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)

April 29, 2019

____________________________________________________________________

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 April 29, 2019, Elevate Credit, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2019. The full text of the press release, along with the slide presentation to be used during the earnings call on April 29, 2019, 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 April 29, 2019.
99.2	Presentation slides for earnings call on April 29, 2019.

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:	April 29, 2019	By:	/s/ Christopher Lutes
			Christopher Lutes
			Chief Financial Officer

EX-99.1

ELEVATE CREDIT ANNOUNCES FIRST QUARTER 2019 RESULTS

Announces record quarterly net income

FORT WORTH, TX - April 29, 2019 - 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 first quarter ended March 31, 2019. The Company grew year-over-year net income by more than 40%, with stable credit quality and lower customer acquisition costs.

“I am very pleased with our strong early performance in 2019 as we celebrate our fifth year as a company,” said Elevate CEO Ken Rees. “By delivering more net income in the first quarter than in all of 2018, we are demonstrating our potential to drive long-term earnings growth. We expect continued strong earnings through 2019, as we see added benefit from new credit models and reduced cost of capital.”

First Quarter 2019 Financial Highlights¹ 

• Net income: Net income for the three months ended March 31, 2019 totaled $13.4 million, up $3.9 million, or 40.9%, compared to $9.5 million in the first quarter of 2018. Fully diluted earnings per share was $0.30, an increase of 40.2% from $0.22 fully diluted per share a year ago.

• Revenue: Revenues decreased 2.1% for the first quarter of 2019 totaling $189.5 million compared to $193.5 million for the first quarter of 2018 due to a decline in the effective APR of the combined loans receivable.

• Combined loans receivable - principal: Combined loans receivable - principal totaled $575.1 million, an increase of $7.7 million, or 1.4%, from $567.5 million for the prior-year quarter.

• Continued stable credit quality: The ending combined loan loss reserve, as a percentage of combined loans receivable, was 13.1%, lower than 14.0% reported for the prior-year period due to an improvement in credit quality and the continued maturation of the loan portfolio.

• Customer acquisition cost: The average customer acquisition cost was $221 in the first quarter of 2019, which is lower than the targeted range of $250-$300 and lower than $295 for the prior-year quarter. The total number of new customer loans decreased from approximately 70,000 in the first quarter of 2018 to 50,000 in the first quarter of 2019.

• Adjusted EBITDA margin: Adjusted EBITDA increased to $44.7 million, up 20.8% from $37.0 million in the first quarter of 2018. The Adjusted EBITDA margin for the first quarter of 2019 was 23.6%, up from 19.1% in the prior-year quarter.

__________________________

¹ Adjusted EBITDA, Adjusted EBITDA margin, combined loans receivable - principal 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

As previously disclosed in a press release issued on February 11, 2019, the Company announced amendments to the credit facilities for its four products with Victory Park Capital. Additionally, the Company repaid a net $33 million in debt under these credit facilities during the first quarter of 2019.

Financial Outlook

The Company expects revenue growth to be relatively flat during the first half of 2019 and expects annualized revenue growth of 5% to 10% during the second half of 2019. For the full year 2019, the Company reaffirms its previous guidance of total revenue of $811 million to $834 million, net income of $25 million to $30 million, or $0.55 to $0.65 in diluted earnings per share, and Adjusted EBITDA of $130 million to $140 million.

2

Conference Call

The Company will host a conference call to discuss its first quarter 2019 financial results on Monday, April 29th 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 First Quarter 2019 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 May 13, 2019, and can be accessed by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international), and providing the passcode13689673, or by accessing Elevate’s 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 2019 (including all statements under the heading "Financial Outlook"); our potential to drive long-term earnings growth; our expectation of continued strong earnings through 2019 and that we will see the added benefit from new credit models and reduced cost of capital; 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 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), together with its bank partners, has originated $7.0 billion in non-prime credit to more than 2.2 million non-prime consumers to date and has saved its customers more than $5.2 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, Sunny 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   March 31,
(Dollars in thousands, except share and per share amounts)	2019			2018
Revenues	$	189,504		$	193,537
Cost of sales:
Provision for loan losses	87,431			92,142
Direct marketing costs	11,154			20,695
Other cost of sales	5,060			6,329
Total cost of sales	103,645			119,166
Gross profit	85,859			74,371
Operating expenses:
Compensation and benefits	25,710			22,427
Professional services	9,699			8,312
Selling and marketing	1,846			2,952
Occupancy and equipment	5,052			4,119
Depreciation and amortization	4,266			2,715
Other	1,307			1,217
Total operating expenses	47,880			41,742
Operating income	37,979			32,629
Other income (expense):
Net interest expense	(19,219		)	(19,213		)
Foreign currency transaction gain	613			756
Non-operating loss	—			(38		)
Total other expense	(18,606		)	(18,495		)
Income before taxes	19,373			14,134
Income tax expense	6,015			4,651
Net income	$	13,358		$	9,483
Basic income per share	$	0.31		$	0.22
Diluted income per share	$	0.30		$	0.22
Basic weighted average shares outstanding	43,348,249			42,211,714
Diluted weighted average shares outstanding	43,875,410			43,680,603

5

Elevate Credit, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands)	March 31, 2019			December 31, 2018
ASSETS
Cash and cash equivalents*	$	97,153		$	58,313
Restricted cash	2,493			2,591
Loans receivable, net of allowance for loan losses of $76,457 and $91,608, respectively*	502,528			561,694
Prepaid expenses and other assets*	9,865			11,418
Operating lease right of use assets	11,545			—
Receivable from CSO lenders	11,701			16,183
Receivable from payment processors*	24,059			21,716
Deferred tax assets, net	15,986			21,628
Property and equipment, net	44,886			41,579
Goodwill	16,027			16,027
Intangible assets, net	1,568			1,712
Derivative assets, net*	—			412
Total assets	$	737,811		$	753,273
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities*	$	40,351		$	44,950
Operating lease liabilities	15,392			—
State and other taxes payable	1,091			681
Deferred revenue*	20,405			28,261
Notes payable, net*	527,511			562,590
Total liabilities	604,750			636,482
COMMITMENTS, CONTINGENCIES AND GUARANTEES
STOCKHOLDERS’ EQUITY
Preferred stock	—			—
Common stock	18			18
Additional paid-in capital	185,699			183,244
Accumulated deficit	(53,167		)	(66,525		)
Accumulated other comprehensive income	511			54
Total stockholders’ equity	133,061			116,791
Total liabilities and stockholders’ equity	$	737,811		$	753,273

* 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.

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 - principal, 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, non-operating loss, foreign currency transaction gain associated with our 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 our 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. Management'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 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 months ended March 31, 2019 and 2018:

	Three Months Ended March 31,
(Dollars in thousands)	2019			2018
Net income	$	13,358		$	9,483
Adjustments:
Net interest expense	19,219			19,213
Share-based compensation	2,435			1,637
Foreign currency transaction gain	(613		)	(756		)
Depreciation and amortization	4,266			2,715
Non-operating loss	—			38
Income tax expense	6,015			4,651
Adjusted EBITDA	$	44,680		$	36,981
Adjusted EBITDA margin	23.6		%	19.1		%

8

Supplemental Schedules

9

Revenue by Product

	Three Months Ended March 31, 2019
(Dollars in thousands)	Rise (US)(1)			Elastic (US)(2)			Total Domestic			Sunny (UK)			Total
Average combined loans receivable – principal(3)	$	290,450		$	266,396		$	556,846		$	52,346		$	609,192
Effective APR	132		%	99		%	116		%	228		%	126		%
Finance charges	$	94,885		$	64,733		$	159,618		$	29,371		$	188,989
Other	351			96			447			68			515
Total revenue	$	95,236		$	64,829		$	160,065		$	29,439		$	189,504
	Three Months Ended March 31, 2018
(Dollars in thousands)	Rise (US)(1)			Elastic (US)			Total Domestic			Sunny (UK)			Total
Average combined loans receivable – principal(3)	$	301,985		$	245,381		$	547,366		$	51,848		$	599,214
Effective APR	139		%	97		%	120		%	236		%	130		%
Finance charges	$	103,208		$	58,903		$	162,111		$	30,147		$	192,258
Other	830			365			1,195			84			1,279
Total revenue	$	104,038		$	59,268		$	163,306		$	30,231		$	193,537

(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) Includes immaterial balances related to the Today Card, which expanded its test launch in November 2018.

(3) 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.

10

Loan Loss Reserve by Product

	Three Months Ended March 31, 2019
(Dollars in thousands)	Rise (US)			Elastic (US)(1)			Total Domestic			Sunny (UK)			Total
Combined loan loss reserve(2):
Beginning balance	$	50,597		$	36,050		$	86,647		$	9,405		$	96,052
Net charge-offs	(57,040		)	(37,271		)	(94,311		)	(9,674		)	(103,985		)
Provision for loan losses	45,793			29,562			75,355			12,076			87,431
Effect of foreign currency	—			—			—			201			201
Ending balance	$	39,350		$	28,341		$	67,691		$	12,008		$	79,699
Combined loans receivable(2)(3)	$	298,759		$	256,618		$	555,377		$	54,409		$	609,786
Combined loan loss reserve as a percentage of ending combined loans receivable	13		%	11		%	12		%	22		%	13		%
Net charge-offs as a percentage of revenues	60		%	57		%	59		%	33		%	55		%
Provision for loan losses as a percentage of revenues	48		%	46		%	47		%	41		%	46		%

	Three Months Ended March 31, 2018
(Dollars in thousands)	Rise (US)			Elastic (US)			Total Domestic			Sunny (UK)			Total
Combined loan loss reserve(2):
Beginning balance	$	55,867		$	28,870		$	84,737		$	9,052		$	93,789
Net charge-offs	(63,447		)	(29,685		)	(93,132		)	(8,910		)	(102,042		)
Provision for loan losses	51,789			28,913			80,702			11,440			92,142
Effect of foreign currency	—			—			—			357			357
Ending balance	$	44,209		$	28,098		$	72,307		$	11,939		$	84,246
Combined loans receivable(2)(3)	$	299,992		$	246,926		$	546,918		$	54,339		$	601,257
Combined loan loss reserve as a percentage of ending combined loans receivable	15		%	11		%	13		%	22		%	14		%
Net charge-offs as a percentage of revenues	61		%	50		%	57		%	29		%	53		%
Provision for loan losses as a percentage of revenues	50		%	49		%	49		%	38		%	48		%

(1) Includes immaterial balances related to the Today Card, which expanded its test launch in November 2018.

(2) 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.

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

11

Customer Loan Data by Product

	Three Months Ended March 31, 2019
	Rise (US)			Elastic (US)(1)			Total Domestic			Sunny (UK)			Total
Beginning number of combined loans outstanding	142,758			166,397			309,155			89,449			398,604
New customer loans originated	17,365			4,838			22,203			28,273			50,476
Former customer loans originated	17,791			9			17,800			—			17,800
Attrition	(52,893		)	(25,484		)	(78,377		)	(23,824		)	(102,201		)
Ending number of combined loans outstanding	125,021			145,760			270,781			93,898			364,679
Customer acquisition cost	$	333		$	294		$	324		$	140		$	221
Average customer loan balance	$	2,241		$	1,685		$	1,941		$	527		$	1,577

	Three Months Ended March 31, 2018
	Rise (US)			Elastic (US)			Total Domestic			Sunny (UK)			Total
Beginning number of combined loans outstanding	140,790			140,672			281,462			80,510			361,972
New customer loans originated	22,265			20,880			43,145			26,990			70,135
Former customer loans originated	15,383			89			15,472			—			15,472
Attrition	(51,175		)	(23,086		)	(74,261		)	(20,709		)	(94,970		)
Ending number of combined loans outstanding	127,263			138,555			265,818			86,791			352,609
Customer acquisition cost	$	333		$	275		$	305		$	279		$	295
Average customer loan balance	$	2,210		$	1,708		$	1,948		$	571		$	1,609

(1) Includes immaterial balances related to the Today Card, which expanded its test launch in November 2018.

12

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 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.

Beginning in the fourth quarter of 2018, the Company also licenses its Rise installment loan brand to a third party lender, FinWise Bank, which originates Rise installment loans in sixteen states. FinWise Bank initially provides all of the funding and retains 5% of the balances of all of the loans originated and sells a 95% 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 95% of Rise installment loans originated by FinWise Bank and sold to EF 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. In Texas and Ohio, 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 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).

13

	2018												2019
(Dollars in thousands)	March 31			June 30			September 30			December 31			March 31
Company Owned Loans:
Loans receivable – principal, current, company owned	$	471,996		$	493,908		$	525,717		$	543,405		$	491,208
Loans receivable – principal, past due, company owned	60,876			58,949			69,934			68,251			55,286
Loans receivable – principal, total, company owned	532,872			552,857			595,651			611,656			546,494
Loans receivable – finance charges, company owned	31,181			31,519			36,747			41,646			32,491
Loans receivable – company owned	564,053			584,376			632,398			653,302			578,985
Allowance for loan losses on loans receivable, company owned	(80,497		)	(76,575		)	(89,422		)	(91,608		)	(76,457		)
Loans receivable, net, company owned	$	483,556		$	507,801		$	542,976		$	561,694		$	502,528
Third Party Loans Guaranteed by the Company:
Loans receivable – principal, current, guaranteed by company	$	33,469		$	35,114		$	36,649		$	35,529		$	27,941
Loans receivable – principal, past due, guaranteed by company	1,123			1,494			1,661			1,353			696
Loans receivable – principal, total, guaranteed by company(1)	34,592			36,608			38,310			36,882			28,637
Loans receivable – finance charges, guaranteed by company(2)	2,612			2,777			3,103			2,944			2,164
Loans receivable – guaranteed by company	37,204			39,385			41,413			39,826			30,801
Liability for losses on loans receivable, guaranteed by company	(3,749		)	(3,956		)	(4,510		)	(4,444		)	(3,242		)
Loans receivable, net, guaranteed by company(3)	$	33,455		$	35,429		$	36,903		$	35,382		$	27,559
Combined Loans Receivable(3):
Combined loans receivable – principal, current	$	505,465		$	529,022		$	562,366		$	578,934		$	519,149
Combined loans receivable – principal, past due	61,999			60,443			71,595			69,604			55,982
Combined loans receivable – principal	567,464			589,465			633,961			648,538			575,131
Combined loans receivable – finance charges	33,793			34,296			39,850			44,590			34,655
Combined loans receivable	$	601,257		$	623,761		$	673,811		$	693,128		$	609,786
Combined Loan Loss Reserve(3):
Allowance for loan losses on loans receivable, company owned	$	(80,497	)	$	(76,575	)	$	(89,422	)	$	(91,608	)	$	(76,457	)
Liability for losses on loans receivable, guaranteed by company	(3,749		)	(3,956		)	(4,510		)	(4,444		)	(3,242		)
Combined loan loss reserve	$	(84,246	)	$	(80,531	)	$	(93,932	)	$	(96,052	)	$	(79,699	)
Combined loans receivable – principal, past due(3)	$	61,999		$	60,443		$	71,595		$	69,604		$	55,982
Combined loans receivable – principal(3)	567,464			589,465			633,961			648,538			575,131
Percentage past due	11		%	10		%	11		%	11		%	10		%
Combined loan loss reserve as a percentage of combined loans receivable(3)	14		%	13		%	14		%	14		%	13		%
Allowance for loan losses as a percentage of loans receivable – company owned	14		%	13		%	14		%	14		%	13		%

(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.

14

EX-99.2

First Quarter 2019 Earnings Call April 2019

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 2019; our expectation that our new credit models and strategies will be deployed in the first half of 2019 and that our partner underwriting and technology will be optimized in the first half of 2019; our perspectives on 2019, including our expectations regarding revenue, growth rate of revenue, net charge-offs, gross margin, operating expenses, operating margins, Adjusted EBITDA, net income, diluted earnings per share, 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 2018 vintage and 2019 vintage; our growth strategies and our ability to effectively manage that growth; anticipated key marketing and underwriting initiatives; new and expanded products like a 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, our plan to maintain our UK portfolio balances through the second half of 2019 in advance of regulatory clarity on complaints; expanded marketing channels and new and growing marketing partnerships; continued growth and investment in data science and analytics; our focus on expanding partner channels in the second half of 2019; 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; customer complaints or negative public perception could harm our business 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 celebrates 5 year milestone Revenue (MILLIONS) $7 Billion $787 in loan originations1 Adjusted EBITDA3 (MILLIONS) $116 Net Income Saved the customer (MILLIONS) $72 $13 $5.2 Billion -$47 -$45 2 over payday loans 2013 2018 2013 2018 2013 2018 2.2 Million 1 4 3 2 customers served Products Bank Countries Partners 3

First Quarter 2019 Highlights • Record quarterly net income of $13.4 million • Strong credit quality – Near-record low past due loan balances – Annual 2019 charge-off curve is best in Company’s history • Low CAC of $221 – 25% lower than Q1 2018 • Rise portfolio originated by FinWise Bank growing rapidly – $47 million in loan portfolio to date – $19 million increase in portfolio in Q1 • Revenue and loans receivable-principal approximately flat with Q1 2018 4

Business Updates 2018 Event 2019 Status Delays in new credit Fraud tools in place models & strategies Credit scores developed and being deployed Expansion of partner Partner channel will be focus in 2H 2019 channels Lower complaint volumes UK Complaints Waiting for regulatory clarity from FCA 5

Growth in key financial measures ($ in millions) Ending Combined Loans Revenue +3-6% 1 +17% Receivables - Principal +5% $649 +1% $811-$834 +28% $618 +16% $787 $567 $575 +34% $673 +35% $481 $580 +59% +77% $356 $434 +177% +280% $274 YTD $202 $190 $73 $72 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 1Q18 1Q19 Guidance Net Income / (Loss) 3 Adjusted EBITDA2 +12-21% +100-140% +33% $130-$140 +116% $25-$30 +45% $116 $87 $13 YTD $13 YTD $6 +223% $60 $45 $19 As adjusted -$20 -$22 -$45 -$55 -$47 -$52 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 Guidance Guidance Ending combined loans receivable – principal, Adjusted EBITDA and Adjusted Net Income are non-GAAP financial measures. See appendix for a reconciliation to a GAAP measure. 6

Stable credit quality and customer acquisition costs Cumulative principal loss rates as a percentage of Customer Acquisition Cost originations by loan vintage 35% $350 30% $297 $300 25% $255 $256 $245 $250 20% 2017 $235 $237 2018 $221 15% $200 10% $150 5% 2019 0% $100 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 2013 2014 2015 2016 2017 2018 1Q19 Months since origination 2013 2014 2015 2016 2017 2018 2019 CAC Top Target Range $300 Bottom Target Range $250 2018 and 2019 loan vintages are not yet fully matured. 7

Continued margin expansion % of Gross Revenues 2015 2016 2017 2018 1Q 2019 Gross Revenue 100% 100% 100% 100% 100% Loan Loss Provision 54% 55% 53% 52% 46% Direct Marketing and 18% 14% 14% 13% 9% Other Cost of Sales Gross Margin 29% 31% 33% 35% 45% Operating Expenses 25% 21% 20% 20% 21% Adjusted EBITDA 1 4% 10% 13% 15% 24% Margin Adjusted EBITDA margin is a non-GAAP financial measure. See Appendix for a reconciliation to GAAP measure. 8

Amended Credit Facilities • Significant reduction in cost of capital to LIBOR +7.5% from LIBOR +13% • Rise and Sunny facilities repriced February 1, 2019 • Elastic facility reprices July 1, 2019 • Funding cost locked at 10.3% for existing $530 million of debt for five years • Total size of facilities increases to more than $1B ($500 million in availability) including new facility (SPV) for FinWise • 20% revolver component every Q1 (allows us to paydown during Q1 seasonality and reborrow at later time) • Net $33 million repaid under revolver during Q1 2019 See press release: “Elevate Announces Amended Credit Facilities with Victory Park Capital” February 11, 2019 9

2019: Focus on Foundation for Growth Amended Deploy next Optimize partner Maintain UK credit facilities generation credit underwriting portfolio models and and technology balances in strategies advance of regulatory clarity on complaints 1H 1H 2H 10

2019 Outlook – Margin Expansion with Slower Growth ($ in millions) Revenue Adjusted EBITDA1 +3-6% $811-$834 +12-21% $130-$140 +17% $787 $673 +33% $116 $87 YTD YTD $45 $190 2017 2018 2019 Guidance 2017 2018 2019 Guidance Net Income2 Diluted EPS3 +96-132% +100-140% $25-$30 $0.55-$0.65 YTD YTD +75% +116% $0.30 $13 $13 $0.28 $0.16 $6 As adjusted As adjusted 2017 2018 2019 Guidance 2017 2018 2019 Guidance Adjusted EBITDA and Adjusted Net Income are non-GAAP financial measures. See appendix for a reconciliation to a GAAP measure. 11

We believe everyone deserves a lift. 1212

Appendix 13

Footnotes Page 3: 1 Originations and customers from 2002-March 2019, attributable to the combined current and predecessor direct and branded products. 2 For the period from 2013 to March 31, 2019. Based on the average effective APR of 126% for the three months ended March 31, 2019. 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.“ 3 Adjusted EBITDA is not a financial measure prepared in accordance with GAAP. Adjusted EBITDA represents our net income (loss), adjusted to exclude: net interest expense primarily associated with notes payable under the VPC Facility, EF SPV 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 (loss); share-based compensation expense and income tax expense (benefit). See the Appendix for a reconciliation to GAAP net income (loss). Page 6: 1 Ending combined loans receivable - principal is a non-GAAP financial measure. See appendix for a reconciliation to a GAAP measure. 2 Adjusted EBITDA is not a financial measure prepared in accordance with GAAP. Adjusted EBITDA represents our net income (loss), adjusted to exclude: net interest expense primarily associated with notes payable under the VPC Facility, EF SPV 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 (loss); share-based compensation expense and income tax expense (benefit). See the Appendix for a reconciliation to GAAP net income (loss). 3 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. Page 8: 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, EF SPV 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 (loss); share-based compensation expense and income tax expense (benefit). See the Appendix for a reconciliation to GAAP net income (loss). 14

Footnotes (continued) Page 11: 1 Adjusted EBITDA is not a financial measure prepared in accordance with GAAP. Adjusted EBITDA represents our net income (loss), adjusted to exclude: net interest expense primarily associated with notes payable under the VPC Facility, EF SPV 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 (loss); share-based compensation expense and income tax expense (benefit). See the Appendix for a reconciliation to GAAP net income (loss). 2 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. 3 Adjusted diluted EPS for 2017 represents our $(0.20) diluted loss per share for the year ended December 31, 2017, adjusted to exclude the $0.36 per share impact of tax expense incurred during the fourth quarter of 2017 due to the enactment of the Tax Cuts and Jobs Act. 15

Non-GAAP financials reconciliation Adjusted EBITDA Reconciliation Three months ended For the years ended December 31, March 31, ($mm) 2018 2017 2016 2015 2014 2013 2019 2018 Net income (loss) $ 13 (7) (22) (20) (55) $ (45) $ 13 9 Adjustments: Net interest expense 79 73 64 37 13 - 19 19 Stock-based compensation 8 6 2 1 1 - 3 2 Foreign currency transaction (gain) loss 2 (3) 9 2 1 - - - Depreciation and amortization 13 10 11 9 8 5 4 3 Non-operating expense (income) - (2) - (6) - (1) - - Income tax expense (benefit) 1 10 (3) (5) (21) (9) 6 4 Loss on discontinued operations - - - - - 2 - - Adjusted EBITDA $ 116 87 60 19 (53) $ (47) $ 45 37 Adjusted EBITDA Margin 15% 13% 10% 4% -19% -65% 24% 19% Adjusted EBITDA is a non-GAAP financial 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. 16

Combined loans reconciliation Combined Loan Adjustment Summary (dollars in thousands) Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Company Owned Loans Loans receivable - principal, current, company owned 491,208 543,405 525,717 493,908 471,996 Loans receivable - principal, past due, company owned 55,286 68,251 69,934 58,949 60,876 Loans receivable - principal, total, company owned 546,494 611,656 595,651 552,857 532,872 Loans receivable - finance charges, company owned 32,491 41,646 36,747 31,519 31,181 Loans receivable - company owned 578,985 653,302 632,398 584,376 564,053 Allowance for loan losses on loans receivable, company owned (76,457) (91,608) (89,422) (76,575) (80,497) Loans receivable, net, company owned 502,528 561,694 542,976 507,801 483,556 Third Party Loans Company Guaranteed Loans receivable - principal, current, guaranteed by company 27,941 35,529 36,649 35,114 33,469 Loans receivable - principal, past due, guaranteed by company 696 1,353 1,661 1,494 1,123 Loans receivable - principal, total, guaranteed by company1 28,637 36,882 38,310 36,608 34,592 Loans receivable - finance charges, guaranteed by company2 2,164 2,944 3,103 2,777 2,612 Loans receivable - guaranteed by company 30,801 39,826 41,413 39,385 37,204 Liability for losses on loans receivable, guaranteed by company (3,242) (4,444) (4,510) (3,956) (3,749) Loans receivable, net, guaranteed by company2 27,559 35,382 36,903 35,429 33,455 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. 17

Combined loans reconciliation (continued) Combined Loan Adjustment Summary (dollars in thousands) Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Combined Loans Receivable3 Combined loans receivable - principal, current 519,149 578,934 562,366 529,022 505,465 Combined loans receivable - principal, past due 55,982 69,604 71,595 60,443 61,999 Combined loans receivable - principal 575,131 648,538 633,961 589,465 567,464 Combined loans receivable - finance charges 34,655 44,590 39,850 34,296 33,793 Combined loans receivable 609,786 693,128 673,811 623,761 601,257 Combined Loan Loss Reserve3 Allowance for loan losses on loans receivable, company owned (76,457) (91,608) (89,422) (76,575) (80,497) Liability for losses on loans receivable, guaranteed by company (3,242) (4,444) (4,510) (3,956) (3,749) Combined loan loss reserve (79,699) (96,052) (93,932) (80,531) (84,246) 3 Non-GAAP measure. 18

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