MISSISSAUGA, ON, July 22,
2024 /CNW/ - goeasy Ltd. (TSX: GSY)
("goeasy" or the "Company"), one of
Canada's leading consumer lenders
focused on delivering a full suite of financial services to
Canadians with non-prime credit, is announcing select preliminary
unaudited financial results for the second quarter ended
June 30, 2024, based on information
currently available to management. The Company is making this
announcement because the same information is being provided
concurrently to potential investors in the Company's offering of
US$150 million aggregate principal
amount of senior unsecured notes (the "Notes"). The Notes
will have substantially identical terms as, and will be treated as
a single series with, the Company's 7.625% unsecured notes due 2029
issued on February 23, 2024.
Consistent with the guidance previously provided in the section
entitled "Outlook" in the Company's management's discussion and
analysis of financial condition and results of operations for the
three months ended March 31, 2024,
the Company anticipates that:
- Gross consumer loan portfolio growth in the second quarter of
2024 will exceed $275 million;
- Total yield on consumer loans (including ancillary products) in
the second quarter of 2024 will be between 34.0% and 35.0%; and
- Net charge offs as a percentage of average gross consumer loans
receivable will be between 8.5% and 9.5% in the second quarter of
2024.
The Company's unaudited interim condensed consolidated financial
statements and its management's discussion and analysis for the
second quarter ended June 30, 2024
are currently expected to be available and filed under the
Company's profile on SEDAR+ at www.sedarplus.com after the
market closes on August 8, 2024.
All figures reported above with respect to the second quarter of
2024 are preliminary and are subject to change and adjustment as
the Company's financial results for the second quarter ended
June 30, 2024 are finalized.
Accordingly, investors are cautioned not to place undue reliance on
the foregoing guidance. The Company does not intend to provide
unaudited preliminary results in the future. The preliminary
unaudited results provided in this news release constitute
forward-looking statements within the meaning of applicable
securities laws, are based on a number of assumptions and are
subject to a number of risks and uncertainties. Actual results may
differ materially. Please see the section below entitled
"Forward-Looking Statements".
About goeasy
goeasy Ltd. is a Canadian company, headquartered in Mississauga, Ontario, that provides non-prime
leasing and lending services through its easyhome, easyfinancial
and LendCare brands. Supported by over 2,500 employees, the Company
offers a wide variety of financial products and services including
unsecured and secured instalment loans, merchant financing through
a variety of verticals and lease-to-own merchandise. Customers can
transact seamlessly through an omnichannel model that includes
online and mobile platforms, over 400 locations across Canada, and point-of-sale financing offered in
the retail, powersports, automotive, home improvement and
healthcare verticals, through over 10,000 merchant partners across
Canada. Throughout the Company's
history, it has acquired and organically served approximately 1.4
million Canadians and originated over $13.5
billion in loans.
Accredited by the Better Business Bureau, goeasy is the proud
recipient of several awards in recognition of its exceptional
culture and continued business growth including 2024 Best
Workplaces™ in Financial Services & Insurance, Waterstone
Canada's Most Admired Corporate Cultures, ranking on the 2022
Report on Business Women Lead Here executive gender diversity
benchmark, placing on the Report on Business ranking of
Canada's Top Growing Companies,
ranking on the TSX30, Greater Toronto Top Employers Award and has
been certified as a Great Place to Work®. The Company is
represented by a diverse group of team members from over 70
nationalities who believe strongly in giving back to communities in
which it operates. To date, goeasy has raised and donated over
$5.6 million to support its
long-standing partnerships with BGC Canada and many other local
charities. In 2023, the Company announced a 3-year, $1.4 million commitment to BGC Canada's Food
Fund.
goeasy Ltd.'s. common shares are listed on the TSX under the
trading symbol "GSY".
Forward-Looking Statements
This press release includes forward-looking statements about
goeasy, including, but not limited to, its business operations,
strategy and expected financial performance and condition.
Forward-looking statements include, but are not limited to,
statements with respect to the Company's expectations regarding its
financial results for the second quarter of 2024. In certain cases,
forward-looking statements that are predictive in nature, depend
upon or refer to future events or conditions, and/or can be
identified by the use of words such as "expect", "continue",
"anticipate", "intend", "aim", "plan", "believe", "budget",
"estimate", "forecast", "foresee", "target" or negative versions
thereof and similar expressions, and/or state that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved.
Forward-looking statements are based on certain factors and
assumptions, including expected growth, results of operations and
business prospects and are inherently subject to, among other
things, risks, uncertainties and assumptions about the Company's
operations, economic factors and the industry generally. There can
be no assurance that forward-looking statements will prove to be
accurate as actual results and future events could differ
materially from those expressed or implied by forward-looking
statements made by the Company. Some important factors that could
cause actual results to differ materially from those expressed in
the forward-looking statements include, but are not limited to,
goeasy's ability to enter into new lease and/or financing
agreements, collect on existing lease and/or financing agreements,
open new locations on favourable terms, offer products which appeal
to customers at a competitive rate, respond to changes in
legislation, react to uncertainties related to regulatory action,
raise capital under favourable terms, compete, manage the impact of
litigation (including shareholder litigation), control costs at all
levels of the organization and maintain and enhance the system of
internal controls.
The Company cautions that the foregoing list is not exhaustive.
These and other factors could cause actual results to differ
materially from our expectations expressed in the forward-looking
statements, and further details and descriptions of these and other
factors are disclosed in the Company's Management's Discussion and
Analysis, including under the section entitled "Risk Factors". The
reader is cautioned to consider these, and other factors carefully
and not to place undue reliance on forward-looking statements,
which may not be appropriate for other purposes. The Company is
under no obligation (and expressly disclaims any such obligation)
to update or alter the forward-looking statements whether as a
result of new information, future events or otherwise, unless
required by law.
SOURCE goeasy Ltd.