QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 87-3920732 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $.01 per share | FCFS | The Nasdaq Stock Market |
☒ | Large accelerated filer | ☐ | Accelerated filer | ||||||||
☐ | Non-accelerated filer | ☐ | Smaller reporting company | ||||||||
☐ | Emerging growth company |
FIRSTCASH HOLDINGS, INC. | ||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||
(unaudited, in thousands) | ||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||
2022 | 2021 | 2021 | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 110,414 | $ | 50,061 | $ | 120,046 | ||||||||||||||
Accounts receivable, net | 55,924 | 40,183 | 55,356 | |||||||||||||||||
Pawn loans | 385,708 | 312,166 | 347,973 | |||||||||||||||||
Finance receivables, net | 125,619 | — | 181,021 | |||||||||||||||||
Inventories | 260,528 | 216,955 | 263,311 | |||||||||||||||||
Leased merchandise, net | 118,924 | — | 143,944 | |||||||||||||||||
Prepaid expenses and other current assets | 21,125 | 19,022 | 17,707 | |||||||||||||||||
Total current assets | 1,078,242 | 638,387 | 1,129,358 | |||||||||||||||||
Property and equipment, net | 519,836 | 404,283 | 462,526 | |||||||||||||||||
Operating lease right of use asset | 301,979 | 299,223 | 306,061 | |||||||||||||||||
Goodwill | 1,522,192 | 1,017,273 | 1,536,178 | |||||||||||||||||
Intangible assets, net | 359,716 | 83,372 | 388,184 | |||||||||||||||||
Other assets | 8,345 | 9,406 | 8,531 | |||||||||||||||||
Deferred tax assets, net | 6,231 | 4,489 | 5,614 | |||||||||||||||||
Total assets | $ | 3,796,541 | $ | 2,456,433 | $ | 3,836,452 | ||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 198,967 | $ | 103,700 | $ | 244,327 | ||||||||||||||
Customer deposits and prepayments | 59,754 | 44,486 | 57,310 | |||||||||||||||||
Lease liability, current | 90,804 | 89,027 | 90,570 | |||||||||||||||||
Total current liabilities | 349,525 | 237,213 | 392,207 | |||||||||||||||||
Revolving unsecured credit facilities | 274,000 | 163,000 | 259,000 | |||||||||||||||||
Senior unsecured notes | 1,034,761 | 493,303 | 1,033,904 | |||||||||||||||||
Deferred tax liabilities, net | 121,046 | 75,912 | 126,098 | |||||||||||||||||
Lease liability, non-current | 199,211 | 196,189 | 203,166 | |||||||||||||||||
Other liabilities | — | — | 13,950 | |||||||||||||||||
Total liabilities | 1,978,543 | 1,165,617 | 2,028,325 | |||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 573 | 493 | 573 | |||||||||||||||||
Additional paid-in capital | 1,729,625 | 1,219,948 | 1,724,956 | |||||||||||||||||
Retained earnings | 952,011 | 828,040 | 866,679 | |||||||||||||||||
Accumulated other comprehensive loss | (119,994) | (115,790) | (131,299) | |||||||||||||||||
Common stock held in treasury, at cost | (744,217) | (641,875) | (652,782) | |||||||||||||||||
Total stockholders’ equity | 1,817,998 | 1,290,816 | 1,808,127 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,796,541 | $ | 2,456,433 | $ | 3,836,452 | ||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
FIRSTCASH, INC. | ||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||
(unaudited, in thousands) | ||||||||||||
September 30, | December 31, | |||||||||||
2017 | 2016 | 2016 | ||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 93,411 | $ | 83,356 | $ | 89,955 | ||||||
Fees and service charges receivable | 45,134 | 45,708 | 41,013 | |||||||||
Pawn loans | 371,367 | 373,169 | 350,506 | |||||||||
Consumer loans, net | 24,515 | 27,792 | 29,204 | |||||||||
Inventories | 308,683 | 332,862 | 330,683 | |||||||||
Income taxes receivable | 27,867 | 36,449 | 25,510 | |||||||||
Prepaid expenses and other current assets | 23,818 | 31,935 | 25,264 | |||||||||
Investment in common stock of Enova | — | 54,786 | — | |||||||||
Total current assets | 894,795 | 986,057 | 892,135 | |||||||||
Property and equipment, net | 234,309 | 240,749 | 236,057 | |||||||||
Goodwill | 834,883 | 865,350 | 831,151 | |||||||||
Intangible assets, net | 95,991 | 106,502 | 104,474 | |||||||||
Other assets | 59,054 | 69,125 | 71,679 | |||||||||
Deferred tax assets | 12,694 | 9,912 | 9,707 | |||||||||
Total assets | $ | 2,131,726 | $ | 2,277,695 | $ | 2,145,203 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Accounts payable and accrued liabilities | $ | 94,769 | $ | 129,997 | $ | 109,354 | ||||||
Customer deposits | 37,626 | 37,591 | 33,536 | |||||||||
Income taxes payable | 3,763 | 910 | 738 | |||||||||
Total current liabilities | 136,158 | 168,498 | 143,628 | |||||||||
Revolving unsecured credit facilities | 140,000 | 360,000 | 260,000 | |||||||||
Senior unsecured notes | 294,961 | 196,373 | 196,545 | |||||||||
Deferred tax liabilities | 73,203 | 42,125 | 61,275 | |||||||||
Other liabilities | 19,725 | 77,645 | 33,769 | |||||||||
Total liabilities | 664,047 | 844,641 | 695,217 | |||||||||
Stockholders’ equity: | ||||||||||||
Preferred stock | — | — | — | |||||||||
Common stock | 493 | 493 | 493 | |||||||||
Additional paid-in capital | 1,219,589 | 1,217,820 | 1,217,969 | |||||||||
Retained earnings | 436,159 | 359,926 | 387,401 | |||||||||
Accumulated other comprehensive loss | (88,445 | ) | (109,114 | ) | (119,806 | ) | ||||||
Common stock held in treasury, at cost | (100,117 | ) | (36,071 | ) | (36,071 | ) | ||||||
Total stockholders’ equity | 1,467,679 | 1,433,054 | 1,449,986 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,131,726 | $ | 2,277,695 | $ | 2,145,203 | ||||||
The accompanying notes are an integral part of these condensed consolidated financial statements. |
FIRSTCASH HOLDINGS, INC. | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||
(unaudited, in thousands, except per share amounts) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Retail merchandise sales | $ | 298,257 | $ | 265,567 | $ | 601,076 | $ | 537,609 | |||||||||||||||
Pawn loan fees | 134,067 | 109,909 | 265,886 | 225,431 | |||||||||||||||||||
Leased merchandise income | 147,700 | — | 297,647 | — | |||||||||||||||||||
Interest and fees on finance receivables | 43,744 | — | 86,193 | — | |||||||||||||||||||
Wholesale scrap jewelry sales | 23,848 | 14,102 | 56,653 | 34,477 | |||||||||||||||||||
Total revenue | 647,616 | 389,578 | 1,307,455 | 797,517 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of retail merchandise sold | 179,309 | 153,424 | 361,523 | 310,577 | |||||||||||||||||||
Depreciation of leased merchandise | 82,605 | — | 176,311 | — | |||||||||||||||||||
Provision for lease losses | 38,035 | — | 77,855 | — | |||||||||||||||||||
Provision for loan losses | 26,800 | — | 51,497 | — | |||||||||||||||||||
Cost of wholesale scrap jewelry sold | 19,895 | 11,932 | 48,110 | 29,129 | |||||||||||||||||||
Total cost of revenue | 346,644 | 165,356 | 715,296 | 339,706 | |||||||||||||||||||
Net revenue | 300,972 | 224,222 | 592,159 | 457,811 | |||||||||||||||||||
Expenses and other income: | |||||||||||||||||||||||
Operating expenses | 180,555 | 139,128 | 353,851 | 276,452 | |||||||||||||||||||
Administrative expenses | 37,068 | 27,398 | 73,931 | 58,397 | |||||||||||||||||||
Depreciation and amortization | 25,982 | 10,902 | 51,524 | 21,514 | |||||||||||||||||||
Interest expense | 16,246 | 7,198 | 32,467 | 14,428 | |||||||||||||||||||
Interest income | (222) | (119) | (898) | (277) | |||||||||||||||||||
Loss (gain) on foreign exchange | 27 | (577) | (453) | (310) | |||||||||||||||||||
Merger and acquisition expenses | 314 | 1,086 | 979 | 1,252 | |||||||||||||||||||
Gain on revaluation of contingent acquisition consideration | (65,559) | — | (62,989) | — | |||||||||||||||||||
Other expenses (income), net | (3,062) | 401 | (2,885) | 1,279 | |||||||||||||||||||
Total expenses and other income | 191,349 | 185,417 | 445,527 | 372,735 | |||||||||||||||||||
Income before income taxes | 109,623 | 38,805 | 146,632 | 85,076 | |||||||||||||||||||
Provision for income taxes | 23,515 | 10,378 | 32,519 | 22,934 | |||||||||||||||||||
Net income | $ | 86,108 | $ | 28,427 | $ | 114,113 | $ | 62,142 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 1.82 | $ | 0.70 | $ | 2.39 | $ | 1.52 | |||||||||||||||
Diluted | $ | 1.81 | $ | 0.70 | $ | 2.38 | $ | 1.52 | |||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
FIRSTCASH, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | ||||||||||||||||
(unaudited, in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenue: | ||||||||||||||||
Retail merchandise sales | $ | 246,334 | $ | 152,215 | $ | 750,150 | $ | 386,534 | ||||||||
Pawn loan fees | 132,545 | 79,505 | 383,428 | 182,816 | ||||||||||||
Wholesale scrap jewelry sales | 37,528 | 18,956 | 107,285 | 35,906 | ||||||||||||
Consumer loan and credit services fees | 19,005 | 10,477 | 58,754 | 21,079 | ||||||||||||
Total revenue | 435,412 | 261,153 | 1,299,617 | 626,335 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Cost of retail merchandise sold | 161,350 | 93,399 | 483,458 | 239,166 | ||||||||||||
Cost of wholesale scrap jewelry sold | 36,831 | 16,977 | 102,370 | 30,701 | ||||||||||||
Consumer loan and credit services loss provision | 6,185 | 3,413 | 15,419 | 5,780 | ||||||||||||
Total cost of revenue | 204,366 | 113,789 | 601,247 | 275,647 | ||||||||||||
Net revenue | 231,046 | 147,364 | 698,370 | 350,688 | ||||||||||||
Expenses and other income: | ||||||||||||||||
Store operating expenses | 138,966 | 80,574 | 412,780 | 190,563 | ||||||||||||
Administrative expenses | 29,999 | 24,500 | 93,542 | 58,277 | ||||||||||||
Depreciation and amortization | 13,872 | 7,281 | 42,804 | 17,165 | ||||||||||||
Interest expense | 6,129 | 5,073 | 17,827 | 13,859 | ||||||||||||
Interest income | (418 | ) | (138 | ) | (1,138 | ) | (636 | ) | ||||||||
Merger and other acquisition expenses | 911 | 29,398 | 3,164 | 33,877 | ||||||||||||
Loss on extinguishment of debt | 20 | — | 14,114 | — | ||||||||||||
Net loss on sale of common stock of Enova | — | 253 | — | 253 | ||||||||||||
Total expenses and other income | 189,479 | 146,941 | 583,093 | 313,358 | ||||||||||||
Income before income taxes | 41,567 | 423 | 115,277 | 37,330 | ||||||||||||
Provision for income taxes | 13,293 | 1,835 | 39,119 | 13,895 | ||||||||||||
Net income (loss) | $ | 28,274 | $ | (1,412 | ) | $ | 76,158 | $ | 23,435 | |||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ | 0.59 | $ | (0.04 | ) | $ | 1.58 | $ | 0.77 | |||||||
Diluted | $ | 0.59 | $ | (0.04 | ) | $ | 1.58 | $ | 0.77 | |||||||
Dividends declared per common share | $ | 0.190 | $ | 0.125 | $ | 0.570 | $ | 0.375 | ||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements. |
FIRSTCASH HOLDINGS, INC. | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||||
(unaudited, in thousands) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 86,108 | $ | 28,427 | $ | 114,113 | $ | 62,142 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Currency translation adjustment | (484) | 14,977 | 11,305 | 2,642 | |||||||||||||||||||
Comprehensive income | $ | 85,624 | $ | 43,404 | $ | 125,418 | $ | 64,784 | |||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
FIRSTCASH, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
(unaudited, in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) | $ | 28,274 | $ | (1,412 | ) | $ | 76,158 | $ | 23,435 | |||||||
Other comprehensive income (loss): | ||||||||||||||||
Currency translation adjustment | (4,981 | ) | (12,248 | ) | 31,361 | (28,951 | ) | |||||||||
Change in fair value of investment in common stock of Enova (1) | — | (1,753 | ) | — | (1,753 | ) | ||||||||||
Comprehensive income (loss) | $ | 23,293 | $ | (15,413 | ) | $ | 107,519 | $ | (7,269 | ) | ||||||
(1) Net of tax benefit of $1,031 for the three and nine months ended September 30, 2016. | ||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements. |
FIRSTCASH, INC. | |||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||
(unaudited, in thousands) | |||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Common Stock Held in Treasury | Total Stock- holders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||
Balance at 12/31/2016 | — | $ | — | 49,276 | $ | 493 | $ | 1,217,969 | $ | 387,401 | $ | (119,806 | ) | 769 | $ | (36,071 | ) | $ | 1,449,986 | ||||||||||||||||||
Shares issued under share-based com-pensation plan | — | — | — | — | (440 | ) | — | — | (10 | ) | 440 | — | |||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | (242 | ) | — | — | (13 | ) | 549 | 307 | |||||||||||||||||||||||||
Share-based compensa-tion expense | — | — | — | — | 2,302 | — | — | — | — | 2,302 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 76,158 | — | — | — | 76,158 | |||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | (27,400 | ) | — | — | — | (27,400 | ) | |||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | — | 31,361 | — | — | 31,361 | |||||||||||||||||||||||||||
Repurchases of treasury stock | — | — | — | — | — | — | — | 1,182 | (65,035 | ) | (65,035 | ) | |||||||||||||||||||||||||
Balance at 9/30/2017 | — | $ | — | 49,276 | $ | 493 | $ | 1,219,589 | $ | 436,159 | $ | (88,445 | ) | 1,928 | $ | (100,117 | ) | $ | 1,467,679 | ||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements. |
FIRSTCASH HOLDINGS, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited, in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Common Stock Held in Treasury | Total Stock- holders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of 12/31/2021 | 57,322 | $ | 573 | $ | 1,724,956 | $ | 866,679 | $ | (131,299) | 8,843 | $ | (652,782) | $ | 1,808,127 | |||||||||||||||||||||||||||||||||||||||||||||
Shares issued under share-based compensation plan | — | — | (1,281) | — | — | (17) | 1,281 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 3,075 | — | — | — | — | 3,075 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 28,005 | — | — | — | 28,005 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.30 per share) | — | — | — | (14,546) | — | — | — | (14,546) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | 11,789 | — | — | 11,789 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | 1,048 | (72,217) | (72,217) | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of 3/31/2022 | 57,322 | $ | 573 | $ | 1,726,750 | $ | 880,138 | $ | (119,510) | 9,874 | $ | (723,718) | $ | 1,764,233 | |||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 2,875 | — | — | — | — | 2,875 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 86,108 | — | — | — | 86,108 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.30 per share) | — | — | — | (14,235) | — | — | — | (14,235) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | (484) | — | — | (484) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | 301 | (20,499) | (20,499) | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of 6/30/2022 | 57,322 | $ | 573 | $ | 1,729,625 | $ | 952,011 | $ | (119,994) | 10,175 | $ | (744,217) | $ | 1,817,998 | |||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
FIRSTCASH, INC. | |||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||
CONTINUED | |||||||||||||||||||||||||||||||||||||
(unaudited, in thousands) | |||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Common Stock Held in Treasury | Total Stock- holders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||
Balance at 12/31/2015 | — | $ | — | 40,288 | $ | 403 | $ | 202,393 | $ | 643,604 | $ | (78,410 | ) | 12,052 | $ | (336,608 | ) | $ | 431,382 | ||||||||||||||||||
Shares issued under share-based com-pensation plan | — | — | 7 | — | (3,903 | ) | — | — | (83 | ) | 3,903 | — | |||||||||||||||||||||||||
Shares issued upon merger with Cash America | — | — | 20,181 | 202 | 1,015,305 | — | — | — | — | 1,015,507 | |||||||||||||||||||||||||||
Share-based compensa-tion expense | — | — | — | — | 4,025 | — | — | — | — | 4,025 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 23,435 | — | — | — | 23,435 | |||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | (10,591 | ) | — | — | — | (10,591 | ) | |||||||||||||||||||||||||
Change in fair value of investment in common stock of Enova, net of tax | — | — | — | — | — | — | (1,753 | ) | — | — | (1,753 | ) | |||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | — | (28,951 | ) | — | — | (28,951 | ) | |||||||||||||||||||||||||
Retirement of treasury stock | — | — | (11,200 | ) | (112 | ) | — | (296,522 | ) | — | (11,200 | ) | 296,634 | — | |||||||||||||||||||||||
Balance at 9/30/2016 | — | $ | — | 49,276 | $ | 493 | $ | 1,217,820 | $ | 359,926 | $ | (109,114 | ) | 769 | $ | (36,071 | ) | $ | 1,433,054 | ||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements. |
FIRSTCASH HOLDINGS, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONTINUED | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited, in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Common Stock Held in Treasury | Total Stock- holders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of 12/31/2020 | 49,276 | $ | 493 | $ | 1,221,788 | $ | 789,303 | $ | (118,432) | 8,238 | $ | (609,337) | $ | 1,283,815 | |||||||||||||||||||||||||||||||||||||||||||||
Shares issued under share-based compensation plan, net of 28 shares net-settled | — | — | (7,090) | — | — | (73) | 5,427 | (1,663) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 3,625 | — | — | — | — | 3,625 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 33,715 | — | — | — | 33,715 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.27 per share) | — | — | — | (11,097) | — | — | — | (11,097) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | (12,335) | — | — | (12,335) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | 84 | (4,967) | (4,967) | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of 3/31/2021 | 49,276 | $ | 493 | $ | 1,218,323 | $ | 811,921 | $ | (130,767) | 8,249 | $ | (608,877) | $ | 1,291,093 | |||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 1,625 | — | — | — | — | 1,625 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 28,427 | — | — | — | 28,427 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.30 per share) | — | — | — | (12,308) | — | — | — | (12,308) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | 14,977 | — | — | 14,977 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | 452 | (32,998) | (32,998) | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of 6/30/2021 | 49,276 | $ | 493 | $ | 1,219,948 | $ | 828,040 | $ | (115,790) | 8,701 | $ | (641,875) | $ | 1,290,816 | |||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
FIRSTCASH, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(unaudited, in thousands) | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2017 | 2016 | |||||||
Cash flow from operating activities: | ||||||||
Net income | $ | 76,158 | $ | 23,435 | ||||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||||||||
Non-cash portion of credit loss provision | 10,012 | 2,368 | ||||||
Share-based compensation expense | 2,302 | 4,025 | ||||||
Net loss on sale of common stock of Enova | — | 253 | ||||||
Depreciation and amortization expense | 42,804 | 17,165 | ||||||
Amortization of debt issuance costs | 1,322 | 1,083 | ||||||
Amortization of favorable/(unfavorable) lease intangibles, net | (744 | ) | (58 | ) | ||||
Loss on extinguishment of debt | 14,114 | — | ||||||
Deferred income taxes, net | 11,137 | 8,665 | ||||||
Changes in operating assets and liabilities, net of business combinations: | ||||||||
Fees and service charges receivable | (3,017 | ) | (2,630 | ) | ||||
Inventories | 5,206 | (4,924 | ) | |||||
Prepaid expenses and other assets | 7,819 | 1,774 | ||||||
Accounts payable, accrued liabilities and other liabilities | (21,036 | ) | 2,990 | |||||
Income taxes | 2,769 | (13,672 | ) | |||||
Net cash flow provided by operating activities | 148,846 | 40,474 | ||||||
Cash flow from investing activities: | ||||||||
Loan receivables, net of cash repayments | 5,261 | (31,486 | ) | |||||
Purchases of property and equipment | (26,595 | ) | (23,426 | ) | ||||
Portion of aggregate merger consideration paid in cash, net of cash acquired | — | (8,251 | ) | |||||
Acquisitions of pawn stores, net of cash acquired | (1,141 | ) | (28,756 | ) | ||||
Proceeds from sale of common stock of Enova | — | 2,962 | ||||||
Net cash flow used in investing activities | (22,475 | ) | (88,957 | ) | ||||
Cash flow from financing activities: | ||||||||
Borrowings from revolving credit facilities | 181,000 | 396,000 | ||||||
Repayments of revolving credit facilities | (301,000 | ) | (94,000 | ) | ||||
Repayments of debt assumed from acquisitions | — | (238,532 | ) | |||||
Issuance of senior unsecured notes | 300,000 | — | ||||||
Repurchase/redemption of senior unsecured notes | (200,000 | ) | — | |||||
Repurchase/redemption premiums paid on senior unsecured notes | (10,895 | ) | — | |||||
Debt issuance costs paid | (5,342 | ) | (2,340 | ) | ||||
Purchases of treasury stock | (65,035 | ) | — | |||||
Proceeds from exercise of share-based compensation awards | 307 | — | ||||||
Dividends paid | (27,400 | ) | (10,591 | ) | ||||
Net cash flow provided by (used in) financing activities | (128,365 | ) | 50,537 | |||||
Effect of exchange rates on cash | 5,450 | (5,652 | ) | |||||
Change in cash and cash equivalents | 3,456 | (3,598 | ) | |||||
Cash and cash equivalents at beginning of the period | 89,955 | 86,954 | ||||||
Cash and cash equivalents at end of the period | $ | 93,411 | $ | 83,356 | ||||
The accompanying notes are an integral part of these condensed consolidated financial statements. |
FIRSTCASH HOLDINGS, INC. | ||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
(unaudited, in thousands) | ||||||||||||||
Six Months Ended | ||||||||||||||
June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash flow from operating activities: | ||||||||||||||
Net income | $ | 114,113 | $ | 62,142 | ||||||||||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||||||||||||||
Depreciation of leased merchandise | 176,311 | — | ||||||||||||
Provision for lease losses | 77,855 | — | ||||||||||||
Provision for loan losses | 51,497 | — | ||||||||||||
Share-based compensation expense | 5,950 | 5,250 | ||||||||||||
Depreciation and amortization expense | 51,524 | 21,514 | ||||||||||||
Amortization of debt issuance costs | 1,473 | 793 | ||||||||||||
Net amortization of premiums, discounts and unearned origination fees on finance receivables | 27,451 | — | ||||||||||||
Gain on revaluation of contingent acquisition consideration | (62,989) | — | ||||||||||||
Impairments and dispositions of certain other assets | 318 | 1,279 | ||||||||||||
Deferred income taxes, net | 12,702 | 4,444 | ||||||||||||
Changes in operating assets and liabilities, net of business combinations: | ||||||||||||||
Accounts receivable, net | (224) | 1,369 | ||||||||||||
Inventories purchased directly from customers, wholesalers or manufacturers | 1,804 | (9,173) | ||||||||||||
Leased merchandise, net | (229,146) | — | ||||||||||||
Prepaid expenses and other assets | (1,672) | (2,107) | ||||||||||||
Accounts payable, accrued liabilities and other liabilities | (4,846) | 26,748 | ||||||||||||
Income taxes | 4,646 | 1,490 | ||||||||||||
Net cash flow provided by operating activities | 226,767 | 113,749 | ||||||||||||
Cash flow from investing activities: | ||||||||||||||
Pawn loans, net (1) | (32,265) | (8,492) | ||||||||||||
Finance receivables, net | (23,546) | — | ||||||||||||
Purchases of furniture, fixtures, equipment and improvements | (19,686) | (21,025) | ||||||||||||
Purchases of store real property | (58,559) | (29,096) | ||||||||||||
Acquisitions of pawn stores, net of cash acquired | (2,343) | (49,334) | ||||||||||||
Net cash flow used in investing activities | (136,399) | (107,947) | ||||||||||||
Cash flow from financing activities: | ||||||||||||||
Borrowings from unsecured credit facilities | 126,000 | 227,000 | ||||||||||||
Repayments of unsecured credit facilities | (111,000) | (187,000) | ||||||||||||
Debt issuance costs paid | (475) | — | ||||||||||||
Purchases of treasury stock | (87,727) | (36,427) | ||||||||||||
Payment of withholding taxes on net share settlements of restricted stock unit awards and stock options exercised | — | (1,663) | ||||||||||||
Dividends paid | (28,781) | (23,405) | ||||||||||||
Net cash flow used in financing activities | (101,983) | (21,495) | ||||||||||||
FIRSTCASH HOLDINGS, INC. | ||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
CONTINUED | ||||||||||||||
(unaudited, in thousands) | ||||||||||||||
Six Months Ended | ||||||||||||||
June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Effect of exchange rates on cash | 1,983 | (96) | ||||||||||||
Change in cash and cash equivalents | (9,632) | (15,789) | ||||||||||||
Cash and cash equivalents at beginning of the period | 120,046 | 65,850 | ||||||||||||
Cash and cash equivalents at end of the period | $ | 110,414 | $ | 50,061 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 86,108 | $ | 28,427 | $ | 114,113 | $ | 62,142 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common shares for calculating basic earnings per share | 47,425 | 40,754 | 47,831 | 40,893 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Stock options and restricted stock unit awards | 74 | 48 | 66 | 36 | |||||||||||||||||||
Weighted-average common shares for calculating diluted earnings per share | 47,499 | 40,802 | 47,897 | 40,929 | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 1.82 | $ | 0.70 | $ | 2.39 | $ | 1.52 | |||||||||||||||
Diluted | $ | 1.81 | $ | 0.70 | $ | 2.38 | $ | 1.52 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | 28,274 | $ | (1,412 | ) | $ | 76,158 | $ | 23,435 | |||||||
Denominator (in thousands): | ||||||||||||||||
Weighted-average common shares for calculating basic earnings per share | 47,628 | 34,631 | 48,090 | 30,372 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and nonvested stock awards | 40 | — | 27 | — | ||||||||||||
Weighted-average common shares for calculating diluted earnings per share | 47,668 | 34,631 | 48,117 | 30,372 | ||||||||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ | 0.59 | $ | (0.04 | ) | $ | 1.58 | $ | 0.77 | |||||||
Diluted | $ | 0.59 | $ | (0.04 | ) | $ | 1.58 | $ | 0.77 |
December 31, | 2022 | June 30, | |||||||||||||||
2021 | Adjustments | 2022 | |||||||||||||||
Accounts receivable | $ | 11,660 | $ | — | $ | 11,660 | |||||||||||
Finance receivables | 225,261 | — | 225,261 | ||||||||||||||
Leased merchandise | 139,649 | — | 139,649 | ||||||||||||||
Prepaid expenses and other current assets | 4,474 | (238) | 4,236 | ||||||||||||||
Property and equipment | 11,670 | — | 11,670 | ||||||||||||||
Operating lease right of use asset | 491 | — | 491 | ||||||||||||||
Goodwill | 503,106 | (16,893) | 486,213 | ||||||||||||||
Intangible assets | 305,100 | — | 305,100 | ||||||||||||||
Accounts payable and accrued liabilities | (28,357) | (1,083) | (29,440) | ||||||||||||||
Customer deposits and prepayments | (11,014) | — | (11,014) | ||||||||||||||
Lease liability, current | (10) | — | (10) | ||||||||||||||
Deferred tax liabilities (1) | (42,608) | 18,214 | (24,394) | ||||||||||||||
Lease liability, non-current | (481) | — | (481) | ||||||||||||||
Purchase price | $ | 1,118,941 | $ | — | $ | 1,118,941 |
September 30, | December 31, | ||||||||||
2017 | 2016 | 2016 | |||||||||
Senior unsecured notes: | |||||||||||
5.375% senior notes due 2024 (1) | $ | 294,961 | $ | — | $ | — | |||||
6.75% senior notes due 2021 (2) | — | 196,373 | 196,545 | ||||||||
$ | 294,961 | $ | 196,373 | $ | 196,545 | ||||||
Revolving unsecured credit facility, maturing 2022 | $ | 140,000 | $ | 360,000 | $ | 260,000 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating lease expense | $ | 32,074 | $ | 31,374 | $ | 63,602 | $ | 62,439 | |||||||||||||||
Variable lease expense (1) | 4,229 | 3,939 | 8,403 | 7,773 | |||||||||||||||||||
Total operating lease expense | $ | 36,303 | $ | 35,313 | $ | 72,005 | $ | 70,212 |
Six months ending December 31, 2022 | $ | 55,095 | |||
2023 | 96,437 | ||||
2024 | 73,362 | ||||
2025 | 46,588 | ||||
2026 | 27,112 | ||||
Thereafter | 28,529 | ||||
Total | $ | 327,123 | |||
Less amount of lease payments representing interest | (37,108) | ||||
Total present value of lease payments | $ | 290,015 |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 58,343 | $ | 56,570 | |||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | 41,991 | $ | 49,209 |
Estimated Fair Value | ||||||||||||||||||||||||||
June 30, | Fair Value Measurements Using | |||||||||||||||||||||||||
2022 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Contingent AFF acquisition consideration (1) | $ | 46,560 | $ | — | $ | — | $ | 46,560 |
Estimated Fair Value | ||||||||||||||||||||||||||
December 31, | Fair Value Measurements Using | |||||||||||||||||||||||||
2021 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Contingent AFF acquisition consideration (1) | $ | 109,549 | $ | — | $ | — | $ | 109,549 |
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2022 | June 30, 2022 | ||||||||||
Contingent AFF acquisition consideration at beginning of the period | $ | 112,119 | $ | 109,549 | |||||||
Change in fair value (1) | (65,559) | (62,989) | |||||||||
Contingent AFF acquisition consideration at end of the period | $ | 46,560 | $ | 46,560 |
September 30, | Fair Value Measurements Using | |||||||||||||||
Financial assets: | 2016 | Level 1 | Level 2 | Level 3 | ||||||||||||
Cash America nonqualified savings plan-related assets | $ | 12,229 | $ | 12,229 | $ | — | $ | — | ||||||||
Investment in common stock of Enova | 54,786 | 54,786 | — | — | ||||||||||||
$ | 67,015 | $ | 67,015 | $ | — | $ | — |
December 31, | Fair Value Measurements Using | |||||||||||||||
2016 | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | ||||||||||||||||
Cash America nonqualified savings plan-related assets | $ | 12,663 | $ | 12,663 | $ | — | $ | — | ||||||||
$ | 12,663 | $ | 12,663 | $ | — | $ | — |
Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||
June 30, | June 30, | Fair Value Measurements Using | ||||||||||||||||||||||||||||||
2022 | 2022 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 110,414 | $ | 110,414 | $ | 110,414 | $ | — | $ | — | ||||||||||||||||||||||
Accounts receivable, net | 55,924 | 55,924 | — | — | 55,924 | |||||||||||||||||||||||||||
Pawn loans | 385,708 | 385,708 | — | — | 385,708 | |||||||||||||||||||||||||||
Finance receivables, net (1) | 125,619 | 196,210 | — | — | 196,210 | |||||||||||||||||||||||||||
$ | 677,665 | $ | 748,256 | $ | 110,414 | $ | — | $ | 637,842 | |||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Revolving unsecured credit facilities | $ | 274,000 | $ | 274,000 | $ | — | $ | 274,000 | $ | — | ||||||||||||||||||||||
Senior unsecured notes (outstanding principal) | 1,050,000 | 900,000 | — | 900,000 | — | |||||||||||||||||||||||||||
$ | 1,324,000 | $ | 1,174,000 | $ | — | $ | 1,174,000 | $ | — |
Carrying Value | Estimated Fair Value | |||||||||||||||||||
September 30, | September 30, | Fair Value Measurements Using | ||||||||||||||||||
2017 | 2017 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 93,411 | $ | 93,411 | $ | 93,411 | $ | — | $ | — | ||||||||||
Pawn loans | 371,367 | 371,367 | — | — | 371,367 | |||||||||||||||
Consumer loans, net | 24,515 | 24,515 | — | — | 24,515 | |||||||||||||||
Fees and service charges receivable | 45,134 | 45,134 | — | — | 45,134 | |||||||||||||||
$ | 534,427 | $ | 534,427 | $ | 93,411 | $ | — | $ | 441,016 | |||||||||||
Financial liabilities: | ||||||||||||||||||||
Revolving unsecured credit facilities | $ | 140,000 | $ | 140,000 | $ | — | $ | 140,000 | $ | — | ||||||||||
Senior unsecured notes, outstanding principal | 300,000 | 314,000 | — | 314,000 | — | |||||||||||||||
$ | 440,000 | $ | 454,000 | $ | — | $ | 454,000 | $ | — |
Carrying Value | Estimated Fair Value | |||||||||||||||||||
September 30, | September 30, | Fair Value Measurements Using | ||||||||||||||||||
2016 | 2016 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 83,356 | $ | 83,356 | $ | 83,356 | $ | — | $ | — | ||||||||||
Pawn loans | 373,169 | 373,169 | — | — | 373,169 | |||||||||||||||
Consumer loans, net | 27,792 | 27,792 | — | — | 27,792 | |||||||||||||||
Fees and service charges receivable | 45,708 | 45,708 | — | — | 45,708 | |||||||||||||||
$ | 530,025 | $ | 530,025 | $ | 83,356 | $ | — | $ | 446,669 | |||||||||||
Financial liabilities: | ||||||||||||||||||||
Revolving unsecured credit facilities | $ | 360,000 | $ | 360,000 | $ | — | $ | 360,000 | $ | — | ||||||||||
Senior unsecured notes, outstanding principal | 200,000 | 210,000 | — | 210,000 | — | |||||||||||||||
$ | 560,000 | $ | 570,000 | $ | — | $ | 570,000 | $ | — |
Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||
June 30, | June 30, | Fair Value Measurements Using | ||||||||||||||||||||||||||||||
2021 | 2021 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 50,061 | $ | 50,061 | $ | 50,061 | $ | — | $ | — | ||||||||||||||||||||||
Accounts receivable, net | 40,183 | 40,183 | — | — | 40,183 | |||||||||||||||||||||||||||
Pawn loans | 312,166 | 312,166 | — | — | 312,166 | |||||||||||||||||||||||||||
$ | 402,410 | $ | 402,410 | $ | 50,061 | $ | — | $ | 352,349 | |||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Revolving unsecured credit facilities | $ | 163,000 | $ | 163,000 | $ | — | $ | 163,000 | $ | — | ||||||||||||||||||||||
Senior unsecured notes (outstanding principal) | 500,000 | 521,000 | — | 521,000 | — | |||||||||||||||||||||||||||
$ | 663,000 | $ | 684,000 | $ | — | $ | 684,000 | $ | — |
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | Fair Value Measurements Using | December 31, | December 31, | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||||||||
2016 | 2016 | Level 1 | Level 2 | Level 3 | 2021 | 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 89,955 | $ | 89,955 | $ | 89,955 | $ | — | $ | — | Cash and cash equivalents | $ | 120,046 | $ | 120,046 | $ | 120,046 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Accounts receivable, net | Accounts receivable, net | 55,356 | 55,356 | — | — | 55,356 | ||||||||||||||||||||||||||||||||||||||||||||||
Pawn loans | 350,506 | 350,506 | — | — | 350,506 | Pawn loans | 347,973 | 347,973 | — | — | 347,973 | |||||||||||||||||||||||||||||||||||||||||
Consumer loans, net | 29,204 | 29,204 | — | — | 29,204 | |||||||||||||||||||||||||||||||||||||||||||||||
Fees and service charges receivable | 41,013 | 41,013 | — | — | 41,013 | |||||||||||||||||||||||||||||||||||||||||||||||
Finance receivables, net (1) | Finance receivables, net (1) | 181,021 | 233,000 | — | — | 233,000 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 510,678 | $ | 510,678 | $ | 89,955 | $ | — | $ | 420,723 | $ | 704,396 | $ | 756,375 | $ | 120,046 | $ | — | $ | 636,329 | |||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving unsecured credit facilities | $ | 260,000 | $ | 260,000 | $ | — | $ | 260,000 | $ | — | Revolving unsecured credit facilities | $ | 259,000 | $ | 259,000 | $ | — | $ | 259,000 | $ | — | |||||||||||||||||||||||||||||||
Senior unsecured notes, outstanding principal | 200,000 | 208,000 | — | 208,000 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Senior unsecured notes (outstanding principal) | Senior unsecured notes (outstanding principal) | 1,050,000 | 1,058,000 | — | 1,058,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 460,000 | $ | 468,000 | $ | — | $ | 468,000 | $ | — | $ | 1,309,000 | $ | 1,317,000 | $ | — | $ | 1,317,000 | $ | — |
As of June 30, | As of December 31, | ||||||||||||||||
2022 | 2021 | 2021 | |||||||||||||||
Finance receivables, gross | $ | 190,256 | $ | — | $ | 220,329 | |||||||||||
Fair value premium on non-PCD finance receivables (1) | 13,003 | — | 40,251 | ||||||||||||||
Non-credit discount on PCD finance receivables (2) | — | — | (3,521) | ||||||||||||||
Merchant partner discounts and premiums, net | (1,002) | — | (104) | ||||||||||||||
Unearned origination fees | (2,702) | — | (360) | ||||||||||||||
Finance receivables, amortized cost | 199,555 | — | 256,595 | ||||||||||||||
Less allowance for loan losses | (73,936) | — | (75,574) | ||||||||||||||
Finance receivables, net | $ | 125,619 | $ | — | $ | 181,021 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Balance at beginning of period | $ | 72,332 | $ | — | $ | 75,574 | $ | — | |||||||||||||||
Provision for loan losses | 26,800 | — | 51,497 | — | |||||||||||||||||||
Charge-offs | (26,579) | — | (55,987) | — | |||||||||||||||||||
Recoveries | 1,383 | — | 2,852 | — | |||||||||||||||||||
Balance at end of period | $ | 73,936 | $ | — | $ | 73,936 | $ | — |
2022 | 2021 | 2020 | Total | ||||||||||||||||||||
FICO score category (1): | |||||||||||||||||||||||
No FICO score identified or obtained | $ | 31,642 | $ | 21,747 | $ | 382 | $ | 53,771 | |||||||||||||||
599 or less | 34,524 | 27,245 | 2,107 | 63,876 | |||||||||||||||||||
Between 600 and 699 | 35,114 | 24,059 | 2,138 | 61,311 | |||||||||||||||||||
700 or greater | 4,534 | 2,762 | 298 | 7,594 | |||||||||||||||||||
Finance receivables before fair value adjustments | $ | 105,814 | $ | 75,813 | $ | 4,925 | 186,552 | ||||||||||||||||
Fair value premium on non-PCD finance receivables | 13,003 | ||||||||||||||||||||||
Finance receivables, amortized cost | $ | 199,555 |
2022 | 2021 | 2020 | Total | ||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||
1 to 30 days past due | $ | 8,919 | $ | 7,849 | $ | 478 | $ | 17,246 | |||||||||||||||
31 to 60 days past due | 4,467 | 5,275 | 286 | 10,028 | |||||||||||||||||||
61 to 90 days past due (1) | 3,014 | 4,837 | 293 | 8,144 | |||||||||||||||||||
Total past due finance receivables before fair value adjustments | 16,400 | 17,961 | 1,057 | 35,418 | |||||||||||||||||||
Current finance receivables before fair value adjustments | 89,414 | 57,852 | 3,868 | 151,134 | |||||||||||||||||||
Finance receivables before fair value adjustments | $ | 105,814 | $ | 75,813 | $ | 4,925 | 186,552 | ||||||||||||||||
Fair value premium on non-PCD finance receivables | 13,003 | ||||||||||||||||||||||
Finance receivables, amortized cost | $ | 199,555 |
As of June 30, | As of December 31, | ||||||||||||||||
2022 | 2021 | 2021 | |||||||||||||||
Leased merchandise (1) | $ | 255,559 | $ | — | $ | 156,280 | |||||||||||
Processing fees | (2,882) | — | (440) | ||||||||||||||
Merchant partner discounts and premiums, net | 1,862 | — | 310 | ||||||||||||||
Accumulated depreciation | (66,514) | — | (6,764) | ||||||||||||||
Leased merchandise, before allowance for lease losses | 188,025 | — | 149,386 | ||||||||||||||
Allowance for lease losses | (69,101) | — | (5,442) | ||||||||||||||
Leased merchandise, net | $ | 118,924 | $ | — | $ | 143,944 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Balance at beginning of period | $ | 40,364 | $ | — | $ | 5,442 | $ | — | |||||||||||||||
Provision for lease losses | 38,035 | — | 77,855 | — | |||||||||||||||||||
Charge-offs | (10,301) | — | (16,321) | — | |||||||||||||||||||
Recoveries | 1,003 | — | 2,125 | — | |||||||||||||||||||
Balance at end of period | $ | 69,101 | $ | — | $ | 69,101 | $ | — |
As of June 30, | As of December 31, | ||||||||||||||||
2022 | 2021 | 2021 | |||||||||||||||
Revolving unsecured credit facility, maturing 2024 (1) | $ | 274,000 | $ | 163,000 | $ | 259,000 | |||||||||||
Senior unsecured notes: | |||||||||||||||||
4.625% senior unsecured notes due 2028 (2) | 492,981 | 493,303 | 492,499 | ||||||||||||||
5.625% senior unsecured notes due 2030 (3) | 541,780 | — | 541,405 | ||||||||||||||
Total senior unsecured notes | 1,034,761 | 493,303 | 1,033,904 | ||||||||||||||
Total long-term debt | $ | 1,308,761 | $ | 656,303 | $ | 1,292,904 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||
U.S. Pawn | Latin America Pawn | Retail POS Payment Solutions | Corporate | Consolidated | ||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Retail merchandise sales | $ | 195,369 | $ | 102,888 | $ | — | $ | — | $ | 298,257 | ||||||||||||||||||||||
Pawn loan fees | 87,743 | 46,324 | — | — | 134,067 | |||||||||||||||||||||||||||
Leased merchandise income | — | — | 147,700 | — | 147,700 | |||||||||||||||||||||||||||
Interest and fees on finance receivables | — | — | 43,744 | — | 43,744 | |||||||||||||||||||||||||||
Wholesale scrap jewelry sales | 15,673 | 8,175 | — | — | 23,848 | |||||||||||||||||||||||||||
Total revenue | 298,785 | 157,387 | 191,444 | — | 647,616 | |||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||||||
Cost of retail merchandise sold | 114,390 | 64,919 | — | — | 179,309 | |||||||||||||||||||||||||||
Depreciation of leased merchandise | — | — | 82,605 | — | 82,605 | |||||||||||||||||||||||||||
Provision for lease losses | — | — | 38,035 | — | 38,035 | |||||||||||||||||||||||||||
Provision for loan losses | — | — | 26,800 | — | 26,800 | |||||||||||||||||||||||||||
Cost of wholesale scrap jewelry sold | 13,282 | 6,613 | — | — | 19,895 | |||||||||||||||||||||||||||
Total cost of revenue | 127,672 | 71,532 | 147,440 | — | 346,644 | |||||||||||||||||||||||||||
Net revenue | 171,113 | 85,855 | 44,004 | — | 300,972 | |||||||||||||||||||||||||||
Expenses and other income: | ||||||||||||||||||||||||||||||||
Operating expenses | 101,242 | 48,053 | 31,260 | — | 180,555 | |||||||||||||||||||||||||||
Administrative expenses | — | — | — | 37,068 | 37,068 | |||||||||||||||||||||||||||
Depreciation and amortization | 5,868 | 4,553 | 699 | 14,862 | 25,982 | |||||||||||||||||||||||||||
Interest expense | — | — | — | 16,246 | 16,246 | |||||||||||||||||||||||||||
Interest income | — | — | — | (222) | (222) | |||||||||||||||||||||||||||
Loss on foreign exchange | — | — | — | 27 | 27 | |||||||||||||||||||||||||||
Merger and acquisition expenses | — | — | — | 314 | 314 | |||||||||||||||||||||||||||
Gain on revaluation of contingent acquisition consideration | — | — | — | (65,559) | (65,559) | |||||||||||||||||||||||||||
Other expenses (income), net | — | — | — | (3,062) | (3,062) | |||||||||||||||||||||||||||
Total expenses and other income | 107,110 | 52,606 | 31,959 | (326) | 191,349 | |||||||||||||||||||||||||||
Income before income taxes | $ | 64,003 | $ | 33,249 | $ | 12,045 | $ | 326 | $ | 109,623 |
Three Months Ended September 30, 2017 | ||||||||||||||||
U.S. Operations | Latin America Operations | Corporate | Consolidated | |||||||||||||
Revenue: | ||||||||||||||||
Retail merchandise sales | $ | 160,598 | $ | 85,736 | $ | — | $ | 246,334 | ||||||||
Pawn loan fees | 95,266 | 37,279 | — | 132,545 | ||||||||||||
Wholesale scrap jewelry sales | 32,397 | 5,131 | — | 37,528 | ||||||||||||
Consumer loan and credit services fees | 18,525 | 480 | — | 19,005 | ||||||||||||
Total revenue | 306,786 | 128,626 | — | 435,412 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Cost of retail merchandise sold | 107,561 | 53,789 | — | 161,350 | ||||||||||||
Cost of wholesale scrap jewelry sold | 31,518 | 5,313 | — | 36,831 | ||||||||||||
Consumer loan and credit services loss provision | 6,068 | 117 | — | 6,185 | ||||||||||||
Total cost of revenue | 145,147 | 59,219 | — | 204,366 | ||||||||||||
Net revenue | 161,639 | 69,407 | — | 231,046 | ||||||||||||
Expenses and other income: | ||||||||||||||||
Store operating expenses | 104,555 | 34,411 | — | 138,966 | ||||||||||||
Administrative expenses | — | — | 29,999 | 29,999 | ||||||||||||
Depreciation and amortization | 5,919 | 2,704 | 5,249 | 13,872 | ||||||||||||
Interest expense | — | — | 6,129 | 6,129 | ||||||||||||
Interest income | — | — | (418 | ) | (418 | ) | ||||||||||
Merger and other acquisition expenses | — | — | 911 | 911 | ||||||||||||
Loss on extinguishment of debt | — | — | 20 | 20 | ||||||||||||
Total expenses and other income | 110,474 | 37,115 | 41,890 | 189,479 | ||||||||||||
Income (loss) before income taxes | $ | 51,165 | $ | 32,292 | $ | (41,890 | ) | $ | 41,567 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
U.S. Pawn | Latin America Pawn | Corporate | Consolidated | |||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Retail merchandise sales | $ | 173,254 | $ | 92,313 | $ | — | $ | 265,567 | ||||||||||||||||||||||||
Pawn loan fees | 66,942 | 42,967 | — | 109,909 | ||||||||||||||||||||||||||||
Wholesale scrap jewelry sales | 6,846 | 7,256 | — | 14,102 | ||||||||||||||||||||||||||||
Total revenue | 247,042 | 142,536 | — | 389,578 | ||||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||||||
Cost of retail merchandise sold | 95,599 | 57,825 | — | 153,424 | ||||||||||||||||||||||||||||
Cost of wholesale scrap jewelry sold | 5,387 | 6,545 | — | 11,932 | ||||||||||||||||||||||||||||
Total cost of revenue | 100,986 | 64,370 | — | 165,356 | ||||||||||||||||||||||||||||
Net revenue | 146,056 | 78,166 | — | 224,222 | ||||||||||||||||||||||||||||
Expenses and other income: | ||||||||||||||||||||||||||||||||
Operating expenses | 93,574 | 45,554 | — | 139,128 | ||||||||||||||||||||||||||||
Administrative expenses | — | — | 27,398 | 27,398 | ||||||||||||||||||||||||||||
Depreciation and amortization | 5,347 | 4,534 | 1,021 | 10,902 | ||||||||||||||||||||||||||||
Interest expense | — | — | 7,198 | 7,198 | ||||||||||||||||||||||||||||
Interest income | — | — | (119) | (119) | ||||||||||||||||||||||||||||
Gain on foreign exchange | — | — | (577) | (577) | ||||||||||||||||||||||||||||
Merger and acquisition expenses | — | — | 1,086 | 1,086 | ||||||||||||||||||||||||||||
Other expenses (income), net | — | — | 401 | 401 | ||||||||||||||||||||||||||||
Total expenses and other income | 98,921 | 50,088 | 36,408 | 185,417 | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 47,135 | $ | 28,078 | $ | (36,408) | $ | 38,805 |
Three Months Ended September 30, 2016 | ||||||||||||||||
U.S. Operations | Latin America Operations | Corporate | Consolidated | |||||||||||||
Revenue: | ||||||||||||||||
Retail merchandise sales | $ | 84,547 | $ | 67,668 | $ | — | $ | 152,215 | ||||||||
Pawn loan fees | 48,840 | 30,665 | — | 79,505 | ||||||||||||
Wholesale scrap jewelry sales | 15,046 | 3,910 | — | 18,956 | ||||||||||||
Consumer loan and credit services fees | 9,991 | 486 | — | 10,477 | ||||||||||||
Total revenue | 158,424 | 102,729 | — | 261,153 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Cost of retail merchandise sold | 51,922 | 41,477 | — | 93,399 | ||||||||||||
Cost of wholesale scrap jewelry sold | 13,955 | 3,022 | — | 16,977 | ||||||||||||
Consumer loan and credit services loss provision | 3,275 | 138 | — | 3,413 | ||||||||||||
Total cost of revenue | 69,152 | 44,637 | — | 113,789 | ||||||||||||
Net revenue | 89,272 | 58,092 | — | 147,364 | ||||||||||||
Expenses and other income: | ||||||||||||||||
Store operating expenses | 52,480 | 28,094 | — | 80,574 | ||||||||||||
Administrative expenses | — | — | 24,500 | 24,500 | ||||||||||||
Depreciation and amortization | 2,906 | 2,602 | 1,773 | 7,281 | ||||||||||||
Interest expense | — | — | 5,073 | 5,073 | ||||||||||||
Interest income | — | — | (138 | ) | (138 | ) | ||||||||||
Merger and other acquisition expenses | — | — | 29,398 | 29,398 | ||||||||||||
Net loss on sale of common stock of Enova | — | — | 253 | 253 | ||||||||||||
Total expenses and other income | 55,386 | 30,696 | 60,859 | 146,941 | ||||||||||||
Income (loss) before income taxes | $ | 33,886 | $ | 27,396 | $ | (60,859 | ) | $ | 423 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||
U.S. Pawn | Latin America Pawn | Retail POS Payment Solutions | Corporate | Consolidated | ||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Retail merchandise sales | $ | 400,311 | $ | 200,765 | $ | — | $ | — | $ | 601,076 | ||||||||||||||||||||||
Pawn loan fees | 178,082 | 87,804 | — | — | 265,886 | |||||||||||||||||||||||||||
Leased merchandise income | — | — | 297,647 | — | 297,647 | |||||||||||||||||||||||||||
Interest and fees on finance receivables | — | — | 86,193 | — | 86,193 | |||||||||||||||||||||||||||
Wholesale scrap jewelry sales | 32,197 | 24,456 | — | — | 56,653 | |||||||||||||||||||||||||||
Total revenue | 610,590 | 313,025 | 383,840 | — | 1,307,455 | |||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||||||
Cost of retail merchandise sold | 234,108 | 127,415 | — | — | 361,523 | |||||||||||||||||||||||||||
Depreciation of leased merchandise | — | — | 176,311 | — | 176,311 | |||||||||||||||||||||||||||
Provision for lease losses | — | — | 77,855 | — | 77,855 | |||||||||||||||||||||||||||
Provision for loan losses | — | — | 51,497 | — | 51,497 | |||||||||||||||||||||||||||
Cost of wholesale scrap jewelry sold | 27,812 | 20,298 | — | — | 48,110 | |||||||||||||||||||||||||||
Total cost of revenue | 261,920 | 147,713 | 305,663 | — | 715,296 | |||||||||||||||||||||||||||
Net revenue | 348,670 | 165,312 | 78,177 | — | 592,159 | |||||||||||||||||||||||||||
Expenses and other income: | ||||||||||||||||||||||||||||||||
Operating expenses | 200,064 | 93,595 | 60,192 | — | 353,851 | |||||||||||||||||||||||||||
Administrative expenses | — | — | — | 73,931 | 73,931 | |||||||||||||||||||||||||||
Depreciation and amortization | 11,455 | 8,954 | 1,381 | 29,734 | 51,524 | |||||||||||||||||||||||||||
Interest expense | — | — | — | 32,467 | 32,467 | |||||||||||||||||||||||||||
Interest income | — | — | — | (898) | (898) | |||||||||||||||||||||||||||
Gain on foreign exchange | — | — | — | (453) | (453) | |||||||||||||||||||||||||||
Merger and acquisition expenses | — | — | — | 979 | 979 | |||||||||||||||||||||||||||
Gain on revaluation of contingent acquisition consideration | — | — | — | (62,989) | (62,989) | |||||||||||||||||||||||||||
Other expenses (income), net | — | — | — | (2,885) | (2,885) | |||||||||||||||||||||||||||
Total expenses and other income | 211,519 | 102,549 | 61,573 | 69,886 | 445,527 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 137,151 | $ | 62,763 | $ | 16,604 | $ | (69,886) | $ | 146,632 |
Nine Months Ended September 30, 2017 | ||||||||||||||||
U.S. Operations | Latin America Operations | Corporate | Consolidated | |||||||||||||
Revenue: | ||||||||||||||||
Retail merchandise sales | $ | 519,116 | $ | 231,034 | $ | — | $ | 750,150 | ||||||||
Pawn loan fees | 287,338 | 96,090 | — | 383,428 | ||||||||||||
Wholesale scrap jewelry sales | 91,430 | 15,855 | — | 107,285 | ||||||||||||
Consumer loan and credit services fees | 57,425 | 1,329 | — | 58,754 | ||||||||||||
Total revenue | 955,309 | 344,308 | — | 1,299,617 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Cost of retail merchandise sold | 337,789 | 145,669 | — | 483,458 | ||||||||||||
Cost of wholesale scrap jewelry sold | 87,600 | 14,770 | — | 102,370 | ||||||||||||
Consumer loan and credit services loss provision | 15,115 | 304 | — | 15,419 | ||||||||||||
Total cost of revenue | 440,504 | 160,743 | — | 601,247 | ||||||||||||
Net revenue | 514,805 | 183,565 | — | 698,370 | ||||||||||||
Expenses and other income: | ||||||||||||||||
Store operating expenses | 318,044 | 94,736 | — | 412,780 | ||||||||||||
Administrative expenses | — | — | 93,542 | 93,542 | ||||||||||||
Depreciation and amortization | 18,759 | 7,723 | 16,322 | 42,804 | ||||||||||||
Interest expense | — | — | 17,827 | 17,827 | ||||||||||||
Interest income | — | — | (1,138 | ) | (1,138 | ) | ||||||||||
Merger and other acquisition expenses | — | — | 3,164 | 3,164 | ||||||||||||
Loss on extinguishment of debt | — | — | 14,114 | 14,114 | ||||||||||||
Total expenses and other income | 336,803 | 102,459 | 143,831 | 583,093 | ||||||||||||
Income (loss) before income taxes | $ | 178,002 | $ | 81,106 | $ | (143,831 | ) | $ | 115,277 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
U.S. Pawn | Latin America Pawn | Corporate | Consolidated | |||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Retail merchandise sales | $ | 363,211 | $ | 174,398 | $ | — | $ | 537,609 | ||||||||||||||||||||||||
Pawn loan fees | 143,339 | 82,092 | — | 225,431 | ||||||||||||||||||||||||||||
Wholesale scrap jewelry sales | 16,049 | 18,428 | — | 34,477 | ||||||||||||||||||||||||||||
Total revenue | 522,599 | 274,918 | — | 797,517 | ||||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||||||
Cost of retail merchandise sold | 202,129 | 108,448 | — | 310,577 | ||||||||||||||||||||||||||||
Cost of wholesale scrap jewelry sold | 12,900 | 16,229 | — | 29,129 | ||||||||||||||||||||||||||||
Total cost of revenue | 215,029 | 124,677 | — | 339,706 | ||||||||||||||||||||||||||||
Net revenue | 307,570 | 150,241 | — | 457,811 | ||||||||||||||||||||||||||||
Expenses and other income: | ||||||||||||||||||||||||||||||||
Operating expenses | 188,821 | 87,631 | — | 276,452 | ||||||||||||||||||||||||||||
Administrative expenses | — | — | 58,397 | 58,397 | ||||||||||||||||||||||||||||
Depreciation and amortization | 10,729 | 8,797 | 1,988 | 21,514 | ||||||||||||||||||||||||||||
Interest expense | — | — | 14,428 | 14,428 | ||||||||||||||||||||||||||||
Interest income | — | — | (277) | (277) | ||||||||||||||||||||||||||||
Gain on foreign exchange | — | — | (310) | (310) | ||||||||||||||||||||||||||||
Merger and acquisition expenses | — | — | 1,252 | 1,252 | ||||||||||||||||||||||||||||
Other expenses (income), net | — | — | 1,279 | 1,279 | ||||||||||||||||||||||||||||
Total expenses and other income | 199,550 | 96,428 | 76,757 | 372,735 | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 108,020 | $ | 53,813 | $ | (76,757) | $ | 85,076 |
Nine Months Ended September 30, 2016 | ||||||||||||||||
U.S. Operations | Latin America Operations | Corporate | Consolidated | |||||||||||||
Revenue: | ||||||||||||||||
Retail merchandise sales | $ | 186,673 | $ | 199,861 | $ | — | $ | 386,534 | ||||||||
Pawn loan fees | 94,929 | 87,887 | — | 182,816 | ||||||||||||
Wholesale scrap jewelry sales | 25,910 | 9,996 | — | 35,906 | ||||||||||||
Consumer loan and credit services fees | 19,619 | 1,460 | — | 21,079 | ||||||||||||
Total revenue | 327,131 | 299,204 | — | 626,335 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Cost of retail merchandise sold | 114,632 | 124,534 | — | 239,166 | ||||||||||||
Cost of wholesale scrap jewelry sold | 22,914 | 7,787 | — | 30,701 | ||||||||||||
Consumer loan and credit services loss provision | 5,380 | 400 | — | 5,780 | ||||||||||||
Total cost of revenue | 142,926 | 132,721 | — | 275,647 | ||||||||||||
Net revenue | 184,205 | 166,483 | — | 350,688 | ||||||||||||
Expenses and other income: | ||||||||||||||||
Store operating expenses | 107,196 | 83,367 | — | 190,563 | ||||||||||||
Administrative expenses | — | — | 58,277 | 58,277 | ||||||||||||
Depreciation and amortization | 5,827 | 7,919 | 3,419 | 17,165 | ||||||||||||
Interest expense | — | — | 13,859 | 13,859 | ||||||||||||
Interest income | — | — | (636 | ) | (636 | ) | ||||||||||
Merger and other acquisition expenses | — | — | 33,877 | 33,877 | ||||||||||||
Net loss on sale of common stock of Enova | — | — | 253 | 253 | ||||||||||||
Total expenses and other income | 113,023 | 91,286 | 109,049 | 313,358 | ||||||||||||
Income (loss) before income taxes | $ | 71,182 | $ | 75,197 | $ | (109,049 | ) | $ | 37,330 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||
U.S. | Latin America | Total | ||||||||||||||||||
Total locations, beginning of period | 1,078 | 1,751 | 2,829 | |||||||||||||||||
New locations opened (1) | — | 9 | 9 | |||||||||||||||||
Locations acquired | 1 | — | 1 | |||||||||||||||||
Consolidation of existing pawn locations (2) | (3) | (2) | (5) | |||||||||||||||||
Total locations, end of period | 1,076 | 1,758 | 2,834 | |||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||
U.S. | Latin America | Total | ||||||||||||||||||
Total locations, beginning of period | 1,081 | 1,744 | 2,825 | |||||||||||||||||
New locations opened (1) | — | 19 | 19 | |||||||||||||||||
Locations acquired | 1 | — | 1 | |||||||||||||||||
Consolidation of existing pawn locations (2) | (6) | (5) | (11) | |||||||||||||||||
Total locations, end of period | 1,076 | 1,758 | 2,834 |
Consumer | |||||||||
Pawn | Loan | Total | |||||||
Locations (1) | Locations (2) | Locations | |||||||
U.S.: | |||||||||
Total locations, beginning of period | 1,073 | 44 | 1,117 | ||||||
New locations opened | 1 | — | 1 | ||||||
Locations closed or consolidated | (1 | ) | — | (1 | ) | ||||
Total locations, end of period | 1,073 | 44 | 1,117 | ||||||
Latin America: | |||||||||
Total locations, beginning of period | 952 | 28 | 980 | ||||||
New locations opened | 9 | — | 9 | ||||||
Total locations, end of period | 961 | 28 | 989 | ||||||
Total: | |||||||||
Total locations, beginning of period | 2,025 | 72 | 2,097 | ||||||
New locations opened | 10 | — | 10 | ||||||
Locations closed or consolidated | (1 | ) | — | (1 | ) | ||||
Total locations, end of period | 2,034 | 72 | 2,106 |
Consumer | |||||||||
Pawn | Loan | Total | |||||||
Locations (1) | Locations (2) | Locations | |||||||
U.S.: | |||||||||
Total locations, beginning of period | 1,085 | 45 | 1,130 | ||||||
New locations opened | 2 | — | 2 | ||||||
Locations acquired | 1 | — | 1 | ||||||
Locations closed or consolidated | (15 | ) | (1 | ) | (16 | ) | |||
Total locations, end of period | 1,073 | 44 | 1,117 | ||||||
Latin America: | |||||||||
Total locations, beginning of period | 927 | 28 | 955 | ||||||
New locations opened | 32 | — | 32 | ||||||
Locations acquired | 5 | — | 5 | ||||||
Locations closed or consolidated | (3 | ) | — | (3 | ) | ||||
Total locations, end of period | 961 | 28 | 989 | ||||||
Total: | |||||||||
Total locations, beginning of period | 2,012 | 73 | 2,085 | ||||||
New locations opened | 34 | — | 34 | ||||||
Locations acquired | 6 | — | 6 | ||||||
Locations closed or consolidated | (18 | ) | (1 | ) | (19 | ) | |||
Total locations, end of period | 2,034 | 72 | 2,106 |
September 30, | Favorable / | June 30, | Favorable / | ||||||||||||||||||||||||||||||||
2017 | 2016 | (Unfavorable) | 2022 | 2021 | (Unfavorable) | ||||||||||||||||||||||||||||||
Mexican peso / U.S. dollar exchange rate: | Mexican peso / U.S. dollar exchange rate: | ||||||||||||||||||||||||||||||||||
End-of-period | 18.2 | 19.5 | 7 | % | End-of-period | 20.0 | 19.8 | (1) | % | ||||||||||||||||||||||||||
Three months ended | 17.8 | 18.7 | 5 | % | Three months ended | 20.0 | 20.1 | — | % | ||||||||||||||||||||||||||
Nine months ended | 18.9 | 18.3 | (3 | )% | |||||||||||||||||||||||||||||||
Six months ended | Six months ended | 20.3 | 20.2 | — | % | ||||||||||||||||||||||||||||||
Guatemalan quetzal / U.S. dollar exchange rate: | Guatemalan quetzal / U.S. dollar exchange rate: | ||||||||||||||||||||||||||||||||||
End-of-period | 7.3 | 7.5 | 3 | % | End-of-period | 7.8 | 7.7 | (1) | % | ||||||||||||||||||||||||||
Three months ended | 7.3 | 7.6 | 4 | % | Three months ended | 7.7 | 7.7 | — | % | ||||||||||||||||||||||||||
Nine months ended | 7.4 | 7.6 | 3 | % | |||||||||||||||||||||||||||||||
Six months ended | Six months ended | 7.7 | 7.7 | — | % | ||||||||||||||||||||||||||||||
Colombian peso / U.S. dollar exchange rate: | Colombian peso / U.S. dollar exchange rate: | ||||||||||||||||||||||||||||||||||
End-of-period | End-of-period | 4,127 | 3,757 | (10) | % | ||||||||||||||||||||||||||||||
Three months ended | Three months ended | 3,914 | 3,690 | (6) | % | ||||||||||||||||||||||||||||||
Six months ended | Six months ended | 3,914 | 3,622 | (8) | % |
As of June 30, | |||||||||||||||||||||||||||||
2022 | 2021 | Increase | |||||||||||||||||||||||||||
U.S. Pawn Segment | |||||||||||||||||||||||||||||
Earning assets: | |||||||||||||||||||||||||||||
Pawn loans | $ | 271,255 | $ | 203,838 | 33 | % | |||||||||||||||||||||||
Inventories | 185,921 | 144,083 | 29 | % | |||||||||||||||||||||||||
$ | 457,176 | $ | 347,921 | 31 | % | ||||||||||||||||||||||||
Average outstanding pawn loan amount (in ones) | $ | 222 | $ | 209 | 6 | % | |||||||||||||||||||||||
Composition of pawn collateral: | |||||||||||||||||||||||||||||
General merchandise | 35 | % | 35 | % | |||||||||||||||||||||||||
Jewelry | 65 | % | 65 | % | |||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||
Composition of inventories: | |||||||||||||||||||||||||||||
General merchandise | 45 | % | 49 | % | |||||||||||||||||||||||||
Jewelry | 55 | % | 51 | % | |||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||
Percentage of inventory aged greater than one year | 1 | % | 1 | % | |||||||||||||||||||||||||
Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories) | 2.7 times | 3.1 times |
Balance at September 30, | Increase / | |||||||||||
2017 | 2016 | (Decrease) | ||||||||||
U.S. Operations Segment | ||||||||||||
Earning assets: | ||||||||||||
Pawn loans | $ | 281,217 | $ | 300,646 | (6 | )% | ||||||
Consumer loans, net (1) | 24,108 | 27,381 | (12 | )% | ||||||||
Inventories | 240,384 | 280,429 | (14 | )% | ||||||||
$ | 545,709 | $ | 608,456 | (10 | )% | |||||||
Average outstanding pawn loan amount (in ones) | $ | 152 | $ | 145 | 5 | % | ||||||
Composition of pawn collateral: | ||||||||||||
General merchandise | 36 | % | 39 | % | ||||||||
Jewelry | 64 | % | 61 | % | ||||||||
100 | % | 100 | % | |||||||||
Composition of inventories: | ||||||||||||
General merchandise | 43 | % | 48 | % | ||||||||
Jewelry | 57 | % | 52 | % | ||||||||
100 | % | 100 | % | |||||||||
Percentage of inventory aged greater than one year | 9 | % | 6 | % |
Three Months Ended | |||||||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||||||
2022 | 2021 | Increase | |||||||||||||||||||||||||||
U.S. Pawn Segment | |||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Retail merchandise sales | $ | 195,369 | $ | 173,254 | 13 | % | |||||||||||||||||||||||
Pawn loan fees | 87,743 | 66,942 | 31 | % | |||||||||||||||||||||||||
Wholesale scrap jewelry sales | 15,673 | 6,846 | 129 | % | |||||||||||||||||||||||||
Total revenue | 298,785 | 247,042 | 21 | % | |||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||
Cost of retail merchandise sold | 114,390 | 95,599 | 20 | % | |||||||||||||||||||||||||
Cost of wholesale scrap jewelry sold | 13,282 | 5,387 | 147 | % | |||||||||||||||||||||||||
Total cost of revenue | 127,672 | 100,986 | 26 | % | |||||||||||||||||||||||||
Net revenue | 171,113 | 146,056 | 17 | % | |||||||||||||||||||||||||
Segment expenses: | |||||||||||||||||||||||||||||
Operating expenses | 101,242 | 93,574 | 8 | % | |||||||||||||||||||||||||
Depreciation and amortization | 5,868 | 5,347 | 10 | % | |||||||||||||||||||||||||
Total segment expenses | 107,110 | 98,921 | 8 | % | |||||||||||||||||||||||||
Segment pre-tax operating income | $ | 64,003 | $ | 47,135 | 36 | % | |||||||||||||||||||||||
Operating metrics: | |||||||||||||||||||||||||||||
Retail merchandise sales margin | 41 | % | 45 | % | |||||||||||||||||||||||||
Net revenue margin | 57 | % | 59 | % | |||||||||||||||||||||||||
Segment pre-tax operating margin | 21 | % | 19 | % |
Three Months Ended | |||||||||||||
September 30, | |||||||||||||
2017 | 2016 | Increase | |||||||||||
U.S. Operations Segment | |||||||||||||
Revenue: | |||||||||||||
Retail merchandise sales | $ | 160,598 | $ | 84,547 | 90 | % | |||||||
Pawn loan fees | 95,266 | 48,840 | 95 | % | |||||||||
Wholesale scrap jewelry sales | 32,397 | 15,046 | 115 | % | |||||||||
Consumer loan and credit services fees | 18,525 | 9,991 | 85 | % | |||||||||
Total revenue | 306,786 | 158,424 | 94 | % | |||||||||
Cost of revenue: | |||||||||||||
Cost of retail merchandise sold | 107,561 | 51,922 | 107 | % | |||||||||
Cost of wholesale scrap jewelry sold | 31,518 | 13,955 | 126 | % | |||||||||
Consumer loan and credit services loss provision | 6,068 | 3,275 | 85 | % | |||||||||
Total cost of revenue | 145,147 | 69,152 | 110 | % | |||||||||
Net revenue | 161,639 | 89,272 | 81 | % | |||||||||
Segment expenses: | |||||||||||||
Store operating expenses | 104,555 | 52,480 | 99 | % | |||||||||
Depreciation and amortization | 5,919 | 2,906 | 104 | % | |||||||||
Total segment expenses | 110,474 | 55,386 | 99 | % | |||||||||
Segment pre-tax operating income | $ | 51,165 | $ | 33,886 | 51 | % |
Constant Currency Basis | |||||||||||||||||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, | 2022 | Increase | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Increase | (Non-GAAP) | (Non-GAAP) | |||||||||||||||||||||||||||||||||||||||||||
Latin America Pawn Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Pawn loans | $ | 114,453 | $ | 108,328 | 6 | % | $ | 115,482 | 7 | % | |||||||||||||||||||||||||||||||||||||
Inventories | 74,607 | 72,872 | 2 | % | 75,278 | 3 | % | ||||||||||||||||||||||||||||||||||||||||
$ | 189,060 | $ | 181,200 | 4 | % | $ | 190,760 | 5 | % | ||||||||||||||||||||||||||||||||||||||
Average outstanding pawn loan amount (in ones) | $ | 80 | $ | 80 | — | % | $ | 81 | 1 | % | |||||||||||||||||||||||||||||||||||||
Composition of pawn collateral: | |||||||||||||||||||||||||||||||||||||||||||||||
General merchandise | 69 | % | 67 | % | |||||||||||||||||||||||||||||||||||||||||||
Jewelry | 31 | % | 33 | % | |||||||||||||||||||||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||
Composition of inventories: | |||||||||||||||||||||||||||||||||||||||||||||||
General merchandise | 70 | % | 64 | % | |||||||||||||||||||||||||||||||||||||||||||
Jewelry | 30 | % | 36 | % | |||||||||||||||||||||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||
Percentage of inventory aged greater than one year | 1 | % | 1 | % | |||||||||||||||||||||||||||||||||||||||||||
Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories) | 4.2 times | 4.4 times |
Constant Currency Basis | |||||||||||||||||||||
Balance at | |||||||||||||||||||||
September 30, | Increase / | ||||||||||||||||||||
Balance at September 30, | Increase / | 2017 | (Decrease) | ||||||||||||||||||
2017 | 2016 | (Decrease) | (Non-GAAP) | (Non-GAAP) | |||||||||||||||||
Latin America Operations Segment | |||||||||||||||||||||
Earning assets: | |||||||||||||||||||||
Pawn loans | $ | 90,150 | $ | 72,523 | 24 | % | $ | 84,378 | 16 | % | |||||||||||
Consumer loans, net | 407 | 411 | (1 | )% | 380 | (8 | )% | ||||||||||||||
Inventories | 68,299 | 52,433 | 30 | % | 63,855 | 22 | % | ||||||||||||||
$ | 158,856 | $ | 125,367 | 27 | % | $ | 148,613 | 19 | % | ||||||||||||
Average outstanding pawn loan amount (in ones) | $ | 67 | $ | 59 | 14 | % | $ | 63 | 7 | % | |||||||||||
Composition of pawn collateral: | |||||||||||||||||||||
General merchandise | 82 | % | 82 | % | |||||||||||||||||
Jewelry | 18 | % | 18 | % | |||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||
Composition of inventories: | |||||||||||||||||||||
General merchandise | 75 | % | 80 | % | |||||||||||||||||
Jewelry | 25 | % | 20 | % | |||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||
Percentage of inventory aged greater than one year | 1 | % | 1 | % |
Constant Currency Basis | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months | |||||||||||||||||||||||||||||||||||||||||||||||
Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, | 2022 | Increase | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Increase | (Non-GAAP) | (Non-GAAP) | |||||||||||||||||||||||||||||||||||||||||||
Latin America Pawn Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
Retail merchandise sales | $ | 102,888 | $ | 92,313 | 11 | % | $ | 102,841 | 11 | % | |||||||||||||||||||||||||||||||||||||
Pawn loan fees | 46,324 | 42,967 | 8 | % | 46,304 | 8 | % | ||||||||||||||||||||||||||||||||||||||||
Wholesale scrap jewelry sales | 8,175 | 7,256 | 13 | % | 8,175 | 13 | % | ||||||||||||||||||||||||||||||||||||||||
Total revenue | 157,387 | 142,536 | 10 | % | 157,320 | 10 | % | ||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of retail merchandise sold | 64,919 | 57,825 | 12 | % | 64,888 | 12 | % | ||||||||||||||||||||||||||||||||||||||||
Cost of wholesale scrap jewelry sold | 6,613 | 6,545 | 1 | % | 6,609 | 1 | % | ||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | 71,532 | 64,370 | 11 | % | 71,497 | 11 | % | ||||||||||||||||||||||||||||||||||||||||
Net revenue | 85,855 | 78,166 | 10 | % | 85,823 | 10 | % | ||||||||||||||||||||||||||||||||||||||||
Segment expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 48,053 | 45,554 | 5 | % | 48,048 | 5 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,553 | 4,534 | — | % | 4,559 | 1 | % | ||||||||||||||||||||||||||||||||||||||||
Total segment expenses | 52,606 | 50,088 | 5 | % | 52,607 | 5 | % | ||||||||||||||||||||||||||||||||||||||||
Segment pre-tax operating income | $ | 33,249 | $ | 28,078 | 18 | % | $ | 33,216 | 18 | % | |||||||||||||||||||||||||||||||||||||
Operating metrics: | |||||||||||||||||||||||||||||||||||||||||||||||
Retail merchandise sales margin | 37 | % | 37 | % | 37 | % | |||||||||||||||||||||||||||||||||||||||||
Net revenue margin | 55 | % | 55 | % | 55 | % | |||||||||||||||||||||||||||||||||||||||||
Segment pre-tax operating margin | 21 | % | 20 | % | 21 | % |
Constant Currency Basis | ||||||||||||||||||||||
Three Months | ||||||||||||||||||||||
Ended | ||||||||||||||||||||||
Three Months Ended | September 30, | Increase / | ||||||||||||||||||||
September 30, | Increase / | 2017 | (Decrease) | |||||||||||||||||||
2017 | 2016 | (Decrease) | (Non-GAAP) | (Non-GAAP) | ||||||||||||||||||
Latin America Operations Segment | ||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||
Retail merchandise sales | $ | 85,736 | $ | 67,668 | 27 | % | $ | 81,686 | 21 | % | ||||||||||||
Pawn loan fees | 37,279 | 30,665 | 22 | % | 35,534 | 16 | % | |||||||||||||||
Wholesale scrap jewelry sales | 5,131 | 3,910 | 31 | % | 5,131 | 31 | % | |||||||||||||||
Consumer loan and credit services fees | 480 | 486 | (1 | )% | 457 | (6 | )% | |||||||||||||||
Total revenue | 128,626 | 102,729 | 25 | % | 122,808 | 20 | % | |||||||||||||||
Cost of revenue: | ||||||||||||||||||||||
Cost of retail merchandise sold | 53,789 | 41,477 | 30 | % | 51,252 | 24 | % | |||||||||||||||
Cost of wholesale scrap jewelry sold | 5,313 | 3,022 | 76 | % | 5,068 | 68 | % | |||||||||||||||
Consumer loan and credit services loss provision | 117 | 138 | (15 | )% | 111 | (20 | )% | |||||||||||||||
Total cost of revenue | 59,219 | 44,637 | 33 | % | 56,431 | 26 | % | |||||||||||||||
Net revenue | 69,407 | 58,092 | 19 | % | 66,377 | 14 | % | |||||||||||||||
Segment expenses: | ||||||||||||||||||||||
Store operating expenses | 34,411 | 28,094 | 22 | % | 32,920 | 17 | % | |||||||||||||||
Depreciation and amortization | 2,704 | 2,602 | 4 | % | 2,587 | (1 | )% | |||||||||||||||
Total segment expenses | 37,115 | 30,696 | 21 | % | 35,507 | 16 | % | |||||||||||||||
Segment pre-tax operating income | $ | 32,292 | $ | 27,396 | 18 | % | $ | 30,870 | 13 | % |
As of June 30, 2022 | |||||||||||||||||
As Reported (GAAP) | Adjustments | Adjusted (Non-GAAP) | |||||||||||||||
Finance receivables, before allowance for loan losses (1) | $ | 199,555 | $ | (14,970) | $ | 184,585 | |||||||||||
Less allowance for loan losses | (73,936) | — | (73,936) | ||||||||||||||
Finance receivables, net | $ | 125,619 | $ | (14,970) | $ | 110,649 |
As of June 30, 2022 | |||||||||||||||||
As Reported (GAAP) | Adjustments | Adjusted (Non-GAAP) | |||||||||||||||
Leased merchandise, before allowance for lease losses (1) | $ | 188,025 | $ | 15,174 | $ | 203,199 | |||||||||||
Less allowance for lease losses | (69,101) | (16,913) | (86,014) | ||||||||||||||
Leased merchandise, net | $ | 118,924 | $ | (1,739) | $ | 117,185 |
Three Months Ended June 30, 2022 | |||||||||||||||||
As Reported | Adjusted | ||||||||||||||||
(GAAP) | Adjustments | (Non-GAAP) | |||||||||||||||
Retail POS Payment Solutions Segment | |||||||||||||||||
Revenue: | |||||||||||||||||
Leased merchandise income | $ | 147,700 | $ | — | $ | 147,700 | |||||||||||
Interest and fees on finance receivables | 43,744 | 11,514 | 55,258 | ||||||||||||||
Total revenue | 191,444 | 11,514 | 202,958 | ||||||||||||||
Cost of revenue: | |||||||||||||||||
Depreciation of leased merchandise | 82,605 | (1,598) | 81,007 | ||||||||||||||
Provision for lease losses | 38,035 | — | 38,035 | ||||||||||||||
Provision for loan losses | 26,800 | — | 26,800 | ||||||||||||||
Total cost of revenue | 147,440 | (1,598) | 145,842 | ||||||||||||||
Net revenue | 44,004 | 13,112 | 57,116 | ||||||||||||||
Segment expenses: | |||||||||||||||||
Operating expenses | 31,260 | — | 31,260 | ||||||||||||||
Depreciation and amortization | 699 | — | 699 | ||||||||||||||
Total segment expenses | 31,959 | — | 31,959 | ||||||||||||||
Segment pre-tax operating income | $ | 12,045 | $ | 13,112 | $ | 25,157 |
Three Months Ended | ||||||||||||||||||||||||||
June 30, | Increase / | |||||||||||||||||||||||||
2022 | 2021 | (Decrease) | ||||||||||||||||||||||||
Consolidated Results of Operations | ||||||||||||||||||||||||||
Segment pre-tax operating income: | ||||||||||||||||||||||||||
U.S. pawn | $ | 64,003 | $ | 47,135 | 36 | % | ||||||||||||||||||||
Latin America pawn | 33,249 | 28,078 | 18 | % | ||||||||||||||||||||||
Retail POS payment solutions (1) | 12,045 | — | — | % | ||||||||||||||||||||||
Consolidated segment pre-tax operating income | 109,297 | 75,213 | 45 | % | ||||||||||||||||||||||
Corporate expenses and other income: | ||||||||||||||||||||||||||
Administrative expenses | 37,068 | 27,398 | 35 | % | ||||||||||||||||||||||
Depreciation and amortization | 14,862 | 1,021 | 1,356 | % | ||||||||||||||||||||||
Interest expense | 16,246 | 7,198 | 126 | % | ||||||||||||||||||||||
Interest income | (222) | (119) | 87 | % | ||||||||||||||||||||||
Loss (gain) on foreign exchange | 27 | (577) | (105) | % | ||||||||||||||||||||||
Merger and acquisition expenses | 314 | 1,086 | (71) | % | ||||||||||||||||||||||
Gain on revaluation of contingent acquisition consideration | (65,559) | — | — | % | ||||||||||||||||||||||
Other expenses (income), net | (3,062) | 401 | (864) | % | ||||||||||||||||||||||
Total corporate expenses and other income | (326) | 36,408 | (101) | % | ||||||||||||||||||||||
Income before income taxes | 109,623 | 38,805 | 182 | % | ||||||||||||||||||||||
Provision for income taxes | 23,515 | 10,378 | 127 | % | ||||||||||||||||||||||
Net income | $ | 86,108 | $ | 28,427 | 203 | % |
Three Months Ended | |||||||||||||
September 30, | Increase / | ||||||||||||
2017 | 2016 | (Decrease) | |||||||||||
Consolidated Results of Operations | |||||||||||||
U.S. operations segment pre-tax operating income | $ | 51,165 | $ | 33,886 | 51 | % | |||||||
Latin America operations segment pre-tax operating income | 32,292 | 27,396 | 18 | % | |||||||||
Consolidated segment pre-tax operating income | 83,457 | 61,282 | 36 | % | |||||||||
Corporate expenses and other income: | |||||||||||||
Administrative expenses | 29,999 | 24,500 | 22 | % | |||||||||
Depreciation and amortization | 5,249 | 1,773 | 196 | % | |||||||||
Interest expense | 6,129 | 5,073 | 21 | % | |||||||||
Interest income | (418 | ) | (138 | ) | 203 | % | |||||||
Merger and other acquisition expenses | 911 | 29,398 | (97 | )% | |||||||||
Loss on extinguishment of debt | 20 | — | — | % | |||||||||
Net loss on sale of common stock of Enova | — | 253 | (100 | )% | |||||||||
Total corporate expenses and other income | 41,890 | 60,859 | (31 | )% | |||||||||
Income before income taxes | 41,567 | 423 | 9,727 | % | |||||||||
Provision for income taxes | 13,293 | 1,835 | 624 | % | |||||||||
Net income (loss) | $ | 28,274 | $ | (1,412 | ) | 2,102 | % | ||||||
Comprehensive income (loss) | $ | 23,293 | $ | (15,413 | ) | 251 | % |
Three Months Ended September 30, | ||||||||||||||||
2017 | 2016 | |||||||||||||||
As Reported | Adjusted | As Reported | Adjusted | |||||||||||||
(GAAP) | (Non-GAAP) | (GAAP) | (Non-GAAP) | |||||||||||||
Revenue | $ | 435,412 | $ | 435,412 | $ | 261,153 | $ | 261,153 | ||||||||
Net revenue | $ | 231,046 | $ | 231,046 | $ | 147,364 | $ | 147,364 | ||||||||
Net income (loss) | $ | 28,274 | $ | 28,861 | $ | (1,412 | ) | $ | 20,126 | |||||||
Diluted earnings (loss) per share | $ | 0.59 | $ | 0.61 | $ | (0.04 | ) | $ | 0.58 | |||||||
Weighted avg diluted shares | 47,668 | 47,668 | 34,631 | 34,631 |
Six Months Ended | |||||||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||||||
2022 | 2021 | Increase | |||||||||||||||||||||||||||
U.S. Pawn Segment | |||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Retail merchandise sales | $ | 400,311 | $ | 363,211 | 10 | % | |||||||||||||||||||||||
Pawn loan fees | 178,082 | 143,339 | 24 | % | |||||||||||||||||||||||||
Wholesale scrap jewelry sales | 32,197 | 16,049 | 101 | % | |||||||||||||||||||||||||
Total revenue | 610,590 | 522,599 | 17 | % | |||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||
Cost of retail merchandise sold | 234,108 | 202,129 | 16 | % | |||||||||||||||||||||||||
Cost of wholesale scrap jewelry sold | 27,812 | 12,900 | 116 | % | |||||||||||||||||||||||||
Total cost of revenue | 261,920 | 215,029 | 22 | % | |||||||||||||||||||||||||
Net revenue | 348,670 | 307,570 | 13 | % | |||||||||||||||||||||||||
Segment expenses: | |||||||||||||||||||||||||||||
Operating expenses | 200,064 | 188,821 | 6 | % | |||||||||||||||||||||||||
Depreciation and amortization | 11,455 | 10,729 | 7 | % | |||||||||||||||||||||||||
Total segment expenses | 211,519 | 199,550 | 6 | % | |||||||||||||||||||||||||
Segment pre-tax operating income | $ | 137,151 | $ | 108,020 | 27 | % | |||||||||||||||||||||||
Operating metrics: | |||||||||||||||||||||||||||||
Retail merchandise sales margin | 42 | % | 44 | % | |||||||||||||||||||||||||
Net revenue margin | 57 | % | 59 | % | |||||||||||||||||||||||||
Segment pre-tax operating margin | 22 | % | 21 | % |
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
2017 | 2016 | Increase | |||||||||||
U.S. Operations Segment | |||||||||||||
Revenue: | |||||||||||||
Retail merchandise sales | $ | 519,116 | $ | 186,673 | 178 | % | |||||||
Pawn loan fees | 287,338 | 94,929 | 203 | % | |||||||||
Wholesale scrap jewelry sales | 91,430 | 25,910 | 253 | % | |||||||||
Consumer loan and credit services fees | 57,425 | 19,619 | 193 | % | |||||||||
Total revenue | 955,309 | 327,131 | 192 | % | |||||||||
Cost of revenue: | |||||||||||||
Cost of retail merchandise sold | 337,789 | 114,632 | 195 | % | |||||||||
Cost of wholesale scrap jewelry sold | 87,600 | 22,914 | 282 | % | |||||||||
Consumer loan and credit services loss provision | 15,115 | 5,380 | 181 | % | |||||||||
Total cost of revenue | 440,504 | 142,926 | 208 | % | |||||||||
Net revenue | 514,805 | 184,205 | 179 | % | |||||||||
Segment expenses: | |||||||||||||
Store operating expenses | 318,044 | 107,196 | 197 | % | |||||||||
Depreciation and amortization | 18,759 | 5,827 | 222 | % | |||||||||
Total segment expenses | 336,803 | 113,023 | 198 | % | |||||||||
Segment pre-tax operating income | $ | 178,002 | $ | 71,182 | 150 | % |
Constant Currency Basis | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | |||||||||||||||||||||||||||||||||||||||||||||||
Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, | 2022 | Increase | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Increase | (Non-GAAP) | (Non-GAAP) | |||||||||||||||||||||||||||||||||||||||||||
Latin America Pawn Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
Retail merchandise sales | $ | 200,765 | $ | 174,398 | 15 | % | $ | 201,673 | 16 | % | |||||||||||||||||||||||||||||||||||||
Pawn loan fees | 87,804 | 82,092 | 7 | % | 88,202 | 7 | % | ||||||||||||||||||||||||||||||||||||||||
Wholesale scrap jewelry sales | 24,456 | 18,428 | 33 | % | 24,456 | 33 | % | ||||||||||||||||||||||||||||||||||||||||
Total revenue | 313,025 | 274,918 | 14 | % | 314,331 | 14 | % | ||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of retail merchandise sold | 127,415 | 108,448 | 17 | % | 127,987 | 18 | % | ||||||||||||||||||||||||||||||||||||||||
Cost of wholesale scrap jewelry sold | 20,298 | 16,229 | 25 | % | 20,392 | 26 | % | ||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | 147,713 | 124,677 | 18 | % | 148,379 | 19 | % | ||||||||||||||||||||||||||||||||||||||||
Net revenue | 165,312 | 150,241 | 10 | % | 165,952 | 10 | % | ||||||||||||||||||||||||||||||||||||||||
Segment expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 93,595 | 87,631 | 7 | % | 94,032 | 7 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 8,954 | 8,797 | 2 | % | 9,013 | 2 | % | ||||||||||||||||||||||||||||||||||||||||
Total segment expenses | 102,549 | 96,428 | 6 | % | 103,045 | 7 | % | ||||||||||||||||||||||||||||||||||||||||
Segment pre-tax operating income | $ | 62,763 | $ | 53,813 | 17 | % | $ | 62,907 | 17 | % | |||||||||||||||||||||||||||||||||||||
Operating metrics: | |||||||||||||||||||||||||||||||||||||||||||||||
Retail merchandise sales margin | 37 | % | 38 | % | 37 | % | |||||||||||||||||||||||||||||||||||||||||
Net revenue margin | 53 | % | 55 | % | 53 | % | |||||||||||||||||||||||||||||||||||||||||
Segment pre-tax operating margin | 20 | % | 20 | % | 20 | % |
Constant Currency Basis | ||||||||||||||||||||||
Nine Months | ||||||||||||||||||||||
Ended | ||||||||||||||||||||||
Nine Months Ended | September 30, | Increase / | ||||||||||||||||||||
September 30, | Increase / | 2017 | (Decrease) | |||||||||||||||||||
2017 | 2016 | (Decrease) | (Non-GAAP) | (Non-GAAP) | ||||||||||||||||||
Latin America Operations Segment | ||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||
Retail merchandise sales | $ | 231,034 | $ | 199,861 | 16 | % | $ | 238,833 | 19 | % | ||||||||||||
Pawn loan fees | 96,090 | 87,887 | 9 | % | 99,272 | 13 | % | |||||||||||||||
Wholesale scrap jewelry sales | 15,855 | 9,996 | 59 | % | 15,855 | 59 | % | |||||||||||||||
Consumer loan and credit services fees | 1,329 | 1,460 | (9 | )% | 1,377 | (6 | )% | |||||||||||||||
Total revenue | 344,308 | 299,204 | 15 | % | 355,337 | 19 | % | |||||||||||||||
Cost of revenue: | ||||||||||||||||||||||
Cost of retail merchandise sold | 145,669 | 124,534 | 17 | % | 150,536 | 21 | % | |||||||||||||||
Cost of wholesale scrap jewelry sold | 14,770 | 7,787 | 90 | % | 15,238 | 96 | % | |||||||||||||||
Consumer loan and credit services loss provision | 304 | 400 | (24 | )% | 315 | (21 | )% | |||||||||||||||
Total cost of revenue | 160,743 | 132,721 | 21 | % | 166,089 | 25 | % | |||||||||||||||
Net revenue | 183,565 | 166,483 | 10 | % | 189,248 | 14 | % | |||||||||||||||
Segment expenses: | ||||||||||||||||||||||
Store operating expenses | 94,736 | 83,367 | 14 | % | 97,565 | 17 | % | |||||||||||||||
Depreciation and amortization | 7,723 | 7,919 | (2 | )% | 7,956 | — | % | |||||||||||||||
Total segment expenses | 102,459 | 91,286 | 12 | % | 105,521 | 16 | % | |||||||||||||||
Segment pre-tax operating income | $ | 81,106 | $ | 75,197 | 8 | % | $ | 83,727 | 11 | % |
Six Months Ended June 30, 2022 | |||||||||||||||||
As Reported | Adjusted | ||||||||||||||||
(GAAP) | Adjustments | (Non-GAAP) | |||||||||||||||
Retail POS Payment Solutions Segment | |||||||||||||||||
Revenue: | |||||||||||||||||
Leased merchandise income | $ | 297,647 | $ | — | $ | 297,647 | |||||||||||
Interest and fees on finance receivables | 86,193 | 27,687 | 113,880 | ||||||||||||||
Total revenue | 383,840 | 27,687 | 411,527 | ||||||||||||||
Cost of revenue: | |||||||||||||||||
Depreciation of leased merchandise | 176,311 | (5,957) | 170,354 | ||||||||||||||
Provision for lease losses | 77,855 | — | 77,855 | ||||||||||||||
Provision for loan losses | 51,497 | — | 51,497 | ||||||||||||||
Total cost of revenue | 305,663 | (5,957) | 299,706 | ||||||||||||||
Net revenue | 78,177 | 33,644 | 111,821 | ||||||||||||||
Segment expenses: | |||||||||||||||||
Operating expenses | 60,192 | — | 60,192 | ||||||||||||||
Depreciation and amortization | 1,381 | — | 1,381 | ||||||||||||||
Total segment expenses | 61,573 | — | 61,573 | ||||||||||||||
Segment pre-tax operating income | $ | 16,604 | $ | 33,644 | $ | 50,248 |
Six Months Ended | ||||||||||||||||||||||||||
June 30, | Increase / | |||||||||||||||||||||||||
2022 | 2021 | (Decrease) | ||||||||||||||||||||||||
Consolidated Results of Operations | ||||||||||||||||||||||||||
Segment pre-tax operating income: | ||||||||||||||||||||||||||
U.S. operations | $ | 137,151 | $ | 108,020 | 27 | % | ||||||||||||||||||||
Latin America pawn | 62,763 | 53,813 | 17 | % | ||||||||||||||||||||||
Retail POS payment solutions (1) | 16,604 | — | — | % | ||||||||||||||||||||||
Consolidated segment pre-tax operating income | 216,518 | 161,833 | 34 | % | ||||||||||||||||||||||
Corporate expenses and other income: | ||||||||||||||||||||||||||
Administrative expenses | 73,931 | 58,397 | 27 | % | ||||||||||||||||||||||
Depreciation and amortization | 29,734 | 1,988 | 1,396 | % | ||||||||||||||||||||||
Interest expense | 32,467 | 14,428 | 125 | % | ||||||||||||||||||||||
Interest income | (898) | (277) | 224 | % | ||||||||||||||||||||||
Gain on foreign exchange | (453) | (310) | 46 | % | ||||||||||||||||||||||
Merger and acquisition expenses | 979 | 1,252 | (22) | % | ||||||||||||||||||||||
Gain on revaluation of contingent acquisition consideration | (62,989) | — | — | % | ||||||||||||||||||||||
Other expenses (income), net | (2,885) | 1,279 | (326) | % | ||||||||||||||||||||||
Total corporate expenses and other income | 69,886 | 76,757 | (9) | % | ||||||||||||||||||||||
Income before income taxes | 146,632 | 85,076 | 72 | % | ||||||||||||||||||||||
Provision for income taxes | 32,519 | 22,934 | 42 | % | ||||||||||||||||||||||
Net income | $ | 114,113 | $ | 62,142 | 84 | % |
Nine Months Ended | |||||||||||||
September 30, | Increase / | ||||||||||||
2017 | 2016 | (Decrease) | |||||||||||
Consolidated Results of Operations | |||||||||||||
U.S. operations segment pre-tax operating income | $ | 178,002 | $ | 71,182 | 150 | % | |||||||
Latin America operations segment pre-tax operating income | 81,106 | 75,197 | 8 | % | |||||||||
Consolidated segment pre-tax operating income | 259,108 | 146,379 | 77 | % | |||||||||
Corporate expenses and other income: | |||||||||||||
Administrative expenses | 93,542 | 58,277 | 61 | % | |||||||||
Depreciation and amortization | 16,322 | 3,419 | 377 | % | |||||||||
Interest expense | 17,827 | 13,859 | 29 | % | |||||||||
Interest income | (1,138 | ) | (636 | ) | 79 | % | |||||||
Merger and other acquisition expenses | 3,164 | 33,877 | (91 | )% | |||||||||
Loss on extinguishment of debt | 14,114 | — | — | % | |||||||||
Net loss on sale of common stock of Enova | — | 253 | (100 | )% | |||||||||
Total corporate expenses and other income | 143,831 | 109,049 | 32 | % | |||||||||
Income before income taxes | 115,277 | 37,330 | 209 | % | |||||||||
Provision for income taxes | 39,119 | 13,895 | 182 | % | |||||||||
Net income | $ | 76,158 | $ | 23,435 | 225 | % | |||||||
Comprehensive income (loss) | $ | 107,519 | $ | (7,269 | ) | 1,579 | % |
Nine Months Ended September 30, | ||||||||||||||||
2017 | 2016 | |||||||||||||||
As Reported | Adjusted | As Reported | Adjusted | |||||||||||||
(GAAP) | (Non-GAAP) | (GAAP) | (Non-GAAP) | |||||||||||||
Revenue | $ | 1,299,617 | $ | 1,299,617 | $ | 626,335 | $ | 626,335 | ||||||||
Net revenue | $ | 698,370 | $ | 698,370 | $ | 350,688 | $ | 350,688 | ||||||||
Net income | $ | 76,158 | $ | 87,044 | $ | 23,435 | $ | 47,884 | ||||||||
Diluted earnings per share | $ | 1.58 | $ | 1.81 | $ | 0.77 | $ | 1.58 | ||||||||
Weighted avg diluted shares | 48,117 | 48,117 | 30,372 | 30,372 |
Nine Months Ended | ||||||||
September 30, | ||||||||
2017 | 2016 | |||||||
Cash flow provided by operating activities | $ | 148,846 | $ | 40,474 | ||||
Cash flow used in investing activities | $ | (22,475 | ) | $ | (88,957 | ) | ||
Cash flow provided by (used in) financing activities | $ | (128,365 | ) | $ | 50,537 |
Balance at September 30, | ||||||||
2017 | 2016 | |||||||
Working capital | $ | 758,637 | $ | 817,559 | ||||
Current ratio | 6.57:1 | 5.85:1 | ||||||
Liabilities to equity ratio | 0.45:1 | 0.59:1 | ||||||
Net Debt Ratio (1) | 1.28:1 | 3.42:1 |
Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash flow provided by operating activities | $ | 226,767 | $ | 113,749 | ||||||||||
Cash flow used in investing activities | $ | (136,399) | $ | (107,947) | ||||||||||
Cash flow used in financing activities | $ | (101,983) | $ | (21,495) |
As of June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Working capital | $ | 728,717 | $ | 401,174 | ||||||||||
Current ratio | 3.1:1 | 2.7:1 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
In Thousands | Per Share | In Thousands | Per Share | In Thousands | Per Share | In Thousands | Per Share | ||||||||||||||||||||||||
Net income (loss), as reported | $ | 28,274 | $ | 0.59 | $ | (1,412 | ) | $ | (0.04 | ) | $ | 76,158 | $ | 1.58 | $ | 23,435 | $ | 0.77 | |||||||||||||
Adjustments, net of tax: | |||||||||||||||||||||||||||||||
Merger related expenses: | |||||||||||||||||||||||||||||||
Transaction | — | — | 10,915 | 0.32 | — | — | 13,732 | 0.45 | |||||||||||||||||||||||
Severance and retention | 56 | — | 8,737 | 0.25 | 857 | 0.02 | 8,737 | 0.29 | |||||||||||||||||||||||
Other | 518 | 0.02 | 1,726 | 0.05 | 1,137 | 0.02 | 1,726 | 0.06 | |||||||||||||||||||||||
Total Merger related expenses | 574 | 0.02 | 21,378 | 0.62 | 1,994 | 0.04 | 24,195 | 0.80 | |||||||||||||||||||||||
Other acquisition expenses | — | — | — | — | — | — | 94 | — | |||||||||||||||||||||||
Loss on extinguishment of debt | 13 | — | — | — | 8,892 | 0.19 | — | — | |||||||||||||||||||||||
Net loss on sale of common stock of Enova | — | — | 160 | — | — | — | 160 | 0.01 | |||||||||||||||||||||||
Adjusted net income | $ | 28,861 | $ | 0.61 | $ | 20,126 | $ | 0.58 | $ | 87,044 | $ | 1.81 | $ | 47,884 | $ | 1.58 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
In Thousands | Per Share | In Thousands | Per Share | In Thousands | Per Share | In Thousands | Per Share | ||||||||||||||||||||||||||||||||||||||||
Net income and diluted earnings per share, as reported | $ | 86,108 | $ | 1.81 | $ | 28,427 | $ | 0.70 | $ | 114,113 | $ | 2.38 | $ | 62,142 | $ | 1.52 | |||||||||||||||||||||||||||||||
Adjustments, net of tax: | |||||||||||||||||||||||||||||||||||||||||||||||
Merger and acquisition expenses | 242 | 0.01 | 826 | 0.02 | 753 | 0.02 | 942 | 0.02 | |||||||||||||||||||||||||||||||||||||||
Non-cash foreign currency (gain) loss related to lease liability | (12) | — | (524) | (0.02) | (496) | (0.01) | (103) | — | |||||||||||||||||||||||||||||||||||||||
AFF purchase accounting adjustments (1) | 21,011 | 0.44 | — | — | 47,736 | 1.00 | — | — | |||||||||||||||||||||||||||||||||||||||
Gain on revaluation of contingent acquisition consideration (2) | (53,833) | (1.13) | — | — | (51,854) | (1.08) | — | — | |||||||||||||||||||||||||||||||||||||||
Other expenses (income), net (3) | (2,357) | (0.05) | 309 | 0.01 | (2,221) | (0.05) | 985 | 0.02 | |||||||||||||||||||||||||||||||||||||||
Adjusted net income and diluted earnings per share | $ | 51,159 | $ | 1.08 | $ | 29,038 | $ | 0.71 | $ | 108,031 | $ | 2.26 | $ | 63,966 | $ | 1.56 |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Pre-tax | Tax | After-tax | Pre-tax | Tax | After-tax | ||||||||||||||||||||||||||||||
Merger and acquisition expenses | $ | 314 | $ | 72 | $ | 242 | $ | 1,086 | $ | 260 | $ | 826 | |||||||||||||||||||||||
Non-cash foreign currency gain related to lease liability | (17) | (5) | (12) | (749) | (225) | (524) | |||||||||||||||||||||||||||||
AFF purchase accounting adjustments (1) | 27,287 | 6,276 | 21,011 | — | — | — | |||||||||||||||||||||||||||||
Gain on revaluation of contingent acquisition consideration | (65,559) | (11,726) | (53,833) | — | — | — | |||||||||||||||||||||||||||||
Other expenses (income), net | (3,062) | (705) | (2,357) | 401 | 92 | 309 | |||||||||||||||||||||||||||||
Total adjustments | $ | (41,037) | $ | (6,088) | $ | (34,949) | $ | 738 | $ | 127 | $ | 611 |
Three Months Ended September 30, | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
Pre-tax | Tax | After-tax | Pre-tax | Tax | After-tax | ||||||||||||||||||
Merger related expenses (1) | $ | 911 | $ | 337 | $ | 574 | $ | 29,398 | $ | 8,020 | $ | 21,378 | |||||||||||
Loss on extinguishment of debt | 20 | 7 | 13 | — | — | — | |||||||||||||||||
Net loss on sale of common stock of Enova | — | — | — | 253 | 93 | 160 | |||||||||||||||||
Total adjustments | $ | 931 | $ | 344 | $ | 587 | $ | 29,651 | $ | 8,113 | $ | 21,538 |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Pre-tax | Tax | After-tax | Pre-tax | Tax | After-tax | ||||||||||||||||||||||||||||||
Merger and acquisition expenses | $ | 979 | $ | 226 | $ | 753 | $ | 1,252 | $ | 310 | $ | 942 | |||||||||||||||||||||||
Non-cash foreign currency gain related to lease liability | (709) | (213) | (496) | (147) | (44) | (103) | |||||||||||||||||||||||||||||
AFF purchase accounting adjustments (1) | 61,995 | 14,259 | 47,736 | — | — | — | |||||||||||||||||||||||||||||
Gain on revaluation of contingent acquisition consideration | (62,989) | (11,135) | (51,854) | — | — | — | |||||||||||||||||||||||||||||
Other expenses (income), net | (2,885) | (664) | (2,221) | 1,279 | 294 | 985 | |||||||||||||||||||||||||||||
Total adjustments | $ | (3,609) | $ | 2,473 | $ | (6,082) | $ | 2,384 | $ | 560 | $ | 1,824 |
Nine Months Ended September 30, | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
Pre-tax | Tax | After-tax | Pre-tax | Tax | After-tax | ||||||||||||||||||
Merger related expenses (1) | $ | 3,164 | $ | 1,170 | $ | 1,994 | $ | 33,727 | $ | 9,532 | $ | 24,195 | |||||||||||
Other acquisition expenses | — | — | — | 150 | 56 | 94 | |||||||||||||||||
Loss on extinguishment of debt | 14,114 | 5,222 | 8,892 | — | — | — | |||||||||||||||||
Net loss on sale of common stock of Enova | — | — | — | 253 | 93 | 160 | |||||||||||||||||
Total adjustments | $ | 17,278 | $ | 6,392 | $ | 10,886 | $ | 34,130 | $ | 9,681 | $ | 24,449 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2022 | ||||||||||||||||||||||||||||||||||
Pre-tax | Tax | After-tax | Pre-tax | Tax | After-tax | ||||||||||||||||||||||||||||||
Amortization of fair value premium on acquired finance receivables | $ | 11,514 | $ | 2,649 | $ | 8,865 | $ | 27,687 | $ | 6,368 | $ | 21,319 | |||||||||||||||||||||||
Amortization of fair value premium on acquired leased merchandise | 1,598 | 367 | 1,231 | 5,957 | 1,370 | 4,587 | |||||||||||||||||||||||||||||
Amortization of acquired intangible assets | 14,175 | 3,260 | 10,915 | 28,351 | 6,521 | 21,830 | |||||||||||||||||||||||||||||
Total AFF purchase accounting adjustments | $ | 27,287 | $ | 6,276 | $ | 21,011 | $ | 61,995 | $ | 14,259 | $ | 47,736 |
Trailing Twelve | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 86,108 | $ | 28,427 | $ | 114,113 | $ | 62,142 | $ | 176,880 | $ | 109,930 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 23,515 | 10,378 | 32,519 | 22,934 | 51,178 | 35,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 25,982 | 10,902 | 51,524 | 21,514 | 75,916 | 42,621 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 16,246 | 7,198 | 32,467 | 14,428 | 50,425 | 28,380 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | (222) | (119) | (898) | (277) | (1,317) | (1,107) | ||||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | 151,629 | 56,786 | 229,725 | 120,741 | 353,082 | 215,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger and acquisition expenses | 314 | 1,086 | 979 | 1,252 | 15,176 | 2,366 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash foreign currency (gain) loss related to lease liability | (17) | (749) | (709) | (147) | 82 | (2,842) | ||||||||||||||||||||||||||||||||||||||||||||||||||
AFF purchase accounting adjustments, (1) | 13,112 | — | 33,644 | — | 80,006 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on revaluation of contingent acquisition consideration | (65,559) | — | (62,989) | — | (80,860) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses (income), net | (3,062) | 401 | (2,885) | 1,279 | (3,215) | 4,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | 11,737 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 96,417 | $ | 57,524 | $ | 197,765 | $ | 123,125 | $ | 364,271 | $ | 231,563 | ||||||||||||||||||||||||||||||||||||||||||||
Trailing Twelve | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Months Ended | ||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Net income (loss) | $ | 28,274 | $ | (1,412 | ) | $ | 76,158 | $ | 23,435 | $ | 112,850 | $ | 42,845 | |||||||||||
Income taxes | 13,293 | 1,835 | 39,119 | 13,895 | 58,544 | 22,112 | ||||||||||||||||||
Depreciation and amortization | 13,872 | 7,281 | 42,804 | 17,165 | 57,504 | 21,453 | ||||||||||||||||||
Interest expense | 6,129 | 5,073 | 17,827 | 13,859 | 24,288 | 18,264 | ||||||||||||||||||
Interest income | (418 | ) | (138 | ) | (1,138 | ) | (636 | ) | (1,253 | ) | (1,059 | ) | ||||||||||||
EBITDA | 61,150 | 12,639 | 174,770 | 67,718 | 251,933 | 103,615 | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||
Merger related expenses | 911 | 29,398 | 3,164 | 33,727 | 5,657 | 33,727 | ||||||||||||||||||
Other acquisition expenses | — | — | — | 150 | 300 | 1,850 | ||||||||||||||||||
Loss on extinguishment of debt | 20 | — | 14,114 | — | 14,114 | — | ||||||||||||||||||
Net (gain) / loss on sale of common stock of Enova | — | 253 | — | 253 | (1,552 | ) | 253 | |||||||||||||||||
Adjusted EBITDA | $ | 62,081 | $ | 42,290 | $ | 192,048 | $ | 101,848 | $ | 270,452 | $ | 139,445 | ||||||||||||
Net Debt Ratio calculated as follows: | ||||||||||||||||||||||||
Total debt (outstanding principal) | $ | 440,000 | $ | 560,000 | ||||||||||||||||||||
Less: cash and cash equivalents | (93,411 | ) | (83,356 | ) | ||||||||||||||||||||
Net debt | $ | 346,589 | $ | 476,644 | ||||||||||||||||||||
Adjusted EBITDA | $ | 270,452 | $ | 139,445 | ||||||||||||||||||||
Net Debt Ratio | 1.28 | :1 | 3.42 | :1 |
Trailing Twelve | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Months Ended | ||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Cash flow from operating activities | $ | 106,622 | $ | 44,575 | $ | 226,767 | $ | 113,749 | $ | 336,322 | $ | 192,714 | ||||||||||||||||||||||||||
Cash flow from certain investing activities: | ||||||||||||||||||||||||||||||||||||||
Pawn loans, net (1) | (49,648) | (50,886) | (32,265) | (8,492) | (97,113) | (79,945) | ||||||||||||||||||||||||||||||||
Finance receivables, net | (23,607) | — | (23,546) | — | (29,390) | 182 | ||||||||||||||||||||||||||||||||
Purchases of furniture, fixtures, equipment and improvements | (12,658) | (11,534) | (19,686) | (21,025) | (40,683) | (38,092) | ||||||||||||||||||||||||||||||||
Free cash flow | 20,709 | (17,845) | 151,270 | 84,232 | 169,136 | 74,859 | ||||||||||||||||||||||||||||||||
Merger and acquisition expenses paid, net of tax benefit | 242 | 826 | 753 | 942 | 11,683 | 1,787 | ||||||||||||||||||||||||||||||||
Adjusted free cash flow | $ | 20,951 | $ | (17,019) | $ | 152,023 | $ | 85,174 | $ | 180,819 | $ | 76,646 |
Trailing Twelve | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Months Ended | ||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Cash flow from operating activities | $ | 46,033 | $ | 901 | $ | 148,846 | $ | 40,474 | $ | 205,226 | $ | 68,101 | ||||||||||||
Cash flow from investment activities: | ||||||||||||||||||||||||
Loan receivables, net of cash repayments | (28,702 | ) | (22,020 | ) | 5,261 | (31,486 | ) | 20,675 | (12,903 | ) | ||||||||||||||
Purchases of property and equipment | (9,194 | ) | (6,353 | ) | (26,595 | ) | (23,426 | ) | (37,032 | ) | (28,971 | ) | ||||||||||||
Free cash flow | 8,137 | (27,472 | ) | 127,512 | (14,438 | ) | 188,869 | 26,227 | ||||||||||||||||
Merger related expenses paid, net of tax benefit | 898 | 18,158 | 4,443 | 19,715 | 5,667 | 19,715 | ||||||||||||||||||
Adjusted free cash flow | $ | 9,035 | $ | (9,314 | ) | $ | 131,955 | $ | 5,277 | $ | 194,536 | $ | 45,942 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Total revenue, as reported | $ | 647,616 | $ | 389,578 | $ | 1,307,455 | $ | 797,517 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
AFF purchase accounting adjustments (1) | 11,514 | — | 27,687 | — | |||||||||||||||||||
Adjusted total revenue | $ | 659,130 | $ | 389,578 | $ | 1,335,142 | $ | 797,517 |
Total Number Of Shares Purchased | Average Price Paid Per Share | Total Number Of Shares Purchased As Part Of Publicly Announced Plans | Approximate Dollar Value Of Shares That May Yet Be Purchased Under The Plans | |||||||||||||||||||||||||||||
April 1 through April 30, 2022 | — | $ | — | — | $ | 100,000 | ||||||||||||||||||||||||||
May 1 through May 31, 2022 | — | — | — | 100,000 | ||||||||||||||||||||||||||||
June 1 through June 30, 2022 | 301,000 | 68.10 | 301,000 | 79,501 | ||||||||||||||||||||||||||||
Total | 301,000 | 68.10 | 301,000 | |||||||||||||||||||||||||||||
Plan Announcement Date | Plan Completion Date | Dollar Amount Authorized | Shares Purchased in 2022 | Dollar Amount Purchased in 2022 | Remaining Dollar Amount Authorized For Future Purchases | |||||||||||||||||||||||||||
January 28, 2021 | March 28, 2022 | $ | 100,000 | 1,048,000 | $ | 72,217 | $ | — | ||||||||||||||||||||||||
April 28, 2022 | Currently active | $ | 100,000 | 301,000 | $ | 20,499 | $ | 79,501 | ||||||||||||||||||||||||
Total Number Of Shares Purchased | Average Price Paid Per Share | Total Number Of Shares Purchased As Part Of Publicly Announced Plans | Maximum Number Of Shares That May Yet Be Purchased Under The Plans | Approximate Dollar Value Of Shares That May Yet Be Purchased Under The Plans | |||||||||||||
January 1 through January 31, 2017 | — | $ | — | — | 1,148,000 | (2) | |||||||||||
February 1 through February 28, 2017 | 228,000 | 43.94 | 228,000 | 920,000 | (2) | ||||||||||||
March 1 through March 31, 2017 | — | — | — | 920,000 | (2) | ||||||||||||
April 1 through April 30, 2017 | — | — | — | 920,000 | (2) | ||||||||||||
May 1 through May 31, 2017 | — | — | — | (1) | $ | 100,000 | |||||||||||
June 1 through June 30, 2017 | 290,000 | 56.06 | 290,000 | (1) | 83,731 | ||||||||||||
July 1 through July 31, 2017 | 292,000 | 58.21 | 292,000 | (1) | 66,733 | ||||||||||||
August 1 through August 31, 2017 | 269,000 | 58.53 | 269,000 | (1) | 50,989 | ||||||||||||
September 1 through September 30, 2017 | 103,000 | 58.22 | 103,000 | (1) | 44,970 | ||||||||||||
Total | 1,182,000 | $ | 55.01 | 1,182,000 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit No. | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||||||||||||||||||||
3.1 | DEF 14A | 0-19133 | B | 04/29/2004 | ||||||||||||||||||||||||||||||||||
3.2 | 8-K | 001-10960 | 3.1 | 09/02/2016 | ||||||||||||||||||||||||||||||||||
3.3 | 8-K12B | 001-10960 | 3.1 | 12/16/2021 | ||||||||||||||||||||||||||||||||||
3.4 | 8-K12B | 001-10960 | 3.2 | 12/16/2021 | ||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | X | ||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101) | X |
Incorporated by Reference | ||||||||||||
Exhibit No. | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||
3.1 | DEF 14A | 0-19133 | B | 04/29/2004 | ||||||||
3.2 | 8-K | 001-10960 | 3.1 | 09/02/2016 | ||||||||
3.3 | 8-K | 001-10960 | 3.2 | 09/02/2016 | ||||||||
31.1 | X | |||||||||||
31.2 | X | |||||||||||
32.1 | X | |||||||||||
32.2 | X | |||||||||||
101 (1) | The following financial information from the Company's Quarterly Report on Form 10-Q for the third quarter of fiscal 2017, filed with the SEC on November 1, 2017, is formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets at September 30, 2017, September 30, 2016 and December 31, 2016, (ii) Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2017 and September 30, 2016, (iii) Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2017 and September 30, 2016, (iv) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended September 30, 2017 and September 30, 2016, (v) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and September 30, 2016 and (vi) Notes to Condensed Consolidated Financial Statements. | X |
Dated: August 1, 2022 | FIRSTCASH HOLDINGS, INC. | ||||
/s/ RICK L. WESSEL | |||||
Rick L. Wessel | |||||
Chief Executive Officer | |||||
(On behalf of the Registrant) | |||||
/s/ R. DOUGLAS ORR | |||||
R. Douglas Orr | |||||
Executive Vice President and Chief Financial Officer | |||||
(As Principal Financial and Accounting Officer) |