guaranteed by the Company. The information presented in the tables below on a combined basis are non-GAAP measures based on a combined portfolio of loans, which includes the total amount of outstanding loans receivable that the Company owns and that are on the Company's condensed consolidated balance sheets plus outstanding loans receivable originated and owned by third parties that the Company guarantees pursuant to CSO programs in which the Company participates.
The Company believes these non-GAAP measures provide investors with important information needed to evaluate the magnitude of potential loan losses and the opportunity for revenue performance of the combined loan portfolio on an aggregate basis. The Company also believes that the comparison of the combined amounts from period to period is more meaningful than comparing only the amounts reflected on the Company's condensed consolidated balance sheets since both revenues and cost of sales as reflected in the Company's condensed consolidated financial statements are impacted by the aggregate amount of loans the Company owns and those CSO loans the Company guarantees.
The Company's use of total combined loans and fees receivable has limitations as an analytical tool, and investors should not consider it in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Some of these limitations are:
Rise CSO loans are originated and owned by a third-party lender; and
Rise CSO loans are funded by a third-party lender and are not part of the VPC Facility.
As of each of the period ends indicated, the following table presents a reconciliation of:
Loans receivable, net, Company owned (which reconciles to the Company's condensed consolidated balance sheets included elsewhere in this press release);
Loans receivable, net, guaranteed by the Company;
Combined loans receivable (which the Company uses as a non-GAAP measure); and
Combined loan loss reserve (which the Company uses as a non-GAAP measure).
September 30
December 31
Company Owned Loans:
Loans receivable – principal, current, company owned
387,939 
346,380 
372,320 
331,251 
372,068 
Loans receivable – principal, past due, company owned
18,917 
21,354 
25,563 
21,678 
27,231 
Loans receivable – principal, total, company owned
406,856 
367,734 
397,883 
352,929 
399,299 
Loans receivable – finance charges, company owned
25,606 
24,117 
25,348 
21,393 
19,157 
Loans receivable – company owned
432,462 
391,851 
423,231 
374,322 
418,456 
Allowance for loan losses on loans receivable, company owned
(59,438)
(49,909)
(48,399)
(39,037)
(40,314)
Loans receivable, net, company owned
373,024 
341,942 
335,285 
Third Party Loans Guaranteed by the Company:
Loans receivable – principal, current, guaranteed by company
6,755 
9,129 
1,795 
Loans receivable – principal, past due, guaranteed by company
Loans receivable – principal, total, guaranteed by company(1)
6,872 
9,443 
1,939 
Loans receivable – finance charges, guaranteed by company(2)
Loans receivable – guaranteed by company
7,422 
10,122 
2,238 
Liability for losses on loans receivable, guaranteed by company
(1,156)
(1,421)
Loans receivable, net, guaranteed by company(3)
6,266 
8,701 
1,558 
Combined Loans Receivable(3):
Combined loans receivable – principal, current
394,694 
355,509 
374,115 
331,396 
372,085 
Combined loans receivable – principal, past due
19,034 
21,668 
25,707 
21,693 
27,235 
413,728 
377,177 
399,822 
353,089 
399,320 
Combined loans receivable – finance charges
26,156 
24,796 
25,647 
21,415 
19,161 
401,973 
425,469 
374,504 
Combined Loan Loss Reserve(3):
(60,594)
(51,330)
(49,079)
(39,159)
(40,321)
Combined loans receivable – principal, past due(3)
Combined loans receivable – principal(3)
Percentage past due
Combined loan loss reserve as a percentage of combined loans receivable(3)(4)
Allowance for loan losses as a percentage of loans receivable – company owned
(1)    Represents loans originated by third-party lenders through the CSO programs, which are not included in the Company's condensed consolidated financial statements.
(2)    Represents finance charges earned by third-party lenders through the CSO programs, which are not included in the Company's condensed consolidated financial statements.
(3)    Non-GAAP measure.
(4)    Combined loan loss reserve as a percentage of combined loans receivable is determined using period-end balances.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

To receive a free e-mail notification whenever Elevate Credit, Inc. makes a similar move, sign up!

Other recent filings from the company include the following:

Elevate Credit, Inc. insider just picked up 1,408 shares - Oct. 19, 2021
Elevate Credit: Elevate Announces New Financing Facility For Today Card - Oct. 13, 2021
Elevate Credit, Inc. insider just disposed of 2,000 shares - Oct. 7, 2021
Elevate Credit, Inc. insider just disposed of 5,000 shares - Oct. 1, 2021
Elevate Credit Eclipses $500 Million In COMBINED LOANS RECEIVABLE - Sept. 23, 2021

Auto Refresh

Feedback