Elevate Credit Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

elvt-20200930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 001-37680

ELEVATE CREDIT, INC.

(Exact name of registrant as specified in its charter)

Delaware

46-4714474

State or Other Jurisdiction of
Incorporation or Organization

I.R.S. Employer Identification Number

4150 International Plaza,

Suite 300

Fort Worth,

76109

Address of Principal Executive Offices

Zip Code

(817)

928-1500

Registrant’s Telephone Number, Including Area Code

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act.


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $0.0004 par value	ELVT	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Yes			☒			No			☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).


Yes			☒			No			☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Non-accelerated filer	☐
Accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☒

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:


Class						Outstanding at November 5, 2020
Common Shares, $0.0004 par value						38,070,426

TABLE OF CONTENTS


Note About Forward-Looking Statements			4
Part I - Financial Information
	Item 1.	Financial Statements
		Condensed Consolidated Balance Sheets as of September 30, 2020 (unaudited) and December 31, 2019	6
		Unaudited Condensed Consolidated Income Statements for the three and nine months ended September 30, 2020 and 2019	7
		Unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019	8
		Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the nine months ended September 30, 2020 and 2019	9
		Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019	10
		Notes to Unaudited Condensed Consolidated Financial Statements	12
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	44
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	87
	Item 4.	Controls and Procedures	88
Part II - Other Information
	Item 1.	Legal Proceedings	89
	Item 1A.	Risk Factors	90
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	123



	Item 6.	Exhibits	124
SIGNATURES			125

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are based on our management’s beliefs and assumptions and on information currently available to our management. The forward-looking statements are contained throughout this Quarterly Report on Form 10-Q, including in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and "Risk Factors." Forward-looking statements include information concerning our strategy, future operations, future financial position, future revenues, projected expenses, margins, prospects and plans and objectives of management. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•our future financial performance, including our expectations regarding our revenue, cost of revenue, growth rate of revenue, cost of borrowing, credit losses, marketing costs, net charge-offs, gross profit or gross margin, operating expenses, operating margins, loans outstanding, credit quality, ability to generate cash flow and ability to achieve and maintain future profitability;

•the effects of the outbreak and continuation of the novel coronavirus ("COVID-19") on demand for our products, our business, our financial condition and results of operations, including as a result of the expansion of our payment flexibility program to provide temporary relief to certain customers, underwriting changes we and the bank originators we support are implementing to address credit risk associated with originations during the economic crisis created by the COVID-19 pandemic, and new legislation or other governmental responses to the pandemic;

•the availability of debt financing, funding sources and disruptions in credit markets;

•our ability to meet anticipated cash operating expenses and capital expenditure requirements, including our plans with respect to assessing minimum cash and liquidity requirements and implementing measures to ensure that our cash and liquidity position is maintained through the current economic cycle;

•anticipated trends, growth rates, seasonal fluctuations and challenges in our business and in the markets in which we operate;

•our ability to anticipate market needs and develop new and enhanced or differentiated products, services and mobile apps to meet those needs, and our ability to successfully monetize them;

•our expectations with respect to trends in our average portfolio effective annual percentage rate;

•our anticipated growth and growth strategies and our ability to effectively manage that growth;

•our anticipated expansion of relationships with strategic partners, including banks;

•customer demand for our product and our ability to respond to fluctuations in demand;

•our ability to attract potential customers and retain existing customers and our cost of customer acquisition;

•the ability of customers to repay loans;

•interest rates and origination fees on loans;

•the impact of competition in our industry and innovation by our competitors;

•our ability to attract and retain necessary qualified directors, officers and employees to expand our operations;

•our reliance on third-party service providers;

•our access to the automated clearing house system;

•the efficacy of our marketing efforts and relationships with marketing affiliates;

•our anticipated direct marketing costs and spending;

•the evolution of technology affecting our products, services and markets;

•continued innovation of our analytics platform, including releases of new credit models;

•our ability to prevent security breaches, disruption in service and comparable events that could compromise the personal and confidential information held in our data systems, reduce the attractiveness of the platform or adversely impact our ability to service loans;

•our ability to detect and filter fraudulent or incorrect information provided to us by our customers or by third parties;

•our ability to adequately protect our intellectual property;

•our compliance with applicable local, state, federal and foreign laws;

•our compliance with, and the effects on our business and results of operations from, current or future applicable regulatory developments and regulations, including developments or changes from the Consumer Financial Protection Bureau ("CFPB") and developments or changes in state law;

•regulatory developments or scrutiny by agencies regulating our business or the businesses of our third-party partners;

•public perception of our business and industry;

•the anticipated effect on our business of litigation or regulatory proceedings to which we or our officers are a party;

•the anticipated effect on our business of natural or man-made catastrophes;

•the increased expenses and administrative workload associated with being a public company;

•failure to maintain an effective system of internal controls necessary to accurately report our financial results and prevent fraud;

•our liquidity and working capital requirements;

•the estimates and estimate methodologies used in preparing our consolidated financial statements;

•the utility of non-GAAP financial measures;

•the future trading prices of our common stock and the impact of securities analysts’ reports on these prices;

•our anticipated development and release of certain products and applications and changes to certain products;

•our anticipated investing activity;

•trends anticipated to continue as our portfolio of loans matures; and

•any future repurchases under our share repurchase program, including the timing and amount of repurchases thereunder.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We discuss these risks in greater detail in "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this Quarterly Report on Form 10-Q. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.


Elevate Credit, Inc. and Subsidiaries

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS


(Dollars in thousands except share amounts)	September 30, 2020		December 31, 2019
	(unaudited)
ASSETS
Cash and cash equivalents*	$	224,259	$	71,215
Restricted cash	3,135		2,235
Loans receivable, net of allowance for loan losses of $49,909 and $79,912, respectively*	341,942		542,073
Prepaid expenses and other assets*	9,576		6,737
Operating lease right of use assets	8,811		10,191
Receivable from CSO lenders	5,260		8,696
Receivable from payment processors*	5,210		8,681
Deferred tax assets, net	22,742		8,784
Property and equipment, net	35,488		35,944
Goodwill, net	6,776		6,776
Intangible assets, net	1,163		1,253
Assets from discontinued operations (see Note 13)	—		81,002
Total assets	$	664,362	$	783,587

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities (See Note 14)*	$	35,457	$	38,679
Operating lease liabilities	12,593		14,352
Income taxes payable	691		—
Deferred revenue*	5,911		12,087
Notes payable, net (See Note 14)*	438,200		525,439
Liabilities from discontinued operations (see Note 13)	—		36,541
Total liabilities	492,852		627,098
COMMITMENTS, CONTINGENCIES AND GUARANTEES (Note 12)
STOCKHOLDERS’ EQUITY
Preferred stock; $0.0004 par value; 24,500,000 authorized shares; none issued and outstanding at September 30, 2020 and December 31, 2019.	—		—
Common stock; 0.0004 par value; 300,000,000 authorized shares; 44,960,438 and 44,445,736 issued; 39,082,894 and 43,676,826 outstanding, respectively	18		18


Additional paid-in capital	199,194		193,061
Treasury stock; at cost; 5,877,544 and 768,910 shares of common stock, respectively	(13,775)		(3,344)
Accumulated deficit	(13,927)		(34,342)
Accumulated other comprehensive income, net of tax benefit of $0 and $1,353, respectively	—		1,096
Total stockholders’ equity	171,510		156,489
Total liabilities and stockholders’ equity	$	664,362	$	783,587

* These balances include certain assets and liabilities of variable interest entities (“VIEs”) that can only be used to settle the liabilities of that respective VIE. All assets of the Company are pledged as security for the Company’s outstanding debt, including debt held by the VIEs. For further information regarding the assets and liabilities included in the Company's consolidated accounts, see Note 4—Variable Interest Entities.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


Elevate Credit, Inc. and Subsidiaries

CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED)


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except share and per share amounts)	2020		2019		2020		2019
Revenues	$	94,164	$	164,296	$	374,622	$	474,736
Cost of sales:
Provision for loan losses	13,164		91,702		133,216		235,339
Direct marketing costs	2,585		10,927		13,898		29,198
Other cost of sales	1,672		2,447		5,949		7,233
Total cost of sales	17,421		105,076		153,063		271,770
Gross profit	76,743		59,220		221,559		202,966
Operating expenses:
Compensation and benefits	23,921		23,289		64,239		67,428
Professional services	8,236		7,552		24,633		23,416
Selling and marketing	610		1,117		2,468		3,669
Occupancy and equipment	4,717		3,887		14,196		11,722
Depreciation and amortization	4,588		4,013		13,413		11,824
Other	590		1,045		2,568		3,667
Total operating expenses	42,662		40,903		121,517		121,726
Operating income	34,081		18,317		100,042		81,240
Other expense:
Net interest expense (See Note 14)	(11,575)		(13,629)		(37,408)		(48,565)


Non-operating loss	(1,007)		(695)		(6,692)		(695)
Total other expense	(12,582)		(14,324)		(44,100)		(49,260)
Income from continuing operations before taxes	21,499		3,993		55,942		31,980
Income tax expense	4,883		1,345		15,311		9,994
Net income from continuing operations	16,616		2,648		40,631		21,986
Net income (loss) from discontinued operations	4,465		2,116		(15,908)		1,908
Net income	$	21,081	$	4,764	$	24,723	$	23,894

Basic income per share
Continuing operations	$	0.41	$	0.06	$	0.97	$	0.50
Discontinued operations	0.11		0.05		(0.38)		0.05
Basic earnings per share	$	0.52	$	0.11	$	0.59	$	0.55

Diluted income per share
Continuing operations	$	0.41	$	0.06	$	0.95	$	0.50
Discontinued operations	0.11		0.05		(0.37)		0.04
Diluted earnings per share	$	0.52	$	0.11	$	0.58	$	0.54

Basic weighted average shares outstanding	40,230,256		44,169,964		41,856,894		43,736,458
Diluted weighted average shares outstanding	40,762,330		44,743,944		42,624,808		44,320,427

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


Elevate Credit, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)


(Dollars in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income	$	21,081	$	4,764	$	24,723	$	23,894
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment, net of tax of $0 and $1 for the three months ended 2020 and 2019, respectively, and $(14) and $(1) for the nine months ended 2020 and 2019, respectively	—		(821)		(2,061)		(880)
Reclassification to Net loss from discontinued operations, net of tax of $0 and $1,369 for the three and nine months ended 2020, respectively, and $0 for the three and nine months ended 2019, respectively	—		—		965		—
Change in derivative valuation, net of tax of $0 for the three and nine months ended September 30, 2020, and $0 and $(95) for the three and nine months ended September 30, 2019, respectively	—		—		—		(208)
Total other comprehensive (loss) income, net of tax	—		(821)		(1,096)		(1,088)
Total comprehensive income	$	21,081	$	3,943	$	23,627	$	22,806

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


Elevate Credit, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

For the periods ended September 30, 2020 and 2019


(Dollars in thousands except share amounts)	Preferred Stock		Common Stock			Additional paid-in capital		Treasury Stock			Accumulated deficit		Accumulated other comprehensive income (loss)		Total
	Shares	Amount	Shares	Amount				Shares	Amount
Balances at December 31, 2018	—	—	43,329,262	$	18	$	183,244	—	$	—	$	(66,525)	$	54	$	116,791
Share-based compensation -US	—	—	—	—		7,286		—	—		—		—		7,286
Share-based compensation -UK	—	—	—	—		(14)		—	—		—		—		(14)
Exercise of stock options, net	—	—	37,500	—		121		—	—		—		—		121
Vesting of restricted stock units, net	—	—	733,447	—		(1,350)		—	—		—		—		(1,350)
ESPP shares issued	—	—	142,267	—		498		—	—		—		—		498
Tax benefit of equity issuance costs	—	—	—	—		(2)		—	—		—		—		(2)
Comprehensive loss:
Foreign currency translation adjustment net of tax of $(1)	—	—	—	—		—		—	—		—		(880)		(880)
Change in derivative valuation net of tax of $(95)	—	—	—	—		—		—	—		—		(208)		(208)
Treasury stock acquired	—	—	(91,370)	—		—		91,370	(434)		—		—		(434)
Net income from continuing operations	—	—	—	—		—		—	—		21,986		—		21,986
Net income from discontinued operations	—	—	—	—		—		—	—		1,908		—		1,908
Balances at September 30, 2019	—	—	44,151,106	$	18	$	189,783	91,370	$	(434)	$	(42,631)	$	(1,034)	$	145,702

Balances at December 31, 2019	—	—	43,676,826	18		193,061		768,910	(3,344)		(34,342)		1,096		156,489
Share-based compensation -US	—	—	—	—		6,513		—	—		—		—		6,513
Share-based compensation -UK	—	—	—	—		45		—	—		—		—		45
Exercise of stock options, net	—	—	34,185	—		(51)		—	—		—		—		(51)
Vesting of restricted stock units, net	—	—	199,933	—		(727)		—	—		—		—		(727)
ESPP shares issued	—	—	280,584	—		353		—	—		—		—		353

Comprehensive loss:
Foreign currency translation adjustment net of tax of $(14)	—	—	—	—		—		—	—		—		(2,061)		(2,061)
Reclassification to Net income (loss) from discontinued operations net of tax of $1,369	—	—	—	—		—		—	—		—		965		965
Treasury stock reissued for RSUs vesting	—	—	983,625	—		—		(983,625)	4,308		(4,308)		—		—
Treasury stock acquired	—	—	(6,092,259)	—		—		6,092,259	(14,739)		—		—		(14,739)
Net income from continuing operations	—	—	—	—		—		—	—		40,631		—		40,631
Net loss from discontinued operations	—	—	—	—		—		—	—		(15,908)		—		(15,908)
Balances at September 30, 2020	—	—	39,082,894	$	18	$	199,194	5,877,544	$	(13,775)	$	(13,927)	$	—	$	171,510

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


Elevate Credit, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


(Dollars in thousands)	Nine Months Ended September 30,
	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	24,723	$	23,894
Less: Net (income) loss from discontinued operations, net of tax	15,908		(1,908)
Net income from continuing operations	40,631		21,986
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,413		11,824
Provision for loan losses	133,216		235,339
Share-based compensation	6,513		7,272
Amortization of debt issuance costs	515		449
Amortization of loan premium	3,734		4,454

Amortization of derivative assets	—		108
Amortization of operating leases	(378)		113
Deferred income tax expense, net	14,178		9,418


Non-operating loss	6,692		695
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(3,305)		(486)

Income taxes payable	1,156		—
Receivables from payment processors	3,470		2,022
Receivables from CSO lenders	3,436		6,489
Interest receivable	(30,417)		(53,803)
State and other taxes payable	(91)		68

Deferred revenue	(5,558)		(10,670)
Accounts payable and accrued liabilities	(9,500)		4,565
Net cash provided by continuing operating activities	177,705		239,843
Net cash provided by discontinued operating activities	1,286		29,261
Net cash provided by operating activities	178,991		269,104
CASH FLOWS FROM INVESTING ACTIVITIES:
Loans receivable originated or participations purchased	(419,472)		(771,835)
Principal collections and recoveries on loans receivable	514,316		580,002
Participation premium paid	(2,823)		(4,530)
Purchases of property and equipment	(12,867)		(14,881)
Net cash provided by (used in) continuing investing activities	79,154		(211,244)
Net cash provided by (used in) discontinued investing activities	9,457		(23,006)
Net cash provided by (used in) investing activities	88,611		(234,250)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


Elevate Credit, Inc. and Subsidiaries


	Nine Months Ended September 30,
(Dollars in thousands)	2020		2019
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable	$	6,500	$	49,000
Payments of notes payable	(94,000)		(60,000)



Debt issuance costs paid	(253)		(2,593)
Debt prepayment costs paid	—		(850)

ESPP shares issued	354		498
Common stock repurchased	(14,739)		(434)
Proceeds from stock option exercises	27		121
Taxes paid related to net share settlement of equity awards	(804)		(1,349)
Net cash used in continuing financing activities	(102,915)		(15,607)
Net cash used in discontinued financing activities	(16,310)		(4)
Net cash used in financing activities	(119,225)		(15,611)

Net increase in cash, cash equivalents and restricted cash	148,377		19,243
Change in cash, cash equivalents and restricted cash from discontinued operations	5,567		(6,251)
Change in cash, cash equivalents and restricted cash from continuing operations	153,944		12,992

Cash and cash equivalents, beginning of period	71,215		48,349
Restricted cash, beginning of period	2,235		2,535
Cash, cash equivalents and restricted cash, beginning of period	73,450		50,884

Cash and cash equivalents, end of period	224,259		61,641
Restricted cash, end of period	3,135		2,235
Cash, cash equivalents and restricted cash, end of period	$	227,394	$	63,876

Supplemental cash flow information:
Interest paid	$	36,979	$	49,877
Taxes paid	$	397	$	565

Non-cash activities:
CSO fees charged-off included in Deferred revenues and Loans receivable	$	684	$	4,174

CSO fees on loans paid-off prior to maturity included in Receivable from CSO lenders and Deferred revenue	$	42	$	159
Annual membership fee included in Deferred revenues and Loans receivable	$	108	$	72
Reissuances of Treasury stock	$	4,308	$	—



Changes in fair value of interest rate caps	$	—	$	304

Tax benefit of equity issuance costs included in Additional paid-in capital	$	—	$	2
Impact of deferred tax asset included in Other comprehensive income	$	1,354	36
Leasehold improvements allowance included in Property and equipment, net	$	—	$	439

Price	4.47	EPS	1
Shares	45	P/E	7
MCap	200	P/FCF	1
Net Debt	472	EBIT	90
TEV	672	TEV/EBIT	7
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-09-30	Filed 2020-11-09
10-Q	2020-06-30	Filed 2020-08-07
10-Q	2020-03-31	Filed 2020-05-08
10-K	2019-12-31	Filed 2020-02-14
10-Q	2019-09-30	Filed 2019-11-08
10-Q	2019-06-30	Filed 2019-08-09
10-Q	2019-03-31	Filed 2019-05-10
10-K	2018-12-31	Filed 2019-03-08
10-Q	2018-09-30	Filed 2018-11-09
10-Q	2018-06-30	Filed 2018-08-10
10-Q	2018-03-31	Filed 2018-05-11
10-K	2017-12-31	Filed 2018-03-09
10-Q	2017-09-30	Filed 2017-11-09
10-Q	2017-06-30	Filed 2017-08-11
10-Q	2017-03-31	Filed 2017-05-18

8-K	2021-02-08	Earnings, Exhibits
8-K	2020-11-09
8-K	2020-08-06
8-K	2020-07-17
8-K	2020-06-29
8-K	2020-05-06
8-K	2020-05-01
8-K	2020-02-10
8-K	2019-11-21
8-K	2019-11-04
8-K	2019-07-29
8-K	2019-05-03
8-K	2019-04-29
8-K	2019-02-11
8-K	2019-02-06
8-K	2019-01-24
8-K	2018-10-29
8-K	2018-07-30
8-K	2018-05-31
8-K	2018-05-04
8-K	2018-04-30
8-K	2018-03-19
8-K	2018-02-08
8-K	2018-01-24
8-K	2018-01-24

EX-10.2	firstamendmenttofiftha.htm
EX-10.3	ecspvfinancingagreement.htm
EX-10.4	vpcfinwisesecondamendm.htm
EX-10.5	vpcelasticfirstamendme.htm
EX-31.1	exhibit31109-30x20.htm
EX-31.2	exhibit31209-30x20.htm
EX-32.1	exhibit32109-30x20.htm
EX-32.2	exhibit32209-30x20.htm

ELVT 10Q Quarterly Report

Elevate Credit Earnings 2020-09-30