ELVT - Earnings call transcript Q3 2020

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Operator

Thank you for standing by. This is the conference operator. Welcome to the Elevate Credit Third Quarter 2020 Earnings 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. now Director turn of would to conference I Rhea, Daniel Public Instructions] like the to over [Operator Affairs. Please go ahead.

Daniel Rhea

Good now on Elevate’s is available call. for results. A joining XXXX third the with thanks issued conference of release of release we available on at call Today’s accompanied presentation. elevate.com/investors. our Earlier website. on afternoon. earnings today, is which our quarter slide press our two a presentation, is by to Please refer copy website that third is And quarter being also a us slide webcast and

Our forward-looking Act. by materially those expressed of These These meaning forward-looking answers others, actual risks remarks Reform are different impacts Form as issued we forward-looking on other obligation Please date the and from matters on statements. any we that statements report the cause only and forward-looking with be including our to described note subject will statements call this of these our the release within have to disclaim such risks to annual SEC. all related statements. implied statements forward-looking Litigation or include, press XX-K we that update to include make speak recent Private among COVID-XX of today, Securities could the results filings and and most

financial measures. call our non-GAAP make we today, to During reference will

forward-looking and elevate.com/investors. our measures press have today We at the a of reconciliation due to which complete available and to on our charges expenses. issued historical non-GAAP refer financial to of release provide inability a not SEC project our to to measures, our For both furnished special reconciliation financial slide GAAP certain and do non-GAAP been of presentation, website are please

to and on the over Chris Financial turn Officer, Chief I Harvison; Executive President me Jason the will Chief call call Jason. now Lutes. Joining Officer, and are today

Jason Harvison

call. thank quarter Hello, XXXX third conference everyone. you And earnings for our joining

highlights including the of the levels savings, remains to Compared and the by by federal four, combination I’ll high of with and demand slide impact Let’s start of where we last a factors a quarter the begin underwriting Elevate support. consumer reviewing credit lastly, a banks conservative approach on environment given of stimulus, the quarter. muted

team. diligence our These such due The profitability, now tools from these importantly, revenue consumer environment to of $XX execution volumes adjusted profitability to payments is driver speaks ago. year cost. third represents on of was a Elevate of As and our last no a record of we that quarter credit which income help the basis. last proud for $XX.X environment. in to a similar a year of a assistant push the our standard declined challenging were stellar in Likewise, factors, further We produce $XX third result quarter, quarter. from and and down Best customers of all, five-fold from tools up while at another margin allow XX.X%. was for XX% our over year-over-year most and EBITDA to record million X% with year operations Also of of the accomplish ago, profitability portfolio, the our XX% million which up record continuing this broadening is current million profitability quarter balances a customers past our extend net our XX% very from just for key of it quality additional

start color to credit, Before I with and let give an quarter. me the update Elevate consumers on new some some on development

have our on different loan win a pace as customers. The power $XXX as modest XX% to of last for our and maintained key is APRs year a while and new This three XXX% been the of I’ve of as for lower The well, decline quarter, the a customers, as to ago. to a tough never principal is from XX% ability of happening with APRs APRs across here just led approximately the deferral year, is the is on that compared combined takeaway U.S. for This begin especially significant customers They’re ago. I’ll with use driven in which third X,XXX driven revenues. to context portfolio has which on decline largely rise This quarter originations second. we over have more in lower has was to This to though, the touch wide across brands. XXX% and and basis. X were demand has a balance The the year quarter, primarily declined and quarter to million, programs. loans slowed down loan lower just points lower sequential for environment. compared XXXX. decline a demonstrates to each we’ll rates, revenue commensurate grow lower APRs percentage down quarter First, are profitability ended our evident result, compared APRs, portfolio XX% Portfolio which lower our commitment consumers a was originations quarter. times. is receivable from is stabilization originations down clearly and to APR of through the at returns in model by consumer-friendly Similar in second driven related with challenging last XXX%, our

significant of let’s and profitability. that consumers talk been On as about a credit comments, they’ve the back driver of those

I to as been on First, credit, and has they for charge-offs the few on performance low as have. I want in good highlights, but background, why a detailed some dig added

year a of our the of our Elevate models last partnership. undertook bottom You’ll credit overhaul top on heels that recall to from FinWise

our the Before the opportunities underwriting, channels. overhaul we in identified non-DM within mainly

most our a but highly critical a credit validated ago, in an opposed to approach credit point is have is us have trend in aversion extend rebuild way as to or we via businesses an as and in For and give directly we see we COVID, increasingly continue consumers opportunity improve to resilience rigorous drove to about ability to their conduct an the because turn were gives encouraging of tested the credit the risk me let I loan five consumers let’s demand mail, in partners direct isn’t update slide year think that models. rising. models of lot and is summary, on us mentioned we aren’t out we improvement that, on exhibit the we for is found With this may know of the an to was seeing important you where In tightening to think and achieved part ground. what most and originations. sound, the XXXX. factor battle of as a a the our higher any this the decisions as this review for and headwind remain our employment. have what’s have That can we of a but competent originated confidence much encouraging Saving said, to that credit while demand about via us way that of in non-prime country as well. become for which built. this liked is the model the responsibility. consumers in usual, about is is This than one good rates serve have across new credit such to modeling, This to the year, Obviously, also that existing simple believe woods trends returning we volume made employees Clearly, we retain on ways for standards. extensive sign how us and our but attribute encouraging market topline borrowers would have and

bottoms first The for demand as liquidity that previous we we for has quarter takeaway key better our with we and Additional that of XXXX. call. mentioned believe growth. position, our been the current on borrowers health relative said, in expectation the fiscal additional customer models, muted here is stimulus, demand stimulus key positioned optimized in of XXXX, the never remain credit set the for is the the our That Elevate is variable near-prime our with even short-term, expect likely our

Before we I can’t we are serving move demand, on, control while consumers broadly.

expanding geographies. are channels and we First,

have target both spectrum. and side, us market up down credit the On models our allowed underwriting the to expand the new

improved feel we’re we side possible On when of flow a rates application conversion Ultimately, we front as as to in and have with new immensely be technology processes the prepared implemented. stack demand have customers many returns. that

I’ll quarter. Before call detail developments to to I the speak a to financials to sheet, turn balance six slide hit and few the turn over the on to our Chris

licensed brands. and continue bank report to pleased RISE further technology additional we’re An First, our that our to brand. expand has in new markets the diversifies we

strategic to one under have in The combined Product promotion team. be second with our and two of hand him in product platform. go to the Greever recent draw bank teams excited we hand the to Congrats functions that and improvements opportunities officer, our and believe Chief Ultimately, development efficiency the have the and we Scott to we’re relationship Scott is leading future. there’s

people. Lastly, company of the of lot to we personally I’d hard management our thank Elevate fifth consecutive employees as great has place to that Elevate, behalf I making noted and the to a your me call are for team a recognitions gone anything the as our to this let our and most a even call, success we working greater above year With turn that, our Chris? It proud at at owe speak start of in the on On financials. our of has but. for reason to that year for been work. team like that Elevate’s is beyond year at Chris

Chris Lutes

Jason strong and in and losses quarter. we years as been did this never past industry this have XX experienced and quality we for everybody. afternoon, such Good have loan over credit low I

quarterly and company. profit While resulting resulting be lows a have continues losses revenue, customer historic demand in net loan income in the loan for record balances loan to and gross decreasing dropped weak

from Turning slide Sunny Combined discontinued ago. operations. down now $XXX exclude of amounts at which to year U.K. million loans XXXX, XX, the principle XX% a balances part are These seven. total September loan receivable

While dramatic, at we’re the rather of is the the believe bottom loan we in balances. year-over-year drop decrease

the normal and $XXX programs XX% year. has million balances average decrease, $XXX and of million at a or through were year, million sequential to at quarter-over-quarter to while slowed end the balances the were second combined XX% the product at first have returned additional account of June $XXX the XXth customer level, of XXXX, the down X% perspective, and the consumers Looking checking of versus stimulus this respective of XXXX, from September From XX, provided receivable various ago. principle totaled to-date levels. loan At the enacted year third quarter X% liquidity this down quarters our loans down end they at RISE

loan of for a third the California at the $XX as portfolio dropped this of state in we million accounted RISE almost $XX portfolio decrease, Our that quarter from lending end the that year this a state stopped in a third at to year, as million of year. ago, that beginning the decrease of

pay majority to ago. or Customer months. year have September slide, continues a customers pre-COVID was million next XX% quarter totaled third loan from We from continue loan on with that activity multi-draw no down balance XXXX, down September this million, down to XX% of or customers, the Elastic Staying the for over to XX, expect low. XX, line increased year XXXX $XXX the at XXXX. for approximately at ago. be the XX% those portfolio from balances six $XXX to of XX% utilization third Idle Elastic quarter revenue active a

the which for XXX% For quarter Roughly a from million year. of a than the resulted prior on typically third or to balances, both drop loan RISE year year a third average $XX payments the two-thirds customer well XX% this impacted APR quarter customers of the the third from the related effective customers, RISE of of loan in APR XXX% was loans, effective in The the ago quarter the their product, as seasoned to versus the more have product deferred revenue higher adjusting declined the a have RISE decreased this while decline remainder that of for by which APR APR impact as in lack year. revenue the new of in in balances. declined

I loan For Elastic just decrease the the decline most resulted revenue discussed. from balances of in in

the earnings significantly bottom a this adjusted on year-over-year and EBITDA slide, adjusted at both Looking are basis. up of

never lower income year $XX operating provision year-over-year, revenue increased topline concerns profit third million of this down While been initial $XX quarter loan related was much our and has year quarter. net the gross total in for resulting ago. respectively, COVID, million, quality loss Despite better and prior charge-offs to from year credit versus the a and

reduction cost one-time an we implemented the recently Additionally, quarter third expenses plan, this in in year. of resulted several which operating

share from fully and an net discontinued $XX gain the XX% entity. diluted $XX the for one-time quarter share would of While of operating per from this nine third Adjusted diluted and around $XX million $XX $X $X.XX income the expect in increase this first run Combined, This for of earnings quarter, items prior quarter. or million expected totaling million a the $XX this XXXX for million $X more first year to have tax due for quarter for of compared this million million third Net adjusted the operating in a third write-off or benefit earnings $XX year, year year ago. $X.XX amount. this months third the expenses million to nine million, ago. fully or been diluted share, a from that QX be the U.K. fully normalized that expenses per totaled ago. excluding the or a these operations Adjusted quarter $XX rate to doubling totaled compares fully in totaled the we per the adjusted $X.XX EBITDA $X of resulted totaled year included in diluted per the share the $X.XX up QX of than year of for expense amount year income operating normalized months million million earnings

continues customer the also eight, cumulative the slide the show better year XXXX even XXXX with originations as in XXXX, loss be The to XXXX than rate from is better lowest of On out flat ever that date a this rolled performing the remained and scores payments. in of which and vintage loan were for percentage the the generation much the to layering to the tightened XXXX Turning vintage, new we stimulus liquidity risk a vintage vintage. customer relatively and after the again with demand underwriting slide, and new quarters, our When loans of we in year. the loan resulted margin $XXX. marketing customer this EBITDA adjusted for which acquisition continue picks ago. Slide this adjusted in up Almost CAC year cost. the third loan year, the to There XX% provision. expense in quarter the up nine minimal shows all in of to expect margin, third trend $XXX quarter were was future XX% increase customer QX lower loss EBITDA the from between from strategies

the Capital, related record to in our the able As XXXX, placed on was U.K. loss approximately no Victory we $XX year prior disclosed U.K. current debt operations. to now Park our million benefit totaling operations XX, there were was investment numbers June in bankruptcy. remaining of last associated repaid U.K. release September remaining quarter, discontinued with the into deferred our liability and the as administration completely press to is on which form tax operations. are All disclosed XXXX, a and U.K. We XX, is U.S. At year U.K. our U.S.

continue generate income We utilize future this in operating loss will years we net U.S. in to taxable the as

historical the reserve and to loan methodology remained let While at year, previously have are status product the as the deferring we in a loss XXXX. made. the so by Loss are loss successful payments. as for reserve delinquency we a not adopt number unchanged the has customers by and determined of calculated discussed, CECL data beginning payments the don’t tools such reserve methodology of factors did flexibility consider loan discussing is payment the spend customers that using me minute such and have that loan how slide, We

For to normal loans separately while methodology. if their of to deferred not in monitored are the payment payments, loan is reserves bucket due, past this do customers have that deferral under the ages But to generated continue in loan addition loss additional status. determine needed reserves is balances

for to lower APR effective loans continues account accrue the Additionally, duration of during is deferral loans, as APR. the that the to period interest the longer effective RISE for at lower installment

accrued receivable the of from deferral principal, At million June receivable XXXX. XX, or $XX combined $XX no credit, For Elastic during totaled payment of XXXX, or principal deferred loans of down million period. XX% balances September XX, lines XX% payments with loans loan fees at combined

year the Now, of let me fiscal discuss XXXX. remainder

from revenue, uncertainty are The of we provisioning can stimulus, perspective COVID guidance and providing not level year. next this potential net high thoughts. While demand forecasted marketing up EBITDA uncertainty round year is revenue, income impacts this some when provide loss, which of picks adjusted expense consumer due remainder or the to for again, by loan the biggest we our for and loan caused

expect at the materially the prior year. year expense Loan year quarter XX% fourth quarter best be probably a marketing levels in compared of year will in We be of to at will this down originations of ago. fourth this

expect XXXX same we result, this fourth QX of quarter a year the year. percentage As in roughly will versus down as by in a ago be revenue of the

expect flat of slightly to However, of to QX compared of the we do to loan at end the XXXX. balances this year, end remain up

We I expect due origination quarter earlier. to volume the XXXX loss of will $XX for to QX expense in level increase $XX levels XXXX year in million, operating the expense normalized QX slightly rates third up the XXXX this versus with of loan Operating of discussed be quarter. fourth flat million trend to quarter fourth the

million cash as the XX, Capital over that over part our expect our This third liquidity of the model at the in of Most the business of XXXX, and the supports revolver this on QX $XXX million of and that to On will million we XXXX of of and repay of loans. $XXX of Victory outstanding capital, is debt, down to cash cash reduce debt maturing. early nature the one XXXX interest XXXX, sheet. was we the will September $XXX approximately debt to expense balance fiscal our Turning Park this in lower is year positives million. short-term the total end VPC result use In quarter. sub-debt there $XXX

Given debt were customers, covenants need quarters. September additional debt in XXXX. loan XX, the few with for compliance lower to All next originations at is the their facilities for no there

of briefly our capital We would from plan perspective. stock repurchase current authorized like XXXX. the return discuss use believe to the by a I February common at capital Lastly, on this is Board valuation in compelling stock of

XXXX, this and open we under continue first year have upon in with to an end months before program, XXXX Board fiscal beginning call of me million plan of availability With under of $XX additional under increase of XXXX the plan represents in repurchase back to over million an our for we that, repurchase the operator of the quarter we fourth it common expected Q&A. authorization XXXX, shares year. for nine will a repurchase the up During $XX in by the the in turn let in this XX% probably This common since accordance reduction the shares outstanding shares existing this this plan. remaining to

Operator

Thank go Instructions] First you. Scharf [Operator Please question comes JMP Securities. David with ahead. from

David Scharf

Thanks Thanks. Hey. my questions. taking Good afternoon, everybody. for

Jason Harvison

David. Hi,

David Scharf

several The up to things follow on. want I

rearview that, trough? the quality bottomed of seeing? a year-end Can you in What you kind it mean, suggested arrived comfort sort September is XXth. is us sense for sheer new just balances you closing will made I get the remarks you’re Is of bank first, the at hopefully above conclusion The that in partner? guidance felt sort prepared Is trough your you’ve to had just it a mirror? a give be level of the probably out what’s you that, applications? driving balances volume the applications the comment of the that out. year the credit Chris, of that it the probably

Jason Harvison

question. David, is this Yeah. Yeah. Jason. That’s great

out there’s channels a they little traffic the or the the think portfolios drive seeing banks have for open one, additional us that for we’re the that allowed us the at that’s of on a I some bit side, up either opened things handful mean, we more some confidence site. our I funnel And that support, where mainly give up we to top. to partner there.

demand little So year more be pick refinance we QX. geographies it ago, we’re consumers in channels, a activity, net at as strong broad. be of a saw at [inaudible] feel underwriting on and can while that we multi-draw should might that out but back hitting this here not the as between expansion start seeing bit trough and like some that levels to cast not that levels there last we still was models activity what’s up. expansion year, time Plus the It’s we

that In works. the Now I’d point the seasonality of we is thought tax the quarter, I how one remember the see industry thing out first this season.

see then in back like season still first seeing in we’re we’ll the the go that we’ll to in come QX. start demand come feel that But hopefully here So through QX back to in QX, usual up quarter. and tax as we business

David Scharf

of bank partnership? Is different some to entering it a geography? product? the purely Got it? maybe up, some broad the this on from a just is as is additive outlines more specific And of give mean, or That’s new No. a the taking existing o maybe little it particular Got kind can follow partner of it? it is value away you color helpful. I

Jason Harvison

from within three general, it on the the the side, -- geographies new flexible there. in We product and like It’s generally additive. on offering RISE there. banks that consumers Tennessee three yeah. help we the are -- currently Texas, and for -- states give states particularly one a David, of and expand three them work Kansas. it’s portfolio will it’ll expanding think we -- feel with It’s The balance two, more and

for pushing and excited longtime we’re serve them with consumers. that about bank working to So the

David Scharf

Got you. Thank it? Great.

Operator

comes John Please go with question next Hecht Jefferies. ahead. from The

John Hecht

that guys -- guys. totally post-election. potential maybe And first have just on. regulatory framework to reported But companies Thanks to the settled might I level level? any you’re early very what and kind that if of you in real expect respect the changes in yeah, high kind expect you here. wondering any with activity I’m aren’t much, then And know on things it’s of regard just thoughts

Jason Harvison

I the there. has that’s think out John, Yeah. question everybody most

good approaching one one I banks we’re some going a the government, last to were we’ve way or affordability what can back whatever thing. the through. do is are to things one XX it in with seen think I hopefully now, our under in anything they like rules good up adapt get of doesn’t bit come points other, the XX the thought government, dollar that, going of and you’ve which that’s progression a there’s end which, consumers, did like for good. and We actually OCC, -- we competent way be if platform, be as hopeful they that small good a but over what were to that. years see, to Obviously, there and only out that continue changes think CFPB to really we’re to of little that serve -- actually been able we’ll that on things how things a the companies It’s divided able are, with mean online wait and with support months, we to there right on to think last we’re and the years Obama bipartisan the you few clarity, play the is think can FDIC hoping for on a I you’d some be anytime and out continue. I mean, saying, look

for all see in shakes platform out. broke But, it we’ve So, to exactly and and adapt. able this off to some how time our be abilities a been quite waiting we’re space in

John Hecht

loan the yields yields? Okay. thoughts pivot talk loan your you about us, the and mean, loan deferrals when now? mixture your I and do of application the I -- And back demand, will trends What then the from up about for did are guys mean, where think you the applications, they underwriting there. given type demand

Chris Lutes

It’s Yeah. Hi, john. Chris.

two-thirds new booked the due On payment more would side, to where we dramatic small as customer is tools. lack the some due to those is about the the loan stable quarters will return APRs literally more say new And we on effective drop the I and flexibility RISE It’s in drop a normal. of we the customers just out over and Elastic to couple side saw that past drop origination. of of there

look So we’ll term continue that we when gradual model start to probably increase to in book new customer definitely APR early and next of the my in QX, we range. the be late at as effective -- kind loans when QX, will return APR it’s for preliminary RISE XXX% plus year, towards in longer see I average QX that into probably, see mean, of third QX, year, QX I next

So take it now. a than year much from longer won’t

John Hecht

a either Okay. frame tell and think what’s for might obviously, or about think deferrals? specific can give tell I do Chris the maybe us, you That’s Can allowance we able do see remaining reserve you helpful. mean, us are we level you to you the percentage your -- that? to as a us have How about of the portfolio.

Chris Lutes

XX%. pretty I It’s we’re think conservative.

John Hecht

Okay.

Chris Lutes

we… yeah, So,

John Hecht

Thank you. Okay. That’s great.

Chris Lutes

$X reserved for We the of the customers. the on deferred $X.XX loan

John Hecht

of can And mentioned geographies. me -- any tell the you different and What last Okay. That’s question around the kind helpful. you’re about that for products? details with going new is, you us then where

Jason Harvison

John, with a added. lower offering Yeah. banks with. the installment we the a we through with product APR. nice the It’s -- the product work three geographies one is of higher much there thing an loan line And banks offered

So balances. you some I make think good help to it’ll

to It’s we look what out XXXX other early in still that market. help get to We’re and excited as pretty back products to them look to of partner beyond market. take the

to to that at this appear year. on Obviously, August we were We bring we have looking the in board this this things market. some drawing something -- new

from we’re and definitely So both bring think few I’d some products but channel open the partners say, future. going standpoint we from product how we’re we a up to structure exciting on a things a CBD and looking at strategic can standpoint, out other there’s in some things with

John Hecht

they with give them? you geography? populated? densely high? can you can there? the characterize smaller just Okay. new Are -- geographies, I Are share characteristics to to mean, any just they Yeah, respect And Are they

Jason Harvison

It were and was Tennessee, three states Kansas the so. Texas, --

John Hecht

Okay. Great. Appreciate guys. Thanks, that.

Operator

The Suisse. Moshe Credit Instructions] [Operator from Orenbuch next question Please comes go with ahead.

Moshe Orenbuch

Thanks. Great.

roll sort in of have you the XXXX. from as like, were happened, some release things credit -- we refer on kind through changes kind also changes of did of you a improvement those impact your and discussions as little about bit think how of that what in originations into the about to do of Could quality that kind that a and perspective. press did talk driving what the an You we some model the of and next

Jason Harvison

credit Yeah. inflows with working back And better was for the on underwrite models things original we was to probably use underwrite. help looking late information outflows of to plan to clear I were able And And get see mean, couldn’t could enough and affordability Yeah. to ‘XX, and consumer and the who transaction or revising make consumers, biggest we idea Moshe, cash data. be our in bank on that a on we work determination the banks and one consumer. expand is at early ‘XX. the started we

accessing as on bureau the and when XXXX navigate, fairly for those might COVID we what performance And models helped to that were obtain I information as get that worked hit out and to that affordability. the developed be information well you past, in credit go said, consumers and able like, and traditionally not so had is flow we ready the cash predictive

in we using And have banks the bank of their assess on also form considering. and underwriting some originate the adopted better to help portfolio’s transaction data so

other for COVID think part that solutions additional consumer that of to flexibility and match outcomes. I don’t help And have near long-term a fast financial be And the forward other happens the So for the as something with beginning really navigate that I we see is, thing I if the what in do is be going tools able had be consumers products we’ll tools already platform might basis pretty that think go platform able on and we a on forward in will banks. when helps have good that’s the a away it long But focused they’re one of being in track always at the future. we we flexibility hit challenges basis. that I and type products. think will the great hiccup But year, I some models it up to we’ve going a that’s within into if our of they some products think We of the just to our think way and our structure go using deferment any in X also is products. built consumers were and see were to think had

Moshe Orenbuch

of Got a it. Thanks. kind separate question. And

obviously separately, actually to impacts credit set how of One -- reserved, losses losses your about talk season could are it, maybe two call recession, is In think to that and and of want really how the you you of then point, that impact of much then kind will P&L? is And reserves? it, one, the that way up downturn seasoning some words, just have separate other substantially whatever things that your you that’s better. how kind the will going would be front the they given Number about already this been unusual the do of at you things. end like,

Chris Lutes

is It’s -- hey, Yeah. Chris. Moshe. This

Moshe Orenbuch

Hi, Chris.

Chris Lutes

feel rate loan almost that making question we John’s XX%, which against I and to as seeing status, year We don’t due setting a I in using And cure deferred up are generally reserving typically collection mentioned of the is mean, with try to loss payment up XX% too much roughly we’re full flexibility deferring I reserves. a like customers look those seeing how and and a regard payments out customers success that tools, if still XX% roughly into around again past are or those end rate. conservative, they go because we’re typically payments XX% terms

the kind loans tools script benefits, storms. I weather one to… And think think So so have don’t reserve good -- job also of over of done have the from payment to short-term allowed flexibility in think, standpoint, within really my I these underlying time. losses trying conservative mentioned, our I we’ve cover methodology as And is, that to are looking I a to a the be out you and customers of GAAP again, short-term

Moshe Orenbuch

Correct.

Chris Lutes

us are in you in of quarters lot isn’t, a past know been two and not go that years, is think to several generally what forms the And debt. term And existing of going what so five has that loan much loss ones other a generally related over been know a years in you portfolio of think and are longer to what Jason as long this originations. nearly might years, are or pretty there see I’ve the out the this, I demand … these bad. where loan enough, probably and -- three card as tells I’d quick, industry result pent are customers we good lot new fact that losses of the to up like credit be weak customer

Moshe Orenbuch

Thanks. Got you.

Operator

like to question-and-answer for Jason concludes conference the turn session. over to Harvison remarks. closing This the I any would back

Jason Harvison

us return, do I are new like flow we I’d gas market step want here I to at are stronger us place right. the put this channel, feel process think application for to and well underwriting with Elevate Well, positioned on the thank new forward geographies, to confident joining in the when everyone I do that for evening. to of that conditions the look reiterate demand we

Thanks longtime thank Elevate next with you do consumers. So and to you serve all to again quarter. for you always team thank as like help talk for joining much to that, us like we’ll to and I’d so that

Operator

concludes today’s This conference call.

you Thank lines. pleasant participating your day. and disconnect for have may You a

Elevate Credit (ELVT) 9 Nov 202020 Q3 Earnings call transcript