Record Loans and Advances Receivable and Total Originations Funded1
Propel expects to report record loans and advances receivable of between
The variable pricing and graduation capabilities rolled out at the end of Q3 2021 performed stronger than expected in Q4 2021. While both programs are expected to carry lower Annualized Revenue Yields1 than the Company's traditional programs, the Company expects lower relative provisions for loan losses along with lower Cost per Funded Origination1 to drive continued growth in profitability and cash flow over the long term. The rollout of these capabilities is aligned with advancing Propel's mission of improving credit inclusion across the credit spectrum.
Consistent with the Company's strategic growth plan, Propel advanced the geographic presence of its programs over the course of Q4 2021. During the quarter, the Company facilitated the expansion of bank partner programs into six new
"The Propel team seized the opportunities from rising consumer demand, favourable seasonality and a wider product offering to deliver record origination volumes in Q4 2021. This was a tremendous milestone to achieve and an exciting way to cap a transformational year. We are executing on our growth strategy while furthering our mission to provide access to credit to an even broader group of underserved consumers," said
Note 1: See "Non-IFRS Financial Measures and Industry Metrics". |
Declaration of Dividend
Propel also announced today that its board of directors has declared a dividend of
About Propel
Propel is an innovative, online financial technology ("fintech") company, committed to credit inclusion by providing fair, fast and transparent access to credit with exceptional service using its proprietary online lending platform. Through its operating brands, MoneyKey and CreditFresh, Propel is focused on providing access to credit to the over 60 million underserved
Non-IFRS Financial Measures and Industry Metrics
This press release makes reference to certain non-IFRS financial measures and industry metrics. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Such measures include "Annualized Revenue Yield", "Ending Combined Loan and Advance Balances" and "Total Originations Funded". These non-IFRS financial measures and industry metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS financial measures and industry metrics in the evaluation of issuers. The Company's management also uses non-IFRS financial measures and industry metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to determine components of management and executive compensation. The key performance indicators used by the Company may be calculated in a manner different than similar key performance indicators used by other similar companies. Definitions and reconciliations of our non-IFRS financial measures to the relevant reported measures can be found in the Company's managements' discussion & analysis.
Presentation of Financial Information
The preliminary, unaudited results included in this press release are based on information available to the Company as of the date of this release. Final reported results could differ from these preliminary results following the completion of year-end accounting procedures, final adjustments and other developments arising between now and the time that the Company's financial results are finalized, and such changes could be material. The Company's independent auditor has not audited, reviewed or performed any procedures with respect to the preliminary results included in this press release, and accordingly does not express an opinion or any other form of assurance with respect thereto. In addition, these preliminary results are not a comprehensive statement of the Company's financial results for the quarter and fiscal year ended
Forw ard-Looking Information
Certain information in this press release, including preliminary, unaudited results for Q4 2021, trends and expectations regarding acquisition and data costs, Annualized Revenue Yields of the variable pricing and graduation programs, expected provisions for loan losses and other liabilities and Cost per Funded Origination as the variable pricing and graduation programs develop, constitutes forward looking information . In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.
Although the Company believes that the forward-looking statements in this press release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking statements. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Propel as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Company's final prospectus dated
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