Press Release: CURO Group Holdings Corp. -2-
Press Release: CURO Group Holdings Corp. -2-
the three months ended September 30, 2021 compared to Diluted
Earnings per Share of $0.31 for the three months ended September
30, 2020, primarily due to the loss on our extinguishment of debt
from our 8.25% Senior Secured Notes refinancing. Adjusted Diluted
Earnings per Share was $0.15 and $0.27 for the three months ended
September 30, 2021 and 2020, respectively.
-- Diluted Earnings per Share from continuing operations was $2.03
for the nine months ended September 30, 2021 compared to $1.68 for
the nine months ended September 30, 2020, primarily due to the
Katapult Holdings Inc. ("Katapult") merger in June 2021. Adjusted
Diluted Earnings per Share was $1.24 and $1.58 for the nine months
ended September 30, 2021 and 2020, respectively.
-- Other Highlights
-- On October 27, 2021, our Board of Directors declared an $0.11 per
share dividend payable on November 22, 2021 to stockholders of
record as of November 12, 2021.
-- On July 30, 2021, we closed $750.0 million of 7.50% Senior Secured
Notes due 2028. The proceeds were used: (i) to redeem our 8.25%
Senior Secured Notes due 2025, (ii) to pay related fees, expenses,
premiums and accrued interest and (iii) for general corporate
purposes. This refinancing extended maturities and increased our
borrowing capacity while maintaining related borrowing costs at
levels under the $690.0 million 8.25% Senior Secured Notes.
-- We closed and consolidated 49 U.S. stores, representing
approximately a quarter of all U.S. stores, during the second and
third quarters of 2021 to better align with changing customer
trends, preferences for online transactions and certain states'
regulatory considerations. The impacted locations generated only
8% of our U.S. store revenue in 2020.
-- Effective July 1, 2021, Flexiti commenced a 10-year agreement to
become the exclusive POS financing partner to LFL, which operates
over 300 stores in Canada under multiple banners including Leon's
and The Brick.
-- Katapult's merger with FinServ Acquisition Corp. ("FinServ")
closed on June 9, 2021. We received cash of $146.9 million and
recorded a one-time gain of $135.4 million. Our fully diluted
ownership of Katapult as of September 30, 2021 was 19.3%,
including potential earn-out shares.
-- Under the terms of our $50.0 million share repurchase program
announced in April 2021, we purchased 1,355,682 shares for $22.9
million through October 29, 2021.
-- We completed our acquisition of Flexiti on March 10, 2021.
截至2021年9月30日的三個月與稀釋後的截至9月底的三個月每股收益為0.31美元30,2020，主要是因為我們清償債務的損失來自我們8.25%的高級擔保票據再融資。調整後的稀釋每股收益為0.15美元，截至三個月的每股收益為0.27美元分別為2021年9月30日和2020年9月30日。-持續運營稀釋後每股收益為2.03美元截至2021年9月30日的9個月，相比之下，截至2020年9月30日的9個月，主要是由於Katapult Holdings Inc.(“Katapult”)於2021年6月合併。調整後的稀釋後每股收益為1.24美元，前九個月為1.58美元分別於2021年9月30日和2020年9月30日結束。--其他亮點-2021年10月27日，我們的董事會宣佈每股0.11美元將於2021年11月22日支付給股東的股票股息截至2021年11月12日的最高紀錄。-2021年7月30日，我們完成了7.50%高級擔保的7.5億美元2028年到期的票據。所得款項用於：(I)贖回我們的8.25%2025年到期的高級擔保票據，(Ii)支付相關費用，開支，保費及累算利息；及。(Iii)一般法團的保費及累算利息。目的。這次再融資延長了到期日，增加了我們的借款能力，同時將相關借款成本維持在6.9億元8.25%高級抵押債券之下的水平。-我們關閉並整合了49家美國門店，代表大約四分之一的美國門店，在第二和第二季度2021年第三季度，更好地與不斷變化的客户保持一致在線交易的趨勢、偏好和某些州的監管方面的考慮。僅生成受影響的位置佔我們2020年美國門店收入的8%。-從2021年7月1日起，Flexiti開始了一項為期10年的協議，以成為運營的LFL的獨家POS融資合作伙伴加拿大300多家門店打着包括里昂百貨在內的多個橫幅還有磚頭。--Katapult與FinServ Acquisition Corp.(“FinServ”)合併2021年6月9日關閉。我們收到了1.469億美元的現金錄得1.354億美元的一次性收益。我們完全稀釋的截至2021年9月30日，卡塔普特的所有權為19.3%，包括潛在的獲利股。-根據我們5000萬美元的股票回購計劃的條款我們於2021年4月宣佈，我們以22.9美元的價格購買了1,355,682股票到2021年10月29日，100萬。-我們於2021年3月10日完成了對Flexiti的收購。
From the second quarter of 2020 through the first half of 2021, we experienced lower customer demand, good credit performance, increased or accelerated repayments and favorable payment trends as customers were aided by government stimulus programs while periodically enduring pandemic lockdowns (collectively "COVID-19 Impacts"). In the third quarter of 2021, our markets were less affected by COVID-19 Impacts, causing positive growth trends in revenue and receivables.
從2020年第二季度到2021年上半年，我們經歷了客户需求下降、信貸表現良好、還款增加或加速以及有利的支付趨勢，因為客户在定期經歷大流行停擺的同時，得到了政府刺激計劃的幫助(統稱為“新冠肺炎影響”)。2021年第三季度，我們的市場受到新冠肺炎影響較小，導致收入和應收賬款呈正增長趨勢。
Consolidated Revenue by Product and Segment
按產品和細分市場劃分的綜合收入
The following table summarizes revenue by product, including revenue we earn from operating as a credit services organization ("CSO") by charging a customer a fee for arranging an unrelated third party to make a loan to that customer, which we refer to as "CSO fees", for the period indicated:
下表彙總了按產品劃分的收入，包括我們作為信貸服務機構(“CSO”)在指定期間向客户收取安排無關第三方向該客户提供貸款的費用(我們稱為“CSO費用”)而獲得的收入：
Three Months Ended
September 30, 2021 September 30, 2020
Canada Canada Canada Canada
(in thousands, Direct POS % of Direct POS % of
unaudited) U.S. Lending Lending Total Total U.S. Lending Lending Total Total
--------------- --------- -------- -------- --------- --------- --------- -------- ------- --------- ---------
Revolving LOC $ 27,377 $ 40,239 $ 10,646 $ 78,262 37.4% $ 30,431 $ 28,280 $ -- $ 58,711 32.2%
Installment 101,036 11,331 -- 112,367 53.7% 98,946 10,238 -- 109,184 60.0%
Ancillary 3,261 14,620 770 18,651 8.9% 3,471 10,637 -- 14,108 7.8%
--------- -------- -------- --------- ----- --------- -------- ------- --------- -----
Total revenue $ 131,674 $ 66,190 $ 11,416 $ 209,280 100.0% $ 132,848 $ 49,155 $ -- $ 182,003 100.0%
---------------- --------- -------- -------- --------- ----- --------- -------- ------- --------- -----
截至三個月2021年9月30日2020年9月30日加拿大(以千為單位，以下項目的直接POS%的直接POS%未經審計)美國貸款總額美國貸款總額--------------- --------- -------- -------- --------- --------- --------- -------- ------- --------- --------- 循環土地使用率$27,377$40,239$10,646$78,262 37.4%$30,431$28,280$--$58,711 32.2%分期付款101,036 11,331--112,367 53.7%98,946 10,238--109,184 60.0%輔助3,261 14,620 770 18,651 8.9%3,471 10,637--14,108 7.8% --------- -------- -------- --------- ----- --------- -------- ------- --------- ----- 總收入$131,674$66,190$11,416$209,280 100.0%$132,848$49,155$--$182,003 100.0%---------------- --------- -------- -------- --------- ----- --------- -------- ------- --------- -----
During the three months ended September 30, 2021, total revenue increased $27.3 million, or 15.0%, to $209.3 million, compared to the prior-year period. The year-over-year increase was primarily due to an increase in Canada Direct Lending revenue of $17.0 million, or 34.7%, and $11.4 million of Canada POS Lending revenue. This increase was partially offset by a decrease in U.S. revenue of $1.2 million, or 0.9%, as a result of regulatory changes in California impacting certain Installment products, effective January 1, 2020, and regulatory changes in Virginia impacting Revolving LOC products, effective January 1, 2021. Excluding the impacted California and Virginia loans, total U.S. revenue increased $14.2 million, or 12.9%, for the three months ended September 30, 2021 compared to the three months ended September 30, 2020.
在截至2021年9月30日的三個月裏，總收入比去年同期增加了2730萬美元，增幅15.0%，達到2.093億美元。同比增長的主要原因是加拿大直接貸款收入增加了1700萬美元，增幅為34.7%，以及加拿大POS貸款收入增加了1140萬美元。這一增長被美國收入減少120萬美元或0.9%所部分抵消，這是由於加利福尼亞州的監管變化影響了某些分期付款產品，從2020年1月1日起生效，以及弗吉尼亞州的監管變化影響了循環LOC產品，從2021年1月1日起生效。不包括受影響的加州和弗吉尼亞州貸款，截至2021年9月30日的三個月，美國總收入比截至2020年9月30日的三個月增加了1,420萬美元，增幅為12.9%。
Canada POS Lending revenue includes merchant discount revenue ("MDR"), which is recognized over the life of the underlying loan term. On March 10, 2021, we completed the acquisition of Flexiti. For the three months ended September 30, 2021, Canada POS Lending results were impacted by adjustments that reduced revenue by $1.8 million and net revenue by $4.3 million ("acquisition-related adjustments"). The acquisition included a loan portfolio with a fair value of approximately $196.1 million ("Acquired Portfolio"). The fair value discount of $12.5 million was based on estimated future net cash flows and is recognized in net revenue over the expected life of the Acquired Portfolio (approximately 12 months). This amortization resulted in an increase of $2.5 million for both revenue and loan loss provision for the three months ended September 30, 2021. The Acquired Portfolio also included $14.1 million of unearned MDR and annual and administrative fees, which are not amortized to revenue for the Acquired Portfolio because they do not represent future cash flows. For the third quarter of 2021, Canada POS Lending revenue and net revenue were both lower by $4.3 million ("acquisition-related adjustments") compared to what would have been reported if the unearned MDR and fees had been recognized over the expected life of the Acquired Portfolio. See "Reconciliation of Net Income from Continuing Operations and Diluted Earnings per Share to Adjusted Net Income and Adjusted Diluted Earnings per Share" for additional detail. The acquisition-related adjustments related to the unearned MDR annual and administrative fees will decline each quarter, until becoming fully amortized by the end of the first quarter of 2022.
加拿大POS貸款收入包括商户折扣收入(“MDR”)，在基礎貸款期限內確認。2021年3月10日，我們完成了對Flexiti的收購。在截至2021年9月30日的三個月裏，加拿大POS貸款公司的業績受到調整的影響，這些調整使收入減少了180萬美元，淨收入減少了430萬美元(“與收購相關的調整”)。此次收購包括公允價值約為1.961億美元的貸款組合(“收購組合”)。1250萬美元的公允價值折讓是基於估計的未來淨現金流，並在收購投資組合的預期壽命(大約12個月)的淨收入中確認。這一攤銷導致截至2021年9月30日的三個月的收入和貸款損失準備金增加了250萬美元。收購的投資組合還包括1410萬美元的未賺取MDR以及年度和行政費用，這些費用不會攤銷到收購投資組合的收入中，因為它們不代表未來的現金流。2021年第三季度，與在收購投資組合的預期壽命內確認未賺取的MDR和費用的情況相比，加拿大POS Lending收入和淨收入均減少了430萬美元(“與收購相關的調整”)。有關更多細節，請參閲“持續經營淨收益和每股攤薄收益與調整後淨收益和調整後每股攤薄收益的對賬”。與未賺取的MDR年度和行政費用相關的收購相關調整將每個季度下降，直到2022年第一季度末完全攤銷。
The table below recaps acquisition-related adjustments to Flexiti's revenue and net revenue for the periods indicated:
下表概述了Flexiti在所示時期的收入和淨收入與收購相關的調整：
Three months ended September 30, 2021 Nine months ended September 30, 2021
Canada Acquisition- Adjusted Canada Acquisition- Adjusted
(in thousands, POS related Canada POS POS related Canada POS
unaudited) Lending adjustments Lending Lending adjustments Lending
--------------- ------- -------------- --- ---------- ------- -------------- --- ------------
Interest income $ 7,409 $ (2,523) (1) $ 4,886 $14,414 $ (4,115) (1) $ 10,299
Other revenue 4,007 4,278 (2) 8,285 5,640 9,924 (2) 15,564
------- -------------- ---------- ------- -------------- ----------
Total revenue $11,416 $ 1,755 $ 13,171 $20,054 $ 5,809 $ 25,863
------ --- --------- ------ ------ --- --------- ------
Provision for
losses 8,285 (2,526) (1) 5,759 12,127 (3,945) (1) 8,182
------- -------------- ---------- ------- -------------- ----------
Net revenue $ 3,131 $ 4,281 $ 7,412 $ 7,927 $ 9,754 $ 17,681
--------------- ------ --- --------- --- ------ ------ --- --------- --- ------
(1) Acquisition-related adjustments for interest income and provision for losses relate to the
amortization of the fair value discount of the Acquired Portfolio.
(2) Acquisition-related adjustments for other revenue represents the unearned MDR and annual and
administrative fees, which were not included in the opening balance sheet as they did not represent
future cash flows as of March 10, 2021, and thus, are not amortized to revenue for the Acquired
Portfolio. The acquisition-related adjustments related to the unearned MDR and annual and
administrative fees will decline each quarter with the Acquired Portfolio and will be fully amortized
by the end of the first quarter of 2022.
截至2021年9月30日的3個月截至2021年9月30日的9個月加拿大收購-調整後的加拿大收購-調整後的(以千為單位，POS相關加拿大POS POS相關加拿大POS未經審計)借出調整借出--------------- ------- -------------- --- ---------- ------- -------------- --- ------------ 利息收入$7,409$(2,523)(1)$4,886$14,414$(4,115)(1)$10,299其他收入4,007,278(2)8,285,640 9,924(2)15,564 ------- -------------- ---------- ------- -------------- ---------- 總收入11,416元1,755元13,171元20,054元5,809元25,863元 ------ --- --------- ------ ------ --- --------- ------ 為以下事項撥備的款項虧損8,285(2,526)(1)5,759 12,127(3,945)(1)8,182 ------- -------------- ---------- ------- -------------- ---------- 淨收入$3,131$4,281$7,412$7,927$9,754$17,681--------------- ------ --- --------- --- ------ ------ --- --------- --- ------ (1)與收購相關的利息收入和損失準備調整與已收購投資組合的公允價值折價攤銷。(2)與收購相關的其他收入調整是指未賺取的MDR和年度和行政費，未列入期初資產負債表，因為它們不代表截至2021年3月10日的未來現金流，因此不會攤銷到被收購公司的收入中公文包。與收購相關的調整涉及未賺取的MDR和年度和隨着收購的投資組合，行政費將每季度下降一次，並將全額攤銷。到2022年第一季度末。
譯文內容由第三人軟體翻譯。