Elevate Credit, Inc. (NYSE:ELVT) Q4 2019 Earnings Conference Call - Final Transcript

Feb 10, 2020 • 05:00 pm ET


Elevate Credit, Inc. (NYSE:ELVT) Q4 2019 Earnings Conference Call - Final Transcript


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Greetings and welcome to the Elevate Credit Fourth Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. The question-and-answer session will follow a formal presentation. [Operator Instructions] I will now turn the conference over to our host, Daniel Rhea, Chief Communications Officer. Thank you. You may begin.

Daniel Rhea

Good afternoon and thanks for joining us on Elevate's fourth quarter and full year 2019 earnings conference call. Earlier today, we issued a press release with our fourth quarter and full year 2019 results. A copy of the release is available on our website at elevate.com/investors. 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 2 of that 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 quarterly report on Form 10-Q, 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 will 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 elevate.com/investors. 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 Chief Executive Officer, Jason Harvison and Chief Financial Officer, Chris Lutes. I will now turn the call over to Jason.

Jason Harvison

Good afternoon and thank you for joining our fourth quarter and year-end 2020 conference call. I'd like to begin the call with a quick review of 2019 because I think it's a year that says a lot about our approach to the business and how we execute against our strategic goals. As you all know, 2019 was a year of change for Elevate and we both revamped and implemented new credit models across our full slate of products. Additionally, we took a new approach to originations with a focus on measured growth and expanding profitability. Most importantly, we continued to serve customers well.

If you just turn to Slide 3, you'll note our platforms have now served more than 2.4 million individuals and we take a lot of pride in the fact that we have saved our customers more than $6.5 billion over less consumer-friendly payday lending products. As we look back at our full year 2019, I know I speak for more than just Chris and myself when I say how proud we