CURO Group Holdings Corp. (NYSE:CURO) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 08:15 am ET


CURO Group Holdings Corp. (NYSE:CURO) Q2 2020 Earnings Conference Call - Final Transcript


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Donald F. Gayhardt

the broad impacts of this pandemic are likely to be felt for some time. I said then that we were business people and not doctors and the COVID trends have certainly proved that point.

On a relative basis, our neighbors in Canada appear to be curing better than the U.S. in terms of managing the virus, and we think that helps to explain with stronger performance, again on a relative basis than our U.S. business.

As discussed on our last earnings call and three investor updates during the second quarter, we created a customer care program in response to COVID-19. Through the end of last week, we provided payment relief to 12% of our active customers, including more than $4 million in principal and interest waivers. In addition, we also waived over $4 million in fees for returned items and for cashing over 30,000 stimulus checks at no costs. While the level of payment assistance request has tapered off to minimal level since peaking in mid-April, we remain dedicated to assisting our customers and managing their finances.

For our frontline employees, we continue to adhere to enhance cleaning and protection protocols for all of our stores. Consistent with these policies, we temporarily closed the number of stores for a limited amount of time for suspected or confirmed infections, which affected our total store volumes. With pay supplements to support full-time employees working reduced hours and no furloughs or layoffs, we effectively maintained full employment in the U.S. and Canada during the second quarter.

For most of our contact center and corporate support employees, we continue to work remotely as we evaluate best practices and timelines for returning to the office. Our top priority is to keep our valued employees ready and in place to serve more customers as demand improves.

On the social front, we're also operating in complicated times. The Black Lives Matter movement and social justice protests have brought to the forefront many longstanding issues and challenges.

In response, we're taking a proactive stance to support our customers and employees. Some preliminary actions included recognizing the June team holiday for our employees and making a contribution to the Thurgood Marshall College Fund, which provides scholarships, mentoring and career support to students, attending historically black colleges and universities.

To have more prominent and comprehensive plan that addresses diversity and inclusion, we've also formed a diversity and inclusion council comprised of employee representatives from the U.S. and Canada and across all company functions. The council will serve all employees with the goal of incorporating best practices throughout our organization. We're focused on promoting diversity, inclusion and equality to support our employees, to serve our customers, and to engage with our communities.

Fully implementing these plans may take some time, but we're determined. Based on our internal feedback, we're very optimistic that we'll cross the real improvement within our company and make a positive impact in the communities that we serve.

Turning to Q2 financial results. Our earnings supplement deck summarizes