8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________

FORM 8-K

____________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

July 30, 2018

____________________________________________________________________

ELEVATE CREDIT, INC.

(Exact name of registrant as specified in its charter)

____________________________________________________________________

Delaware	001-37680	46-4714474
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

4150 International Plaza, Suite 300

Fort Worth, Texas 76109

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code (817) 928-1500

Not Applicable

(Former name or former address, if changed since last report.)

____________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth companyx

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.x

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2018, Elevate Credit, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2018. The full text of the press release, along with the slide presentation to be used during the earnings call on July 30, 2018, are furnished herewith as Exhibits 99.1 and 99.2, respectively.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release, dated July 30, 2018.
99.2	Presentation slides for earnings call on July 30, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Elevate Credit, Inc.
Date:	July 30, 2018	By:	/s/ Christopher Lutes
			Christopher Lutes
			Chief Financial Officer

EX-99.1

ELEVATE CREDIT ANNOUNCES SECOND QUARTER 2018 RESULTS

Continued strong revenue growth and expanding margins

FORT WORTH, TX - July 30, 2018 - 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, 2018.

“Given the secular shift towards our more responsible online products, Elevate continues to deliver strong top-line growth greater than 20%, and we are now on track to more than quadruple net income for the year,” said Ken Rees, Chief Executive Office of Elevate. “We are seeing favorable trends in our key financial measures as credit quality improves, customer acquisition costs drop, and adjusted EBITDA margins expand over 2017 levels.”

Second Quarter 2018 Financial Highlights¹ 

• Nearly 23% year-over-year revenue growth: Revenues increased 22.5% for the second quarter of 2018, totaling $184.4 million compared to $150.5 million for the prior-year period.

• Similar year-over-year growth in combined loans receivable-principal: Combined loans receivable - principal totaled $589.5 million, an increase of $108.4 million, or 22.5%, from $481.1 million for the prior-year period.

• Continued improvement in credit quality: The ending combined loan loss reserve, as a percentage of combined loans receivable, was 12.9%, lower than the 13.8% reported for the prior-year period due to continued improvement in credit quality and the continued maturation of the loan portfolio.

• Strong customer acquisition growth: The total number of new customer loans for the second quarter of 2018 was approximately 85,000, an increase of 28.1% compared to approximately 66,000 new customer loans in the second quarter of 2017. The average customer acquisition cost was $260, within the targeted range of $250-$300 and lower than the $294 for the second quarter of 2017.

• Expanding net income: Net income for the second quarter of 2018 totaled $3.1 million, or $0.07 per share on a fully diluted basis. Net income for the second quarter of 2017 was $3.0 million, or $0.08 per share on a fully diluted basis and benefited from $4.4 million in pre-tax foreign currency and non-operating gains, in addition to a $1.4 million tax benefit.

• 16% Adjusted EBITDA margin: Adjusted EBITDA in the second quarter of 2018 totaled $28.7 million, an increase of $8.9 million, or 44.8%, versus $19.8 million for the prior year first quarter. Adjusted EBITDA margin expanded to 15.6%, up from 13.2% a year ago.

__________________________

¹ Adjusted EBITDA, Adjusted EBITDA margin, combined loans receivable - principal, combined loan loss reserve and combined loans receivable 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.

1

Liquidity and Capital Resources

There were no material changes from a funding or liquidity standpoint during the second quarter of 2018. The Company only borrowed an additional $4 million in debt during the quarter, and total interest expense of $19.3 million was flat compared to the first quarter of 2018 and represented only 10.4% of revenues, versus 12.0% in second quarter of 2017.

Recent 2018 Business Highlights

• Elevate launches Today Card Mastercard: Prime Credit Card for Non-Prime Consumers

• Elevate named a 2018 Financial Health Leader by the CFSI Financial Health Network

• Elevate celebrates its 2 millionth non-prime customer

• Elevate customers have saved more than 4 billion over payday loans

Financial Outlook

For the full year 2018, the Company expects total revenue of $790 million to $810 million, net income of $25 million to $40 million, or $0.55 to $0.90 in diluted earnings per share, and Adjusted EBITDA of $125 million to $145 million.

Conference Call

The Company will host a conference call to discuss its second quarter 2018 financial results on Monday, July 30th at 4:00pm Central Time / 5:00pm 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 Second Quarter 2018 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 website at http://www.elevate.com/investors.

An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 pm ET on Monday, August 13, 2018, and can be accessed by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international), and providing the passcode 13681101, or by accessing Elevate’s website.

2

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 future financial performance including our outlook for full fiscal year 2018 (including all statements under the heading “Financial Outlook”); our belief that we remain on track to more than quadruple net income for the year; our expectations regarding the size of our market; and our targeted customer acquisition cost range of $250 to $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 Company’s limited operating history in an evolving industry; 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.

3

About Elevate

Elevate (NYSE: ELVT) has originated $5.9 billion in non-prime credit to more than two million non-prime consumers to date and has saved its customers more than $4 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, Sunny, Elastic and Today Card. For more information, please visit http://www.elevate.com.

Investor Relations:

Solebury Communications

Sloan Bohlen, (817) 928-1646

investors@elevate.com

or

Media Inquiries:

Vested

Ishviene Arora, (917) 765-8720

elevate@fullyvested.com

4

Elevate Credit, Inc. and Subsidiaries

Condensed Consolidated Income Statements

(Unaudited)

	Three Months Ended   June 30,						Six Months Ended   June 30,
(Dollars in thousands, except share and per share amounts)	2018			2017			2018			2017
Revenues	$	184,377		$	150,471		$	377,914		$	306,838
Cost of sales:
Provision for loan losses	88,598			72,297			180,740			155,090
Direct marketing costs	22,180			19,592			42,875			30,080
Other cost of sales	6,566			4,425			12,895			8,533
Total cost of sales	117,344			96,314			236,510			193,703
Gross profit	67,033			54,157			141,404			113,135
Operating expenses:
Compensation and benefits	23,380			20,824			45,807			41,352
Professional services	8,374			8,851			16,686			16,427
Selling and marketing	2,403			2,142			5,355			4,620
Occupancy and equipment	4,630			3,519			8,749			6,776
Depreciation and amortization	2,962			2,393			5,677			5,001
Other	1,568			1,095			2,785			2,010
Total operating expenses	43,317			38,824			85,059			76,186
Operating income	23,716			15,333			56,345			36,949
Other income (expense):
Net interest expense	(19,263		)	(18,095		)	(38,476		)	(37,341		)
Foreign currency transaction gain (loss)	(1,231		)	1,716			(475		)	2,284
Non-operating gain (loss)	—			2,646			(38		)	2,513
Total other expense	(20,494		)	(13,733		)	(38,989		)	(32,544		)
Income before taxes	3,222			1,600			17,356			4,405
Income tax expense (benefit)	94			(1,420		)	4,745			(283		)
Net income	$	3,128		$	3,020		$	12,611		$	4,688
Basic earnings per share	$	0.07		$	0.08		$	0.30		$	0.18
Diluted earnings per share	$	0.07		$	0.08		$	0.29		$	0.17
Basic weighted average shares outstanding	42,561,403			38,541,965			42,386,660			25,841,408
Diluted weighted average shares outstanding	44,239,007			39,950,760			43,937,066			27,294,945

5

Elevate Credit, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Dollars in thousands)	June 30, 2018			December 31, 2017
	(unaudited)			(audited)
ASSETS
Cash and cash equivalents*	$	69,368		$	41,142
Restricted cash	1,594			1,595
Loans receivable, net of allowance for loan losses of $76,575 and $87,946, respectively*	507,801			524,619
Prepaid expenses and other assets*	12,924			10,306
Receivable from CSO lenders	17,752			22,811
Receivable from payment processors*	26,742			21,126
Deferred tax assets, net	18,105			23,545
Property and equipment, net	31,415			24,249
Goodwill	16,027			16,027
Intangible assets, net	2,000			2,123
Derivative assets (cost basis of $761 and $0 respectively)*	2,016			—
Total assets	$	705,744		$	687,543
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities*	$	36,800		$	42,213
State and other taxes payable	931			884
Deferred revenue*	28,863			33,023
Notes payable, net*	525,344			513,295
Derivative liability	—			1,972
Total liabilities	591,938			591,387
COMMITMENTS, CONTINGENCIES AND GUARANTEES
STOCKHOLDERS’ EQUITY
Preferred stock	—			—
Common stock	17			17
Accumulated other comprehensive income	1,772			2,003
Additional paid-in capital	178,440			174,090
Accumulated deficit	(66,423		)	(79,954)
Total stockholders’ equity	113,806			96,156
Total liabilities and stockholders’ equity	$	705,744		$	687,543

* These balances include certain assets and liabilities of a variable interest entity (“VIE”) that can only be used to settle the liabilities of that VIE. All assets of the Company are pledged as security for the Company’s outstanding debt, including debt held by the VIE.

6

Non-GAAP Financial Measures

This press release and the attached financial tables contain certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, combined loans receivable and combined loan loss reserve.

Adjusted EBITDA and Adjusted EBITDA margin

In addition to net income determined in accordance with GAAP, Elevate uses certain non-GAAP measures such as “Adjusted EBITDA” and "Adjusted EBITDA margin" 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 excluding the impact of income tax expense (benefit), non-operating (gain) loss, foreign currency transaction (gain) loss associated with the Company's UK operations, net interest expense, share-based compensation expense and depreciation and amortization expense. Elevate defines Adjusted EBITDA margin as Adjusted EBITDA divided by revenue.

Management believes that Adjusted EBITDA and Adjusted EBITDA margin 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 the Company's core business. Management uses this non-GAAP financial measure 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 this non-GAAP financial measure 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 EBITDA and Adjusted EBITDA margin should not be considered as alternatives to net income or any other performance measure derived in accordance with GAAP. The Company's use of Adjusted EBITDA and Adjusted EBITDA margin 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 the Company's 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 EBITDA may not be comparable to similarly titled measures reported by other companies.

The Company’s Adjusted EBITDA guidance does not include certain charges and costs. The adjustments in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods. The Company is not able to provide a reconciliation of the Company’s non-GAAP financial guidance to the corresponding GAAP measure without unreasonable effort because of the uncertainty and variability of the nature and amount of these future charges and costs.

7

The following table presents a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to Elevate’s net income for the three and six months ended June 30, 2018 and 2017.

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands)	2018			2017			2018			2017
Net income	$	3,128		$	3,020		$	12,611		$	4,688
Adjustments:
Net interest expense	19,263			18,095			38,476			37,341
Share-based compensation	2,010			2,085			3,647			2,787
Foreign currency transaction (gain) loss	1,231			(1,716		)	475			(2,284		)
Depreciation and amortization	2,962			2,393			5,677			5,001
Non-operating (gain) loss	—			(2,646		)	38			(2,513		)
Income tax expense (benefit)	94			(1,420		)	4,745			(283		)
Adjusted EBITDA	$	28,688		$	19,811		$	65,669		$	44,737
Adjusted EBITDA Margin	16		%	13		%	17		%	15		%

8

Supplemental Schedules

9

Revenue by Product

	Three Months Ended June 30, 2018
(Dollars in thousands)	Rise(1)			Elastic			Total Domestic			Sunny			Total
Average combined loans receivable – principal(2)	$	277,281		$	244,583		$	521,864		$	52,092		$	573,956
Effective APR	137		%	97		%	118		%	226		%	128		%
Finance charges	$	94,716		$	59,298		$	154,014		$	29,380		$	183,394
Other	435			460			895			88			983
Total revenue	$	95,151		$	59,758		$	154,909		$	29,468		$	184,377
	Three Months Ended June 30, 2017
(Dollars in thousands)	Rise(1)			Elastic			Total Domestic			Sunny			Total
Average combined loans receivable – principal(2)	$	231,098		$	181,284		$	412,382		$	42,094		$	454,476
Effective APR	139		%	97		%	120		%	236		%	131		%
Finance charges	$	79,934		$	43,808		$	123,742		$	24,790		$	148,532
Other	1,401			423			1,824			115			1,939
Total revenue	$	81,335		$	44,231		$	125,566		$	24,905		$	150,471

(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. Not a financial measure prepared in accordance with GAAP. See reconciliation table accompanying this release for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP.

10

Revenue by Product, Continued

	Six Months Ended June 30, 2018
(Dollars in thousands)	Rise(1)			Elastic			Total Domestic			Sunny			Total
Average combined loans receivable – principal(2)	$	289,565		$	244,980		$	534,545		$	51,970		$	586,515
Effective APR	138		%	97		%	119		%	231		%	129		%
Finance charges	$	197,924		$	118,201		$	316,125		$	59,527		$	375,652
Other	1,265			825			2,090			172			2,262
Total revenue	$	199,189		$	119,026		$	318,215		$	59,699		$	377,914
	Six Months Ended June 30, 2017
(Dollars in thousands)	Rise(1)			Elastic			Total Domestic			Sunny			Total
Average combined loans receivable – principal(2)	$	238,324		$	178,466		$	416,790		$	43,025		$	459,815
Effective APR	143		%	97		%	123		%	233		%	133		%
Finance charges	$	169,168		$	85,580		$	254,748		$	49,637		$	304,385
Other	1,557			781			2,338			115			2,453
Total revenue	$	170,725		$	86,361		$	257,086		$	49,752		$	306,838

(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. Not a financial measure prepared in accordance with GAAP. See reconciliation table accompanying this release for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP.

11

Loan Loss Reserve by Product

	Three Months Ended June 30, 2018
(Dollars in thousands)	Rise			Elastic			Total Domestic			Sunny			Total
Combined loan loss reserve(1):
Beginning balance	$	44,209		$	28,098		$	72,307		$	11,939		$	84,246
Net charge-offs	(49,494		)	(28,490		)	(77,984		)	(13,772		)	(91,756		)
Provision for loan losses	46,081			29,786			75,867			12,731			88,598
Effect of foreign currency	—			—			—			(557		)	(557		)
Ending balance	$	40,796		$	29,394		$	70,190		$	10,341		$	80,531
Combined loans receivable(1)(2)	$	305,674		$	265,959		$	571,633		$	52,128		$	623,761
Combined loan loss reserve as a percentage of ending combined loans receivable	13		%	11		%	12		%	20		%	13		%
Net charge-offs as a percentage of revenues	52		%	48		%	50		%	47		%	50		%
Provision for loan losses as a percentage of revenues	48		%	50		%	49		%	43		%	48		%

	Three Months Ended June 30, 2017
(Dollars in thousands)	Rise			Elastic			Total Domestic			Sunny			Total
Combined loan loss reserve(1):
Beginning balance	$	42,414		$	20,087		$	62,501		$	10,862		$	73,363
Net charge-offs	(43,046		)	(22,564		)	(65,610		)	(10,622		)	(76,232		)
Provision for loan losses	41,661			23,163			64,824			7,473			72,297
Effect of foreign currency	—			—			—			412			412
Ending balance	$	41,029		$	20,686		$	61,715		$	8,125		$	69,840
Combined loans receivable(1)(2)	$	259,260		$	204,108		$	463,368		$	41,922		$	505,290
Combined loan loss reserve as a percentage of ending combined loans receivable	16		%	10		%	13		%	19		%	14		%
Net charge-offs as a percentage of revenues	53		%	51		%	52		%	43		%	51		%
Provision for loan losses as a percentage of revenues	51		%	52		%	52		%	30		%	48		%

(1) Not a financial measure prepared in accordance with GAAP. See reconciliation table accompanying this release for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP.

(2) Includes loans originated by third-party lenders through the CSO programs, which are not included in the Company's condensed consolidated financial statements.

12

Loan Loss Reserve by Product, Continued

	Six Months Ended June 30, 2018
(Dollars in thousands)	Rise			Elastic			Total Domestic			Sunny			Total
Combined loan loss reserve(1):
Beginning balance	$	55,867		$	28,870		$	84,737		$	9,052		$	93,789
Net charge-offs	(112,941		)	(58,175		)	(171,116		)	(22,682		)	(193,798		)
Provision for loan losses	97,870			58,699			156,569			24,171			180,740
Effect of foreign currency	—			—			—			(200		)	(200		)
Ending balance	$	40,796		$	29,394		$	70,190		$	10,341		$	80,531
Combined loans receivable(1)(2)	$	305,674		$	265,959		$	571,633		$	52,128		$	623,761
Combined loan loss reserve as a percentage of ending combined loans receivable	13		%	11		%	12		%	20		%	13		%
Net charge-offs as a percentage of revenues	57		%	49		%	54		%	38		%	51		%
Provision for loan losses as a percentage of revenues	49		%	49		%	49		%	40		%	48		%

	Six Months Ended June 30, 2017
(Dollars in thousands)	Rise			Elastic			Total Domestic			Sunny			Total
Combined loan loss reserve(1):
Beginning balance	$	53,336		$	19,389		$	72,725		$	9,651		$	82,376
Net charge-offs	(102,676		)	(43,939		)	(146,615		)	(21,545		)	(168,160		)
Provision for loan losses	90,369			45,236			135,605			19,485			155,090
Effect of foreign currency	—			—			—			534			534
Ending balance	$	41,029		$	20,686		$	61,715		$	8,125		$	69,840
Combined loans receivable(1)(2)	$	259,260		$	204,108		$	463,368		$	41,922		$	505,290
Combined loan loss reserve as a percentage of ending combined loans receivable	16		%	10		%	13		%	19		%	14		%
Net charge-offs as a percentage of revenues	60		%	51		%	57		%	43		%	55		%
Provision for loan losses as a percentage of revenues	53		%	52		%	53		%	39		%	51		%

(1) Not a financial measure prepared in accordance with GAAP. See reconciliation table accompanying this release for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP.

(2) Includes loans originated by third-party lenders through the CSO programs, which are not included in the Company's condensed consolidated financial statements.

13

Customer Loan Data by Product

	Three Months Ended June 30, 2018
	Rise			Elastic			Total Domestic			Sunny			Total
Beginning number of combined loans outstanding	127,263			138,555			265,818			86,791			352,609
New customer loans originated	27,149			26,305			53,454			31,692			85,146
Former customer loans originated	22,816			127			22,943			—			22,943
Attrition	(46,331		)	(15,847		)	(62,178		)	(25,928		)	(88,106		)
Ending number of combined loans outstanding	130,897			149,140			280,037			92,555			372,592
Customer acquisition cost	$	307		$	234		$	271		$	243		$	260
Average customer loan balance	$	2,187		$	1,711		$	1,934		$	519		$	1,582

	Three Months Ended June 30, 2017
	Rise			Elastic			Total Domestic			Sunny			Total
Beginning number of combined loans outstanding	99,885			94,163			194,048			75,691			269,739
New customer loans originated	23,567			24,179			47,746			18,736			66,482
Former customer loans originated	19,235			—			19,235			—			19,235
Attrition	(37,378		)	(11,605		)	(48,983		)	(20,136		)	(69,119		)
Ending number of combined loans outstanding	105,309			106,737			212,046			74,291			286,337
Customer acquisition cost	$	400		$	176		$	287		$	315		$	294
Average customer loan balance	$	2,311		$	1,823		$	2,066		$	524		$	1,666

14

Customer Loan Data by Product, Continued

	Six Months Ended June 30, 2018
	Rise			Elastic			Total Domestic			Sunny			Total
Beginning number of combined loans outstanding	140,790			140,672			281,462			80,510			361,972
New customer loans originated	49,414			47,185			96,599			58,682			155,281
Former customer loans originated	38,199			216			38,415			—			38,415
Attrition	(97,506		)	(38,933		)	(136,439		)	(46,637		)	(183,076		)
Ending number of combined loans outstanding	130,897			149,140			280,037			92,555			372,592
Customer acquisition cost	$	318		$	252		$	286		$	260		$	276
Average customer loan balance	$	2,187		$	1,711		$	1,934		$	519		$	1,582

	Six Months Ended June 30, 2017
	Rise			Elastic			Total Domestic			Sunny			Total
Beginning number of combined loans outstanding	121,996			89,153			211,149			78,044			289,193
New customer loans originated	35,932			44,650			80,582			38,861			119,443
Former customer loans originated	33,638			—			33,638			—			33,638
Attrition	(86,257		)	(27,066		)	(113,323		)	(42,614		)	(155,937		)
Ending number of combined loans outstanding	105,309			106,737			212,046			74,291			286,337
Customer acquisition cost	$	368		$	164		$	255		$	246		$	252
Average customer loan balance	$	2,311		$	1,823		$	2,066		$	524		$	1,666

15

Combined Loan Information

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 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.

Elevate defines combined loans receivable - principal as loans owned by the Company plus loans originated and owned by third-party lenders pursuant to the Company's CSO programs. In Texas and Ohio, the Company does not make Rise loans directly, but rather act as a Credit Services Organization (which is also known as a Credit Access Business in Texas), or, collectively, “CSO,” and the loans are originated by an unaffiliated third party. 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).

16

	2017									2018
(Dollars in thousands)	Mar 31			Jun 30			Dec 31			Mar 31			Jun 30
Company Owned Loans:
Loans receivable – principal, current, company owned	$	367,744		$	403,944		$	514,147		$	471,996		$	493,908
Loans receivable – principal, past due, company owned	48,007			45,839			61,856			60,876			58,949
Loans receivable – principal, total, company owned	415,751			449,783			576,003			532,872			552,857
Loans receivable – finance charges, company owned	21,359			21,866			36,562			31,181			31,519
Loans receivable – company owned	437,110			471,649			612,565			564,053			584,376
Allowance for loan losses on loans receivable, company owned	(69,798		)	(66,030		)	(87,946		)	(80,497		)	(76,575		)
Loans receivable, net, company owned	$	367,312		$	405,619		$	524,619		$	483,556		$	507,801
Third Party Loans Guaranteed by the Company:
Loans receivable – principal, current, guaranteed by company	$	27,841		$	30,210		$	41,220		$	33,469		$	35,114
Loans receivable – principal, past due, guaranteed by company	957			1,066			1,152			1,123			1,494
Loans receivable – principal, total, guaranteed by company(1)	28,798			31,276			42,372			34,592			36,608
Loans receivable – finance charges, guaranteed by company(2)	2,754			2,365			3,093			2,612			2,777
Loans receivable – guaranteed by company	31,552			33,641			45,465			37,204			39,385
Liability for losses on loans receivable, guaranteed by company	(3,565		)	(3,810		)	(5,843		)	(3,749		)	(3,956		)
Loans receivable, net, guaranteed by company(2)	$	27,987		$	29,831		$	39,622		$	33,455		$	35,429
Combined Loans Receivable(3):
Combined loans receivable – principal, current	$	395,585		$	434,154		$	555,367		$	505,465		$	529,022
Combined loans receivable – principal, past due	48,964			46,905			63,008			61,999			60,443
Combined loans receivable – principal	444,549			481,059			618,375			567,464			589,465
Combined loans receivable – finance charges	24,113			24,231			39,655			33,793			34,296
Combined loans receivable	$	468,662		$	505,290		$	658,030		$	601,257		$	623,761

17

	2017									2018
(Dollars in thousands)	Mar 31			Jun 30			Dec 31			Mar 31			Jun 30
Combined Loan Loss Reserve(3):
Allowance for loan losses on loans receivable, company owned	$	(69,798	)	$	(66,030	)	$	(87,946	)	$	(80,497	)	$	(76,575	)
Liability for losses on loans receivable, guaranteed by company	(3,565		)	(3,810		)	(5,843		)	(3,749		)	(3,956		)
Combined loan loss reserve	$	(73,363	)	$	(69,840	)	$	(93,789	)	$	(84,246	)	$	(80,531	)

(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.

# # #

18

EX-99.2

Q2 2018 Earnings Call July 2018

Forward-Looking Statements This presentation and responses to various questions contain 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. The forward-looking statements present our current expectations and projections relating to our business, financial condition and results of operations, and do not refer to historical or current facts. 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 future financial performance including our outlook for full fiscal year 2018 and the third quarter 2018; our perspectives on 2018, including our expectations regarding revenue, growth rate of revenue, net charge-offs, gross margin, operating expenses, operating margins, Adjusted EBITDA, net income, loan loss provision, direct marketing and other cost of sales and Adjusted EBITDA margin; our expectations regarding regulatory trends; our expectations regarding the cumulative loss rate as a percentage of originations for the 2017 and 2018 vintage; our growth strategies and our ability to effectively manage that growth; anticipated key marketing and underwriting initiatives; new and expanded products like a US credit card and lower-priced installment product in the UK; our expectations regarding the future expansion of the states in which our products are offered; the cost of customer acquisition, new customer originations, the efficacy and cost of our marketing efforts, including in the third quarter of 2018; the cost of capital remaining high until 2019; expanded marketing channels and new and growing marketing partnerships; continued growth and investment in data science and analytics; and additional bank partnerships. 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 Company’s limited operating history in an evolving industry; 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 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 written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements regarding risks and uncertainties that are included in our public communications. You should evaluate all forward-looking statements made in this presentation in the context of these risks and uncertainties. Neither we nor any of our respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. The information and opinions contained in this presentation are provided as of the date of this presentation and are subject to change without notice. This presentation has not been approved by any regulatory or supervisory agency. See Appendix for additional information and definitions. 2

Elevate is reinventing non-prime credit with online products that provide financial relief today, and help people build a brighter financial future. So far, we’ve originated $5.9 billion to two million customers1 and saved them more than $4 billion over payday loans2 33

Elevate key performance highlights Q2 2018 Performance Elevate Goals Highlights 1 23% revenue growth YOY 23% combined loans receivable – 2 Strong Growth principal growth YOY 3 45% growth in Adjusted EBITDA YOY 16% Adjusted EBITDA margin3 Expanding Margins 240 basis point expansion YOY Stable Credit Quality Continued performance in target range $260 Q2, $276 YTD Managed CAC 30% more customers acquired over 1H17 Outsized Continued secular shift to responsible online products Customer Impact Average APR down almost 50% since 2013 Adjusted EBITDA, Adjusted EBITDA margin and combined loans receivable – principal are non-GAAP financial measures. See Appendix for a reconciliation to GAAP measures. 4

Recent Business Highlights Celebrated Elevate’s 2 Millionth Non-Prime Customer -Innovative credit solutions offer responsible alternatives to payday, title and storefront installment loans Named a 2018 Financial Health Leader by the CFSI Financial Health Network -Leading consumer financial health network highlights Elevate’s commitment to customer financial wellness Customers have saved more then $4 Billion over Payday Loans1 -More than $2 Billion saved in the last 18 months alone2 Launched Today Card Mastercard: Prime Credit Card for Non-Prime Consumers -New first-of-its-kind credit card product offered through Capital Community Bank of Utah 5

Today Card • Non-prime credit card with a prime experience • Larger lines than competing cards due to underwriting prowess • Broadens product portfolio • Continues commitment to customer financial health with “prime” rates • Expands bank partnership model 6

Growth in key financial measures ($mm) Ending combined loans receivable – principal, Adjusted EBITDA and Adjusted Net Income (Loss) are non-GAAP financial measures. See appendix for a reconciliation to a GAAP measure. 7

Consistent and improving credit quality The 2017 and 2018 vintages are not yet fully mature from a loss perspective – expected to be slightly better than 2016. 8

Continued margin expansion % of Gross Revenues 2015 2016 2017 YTD 2018 LT Target Gross Revenue 100% 100% 100% 100% 100% Loan Loss Provision 54% 55% 53% 48% 50% Direct Marketing and 18% 14% 14% 15% 10% Other Cost of Sales Gross Margin 29% 31% 33% 37% 40% Operating Expenses 25% 21% 20% 20% 20% Adjusted EBITDA 1 4% 10% 13% 17% 20% Margin Adjusted EBITDA margin is a non-GAAP financial measure. See Appendix for a reconciliation to GAAP measure. 9

2018 Outlook Annual guidance Perspective on Q3 Revenue = $790mm - $810mm Continued strong growth in new customers and portfolio balances Diluted EPS= $0.55 - $0.90 Operating margins higher than Q2 but lower than Q1 Net Income = $25mm - $40mm Continued improvements in credit quality Adjusted EBITDA1 = $125mm - $145mm CAC within range of $250-$300 Close management of Today pilot portfolio No change in cost of capital until 2019 Adjusted EBITDA is a non-GAAP financial measure. See appendix for a reconciliation to GAAP measures. 10

We believe everyone deserves a lift. 1111

Appendix 12

Footnotes Page 3: 1 Originations and customers from 2002-June 2018, attributable to the combined current and predecessor direct and branded products. 2 For the period from 2013 to June 30, 2018. Based on the average effective APR of 129% for the six months ended June 30, 2018. This estimate, which has not been independently confirmed, is based on our internal comparison of revenues from our combined loan portfolio and the same portfolio with an APR of 400%, which is the approximate average APR for a payday loan according to the Consumer Financial Protection Bureau, or the "CFPB." Page 4: 1 Second quarter 2018 revenue of $184 million and second quarter 2017 revenue of $150 million. 2 Combined loans receivable – principal at June 30, 2018 of $589 million and at June 30, 2017 of $481 million. Combined loans receivable - principal is not a financial measure prepared in accordance with GAAP. Combined loans receivable – principal represents loans owned by the company plus loans originated and owned by third-party lenders pursuant to our CSO programs. 3 Second quarter 2018 Adjusted EBITDA of $29 million and second quarter 2017 Adjusted EBITDA of $20 million. Adjusted EBITDA is not a financial measure prepared in accordance with GAAP. Adjusted EBITDA represents our net income, adjusted to exclude: net interest expense primarily associated with notes payable under the VPC Facility and ESPV facility used to fund or purchase loans; foreign currency gains and losses associated with our UK operations; depreciation and amortization expense on fixed assets and intangible assets; non-operating income; share-based compensation expense and income tax expense. See the Appendix for a reconciliation to GAAP net income. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. Page 5: 1 For the period from 2013 to June 30, 2018. Based on the average effective APR of 129% for the six months ended June 30, 2018. This estimate, which has not been independently confirmed, is based on our internal comparison of revenues from our combined loan portfolio and the same portfolio with an APR of 400%, which is the approximate average APR for a payday loan according to the Consumer Financial Protection Bureau, or the "CFPB.“ 2 For the period from January 2017 to June 30, 2018. Based on the average effective APR of 129% for the six months ended June 30, 2018. This estimate, which has not been independently confirmed, is based on our internal comparison of revenues from our combined loan portfolio and the same portfolio with an APR of 400%, which is the approximate average APR for a payday loan according to the Consumer Financial Protection Bureau, or the "CFPB." Page 7: 1 Ending combined loans receivable - principal is a non-GAAP financial measure. See appendix for a reconciliation to a GAAP measure. 2 19% is based on 2018 estimate midpoint. 3 Adjusted EBITDA is not a financial measure prepared in accordance with GAAP. Adjusted EBITDA represents our net loss, adjusted to exclude: net interest expense primarily associated with notes payable under the VPC Facility and ESPV facility used to fund or purchase loans; foreign currency gains and losses associated with our UK operations; depreciation and amortization expense on fixed assets and intangible assets; non-operating income; stock-based compensation expense and income tax expense. See the Appendix for a reconciliation to GAAP net income. 4 55% is based on 2018 estimate midpoint. 5 2017 adjusted net income of $5.5 million is not a financial measure prepared in accordance with GAAP. Adjusted net income for 2017 represents our $6.9 million net loss for the year ended December 31, 2017, adjusted to exclude the impact of $12.5 million in tax expense incurred during the fourth quarter of 2017 due to the enactment of the Tax Cuts and Jobs Act. 13

Footnotes (continued) Page 9 1 Adjusted EBITDA is not a financial measure prepared in accordance with GAAP. Adjusted EBITDA represents our net income, adjusted to exclude: net interest expense primarily associated with notes payable under the VPC Facility and ESPV facility used to fund or purchase loans; foreign currency gains and losses associated with our UK operations; depreciation and amortization expense on fixed assets and intangible assets; loss on discontinued operations; non-operating income; stock-based compensation expense and income tax expense. See the Appendix for a reconciliation to GAAP income. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. Page 10 1 Adjusted EBITDA margin is not a financial measure prepared in accordance with GAAP. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA represents our net income (loss), adjusted to exclude: net interest expense primarily associated with notes payable under the VPC Facility and ESPV facility used to fund or purchase loans; foreign currency gains and losses associated with our UK operations; depreciation and amortization expense on fixed assets and intangible assets; loss on discontinued operations; non-operating income; share-based compensation expense and income tax benefit. See the Appendix for a reconciliation to GAAP income. 14

Non-GAAP financials reconciliation Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to GAAP measure. The Company’s Adjusted EBITDA guidance does not include certain charges and costs. The adjustments in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as the impact of income tax benefit or expense, non-operating income, foreign currency transaction gain or loss associated with our UK operations, net interest expense, stock-based compensation expense and depreciation and amortization expense, among others. The Company is not able to provide a reconciliation of the Company’s non-GAAP financial guidance to the corresponding GAAP measure without unreasonable effort because of the uncertainty and variability of the nature and amount of these future charges and costs. 15

Combined loans reconciliation 16

Combined loans reconciliation (continued) 1 Represents loans originated by third-party lenders through the CSO programs, which are not included in our financial statements. 2 Represents finance charges earned by third-party lenders through CSO programs, which are not included in our financial statements. 3 Non-GAAP measure. . 17

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