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Corporate Profile

About goeasy Ltd.

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 more than 2,300 employees, the Company offers a wide variety of financial products and services including lease-to-own merchandise, personal loans, home equity loans, and auto loans. Customers can transact seamlessly through an omnichannel model that includes an online and mobile platform, over 400 locations across Canada, and point-of-sale financing offered in the retail, powersports, automotive, home improvement and healthcare verticals, through approximately 6,000 merchants across Canada. Throughout the Company’s history, it has acquired and organically served over 1.25 million Canadians and originated over $9.5 billion in loans, with one in three easyfinancial customers graduating to prime credit and over 60% increasing their credit score within 12 months of borrowing. The company and its employees believe strongly in giving back to the communities in which it operates and has raised over $4.7 million to support its long-standing partnerships with BGC Canada, Habitat for Humanity and many other local charities.

goeasy Ltd.’s. common shares are listed on the TSX under the trading symbol “GSY”. goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody’s.

 
Operation since 1990 15.9 million shares outstanding1
Based in Mississauga, Ontario Market capitalization ~ $1.7 billion1
over 2,300 employees1 Quarterly dividend of $0.91
Listed on the Toronto Stock Exchange (TSX: GSY) Analyst coverage provided by 9 firms

(1) As at September 30, 2022

annual revenue

Our Award-Winning Culture

Accredited by the Better Business Bureau, goeasy is proud of the culture it has built over its 31-year history that celebrates success, encourages innovation and is committed to helping our customers graduate to prime credit. With over 2,300 employees from coast to coast, our team members are passionate about providing our customers with the highest levels of service as they are stretched to learn and develop in a culture that fosters an engaging and positive work experience. In recent years, we have been the proud recipient of several awards in recognition of its exceptional culture and continued business growth including Waterstone Canada’s Most Admired Corporate Cultures, Glassdoor Top CEO Award, Achievers Top 50 Most Engaged Workplaces in North America, Greater Toronto Top Employers Award, the Digital Finance Institute’s Canada’s Top 50 FinTech Companies, ranking on the TSX30, placing on the Report on Business ranking of Canada’s Top Growing Companies, honoured by The Globe and Mail’s Women Lead Here executive gender diversity benchmark, and has been certified as a Great Place to Work®.

award

Overview of Reporting Business Segments

easyfinancial

easyfinancial is the Company’s financial services arm that provides instalment loans to non-prime customers who have limited access to traditional bank financing products. easyfinancial’s product offering consists of personal loans, home equity loans, and auto loans from $500-$75,000 at interest rates starting at 9.9%, with repayment terms of 9 to 84 months for unsecured loans and up to 20 years for secured loans. This reporting segment also includes the LendCare operating segment, which specializes in financing consumer purchases in the powersports, automotive, retail, healthcare, and home improvement categories.

Description Financial Snapshot (Last Twelve Months Ended September 30, 2022)
  • Products include personal loans, home equity loans, and auto loans that range in size from $500 to $75,000 with interest rates starting at 9.9% and repayment terms of 9 to 84 months for unsecured loans and terms of up to 20 years for secured loans. 
  • Omnichannel model that enables customers to transact through multiple delivery channels including a national branch network of 301 locations (including 3 kiosks within easyhome stores and 3 operation centres), online via a digital application platform, through call centres and through an indirect channel that provides loan products to consumers of approxiimately 6,000 third party point-of-sale merchants.
  • Centralized loan decisioning process that uses leading-edge, data-driven modeling and analytical techniques that include underwriting and credit adjudication policies that have been continuously enhanced by analyzing over $9.5 billion in origination data.
Revenue $830 Million
Operating Income $375 Million
Store Count 301 (kiosks, stand-alone locations and operation centres)
Gross Consumer Loans $2.59 Billion

easyhome

easyhome is Canada's largest lease-to-own company, offering brand-name household furniture, appliances and electronics to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. easyhome’s programs appeal to a wide variety of consumers who are looking for alternatives to traditional retailers and may not be able to purchase merchandise due to a lack of credit or insufficient cash resources, or may simply want to use the merchandise, with no long-term obligation, before making a purchase decision. In 2017, the Company strengthened its relationships with its easyhome customers by offering them personal loans in almost 100 easyhome leasing locations. This expansion allowed the Company to further increase the distribution footprint of its financial services products and leverage its existing real estate and employee base that understands this customer segment.

Description Financial Snapshot (Last Twelve Months Ended September 30, 2022)
  • Oldest segment of goeasy’s business.
  • Leasing transactions that act as an alternative to the financing offered by traditional retailers.
  • Customers with a lack of credit or insufficient cash funds can lease merchandise without credit checks or down payments and the flexibility to terminate a lease at any time with no cost.
  • Fixed annual interest rate of 29.99%.
  • As at September 30, 2022, 117 easyhome locations offer lending products. This allowed the company to further increase its distribution footprint for its financial services products by leveraging its existing real estate and employee base.
Revenue $151 Million
Operating Income $34.3 Million
Lease Assets $45.5 Million
Store Count 154