Elevate Credit, Inc. (NYSE:ELVT) Q2 2020 Earnings Conference Call - Preliminary Transcript

Aug 06, 2020 • 05:00 pm ET


Elevate Credit, Inc. (NYSE:ELVT) Q2 2020 Earnings Conference Call - Preliminary Transcript


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Good afternoon, and welcome to the Elevate Credit Second Quarter 2020 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Daniel Rhea, Director of Public Affairs. Please go ahead.

Daniel Rhea

Good afternoon, and thanks for joining us on Elevate's Second Quarter 2020 Earnings Conference Call. Earlier today, we issued a press release with our second 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 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 on our press release issued 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 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 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

Hello, everyone. And thank you for joining our Second Quarter 2020 Earnings Conference call.

I'd like to begin today's call with some high-level observations since we last spoke. As you'll recall, during our first quarter call in April, there was quite a bit of uncertainty and a specific focus on potential credit losses for our sector. As we noted at the time and have reiterated since, we have been closely monitoring early credit quality indicators and implemented underwriting changes to address credit risk associated with our originations during the economic crisis created by the COVID-19 pandemic. Consistent with our proactive approach, credit quality has been very healthy, further aided by federal stimulus actions and, most encouragingly, by responsible behavior of consumers.

We've acted quickly to establish three separate teams across the following critical responsibilities summarized on Slide 4. First, a team on our operations; second, a team for customers; and third, a team focused on credit and risk management. For my overview, I'm going to focus primarily on customers and credit.

First, with regards to our customers. We believe that over the past four months,