Earnings call transcript Q4 2022

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Operator

Good day, and welcome to the CURO Holdings fourth quarter 2022 conference call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded.

I'd now like to turn the conference over to Tamara Schulz, Chief Accounting Officer. Please go ahead.

Tamara Schulz

morning, good and you, everyone. Thank

at opened Before Officer, Chief for Investors Executive released on Izzy website results Officer, Doug Chief CURO fourth the section call quarter Financial CURO's our the Dawood. market the on XXXX, its available me and today, which are With ir.curo.com. Clark; of today's are

see statements like it. as today's discussion that I the turn note environment call Before business contain over based forward-looking to we the to currently Doug, I'd on will

does Any our As this events. make discussion. and more a Please and it results risk as statements that risks the such, include issued result differ actual obligation uncertainties. on our specific undertake for to assumptions refer these new certain in release forward-looking call factors materially future today, based press update information this projections XX-Q on cause that and information the we to to as of Forms of our no on today's morning we are could and revise statements XX-K or described or from

GAAP our to these and Accounting these reporting, tables the Principles. press non-GAAP measures are today's believe release. report understanding measures that certain US between do Generally not We addition In non-GAAP the included in enhance Accepted performance. financial Reconciliation conform of to we measures GAAP found in

remind to in reference provided Presentations have it we I'd of & a presentation that can begin, remarks, our IR in will section you and that Events website. investor we we like that Before the our find supplemental you

over call turn would I that, With to Doug. the like to

Doug Clark

first wrapped call I thank transformational and for up here CURO. today you at morning, for Good Izzy Tamara. December Thanks, and for year a CURO. everyone, earnings our joining

focus of motion put three quarters our to to divestiture, acquisitions our and we the generate aspects long-term our new begin the the of largely for to operational into sustainable While and logistical businesses, were of the fourth the able quarter, on returns execution on in were the focused year first playbook investors.

to QX our out the XXXX a alignment framework streamlined run by in I'll the In it and organizational While and December, through Izzy beyond. business let me created start structure and be we clear results, to the we managing for accountability. will how leave laying

We but a will loan responsibly approach, our not volume credit, are for on portfolio, volume's taking and grow resilient disciplined we chase sake. focused will

to ended season in the growing certain customers rates base, XXXX, pricing the lower by continue Turning XX% this tightening uncertainty the with from And remain while of this represents both they low a on acutely Canada. close in inflation borrowing benefited impact inflation. interest impacts our the hold. to of This fourth monthly deck, the credit rise net rates. creating therefore in net incomes, consumer disposable We year of Unemployment holiday and underwriting ended shopping did reaction, in our our gross macroeconomic income particularly billion. they lower credit, increase the and have notionally lowers segments, Flexiti for wages, more to feel of tiers, macroeconomic in was in in direct have at taken especially levels, X we rising lending and increased to of US on credit and base, the environment, margins. of XXXX, the we a with and we loan respectively. the growth smaller coming our historically December to products. quarter remember, minimum out modest tighten businesses, receivable saw the $X.X third first driven half where we as in The XX% Slide strong growth of balances steps the largely business We Beginning XXXX, our take began quarter

the to able to were borrowers the our savings levels they the excess since government to and prior and the with we programs, borrowers. pandemic. out and build pandemic front, during a expertise centralized to created collection have servicing evaporated various loan the help returned the seen has to due the team moved servicing of n branches, had later we stage stimulus these addition, In have

We loss rolled minimize our additional on losses. out customers our track help to mitigation have back also tools get and

end I takes portfolios, to X, peak to we coupled hold. across in we the with Turning QX, as as Slide the expect of did just NCOs mentioned, by tightening the improvement the servicing,

top you delinquencies if across still the are are early, improvements the across segments. our by encouraged look Slide our early-stage we it's we you see And X, portfolio can the delinquency While of businesses. of at seeing in all improvements

showing In QX. Heights are fact, our delinquencies, over XX% our to a plus current improvement portfolios, XX XX% large loan

On loan relatively side, plus of flat. the were Of large tightening. half the loan our our originated as the small are balances delinquencies XX% in credit of XXXX December, XX post end over of second

In for policy the easier consumers, changed across first in January, rest our quarter, debit in QX, of to collection one-time identified additional In make be and the credit to is result opportunities the see to XXXX improvement come early be as experienced US we for stage charge-off rolled were business, to lending delinquencies. Canada, to such charge-off using servicing and fourth variety Beginning as policy also QX options, reasons will to including tools capabilities direct mitigate decline performance charge-off The a delinquencies or payments from QX loans further are business off legal partial they with a recent starting for our are charged in we On charge-offs. Similar of where help we and the delinquencies direct centralized lending only in in XXXX with Heights. days, bankruptcy to will our loan them of as we middle policies the lower a And charge-off the cards. it out down the portfolio, change expect will we encouraging First making as company. in our in fraud. the XXX payment align Heritage quarter. for

to will quarter. charge-offs However, beginning rate revert in normalized second the more a

our We have are made believe delinquency excited direct about we benefit later in into a customers, rates are net meaningful way will XXXX Canadian service lending the XXXX. that this and these and and to changes being that charge-off to

to QX I'll where to be will now XXXX. then close Izzy about results, and we and through turn our with in it our efforts I'll business run over some thoughts our focusing

Izzy Dawood

Thanks, Doug, and good morning.

our by on me you to X. Slide results Let start taking QX

legacy US For in our model. expected, increase ratio This decrease a segment. quarter. the lending a million million The Other quarter, expenses other in charge-off US, with primarily sustainable decrease X%, million, revenue our despite included $XX representing driven by lower was The our charge-offs an risk the $XXX and higher, of $XX ratio transition year-over-year XX%. expenses of business driven was in store million. delinquency primarily fourth by towards net The million, Canada as Net associated and in of announced and more was previously by point-of-sales rates QX, of a in charge-offs from restructuring higher Operating business and an year, sale represents Canada the XX% and was receivables. and associated cost-saving to was evidenced the was receivable primarily sequentially charge-off interest rates. $XXX growth, a of margin interest with over an decrease increase million expense XX% second direct post impairment XX%. increase third to in representing initiatives. support debt $XXX and expenses, prior closures further in up the was and Interest goodwill was $XX

Provision point future. lower and build As delinquency changes recent charge-offs credit in Doug the million quarter. trends shared in to his were $XX earlier the comments, other for

$XXX quarter net per $X.XX share, $X.XX quarter the loss $XX for to compared Our of net share per million, million loss was fourth or the of or XXXX. in a

to and underlying of I $XX adopting to of income million. us move XXXX provisioning, performance a ex pre-tax of our restructuring good believe it we Pre-provision key expenses, metric in will first impact the quarterly volatility the loss provision into CECL be goodwill evaluate be because our the as impairment will for without the be loan Excluding was loss caused company XXXX. as we measure by quarter especially a

focused we move page, to metrics this will off we Before some in future. also want on highlight additional be I that the

is net it we we assets. are holds the We charge-offs. out credit funding. getting because this this while ensure to commensurate interest of appropriate cost the risk return accountable are we balancing metric risk-adjusted us on also margin like post our First, Quite with simply, added underwriting, a returns the

Another metric introducing that we are speak OpEx later I'll the ratio. to in is presentation. an

segments how business the Slide for metrics our up key X, results mentioned. can I to to just these build see you Turning

of side finance discussed The and board running internally, the mean, As don't strategy, how teams primary the lending developing we direct have business. same choose and the between By to I businesses. differentiate customer the those businesses. is we earlier, difference really which managing Doug that, resides, we the

fit XX% direct Canadian charge-offs are business for segment, respectively. expenses or does all ratio the self-contained. lending our while So, that the This charge-off interest be not X%, should in and lending The business, their largely that are Flexiti where the for the operating centralized XX% post our US direct apply these net point-of-sale expenses and at lending business, is Net support total on looked our margin basis. point-of-sale expenses to X% business. direct

the I'll incurred and you X, note, This loan discussed. January current our was we largely build we loss this model. credit for replace adopted driven the quarter. losses. credit CECL accounting allowance Slide our This model growth allowance will On Also, by X, on see normalization will

expect accounting $XXX result still between day the finalizing we While are details, a to this $XXX in of requirement build adoption million. to one of allowance million the we

non-cash We this our will retained through recognize earnings. accounting opening adjustment

margin made XX, QX percentage XX%. net year-over-year high-yielding, early to interest legacy sold decrease strategic was large Slide from the fourth our shift we attributable yet quality our higher better is to of loss credit we US credit of to as across charge-offs The quarter decline Turning shift all due businesses business. offerings, when The an post large of tightening is in US face as quarter became the loans in bigger uncertainty. on macroeconomic mixed overall portfolio last a we our and credit a focused the our

will attention we to expenses. XX, Slide turn On our

took in in improve quarter, million are reported our that the strategy. support expenses of million and expenses, $XX savings our quarter, For of eliminated and we capabilities $XXX restructuring earlier. help to charges $XX the were our that execution actions of these million, includes mentioned to XXXX operations the reinvesting In fourth fourth I

ratio. business hand continues show the our key This measure of see the efficiency to and the will going for our point-of-sale operations. you On incremental is starting platform lending us Canadian a on scale, right direct improvement build metric operating can side, be expense to The forward to progress.

facilities debt impacted Effectively, two-thirds but is sensitivity. summary XX rates interest by our Slide to rates. still Turning in of the increase a fixed, and our of base debt is

and X.X% now, first and various five supported of facilities rate fixed in by Canada. and Canadian a has maturity years multiple debt activities revolver are US our corporate counterparties Our with To our the was lending terminated. from the in quarter, note,

we focus our XX, our On attention Slide will liquidity. leverage on and

has transitioned we to leverage our balance sheet. increase grow and our continued Our continue to business as model

also quarters, growth capacity higher $XXX the over an appendix, Our and capacity seen we last also We're provided liquidity on a additional In has we expense. interest we our decrease. debt adding working the QX. decreased coverage in details several business, actively the how profitability facility million interest of lower With and in in the our have ratio with view calculations. have

will familiar Slide with for first we areas Doug upcoming for Until quick results. the an quarter focus outlook our where the on provide key a XX and more on are driving we I overview and is quarter. company, of get Finally, outlook

XXXX, to at Net $X revenue basis. we and charge-offs million. billion, $X.XX on $XXX QX between billion expected a end be to For of expect million XX% XX% receivables to and are $XXX and normalized

policies QX $XX charge-off lowered direct or XX%, reported our lending as the to amount Our approximately businesses. and for we will across million, charge-off XX% harmonize by be ratios

Our reported expected is in flat operating QX to versus expense QX XXXX. be

over will that, turn With back I Doug to remarks. to it share closing

Doug Clark

Izzy. Thanks,

laying are as value on wanted business me As about our for what path creation share my CEO, I to thoughts overall passed and I've mark my out the just investors. long-term for our XX-day we excites

business, Heritage, Canadian for First lending Heights, growth. direct of our comprised provided tremendous Our segments, platform and

attractive we margins. capabilities to in mature of charge-offs, and improving expanding As growth, in anticipate delinquencies continue our segments, we each these

built meaningful in highly a We our to have The platform our Flexiti I team and and has of a investors. in professionals deliver ability place, and shareholders strategy our confident terrific am Canada. to and product execute in results talented great team

margins lower However, as core it with book funds. largely on that high a primed operates volumes, may in thinner of our cost benefit business, from

help to deliver our as we understand options all evaluate intended better. that perform Flexiti profitability. tumultuous increase year we our to We not completed to strategic and CURO continue We it our did we must on that the such, relates transformation. for XXXX As business investors deserve. results a we was as that

long-term our and lending we improving XX, our of our our business, On Across I vision liquidity. of with our we our lines and ensuring on Slide we've laid be yields out need on will more CURO. focused our time product, Izzy long-term share structure, for to cost businesses spend steady Both before losses, strengthening stabilizing ready to targets. all are overall

bullet the we continue vision. company areas longer will our the captures leading focus on where points our So, as this slide be to we and of formulate

will now prepared our and the concludes This Q&A. remarks, begin ask to operator

Operator

question from Orenbuch first Moshe Suisse. comes today [Operator go Credit with Instructions] Please ahead. The

Moshe Orenbuch

especially to to and Thanks, Izzy, again. you Thanks, good and welcome, talk gentlemen.

was is respect I respect to a - of business? talking you're with of other with additional that Can bit? out options little you Are said Flexiti. to to the hoping little flesh get talking a you about I about a or give options kind guess clarification first options us The more when more funding to kind respect of ownership talking you about with on little or thing

Doug Clark

this are we with that business. not is you the and Thanks, clear cost funding, to are Doug. all the Flexiti. of for we Moshe, alternatives Certainly, great talking best Well, again. necessarily for partner It's our considering

they've fantastic their they them we able in said, want everything realize to to really As be a have and platform strategy. that got

them help partner for that And can so, them a grow. seeking actively we're

Moshe Orenbuch

you an some the of the little to a at was from consumer. kind about existing non-prime both some there? last that customers us happened be there this, the kind bit Is update? borrowing of migrating trying There quarters of of discussion Can yield, it. Got Has over that of hoping and into any couple all? would then enhance change give the

Doug Clark

in the material slight been number Flexiti long-term yet the a but think There's we increase product consumers business, product. that to going on nothing of of about in as yield the revolving as

Moshe Orenbuch

sort Got hoping was opposed of in would as that it. expenses And then, flat. I there I a reduction guess to be

operating reinvesting savings. thought about us about think give little evolution can QX? about a talked expenses kind how guess, the I a to of you your You bit the of past

Izzy Dawood

Yes, in closures, of what done Yes, sure. paying expenses you chatting and to of day announced as good in expenses, Hey, talk terms we I'm Moshe, be the again. some our have later when to sure store out. corporate kind well. we'll the we

million. So, in be that is helping our overall expenses lower XXXX by roughly $XX

have operations. XX% that store reinvestments close terms It's it. collection of that. are our moving are The cloud. for our We in from ratio expenses done goal to improves. to in overall, or that centers data is But to wages of is ensure from fixed, It employees. primarily our investment OpEx

OpEx good cutting over take ratio structural feel And the reductions next said, expenses and probably just Doug expense result, in going going call longer just little a right I our have as that to we QX left. discuss going pretty in being that That to base So, expense changes more those to are will and spend than the improve. the been business. when bit time more and a on through able needs and in time we'll

Moshe Orenbuch

it it. Then I I quarter quarter. for Got which was normalized, the that XX in for if improving guidance and to said to kind fourth you hadn't delinquency, the said XX one, the a you comments made trying about change, losses, last kind was first the XX understand you the quarter first of of was on guess, -

the said of sort So, quarter had squaring fourth of I that thought peak. kind was I that, guess in you

charge-offs? see will just one like you're only charge-offs, what's And of So, we since - could can when you're thinking out, to you quarter discuss take timeframe? how about guidance what kind it giving kind those of maybe and the reduced

Doug Clark

Doug. is this Moshe,

I think your best why which indicator of we those charge-offs, the XX shared delinquency plus charts. future is is

delinquencies was with XXX into the QX QX-ish oftentimes. obviously, type rolling So, charge-off what's window, day

And through, to - anticipate charge-offs And those say come in delinquency why seem that. buckets - track chart, would so, be our roll we QX. peaking then if charge-offs would beyond delinquency through XX-plus lower would we that's we you as

Moshe Orenbuch

Got it.

Okay. Thank you.

Operator

with ahead. question The Jefferies. John go Hecht next from Please comes

John Hecht

very your just Izzy. in parts guess mean, charge-offs Hey, build, the and XXX. morning, I think provision. I I with understand Thanks making Good you much. CECL the sure said capital XXX, Doug, moving provision to QX, the I chat. have amount of you That's

Izzy Dawood

That is correct.

John Hecht

And QX? provision the way to as the charge-offs and with for kind account the - we think then of and just that, in think beyond should Is provision loan as well any about - provisions the then growth. that maybe will

Izzy Dawood

total, In yes.

right. of the we're John, and transitioning to it's combination, a So, build, build, charge-offs CECL. on allowance allowance the And

As imagine, around arms to I’m will it, comfortable, business as how trying get you our that changes. mix can my perform getting

any it, thinking roughly we're providing changing loan be the way on guidance good correct. or the on build So, is about going and the portfolio. you're but not growth will allowance bad, The expectations, even based on forward

John Hecht

make sure, - you're And below the since to going going because basis, be then rate be the want in are to I to change to results $XX guess net that to the actually I the XX% charge-off just XX% timing. is a on million on of guiding reported

Izzy Dawood

Correct. That correct. is

John Hecht

Okay.

for be there's year? And the course get elevated where in that catch-up like balanced that or a - you're will change QX elevated - of so, the there's be - will quarter timing, over then just elevated they'll

Izzy Dawood

No, it QX. to gets back just normal in

effectively, a at if to harmonizing QX. Maybe, the charge-off. is charge-off from policies First John, XXX-day Yes. I it's So, change XX-day our this describe Heritage

it, call I’m First Heritage. Oh, Canadian a have stay learning on the through I go where receivables corrected, was the is CDL, and still the business, on business. the you balances do going not, the to there effectively, sorry, what not you're So, and period charge-offs.

John Hecht

Heritage just the And platform? First it’s

Izzy Dawood

the it. Lending Canadian Canadian, it’s platform. Direct Sorry, That's

John Hecht

Okay. I then as helpful. activity in That's and you like it now - terms some well very of about think versus branch in mean, the how right-sized kind performance? sounds non-branch overall And as we do mix, branches of yields

Doug Clark

you your John, branches as as question? you what can number clarify far saying - of are or

John Hecht

Just guess, sort of I the sets. of the - of I of the product channels some branches. you changed guess mix different

forward? couple business channels see there store mix we US be of You've that network, is the Canadian a pretty way of got legacy and about? kind should platforms. going you the should much now the different in changes other the think branch Or that Is the

Doug Clark

branch-based think no, it’s a predominantly business. Well, I

small in online that portfolio a have is We Canada only.

you've As I've mature not we used, we growing Qs. channel fraud anticipate in our our - heard word online We in two the mature, the capabilities. credit that Canada, but next risk is

will overall, So, in a branch-based it XXXX. remain business primarily

John Hecht

Okay. just, few market, the should in And in question consider and I it's things in or has embedded rates. largely been curve rate about then my be of just your that yields other is few liquidity rate that next expects the interest in the or to forward changes has but for impacts on that about the your your more overall, thinking capital, the last term, there we are over products talked cost thinking near a hikes, goals whether margins, of changes I the smaller of quarters? but you know the mean, about

Izzy Dawood

million of about a close to still would embedded, roughly been you think like largely over debt, variable exposure be Good rates. $X.X question. rate it's a little third No, to two of - exposed it to, billion $XXX our if fixed, in - exposed is John. is Most

So, meaningful where we it'd now increase are that impact pretty margins. meaningfully to for take from a

John Hecht

appreciate much. really very Great. guys. I that, Thanks

Operator

with John go from The ahead. next comes question Janney. Rowan Please

John Rowan

Izzy, guys. welcome. morning, Good

I'm getting relates the that just I'm of paying. of basically impression, to one and because a how thought grow of been guess the table say Is the had, slowing on now better I paths CURO table? to in results kind that of growth to to to in contracts provide? of need between what I to the not is but off two, path the funding head customers want trying and source continue profitability the can curious into and are growth, a of just my looking don't the Flexiti. Flexiti under one actually they I wants the So, and wrap around one, Flexiti, offload that options than the portion slowdown improved kind just two to business, was more just that now

Doug Clark

I say wouldn't necessarily that, John.

them right accelerate a evaluating to accelerate. continue for to first which they've great they business. have we're the and the continue partner, option, partner finding can Again, I strategic is a think I think to that built, solution they that with

So, at platform. course, a to If our then is return going more to manner our profitability priority. in on how to to we're have that's that look Flexiti of unsuccessful, quicker

John Rowan

guidance. just then the one And question Okay. on

adjusted were You about said flat table at but expenses, costs? expenses operating basis, talking on expenses. of expenses the are normalized we talking financial sequentially, operating I be and operating there or earnings would supplement, If a about are a restructuring bunch the restructuring we look the including

Izzy Dawood

On a reported basis.

John Rowan

rate? that So, is continue, run just going the restructuring is - there restructuring the just the - all or to includes is that that's

Izzy Dawood

going bit caution, We're Still just assume here, have first into quarters of through rate abundance say the kind No. couple working in operating QX. that. more a the a run of would I to remaining would flat I John. little of

John Rowan

right. All you. Thank Okay.

Operator

ahead. comes from Caintic please Stephens. with go The Vincent next question

Vincent Caintic

good morning. And Izzy, Hey, questions. talk for good taking my to you Thanks again. to

the to if US like you profitability, and the of business looks we that for of Heights So, for a the on But from moving pieces been Doug, that business, there's time. seat short understanding focus having of maybe and of a come are US kind you lot and talk you've the sort about in wanted so side. you. of a see what period where where business, Thank could now path normalized

Doug Clark

Yes. Thanks, Vincent.

still collections, have ways, our immature platform We're platforms business for capabilities. our you'll introduced a maturing of single models We're kind many centralized Heights. refining introduced underwriting we in me - in And collections talk implementing US, Heritage still I hearing continue First the the both capabilities. are the business. Those late-stage two and and we teams. about So,

of technology business. our lot we a work, have lending and will expanding be secured we So,

would So, We what there's opened of stabilization And mix, I when case, I last and but there's improved in that believe we Heights’ continue margins. up, also about to margin I delinquencies. that product comes through a the our through growth believe do in it that year. improve to say, we'll talked NCO business. Heights have XX in particular, declining growth branches

So, expansion towards we'll continue a look and branch to program. work

On the more Heritage I than Heights. it First platform, business guess was, immature

opportunities. And so, many that that creates more

Heights back the So, - aligning believe XXXX, Heights was it in addressing I prior philosophies that. Heights’ their of XX% underwriting was underwriting to to we a making if you something XXXX portfolio philosophy to CURO's to right-size loans go risk. and by, lot their historical information it when acquisition, - over about grew sure And like

And course, for And for Heights to as expand will secured so, of and Heritage. a I then be First that's huge potentially an opportunity opportunity branch lending mentioned eventually expansion.

Vincent Caintic

environment for to there there That's great. so follow-up of for talk liquidity, getting is is and of do Thank think forward? of to out could liquidity you super about you And you Thank you. right-sized you. the, sheet balance the going helpful. want if for where the kind switching what then the Okay, position sort kind liquidity,

Izzy Dawood

it's question, thinking Yes. and definitely Hey, something about. Vincent, been we've great

One before the the in to I'll I following of answer the punchline. - get way

that a we improvement loan, some excess disclosures the Doug's the see generate collections economics we strong, good do can where US you of things in making processes in we can right? and see as company, well unit the are and you across the outlined our number two. follow in businesses. of operations That's So, of made mature we as spread. terms One

do when is acceptable we sure That our expand grow that via biggest facilities. the and still our business, said, lending the partners. our within are capacity with covenants have being our to think I limits performance thing and making we that the within

in lending to we we talking So, seeing to making the grow I to right QX, access that's capacity goal $XXX profitability, right? progress. it, liquidity as because have sense. in to a And thinking will good that my partners, that's are in probably will path makes through We're that business that and are way million important our you is say all our to raise now capacity/liquidity.

lenders of and the of performance support our bondholders. great have assets. our We see They the

fingers near leverage And down be about out, kind we us execute So, Doug on kind encompass in where of capacity least goal road, call, net then - as to at the we term. long-term our for to like QX will talk which able that, on crossed, needs I liquidity and should a will in QX be. of laid see

Vincent Caintic

very much. That's helpful. very Great. Thanks

Operator

[Operator follow-up from your Moshe, now with Moshe ahead. Please instructions]. question The go is next Suisse. is open. Credit a Orenbuch line

Moshe Orenbuch

Great.

you to expectation mean, in wanted that In adverse - that Just loans one otherwise. an on after you to credit right? given would follow reserve lower, be day probably falling having would up see quarter, it you'd I that CECL QX, quality, unless likely probably commentary. there’s that's, the expect add, first the there's an change in

Izzy Dawood

also, falling, through you kind one happen, conclusion. see But - a mean, There's can versus could So, the growth fair that's mix a overall working still I yes. loans that. that though in I think are right? reach we We're It even other. of

Moshe Orenbuch

Right. Got it.

Okay. right. All

Thank Just that. to Good. wanted you. clarify

Operator

comes ahead. next Janney. from The question Please with John go Rowan

John Rowan

guys. Sorry,

Forget here. Obviously, creates sounds some generate possibly follow-up not or one Izzy, generating with equation? Just you're the is about mean, that liquidity that part Flexiti it like or to selling selling model part Flexiti, Is liquidity the whether liquidity? earnings. tasked of company. for of I that

Izzy Dawood

we're near-term. the capacity growth. for to our with clearly John, Near-term, create lenders the it’s Not right Izzy. working in

the with lower advanced right losses. the because is things business Flexiti, rates about you One the of capacity it and thing making is when biggest the a right think sure have we prime

not Q first the So, liquidity-generating in of outlook our everything, initiatives. and considered is as that part

John Rowan

you. Thank Okay.

Operator

This concludes our Clark for to over closing to conference session. like Doug I turn the any back question-and-answer remarks. would

Doug Clark

morning. us this Thanks, for Yep. joining everyone,

plans I Izzy a our more stated, earnings call. and sharing everyone Thanks. in Hope the of upcoming QX look As to forward has great day.

Operator

has Thank for now concluded. presentation. attending conference today's The you

now You disconnect. may

CURO (CUROQ) 23 Feb 232022 Q4 Earnings call transcript