Technology

LendingClub Reports Third Quarter 2024 Results

Published

3 months ago

October 23, 2024

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

$ 0.05

(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

$ 0.11

$ 0.09

$ 0.05

— %

160 %

Diluted EPS

$ 0.13

$ 0.11

$ 0.09

$ 0.05

— %

160 %

LendingClub Corporation Performance Metrics:

Net interest margin

5.63 %

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 %

0.5 %

0.2 %

Marketing expense as a % of loan originations

1.37 %

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 %

5.8 %

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

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

$ —

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

Q2 2024

Q3 2024

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

$ 0.05

— %

160 %

Diluted EPS

$ 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

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)

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

Technology

Equipboard Unveils Sleek Redesign to Enhance Music Gear Discovery for Musicians Worldwide

Published

2 hours ago

January 11, 2025

Redesign Introduces Modern Features, Streamlined Navigation, and Richer Content to Inspire and Support Music Makers Globally

AUSTIN, Texas, Jan. 11, 2025 /PRNewswire-PRWeb/ — Equipboard, the leading online community for musicians and gear enthusiasts, announces the launch of its newly redesigned website. With a modern look, streamlined navigation, and powerful new features, the redesign sets a new standard for connecting artists, producers, and hobbyists with the tools they need to create music.

Since its inception in 2013, Equipboard has grown into the world’s largest database of music gear used by professionals and amateurs alike. The redesign reflects the platform’s commitment to fostering creativity, offering transparent information, and making gear discovery and purchasing easier and more enjoyable for its global user base.

What’s New?

Equipboard’s redesign is more than just a fresh coat of paint. It introduces a host of improvements aimed at elevating the way users explore, share, and connect over their favorite gear:

Modernized Design: A sleek, responsive layout ensures a seamless experience across all devices, with improved readability and accessibility. Enhanced Navigation: Faster, more intuitive browsing helps users discover gear, artists, and inspiration effortlessly. Whether searching for a guitarist’s pedalboard or a producer’s go-to synth, the information is now at their fingertips. Richer Content: Equipboard now features in-depth guides, expert-curated collections, and a revamped artist gear section to inspire and inform users at all levels of their musical journey. Personalized Experience: Registered users can now enjoy a more tailored interface, saving their favorite gear and creating wishlists for their next creative adventure. Price Comparisons Across Leading Retailers: Equipboard helps musicians make informed decisions by comparing prices on music gear from top retailers, ensuring they get the best value for their investment. Community-Focused Features: New tools make it easier for users to contribute to Equipboard’s ever-growing database, ensuring the platform remains the most trusted source for music gear information.

“Equipboard has always been about empowering musicians by connecting them with the tools and insights they need,” said Michael Pierce, Co-Founder. “This redesign reflects our commitment to innovation and community, creating an experience that’s as inspiring as the gear our users discover. From in-depth artist insights to real-time price comparisons, we’re excited to see how these improvements help musicians worldwide make better gear choices and create amazing music.”

About Equipboard

Equipboard is the ultimate online resource for musicians and gear enthusiasts. With a mission to provide transparent, community-driven information about the gear used by artists and professionals, Equipboard has become a trusted destination for millions of music creators. The platform also simplifies the buying process with its innovative price comparison tool, helping users find the best deals from leading retailers. From electric guitars to studio monitors, Equipboard’s extensive database helps users make informed decisions about their music-making journey.

The redesigned Equipboard is now live at https://equipboard.com, offering a fresh look and enhanced tools to support music creators in exploring the gear behind their favorite artists’ sound.

Media Contact

Michael Pierce, Equipboard, 888-888-8888, contact@equipboard.com, https://equipboard.com/

View original content to download multimedia:https://www.prweb.com/releases/equipboard-unveils-sleek-redesign-to-enhance-music-gear-discovery-for-musicians-worldwide-302348502.html

SOURCE Equipboard

Technology

CES 2025: The Global Stage for Innovation, Connecting the World, Creating the Future

Published

7 hours ago

January 11, 2025

Where Technology Meets Humanity to Create Extraordinary Possibilities

LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — CES® 2025, the most powerful tech event in the world, welcomed over 141,000 attendees from around the globe. With more than 4500 exhibitors, including 1400 startups, and more than 6000 media attendees, CES highlights the innovation and technology trends addressing global challenges and shaping the future.

“CES is where innovation comes to life,” said Gary Shapiro, CEO and Vice Chair, Consumer Technology Association (CTA)®, owner and producer of CES. “From the largest companies to trailblazing startups, the entire tech ecosystem is at the show. CES is the stage for groundbreaking product launches, transformative partnerships, and serendipitous business moments that define the future of technology.”

CES 2025 by the Numbers*

4500+ exhibitors, including 1400 startups141,000+ attendees, of which 40% were international from over 150 countries, regions, and territories6000+ global media, content creators, and industry analystsOver 60% of Fortune 500 companies300+ conference sessions with 1200+ speakers27,000+ news stories and content

*pre-audit figures

“From groundbreaking innovations that improve lives to transformative ideas that redefine industries, CES is a celebration of the art of the possible, showcasing how technology enriches our world and inspires a brighter future for all,” said Kinsey Fabrizio, President, CTA. “The evolution of CES has surged at this year’s show, where creativity, connectivity, and innovation inspire with visionary keynotes, thought-provoking conference sessions, and mind-blowing exhibits.”

As one of the most transparent trade shows, CES adheres to rigorous auditing standards established by UFI, The Global Association of the Exhibition Industry. To maintain the integrity of its reports, CES engages independent auditors, fostering trust among stakeholders.

“CES reaffirms its status as the largest audited annual business event,” said Fabrizio. “We look forward to releasing third-party confirmation in the spring, because at CTA we believe auditing is not just a nice-to-have, but the gold standard for global business events.”

Catch all the highlights and announcements from CES 2025 – including all conference programming—via CES YouTube and the CES Tech Talk Podcast. Watch the CES 2025 State of the Industry Address here.

CES 2025 Highlights

Artificial Intelligence – CES 2025 connected the dots between humanity and AI through powerful exhibits and programming. From AI-driven productivity tools to breakthroughs in medical advancements, products and services on the show floor demonstrated that artificial intelligence is not just a technology trend but a transformative force improving lives worldwide.
Exhibitors included: AMD, Hisense, LG, NVIDIA, Qualcomm, Samsung, Siemens, TCL

Digital Health – This year, CES 2025 saw tremendous energy at the Venetian where attendees witnessed the category’s seamless alignment with the smart living experience. CES has cemented itself as a premier convenor for the healthcare industry, bringing together trailblazers to explore biotechnology, telehealth, and wellness advancements that enhance patient care and longevity. Attendees celebrated the vibrant and dynamic environment that underscored how technology is transforming everyday life, particularly in health and wellness.
Exhibitors & Sponsors included: AARP, Abbott, Eyebot, FlowBeams, Lumia Health, OnMed, Panasonic, ResMed, Withings

Energy Transition – With the growth of high-power demand technologies like AI, cloud, and other data center innovations, the energy transition to zero carbon sources was a significant focus at CES 2025. Experimental energy solutions including battery and energy storage technologies, emerging energy sources like green hydrogen, and small modular nuclear reactors were highlights on the show floor.
Exhibitors included: Eaton, Jackery, Otrera, SK, Sony Honda Mobility

Mobility – Mobility innovation spanned construction, agriculture, marine tech, and advanced air travel. At CES 2025, self-driving and electric technologies enhanced planes and boats, and EV market growth brought new models from global OEMs to the show. Automation in construction and industry enhanced safety and addressed workforce gaps in labor-intensive roles.
Exhibitors included: Aptera Motors, BMW, Bosch, Brunswick, Caterpillar, Daedong, Garmin, Honda, Invo Station, John Deere, Kubota, Mobileye, Oshkosh, Scout Motors, Sumitomo Rubber, Scout Motors, Suzuki, Waymo, Xpeng AeroHT, Zeekr

Quantum – CES 2025 featured the latest innovations in quantum technologies, offering a glimpse into the future. Quantum technology uses properties of quantum mechanics to enable three distinct disciplines: improved networking, computing, and sensing. Innovations at the show demonstrated how quantum computing, working alongside AI, will allow for breakthroughs in research and computing for finance, chemistry, materials, logistics, and more.
Exhibitors included: Integrated Quantum Photonic, IonQ, QSIMPLUS, Quandela, SK

Sustainability – Sustainability is a crucial trend shaping technology innovation, especially in the context of energy transition. CES featured key advancements including new battery technologies, alternative material development like graphene, and off-grid renewable energy solutions. The show also put a spotlight on innovations such as synthetic microbes, bioplastics, and self-healing concrete that will contribute to sustainable construction.
Exhibitors included: Hydrific, Lyten, Melliens, Panasonic

Startups – Eureka Park was completely full, with 1400 startups from 39 countries including country pavilions representing Africa, European Union (EU), France, Italy, Israel, Japan, Korea, Netherlands, Switzerland, and Ukraine. Eureka Park is where innovators, investors, and the media meet to highlight and get hands-on with the technologies that will shape our collective future in core areas including accessibility, AI, digital health, and sustainability.

Keynotes

NVIDIA
NVIDIA founder and CEO Jensen Huang on Monday drew 6300 attendees to unveil the GeForce RTX 50, surpassing the RTX 4090 in performance, and introduced Agentic AI, a real-time assistant to streamline consumer workflows. Huang also showcased the Cosmos World Foundation Model and generative AI tools to advance robotics navigation. Highlighting AI-driven innovation, Huang announced a partnership with Toyota to develop next-gen autonomous vehicles using the safety-certified NVIDIA DriveOS.

Panasonic Holdings Corporation
Panasonic Holdings Group CEO Yuki Kusumi shared Panasonic Group’s vision for sustainability, artificial intelligence, and the health of future generations. DJ and record producer Steve Aoki jump-started the keynote with a performance before Mr. Kusumi, joined on stage by Marvel actor Anthony Mackie and other Panasonic Group leaders, delivered Panasonic’s “Well Into the Future” message. As an extension of the current Panasonic Well portfolio, Panasonic announced Umi, a holistic digital family wellness platform and coach.

SiriusXM
Jennifer Witz, CEO, SiriusXM, joined Ashley Flowers, #1 female podcaster in the U.S. and host of the hit podcast Crime Junkie, on the C Space stage to deliver a keynote on the intersection of technology, creativity, and storytelling in audio. The conversation covered the importance of authenticity, how AI is changing the creative landscape, and adapting consumer interests.

X Corp.
Linda Yaccarino, CEO, X Corp., spoke with award-winning journalist Catherine Herridge about how the company is defining the future of digital communication. The conversation focused on X’s transformational work to create a “global newsroom in your pocket.” Yaccarino highlighted the significance of Meta’s announcement that the company will follow X’s lead in adopting a community notes approach to content moderation.

Delta Air Lines at Sphere
The first keynote at Sphere in CES history wowed over 8000 attendees! The immersive experience spotlighted Delta Air Lines’ innovations in seamless travel, onboard experiences, and the future of flight. Ed Bastian, CEO, Delta Air Lines, announced Delta Concierge and partnerships with Airbus, DraftKings, Joby, Uber, and YouTube. Special guests included actress Viola Davis, football legend Tom Brady, and GRAMMY-winning icon Lenny Kravitz.

Volvo Group
Martin Lundstedt, President and CEO, Volvo Group, emphasized the company’s commitment to building a safer, more sustainable, and more productive future. He called on policymakers and industry leaders to accelerate the transition to zero emission vehicles and discussed the company’s partnership with Aurora, aimed at advancing the development of safer, self-driving vehicles.

Accenture
Julie Sweet, Chair and CEO, Accenture, discussed how data, AI, and new ways of working are transforming industries and addressing global challenges with Julia Boorstin, CNBC senior media & tech correspondent. Sweet emphasized the need for businesses to build trust in AI technologies, especially as AI becomes increasingly autonomous in a society where trust is scarce. She also highlighted Accenture’s 25th annual Tech Vision, which explores the paths leaders can take when AI is ubiquitous.

Waymo
Tekedra Mawakana, co-CEO, Waymo, spoke with Bloomberg Technology’s Ed Ludlow on the company’s progress in developing its self-driving technology, Waymo Driver. Mawakana emphasized safety and expanding its autonomous ride-hailing service to new cities while showcasing advancements in technology and outlining a vision for a safer and more accessible future.

Conference Programming
CES 2025 offered more than 300 conference sessions, exploring how tech solves some of the world’s greatest challenges.

C Space – C Space at ARIA brought together thousands of senior-level marketing professionals to explore the intersection of technology, media, and branding. Attendees heard from leading industry innovators from brands like Reddit, NBCUniversal, and Microsoft Advertising about how technology is shaping the future of storytelling, consumer engagement, and brand strategy. C Space sessions emphasized the importance of creativity and authenticity in navigating the ever-evolving digital landscape.CES Creator Space – The first-ever CES Creator Space, presented by Sony, gathered storytellers to network, create content, and relax in between visiting exhibitors. Sessions led by industry experts helped creators elevate their craft, featuring discussions on storytelling, content monetization, brand partnerships, rights and ownership, and more.Digital Health Summit brought together the entire health ecosystem to learn, network, and explore the role technology plays in advancing and reforming medicine, healthcare, and consumer wellness.Great Minds series explored the intersection of technology and humanity. Speakers included C-Suite executives, philanthropists, influencers, government leaders, entrepreneurs, venture capitalists, and more.Innovation for All Track included dedicated programming focused on ensuring all voices are represented in technology and innovation, bringing together thought leaders for a series of engagement opportunities, dynamic session content, and networking events.Innovation Policy Summit advanced CTA’s Innovation Agenda. CES brought together policymakers and government guests from around the world to discuss domestic and global tech policy issues including AI, privacy, trade, competition, and more. Conference sessions featured high-level government speakers from the White House, Department of Commerce, Department of Homeland Security, Department of Transportation, Federal Communications Commission, Federal Maritime Commission, Federal Trade Commission, and more.Mobility Stage made its debut in West Hall, exploring the future of mobility tech on the CES show floor. Topics included AI, connected vehicles, software, supply chain, and more.Quantum Means Business, a multi-session conference track developed with Quantum World Congress, gathered some of the brightest quantum minds, showcasing breakthroughs that were once confined to science fiction. Industry leaders from IBM, Microsoft, and beyond shared insights into how quantum, paired with advancements in AI and machine learning, creates unparalleled opportunities across industries.Startup Stage in Eureka Park brought together visionaries to discuss AI, health, startup funding, and more.

Celebrities at CES
Celebrity brand ambassadors like Alexis Ohanian, Denim Richards, Karlie Kloss, Maria Shriver, Mark Cuban, Martha Stewart, Meghan Trainor, Sophia Bush, Stevie Wonder, Terry Crews, Tim Meadows, Tunde Oyeneyin, and will.i.am attended the show. Read more about CES 2025 celebrity guest participation here.

Visit CES or the CES App, sponsored by Panasonic, for keynotes, sessions, and product announcements. View the high-res image gallery and download B-roll. Check out news from this week with CTA press releases including CTA’s U.S. Consumer Technology One-Year Industry Forecast, CES 2025 Green Grants, CTA 2025 Global Innovation Scorecard, CES 2025 Open, and a new investment in Quantum Word Congress.

We’ll DIVE IN again as CES returns to Las Vegas January 6-9, 2026.

About CES®:
CES is the most powerful tech event in the world – the proving ground for breakthrough technologies and global innovators. This is where the world’s biggest brands do business and meet new partners, and the sharpest innovators hit the stage. Owned and produced by the Consumer Technology Association (CTA) ®, CES features every aspect of the tech sector. CES 2025 takes place Jan. 7-10, 2025, in Las Vegas. Learn more at CES.tech and follow CES on social.

About Consumer Technology Association (CTA)®:
As North America’s largest technology trade association, CTA is the tech sector. Our members are the world’s leading innovators – from startups to global brands – helping support more than 18 million American jobs. CTA owns and produces CES® – the most powerful tech event in the world. Find us at CTA.tech. Follow us @CTAtech.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ces-2025-the-global-stage-for-innovation-connecting-the-world-creating-the-future-302348495.html

SOURCE Consumer Technology Association

Technology

KNEX Technology CTO Gustavo Gonzalez Elected 2025 President-Elect of OATUG

Published

9 hours ago

January 11, 2025

Gustavo Gonzalez, KNEX Technology’s CTO, has been elected 2025 President-Elect of OATUG, emphasizing his dedication to Oracle innovation, collaboration, and leadership, including Ascend 2025’s strategic initiatives.

IRVINE, Calif., Jan. 10, 2025 /PRNewswire-PRWeb/ — KNEX Technology, a leading Oracle Cloud solutions provider, is proud to announce that its Chief Technology Officer, Gustavo Gonzalez, has been elected as the 2025 President-Elect of the Oracle Applications & Technology Users Group (OATUG). This esteemed appointment highlights Gonzalez’s longstanding commitment to advancing innovation and collaboration within the Oracle community.

OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career. As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.

In his new role, Gonzalez will work closely with the OATUG leadership team throughout 2025, preparing to serve as OATUG President in 2026. He will focus on empowering Oracle professionals worldwide by fostering knowledge-sharing, community engagement, and professional development. OATUG, a globally recognized organization, supports its members in overcoming challenges, enhancing the value of Oracle solutions, and driving organizational success.

“OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career,” said Gustavo Gonzalez. “As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.”

Gonzalez’s election underscores his dedication to giving back to the Oracle ecosystem. A key focus of his role will include shaping OATUG’s strategic initiatives, such as the annual Ascend Conference, which unites Oracle users, thought leaders, and technology innovators for unparalleled learning and networking opportunities.

The upcoming Ascend 2025 Conference, scheduled for June 8–11 in Orlando, Florida, promises to build on the success of the 2024 event, which attracted more than 1,800 attendees. With early bird registration now open, Gonzalez aims to ensure the conference continues to deliver transformative insights and experiences for the Oracle community.

About OATUG

The Oracle Applications & Technology Users Group (OATUG) is the premier global organization for Oracle users, providing year-round education, networking, and advocacy. OATUG empowers its members to unlock the full potential of Oracle solutions, fostering innovation and collaboration across industries.

About KNEX Technology

KNEX Technology is a trusted leader in Oracle Cloud solutions, delivering cutting-edge products and services to help businesses achieve their objectives. Through its innovative approach and customer-focused strategies, KNEX enables organizations to navigate the complexities of today’s technology landscape. For more information, visit www.knextech.com.

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SOURCE KNEX Technology