Elevate Credit, Inc. (NYSE:ELVT) Q1 2019 Earnings Conference Call - Final Transcript

Apr 29, 2019 • 05:00 pm ET


Elevate Credit, Inc. (NYSE:ELVT) Q1 2019 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Elevate Credit First Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Daniel Rhea, Manager of Communications. Please go ahead.

Daniel Rhea

Good afternoon, and thanks for joining us on Elevate's first quarter 2019 earnings conference call. Earlier today, we issued a press release with our first quarter 2019 results. A copy of the release is available on our website at investors.elevate.com. Today's call is being webcast and is accompanied by a slide presentation, which is also available on our website. Please refer now to slide two of our presentation.

Our remarks and answers will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed or implied by such forward-looking statements. These risks include among others, matters that we have described in our press release issued today, our most recent annual report on Form 10-K and other filings we make with the SEC. Please note that all forward-looking statements speak only as of the date of this call, and we disclaim any obligation to update these forward-looking statements.

During our call today, we'll make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our press release issued today and our slide presentation, both of which have been furnished to the SEC and are available on our website at investors.elevate.com. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses. Joining me on the call today are our Chairman and CEO, Ken Rees; as well as our CFO, Chris Lutes.

I'll now turn the call over to Ken.

Kenneth Earl Rees

Thank you, Daniel, and thank you all for joining us on our call today. Starting on slide three, and as noted in our press release, 2019 marked the fifth anniversary of Elevate as a company. We're very proud of what we've accomplished in the short period of time. We're even more proud of the savings and service we provide to the 170 million credit-constrained consumers in the U.S. and U.K. that we call the New Middle Class. Elevate has now originated more than $7 billion in loans to 2.2 million customers and has saved those customers an estimated $5.2 billion over what they would have paid using payday loan alternatives. Helping these underserved consumers is why we come to work each day, and these figures are proof positive that our technology-enabled, consumer friendly approach is making an impact.

The past five years have also been highly successful in terms of our product portfolio and our financial growth. We launched our four current products and developed successful lending relationships with three U.S. banks.