CURO Group Holdings Corp. Stock Price, News & Analysis

CURO Group Holdings Corp. (NYSE: CURO) has responded to the Canadian government's proposed 2023 Budget, which includes a plan to lower the maximum allowable interest rate from 47% to 35%. The company emphasized its commitment to providing affordable financial solutions to underserved consumers. CURO indicated that while the proposal is in its early stages, they will actively engage with the government to highlight potential adverse effects on customers. CURO remains cautious regarding the long-term impact of this proposal on its operations and will monitor the situation closely while ensuring appropriate returns for its business.

CURO Group Holdings Corp. (NYSE: CURO) reported its fourth-quarter financial results for 2022, revealing a net loss of $186.4 million, translating to a loss per share of $4.60. This marks a significant increase in losses compared to a net loss of $28.9 million in Q4 2021. Total revenue for the quarter was $217.2 million, down from $224.3 million a year prior. Key metrics included a 34.8% year-over-year growth in gross loans receivable, reaching $2.1 billion, largely driven by strong performance in Canada POS lending. However, the company faced $107.8 million in goodwill impairment in U.S. Direct Lending due to rising rates and other economic pressures.

CURO Group Holdings Corp. (NYSE: CURO) announced significant changes to its Board of Directors, appointing Chad Faulkner as Chairman and David Kirchheimer as Lead Independent Director. The Board size will decrease from eleven to eight members to enhance efficiency.

Effective January 1, 2023, Board compensation will be paid exclusively in equity to align interests with stockholders. CEO Doug Clark expressed optimism about the future and the benefits of a streamlined Board. CURO will release its fourth quarter and full-year 2022 financial results on February 23, 2023, with a conference call at 8:30 a.m. ET to discuss these results.

CURO Group Holdings Corp. (NYSE: CURO) announced the appointment of Ismail (Izzy) Dawood as Chief Financial Officer, effective January 3, 2023. He succeeds Roger Dean and will lead CURO's financial organization following a strategic repositioning aimed at long-term shareholder value. Dawood brings over 20 years of experience in financial leadership roles, previously serving as CFO for companies like Paysafe and Branch International. CEO Doug Clark praised Dawood’s strong performance track record and expertise in fintech and lending.

Flexiti Financial Inc. announces a significant milestone, achieving C$1 billion in loan book and C$1 billion in new originations for 2022, marking 118% year-over-year growth. Founded in 2013, Flexiti has doubled its origination figures, welcoming over 8,000 retail locations and 1.9 million customer accounts. Recognized as one of Canada's Top Growing Companies for four consecutive years, Flexiti aims to strengthen its retail partnerships while maintaining fiscal discipline.

CURO Group Holdings has appointed Doug Clark as the new CEO, effective immediately. Clark brings over 18 years of experience in consumer finance and previously served as President of CURO's North American direct lending business. He succeeds Don Gayhardt, who left to pursue other opportunities. The company is focusing on integrating its brands and executing its business strategy for growth. CURO is committed to maximizing its omni-channel lending platform and mitigating risk through its advanced underwriting and scoring engine.

CURO Group Holdings Corp. reported a 115% year-over-year increase in gross loans receivable, totaling $1.9 billion as of September 30, 2022. Key developments include the divestiture of its legacy U.S. business and the acquisition of First Heritage Credit for $140 million. Despite this growth, net income improved significantly to $25.7 million ($0.63 EPS) from a loss of $42 million last year, driven by a $68.4 million gain on the sale. Revenue increased by 2% year-over-year to $214.1 million but fell 30% sequentially, attributed to the divestiture and macroeconomic pressures.

CURO Group Holdings Corp. (NYSE: CURO) will release its third quarter 2022 financial results after market close on November 2, 2022. The company plans to host a conference call at 5:00 p.m. Eastern Time on the same day to discuss the results. Investors can access the live webcast on the CURO Investors website. A replay of the call will be available until November 9, 2022. CURO has been a key player in consumer credit, providing services for over 25 years to non-prime and prime consumers in the U.S. and Canada.

Flexiti Financial Inc. has increased its revolving warehouse credit facility from C$500 million to C$535 million and extended its maturity. This facility is managed by Credit Suisse and supported by Bank of Montreal and Atalaya Capital Management. Flexiti now has over C$1 billion in capital to fund its growing consumer receivables. The company reached $2 billion in lifetime loan originations, demonstrating significant growth and investor confidence in its business model.