Elevate Credit, Inc. (NYSE:ELVT) Q1 2020 Earnings Conference Call - Final Transcript

May 06, 2020 • 05:00 pm ET


Elevate Credit, Inc. (NYSE:ELVT) Q1 2020 Earnings Conference Call - Final Transcript


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Thank you for standing by. This is the conference operator. Welcome to the Elevate Credit First Quarter Earnings Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to Daniel Rhea, Director of Public Affairs. Please go ahead.

Daniel Rhea

Good afternoon and thanks for joining us on Elevate's First Quarter 2020 Earnings Conference Call. Earlier today, we issued a press release with our first quarter 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 available on our website. Please refer now to slide two 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 today, including impacts related to COVID-19 and 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, 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 our President and Chief Executive Officer, Jason Harvison; and Chief Financial Officer, Chris Lutes.

I will now turn the call over to Jason.

Jason Harvison

Good evening and thank you for joining our first quarter 2020 earnings conference call. First off, I'd like to offer our hope that everyone is well and safe. I'd also like to start with a heartfelt thanks -- thank you and acknowledgment of the hard work of our talented employees over the last two months. It's clearly a difficult time for us all, but I can tell you -- I can't tell you how proud I am to work with such great people. I'll speak to some of our COVID-19 actions and plans in a minute, but before I do, let me very quickly review our first quarter metrics for grounding.

I will start by noting that similar to peers in this space, Elevate was on pace for a very strong quarter prior to March and was on track to beat our forecast. All we mentioned for context is the first quarter numbers I'm about to summarize are not really indicative of any trend. With that said, as you saw from our press release and can see here on