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CURO Group Holdings Corp. Reports Second Quarter 2023 Financial Results

-Gross loans receivables increased 3.7% sequentially to $2.1 billion-

-Total revenue of $209.2 million-

-Operating expenses declined 8.5% sequentially to $108.1 million-

-Net charge-off normalizes at 13%-

CURO Group Holdings Corp. (NYSE: CURO) (“CURO” or the “Company”), a tech-enabled, omni-channel consumer finance company serving consumers in the U.S. and Canada, today announced financial results for its second quarter ended June 30, 2023.

“We delivered solid results in the second quarter as we continued to execute on all facets of our core business,” said Doug Clark, Chief Executive Officer. “Our fundamentals continued to gradually improve, with revenue, net charge-offs, gross loans receivable and expenses all matching or exceeding our expectations. As we look ahead, despite ongoing macro challenges, we are encouraged by opportunities present in both the U.S. and Canada while remaining mindful to balance future growth with further improving our bottom line. Our extensive industry experience, investments in automation and strong consumer demand for our products position us well for long term growth and shareholder value creation.”

Second Quarter 2023 Consolidated Summary Results

  • Gross loans receivable increased 3.7% sequentially to $2.1 billion, primarily driven by sequential increases in Canada POS Lending and Direct Lending Revolving LOC Loans of 6.9% and 2.5%, respectively.
  • Net revenue of $129.6 million, down 11.5% sequentially, primarily driven by a higher provision for loan loss expense related to the increase in charge offs and Allowance for loan loss build due to loans receivable growth and change in macroeconomic conditions.
  • Total operating expenses declined 8.5% sequentially, to $108.1 million, primarily related to one-time restructuring charges of $10.0 million recognized in the first quarter of 2023.
  • Net loss of $59.3 million ($1.45 per share) compared with Net loss of $59.5 million ($1.46 per share) for the first quarter of 2023. The $0.2 million improvement was primarily driven by favorable decreases of $18.4 million in provision for income taxes and $10.1 million in total operating expenses, partially offset by lower net revenue and a $7.2 million increase in Interest expense due to the new term loan secured in May 2023 as well as increased utilization of non-recourse revolving credit facilities and $8.9 million of extinguishment and modification costs arising from the second quarter's debt transactions.
  • Net charge-off rate increased 150 bps, sequentially to 13.0%, returning to normalized rates from the temporary lower rates we saw in our Direct Lending brands in Canada after the policy change we made in the first quarter of 2023. The Company's 91+ days delinquency ratio remained flat sequentially at 3.2%.

 

As of or for the Quarter Ended

 

Jun 30,

 

Mar 31,

 

Dec 31,

 

Sep 30,

 

Jun 30,

Delinquency and Loss Ratios

2023

 

2023

 

2022

 

2022

 

2022

31-60 days delinquency ratio

1.9

%

1.8

%

1.9

%

2.5

%

2.4

%

61-90 days delinquency ratio

1.3

%

1.5

%

1.3

%

1.5

%

1.8

%

91+ days delinquency ratio

3.2

%

3.2

%

2.6

%

2.6

%

2.0

%

Net charge-offs

13.0

%

11.5

%

14.8

%

13.2

%

24.0

%

Funding and Liquidity

As of June 30, 2023, principal debt balances outstanding were $2.8 billion, consisting of 69.2% of fixed rate or hedged variable rate debt and 30.8% of non-hedged variable rate debt.

As of June 30, 2023, available capital resources were approximately $361.9 million, comprised of $111.3 million in unrestricted Cash and cash equivalents, $176.7 million in unused borrowing capacity and $74.0 million of unencumbered Gross loans receivable.

About CURO

CURO Group Holdings Corp. (NYSE: CURO) is a leading consumer credit lender serving U.S. and Canadian customers for over 25 years. Our roots in the consumer finance market run deep. We’ve worked diligently to provide customers a variety of convenient, easily accessible financial services. Our decades of diversified data power a hard-to-replicate underwriting and scoring engine, mitigating risk across the full spectrum of credit products. We operate under a number of brands including Cash Money®, LendDirect®, Flexiti®, Heights Finance, Southern Finance, Covington Credit, Quick Credit and First Heritage Credit.

Conference Call

CURO will host a conference call to discuss these results at 8:30 a.m. Eastern Time on Thursday, August 3, 2023. The live webcast of the call can be accessed at the CURO Investor Relations website at http://ir.curo.com/.

You may access the call at 1-416-764-8658 (Toll free: 1-888-396-8049; Conference ID: 82661841). Please ask to join the CURO Group Holdings call. An archived version of the webcast will be available on the CURO Investors website for 90 days.

Final Results

The financial results presented and discussed herein are on a preliminary and unaudited basis; final unaudited data will be included in the Company’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2023.

Table 1 - Consolidated Statements of Operations

(in thousands, except per share data, unaudited)

Three Months Ended,

Jun 30,

Mar 31,

Dec 31,

Sept 30,

Jun 30,

2023

 

2023

 

2022

 

2022

 

2022

 

 

 

 

 

 

Revenue

 

 

 

 

 

Interest and fees revenue

$

178,986

 

$

179,437

 

$

181,605

 

$

180,515

 

$

278,331

 

Insurance and other income

 

30,257

 

 

30,036

 

 

35,593

 

 

33,605

 

 

26,073

 

Total revenue

 

209,243

 

 

209,473

 

 

217,198

 

 

214,120

 

 

304,404

 

Provision for losses

 

79,598

 

 

62,932

 

 

94,849

 

 

78,399

 

 

129,546

 

Net revenue

 

129,645

 

 

146,541

 

 

122,349

 

 

135,721

 

 

174,858

 

Operating Expenses

 

 

 

 

 

Salaries and benefits

 

61,346

 

 

64,805

 

 

66,067

 

 

53,413

 

 

82,427

 

Occupancy

 

11,267

 

 

11,672

 

 

12,114

 

 

12,827

 

 

17,507

 

Advertising

 

2,131

 

 

2,175

 

 

3,692

 

 

5,244

 

 

12,707

 

Direct operations

 

15,466

 

 

13,092

 

 

11,832

 

 

11,729

 

 

20,293

 

Depreciation and amortization

 

9,141

 

 

9,021

 

 

8,337

 

 

9,499

 

 

8,672

 

Other operating expense

 

8,796

 

 

17,433

 

 

24,002

 

 

23,645

 

 

18,787

 

Total operating expenses

 

108,147

 

 

118,198

 

 

126,044

 

 

116,357

 

 

160,393

 

Other expense (income)

 

 

 

 

 

Interest expense

 

66,101

 

 

58,943

 

 

54,978

 

 

50,149

 

 

42,193

 

Loss from equity method investment

 

2,134

 

 

3,413

 

 

1,932

 

 

2,309

 

 

1,328

 

Goodwill impairment

 

 

 

 

 

145,241

 

 

 

 

 

Extinguishment or modification of debt costs

 

8,864

 

 

 

 

689

 

 

3,702

 

 

 

Loss on change in fair value of contingent consideration

 

 

 

2,728

 

 

 

 

(11,354

)

 

4,014

 

Gain on sale of business

 

 

 

2,027

 

 

 

 

(68,443

)

 

 

Miscellaneous expenses

 

1,435

 

 

 

 

 

 

 

 

 

Total other expense (income)

 

78,534

 

 

67,111

 

 

202,840

 

 

(23,637

)

 

47,535

 

Income (loss) before income taxes

 

(57,036

)

 

(38,768

)

 

(206,535

)

 

43,001

 

 

(33,070

)

Provision (benefit) for income taxes

 

2,291

 

 

20,703

 

 

(20,142

)

 

17,348

 

 

(6,990

)

Net (loss) income

$

(59,327

)

$

(59,471

)

$

(186,393

)

$

25,653

 

$

(26,080

)

 

 

 

 

 

 

Basic (loss) earnings per share

$

(1.45

)

$

(1.46

)

$

(4.60

)

$

0.63

 

$

(0.65

)

Diluted (loss) earnings per share

$

(1.45

)

$

(1.46

)

$

(4.60

)

$

0.63

 

$

(0.65

)

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

41,002

 

 

40,783

 

 

40,488

 

 

40,479

 

 

40,376

 

Diluted

 

41,002

 

 

40,783

 

 

40,488

 

 

40,835

 

 

40,376

 

Table 2 - Consolidated Balance Sheets

 

As of

 

Jun 30,

Mar 31,

Dec 31,

Sep 30,

Jun 30,

(in thousands, unaudited)

2023

 

2023

 

2022

 

2022

 

2022

ASSETS

Cash and cash equivalents

$

112,531

 

$

54,935

 

$

73,932

 

$

45,683

 

$

37,394

 

Restricted cash

 

109,484

 

 

123,282

 

 

91,745

 

 

144,020

 

 

97,465

 

Gross loans receivable

 

2,139,865

 

 

2,062,829

 

 

2,087,833

 

 

1,894,427

 

 

1,592,815

 

Less: Allowance for loan losses

 

(272,615

)

 

(259,959

)

 

(122,028

)

 

(102,743

)

 

(90,286

)

Loans receivable, net

 

1,867,250

 

 

1,802,870

 

 

1,965,805

 

 

1,791,684

 

 

1,502,529

 

Income taxes receivable

 

20,854

 

 

20,100

 

 

21,918

 

 

13,469

 

 

46,450

 

Prepaid expenses and other

 

44,518

 

 

47,295

 

 

53,057

 

 

65,167

 

 

25,370

 

Property and equipment, net

 

28,418

 

 

29,867

 

 

31,957

 

 

37,402

 

 

38,752

 

Investment in Katapult

 

18,368

 

 

20,502

 

 

23,915

 

 

25,848

 

 

28,157

 

Right of use asset - operating leases

 

56,021

 

 

54,597

 

 

61,197

 

 

64,683

 

 

64,602

 

Deferred tax assets

 

54,102

 

 

53,474

 

 

49,893

 

 

31,986

 

 

23,993

 

Goodwill

 

277,069

 

 

276,487

 

 

276,269

 

 

424,292

 

 

352,990

 

Intangibles, net

 

133,947

 

 

127,387

 

 

123,677

 

 

120,345

 

 

113,130

 

Other assets

 

22,275

 

 

10,991

 

 

15,828

 

 

12,774

 

 

8,558

 

Assets held for sale (1)

 

 

 

 

 

 

 

 

 

338,779

 

Total Assets

$

2,744,837

 

$

2,621,787

 

$

2,789,193

 

$

2,777,353

 

$

2,678,169

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

 

 

 

 

 

Accounts payable and accrued liabilities

$

78,343

 

$

85,875

 

$

73,827

 

$

66,723

 

$

81,423

 

Deferred revenue

 

36,793

 

 

33,227

 

 

32,259

 

 

25,111

 

 

23,425

 

Lease liability - operating leases

 

56,585

 

 

55,468

 

 

62,847

 

 

66,370

 

 

67,339

 

Contingent consideration related to acquisition

 

18,499

 

 

18,128

 

 

16,884

 

 

15,770

 

 

30,354

 

Income taxes payable

 

788

 

 

 

 

 

 

 

 

4

 

Accrued interest

 

39,306

 

 

20,090

 

 

38,460

 

 

18,048

 

 

34,970

 

Debt

 

2,772,872

 

 

2,627,263

 

 

2,607,314

 

 

2,449,316

 

 

2,189,431

 

Other long-term liabilities

 

10,016

 

 

10,552

 

 

11,736

 

 

11,563

 

 

12,146

 

Deferred tax liabilities

 

8

 

 

 

 

 

 

 

 

12,360

 

Liabilities held for sale (1)

 

 

 

 

 

 

 

 

 

111,137

 

Total Liabilities

$

3,013,210

 

$

2,850,603

 

$

2,843,327

 

$

2,652,901

 

$

2,562,589

 

Total Stockholders' (Deficit) Equity

 

(268,373

)

 

(228,816

)

 

(54,134

)

 

124,452

 

 

115,580

 

Total Liabilities and Stockholders' (Deficit) Equity

$

2,744,837

 

$

2,621,787

 

$

2,789,193

 

$

2,777,353

 

$

2,678,169

 

 

 

 

 

 

 

(1) Assets held for sale and Liabilities held for sale represent the balance, as of June 30, 2022, for assets and liabilities, respectively, associated with the sale of the Legacy U.S. Direct Lending Business, which closed in July 2022.

Table 3 - Consolidated Portfolio Performance

(in thousands, except percentages, unaudited)

Q2 2023

Q1 2023

Q4 2022

Q3 2022

Q2 2022(1)

Gross loans receivable

 

 

 

 

 

Revolving LOC

$

1,385,152

 

$

1,314,695

 

$

1,284,515

 

$

1,129,387

 

$

1,128,372

 

Installment loans

 

754,713

 

 

748,134

 

 

803,318

 

 

765,040

 

 

652,468

 

Total gross loans receivable

$

2,139,865

 

$

2,062,829

 

$

2,087,833

 

$

1,894,427

 

$

1,780,840

 

 

 

 

 

 

 

Lending Revenue

 

 

 

 

 

Revolving LOC

$

86,703

 

$

84,225

 

$

81,170

 

$

77,037

 

$

96,582

 

Installment loans

 

92,283

 

 

95,212

 

 

100,435

 

 

103,478

 

 

181,749

 

Total lending revenue

$

178,986

 

$

179,437

 

$

181,605

 

$

180,515

 

$

278,331

 

 

 

 

 

 

 

Lending Provision

 

 

 

 

 

Revolving LOC

$

42,932

 

$

30,106

 

$

46,745

 

$

41,787

 

$

40,435

 

Installment loans

 

35,171

 

 

31,139

 

 

46,442

 

 

33,510

 

 

86,484

 

Total lending provision

$

78,103

 

$

61,245

 

$

93,187

 

$

75,297

 

$

126,919

 

 

 

 

 

 

 

NCOs (2)

 

 

 

 

 

Revolving LOC

$

32,786

 

$

17,953

 

$

35,387

 

$

30,907

 

$

33,945

 

Installment loans

 

35,483

 

 

41,078

 

 

38,168

 

 

31,372

 

 

71,056

 

Total NCOs

$

68,269

 

$

59,031

 

$

73,555

 

$

62,279

 

$

105,001

 

 

 

 

 

 

 

NCO rate (annualized) (2) (3)

 

 

 

 

 

Revolving LOC

 

9.7

%

 

5.6

%

 

11.6

%

 

10.8

%

 

12.8

%

Installment loans

 

18.9

%

 

21.5

%

 

19.6

%

 

17.6

%

 

44.8

%

Total NCO rate

 

13.0

%

 

11.5

%

 

14.8

%

 

13.2

%

 

24.0

%

 

 

 

 

 

 

ACL rate (4) (5)

 

 

 

 

 

Revolving LOC

 

13.6

%

 

13.3

%

 

6.1

%

 

6.0

%

 

6.7

%

Installment loans

 

11.2

%

 

11.3

%

 

5.4

%

 

4.6

%

 

8.1

%

Total ACL rate

 

12.7

%

 

12.6

%

 

5.8

%

 

5.4

%

 

6.7

%

 

 

 

 

 

 

31+ days past-due rate (4)

 

 

 

 

 

Revolving LOC

 

5.6

%

 

5.5

%

 

3.3

%

 

4.1

%

 

4.1

%

Installment loans

 

8.1

%

 

8.2

%

 

9.6

%

 

10.2

%

 

9.2

%

Total past-due rate

 

6.5

%

 

6.5

%

 

5.8

%

 

6.6

%

 

6.1

%

 

 

 

 

 

 

(1) Includes loan balances and activity classified as Held for Sale.

(2) NCOs include $0.5 million and $10.3 million, for the three months ended September 30, 2022 and June 30, 2022, respectively, related to the purchase accounting fair value discount, which are excluded from provision.

(3) We calculate NCO rate as total quarterly NCOs divided by Average gross loans receivable; then we annualize the rate. The amount and timing of recoveries are impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications and the periodic sale of charged off loans.

(4) We calculate (i) Allowance for credit losses ("ACL") rate and (ii) 31+ days past-due rate as the respective totals divided by gross loans receivable at each quarter end.

(5) We adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" on January 1, 2023, which requires us to estimate the lifetime expected credit loss on financial instruments. Our previous model required the recognition of credit losses when it was probable that a loss had been incurred.

Table 4 - Direct Lending Segment - Operating Income / (Loss)

(in thousands, unaudited)

Three Months Ended,

Jun 30,

Mar 31,

Dec 31,

Sep 30,

Jun 30,

2023

2023

2022

2022

2022

 

 

 

 

 

 

Total revenue

$

167,016

$

169,368

$

181,925

 

$

186,409

$

281,251

Provision for losses

 

63,755

 

48,364

 

77,724

 

 

65,020

 

123,584

Net revenue

 

103,261

 

121,004

 

104,201

 

 

121,389

 

157,667

Total operating expenses

 

91,285

 

103,151

 

111,632

 

 

102,840

 

143,965

Segment operating income (loss)

$

11,976

$

17,853

$

(7,431

)

$

18,549

$

13,702

 

Table 5 - Direct Lending Segment - Portfolio Performance

(in thousands, except percentages, unaudited)

Q2 2023

Q1 2023

Q4 2022

Q3 2022

Q2 2022(1)

Gross loans receivable

 

 

 

 

 

Revolving LOC

$

472,902

 

$

461,443

 

$

451,077

 

$

439,117

 

$

501,209

 

Installment loans

 

754,713

 

 

748,133

 

 

803,318

 

 

765,041

 

 

652,467

 

Total gross loans receivable

$

1,227,615

 

$

1,209,576

 

$

1,254,395

 

$

1,204,158

 

$

1,153,676

 

 

 

 

 

 

 

Lending Revenue

 

 

 

 

 

Revolving LOC

$

49,483

 

$

49,092

 

$

49,915

 

$

52,461

 

$

75,736

 

Installment loans

 

92,283

 

 

95,212

 

 

100,435

 

 

103,478

 

 

181,748

 

Total lending revenue

$

141,766

 

$

144,304

 

$

150,350

 

$

155,939

 

$

257,484

 

 

 

 

 

 

 

Lending Provision

 

 

 

 

 

Revolving LOC

$

27,089

 

$

15,539

 

$

29,620

 

$

28,408

 

$

34,472

 

Installment loans

 

35,171

 

 

31,139

 

 

46,442

 

 

33,511

 

 

86,485

 

Total lending provision

$

62,260

 

$

46,678

 

$

76,062

 

$

61,919

 

$

120,957

 

 

 

 

 

 

 

NCOs (2)

 

 

 

 

 

Revolving LOC

$

21,780

 

$

6,234

 

$

26,715

 

$

24,793

 

$

30,408

 

Installment loans

 

35,483

 

 

41,078

 

 

38,168

 

 

29,783

 

 

43,661

 

Total NCOs

$

57,263

 

$

47,312

 

$

64,883

 

$

54,576

 

$

74,069

 

 

 

 

 

 

 

NCO rate (annualized) (2) (3)

 

 

 

 

 

Revolving LOC

 

18.7

%

 

5.5

%

 

23.8

%

 

20.9

%

 

25.0

%

Installment loans

 

18.9

%

 

21.5

%

 

19.3

%

 

16.7

%

 

27.7

%

Total NCO rate

 

18.8

%

 

15.6

%

 

20.9

%

 

18.4

%

 

26.5

%

 

 

 

 

 

 

ACL rate (4) (5)

 

 

 

 

 

Revolving LOC

 

26.6

%

 

25.6

%

 

8.4

%

 

7.9

%

 

9.3

%

Installment loans

 

11.2

%

 

11.3

%

 

5.4

%

 

4.6

%

 

6.9

%

Total ACL rate

 

17.1

%

 

16.8

%

 

6.5

%

 

5.8

%

 

7.9

%

 

 

 

 

 

 

31+ days past-due rate (4)

 

 

 

 

 

Revolving LOC

 

8.5

%

 

8.4

%

 

4.1

%

 

5.1

%

 

5.8

%

Installment loans

 

8.1

%

 

8.2

%

 

9.6

%

 

10.2

%

 

9.7

%

Total past-due rate

 

8.3

%

 

8.3

%

 

7.6

%

 

8.3

%

 

8.0

%

 

 

 

 

 

 

(1) Includes loan balances and activity classified as Held for Sale.

(2) NCOs include $0.5 million and $10.3 million, for the three months ended September 30, 2022 and June 30, 2022, respectively, related to the purchase accounting fair value discount, which are excluded from provision.

(3) We calculate NCO rate as total quarterly NCOs divided by Average gross loans receivable, then we annualize the rate. The amount and timing of recoveries are impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications and the periodic sale of charged off loans.

(4) We calculate (i) ACL rate and (ii) 31+ days past-due rate as the respective totals divided by gross loans receivable at each quarter end.

(5) We adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" on January 1, 2023, which requires us to estimate the lifetime expected credit loss on financial instruments. Our previous model required the recognition of credit losses when it was probable that a loss had been incurred.

Table 6 - Canada POS Lending Segment - Operating Income

(in thousands, unaudited)

Three Months Ended,

Jun 30,

Mar 31,

Dec 31,

Sept 30,

Jun 30,

2023

2023

2022

2022

2022

 

 

 

 

 

 

Total revenue

$

42,227

$

40,105

$

35,273

$

27,711

$

23,153

Provision for losses

 

15,843

 

14,568

 

17,125

 

13,379

 

5,962

Net revenue

 

26,384

 

25,537

 

18,148

 

14,332

 

17,191

Total operating expenses

 

16,862

 

15,047

 

14,412

 

13,518

 

16,428

Segment operating income

$

9,522

$

10,490

$

3,736

$

814

$

763

 

 

 

 

 

 

Table 7 - Canada POS Lending Segment - Portfolio Performance

(in thousands, except percentages, unaudited)

Q2 2023

Q1 2023

Q4 2022

Q3 2022

Q2 2022

Revolving LOC

 

 

 

 

 

Gross loans receivable

$

912,250

 

$

853,253

 

$

833,438

 

$

690,270

 

$

627,163

 

Lending revenue

$

37,220

 

$

35,133

 

$

31,255

 

$

24,575

 

$

20,847

 

Lending provision

$

15,843

 

$

14,568

 

$

17,125

 

$

13,379

 

$

5,963

 

NCOs

$

11,006

 

$

11,719

 

$

8,672

 

$

6,114

 

$

3,537

 

NCO rate (annualized) (1)

 

5.0

%

 

5.6

%

 

4.4

%

 

3.6

%

 

2.4

%

ACL rate (2) (3)

 

6.8

%

 

6.7

%

 

4.9

%

 

4.8

%

 

4.5

%

31+ days past-due rate (2)

 

4.0

%

 

3.9

%

 

2.9

%

 

3.6

%

 

2.8

%

(1) We calculate NCO rate as total quarterly NCOs divided by Average gross loans receivable and then annualize the rate. The amount and timing of recoveries are impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications and the periodic sale of charged off loans.

(2) We calculate (i) ACL rate and (ii) 31+ days past-due rate as the respective totals divided by gross loans receivable at each respective quarter end.

(3) We adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" on January 1, 2023, which requires us to estimate the lifetime expected credit loss on financial instruments. Our previous model required the recognition of credit losses when it was probable that a loss had been incurred.

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements include projections, estimates and assumptions about various matters, such as future financial and operational performance, including our belief in the drivers of creating long term growth and shareholder value. In addition, words such as “guidance,” “estimate,” “anticipate,” “believe,” “forecast,” “step,” “plan,” “predict,” “focused,” “project,” “is likely,” “expect,” "anticipate," “intend,” “should,” “will,” “confident,” variations of such words and similar expressions are intended to identify forward-looking statements. Our ability to achieve these forward-looking statements is based on certain assumptions, judgments and other factors, both within and outside of our control, that could cause actual results to differ materially from those in the forward-looking statements, including: risks relating to the uncertainty of projected financial and operational information and forecasts, including errors in our internal forecasts; our ability to manage growth; our dependence on third-party lenders to provide the cash we need to fund our loans and our ability to affordably access third-party financing; our level of indebtedness; the effects of competition on our business; our ability to attract and retain customers; global economic, market, financial, political or health conditions or events; actions of regulators and the impact of those actions on our business; our ability to successfully integrate acquired businesses; our ability to protect our proprietary technology and analytics and keep up with that of our competitors; disruption of our information technology systems that adversely affect our business operations; ineffective pricing of the credit risk of our prospective or existing customers; inaccurate information supplied by customers or third parties that could lead to errors in judging customers’ qualifications to receive loans; improper disclosure of customer personal data; failure of third parties who provide products, services or support to us; disruption to our relationships with banks and other third-party electronic payment solutions providers as well as other factors discussed in our filings with the Securities and Exchange Commission. These projections, estimates and assumptions may prove to be inaccurate in the future. These forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. There may be additional risks that we presently do not know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual future results. We undertake no obligation to update, amend or clarify any forward-looking statement for any reason.

(CURO-NWS)

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