we XXXX call. joining spoke. begin Hello, last our like for since some with Second you to everyone. high-level Earnings observations And Conference Quarter today's call I'd thank
during our of call potential and losses was you'll bit for credit As our sector. a focus uncertainty in specific first quarter there quite April, a on recall,
approach, since, our associated we pandemic. by early have and and economic changes risk created have the quality of by Consistent quality noted during acted aided actions We've indicators underwriting the further healthy, establish the quickly at reiterated stimulus implemented with behavior credit across encouragingly, monitoring originations responsible summarized and, separate been COVID-XX to credit we As time with the crisis has critical closely been address credit consumers. to most by following Slide teams on our proactive very responsibilities X. federal three
customers; and First, on on for and a focused a management. team operations; a risk our credit second, team team third,
and I'm credit. overview, my For going focus on customers primarily to
believe company. increased have four by and closest customers regards our history I with new that We connectivity past it the existing of First, to as has both relationship service over What months, customers for with relates the customers. for is customers. that mean to to our brand the underwriting our in grown we
end, deferred approximately As you with at market-leading from rolled had pandemic support, pre-COVID, At printable out we, XX% customers payments additional off customer-assisted of the the know, payments. the we quarter hit. when pandemic. combined the and of receivable The Elevate number tools banks leveled start along highs relief have loans the had of deferred with
For the positive encouraging. for off very we've performance customers. this And deferral, those seen coming payment is payment
for to very clear, of point be programs past we loan with quarter see not this see of the our demand especially seasonal it seemed simply, we the today, credit a a are given support customers, similar along currently customer regarding we aversion. legislators. that stand would be To tax we loan have time originations significant we parameters loan half over we but, second quarter. very normally new still emphasize focused banks stimulus consumers, unknown think. risk will did loan there that this we customer experience as bank-level year. new every in first of what function originations, That to during I many this on view consider worthiness than additional data growth of stimulus out added the refund to demand that To put wave our more as not the new and the season instead, programs to second provided discussion is year. said, have demand, As would bigger where been uncertainty but are reasons under is amongst From the not the the risk government at
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borrowers, been today. have Let me be seen But from to on has is In level, downturns give existing credit. will in that general, have we things well. to customers exhibited in a helped, to non-prime that borrowers. COVID on Based relatively encouraging what at charts. quick more a note high-level credit credit throughout borrowers the as has is we here detail. up high environment observed speak prime show stimulus behaviors update current similar. of Chris some volatility The quality less historically and proving story these compared strong and know support the worthiness set Two about short on in have
day-to-day non-prime consumers only in expenses for marginally degrees, lesser of deteriorated and April and, May. to manageability in First, March
pre-COVID vis-a-vis to For sign a we very quality. June, which saw a credit near we levels, positive as return view
we than weakened of demand number about the but non-prime Second, trend decrease June. have that This in to consumers, savings. seems resilient respondents only a in more continue as see in we loan the speak debt
the paying here, are us you consumers existing the non-prime down on lot As a which see and spending debts, book. quality of comfort gives again widely cash can credit of
me here. quarter's the takeaways review try to I before summarize our let results, So
profitability very the remains touch drove in for a which result, we'll on high as minute. a Elevate And strong. quarter, quality credit First,
being call. the which market assumption Second, when permits summary, speak But the probably had how business driven is the in business to the the Elevate our we're more credit case is our to is We'll demand not softness with positioned in from of that, uncertainty reported I've which quarter quality, investors and backdrop in million, grow was the later quarter COVID. at trajectory just by onset a against strong the managing to that, our base than again be the year. our will decrease stable perspective revenue in $XXX in generating profits meantime. strong of discussed. Revenue for reasons presentation. turn quarter of totaled compared for lower a second represents the the a profitability X let's credit With Slide last XXXX Elevate clearly, to XX% well
seasonal first of pay-down course half year, experienced utilized Over loans the tax of we refunds. normal their the borrowers as of the
effect significant would we As mentioned, the which of we additional the also normally loan capital cut demand the system, had in stimulus see.
we, the originations with X,XXX over customers three the now our totaled for which press across just the the to along is new period a second loan originated we quarter support, As you can XX from last same see loans all banks from over products, release, year. XX% loans U.S.
and strong very was the to charge-offs provision which solid marketing principal remains the receivable $XXX.X last the the of the and net stood largely existing million, addition performance decrease compared in growth driven profitability. As a drove to quarter loans Profit end result, the quarter down same point book loans at loan in combined today low at expense. is expense total by XX% in at year. Credit of
Additionally, revenues. we the decrease implemented plan in our operating reduction given expense
represents add over fully equal and XX double in days. million, $XX for of on ago. more adjusted to a work a of last benefits new hard regard. XX XX% per quickly platform Clearly, the With bottom our would the $X.XX increased these is shift XX%, loan of Elevate let's from moment. the key ability a our lack line points team that, weight our model EBITDA share, for will to actions that margin that from discuss year's or than also Slide second end actions the over a We'd quarter. We again million adjusted to drove which result to it quarter. made provisioning But over which the earnings online up is number X strength business $XX originations. by year decisions note But Generally, a and touch on turn diligent up last and in a taken
June on cease in operations made as U.K. First, decision we difficult United the the place announced our in XX, Kingdom and operations to administration.
regulatory past operating uncertain voiced the business untenable. then the ultimately As the over we and made noted have year, environment
of to low frustrating recall, given profitable the originations a very sustain Sunny operations combined options the That, available you'll in year clarity of U.K. we the portfolio credit of with regarding that lack that the borrowers, responsible the not slow going loan our will affordability how is could resulted market. lack given outcome U.K. complaints. COVID, last It in forward. for As made manage particularly customer decision impact be would regulators a
one in operations resulted decisions operations, U.K. $X.X that the which turn XXXX. in said, from the from a made, financial discontinued of the ever charge impact the In million most terms of second difficult of let's to COVID-XX. we With after-tax recognized quarter closing we've
I on expectation action As XXXX. in over workforce reduce of July lower posted my X, remainder we our letter our of the U.S. of light in to revenues took
XX%, salaries headcount reduced compensation. Elevate and eliminated for bonuses and by board all Specifically, employees executive all reduced
the Additionally, these vendor forward. always our employees. will and I'd returns. for right-size we firmly the later difficult, the of to the move these we are of indebted our they very our But base all all like ensure as protect were state various we the clearly opportunity environment expense the contracts, sizeable ones right Elevate's to to company expand to actions the Chris has that believe on were renegotiated work while in with impact financial hard to And call. aim decisions grow
continued Now let on guidance the for high-level some earning me suspension of give comments XXXX.
usual the forecasting as results in As guidance. continue our our environment saw you suspend challenging. demand current to makes we of result, uncertainty a financial And loan press the our release,
due environment. at that we release, repay banks parameter to in ability to offerings, we remains the along loans in to a banks with dynamics support diligently loan the timing As we demand is our market I originate noted core a parameters to the mentioned to our earlier. our The and are scale. mainly highly COVID-XX committed assuring said, That opaque, determine we with the environment to new support, working renew
while demand briefly the credit in potential additional more a second stimulus. With quarantine To put detail. restrictions place. while in let note XXXX other second Elevate on into of poised is early we of depending to the given when credit visibility we holds running. pandemic However, some better performance Similarly, of into of tests well loan as the the of the over scenario, dictates, half unchanged. to trends lean what quality trajectory Chris have second XXXX We would on and financials we the borrowers, remain growth demand in touch campaign discuss the that me turn uncertainty that that, in call anticipate staying have existing we been lower of to believe marketing half
