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Curo Group Holdings Corp. (CURO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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CURO Quarterly Reports

Curo Group Holdings Corp.

CIK: 1711291 Ticker: CURO


CURO Group Holdings Corp. Announces First Quarter 2020 Financial Results


Wichita, Kansas--April 30, 2020-CURO Group Holdings Corp. (NYSE: CURO) (“CURO” or the “Company”), a market leader in providing short-term credit to underbanked consumers, today announced financial results for its first quarter ended March 31, 2020.

“After a very promising start to the first quarter, our efforts in March turned to managing the challenges presented by the spread of COVID-19," said Don Gayhardt, President and Chief Executive Officer. "We took swift and prudent action to support our customers and employees and to strengthen our liquidity ahead of a likely economic downturn. I am extremely proud of our team's response over the past eight weeks.”

“We formalized a COVID-19 Customer Care Plan in Mid-March that empowers our customer care specialists to provide financial relief ranging from due date changes to payment waivers depending on the customer’s circumstances. We also temporarily suspended the collection of returned item fees. Our stores have been designated essential and remain open, albeit with reduced hours, to help customers and, of course, we are continuing to serve them through our online and mobile channels as well as through our contact center personnel."

“For our employees, we moved quickly to protect their health and well-being by implementing enhanced cleaning protocols at all facilities and adhering to strict social distancing guidelines in store operations. We also added incremental sick pay plans, work-from-home stipends and other measures to effectively maintain full employment through May. Nearly 100% of our corporate and contact center employees have been work-from-home since March 30th. We are incredibly grateful for the urgency, effectiveness and passion with which our team members have responded to this crisis. Our energies and resources remain focused on taking care of our customers, supporting our employees and the communities where we operate and lending responsibly."

“For our communities, we partnered with Frontline Foods to support local healthcare workers battling COVID-19. Our team of volunteers, with financial support from CURO, launched the Frontline Foods Wichita chapter (https://www.frontlinefoods.org/wichita/). In April, we delivered over 1,500 meals each week to area hospitals and will continue to deliver over 500 meals weekly through May. Additionally, our Canada volunteers are mobilizing to provide meals for healthcare workers in the Toronto area through the month of May. Curo has committed $500,000 to these efforts.”

“Our first quarter 2020 financial results were solid but certainly impacted by loan volume declines from credit tightening and higher delinquency trends in the last two weeks of the quarter. Diluted Earnings per share from continuing operations of $0.86 for the quarter and Adjusted Diluted Earnings per share(1) of $0.77 includes $0.21 per share ($12.0 million pre-tax) of incremental COVID-related provision expense as a result of additions to our Allowance for Loan Losses (the "Allowance Build") over what normally would have been required."

"We finished the quarter with strong liquidity - unrestricted cash was nearly $140.0 million - and we bolstered our liquidity earlier this month with a new non-recourse U.S. revolving credit facility. Finally, we extended the term of our Senior Secured Revolving Credit Facility to June 30, 2021. We appreciate the continued support of our banks and other capital partners that allowed us to add to our liquidity capacity and to extend our maturities. Our increased financial flexibility leaves us well-positioned to manage through the COVID-19 pandemic and to grow after the crisis abates."

Consolidated Summary Results - Unaudited
 
 
Three Months Ended March 31,(2)
(in thousands, except per share data)
 
2020
2019
Variance
Revenue
 
$
280,806

$
277,939

1.0
 %
Gross margin
 
99,699

105,497

(5.5
)%
Company Owned gross loans receivable
 
564,437

553,215

2.0
 %
Unrestricted Cash
 
138,714

82,859

67.4
 %
Net income from continuing operations
 
36,013

28,673

25.6
 %
Adjusted Net Income (1)
 
32,276

37,950

(15.0
)%
Diluted Earnings per Share from continuing operations
 
$
0.86

$
0.61

41.0
 %
Adjusted Diluted Earnings per Share from continuing operations (1)
 
$
0.77

$
0.80

(3.8
)%
EBITDA (1)
 
59,811

61,329

(2.5
)%
Adjusted EBITDA (1)
 
65,787

72,854

(9.7
)%
Weighted Average Shares — diluted
 
41,892

47,319

 
(1) These are non-GAAP metrics. For a reconciliation of each non-GAAP metric to the nearest GAAP metric; see the applicable reconciliations contained under "Results of Operations." For a description of each non-GAAP metric, see "Non-GAAP Financial Measures."
(2) Excludes discontinued operations; see "Results of Discontinued Operations" for additional details.
First quarter 2020 and subsequent developments include:
Revenue increase of $2.9 million, or 1.0%, over the prior-year period. Revenue growth from Open-End loans in the U.S. and Canada was partially offset by a year-over-year decline in Unsecured and Secured Installment loan revenues resulting from California regulatory changes.

1

The following information was filed by Curo Group Holdings Corp. (CURO) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Condensed Consolidated Statements Of Operations
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Acquisition
Acquisition (Tables)
Acquisition - Narrative (Details)
Acquisition - Schedule Of Assets And Liabilities Acquired And Assumed (Details)
Commitments And Contengencies
Credit Services Organization
Credit Services Organization (Details)
Debt
Debt (Tables)
Debt - Cash Money Revolving Credit Facility (Details)
Debt - Non-Recourse Canada Spv Facility (Details)
Debt - Schedule Of Long Term Debt (Details)
Debt - Senior Revolver (Details)
Debt - Senior Secured Notes (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Narrative (Details)
Discontinued Operations - Schedules Of Discontinued Operations (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Narrative (Details)
Earnings Per Share - Summary Of Basic Earnings Per Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Summary Of Assets And Liabilities Not Measured At Fair Value (Details)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Future Minimum Lease Payments, Asc 842 (Details)
Leases - Summary Of Operating Lease Costs (Details)
Loans Receivable And Revenue
Loans Receivable And Revenue (Tables)
Loans Receivable And Revenue - Allowance For Doubtful Accounts - Cso Guarantee Liability (Details)
Loans Receivable And Revenue - Allowance For Loan Losses (Details)
Loans Receivable And Revenue - Cso Guarantee Liability (Details)
Loans Receivable And Revenue - Delinquent Loans - Aging Analysis (Details)
Loans Receivable And Revenue - Delinquent Loans, Credit Services Organization - Aging Analysis (Details)
Loans Receivable And Revenue - Loans Receivable By Product And Delinquency (Details)
Loans Receivable And Revenue - Loans Receivable By Product, Credit Services Organization (Details)
Loans Receivable And Revenue - Revenue By Product (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Narrative (Details)
Segment Reporting - Summary Of Financial Information By Segment (Details)
Segment Reporting - Summary Of Long-Lived Assets By Geographical Region (Details)
Share Repurchase Program
Share Repurchase Program (Details)
Share-Based Compensation
Share-Based Compensation - Additional Information (Details)
Share-Based Compensation - Summary Of Rsus And Psus (Details)
Share-Based Compensation Tables (Tables)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Schedule Of Stockholders' Equity (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies And Nature Of Operations
Summary Of Significant Accounting Policies And Nature Of Operations (Policies)
Summary Of Significant Accounting Policies And Nature Of Operations - Narrative (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Carrying Amounts Of Consolidated Vie Assets And Liabilities (Details)
Ticker: CURO
CIK: 1711291
Form Type: 10-Q Quarterly Report
Accession Number: 0001711291-20-000027
Submitted to the SEC: Mon May 04 2020 4:37:47 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Finance Services

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