Regional Management Corp. (NYSE:RM) Q2 2020 Earnings Conference Call - Preliminary Transcript
Aug 05, 2020 • 05:00 pm ET
Thank you for standing by. This is the conference operator. Welcome to the Regional Management Second Quarter 2020 Earnings Conference Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the conference over to Garrett Edson with ICR. Please go ahead, sir.
Thank you, and good afternoon. By now, everyone should have access to our earnings announcement and supplemental presentation, which was released prior to this call and may be found on our website at regionalmanagement.com.
Before we begin our formal remarks, I will direct you to Page 2 of our supplemental presentation, which contains important disclosures concerning forward-looking statements and the use of non-GAAP financial measures. Part of our discussion today may include forward-looking statements, which are based on management's current expectations, estimates and projections about the company's future financial performance and business prospects. These forward-looking statements speak only as of today and are subject to various assumptions risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.
These statements are not guarantees of future performance, and therefore, you should not place undue reliance upon them. We refer all of you to our press release, presentation and recent filings with the SEC for a more detailed discussion about forward-looking statements and the risks and uncertainties that could impact the future operating results and financial condition of Regional Management Corp. Also, our discussion today may include references to certain non-GAAP measures. A reconciliation of these measures to the most comparable GAAP measure can be found within our earnings announcement or earnings presentation and posted on our website at regionalmanagement.com.
I would now like to introduce Rob Beck, President and CEO of Regional Management Corp.
Thanks, Garrett, and welcome to our second quarter 2020 earnings call. I'm joined today by Mike Dymski, our Interim Chief Financial Officer. On behalf of Mike and everyone else at Regional Management, I hope that you and your families remain safe and healthy.
As the COVID-19 pandemic continues to affect our communities, I want to take a moment to thank the entire Region Management team for their exemplary efforts during the crisis. The focus, planning and execution of our crisis response team have been superb, and our frontline branch personnel continue to provide outstanding customer service and support during this unprecedented time. Thanks to our proven operating model, we experienced navigating multiple crises and support from our team members and customers. We remain well positioned to manage through the impacts of COVID-19.
Despite the significant economic and public health challenges, our business has continued to prove resilient, and our balance sheet is strong. We generated $7.5 million of net income in the quarter or $0.68 of diluted EPS. Average net finance receivables increased by 10%, total revenue grew by 7%, and our operating