Technology
LendingClub Reports Third Quarter 2024 Results
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4 hours agoon
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Originations and Revenue Growth Supported by Return of Bank Buyers
Total Assets Grew 25% Year to Date Driven by $1.3 Billion Purchase of LendingClub Loans
Acquired Tally’s Technology in October to Accelerate Product Roadmap
SAN FRANCISCO, Oct. 23, 2024 /PRNewswire/ — LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the third quarter ended September 30, 2024.
“We had a standout quarter, with credit outperformance and the return of bank buyers driving improved loan sales pricing, our capital strategy delivering a 25% larger balance sheet year to date, and strong financial performance translating to a meaningful improvement in book value per common share over the past 12 months,” said Scott Sanborn, LendingClub CEO. “Looking ahead, our acquisition of Tally’s award-winning credit card debt monitoring and management technology will allow us to accelerate our product roadmap and further seize on the historically large $1.3 trillion credit card refinance opportunity.”
Third Quarter 2024 Results
Balance Sheet:
Total assets of $11.0 billion compared to $9.6 billion in the prior quarter, primarily due to growth in whole loans held on the balance sheet and securities related to the structured certificates program:Whole loans held on the balance sheet of $6.0 billion, compared to $5.1 billion in the prior quarter, primarily reflecting the purchase of a $1.3 billion LendingClub-issued loan portfolio.Securities available for sale of $3.3 billion, compared to $2.8 billion in the prior quarter, primarily reflecting growth in structured certificate securities.Deposits of $9.5 billion compared to $8.1 billion in the prior quarter, primarily due to an increase in consumer deposits and brokered certificates of deposit to fund the loan portfolio purchase.Launched new direct-to-consumer LevelUp Savings product and seeing positive consumer response.88% of total deposits are FDIC-insured.Strong liquidity profile with $3.6 billion in readily available liquidity.Strong capital position with a consolidated Tier 1 leverage ratio of 11.3% and consolidated Common Equity Tier 1 capital ratio of 15.9%.Book value per common share increased to $11.95, compared to $11.52 in the prior quarter.Tangible book value per common share increased to $11.19, compared to $10.75 in the prior quarter.
Financial Performance:
Loan originations grew to $1.9 billion, compared to $1.8 billion in the prior quarter, driven by the successful execution of new consumer loan initiatives, combined with marketplace investor demand for structured certificates and higher whole loan retention.Total net revenue increased to $201.9 million, compared to $187.2 million in the prior quarter, driven by higher net interest income from a larger balance sheet and improved marketplace loan sales pricing.Provision for credit losses of $47.5 million, compared to $35.6 million in the prior quarter, driven by higher held-for-investment whole loan retention during the quarter.Decline in net charge-offs in the held-for-investment at amortized cost loan portfolio to $55.8 million, down from $66.8 million in the prior quarter; net charge-off ratio of 5.4% compared to 6.2% in the prior quarter.Net income was $14.5 million, compared to $14.9 million in the prior quarter, with diluted EPS of $0.13 in both periods.Pre-Provision Net Revenue (PPNR) increased to $65.5 million, compared to $55.0 million in the prior quarter, driven by a $14.7 million increase in total net revenue partially offset by a $4.0 million increase in non-interest expense.
Three Months Ended
($ in millions, except per share amounts)
September 30,
2024
June 30,
2024
September 30,
2023
Total net revenue
$ 201.9
$ 187.2
$ 200.8
Non-interest expense
136.3
132.3
128.0
Pre-provision net revenue (1)
65.5
55.0
72.8
Provision for credit losses
47.5
35.6
64.5
Income before income tax expense
18.0
19.4
8.3
Income tax expense
(3.6)
(4.5)
(3.3)
Net income
$ 14.5
$ 14.9
$ 5.0
Diluted EPS
$ 0.13
$ 0.13
$ 0.05
(1)
See page 3 of this release for additional information on our use of non-GAAP financial measures.
For a calculation of Pre-Provision Net Revenue and Tangible Book Value Per Common Share, refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables at the end of this release.
Financial Outlook
Fourth Quarter 2024
Loan originations
$1.8B to $1.9B
Pre-provision net revenue (PPNR)
$60M to $70M
About LendingClub
LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on hundreds of billions of cells of data and over $90 billion in loans, our advanced credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 5 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.
Conference Call and Webcast Information
The LendingClub third quarter 2024 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, October 23, 2024. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To access the call, please dial +1 (404) 975-4839, or outside the U.S. +1 (833) 470-1428, with Access Code 834946, ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. An audio replay will also be available 1 hour after the end of the call until October 30, 2024, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 106763. LendingClub has used, and intends to use, its investor relations website, blog (http://blog.lendingclub.com), X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.
Contacts
For Investors:
IR@lendingclub.com
Media Contact:
Press@lendingclub.com
Non-GAAP Financial Measures
To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue and Tangible Book Value Per Common Share. Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.
We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.
We believe Pre-Provision Net Revenue is an important measure because it reflects the financial performance of our business operations. Pre-Provision Net Revenue is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.
We believe Tangible Book Value (TBV) Per Common Share is an important measure used to evaluate the company’s use of equity. TBV Per Common Share is a non-GAAP financial measure representing common equity reduced by goodwill and intangible assets, divided by ending common shares issued and outstanding.
For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on page 13 of this release.
We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense with reasonable certainty without unreasonable effort.
Safe Harbor Statement
Some of the statements above, including statements regarding our competitive advantages, macroeconomic outlook, anticipated future performance and financial results, are “forward-looking statements.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our ability to continue to attract and retain new and existing borrowers and platform investors; competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS
(In thousands, except percentages or as noted)
(Unaudited)
As of and for the three months ended
% Change
September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Q/Q
Y/Y
Operating Highlights:
Non-interest income
$ 61,640
$ 58,713
$ 57,800
$ 54,129
$ 63,844
5 %
(3) %
Net interest income
140,241
128,528
122,888
131,477
137,005
9 %
2 %
Total net revenue
201,881
187,241
180,688
185,606
200,849
8 %
1 %
Non-interest expense
136,332
132,258
132,233
130,015
128,035
3 %
6 %
Pre-provision net revenue(1)
65,549
54,983
48,455
55,591
72,814
19 %
(10) %
Provision for credit losses
47,541
35,561
31,927
41,907
64,479
34 %
(26) %
Income before income tax expense
18,008
19,422
16,528
13,684
8,335
(7) %
116 %
Income tax expense
(3,551)
(4,519)
(4,278)
(3,529)
(3,327)
(21) %
7 %
Net income
$ 14,457
$ 14,903
$ 12,250
$ 10,155
$ 5,008
(3) %
189 %
Basic EPS
$ 0.13
$ 0.13
$ 0.11
$ 0.09
$ 0.05
— %
160 %
Diluted EPS
$ 0.13
$ 0.13
$ 0.11
$ 0.09
$ 0.05
— %
160 %
LendingClub Corporation Performance Metrics:
Net interest margin
5.63 %
5.75 %
5.75 %
6.40 %
6.91 %
Efficiency ratio(2)
67.5 %
70.6 %
73.2 %
70.0 %
63.7 %
Return on average equity (ROE)(3)
4.4 %
4.7 %
3.9 %
3.3 %
1.7 %
Return on average total assets (ROA)(4)
0.6 %
0.6 %
0.5 %
0.5 %
0.2 %
Marketing expense as a % of loan originations
1.37 %
1.47 %
1.47 %
1.44 %
1.30 %
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio
15.9 %
17.9 %
17.6 %
17.9 %
16.9 %
Tier 1 leverage ratio
11.3 %
12.1 %
12.5 %
12.9 %
13.2 %
Book value per common share
$ 11.95
$ 11.52
$ 11.40
$ 11.34
$ 11.02
4 %
8 %
Tangible book value per common share(1)
$ 11.19
$ 10.75
$ 10.61
$ 10.54
$ 10.21
4 %
10 %
Loan Originations (in millions)(5):
Total loan originations
$ 1,913
$ 1,813
$ 1,646
$ 1,630
$ 1,508
6 %
27 %
Marketplace loans
$ 1,403
$ 1,477
$ 1,361
$ 1,432
$ 1,182
(5) %
19 %
Loan originations held for investment
$ 510
$ 336
$ 285
$ 198
$ 326
52 %
56 %
Loan originations held for investment as a % of total loan originations
27 %
19 %
17 %
12 %
22 %
Servicing Portfolio AUM (in millions)(6):
Total servicing portfolio
$ 12,674
$ 12,999
$ 13,437
$ 14,122
$ 14,818
(3) %
(14) %
Loans serviced for others
$ 7,028
$ 8,337
$ 8,671
$ 9,336
$ 9,601
(16) %
(27) %
(1)
Represents a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures.”
(2)
Calculated as the ratio of non-interest expense to total net revenue.
(3)
Calculated as annualized net income divided by average equity for the period presented.
(4)
Calculated as annualized net income divided by average total assets for the period presented.
(5)
Includes unsecured personal loans and auto loans only.
(6)
Loans serviced on our platform, which includes unsecured personal loans, auto loans and education and patient finance loans serviced for others and held for investment by the company.
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
As of and for the three months ended
% Change
September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Q/Q
Y/Y
Balance Sheet Data:
Securities available for sale
$ 3,311,418
$ 2,814,383
$ 2,228,500
$ 1,620,262
$ 795,669
18 %
316 %
Loans held for sale at fair value
$ 849,967
$ 791,059
$ 550,415
$ 407,773
$ 362,789
7 %
134 %
Loans and leases held for investment at amortized cost
$ 4,108,329
$ 4,228,391
$ 4,505,816
$ 4,850,302
$ 5,237,277
(3) %
(22) %
Gross allowance for loan and lease losses (1)
$ (274,538)
$ (285,368)
$ (311,794)
$ (355,773)
$ (388,156)
(4) %
(29) %
Recovery asset value (2)
$ 53,974
$ 56,459
$ 52,644
$ 45,386
$ 37,661
(4) %
43 %
Allowance for loan and lease losses
$ (220,564)
$ (228,909)
$ (259,150)
$ (310,387)
$ (350,495)
(4) %
(37) %
Loans and leases held for investment at amortized cost, net
$ 3,887,765
$ 3,999,482
$ 4,246,666
$ 4,539,915
$ 4,886,782
(3) %
(20) %
Loans held for investment at fair value (3)(4)
$ 1,287,495
$ 339,222
$ 427,396
$ 272,678
$ 344,417
280 %
274 %
Total loans and leases held for investment (3)(4)
$ 5,175,260
$ 4,338,704
$ 4,674,062
$ 4,812,593
$ 5,231,199
19 %
(1) %
Whole loans held on balance sheet (4)(5)
$ 6,025,227
$ 5,129,763
$ 5,224,477
$ 5,220,366
$ 5,593,988
17 %
8 %
Total assets
$ 11,037,507
$ 9,586,050
$ 9,244,828
$ 8,827,463
$ 8,472,351
15 %
30 %
Total deposits
$ 9,459,608
$ 8,095,328
$ 7,521,655
$ 7,333,486
$ 7,000,263
17 %
35 %
Total liabilities
$ 9,694,612
$ 8,298,105
$ 7,978,542
$ 7,575,641
$ 7,264,132
17 %
33 %
Total equity
$ 1,342,895
$ 1,287,945
$ 1,266,286
$ 1,251,822
$ 1,208,219
4 %
11 %
(1)
Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)
Represents the negative allowance for expected recoveries of amounts previously charged-off.
(3)
Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value.” Prior period amounts have been reclassified to conform to the current period presentation.
(4)
The balance at September 30, 2024 includes a $1.3 billion loan outstanding principal portfolio that was acquired during the third quarter of 2024.
(5)
Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.
The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
As of and for the three months ended
September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans
and leases held for investment at amortized cost
5.4 %
5.4 %
5.8 %
6.4 %
6.7 %
Allowance for loan and lease losses to commercial
loans and leases held for investment at amortized cost
3.1 %
2.7 %
1.9 %
1.8 %
2.0 %
Allowance for loan and lease losses to consumer
loans and leases held for investment at amortized cost
5.8 %
5.9 %
6.4 %
7.2 %
7.4 %
Gross allowance for loan and lease losses to consumer
loans and leases held for investment at amortized cost
7.3 %
7.5 %
7.8 %
8.3 %
8.2 %
Net charge-offs
$ 55,805
$ 66,818
$ 80,483
$ 82,511
$ 68,795
Net charge-off ratio (2)
5.4 %
6.2 %
6.9 %
6.6 %
5.1 %
(1)
Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.
(2)
Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period.
LENDINGCLUB CORPORATION
LOANS AND LEASES HELD FOR INVESTMENT
(In thousands)
(Unaudited)
The following table presents loans and leases held for investment at amortized cost and loans held for investment at fair value:
September 30,
2024
December 31,
2023
Unsecured personal
$ 3,068,078
$ 3,726,830
Residential mortgages
175,345
183,050
Secured consumer
239,206
250,039
Total consumer loans held for investment
3,482,629
4,159,919
Equipment finance (1)
74,674
110,992
Commercial real estate
371,796
380,322
Commercial and industrial
179,230
199,069
Total commercial loans and leases held for investment
625,700
690,383
Total loans and leases held for investment at amortized cost
4,108,329
4,850,302
Allowance for loan and lease losses
(220,564)
(310,387)
Loans and leases held for investment at amortized cost, net
$ 3,887,765
$ 4,539,915
Loans held for investment at fair value (2)(3)
1,287,495
272,678
Total loans and leases held for investment (3)
$ 5,175,260
$ 4,812,593
(1)
Comprised of sales-type leases for equipment.
(2)
Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value.” Prior period amount has been reclassified to conform to the current period presentation.
(3)
The balance at September 30, 2024 includes a $1.3 billion loan outstanding principal portfolio that was acquired during the third quarter of 2024.
LENDINGCLUB CORPORATION
ALLOWANCE FOR LOAN AND LEASE LOSSES
(In thousands)
(Unaudited)
The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:
September 30, 2024
December 31, 2023
Gross allowance for loan and lease losses (1)
$ 274,538
$ 355,773
Recovery asset value (2)
(53,974)
(45,386)
Allowance for loan and lease losses
$ 220,564
$ 310,387
(1)
Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)
Represents the negative allowance for expected recoveries of amounts previously charged-off.
The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
Three Months Ended
September 30, 2024
June 30, 2024
Consumer
Commercial
Total
Consumer
Commercial
Total
Allowance for loan and lease losses, beginning of period
$ 210,729
$ 18,180
$ 228,909
$ 246,280
$ 12,870
$ 259,150
Credit loss expense for loans and leases held for investment
45,813
1,647
47,460
30,760
5,817
36,577
Charge-offs
(68,388)
(721)
(69,109)
(77,494)
(594)
(78,088)
Recoveries
12,745
559
13,304
11,183
87
11,270
Allowance for loan and lease losses, end of period
$ 200,899
$ 19,665
$ 220,564
$ 210,729
$ 18,180
$ 228,909
Three Months Ended
September 30, 2023
Consumer
Commercial
Total
Allowance for loan and lease losses, beginning of period
$ 341,161
$ 14,002
$ 355,163
Credit loss expense for loans and leases held for investment
63,733
394
64,127
Charge-offs
(73,644)
(534)
(74,178)
Recoveries
5,038
345
5,383
Allowance for loan and lease losses, end of period
$ 336,288
$ 14,207
$ 350,495
LENDINGCLUB CORPORATION
PAST DUE LOANS AND LEASES HELD FOR INVESTMENT
(In thousands)
(Unaudited)
The following tables present past due loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
September 30, 2024
30-59
Days
60-89
Days
90 or More
Days
Total Days
Past Due
Guaranteed
Amount (1)
Unsecured personal
$ 25,749
$ 20,156
$ 22,352
$ 68,257
$ —
Residential mortgages
—
145
167
312
—
Secured consumer
2,283
675
242
3,200
—
Total consumer loans held for investment
$ 28,032
$ 20,976
$ 22,761
$ 71,769
$ —
Equipment finance
$ —
$ —
$ 4,850
$ 4,850
$ —
Commercial real estate
3,882
678
6,106
10,666
8,681
Commercial and industrial
417
8,207
7,232
15,856
12,347
Total commercial loans and leases held for investment
$ 4,299
$ 8,885
$ 18,188
$ 31,372
$ 21,028
Total loans and leases held for investment at amortized cost
$ 32,331
$ 29,861
$ 40,949
$ 103,141
$ 21,028
December 31, 2023
30-59
Days
60-89
Days
90 or More
Days
Total Days
Past Due
Guaranteed
Amount (1)
Unsecured personal
$ 32,716
$ 29,556
$ 30,132
$ 92,404
$ —
Residential mortgages
1,751
—
—
1,751
—
Secured consumer
2,076
635
217
2,928
—
Total consumer loans held for investment
$ 36,543
$ 30,191
$ 30,349
$ 97,083
$ —
Equipment finance
$ 1,265
$ —
$ —
$ 1,265
$ —
Commercial real estate
—
3,566
1,618
5,184
4,047
Commercial and industrial
12,261
1,632
1,515
15,408
11,260
Total commercial loans and leases held for investment
$ 13,526
$ 5,198
$ 3,133
$ 21,857
$ 15,307
Total loans and leases held for investment at amortized cost
$ 50,069
$ 35,389
$ 33,482
$ 118,940
$ 15,307
(1)
Represents loan balances guaranteed by the Small Business Association.
LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Change (%)
September 30,
2024
June 30,
2024
September 30,
2023
Q3 2024
vs
Q2 2024
Q3 2024
vs
Q3 2023
Non-interest income:
Origination fees
$ 71,465
$ 77,131
$ 60,912
(7) %
17 %
Servicing fees
8,081
19,869
32,768
(59) %
(75) %
Gain on sales of loans
12,433
10,748
8,572
16 %
45 %
Net fair value adjustments
(33,595)
(51,395)
(41,366)
(35) %
(19) %
Marketplace revenue
58,384
56,353
60,886
4 %
(4) %
Other non-interest income
3,256
2,360
2,958
38 %
10 %
Total non-interest income
61,640
58,713
63,844
5 %
(3) %
Total interest income
240,377
219,634
207,412
9 %
16 %
Total interest expense
100,136
91,106
70,407
10 %
42 %
Net interest income
140,241
128,528
137,005
9 %
2 %
Total net revenue
201,881
187,241
200,849
8 %
1 %
Provision for credit losses
47,541
35,561
64,479
34 %
(26) %
Non-interest expense:
Compensation and benefits
57,408
56,540
58,497
2 %
(2) %
Marketing
26,186
26,665
19,555
(2) %
34 %
Equipment and software
12,789
12,360
12,631
3 %
1 %
Depreciation and amortization
13,341
13,072
11,250
2 %
19 %
Professional services
8,014
7,804
8,414
3 %
(5) %
Occupancy
4,005
3,941
4,612
2 %
(13) %
Other non-interest expense
14,589
11,876
13,076
23 %
12 %
Total non-interest expense
136,332
132,258
128,035
3 %
6 %
Income before income tax expense
18,008
19,422
8,335
(7) %
116 %
Income tax expense
(3,551)
(4,519)
(3,327)
(21) %
7 %
Net income
$ 14,457
$ 14,903
$ 5,008
(3) %
189 %
Net income per share:
Basic EPS
$ 0.13
$ 0.13
$ 0.05
— %
160 %
Diluted EPS
$ 0.13
$ 0.13
$ 0.05
— %
160 %
Weighted-average common shares – Basic
112,042,202
111,395,025
109,071,180
1 %
3 %
Weighted-average common shares – Diluted
113,922,256
111,466,497
109,073,194
2 %
4 %
LENDINGCLUB CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)
Consolidated LendingClub Corporation (1)
Three Months Ended
September 30, 2024
Three Months Ended
June 30, 2024
Three Months Ended
September 30, 2023
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
Interest-earning assets (2)
Cash, cash equivalents, restricted cash and other
$ 939,611
$ 12,442
5.30 %
$ 976,330
$ 13,168
5.40 %
$ 1,249,087
$ 16,798
5.38 %
Securities available for sale at fair value
3,047,305
52,476
6.89 %
2,406,767
42,879
7.13 %
601,512
9,467
6.30 %
Loans held for sale at fair value
899,434
30,326
13.49 %
838,143
26,721
12.75 %
286,111
9,582
13.40 %
Loans and leases held for investment:
Unsecured personal loans
3,045,150
103,291
13.57 %
3,243,161
108,425
13.37 %
4,257,360
142,118
13.35 %
Commercial and other consumer loans
1,057,688
15,497
5.86 %
1,097,846
16,394
5.97 %
1,147,130
16,842
5.87 %
Loans and leases held for investment at amortized cost
4,102,838
118,788
11.58 %
4,341,007
124,819
11.50 %
5,404,490
158,960
11.76 %
Loans held for investment at fair value (3)(4)
972,698
26,345
10.83 %
383,872
12,047
12.55 %
385,148
12,605
13.09 %
Total loans and leases held for investment (3)(4)
5,075,536
145,133
11.44 %
4,724,879
136,866
11.59 %
5,789,638
171,565
11.85 %
Total interest-earning assets
9,961,886
240,377
9.65 %
8,946,119
219,634
9.82 %
7,926,348
207,412
10.47 %
Cash and due from banks and restricted cash
41,147
55,906
69,442
Allowance for loan and lease losses
(225,968)
(245,478)
(354,263)
Other non-interest earning assets
624,198
632,253
691,641
Total assets
$ 10,401,263
$ 9,388,800
$ 8,333,168
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts
$ 1,092,376
$ 10,146
3.70 %
$ 1,097,696
$ 10,084
3.69 %
$ 1,271,720
$ 9,541
2.98 %
Savings accounts and certificates of deposit
6,944,586
86,717
4.97 %
6,449,061
80,109
5.00 %
5,357,717
59,968
4.44 %
Interest-bearing deposits
8,036,962
96,863
4.79 %
7,546,757
90,193
4.81 %
6,629,437
69,509
4.16 %
Other interest-bearing liabilities (3)
486,736
3,273
2.69 %
56,628
913
6.45 %
35,878
898
10.03 %
Total interest-bearing liabilities
8,523,698
100,136
4.67 %
7,603,385
91,106
4.82 %
6,665,315
70,407
4.19 %
Non-interest bearing deposits
344,577
303,199
183,728
Other liabilities
225,467
215,608
271,118
Total liabilities
$ 9,093,742
$ 8,122,192
$ 7,120,161
Total equity
$ 1,307,521
$ 1,266,608
$ 1,213,007
Total liabilities and equity
$ 10,401,263
$ 9,388,800
$ 8,333,168
Interest rate spread
4.98 %
5.00 %
6.28 %
Net interest income and net interest margin
$ 140,241
5.63 %
$ 128,528
5.75 %
$ 137,005
6.91 %
(1)
Consolidated presentation reflects intercompany eliminations.
(2)
Nonaccrual loans and any related income are included in their respective loan categories.
(3)
Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value” and “Retail notes and certificates at fair value” were combined within “Other interest-bearing liabilities.” Prior period amounts have been reclassified to conform to the current period presentation.
(4)
The average balance for the third quarter of 2024 includes a $1.3 billion loan outstanding principal portfolio that was acquired during the quarter.
LENDINGCLUB CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
September 30,
2024
December 31,
2023
Assets
Cash and due from banks
$ 25,558
$ 14,993
Interest-bearing deposits in banks
991,372
1,237,511
Total cash and cash equivalents
1,016,930
1,252,504
Restricted cash
33,347
41,644
Securities available for sale at fair value ($3,319,988 and $1,663,990 at amortized cost, respectively)
3,311,418
1,620,262
Loans held for sale at fair value
849,967
407,773
Loans and leases held for investment
4,108,329
4,850,302
Allowance for loan and lease losses
(220,564)
(310,387)
Loans and leases held for investment, net
3,887,765
4,539,915
Loans held for investment at fair value (1)(2)
1,287,495
272,678
Property, equipment and software, net
167,809
161,517
Goodwill
75,717
75,717
Other assets
407,059
455,453
Total assets
$ 11,037,507
$ 8,827,463
Liabilities and Equity
Deposits:
Interest-bearing
$ 9,099,092
$ 7,001,680
Noninterest-bearing
360,516
331,806
Total deposits
9,459,608
7,333,486
Borrowings (1)
2,683
19,354
Other liabilities
232,321
222,801
Total liabilities
9,694,612
7,575,641
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 112,401,990 and 110,410,602 shares issued and outstanding, respectively
1,124
1,104
Additional paid-in capital
1,692,538
1,669,828
Accumulated deficit
(347,196)
(388,806)
Accumulated other comprehensive loss
(3,571)
(30,304)
Total equity
1,342,895
1,251,822
Total liabilities and equity
$ 11,037,507
$ 8,827,463
(1)
Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value” and “Retail notes and certificates at fair value” were combined within “Borrowings.” Prior period amounts have been reclassified to conform to the current period presentation.
(2)
The balance at September 30, 2024 includes a $1.3 billion loan outstanding principal portfolio that was acquired during the third quarter of 2024.
LENDINGCLUB CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited)
Pre-Provision Net Revenue
For the three months ended
September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
GAAP Net income
$ 14,457
$ 14,903
$ 12,250
$ 10,155
$ 5,008
Less: Provision for credit losses
(47,541)
(35,561)
(31,927)
(41,907)
(64,479)
Less: Income tax expense
(3,551)
(4,519)
(4,278)
(3,529)
(3,327)
Pre-provision net revenue
$ 65,549
$ 54,983
$ 48,455
$ 55,591
$ 72,814
For the three months ended
September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Non-interest income
$ 61,640
$ 58,713
$ 57,800
$ 54,129
$ 63,844
Net interest income
140,241
128,528
122,888
131,477
137,005
Total net revenue
201,881
187,241
180,688
185,606
200,849
Non-interest expense
(136,332)
(132,258)
(132,233)
(130,015)
(128,035)
Pre-provision net revenue
65,549
54,983
48,455
55,591
72,814
Provision for credit losses
(47,541)
(35,561)
(31,927)
(41,907)
(64,479)
Income before income tax expense
18,008
19,422
16,528
13,684
8,335
Income tax expense
(3,551)
(4,519)
(4,278)
(3,529)
(3,327)
GAAP Net income
$ 14,457
$ 14,903
$ 12,250
$ 10,155
$ 5,008
Tangible Book Value Per Common Share
September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
GAAP common equity
$ 1,342,895
$ 1,287,945
$ 1,266,286
$ 1,251,822
$ 1,208,219
Less: Goodwill
(75,717)
(75,717)
(75,717)
(75,717)
(75,717)
Less: Intangible assets
(9,439)
(10,293)
(11,165)
(12,135)
(13,151)
Tangible common equity
$ 1,257,739
$ 1,201,935
$ 1,179,404
$ 1,163,970
$ 1,119,351
Book value per common share
GAAP common equity
$ 1,342,895
$ 1,287,945
$ 1,266,286
$ 1,251,822
$ 1,208,219
Common shares issued and outstanding
112,401,990
111,812,215
111,120,415
110,410,602
109,648,769
Book value per common share
$ 11.95
$ 11.52
$ 11.40
$ 11.34
$ 11.02
Tangible book value per common share
Tangible common equity
$ 1,257,739
$ 1,201,935
$ 1,179,404
$ 1,163,970
$ 1,119,351
Common shares issued and outstanding
112,401,990
111,812,215
111,120,415
110,410,602
109,648,769
Tangible book value per common share
$ 11.19
$ 10.75
$ 10.61
$ 10.54
$ 10.21
View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-third-quarter-2024-results-302285005.html
SOURCE LendingClub Corporation
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Revenues at 17.5731 trillion won, operating profit at 7.03 trillion won, net profit at 5.7534 trillion won – all reaching new recordsAchieving best-ever quarterly performance with increasing high value-added product sales based on no.1 AI Memory technologyStrong demand of memory for AI servers – HBM’s share of DRAM revenues in Q3 marks 30% and forecast to be 40% in Q4Company to lead the global AI memory market again next year promoting long-term growth by securing both business stability and profitability
SEOUL, South Korea, Oct. 23, 2024 /PRNewswire/ — SK hynix Inc. (or “the company”, www.skhynix.com) announced today that it recorded 17.5731 trillion won in revenues, 7.03 trillion won in operating profit (with an operating margin of 40%), and 5.7534 trillion won in net profit (with a net margin of 33%) in the third quarter this year.
Quarter revenues marked all-time high, exceeding the previous record of 16.4233 trillion won in the second quarter of this year by more than 1 trillion won. Operating profit and net profit also far exceeded the record of 6.4724 trillion won and 4.6922 trillion won in the third quarter of 2018 during the semiconductor super boom.
SK hynix emphasized that the demand for AI memory continued to be strong centered on data center customers, and the company marked its highest revenue since its foundation by expanding sales of premium products such as HBM and eSSD. In particular, HBM sales showed excellent growth, up more than 70% from the previous quarter and more than 330% from the same period last year.
As sales increased mainly on highly profitable premium products, the average selling price (ASP) of both DRAM and NAND rose in the mid 10% range compared to the previous quarter, which made the company mark the highest operating profit.
While the demand of memory for AI servers such as HBM and eSSD has grown noticeably this year, the company predicts that this trend will continue next year. This is because generative AI is developing into a multi-modal1 form and global big tech companies continue to invest to develop artificial general intelligence (AGI)2.
1Multi-modal: AI service that can understand multiple complex information such as text, photos, voice, video, etc.
2Artificial General Intelligence: Artificial intelligence that implements human-like or higher intelligence with a computer
SK hynix also forecasts that the PC and mobile product markets, which had been slow to recover demand compared to memory for AI servers, will be on a steady growth path as well next year as AI memories optimized for each device are released.
As a result, the company will continue to focus on profitability by increasing sales centered on high value-added products based on its world-leading technology in AI memory.
In the DRAM area, SK hynix is continuing the rapid transition from existing HBM3 to HBM3E 8-layer products. The company also plans to start supplying 12-layer HBM3E products, which were mass-produced last month, in the fourth quarter as scheduled. This makes HBM sales, which accounted for 30% of total DRAM revenues in the third quarter, expected to reach 40% in the fourth quarter.
For NAND, the company plans to expand sales of high-capacity eSSD, which is rapidly increasing market demand, while focusing on investment efficiency and production optimization.
“SK hynix has solidified its position as the world’s No.1 AI memory company by achieving the highest business performance ever in the third quarter of this year.” said Kim Woohyun, Vice President and Chief Financial Officer (CFO) at SK hynix. “We will continue to maximize profitability while securing stable revenues by taking flexible product and supply strategies in line with market demand.”
3Q24 Financial Results (K-IFRS)
*Unit: Billion KRW
3Q24
QoQ
YoY
2Q24
Change
3Q23
Change
Revenues
17,573.1
16,423.3
7 %
9,066.2
94 %
Operating
Profit
7,030
5,468.5
29 %
-1,792
Turn to profit
Operating
Margin
40 %
33 %
7%p
-20 %
60%p
Net Income
5,753.4
4,120
40 %
-2,184.7
Turn to profit
Financial information of the earnings is based on K-IFRSPlease note that the financial results discussed herein are preliminary and speak only as of October 24, 2024. Readers should not assume that this information remains operative at a later time.
About SK hynix Inc.
SK hynix Inc., headquartered in Korea, is the world’s top tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”), flash memory chips (“NAND flash”) and CMOS Image Sensors (“CIS”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.
View original content:https://www.prnewswire.com/news-releases/sk-hynix-announces-3q24-financial-results-302285211.html
SOURCE SK hynix Inc.
Technology
The Wedding Services market is projected to grow by USD 125 Billion from 2024-2028, driven by increased wedding spending and AI’s impact on market trends – Technavio
Published
2 hours agoon
October 23, 2024By
NEW YORK, Oct. 23, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The Global Wedding Services Market size is estimated to grow by USD 125 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.44% during the forecast period. Increased spending on weddings is driving market growth, with a trend towards increase in smartphone momentum. However, threat from open-source event wedding management software poses a challenge – Key market players include 7x Weddings Pvt. Ltd., A Charming Fete, Augusta Wedding Planning, Bridal Bliss Inc., Colin Cowie Lifestyle, David Stark Design, Deer Creek Valley Ranch Management LLC, EVENTURES, Fallon carter, Joy Inc., JZ Events, Lindsay Landman Events, Marry Me Wedding Planners Private Ltd., Nordic Adventure, Panache Events Pvt Ltd., Shaadi Squad, SK Jaipur Decoration, Tamarind, VIP Hosting, WeddingSutra.com India Pvt. Ltd, Zola Inc., and Zzeeh Events and Weddings.
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
Wedding Services Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 5.44%
Market growth 2024-2028
USD 125 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
4.9
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 37%
Key countries
US, China, India, Canada, and UK
Key companies profiled
7x Weddings Pvt. Ltd., A Charming Fete, Augusta Wedding Planning, Bridal Bliss Inc., Colin Cowie Lifestyle, David Stark Design, Deer Creek Valley Ranch Management LLC, EVENTURES, Fallon carter, Joy Inc., JZ Events, Lindsay Landman Events, Marry Me Wedding Planners Private Ltd., Nordic Adventure, Panache Events Pvt Ltd., Shaadi Squad, SK Jaipur Decoration, Tamarind Global , VIP Hosting, WeddingSutra.com India Pvt. Ltd, Zola Inc., and Zzeeh Events and Weddings
Market Driver
The proliferation of smartphones and faster Internet speeds, facilitated by technologies like 4G, has significantly influenced how wedding services companies engage with their clients and employees. Social networking sites such as Twitter, LinkedIn, and Facebook have become essential tools for communication and networking in the industry. Wedding vendors develop mobile applications for iOS and Android devices to expand their market reach and remain competitive. Innovative smartphone features, like push notifications and emails, enable wedding service providers to promote new services and discounts to consumers, thereby increasing market awareness. These trends are expected to positively impact the global wedding services market throughout the forecast period.
The Wedding Services Market is thriving with trends that prioritize personalized celebrations and specialized services. Event planning companies offer customized experiences, from high-end venues and curated entertainment to sustainable options. Marriage rates continue to rise, with an increase in same-sex marriages and millennials seeking unique experiences. Wedding planners use digital platforms for offline bookings and social media influence for Instagram-worthy moments. Specialized services include customized catering, wedding stationery, and floral arrangements. Vendor management, budget tracking, and culinary experiences are essential planning duties. Economic stability and cultural traditions are key factors in brand differentiation. Wedding ambassadors help create memorable experiences, while wedding planning tools simplify the process. Trends include personalized experiences, sustainable options, and destination weddings. Staffing challenges and quality control are ongoing concerns. Customization and wedding trends continue to shape the industry, with an emphasis on creating unforgettable moments for couples.
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Market Challenges
The global wedding services market faces significant competition from open-source wedding management software vendors, such as eventplanner.net, WeddingWire, and Loverly. For instance, Loverly is a DIY event planning platform offering a free wedding planning checklist and guest list manager. These open-source solutions provide innovative technologies, which can serve as alternatives to commercial wedding services. Their availability on various platforms and zero purchasing cost makes them attractive to individuals planning high-ticket events. Consequently, open-source wedding management software is reducing the market share of proprietary wedding service vendors, posing a threat to the industry during the forecast period.The Wedding Services Market faces several challenges in today’s dynamic business environment. Customized weddings and unique experiences are in high demand among millennial couples, requiring wedding planners to offer flexible planning duties. Destination weddings and local weddings present logistical challenges, especially with economic stability and budget constraints. Social media influence drives the need for customization and quality control, while wedding trends and cultural traditions require brand differentiation. Staffing challenges arise from the need for skilled professionals in photography, catering, event decoration, transportation services, and wedding planning. Economic downturns and marriageable age variations impact booking patterns, with online and offline booking options essential for reaching a wider audience. Virtual weddings and wedding postponements add complexity to the planning process. Investment opportunities exist in full planning services, partial planning services, day of coordination, videography, and photography services. Developing strategies to address these challenges and capitalize on trends, such as second marriages and cultural shifts, can help businesses thrive in the competitive wedding services market.
Discover how AI is revolutionizing market trends- Get your access now!
Segment Overview
This wedding services market report extensively covers market segmentation by
Service 1.1 Catering service1.2 Gift service1.3 Decoration1.4 Event planning1.5 OthersType 2.1 Local wedding2.2 Destination weddingGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa
1.1 Catering service- Catering services play a significant role in weddings, extending beyond meal preparation and service. Comprehensive caterers manage decoration and ambiance, table settings, and food presentation. They also consider dietary restrictions and food allergies among guests, as well as wedding themes. Alcoholic and non-alcoholic beverages are standard inclusions. The increasing popularity of catering services for weddings fuels market growth. Contract catering agreements, such as cost-plus, cost-plus guarantee, and fixed cost per head, offer accountability, convenience, and regulatory compliance. Therefore, catering services are a crucial wedding component, ensuring a successful event.
Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics
Research Analysis
The wedding services market is experiencing a demand due to the increasing number of millennial couples seeking customised and unique experiences for their big day. With economic stability on the rise, more couples are opting for destination weddings, both local and international, to create unforgettable memories. Customization is key, from personalised planning duties to bespoke catering services and photography. Social media influence plays a significant role in shaping wedding trends, with couples seeking inspiration and ideas from various platforms. However, staffing challenges and quality control can pose challenges for wedding planners. Brand differentiation is crucial in a competitive market, with cultural traditions and local weddings offering unique selling points. The average wedding cost continues to rise, leading to the popularity of partial planning services and virtual weddings. Wedding planning postponements due to unforeseen circumstances have become common, leading to increased booking and planning flexibility. Despite these challenges, the wedding services market remains a thriving industry, offering endless opportunities for creativity and innovation.
Market Research Overview
The wedding services market is experiencing a demand as millennial couples seek customised and unique experiences for their special day. From destination weddings to local weddings, the trend towards personalised celebrations continues to shape the industry. Economic stability and social media influence are key factors driving growth, with couples looking for high-quality services and brand differentiation. Wedding planning duties have become increasingly complex, with couples requiring full planning services, partial planning services, day of coordination, and vendor management. Quality control, staffing challenges, and budget constraints are major concerns for wedding service providers. Cultural traditions and same-sex marriages are also influencing the market, with specialized services and personalized celebrations becoming increasingly popular. Developmental strategies and investment opportunities abound, with economic downturns and marriage rate trends impacting the industry. Wedding planning tools, such as online booking platforms and digital platforms, are transforming the way couples plan their weddings. Virtual weddings and wedding postponements have also become common due to the pandemic. Catering services, photography, videography, event decoration, transportation services, and wedding planning services are all essential components of a successful wedding. Custom menus, floral arrangements, wedding stationery, curated entertainment, and sustainable options are some of the trends shaping the market. High-end venues and culinary experiences continue to be popular, with an emphasis on creating Instagram-worthy moments and personalised experiences for couples and their guests.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ServiceCatering ServiceGift ServiceDecorationEvent PlanningOthersTypeLocal WeddingDestination WeddingGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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AI Commerce Inc. Announces 2024 Sushi Hackathon in Silicon Valley Featuring Generative AI Innovation
Published
2 hours agoon
October 23, 2024By
Key Takeaways:
Top talent from Stanford, UC Berkeley, and GAFAM come together to drive transformative innovation in business through generative AI. Audrey Tang, Taiwan’s Digital Minister, will deliver the keynote address. Winners will receive $30,000, a sushi experience by renowned Japanese chef, and a study trip to Japan.
SILICON VALLEY, Calif., Oct. 23, 2024 /PRNewswire/ — AI Commerce Inc. (Headquarters: Palo Alto, CA; CEO: Jun Horata) has announced the 2024 Sushi Hackathon, to be held in Silicon Valley on November 3rd. This event will gather top talent to showcase cutting-edge AI-driven solutions using generative AI, designed to improve productivity and tackle complex business challenges across various industries.
Global Talent to Compete in Generative AI Innovation
The Sushi Hackathon will feature student teams from Stanford University, UC Berkeley, and others, along with junior engineers from global leaders like Google, Meta, and Amazon. With only 20 slots, over 280 teams have applied, demonstrating strong interest in the intersection of AI and business. Participants will collaborate in a highly competitive setting to revolutionize business efficiency and showcase the potential of AI technology.
Audrey Tang to Share Insights on the Future of AI and Society
A key highlight of the Sushi Hackathon will be a keynote address by Audrey Tang, Taiwan’s digital policy leader, renowned for her expertise in programming and policy, which has made her a prominent figure in AI and digital innovation. Tang’s speech will delve into how AI technology can transform societies and shape the future, inspiring to both participants and attendees.
Winners to Be Rewarded with an Exclusive Sushi Experience
In addition to prize money and the prestige of winning, the Sushi Hackathon’s top team will be treated to a once-in-a-lifetime sushi dinner crafted by Chef Yuichi Arai, flown in from Japan for this special occasion. This unique reward aims to celebrate the team’s AI innovation while offering them a memorable, creative culinary journey.
About AI Commerce inc.
AI Commerce Inc. is a U.S.-based retail DX and e-commerce platform with a global presence. Leveraging generative AI, the company delivers cutting-edge omnichannel solutions by integrating Silicon Valley’s technology, Japan’s production expertise, and India’s system development strengths. The company leads transformative innovation in brand e-commerce, reshaping profit models and driving economic growth across Southeast Asia, India, and beyond.
Media Contact:
Denise Styerwalt
Trier and Company
denise@triercompany.com
408-406-9726
View original content to download multimedia:https://www.prnewswire.com/news-releases/ai-commerce-inc-announces-2024-sushi-hackathon-in-silicon-valley-featuring-generative-ai-innovation-302285176.html
SOURCE AI Commerce Inc.
SK hynix Announces 3Q24 Financial Results
The Wedding Services market is projected to grow by USD 125 Billion from 2024-2028, driven by increased wedding spending and AI’s impact on market trends – Technavio
AI Commerce Inc. Announces 2024 Sushi Hackathon in Silicon Valley Featuring Generative AI Innovation
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