ELEVATE CREDIT, INC. (NYSE: ELVT) reported Q1 EPS of $0.22, $0.09 better than the analyst estimate of $0.13. Revenue for the quarter came in at $193.5 million versus the consensus estimate of $188.67 million.

First Quarter 2018 Financial Highlights1

• Record quarterly net income: Net income for the first quarter of 2018 totaled $9.5 million, up $7.8 million, or 459%, versus the prior year first quarter. Fully diluted earnings per share was $0.22, an increase of 267% from $0.06 fully diluted per share a year ago.
• Nearly 24% year-over-year revenue growth: Revenues increased 23.7% from the first quarter of 2017, totaling $193.5 million compared to $156.4 million for the prior-year period.
• Over 27% year-over-year growth in combined loans receivable-principal: Combined loans receivable - principal totaled $567.5 million, an increase of $123 million, or 27.7%, from $444.5 million for the prior-year period.
• Continued stable credit quality: The ending combined loan loss reserve, as a percentage of combined loans receivable, was 14.0%, lower than the 15.7% reported for the prior-year period due to the improved credit quality and the continued maturation of the loan portfolio.
• Strong customer acquisition growth: The total number of new customer loans for the first quarter of 2018 was approximately 70,000, an increase of 32.1% compared to approximately 53,000 new customer loans in the first quarter of 2017. The average customer acquisition cost was $295, within the targeted range of $250-$300.
• 19% Adjusted EBITDA margin: Adjusted EBITDA in the first quarter of 2018 totaled $37.0 million, an increase of $12.1 million, or 48.6%, versus $24.9 million for the prior year first quarter. Adjusted EBITDA margin expanded to 19.1%, up from 15.9% a year ago.

Financial Outlook

For the full year 2018, the Company expects total revenue of $780 million to $820 million, net income of $20 million to $45 million, or $0.50 to $1.05 in diluted earnings per share, and Adjusted EBITDA of $120 million to $150 million.

GUIDANCE:

ELEVATE CREDIT, INC. sees FY2018 EPS of $0.50-$1.05, versus the consensus of $0.73. ELEVATE CREDIT, INC. sees FY2018 revenue of $780-820 million, versus the consensus of $795.25 million.

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