curo-20220502

CURO Group Holdings Corp. Announces

First Quarter 2022 Financial Results

Consolidated Revenue Grew 47.6% in the Quarter Compared to 2021

Wichita, Kansas--May 2, 2022-CURO Group Holdings Corp. (NYSE: CURO) (“CURO” or the “Company”), a tech-enabled, omni-channel consumer finance company serving a full spectrum of non-prime and prime consumers in the U.S. and Canada, today announced financial results for its first quarter ended March 31, 2022.

“We are very pleased to end the first quarter with over $1.6 billion of gross loans receivable – more than doubling our loan book year-over-year,” said Don Gayhardt, CURO’s Chief Executive Officer. “Our Heights Finance acquisition added $462.9 million of growth, but excluding Heights Finance the rest of our company-owned businesses grew loans 59.5% compared to the first quarter of 2021. Sequentially, we grew loans over $80 million or 5.2% despite normal seasonality for U.S. federal tax refunds.”

“Consolidated net charge-off rates improved 90bps compared to the first quarter of 2021 because of our managed portfolio mix shift to larger, longer-term, lower-yielding loans with lower loss rates. Credit performance continues to normalize with portfolio-level net charge-off and past-due rates up year-over-year but improved versus the fourth quarter of 2021.”

“We are very pleased so far with our business results and the talent we added with the acquisition of Heights in December and our combined teams will continue to be intensely focused in the coming months to ensure we execute on the growth and value-creation opportunities."

"Finally, while we are pleased that we are moving into a more manageable phase of the pandemic in both the US and Canada, persistent inflation and related interest rate increases and changing shopping and borrowing habits are adding new complexities to daily operations as well as longer-range forecasting."

Consolidated Summary Results

We reported Net income of $1.3 million ($0.03 per share) and Adjusted Net Income of $6.3 million ($0.15 adjusted diluted earnings per share) on revenue of $290.2 million for the three months ended March 31, 2022, compared with Net income of $25.7 million ($0.59 per share) and Adjusted Net Income of $30.1 million ($0.69 adjusted diluted earnings per share) on total revenue of $196.6 million for the three months ended March 31, 2021.

The decline in Net income was primarily driven by year-over-year comparisons for the provision for loan losses and, secondarily, higher interest expense. Government stimulus and other pandemic-related behavior reduced demand, increased payment rates and lowered loss rates in the first quarter of 2021, resulting in a provision for loan losses that was $16.5 million less than net charge-offs ("NCOs"). Credit normalization and strong sequential loan growth in the first quarter of 2022 resulted in a provision for loan losses that exceeded NCOs by $12.1 million, which included the impact of purchase accounting. This shift resulted in a $28.7 million pretax swing year over year. Interest expense increased because of the additional 7.50% Senior Secured Notes issued to finance, in part, (i) the Heights Finance acquisition and (ii) the expansion of non-recourse asset-backed facilities to support loan growth.

Below are additional highlights of our performance during the three months ended March 31, 2022:

•Revenue and Net Revenue

◦Revenue increased $93.6 million, or 47.6%, year over year, primarily driven by our December 27, 2021 acquisition of Heights Finance, which accounted for $65.7 million of revenue for the first quarter of 2022, as well as a full quarter of Canada POS Lending revenue of $20.3 million, compared to a partial quarter of $1.6 million in the prior-year period.

◦Sequentially, revenue increased $65.9 million, or 29.4%, driven by growth of $59.4 million, or 42.7% in the U.S. due to our acquisition of Heights Finance, $5.5 million, or 37.3%, in Canada POS Lending and $1.0 million, or 1.4%, in Canada Direct Lending.

◦For the three months ended March 31, 2022, net revenue increased $32.3 million, or 20.1%, year over year, and $62.0 million, or 47.4%, sequentially. The sequential increase was due to seasonality and our acquisition of Heights Finance. Excluding Heights Finance, net revenue increased sequentially $17.0 million, or 13.0%.

•Loans Receivable

◦Sequential loan growth in Company Owned gross loans receivable and combined gross loans receivable of $80.3 million, or 5.2%, and $78.4 million, or 4.9%, respectively, was primarily due to growth in Canada POS Lending of $82.6 million, or 18.0%.

◦Year-over-year growth in Company Owned gross loans receivable and combined gross loans receivable of $897.6 million, or 122.8%, and $909.5 million, or 119.1%, respectively, which included Heights Finance. Excluding Heights Finance, combined gross loans receivables increased $446.7 million, or 58.5%, year over year, primarily driven by $340.2 million, or 168.8%, for Canada POS Lending.

•NCOs and Delinquency Metrics

◦Consolidated quarterly NCO rates improved year over year by 90 bps, primarily from the relative growth of Canada POS Lending and the acquisition of Heights Finance, which shifts portfolio mix to lower loss-rate products.

◦Sequentially, consolidated quarterly NCO rates improved 70 bps.

◦Consolidated past-due rates increased 190 bps year over year as credit continued to normalize compared to the first quarter of 2021 which was abnormally affected by pandemic-related U.S. government stimulus. Consolidated past-due rates improved by 110 bps sequentially, primarily due to our acquisition of Heights Finance.

•Other Highlights

◦Declaration of the next quarterly dividend of $0.11 per share, payable on May 23, 2022 to stockholders of record as of May 10, 2022.

◦On March 31, 2022, we expanded our Non-Recourse Canada SPV Facility from C$350.0 million to C$400.0 million, with the ability to expand its committed capacity by an additional C$50 million to support loan growth within Canada Direct Lending and Canada POS Lending.

From the second quarter of 2020 through the first half of 2021, we experienced lower customer demand in the U.S. and Canada Direct Lending, good credit performance, increased or accelerated repayments and favorable payment trends, as customers were aided by government stimulus programs while periodically enduring pandemic lockdowns as a result of COVID-19. From the third quarter of 2021 through the first quarter of 2022, our markets were less affected by COVID-19, resulting in positive growth trends in revenue and receivables.

Results of Consolidated Operations

Beginning January 1, 2022, we began reporting "Interest and fees revenue," "Insurance premiums and commissions" and "Other revenue" in place of our previously reported "Revenue" on our Statements of Operations. Prior period presentations have been revised to conform to the current period presentation.

Table 1 - Consolidated Statements of Operations


(in thousands, unaudited)	Three Months Ended March 31,
	2022		2021		Change $		Change %
Revenue
Interest and fees revenue	$	264,956	$	179,123	$	85,833	47.9	%
Insurance premiums and commissions	18,260		11,569		6,691		57.8	%
Other revenue	6,980		5,859		1,121		19.1	%
Total revenue	290,196		196,551		93,645		47.6	%
Change in allowance for loan losses	12,112		(16,545)		28,657		#
Net-charge offs	85,419		52,690		32,729		62.1	%
Provision for losses	97,531		36,145		61,386		169.8	%
Net revenue	192,665		160,406		32,259		20.1	%
Operating Expenses
Salaries and benefits	79,729		54,917		24,812		45.2	%
Occupancy	17,037		14,347		2,690		18.7	%
Advertising	10,500		8,084		2,416		29.9	%
Direct operations	20,274		11,969		8,305		69.4	%
Depreciation and amortization	9,814		4,965		4,849		97.7	%
Other operating expense	16,112		12,952		3,160		24.4	%
Total operating expenses	153,466		107,234		46,232		43.1	%
Other expense (income)
Interest expense	38,341		19,539		18,802		96.2	%

Income from equity method investment	(1,584)		(546)		(1,038)		#


Total other expense (income)	36,757		18,993		17,764		93.5	%
Income before income taxes	2,442		34,179		(31,737)		(92.9)	%
Provision for incomes taxes	1,106		8,444		(7,338)		(86.9)	%


Net income	$	1,336	$	25,735	$	(24,399)	(94.8)	%
# - Variance greater than 100% or not meaningful

Table 2 - Consolidated Balance Sheets

(in thousands)


	March 31, 2022 (unaudited)		December 31, 2021
ASSETS
Cash and cash equivalents	$	60,209	$	63,179
Restricted cash	110,118		98,896
Gross loans receivable	1,628,568		1,548,318
Less: Allowance for loan losses	(98,168)		(87,560)
Loans receivable, net	1,530,400		1,460,758
Income taxes receivable	28,664		31,774
Prepaid expenses and other	40,112		42,038
Property and equipment, net	54,865		54,635
Investments in Katapult	29,484		27,900
Right of use asset - operating leases	114,305		116,300
Deferred tax assets	20,066		15,639
Goodwill	430,967		429,792
Intangibles, net	113,640		109,930
Other assets	9,535		9,755

Total Assets	$	2,542,365	$	2,460,596
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable and accrued liabilities	$	84,783	$	121,434
Deferred revenue	24,265		21,649
Lease liability - operating leases	120,593		122,431
Contingent consideration related to acquisition	26,687		26,508
Income taxes payable	—		680
Accrued interest	16,481		34,974
Liability for losses on CSO lender-owned consumer loans	7,166		6,908

Debt	2,090,085		1,945,793

Other long-term liabilities	13,679		13,845
Deferred tax liabilities	5,839		6,044

Total Liabilities	2,389,578		2,300,266

Stockholders' Equity






Total Stockholders' Equity	152,787		160,330
Total Liabilities and Stockholders' Equity	$	2,542,365	$	2,460,596

Table 3 - Consolidated Revenue by Product and Segment

The following table summarizes revenue by product, including revenue we earn from operating as a credit services organization ("CSO") by charging customers 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:


	Three Months Ended
	March 31, 2022										March 31, 2021
(in thousands, unaudited)	U.S.		Canada Direct Lending		Canada POS Lending		Total		% of Total		U.S.		Canada Direct Lending		Canada POS Lending		Total		% of Total
Revolving LOC	$	26,913	$	45,455	$	18,655	$	91,023	31.4	%	$	26,923	$	34,368	$	1,444	$	62,735	31.9	%
Installment	162,824		11,109		—		173,933		59.9	%	105,941		10,447		—		116,388		59.2	%
Total interest and fees	189,737		56,564		18,655		264,956		91.3	%	132,864		44,815		1,444		179,123		91.1	%
Insurance premiums and commissions	5,001		13,023		236		18,260		6.3	%	—		11,569		32		11,601		5.9	%
Other revenue	3,661		1,901		1,418		6,980		2.4	%	3,628		2,056		143		5,827		3.0	%
Total revenue	$	198,399	$	71,488	$	20,309	$	290,196	100.0	%	$	136,492	$	58,440	$	1,619	$	196,551	100.0	%

Table 4 - Consolidated Loans Receivable

The following table reconciles Company Owned gross loans receivable, a GAAP-basis balance sheet measure, to Gross combined loans receivable, a non-GAAP measure(1). Gross combined loans receivable includes loans originated by third-party lenders through CSO programs, which are not included in the Consolidated Financial Statements but from which we earn revenue by providing a guarantee to the unaffiliated lender.


	As of
(in thousands, unaudited)	March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021
U.S.
Revolving LOC	$	49,077	$	52,532	$	51,196	$	47,277	$	43,387
Installment - Company Owned	589,652		609,413		137,987		139,234		142,396
Canada Direct Lending
Revolving LOC	424,485		402,405		366,509		337,700		319,307
Installment	23,578		24,792		24,315		23,564		24,385
Canada POS Lending
Revolving LOC	541,776		459,176		302,349		221,453		201,539
Company Owned gross loans receivable	$	1,628,568	$	1,548,318	$	882,356	$	769,228	$	731,014
Gross loans receivable Guaranteed by the Company	44,420		46,317		43,422		37,093		32,439
Gross combined loans receivable (1)	$	1,672,988	$	1,594,635	$	925,778	$	806,321	$	763,453
(1) See "Non-GAAP Financial Measures" at the end of this release for definition and more information.

Segment Analysis

The following is a summary of segment operating (loss) income and portfolio performance for the segment and period indicated (all periods unaudited except for Q4 2021).

Table 5 - Summary of Segment Operating (Loss) Income


	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
(dollars in thousands, unaudited)	U.S.		Canada Direct Lending		Canada POS Lending		U.S.		Canada Direct Lending		Canada POS Lending
Total revenue	$	198,399	$	71,488	$	20,309	$	136,492	$	58,440	$	1,619
Provision for losses	66,825		21,992		8,714		26,056		9,234		855
Net revenue	131,574		49,496		11,595		110,436		49,206		764
Total operating expenses	110,941		27,021		15,504		79,893		24,604		2,737
Non-recourse interest expense	7,864		4,030		6,626		1,627		2,355		826
Recourse interest expense	19,821		—		—		14,731		—		—
Income from equity method investment	(1,584)		—		—		(546)		—		—
Segment operating (loss) income	$	(5,468)	$	18,445	$	(10,535)	$	14,731	$	22,247	$	(2,799)

Table 6 - Summary of Adjusted Segment Operating (Loss) Income


	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
(dollars in thousands, unaudited)	U.S.		Canada Direct Lending		Canada POS Lending		U.S.		Canada Direct Lending		Canada POS Lending
Total revenue	$	198,399	$	71,488	$	20,309	$	136,492	$	58,440	$	1,619
Provision for losses	66,825		21,992		8,714		26,056		9,234		855
Net revenue	131,574		49,496		11,595		110,436		49,206		764
Adjusted operating expense (1)	106,356		26,819		15,005		74,296		24,563		2,737
Non-recourse interest expense	7,864		4,030		6,626		1,627		2,355		826
Recourse interest expense	19,821		—		—		14,731		—		—
Income from equity method investment	(1,584)		—		—		(546)		—		—
Adjusted segment operating (loss) income (1)	$	(883)	$	18,647	$	(10,036)	$	20,328	$	22,288	$	(2,799)
(1) These are non-GAAP metrics. For a description of each non-GAAP addback, see the applicable reconciliations and descriptions of each non-GAAP metric, see "Non-GAAP Financial Measures."

Table 7 - U.S. Portfolio Performance


(in thousands, except percentages)	Q1 2022		Q4 2021(1)		Q3 2021		Q2 2021		Q1 2021
Gross combined loans receivable (2)
Revolving LOC	$	49,077	$	52,532	$	51,196	$	47,277	$	43,387
Installment loans - Company Owned	589,652		137,782		137,987		139,234		142,396
Total U.S. Company Owned gross loans receivable	638,729		190,314		189,183		186,511		185,783
Installment loans - Guaranteed by the Company (3)	44,420		46,317		43,422		37,093		32,439
Total U.S. gross combined loans receivable (2)	$	683,149	$	236,631	$	232,605	$	223,604	$	218,222

Lending Revenue:
Revolving LOC	$	26,913	$	27,911	$	27,377	$	24,091	$	26,923
Installment loans - Company Owned	113,833		56,820		57,659		55,918		64,516
Installment loans - Guaranteed by the Company (3)	48,991		47,348		43,377		34,908		41,425
Total U.S. lending revenue	$	189,737	$	132,079	$	128,413	$	114,917	$	132,864

Lending Provision:
Revolving LOC	$	9,577	$	11,592	$	8,140	$	6,621	$	5,039
Installment loans - Company Owned	32,962		18,618		16,792		14,048		11,159


(in thousands, except percentages)	Q1 2022			Q4 2021(1)		Q3 2021		Q2 2021		Q1 2021
Installment loans - Guaranteed by the Company (3)	21,749			25,967		23,146		12,583		9,648
Total U.S. lending provision	$	64,288		$	56,177	$	48,078	$	33,252	$	25,846













NCO rate (4)
Revolving LOC	19.8%			22.1%		16.9%		16.0%		20.0%
Installment loans - Company Owned	6.0%			14.3%		14.1%		13.2%		11.2%
Total U.S. Company Owned NCO rate	7.1%			16.4%		14.8%		13.9%		13.3%
Installment loans - Guaranteed by the Company (3)	47.4%			58.1%		53.2%		34.6%		31.7%
Total U.S. NCO rate	14.7%			24.4%		21.6%		17.2%		16.2%







ALL and CSO Liability for Losses rate (4)
Revolving LOC	26.7		%	25.9%		26.3%		28.9%		33.0%
Installment loans - Company Owned	4.2		%	12.7%		13.4%		15.3%		18.1%
Total U.S. Company Owned ALL rate	5.9		%	16.3%		16.9%		18.7%		21.6%
Installment loans - Guaranteed by the Company (3)	16.1		%	14.9%		16.1%		14.2%		14.6%
Total ALL and CSO Liability for Losses rate	6.6		%	16.0%		16.8%		18.0%		20.6%

Past-due rate (5)
Revolving LOC	29.7		%	30.5%		30.5%		26.6%		26.3%
Installment loans - Company Owned	19.1		%	19.4%		20.1%		18.7%		18.0%
Total U.S. Company Owned past-due rate	19.9		%	22.5%		22.9%		20.7%		19.9%

Installment loans - Guaranteed by the Company (3)	18.5		%	17.7%		19.8%		17.4%		12.8%








(1) On December 27, 2021, we acquired Heights Finance, which accounted for approximately $472 million of U.S. Installment loans as of December 31, 2021. As the period between December 27, 2021 and December 31, 2021 did not result in material loan performance, we have excluded Heights Finance from the table for the fourth quarter of 2021.
(2) Non-GAAP measure. For a description of each non-GAAP metric, see "Non-GAAP Financial Measures."
(3) Includes loans originated by third-party lenders through CSO programs. Installment gross loans receivable Guaranteed by the Company are not included in the Consolidated Financial Statements.
(4) We calculate NCO rate as total NCOs divided by Average gross loans receivables.

(5) We calculate (i) ALL and CSO Liability for losses rate and (ii) past-due rate as the respective totals divided by gross loans receivable at each respective quarter end.

Table 8 - Canada Direct Lending Portfolio Performance


(in thousands, except percentages)	Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021
Gross loans receivable
Revolving LOC	$	424,485		$	402,405		$	366,509		$	337,700		$	319,307
Installment loans	23,578			24,792			24,315			23,564			24,385
Total gross loans receivable	$	448,063		$	427,197		$	390,824		$	361,264		$	343,692

Lending Revenue:
Revolving LOC	$	45,455		$	43,943		$	40,239		$	37,450		$	34,368
Installment loans	11,109			11,416			11,331			10,541			10,447
Total lending revenue	$	56,564		$	55,359		$	51,570		$	47,991		$	44,815

Lending Provision:
Revolving LOC	$	19,156		$	20,080		$	11,375		$	7,066		$	7,909
Installment loans	2,723			2,945			2,512			1,438			1,234
Total lending provision	$	21,879		$	23,025		$	13,887		$	8,504		$	9,143











NCO rate (1)
Revolving LOC	5.2%			3.9%			2.8%			3.3%			3.6%
Installment loans	10.9%			11.2%			10.2%			6.3%			6.5%
Total NCO rate	5.5%			4.4%			3.3%			3.5%			3.8%






ALL rate (2)
Revolving LOC	7.2		%	8.0		%	7.5		%	7.9		%	9.4		%
Installment loans	8.8		%	8.0		%	7.4		%	7.5		%	7.5		%
Total ALL rate	7.3		%	8.0		%	7.5		%	7.9		%	9.2		%

Past-due rate (2)
Revolving LOC	8.0		%	8.9		%	6.8		%	5.8		%	6.4		%
Installment loans	2.0		%	2.2		%	2.0		%	2.3		%	2.1		%
Total past-due rate	7.7		%	8.5		%	6.5		%	5.5		%	6.1		%








(1) We calculate NCO rate as total NCOs divided by Average gross loans receivables.

(2) We calculate ALL rate and past-due rate as the respective totals divided by gross loans receivable at each respective quarter end.

Table 9 - Canada POS Lending Portfolio Performance


(in thousands, except percentages)	Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021
Revolving LOC


Total gross loans receivable	$	541,776		$	459,176		$	302,349		$	221,453		$	201,539


Total lending revenue	$	18,655		$	13,704		$	10,646		$	6,495		$	1,383


Total lending provision	$	8,714		$	12,511		$	8,285		$	2,986		$	855








NCO rate (1)(2)	0.5%			0.5%			0.7%			0.7		%	NM (3)





ALL rate (4)	5.1		%	4.8		%	3.8		%	2.1		%	0.3		%


Past-due rate (4)(5)	4.2		%	4.1		%	4.8		%	5.4		%	5.7		%








(1) For the second, third and fourth quarters of 2021, NCOs presented above include $2.4 million, $0.6 million and $0.8 million, respectively, of NCO's related to the fair value discount, which are excluded from provision.
(2) We calculate NCO rate as total NCOs divided by Average gross loans receivables.
(3) Not material or not meaningful.


(4) We calculate ALL rate and past-due rate as the respective totals divided by gross loans receivable (excluding the fair value discount on acquired loans) at each respective quarter end.
(5) The past-due rate for Canada POS Lending for loans 31+ days past-due were 2.2%, 1.9%, 2.1%, 2.6% and 3.0% for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

Non-GAAP Financial Measures

In addition to the financial information prepared in conformity with U.S. GAAP, we provide certain “non-GAAP financial measures,” including:

•Adjusted Net Income ("ANI") and Adjusted Earnings Per Share, or the Adjusted Earnings Measures (net income plus or minus certain legal and other costs, income or loss from equity method investment, goodwill and intangible asset impairments, transaction-related costs, restructuring costs, loss on extinguishment of debt, adjustments related to acquisition accounting, share-based compensation, intangible asset amortization, certain tax adjustments and impacts from tax law changes and cumulative tax effect of applicable adjustments, on a total and per share basis);

•EBITDA (earnings before interest, income taxes, depreciation and amortization);

•Adjusted EBITDA (EBITDA plus or minus certain non-cash and other adjusting items); and

•Gross Combined Loans Receivable (includes loans originated by third-party lenders through CSO programs which are not included in the Consolidated Financial Statements).

We believe that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of the Company's operations. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of the business that, when viewed with the Company's U.S. GAAP results, provide a more complete understanding of factors and trends affecting the business.

We believe that investors regularly rely on non-GAAP financial measures, to assess operating performance and that such measures may highlight trends in the business that may not otherwise be apparent when relying on financial measures calculated in accordance with U.S. GAAP. In addition, we believe that the adjustments shown above are useful to investors to allow them to compare our financial results during the periods shown without the effect of each of these income or expense items. In addition, we believe that these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in our industry, many of which present non-GAAP financial measures when reporting their results.

In addition to reporting loans receivable information in accordance with U.S. GAAP, we provide Gross Combined Loans Receivable consisting of owned loans receivable plus loans originated by third-party lenders through the CSO programs, which we guarantee but do not include in the Consolidated Financial Statements. Management believes this analysis provides investors with important information needed to evaluate overall lending performance.

We provide non-GAAP financial information for informational purposes and to enhance understanding of the U.S. GAAP Consolidated Financial Statements. Non-GAAP financial measures should not be considered as alternatives to income, segment operating income, or any other performance measure derived in accordance with U.S. GAAP, or as an alternative to cash flows from operating activities or any other liquidity measure derived in accordance with U.S. GAAP. Readers should consider the information in addition to, but not instead of or superior to, the financial statements prepared in accordance with U.S. GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Description and Reconciliations of Non-GAAP Financial Measures

Non-GAAP financial measures have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of our income or cash flows as reported under U.S. GAAP. Some of these limitations are:

•they do not include cash expenditures or future requirements for capital expenditures or contractual commitments;

•they do not include changes in, or cash requirements for, working capital needs;

•they do not include the interest expense, or the cash requirements necessary to service interest or principal payments on debt;

•depreciation and amortization are non-cash expense items reported in the statements of cash flows; and

•other companies in our industry may calculate these measures differently, limiting their usefulness as comparative measures.

We calculate Adjusted Earnings per Share utilizing diluted shares outstanding at year-end. If we record a loss under U.S. GAAP, shares outstanding utilized to calculate Diluted Earnings per Share are equivalent to basic shares outstanding. Shares outstanding utilized to calculate Adjusted Earnings per Share reflect the number of diluted shares we would have reported if reporting net income under U.S. GAAP.

As noted above, Gross Combined Loans Receivable includes loans originated by third-party lenders through CSO programs which are not included in the consolidated financial statements but from which we earn revenue and for which we provide a guarantee to the lender. Management believes this analysis provides investors with important information needed to evaluate overall lending performance.

We believe investors use the non-GAAP measures we present to analyze operating performance and to evaluate our ability to incur and service debt and the capacity for making capital expenditures. Adjusted EBITDA is also useful to investors to help assess our estimated enterprise value.

Table 10 - Reconciliation of Net Income and Diluted Earnings per Share to Adjusted Net Income and Adjusted Diluted Earnings per Share, non-GAAP measures


(in thousands, except per share data, unaudited)	Three Months Ended March 31,
	2022		2021		Change $		Change %
Net income	$	1,336	$	25,735	$	(24,399)	(94.8)	%
Adjustments:

Restructuring costs (1)	1,069		—
Legal and other costs (2)	87		—

Income from equity method investment (3)	(1,584)		(546)

Transaction costs (4)	168		3,160
Acquisition-related adjustments (5)	221		—
Change in fair value of contingent consideration (6)	(264)		—

Share-based compensation (7)	4,093		2,683
Intangible asset amortization (8)	2,977		831



Cumulative tax effect of adjustments (9)	(1,828)		(1,735)
Adjusted Net Income	$	6,275	$	30,128	$	(23,853)	(79.2)	%

Net income	$	1,336	$	25,735
Diluted Weighted Average Shares Outstanding	41,308		43,596
Adjusted Diluted Average Shares Outstanding	41,308		43,596
Diluted Earnings per Share	$	0.03	$	0.59	$	(0.56)	(94.9)	%
Per Share impact of adjustments to Net income	0.12		0.10
Adjusted Diluted Earnings per Share	$	0.15	$	0.69	$	(0.54)	(78.3)	%
Note: Footnotes follow Reconciliation of Net income table on the next page

Table 11 - Reconciliation of Net Income to EBITDA and Adjusted EBITDA, Non-GAAP Measures


	Three Months Ended March 31,
(in thousands, unaudited)	2022			2021			Change $		Change %
Net income	$	1,336		$	25,735		$	(24,399)	(94.8)	%
Provision for income taxes	1,106			8,444			(7,338)		(86.9)	%
Interest expense	38,341			19,539			18,802		96.2	%
Depreciation and amortization	9,814			4,965			4,849		97.7	%
EBITDA	50,597			58,683			(8,086)		(13.8)	%
Restructuring costs (1)	1,069			—
Legal and other costs (2)	87			—

Income from equity method investment (3)	(1,584)			(546)

Transaction costs (4)	168			3,160
Acquisition-related adjustments (5)	221			—
Change in fair value of contingent consideration (6)	(264)			—

Share-based compensation (7)	4,093			2,683

Other adjustments (10)	(88)			(205)
Adjusted EBITDA	$	54,299		$	63,775		$	(9,476)	(14.9)	%
Adjusted EBITDA Margin	18.7		%	32.4		%
# - Change greater than 100% or not meaningful

Table 12 - Reconciliation of Total Operating Expense to Adjusted Operating Expense


	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
(dollars in thousands, unaudited)	U.S.		Canada Direct Lending		Canada POS Lending		U.S.		Canada Direct Lending		Canada POS Lending
Total operating expense	$	110,941	$	27,021	$	15,504	$	79,893	$	24,604	$	2,737
Less:
Restructuring costs (1)	1,069		—		—		—		—		—
Legal and other costs (2)	87		—		—		—		—		—
Transaction costs (4)	168		—		—		3,160		—		—
Acquisition-related adjustments (5)	3		—		218		—		—		—
Change in fair value of contingent consideration (6)	—		—		(264)		—		—		—

Share-based compensation (7)	3,503		115		475		2,683		—		—
Other adjustments (10)	(245)		87		70		(246)		41		—
Adjusted operating expense	$	106,356	$	26,819	$	15,005	$	74,296	$	24,563	$	2,737


(1)			Restructuring costs for the three months ended March 31, 2022 resulted from U.S. store closures and related costs and certain severance payments to eliminate duplicate roles.
(2)			Legal and other costs for the three months ended March 31, 2022 primarily related to settlement costs related to certain legal matters.


(3)			The amount reported is our share of Katapult's U.S. GAAP net income, recognized on a one quarter lag.

(4)			Transaction costs for the three months ended March 31, 2022 relate to our Heights Finance acquisition in December 2021. Transaction costs for the three months ended March 31, 2021 relate to the acquisition of Flexiti in March 2021.
(5)			During the three months ended March 31, 2022, $0.2 million of acquisition-related adjustments relate to the acquired Flexiti loan portfolio as of March 10, 2021.
(6)			In connection with our acquisition of Flexiti, we recorded a $0.3 million adjustment related to the fair value of the contingent consideration for the three months ended March 31, 2022.

(7)			The estimated fair value of share-based awards was recognized as non-cash compensation expense on a straight-line basis over the vesting period.
(8)			Intangible asset amortization in determining ANI for the three months ended March 31, 2022 primarily included amortization of identifiable intangible assets established in connection with the acquisitions of Flexiti and Heights Finance.



(9)			Cumulative tax effect of adjustments included in Reconciliation of Net income to Adjusted Net Income table is calculated using the estimated incremental tax rate by country.
(10)			Other adjustments primarily reflect the intercompany foreign-currency exchange impact.

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements include projections, estimates and assumptions about our business results and growth trends and our ability to create value; our ability to accelerate our transition into longer-term, higher-balance and lower-rate credit products; our belief that recent acquisitions will solidify our position as a full spectrum non-prime and prime consumer lender in the U.S. and Canada and accelerate our long-term revenue and earnings growth prospects; and our belief in the usefulness of the various non-GAAP financial measures used in this release. In addition, words such as “guidance,” “estimate,” “anticipate,” “believe,” “forecast,” “step,” “plan,” “predict,” “focused,” “project,” “is likely,” “expect,” “intend,” “should,” “will,” “confident,” variations of such words and similar expressions are intended to identify forward-looking statements. Our ability to achieve these forward-looking statements is based on certain assumptions, judgments and other factors, both within and outside of our control, that could cause actual results to differ materially from those in the forward-looking statements, including: errors in our internal forecasts or those of companies in which we invest; the effects of competition on our business or on those companies in which we invest; our ability to attract and retain customers; market, financial, political and legal conditions; actions of regulators and the negative impact of those actions on our business; the continuing impact of COVID-19 pandemic or any other similar wide-spread event on our business and the global economy; our dependence on third-party lenders to provide the cash we need to fund our loans and our ability to affordably access third-party financing; our level of indebtedness; our ability to successfully integrate acquired businesses; our ability to protect our proprietary technology and analytics and keep up with that of our competitors; disruption of our information technology systems that adversely affect our business operations; ineffective pricing of the credit risk of our prospective or existing customers; inaccurate information supplied by customers or third parties that could lead to errors in judging customers’ qualifications to receive loans; improper disclosure of customer personal data; failure of third parties who provide products, services or support to us; any failure of third-party lenders upon whom we rely to conduct business in certain states; disruption to our relationships with banks and other third-party electronic payment solutions providers as well as other factors discussed in our filings with the Securities and Exchange Commission. These projections, estimates and assumptions may prove to be inaccurate in the future. These forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. There may be additional risks that CURO presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual future results. We undertake no obligation to update, amend or clarify any forward-looking statement for any reason.

All product names, logos, brands, trademarks and registered trademarks are property of their respective owners.

About CURO

CURO Group Holdings Corp. (NYSE: CURO) is a full-spectrum consumer credit provider across the U.S. and Canada. The Company was founded in 1997 by three childhood friends in Kansas to meet the growing consumer need for short-term loans. Today, CURO operates a robust, omni-channel platform providing comprehensive credit solutions to help customers achieve their financial goals. CURO’s decades of experience with alternative data power the underwriting and scoring engine, mitigating risk across the full spectrum of credit products. CURO operates under a number of brands including Speedy Cash, Rapid Cash, Cash Money, LendDirect, Flexiti, Avío Credit, Opt+, Revolve Finance, Heights Finance, Southern Finance, Covington Credit, Quick Credit and First Phase. Our diversified product channels allows us to meet the changing needs and preferences of our customers.

Conference Call

CURO will host a conference call to discuss these results at 5:00 p.m. Eastern Time on Monday, May 2, 2022. The live webcast of the call can be accessed at the CURO Investor Relations website at http://ir.curo.com/.

You may access the call at 1-833-953-2430 (1-412-317-5759 for international callers). Please ask to join the CURO Group Holdings call. A replay of the conference call will be available until May 9, 2022, at 5:00 p.m. Eastern Time. An archived version of the webcast will be available on the CURO Investors website for 90 days. You may access the conference call replay at 1-877-344-7529 (1-412-317-0088 for international callers). The replay access code is 5460332.

Final Results

The financial results presented and discussed herein are on a preliminary and unaudited basis; final unaudited data will be included in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2022.

Investor Relations:

Roger Dean

Executive Vice President and Chief Financial Officer

Phone: 844-200-0342

Email: [email protected]

Financial Profiles, Inc.

[email protected]

(CURO-NWS)

First Quarter 2022 Earnings Presentation M A Y 2 , 2 0 2 2

2 D I S C L A I M E R IMPORTANT: You must read the following information before continuing to the rest of the presentation, which is being provided to you for informational purposes only. FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. These forward-looking statements include projections, estimates and assumptions about various matters such as future financial and operational performance, including revenue and adjusted pre-tax income. In addition, words such as “guidance,” “estimate,” “anticipate,” “believe,” “forecast,” “step,” “plan,” “predict,” “focused,” “project,” “is likely,” “expect,” “intend,” “should,” “will,” “confident,” variations of such words and similar expressions are intended to identify forward-looking statements. Our ability to achieve these forward-looking statements is based on certain assumptions, judgments and other factors, both within and outside of our control, that could cause actual results to differ materially from those in the forward-looking statements, including, the effects of competition on our business; our ability to attract and retain customers across all of our markets and products; financial, political and legal conditions; actions of regulators and the negative impact of those actions on our business; the future impact of COVID-19 pandemic or any other global event on our business and the global economy; our dependence on third-party lenders to provide the cash we need to fund our loans and our ability to affordably access third-party financing; errors in our internal forecasts; our level of indebtedness; our ability to integrate acquired businesses, including Flexiti and Heights Finance; our ability to protect our proprietary technology and analytics and keep up with that of our competitors; disruption of our information technology systems that adversely affect our business operations; ineffective pricing of the credit risk of our prospective or existing customers; inaccurate information supplied by customers or third parties that could lead to errors in judging customers’ qualifications to receive loans; improper disclosure of customer personal data; failure of third parties who provide products, services or support to us; any failure of third-party lenders upon whom we rely to conduct business in certain states; disruption to our relationships with banks and other third-party electronic payment solutions providers as well as other factors discussed in our filings with the Securities and Exchange Commission. Our determination of the provision for loan losses involves judgments that are inherently forward-looking. These projections, estimates and assumptions may prove to be inaccurate in the future. These forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. There may be additional risks that we presently do not know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual future results. We undertake no obligation to update, amend or clarify any forward-looking statement for any reason. NON-GAAP FINANCIAL MEASURES In addition to the financial information prepared in conformity with U.S. GAAP, we provide certain “non-GAAP financial measures,” including: Adjusted Net Income (Net Income from continuing operations minus certain non-cash and other adjusting items); Adjusted Earnings Per Share (Adjusted net income divided by diluted weighted average shares outstanding); Adjusted Pre-Tax Income, (Income from continuing operations before income taxes minus certain non-cash and other adjusting items); Adjusted EBITDA (EBITDA plus or minus certain non-cash and other adjusting items); Gross Combined Loans Receivable (includes loans originated by third-party lenders through CSO programs which are not included in our consolidated financial statements); and Adjusted operating expense. Such measures are intended as a supplemental measure of our performance that are not required by, or presented in accordance with, GAAP. We present these non-GAAP financial measures because we believe that, when viewed with our GAAP results and the accompanying reconciliation, such measures provide useful information for comparing our performance over various reporting periods as they remove from our operating results the impact of items that we believe do not reflect our core operating performance. These non-GAAP financial measures are not substitutes for any GAAP financial measure and there are limitations to using them. Although the Company believes that these non-GAAP financial measures can make an evaluation of our operating performance more consistent because they remove items that do not reflect our core operations, other companies in the Company’s industry may define their own non-GAAP financial measures differently or use different measures. As a result, it may be difficult to use any non-GAAP financial measure to compare the performance of other companies to our performance. The non-GAAP financial measures presented in these slides should not be considered as measures of the income generated by our business or discretionary cash available to us to invest in the growth of our business. Our management compensates for these limitations by reference to GAAP results and using these non-GAAP financial measures as supplemental measures. Reconciliation of non-GAAP metrics to the closest comparable GAAP metrics are included on slides 11 to 16. All product names, logos, brands, trademarks and registered trademarks are property of their respective owners.

3 LOAN BALANCES 1 ($Millions) 1 Includes Company-Owned Loans and Loans Guaranteed by the Company under CSO programs. Please see appendix, slide 16, for reconciliation. 2 Heights Finance balances reflect fair value adjustments recorded in the opening acquired balance sheet for purchase accounting. Heights Finance is included as part of the U.S. segment. 3 Excludes Heights Finance 4 U.S. run-off portfolios include Verge Credit, California Installment, Virginia and Illinois. $302 $276 $257 $292 $330 $344 $361 $391 $427 $448 $201 $221 $302 $459 $542 $440 $344 $235 $245 $268 $218 $224 $233 $237 $220 $471 $463 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Canada Direct Lending Canada POS Lending U.S. Heights Finance $743 $620 $492 $537 $598 $763 $806 $926 $1,594 2 $1,673 Loan Growth Trends Y-o-Y $ Change Y-o-Y % Change Sequential $ Change Sequential % Change Canada Direct Lending $104.4 30.4% $20.9 4.9% Canada POS Lending $340.2 168.8% $82.6 18.0% U.S.3 (ex. runoff portfolios4) $52.8 34.2% -$9.5 -4.4% Q1 2022 CHANGE IN LOANS 1 ($Millions)

4 Provision for loan losses by Segment (USD, $Millions) $111 $85 $41 $43 $59 $26 $33 $48 $56 $64 $19 $27 $9 $11 $11 $9 $9 $14 $23 $22 $1 $3 $8 $13 $9 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 U.S. Canada Direct Lending Canada POS Lending -$11 -$25 -$14 -$5 -$1 $6 -$4 $5 -$2 $6 $11 $6 -$2 -$5 -$28 $4 $5 -$17 -$7 $7 $15 $12 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 U.S. Canada Direct Lending Canada POS $2 $8 Net Impact: Provision for loan losses minus net charge-offs by segment (USD, $Millions) Quarterly Net Charge-Off Rate % by Segment CANADA DIRECT LENDING PAST DUE AR %1 0% 2% 4% 6% 8% 10% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 1-30 DPD 31-60 DPD 61+ DPD 0% 5% 10% 15% 20% 25% 30% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 1-30 DPD 31-60 DPD 61+ DPD U.S. DIRECT LENDING PAST DUE AR %1 1 Periods presented prior to 1Q22 exclude Single-Pay Credit Trends • Relative sequential loan balances and credit performance affect provision for loan losses comparisons • Delinquencies remain below pre-COVID levels with recent increases driven by continued loan growth, new customer and origination channel mix, seasonality and waning stimulus 25.2% 24.7% 22.8% 17.2% 21.0% 16.2% 17.2% 21.6% 24.4% 14.7% 20.6% 6.8% 7.5% 4.9% 3.2% 3.5% 3.8% 3.5% 3.3% 4.4% 5.5% 0.7% 0.7% 0.5% 0.5% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 U.S. NCO rate (%) U.S. NCO rate (excluding Heights Finance) (%) Canada Direct Lending NCO rate (%) Canada POS Lending NCO rate (%)

5 Consolidated Financial Performance Recap Sequential Revenue Growth across all businesses continued REVENUE ($Millions) ADJUSTED EBITDA 1 ($Millions) ADJUSTED EARNINGS PER SHARE 1 $0 $100 $200 $300 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Revenue Net revenue $68 $66 $51 $36 $34 $64 $50 $38 $17 $54 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 $0.80 $0.77 $0.53 $0.27 $0.20 $0.69 $0.40 $0.15 -$0.29 $0.15 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Q122 1 Reconciliation of non-GAAP metrics to the closest comparable GAAP metrics included within slides 11 through 16. • Consolidated revenue was $290 million, an increase of 48% from the same quarter last year • Net revenue increased $32 million, or 20%, year over year and increased $66 million, or 29%, sequentially • Adjusted EBITDA1 of $54 million and adjusted earnings of $0.15 per share1 • Net income declined $24 million, or 95%, year over year due to provision for loan losses and higher interest expense • 1Q21 provision for loan losses was $17 million less than NCOs due to government stimulus and other pandemic-related behavior reduced demand • 1Q22 provision for loan losses was $12 million more than NCOs due to credit normalization and strong sequential loan growth • Interest expense increased $19 million, or 96%, year over year due to additional funding needed to finance the Heights Finance acquisition and further loan growth

6 Financial Performance: Canada Direct Lending Consistent Robust Loan Growth LOAN BALANCES ($Millions) $302 $276 $257 $292 $330 $344 $361 $391 … $448 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 $0 $10 $20 $30 $40 $50 $60 $70 $80 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Revenue Net revenue $17 $5 $12 $13 $19 $22 $25 $24 $18 $19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Revenue ($Millions) Adjusted Pre-tax Income1 ($Millions) 1 Consolidated reconciliation of non-GAAP metrics to the closest comparable GAAP metrics included within slides 11-16. $427 • Loans receivable grew 30% year over year and 5% sequentially due to growth in Revolving LOC loans • Revenue increased 22% year over year and 1% sequentially • Adjusted EBITDA increased by $2 million sequentially due to net revenue growth • NCO rate increased to 5.5% from 3.8% in 1Q21 and 4.4% in 4Q21 due to new customer, channel mix and seasonality; remains lower than pre-pandemic levels (e.g. 4Q19 - 6.8%) 1Q 2022 Highlights $20 $8 $16 $16 $22 $26 $29 $27 $21 $24 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Adjusted EBITDA1 ($Millions)

7 Financial Performance: Canada POS Lending Continued Robust Loan Growth LOAN BALANCES ($Millions) $202 $221 $302 … $542 1Q21 2Q21 3Q21 4Q21 1Q22 $0 $5 $10 $15 $20 $25 1Q21 2Q21 3Q21 4Q21 1Q22 Revenue Net revenue -$2 -$1 -$6 -$15 -$6 1Q21 2Q21 3Q21 4Q21 1Q22 Revenue ($Millions) Adjusted Pre-tax Income1 ($Millions) 1 Consolidated reconciliation of non-GAAP metrics to the closest comparable GAAP metrics included within slides 11-16. $459 • Loans receivable increased 169% year over year and 18% sequentially due to growth driven by big-ticket retailers; 3x increase year over year originations • Revenue increased 36% sequentially • Adjusted EBITDA increased $10 million sequentially on net interest and merchant discount revenue growth • NCO rate was flat sequentially 1Q 2022 Highlights -$1 $2 -$2 -$9 $1 1Q21 2Q21 3Q21 4Q21 1Q22 Adjusted EBITDA1 ($Millions)

CURO Canada: Revising Revenue and Earnings Outlook 8 Continued execution of strong volume growth as a leading financial services provider in Canada Revised outlook based on current macro environment and recent trends Revenue expected to grow from C$366 Million in 2021 to C$831 Million in 2023 (previously C$735 Million) Adjusted pre-tax income expected to grow from C$82 Million in 2021 to C$204 Million in 2023 (previously C$210 Million) Revising Revenue Outlook… Annual Revenue (C$Millions) Note: Please refer to page 2 for cautionary language regarding forward-looking statements. 1 Does not reflect contemplated adjustments related to the Current Expected Credit Loss (CECL) standard in Topic 326 under U.S. GAAP, which the Company will adopt on January 1, 2023. …and Profitability Forecasts Annual Adjusted Pre-tax Income (C$Millions) $44 $175 $155 $335 $371$322 $375 $397 $400 $460 Canada Direct Lending Canada POS Lending 2021A 2022E 2023E1 $550 $735 $366 $552 $831 -$30 -$12 -$27 $70 $59 $112 $120 $109 $140 $145 Canada Direct Lending Canada POS Lending $82$82 $108 $204$210 2021A 2022E 2023E1 8

9 Financial Performance: U.S. Direct Lending Solid U.S. Loan Balances LOAN BALANCES1 ($Millions) $440 $344 $235 $245 $268 $218 $224 $233 … $683 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 1 Includes Company-Owned Loans and Loans Guaranteed by the Company under CSO programs $0 $50 $100 $150 $200 $250 $300 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Revenue Net revenue $29 $40 $16 $1 -$6 $21 -$1 -$7 -$17 $04Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Revenue ($Millions) Adjusted Pre-tax Income2 ($Millions) 2 Consolidated reconciliation of non-GAAP metrics to the closest comparable GAAP metrics included within slides 11-16. $708 • Loans receivable declined 4% sequentially • Revenue increased 43% due to a full quarter of Heights Finance operations • Adjusted EBITDA increased $25 million sequentially because of normalized loan provisioning on loan growth and a full quarter of Heights Finance operations • NCO rate decreased to 14.7% from 24.4% in 4Q21 due to a full quarter of Heights Finance operations 1Q 2022 Highlights $47 $58 $35 $20 $12 $39 $19 $12 $4 $30 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Adjusted EBITDA2 ($Millions)

10 Appendix

11 Historical Consolidated Adjusted EBITDA Reconciliation ($Millions) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Net Income (Loss) from continuing operations $29.6 $36.0 $21.1 $12.9 $4.5 $25.7 $104.5 $(42.0) $(28.9) $1.3 Provision (Benefit) for Income Taxes 9.8 1.9 1.1 (0.8) 3.7 8.4 34.2 (13.4) (8.0) 1.1 Interest Expense 17.7 17.3 18.3 18.4 18.7 19.5 23.5 25.8 28.5 38.3 Depreciation and Amortization 4.5 4.6 4.4 4.4 4.2 5.0 7.4 7.3 7.3 9.8 EBITDA $61.5 $59.8 $44.9 $34.8 $31.1 $58.7 $169.5 $(22.3) $(1.1) $50.6 Loss (income) from equity method investment1 1.2 1.6 (0.7) (3.5) (1.9) (0.5) (1.7) 1.6 (3.0) (1.6) Gain from equity method investment2 - - - - - - (135.4) - - - Share-based compensation3 2.7 3.2 3.3 3.4 3.0 2.7 3.5 4.0 3.8 4.1 Restructuring costs4 - - - - - - 5.8 5.6 1.3 1.1 Legal and other costs5 1.8 0.9 0.8 1.0 0.2 - - 0.4 1.7 0.1 Acquisition-related adjustments6 - - - - - - 5.5 4.3 4.2 0.2 Change in fair value of contingent consideration7 - - - - - - - 3.8 2.4 (0.3) Loss on extinguishment of debt8 - - - - - - - 40.2 - - Canada GST adjustment9 - - 2.2 - - - - - - - Transaction costs10 0.3 0.2 0.1 0.4 2.0 3.2 3.2 0.1 7.3 0.2 Other Adjustments11 (0.1) - 0.6 0.0 (0.0) (0.2) (0.1) (0.1) (0.1) (0.1) Adjusted EBITDA $67.5 $65.8 $51.1 $36.1 $34.3 $63.8 $50.3 $37.6 $16.5 $54.3 Adjusted EBITDA Margin 22.3% 23.4% 28.0% 19.8% 17.0% 32.4% 26.8% 18.0% 7.4% 18.7% For a description of each addback, refer to slide 14.

12 Historical Consolidated Adjusted Net Income Reconciliation ($Millions, except per share data) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Net Income (Loss) from continuing operations $29.6 $36.0 $21.1 $12.9 $4.5 $25.7 $104.5 $(42.0) $(28.9) $1.3 Loss (income) from equity method investment1 1.2 1.6 (0.7) (3.5) (1.9) (0.5) (1.7) 1.6 (3.0) (1.6) Gain from equity method investment2 - - - - - - (135.4) - - - Share-based compensation3 2.7 3.2 3.3 3.4 3.0 2.7 3.5 4.0 3.8 4.1 Restructuring costs4 - - - - - - 5.8 5.6 1.3 1.1 Legal and other costs5 1.8 0.9 0.8 1.0 0.2 - - 0.4 1.7 0.1 Acquisition-related adjustments6 - - - - - - 5.5 4.3 4.2 0.2 Change in fair value of contingent consideration7 - - - - - - - 3.8 2.4 (0.3) Loss on extinguishment of debt8 - - - - - - - 42.3 - - Canada GST adjustment9 - - 2.2 - - - - - - - Transaction costs10 0.3 0.2 0.1 0.4 2.0 3.2 3.2 0.1 8.9 0.2 Intangible asset amortization12 0.6 0.7 0.8 0.8 0.7 0.8 1.9 1.8 1.8 3.0 Income tax valuations13 - - (3.5) - - - - - - - Impact of tax law changes14 - (9.1) - (2.1) - - - - - - Cumulative tax effect of adjustments15 (1.4) (1.3) (1.9) (1.4) 0.1 (1.7) 30.2 (15.4) (4.6) (1.8) Adjusted net income from continuing operations $34.8 $32.2 $22.2 $11.3 $8.6 $30.1 $17.4 $6.4 $(12.3) $6.3 Net income (loss) from continuing operations $29.6 $36.0 $21.1 $12.9 $4.5 $25.7 $104.5 $(40.2) $(28.9) $1.3 Diluted Weighted Average Shares Outstanding 43.2 41.9 41.5 41.8 42.6 43.6 43.7 41.2 40.3 41.3 Adjusted Diluted Weighted Average Shares Outstanding16 43.2 41.9 41.5 41.8 42.6 43.6 43.7 43.3 42.4 41.3 Diluted (Loss) Earnings per Share from Continuing Operations $0.68 $0.86 $0.51 $0.31 $0.11 $0.59 $2.39 $(1.02) $(0.72) $0.03 Per share impact of adjustments to net income (loss) from Continuing Operations $0.12 ($0.09) $0.02 ($0.04) $0.09 $0.10 ($1.99) $1.17 $0.43 $0.12 Adjusted Diluted Earnings per Share from Continuing Operations $0.80 $0.77 $0.53 $0.27 $0.20 $0.69 $0.40 $0.15 $(0.29) $0.15 For a description of each addback, refer to slide 14.

13 Historical Consolidated Adjusted Pre-Tax Income Reconciliation ($Millions, except per share data) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Pre-tax income (loss) from continuing operations $38.0 $22.1 $12.1 $8.2 $34.2 $138.7 $(55.4) $(36.9) $2.4 Loss (income) from equity method investment1 1.6 (0.7) (3.5) (1.9) (0.5) (1.7) 1.6 (3.0) (1.6) Gain from equity method investment2 - - - - - (135.4) - - - Share-based compensation3 3.2 3.3 3.4 3.0 2.7 3.5 4.0 3.8 4.1 Restructuring costs4 - - - - - 5.8 5.6 1.3 1.1 Legal and other costs5 0.9 0.8 1.0 0.2 - - 0.4 1.7 0.1 Acquisition-related adjustments6 - - - - - 5.5 4.3 4.2 0.2 Change in fair value of contingent consideration7 - - - - - - 3.8 2.4 (0.3) Loss on extinguishment of debt8 - - - - - - 42.3 - - Transaction costs10 0.2 0.1 0.4 2.0 3.2 3.2 0.1 8.9 0.2 Intangible asset amortization11 0.7 0.8 0.8 0.7 0.8 1.9 1.8 1.8 3.0 Adjusted pre-tax income (loss) from continuing operations $44.6 $26.4 $14.1 $12.2 $40.3 $21.4 $8.5 $(15.7) $9.2 For a description of each addback, refer to slide 14.

14 # Description 1 The amounts reported includes our share of estimated U.S. GAAP net (income) loss of Katapult. 2 During the year ended December 31, 2021, we recorded a gain on our investment in Katapult of $135.4 million. The gain represents cash we received, net of the basis of our investment in Katapult, upon the completion of the business combination between Katapult and FinServ. 3 The estimated fair value of share-based awards is recognized as non-cash compensation expense on a straight-line basis over the vesting period. 4 Restructuring costs for the three months ended March 31, 2022 resulted from U.S. store closures and related costs and certain severance payments to eliminate duplicate roles. Restructuring costs for the year ended December 31, 2021 resulted from U.S. store closures and consisted of (i) severance costs for store employees, (ii) lease termination costs, and (iii) accelerated depreciation, partially offset by the net write-off of right-of-use assets and lease liabilities. 5 Legal and other costs for the three months ended March 31, 2022 primarily related to settlement costs related to certain legal matters. Legal and other costs for the year ended December 31, 2021 included fees incurred in certain legal matters in which CURO was the plaintiff. Legal and other costs for the year ended December 31, 2020 included costs for certain litigation and related matters of $2.4 million and severance costs for certain corporate employees of $0.5 million. Legal and other costs for the three months ended December 31, 2019 included $1.8 million due to eliminating 121 positions in North America in the first quarter. 6 During the three months ended March 31, 2022 and the year ended December 31, 2021, $0.2 million and $13.9 million, respectively, of acquisition-related adjustments relate to the acquired Flexiti loan portfolio as of March 10, 2021. 7 In connection with our acquisition of Flexiti, we recorded a $0.3 million adjustment and a $6.2 million adjustment related to the fair value of the contingent consideration for the three months ended March 31, 2022 and year ended December 31, 2021, respectively. 8 On July 30, 2021, we entered into new 7.50% Senior Secured Notes due 2028, which were used on August 12, 2021 to extinguish the 8.25% Senior Secured Notes due 2025. During the year ended December 31, 2021, $40.2 million from the loss on the extinguishment of debt in determining Adjusted EBITDA was due to the early redemption of the 8.25% Senior Secured Notes due 2025. An additional $2.1 million of interest was incurred for the year ended December 31, 2021 in determining Adjusted Net income, which represents interest on the 8.25% Senior Secured Notes due 2025 for the period between July 30, 2021 and August 12, 2021. This is the period during which the 8.25% Senior Secured Notes and 7.50% Senior Secured Notes were outstanding. 9 The Company received a Notice of Adjustment from Canadian tax authority auditors in the second quarter 2020 related to the treatment of certain expenses in prior years for purposes of calculating the GST due. 10 Transaction costs for the three months ended March 31, 2022 relate to our Heights Finance acquisition in December 2021. Transaction costs for the year ended December 31, 2021 in determining Adjusted EBITDA and Adjusted Net Income relate to (i) our Heights Finance acquisition in December 2021, (ii) our Flexiti acquisition in March 2021, and (iii) the Katapult and FinServ business combination in June 2021. Transaction costs in determining ANI for the year ended December 31, 2021 also included prepayment fees of $1.7 million for our Non-Recourse Flexiti SPE Facility in connection to the signing of the Non-Recourse Flexiti Securitization Facility in December 2021. Transaction costs for the year ended December 30, 2020 relate to the acquisition of Ad Astra and legal and advisory costs related to the Flexiti acquisition. Transaction costs for the three months ended December 31, 2019 relate to legal and advisory costs related to the acquisition of Ad Astra, which closed January 3, 2020. 11 Other adjustments include the intercompany foreign exchange impact. 12 The amortization expense on intangible assets through March 31, 2021 was recognized on a straight-line basis over the life of the intangible asset. Intangible asset amortization for periods after March 31, 2021 included amortization of identifiable intangible assets established in connection with the acquisition of Flexiti. 13 In the second quarter of 2020, a Texas court ruling related to the apportionment of income to the state for another company resulted in a change in estimate regarding the realization of a tax benefit previously taken. Accordingly, we recorded a $1.1 million liability for our estimated exposure related to this position. Also in the second quarter of 2020, we released a $4.6 million valuation allowance related to NOLs for certain entities in Canada. 14 On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was enacted by the U.S. Federal government in response to the COVID-19 pandemic. The CARES Act, among other things, allows NOLs incurred in 2018, 2019 and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. For the year ended December 31, 2020, we recorded an income tax benefit of $11.3 million related to the carryback of NOL from tax years 2018 and 2019. 15 Cumulative tax effect of adjustments included in Reconciliation of Net income from continuing operations to Adjusted Net Income table is calculated using the estimated incremental tax rate by country. 16 We calculate Adjusted Diluted Earnings per Share utilizing diluted shares outstanding as of December 31, 2021. If we record a loss from continuing operations under U.S. GAAP, shares outstanding utilized to calculate Diluted Earnings per Share from continuing operations are equivalent to basic shares outstanding. Shares outstanding utilized to calculate Adjusted Earnings per Share from continuing operations reflect the number of diluted shares we would have reported if reporting Net income from continuing operations under U.S. GAAP. Description of adjustments for Consolidated Adjusted EBITDA, Consolidated Adjusted Net Income and Adjusted Operating Expense Reconciliations

15 Adjusted Operating Expense Reconciliation ($Millions) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Operating expense $110.4 $92.1 $100.3 $107.3 $107.2 $117.5 $126.4 $142.0 $153.5 Less: Depreciation and Amortization 4.5 4.4 4.4 4.2 5.0 7.4 7.3 7.3 9.8 Restructuring costs - - - - - 5.8 5.6 1.3 1.1 Legal and other costs 0.9 0.8 1.0 0.1 - - 0.4 1.8 0.1 Transaction costs 0.2 0.1 0.4 2.0 3.2 3.2 0.1 7.3 0.2 Acquisition-related costs - - - - - 5.5 4.3 4.2 0.2 Change in fair value of contingent consideration - - - - - - 3.8 2.4 (0.3) Canada GST Adjustment - 2.2 - - - - - - - Share-based compensation 3.2 3.3 3.4 3.0 2.7 3.5 4.0 3.8 4.1 Adjusted operating expense $101.5 $81.3 $91.2 $97.9 $96.4 $92.2 $100.8 $114.0 $138.3 For a description of each adjustment, refer to slide 14. Totals may not sum due to rounding.

16 Historical Gross Combined Loan Receivables ($Millions) 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Company-owned gross loans receivable $665.8 $564.4 $456.5 $497.4 $553.7 $731.0 $769.3 $882.4 $1,548.3 $1,628.6 Gross loans receivable guaranteed by the Company $76.7 $55.9 $34.1 $39.8 $44.1 $32.4 $37.1 $43.4 $46.3 $44.4 Gross combined loans receivable $742.5 $620.3 $490.6 $537.2 $597.8 $763.4 $806.4 $925.8 $1,594.6 $1,673.0 Note: Subtotals may not sum due to rounding. The above table summarizes Company-owned gross loans receivable, a GAAP balance sheet measure, and reconciles it to gross combined loans receivable, a non-GAAP measure including loans originated by third-party lenders through CSO programs, which are not included in our Condensed Consolidated Financial Statements but from which we earn revenue and for which we provide a guarantee to the lender.


Delaware	001-38315	90-0934597
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3615 North Ridge Road, Wichita, Kansas		67205
(Address of Principal Executive Offices)		(Zip Code)


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock	CURO	NYSE


Exhibit Number			Description

99.1			Press Release, dated May 2, 2022
99.2			Supplemental Earnings Presentation
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)