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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________to__________
Commission File Number 1-38315
CURO GROUP HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
Delaware90-0934597
(State or other jurisdiction
Of incorporation or organization)
(I.R.S. Employer Identification No.)
3615 North Ridge Road, Wichita, KS
67205
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (316) 772-3801
Former name, former address and former fiscal year, if changed since last report: No Changes

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.001 par value per shareCURONew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes     No ☒
As of April 29, 2022 there were 40,349,079 shares of the registrant’s Common Stock, $0.001 par value per share, outstanding.




CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
FORM 10-Q
FIRST QUARTER ENDED March 31, 2022
INDEX
Page
Item 1.
Financial Statements (unaudited)
March 31, 2022 (unaudited) and December 31, 2021
Three months ended March 31, 2022 and 2021 (unaudited)
Three months ended March 31, 2022 and 2021 (unaudited)
Three months ended March 31, 2022 and 2021 (unaudited)
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2



PART I.     FINANCIAL INFORMATION

GLOSSARY

Terms and abbreviations used throughout this report are defined below.
Term or abbreviationDefinition
2021 Form 10-KAnnual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 7, 2022
7.50% Senior Secured Notes7.50% Senior Secured Notes, issued in July 2021 for $750.0 million, which mature in August 2028
8.25% Senior Secured Notes8.25% Senior Secured Notes, issued in August 2018 for $690.0 million, which we extinguished during the third quarter of 2021
Adjusted EBITDAEBITDA plus or minus certain non-cash and other adjusting items; Refer to "Supplemental Non-GAAP Financial Information" for additional details
ALLAllowance for loan losses
Allowance coverageAllowance for loan losses as a percentage of gross loans receivable
AOCIAccumulated Other Comprehensive Income (Loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
Average gross loans receivableUtilized to calculate product yield and NCO rates; calculated as average of beginning of quarter and end of quarter gross loans receivable
BNPLBuy-Now-Pay-Later
bpsBasis points
C$Canadian dollar
CABCredit Access Business
Canada SPVA four-year revolving credit facility with Waterfall Asset Management, LLC, with capacity up to C$400.0 million
CARES ActCoronavirus Aid, Relief, and Economic Security Act enacted by the U.S. Federal government on March 27, 2020 in response to the COVID-19 pandemic
Curo Canada Revolving Credit FacilityC$10.0 million revolving credit facility (formerly known as Cash Money Revolving Credit Facility) with Royal Bank of Canada, maintained by CURO Canada
CDORCanadian Dollar Offered Rate
CFPBConsumer Financial Protection Bureau
CFSACommunity Financial Services Association
CODMChief Operating Decision Maker
Condensed Consolidated Financial StatementsThe condensed consolidated financial statements presented in this Form 10-Q
CSOCredit services organization
CURO CanadaCURO Canada Corp, a wholly-owned Canadian subsidiary of the Company, formerly known as Cash Money Cheque Cashing Inc.
EBITDAEarnings Before Interest, Taxes, Depreciation and Amortization
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FinServFinServ Acquisition Corp., a publicly traded special purpose acquisition company (trading symbol FSRV)
FinTechFinancial Technology; the term used to describe any technology that delivers financial services through software, such as online banking, mobile payment apps or cryptocurrency
FlexitiFlexiti Financial Inc., a wholly-owned Canadian subsidiary of the Company, which we acquired on March 10, 2021
Flexiti SPEA revolving credit facility, entered into concurrent with the acquisition of Flexiti, with capacity up to C$500.0 million
Form 10-QThis report on Form 10-Q for the quarter March 31, 2022
Gross Combined Loans ReceivableGross loans receivable plus loans originated by third-party lenders which are Guaranteed by the Company
Guaranteed by the CompanyLoans originated by third-party lenders through the CSO program which we guarantee but are not included in the unaudited Condensed Consolidated Financial Statements
Heights FinanceSouthernCo, Inc., a Delaware corporation d/b/a Heights Finance, a wholly-owned U.S. subsidiary of
the Company, which we acquired on December 27, 2021
3



Term or abbreviationDefinition
Heights Finance SPVA non-recourse revolving credit facility, entered into concurrent with the acquisition of Heights Finance, with capacity up to $350.0 million
KatapultKatapult Holdings, Inc. a lease-to-own platform for online platform for online, brick and mortar and omni-channel retailers.
LFLLFL Group, Canada's largest home furnishings retailer.
LIBORLondon Inter-Bank Offered Rate
MDRMerchant discount revenue
NCONet charge-off; total charge-offs less total recoveries
NOLNet operating loss
POSPoint-of-sale
ROURight of use
RSURestricted Stock Unit
Runoff PortfoliosCollectively, certain loans impacted by (i) regulatory changes, including California, effective January 1, 2020, Virginia effective January 1, 2021 and Illinois, effective March 23, 2021, and (ii) the discontinuation of Verge Credit in April 2021.
SECSecurities and Exchange Commission
Senior RevolverSenior Secured Revolving Loan Facility with borrowing capacity of $50.0 million
SequentialThe change from one quarter to the next quarter
SOFRSecured Overnight Financing Rate
SPACSpecial Purpose Acquisition Company
SPESpecial Purpose Entity
SPVSpecial Purpose Vehicle
TDRTroubled Debt Restructuring. Debt restructuring in which a concession is granted to the borrower as a result of economic or legal reasons related to the borrower's financial difficulties
UDAAPUnfair, deceptive, or abusive acts and practices
U.S.United States of America
U.S. GAAPGenerally Accepted Accounting Principles in the United States
U.S. SPVAn asset-backed revolving credit facility with Atalaya Capital Management with capacity up to $200.0 million if certain conditions are met
Verge Credit loansLoans originated and funded by a third-party bank
VIEVariable Interest Entity; our wholly-owned, bankruptcy-remote special purpose subsidiaries

4




ITEM 1.         FINANCIAL STATEMENTS

CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
March 31, 2022 (unaudited)
December 31,
2021
ASSETS
Cash and cash equivalents$60,209 $63,179 
Restricted cash (includes restricted cash of consolidated VIEs of $64,141 and $57,155 as of March 31, 2022 and December 31, 2021, respectively)
110,118 98,896 
Gross loans receivable (includes loans of consolidated VIEs of $1,394,957 and $1,294,706 as of March 31, 2022 and December 31, 2021, respectively)
1,628,568 1,548,318 
Less: Allowance for loan losses (includes allowance for loan losses of consolidated VIEs of $77,014 and $66,618 as of March 31, 2022 and December 31, 2021, respectively)
(98,168)(87,560)
Loans receivable, net
1,530,400 1,460,758 
Income taxes receivable28,664 31,774 
Prepaid expenses and other (includes prepaid expenses and other of consolidated VIEs of $4,781 and $ as of March 31, 2022 and December 31, 2021, respectively)
40,112 42,038 
Property and equipment, net54,865 54,635 
Investments in Katapult29,484 27,900 
Right of use asset - operating leases114,305 116,300 
Deferred tax assets20,066 15,639 
Goodwill430,967 429,792 
Intangibles, net113,640 109,930 
Other assets9,535 9,755 
Total Assets$2,542,365 $2,460,596 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable and accrued liabilities (includes accounts payable and accrued liabilities of consolidated VIEs of $10,243 and $9,886 as of March 31, 2022 and December 31, 2021, respectively)
$84,783 $121,434 
Deferred revenue24,265 21,649 
Lease liability - operating leases120,593 122,431 
Contingent consideration related to acquisition26,687 26,508 
Income taxes payable 680 
Accrued interest (includes accrued interest of consolidated VIEs of $3,975 and $3,279 as of March 31, 2022 and December 31, 2021, respectively)
16,481 34,974 
Liability for losses on CSO lender-owned consumer loans7,166 6,908 
Debt (includes debt and issuance costs of consolidated VIEs of $1,101,912 and $12,983 as of March 31, 2022 and $979,500 and $14,428 as of December 31, 2021, respectively)
2,090,085 1,945,793 
Other long-term liabilities13,679 13,845 
Deferred tax liabilities5,839 6,044 
Total Liabilities2,389,578 2,300,266 
Commitments and contingencies (Note 11)
Stockholders' Equity
Preferred stock - $0.001 par value, 25,000,000 shares authorized; no shares were issued
  
Common stock - $0.001 par value; 225,000,000 shares authorized; 50,046,895 and 49,684,080 shares issued; and 40,348,782 and 40,810,444 shares outstanding at the respective period ends
23 23 
Treasury stock, at cost - 9,698,113 and 8,873,636 shares at the respective period ends
(136,832)(124,302)
Paid-in capital115,329 113,520 
Retained earnings200,012 203,467 
Accumulated other comprehensive loss(25,745)(32,378)
Total Stockholders' Equity152,787 160,330 
Total Liabilities and Stockholders' Equity$2,542,365 $2,460,596 

See accompanying Notes to unaudited Condensed Consolidated Financial Statements.
5



CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
20222021
Revenue
Interest and fees revenue$264,956 $179,123 
Insurance premiums and commissions18,260 11,569 
Other revenue6,980 5,859 
Total revenue290,196 196,551 
Provision for losses97,531 36,145 
Net revenue192,665 160,406 
Operating Expenses
Salaries and benefits79,729 54,917 
Occupancy17,037 14,347 
Advertising10,500 8,084 
Direct operations20,274 11,969 
Depreciation and amortization9,814 4,965 
Other operating expense16,112 12,952 
Total operating expenses153,466 107,234 
Other expense (income)
Interest expense38,341 19,539 
Income from equity method investment(1,584)(546)
Total other expense36,757 18,993 
Income before income taxes2,442 34,179 
Provision for income taxes1,106 8,444 
Net income$1,336 $25,735 
Earnings per share:
Basic earnings per share$0.03 $0.62 
Diluted earnings per share$0.03 $0.59 
Weighted average common shares outstanding:
Basic40,368 41,505 
Diluted41,308 43,596 

See accompanying Notes to unaudited Condensed Consolidated Financial Statements.
6



CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
Three Months Ended
March 31,
20222021
Net income$1,336 $25,735 
Other comprehensive income:
Foreign currency translation adjustment, net of tax6,633 3,855 
Other comprehensive income6,633 3,855 
Comprehensive income$7,969 $29,590 

See accompanying Notes to unaudited Condensed Consolidated Financial Statements.


7


CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(dollars in thousands, unaudited)
Three Months Ended
March 31,
20222021
Cash flows from operating activities
Net income$1,336 $25,735 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization9,814 4,965 
Provision for losses97,531 36,145 
Amortization of debt issuance costs and bond discount2,241 1,294 
Deferred income tax (benefit) expense(4,326)(1,534)
(Gain) loss on disposal of property and equipment38 (134)
Income from equity method investment(1,584)(546)
Change in fair value of contingent consideration(264) 
Share-based compensation 4,093 2,683 
Changes in operating assets and liabilities:
Accrued interest on loans receivable28,491 38,908 
Prepaid expenses and other assets2,177 1,923 
Accounts payable and accrued liabilities(41,555)8,011 
Deferred revenue2,285 137 
Income taxes payable(684)276 
Income taxes receivable3,114 7,992 
Accrued interest(18,511)(14,231)
Other long-term liabilities(463)(1,132)
Net cash provided by operating activities83,733 110,492 
Cash flows from investing activities
Purchase of property, equipment and software(11,375)(2,789)
Loans receivable originated or acquired
(541,674)(251,364)
Loans receivable repaid
365,379 181,738 
Acquisition of Flexiti, net of acquiree's cash received (91,203)
Net cash used in investing activities(187,670)(163,618)
Cash flows from financing activities
Proceeds from SPV and SPE facilities190,922 12,488 
Payments on SPV and SPE facilities(79,718)(8,565)
Debt issuance costs paid(276) 
Proceeds from credit facilities87,560  
Payments on credit facilities(67,560) 
Proceeds from exercise of stock options 48 
Payments to net share settle equity awards(2,284)(1,668)
Repurchase of common stock(13,531) 
Dividends paid to stockholders(4,791)(2,368)
Net cash provided by (used in) financing activities110,322 (65)
Effect of exchange rate changes on cash, cash equivalents and restricted cash1,867 881 
Net increase in cash, cash equivalents and restricted cash8,252 (52,310)
Cash, cash equivalents and restricted cash at beginning of period162,075 268,107 
Cash, cash equivalents and restricted cash at end of period$170,327 $215,797 

See accompanying Notes to unaudited Condensed Consolidated Financial Statements.

8


CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(dollars in thousands, unaudited)
SUPPLEMENTAL CASH FLOW INFORMATION

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited Condensed Consolidated Balance Sheets as of March 31, 2022 and 2021 to the cash, cash equivalents and restricted cash used in the Statement of Cash Flows (in thousands):
March 31,
20222021
Cash and cash equivalents$60,209 $135,396 
Restricted cash (includes restricted cash of consolidated VIEs of $64,141 and $47,600 as of March 31, 2022 and March 31, 2021, respectively)
110,118 80,401 
Total cash, cash equivalents and restricted cash used in the Statement of Cash Flows$170,327 $215,797 

See accompanying Notes to unaudited Condensed Consolidated Financial Statements.


9



CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NATURE OF OPERATIONS
Nature of Operations

The terms “CURO" and the “Company” refer to CURO Group Holdings Corp. and its direct and indirect subsidiaries as a combined entity, except where otherwise stated.

The Company is a tech-enabled, omni-channel consumer finance company serving a full spectrum of non-prime and near-prime consumers in the U.S and non-prime and prime consumers in Canada.

Basis of Presentation

The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements in accordance with U.S. GAAP and the accounting policies described in its 2021 Form 10-K. Interim results of operations are not necessarily indicative of results that might be expected for future interim periods or for the year ending December 31, 2022.

While certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, the Company believes that the disclosures are adequate to enable a reasonable understanding of the information presented.

The unaudited Condensed Consolidated Financial Statements and the accompanying notes reflect adjustments of a normal and recurring nature, which are, in the opinion of management, necessary to present fairly the Company's results of operations, financial position and cash flows for the periods presented. Beginning January 1, 2022, the Company started reporting "Interest and fees revenue," "Insurance premiums and commissions," and "Other revenue" in place of the previously reported "Revenue" line item in the unaudited Condensed Consolidated Statements of Operations as of March 31, 2022 and 2021. Prior period amounts have been reclassified to conform with current period presentation.

Principles of Consolidation

The unaudited Condensed Consolidated Financial Statements reflect the accounts of CURO and its direct and indirect subsidiaries, including Heights Finance, which was acquired on December 27, 2021, and Flexiti, which was acquired on March 10, 2021. Refer to Note 14, "Acquisitions" for further disclosures related to these acquisitions. Intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of the unaudited Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions, including those impacted by COVID-19, that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. Some estimates may also affect the reported amounts of revenues and expenses during the periods presented. Significant estimates that the Company made in the accompanying unaudited Condensed Consolidated Financial Statements include ALL, certain assumptions related to equity investments, goodwill and intangibles, accruals related to self-insurance, CSO liability for losses, estimated tax liabilities and the accounting for the Heights Finance and Flexiti acquisitions. Actual results may differ from those estimates.

Acquisitions

Heights Finance

On December 27, 2021, CURO closed its acquisition of Heights Finance, a consumer finance company that provides Installment loans and offers customary opt-in insurance and other financial products, in a transaction accounted for as a business combination. Refer to Note 14, "Acquisitions" for further information regarding the acquisition and Note 13, "Goodwill" for the impact to the Company's goodwill balance as the result of the acquisition.

Flexiti

On March 10, 2021, CURO closed its acquisition of Flexiti, a POS and BNPL provider, in a transaction accounted for as a business combination. Refer to Note 14, "Acquisitions" for further information regarding the acquisition and Note 13, "Goodwill" for the impact to the Company's goodwill balance as a result of the acquisition.
10



CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Continuing Impacts of COVID-19

The COVID-19 pandemic continues to cause significant uncertainty and impacts. Macroeconomic conditions, in general, and the Company's operations, specifically, have been significantly affected by COVID-19. Government responses to the pandemic, either through the form of mandated lockdowns or a variety of stimulus programs to mitigate the impact of the pandemic, suppressed loan demand in 2020 and into the first quarter of 2021. During the second quarter of 2021 through the first quarter of 2022, the runoff of additional federal stimulus programs in the U.S. resulted in the stabilization of the Company's U.S. loan portfolio and resulted in moderately higher NCO and past-due trends as customers return to pre-COVID-19 trends. For details regarding the effect COVID-19 had on the Company's operations in 2020 and 2021, the Company's response to mitigate the impact of the pandemic and the U.S. and Canadian federal and local responses to the pandemic, refer to the 2021 Form 10-K.

Recently Issued Accounting Pronouncements Not Yet Adopted
ASU 2016-13 and subsequent amendments

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent amendments to the guidance: ASU 2018-19 in November 2018, ASU 2019-04 in April 2019, ASU 2019-05 in May 2019, ASU 2019-10 and -11 in November 2019, ASU 2020-02 in February 2020 and ASU 2022-02 in March 2022. The amended standard changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. The amendment will affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash.

ASU 2019-10 amended the mandatory effective date for ASU 2016-13. As a result, ASU 2016-13 and related amendments are effective for fiscal years beginning after December 15, 2022 for entities that qualified as an smaller reporting company as of June 30, 2019, such as the Company. ASU 2016-13 and its amendments should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. Early adoption is permitted. The Company is evaluating its alternatives with respect to the available accounting methods under ASU 2016-13, including the fair value option. If the fair value option is not utilized, adoption of ASU 2016-13 will increase the allowance for credit losses, with a resulting negative adjustment to retained earnings on the date of adoption. The Company deferred the adoption of ASU 2016-13 as permitted under ASU 2019-10. The Company is currently assessing the impact that adoption of ASU 2016-13 will have on its financial statements.

ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, eliminated the accounting guidance on TDRs for creditors and amended the guidance on vintage disclosures for financing receivables to require disclosure of current-period gross write-offs by year of origination. Additionally, the amendments in ASU 2022-02 require enhanced disclosures for creditors with respect to loan refinancing and restructuring for borrowers experiencing financial difficulty. ASU 2022-02 and its amendments should be applied on a prospective basis and are effective upon adoption of ASU 2016-13. The Company is currently assessing the impact that adoption of ASU 2022-02 will have on its financial statements.

ASU 2020-04 and subsequent amendments

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the upcoming market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR. Entities can elect to not apply certain modification accounting requirements to contracts affected by this reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities also can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met. The guidance is effective upon issuance and generally can be applied through December 31, 2022. The FASB also issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope in January 2021. It clarifies that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition. The amendments in this ASU affect the guidance in ASU 2020-04 and are effective in the same timeframe as ASU 2020-04. The Company anticipates transitioning applicable debt facilities from LIBOR to SOFR and currently does not expect the adoption of these ASUs to have a material impact on its financial statements.

11



CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

ASU 2021-08

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with ASC 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. While the Company is continuing to assess the timing of adoption and the potential impacts of ASU 2021-08, it does not expect ASU 2021-08 to have a material effect, if any, on its financial statements.

NOTE 2 - VARIABLE INTEREST ENTITIES

As of March 31, 2022, the Company had five credit facilities whereby certain loans receivable were sold to VIEs to collateralize debt incurred under each facility. See Note 5, "Debt" for additional details on each facility.

The Company has determined that it is the primary beneficiary of the VIEs and is required to consolidate them. The Company includes the assets and liabilities related to the VIEs in the unaudited Condensed Consolidated Financial Statements.

The carrying amounts of consolidated VIEs' assets and liabilities were as follows (in thousands):
March 31,
2022
December 31,
2021
Assets
Restricted cash$64,141 $57,155 
Loans receivable, net1,317,943 1,228,088 
Intercompany receivable(1)
245,389 48,333 
Prepaid expenses and other4,781  
Deferred tax assets107  
      Total Assets$1,632,361 $1,333,576 
Liabilities
Accounts payable and accrued liabilities$10,243 $9,886 
Deferred revenue114 106 
Deferred tax liability 269 
Accrued interest 3,975 3,279 
Income taxes payable1,826  
Debt1,088,929 965,072 
      Total Liabilities$1,105,087 $978,612 
(1) Intercompany receivable VIE balances eliminate upon consolidation.

NOTE 3 – LOANS RECEIVABLE AND REVENUE

The following table summarizes revenue by product (in thousands):
Three Months Ended March 31,
20222021
Revolving LOC$91,023 $62,735 
Unsecured Installment121,329 76,394 
Secured Installment26,307 15,027 
Single-Pay26,297 24,967 
Total Installment173,933 116,388 
Insurance revenue18,260 11,601 
Other6,980 5,827 
   Total revenue(1)
$290,196 $196,551 
(1) Includes revenue from CSO programs of $49.0 million and $41.4 million for the three months ended March 31, 2022 and 2021, respectively.
12



CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)


The following tables summarize loans receivable by product and the related delinquent loans receivable (in thousands):
March 31, 2022
Revolving LOCUnsecured InstallmentSecured Installment
Single-Pay(1)
Total Installment - Company OwnedTotal
Current loans receivable$943,761 $348,487 $111,483 $40,389 $500,359 $1,444,120 
Delinquent loans receivable71,577 91,778 21,093  112,871 184,448 
   Total loans receivable1,015,338 440,265 132,576 40,389 613,230 1,628,568 
   Less: allowance for losses(71,325)(20,704)(3,363)(2,776)(26,843)(98,168)
Loans receivable, net$944,013 $419,561 $129,213 $37,613 $586,387 $1,530,400 
(1) Of the $40.4 million of Single-Pay receivables, $11.1 million relate to mandated extended payment options for certain Canada Single-Pay loans.

March 31, 2022
Revolving LOCUnsecured InstallmentSecured InstallmentTotal Installment - Company OwnedTotal
Delinquent loans receivable
1-30 days past-due$31,959 $38,700 $11,689 $50,389 $82,348 
31-60 days past-due16,616 13,898 3,926 17,824 34,440 
61-90 days past-due14,684 13,763 2,910 16,673 31,357 
91 + days past-due8,318 25,417 2,568 27,985 36,303 
Total delinquent loans receivable$71,577 $91,778 $21,093 $112,871 $184,448 

December 31, 2021
Revolving LOCUnsecured InstallmentSecured Installment
Single-Pay(1)
Total Installment - Company OwnedTotal
Current loans receivable$843,379 $359,512 $110,232 $42,463 $512,207 $1,355,586 
Delinquent loans receivable70,734 98,174 23,824  121,998 192,732 
   Total loans receivable914,113 457,686 134,056 42,463 634,205 1,548,318 
   Less: allowance for losses(68,140)(13,387)(3,327)(2,706)(19,420)(87,560)
Loans receivable, net$845,973 $444,299 $130,729 $39,757 $614,785 $1,460,758 
(1) Of the $42.5 million of Single-Pay receivables, $11.3 million relate to mandated extended payment options for certain Canada Single-Pay loans.

December 31, 2021
Revolving LOCUnsecured InstallmentSecured InstallmentTotal Installment - Company OwnedTotal
Delinquent loans receivable
1-30 days past-due$35,657 $45,160 $13,213 $58,373 $94,030 
31-60 days past-due15,452 16,646 4,539 21,185 36,637 
61-90 days past-due13,397 13,933 3,213 17,146 30,543 
91 + days past-due6,228 22,435 2,859 25,294 31,522 
Total delinquent loans receivable$70,734 $98,174 $23,824 $121,998 $192,732 

13



CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following tables summarize loans Guaranteed by the Company under CSO programs and the related delinquent receivables (in thousands):
March 31, 2022
Unsecured InstallmentSecured InstallmentTotal Installment - Guaranteed by the Company
Current loans receivable Guaranteed by the Company$35,180 $1,009 $36,189 
Delinquent loans receivable Guaranteed by the Company7,986 245 8,231 
Total loans receivable Guaranteed by the Company43,166 1,254 44,420 
Less: Liability for losses on CSO lender-owned consumer loans(7,118)(48)(7,166)
Loans receivable Guaranteed by the Company, net$36,048 $1,206 $37,254 

March 31, 2022
Unsecured InstallmentSecured InstallmentTotal Installment - Guaranteed by the Company
Delinquent loans receivable
1-30 days past-due$6,043 $187 $6,230 
31-60 days past-due1,225 12 1,237 
61-90 days past-due557 36 593 
91 + days past-due161 10 171 
Total delinquent loans receivable$7,986 $245 $8,231 

December 31, 2021
Unsecured InstallmentSecured InstallmentTotal Installment - Guaranteed by the Company
Current loans receivable Guaranteed by the Company$37,303 $799 $38,102 
Delinquent loans receivable Guaranteed by the Company8,011 204 8,215 
Total loans receivable Guaranteed by the Company45,314 1,003 46,317 
Less: Liability for losses on CSO lender-owned consumer loans(6,869)(39)(6,908)
Loans receivable Guaranteed by the Company, net$38,445 $964 $39,409 

December 31, 2021
Unsecured InstallmentSecured InstallmentTotal Installment - Guaranteed by the Company
Delinquent loans receivable
1-30 days past-due$6,633 $162 $6,795 
31-60 days past-due1,003 28 1,031 
61-90 days past-due277 8 285 
91 + days past-due98 6 104 
Total delinquent loans receivable$8,011 $204 $8,215 

14



CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following tables summarize activity in the ALL and the liability for losses on CSO lender-owned consumer loans in total (in thousands):
Three Months Ended
March 31, 2022
Revolving LOCUnsecured InstallmentSecured InstallmentSingle-PayTotal InstallmentOtherTotal
Allowance for loan losses:
Balance, beginning of period$68,140 $13,387 $3,327 $2,706 $19,420 $ $87,560 
Charge-offs(42,387)(28,313)(6,783)(24,113)(59,209)(1,813)(103,409)
Recoveries8,015 8,023 3,146 19,744 30,913 553 39,481 
Net charge-offs(34,372)(20,290)(3,637)(4,369)(28,296)(1,260)(63,928)
Provision for losses37,447 27,603 3,673 4,409 35,685 2,650 75,782 
Effect of foreign currency translation110 4  30 34  144 
Balance, end of period$71,325 $20,704 $3,363 $2,776 $26,843 $1,390 $99,558 
Liability for losses on CSO lender-owned consumer loans:
Balance, beginning of period$ $6,869 $39 $ $6,908 $ $6,908 
Increase in liability 249 9  258  258 
Balance, end of period$ $7,118 $48 $ $7,166 $ $7,166 
Three Months Ended
March 31, 2021
Revolving LOCUnsecured InstallmentSecured InstallmentSingle-PayTotal InstallmentOtherTotal
Allowance for loan losses:
Balance, beginning of period$51,958