you evening XXXX our for earnings conference Good quarter call. thank first and joining
difficult is – to safe. It’s a X employees of you some heartfelt can well you in the First time like also tell everyone you the people. I acknowledgment clearly to but with actions our start of hope last am I’ll a plans months. to all, and work and over great work our tell I to offer can’t proud I’d I minute. a talented such thank with like for COVID-XX and us how off, speak of that I’d our hard
summarize me But first review before I I for do, to grounding. in noting quickly this metrics start beat for mentioned quarter strong the on a space, to first that our March, of context not was trend. any our are let by we Elevate to indicative for on prior to All quarter is very peers quarter will very was track really about similar pace I’m forecast. numbers
of as first increase release that said, you over from an here we of and on the $XX.X following revenue quarter can million Slide saw or first our XXXX. of quarter press X, net results: With see the reported X.X%
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COVID-XX to the will Our adjusted through but how the detail and was results me evolving these later is turn EBITDA let in margin Chris Elevate XX.X%. call, environment. operating
X Slide to for to turn our response let’s COVID-XX. So and current strategy discuss
way. teams following of to with executive separate COVID-XX our update with customers; a risk our and operations; focused team the to you the team have crisis credit X organize to plan We fully along priorities dedicated a across dedicated created times responsibilities: on we these First, expect on and and along evolve our team to second, management. we’ve have a third, color meetings Since and March COVID-XX-specific the me resources internally. first, day XX, some let how a held teams start the X
some me That team for date effort. accomplishments to provide each and initiatives let said
we’re happy systems the responsiveness. without to and on operations, or important, all following. transitioned most remote employees have Elevate and disruption First to safety capabilities meaningful successfully work-from-home top report priority any employee service our to remains
banks work We support ensure the call center with other and closely to all we continuity support levels. at
that in with are our to either a layers was no points there stack work prepared standpoint. another added of well or of to technology failure an single our we employees. we’ve already way, ensure honestly organization contingency redundancy that Additionally, additional Put from
worth the has our online Elevate heavily not Northeast or more added does of do physical we or non-incremental, Also, challenge noting City disruption quickly While New York to Elevate believe in without or operate locations. lend specifically. allowed such that business regions impacted as the COVID-XX, model it’s managing react that by
support, our have provide with and offered we In to leaves announce I’m employee terms sick to that employees small with stipend a additional cost impacted. additional to pleased of help all are able to
in contributed fund our for contributions, increased workers. has we supported the response frontline long Dallas Lastly, along and supporting their this month to Food Elevate our Area have the have with those Tarrant of COVID community, Bank charitable efforts,
helping how are consumers. turn Elevate now me we Let to
As the consumers you have years, underserved and their was both access created credit. help us to heard over Elevate improve from gain repeatedly to
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to minute. balloon result additional on as any not in credit do it touch a payments We’ll interest. Payment in or deferrals relates this
crucial, discussion, give me on clearly seen very through also focused some provide color the statistics current X. high the on we level book. let we’ve and will are Chris but in credit within on in April book what some additional Last, Slide his
of us. First, are broader in a few observations things the encouraging say of consumers, on I’d end to our April, terms
major a The is who restraint. stress. the non-prime belts, consumers as takeaway of are decreased there their exhibiting been tightens undue everyone has hasn’t Demand but sign
credit their fact, consumers far. expenses we very so believe proactively managing In and are own
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in stress response we the as the is through portfolio next expect opinion. our in few quarters, more in positive move we but certainly Clearly, our charge-offs broader consumer
specific manageable us payment Now as provide portfolio, turning some uptick seen you Most see deferrals. on here have importantly, seeing what color. each additional in to we we’re a Slide can let in X,
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if X, sizes borrowers. shorter versus and our volatility near-prime due Slide the credit there’s historically through but consumer in of less the difference partly to that Lastly, base. the duration many a turn we times exhibit we’ve fundamental borrowers loan cycles lower also said is This prime products, to
prime of and own a As history we’re their you expenses. non-prime recent showing can see here, view consumers how
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UK Before of outlook for spend minute let discussing our operations. remainder discussing me my a XXXX, the
income noted in resulting ago, net million the net operations loss the quarter. from a release, $X for decreased press from our As in year a UK
in impairment. XXXX. in our first This reassess generated $X million in QX, the reminder, with income cap, a combined goodwill drop our of for operations us a quarter required for loss UK net fiscal to As UK market the net
a UK we million $X.X goodwill March wrote XXXX. result, As down of XX, at
that quarter. very are for the remain with can affordability of steady again, we we of business the hopeful quarter good. with loan combination how a stream the begin expense It’s the economics a UK the during unit come shrinking loss UK in we that on net an XXXX as to And can along complaint understanding to our second UK the work growing of regulators portfolio, resulted
Let through me our future crisis. conclude strategy with the on the some comments and
of uncertain the earnings in guidance COVID-XX and year press of saw the ultimate XXXX release, across lift we impact withdrawn country. quarantine state rules the you as have the First, our the full given timing
virus term. policy just and As anticipate stimulus the in we’re And for in duration like the depth near but, we checks. of I are and PPP also us assessing and the seen we noted, charge-offs ultimately, thus have impact. of impact far the the real-time an all credit increase by portfolio the of the is trends do quarantine in unknown The actions additionally, encouraged
frame through a analysis in Chris run of on outcomes minute. will some help the we walk charge-off a levels, have To sensitivity
cash near-term decision is curtail originations focus also on bank-level flow risk increasing employment verification. and uncertainty credit, parameters like Beyond an based over on informing tighter to things our data meaningfully
reenter to this It new hope some with begin and testing some near year originations is markets future. the later markets to our in
to turn our more the detail to a credit trends. about Chris Let me Chris? our financials speak and now bit sheet and call balance over
