Radian Group Inc. (NYSE:RDN) Q1 2020 Earnings Conference Call - Final Transcript
May 07, 2020 • 10:00 am ET
Welcome to the Radian First Quarter 2020 Earnings Call. My name is Jenny, and I'll be your operator for today's call. [Operator instructions] I will now turn the call over to Senior Vice President of Investor Relations, John Damian. You may begin.
Thank you and welcome to Radian's first quarter 2020 conference call. Our press release, which contains Radian's financial results for the quarter, was issued last evening and is posted to the Investors section of our website at www.radian.biz. This press release includes certain non-GAAP measures which will be discussed during today's call, including adjusted pre-tax operating income, adjusted diluted net operating income per share, adjusted net operating return on equity, and real estate adjusted EBITDA. A complete description of these measures and a reconciliation to GAAP may be found in press release exhibits F and G and on the Investors section of our website.
In addition, we have also presented a related non-GAAP measure, real estate adjusted EBITDA margin, which we calculate by dividing real estate adjusted EBITDA by GAAP total revenue for the real estate segment. This morning, you will hear from Rick Thornberry, Radian's Chief Executive Officer; and Frank Hall, Chief Financial Officer. Also on hand for the Q&A portion of the call is Derek Brummer, President of Radian Mortgage. Due to the current environment, all of our speakers this morning are remote. I would ask that you please excuse any sound quality or technical issues that may arise during the call.
Before we begin, I would like to remind you that comments made during this call will include forward-looking statements. These statements are based on current expectations, estimates, projections, and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially. For a discussion of these risks, please review the cautionary statements regarding forward-looking statements included in our earnings release and the risk factors included in our 2019 Form 10-K as updated in our quarterly report on Form 10-Q for the first quarter of 2020 and subsequent reports filed with the SEC. These are also available on our website.
Now, I would like to turn the call over to Rick.
Thank you, John, and good morning. Thank you all for joining us today and for your interest in Radian. I am pleased to share with you the results of an excellent quarter for our company. These results are testament to the strength of our business model and the power of One Radian unified team.
While the focus of today's call is on the first quarter of 2020, we recognize the primary interest is on how the COVID-19 pandemic environment will impact our business going forward, and I plan to share our latest thoughts and insights. Our goal is to provide you with the best information we have available.
Before I begin, I want to take a minute to thank our team for the incredible resilience and commitments they have demonstrated throughout this time. Our business continuity plans were in place, our