FirstCash, Inc. (the “Company”) (Nasdaq: FCFS), the leading
international operator of 2,750 retail pawn stores in the U.S. and
Latin America, today announced financial results for the three and
nine month periods ended September 30, 2020 and an update on
the impact of COVID-19 on its business. The Company also announced
that its Board of Directors declared a $0.27 per share quarterly
cash dividend to be paid in November 2020.
Mr. Rick Wessel, chief executive officer,
stated, “FirstCash’s third quarter results reflected continued
profitability and resiliency despite the sharp second quarter
decline in pawn receivables related to the impacts of COVID-19. The
Company saw steady recovery in pawn lending activity and
near-record levels of retail margins. At the same time, we continue
to invest in long-term growth, with 104 pawn stores opened or
acquired year-to-date which drove the total store count to 2,750
locations.
“Given FirstCash’s continued profitability and
strong cash flows, we are pleased to again pay our regular cash
dividend this quarter of $0.27 per share, or $1.08 annualized. The
Company also completed a $500 million bond offering during the
third quarter that enabled us to redeem and replace $300 million of
previously issued bonds at a more favorable rate and over a longer
term, pay down a significant portion of the revolving credit
facility and provide additional long-term funding for growth and
future shareholder returns.”
This release contains adjusted earnings
measures, which exclude debt extinguishment costs and certain other
extraordinary and/or non-cash expenses, which are non-GAAP
financial measures. Please refer to the descriptions and
reconciliations to GAAP of these and other non-GAAP financial
measures at the end of this release.
|
Three Months Ended September 30, |
|
As Reported (GAAP) |
|
Adjusted (Non-GAAP) |
In thousands, except per share
amounts |
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue |
$ |
359,890 |
|
$ |
452,459 |
|
$ |
359,890 |
|
$ |
452,459 |
Net income |
$ |
15,062 |
|
$ |
34,761 |
|
$ |
24,453 |
|
$ |
36,246 |
Diluted earnings per
share |
$ |
0.36 |
|
$ |
0.81 |
|
$ |
0.59 |
|
$ |
0.84 |
EBITDA (non-GAAP measure) |
$ |
34,174 |
|
$ |
68,131 |
|
$ |
46,333 |
|
$ |
70,173 |
Weighted-average diluted
shares |
41,536 |
|
43,167 |
|
41,536 |
|
43,167 |
|
Nine Months Ended September 30, |
|
As Reported (GAAP) |
|
Adjusted (Non-GAAP) |
In thousands, except per share
amounts |
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue |
$ |
1,239,126 |
|
$ |
1,366,077 |
|
$ |
1,239,126 |
|
$ |
1,366,077 |
Net income |
$ |
73,853 |
|
$ |
110,464 |
|
$ |
90,620 |
|
$ |
114,064 |
Diluted earnings per
share |
$ |
1.77 |
|
$ |
2.55 |
|
$ |
2.17 |
|
$ |
2.63 |
EBITDA (non-GAAP measure) |
$ |
152,760 |
|
$ |
209,203 |
|
$ |
174,869 |
|
$ |
213,959 |
Weighted-average diluted
shares |
41,691 |
|
43,358 |
|
41,691 |
|
43,358 |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Earnings Highlights
- Due primarily to the combined
impacts of COVID-19, debt extinguishment costs, lower foreign
exchange rates and the wind-down of consumer lending operations,
diluted earnings per share decreased 56% on a GAAP basis and 30% on
an adjusted non-GAAP basis in the third quarter of 2020 compared to
the prior-year quarter. For the nine month year-to-date period,
diluted earnings per share decreased 31% on a GAAP basis and 17% on
an adjusted non-GAAP basis. Key factors affecting the comparability
of 2020 earnings results to 2019 include:• Third quarter and
year-to-date 2020 GAAP net income was reduced by the loss on
extinguishment of debt related to the senior notes refinancing
which was $9 million, or $0.22 per share, on a tax-effected basis.
This loss is excluded from the Company’s non-GAAP adjusted
financial measures (see detailed reconciliation of non-GAAP
financial measures provided elsewhere in this release).• The
COVID-19 related impact on lending demand resulted in pawn fee
revenues declining $43 million, or 30%, in the third quarter
compared to the prior-year quarter. The impact of the decline was
significantly offset by combined store-level and administrative
expense reductions of $24 million during the quarter as compared to
the prior-year quarter.• While total merchandise sales (from
retail and wholesale scrap jewelry sales) were down 15% compared to
the prior-year quarter, due primarily to lower beginning inventory
levels, gross profit from merchandise sales was down only 2% on a
U.S dollar basis and up slightly (under 1%) on a constant currency
basis, in each case compared to the prior-year quarter, a result of
significantly increased retail and scrap jewelry
margins.• Foreign exchange rates in Latin America were also
negatively impacted by COVID-19, affecting U.S. dollar-reported
earnings per share and represented approximately $0.03 of earnings
drag in the third quarter and $0.08 year-to-date.• Contraction
and termination of non-core unsecured consumer lending operations
during the first half of the year reduced earnings per share on a
GAAP basis by $0.02 in the third quarter of 2020 and $0.07 per
share year-to-date. Adjusted non-GAAP earnings per share were
impacted by $0.03 in the third quarter and $0.13 year-to-date
compared to the respective prior-year periods.• Income tax
rates for the third quarter and the year-to-date periods were lower
than prior-year periods, primarily due to the Internal Revenue
Service finalizing regulations in July 2020 for the global
intangible low-taxed income tax (“GILTI tax”) provisions for
foreign operations in the U.S. federal tax code. The GILTI tax
became effective in 2018, and based on preliminary IRS guidance,
the impact to the Company has been included in its tax provisions
since 2018. The finalized regulations issued in July effectively
eliminated the impact of the incremental GILTI tax for the
Company’s 2018, 2019 and current tax years and permitted
retroactive application which results in a reduction in 2020 tax
expense of approximately $3 million, or $0.07 per share.
- Net income for the third quarter
totaled $15 million on a GAAP basis and $24 million on an adjusted
non-GAAP basis. For the trailing twelve months ended September 30,
2020, consolidated net income was $128 million on a GAAP basis and
$144 million on an adjusted non-GAAP basis, while adjusted EBITDA
totaled $265 million.
- Cash flow from operating activities
was $245 million for the trailing twelve months ended September 30,
2020. Adjusted free cash flow, a non-GAAP financial measure, for
the trailing twelve months was $390 million.
Acquisitions and Store Opening
Highlights
- A total of 13 de novo locations
were opened in Latin America during the third quarter, which
included 10 locations in Mexico, two in Guatemala and one in
Colombia. Several expected third quarter openings were impacted by
pandemic-related delays in obtaining various operating
permits.
- Year-to-date, a total of 104 stores
have been added in Latin America, including 64 de novo stores and
40 acquired stores.
- The total store count at September
30, 2020 stands at a record 2,750 locations, of which, 63% or 1,720
are in Latin America and 1,030 are in the United States.
U.S. Pawn Operations
- During the third quarter, all of
the current 1,030 U.S. stores were operational, excluding a very
limited number of temporary closures primarily related to the
Company’s COVID-19 safety protocols.
- As previously reported, with the
onset of COVID-19 related lock-downs and subsequent federal
stimulus response, pawn loan originations in the U.S. fell
significantly in April, declining almost 60% for the month. Pawn
loan originations began improving in May and continued to rebound
throughout the third quarter and thus far into October. Same-store
pawn loan origination volumes were down only 17% in September as
compared to the same prior-year period and were down only 8% during
the past two weeks of October. During the same two week period, the
volume of “buys,” which is merchandise purchased directly from
customers, has increased 16% on a same-store basis compared to last
year and total same-store customer fundings, which are pawn loan
originations plus buys, are down just 5% compared to last year’s
same two week period.
- Pawn balances at September 30 were
down 30% compared to the prior year in total and on a same-store
basis, resulting in a 30% reduction in total and same-store pawn
fee revenues compared to the prior-year quarter, which compares
favorably to the 40% decrease in pawn balances at the end of June.
As of October 20, same-store pawn loans are down 26% compared to
the prior year, and given the accelerating recovery in pawn
originations, we believe could improve even more rapidly in the
fourth quarter.
- Pawn loan forfeiture rates in the
third quarter were again lower than historical levels, driven by
customer liquidity and more active buying of general merchandise
items. The resulting average monthly yield of 12% on the pawn loan
portfolio for the third quarter represented an improvement of
approximately 30 basis points compared to the yield in the
prior-year comparable quarter.
- Inventory levels at the beginning
of the third quarter were lower than normal following record second
quarter domestic retail sales and fewer forfeited pawn loans due to
the impacts of COVID-19 on lending activity. Partially offsetting
the impact of lower beginning inventories was an increase in the
percentage of merchandise purchased directly from customers.
Purchased inventories can be put up for sale faster and typically
at better margins than forfeited collateral. Resulting inventory
levels at the end of the third quarter remained consistent with the
previous sequential quarter, while retail sales decreased a modest
10% compared to the prior-year quarter, both in total and on a
same-store basis.
- Despite the decline in top-line
retail sales, total gross profit from retail sales for the third
quarter increased 4% over the prior-year quarter driven by a 600
basis point improvement in retail margins. The third quarter retail
margin of 44% was significantly higher than the 38% margin in the
same quarter last year and greater than the 42% margin in the
previous sequential quarter. The continued strength in retail
margins reflect continued retail demand for value-priced pre-owned
merchandise, increased buying of fresh merchandise from customers
and lower levels of aged inventory, all of which limited the need
for normal discounting. Aged inventories were 2% of total
inventories at September 30, which improved compared to 3% a year
ago.
- Net revenue from non-core scrap
jewelry sales increased 10% for the quarter and 8% year-to-date
compared to the respective prior-year periods. The improvement was
driven primarily by increased gold prices and resulted in a 19%
third quarter margin on scrap jewelry sales compared to 12% in the
prior-year quarter.
- Store operating expenses decreased
10% on both a total and same-store basis compared to the prior-year
quarter, reflecting the continued expense optimization efforts from
reduced staffing levels through normal attrition, reduced store
hours and other store-level cost saving initiatives.
U.S. Consumer Lending Operations
- Consistent with the Company’s
strategy to focus on pawn operations, the Company ceased offering
unsecured consumer loan and credit services products, which include
all payday and installment loans, in the U.S. effective June 30,
2020.
- Revenues from consumer lending
operations in the third quarter were from loans and credit services
transactions originated prior to June 30, 2020 and totaled only
$57,000 compared to $3 million in the third quarter of last year.
The Company anticipates no revenue and minimal earnings
contribution from the remaining wind-down of its consumer lending
operations in the fourth quarter of 2020.
Note: Certain growth rates in “Latin America
Operations” below are calculated on a constant currency basis, a
non-GAAP financial measure defined at the end of this release. The
average Mexican peso to U.S. dollar exchange rate for the three
month period ended September 30, 2020 was 22.1 pesos / dollar,
an unfavorable change of 14% versus the comparable prior-year
period, and for the nine month period ended September 30, 2020
was 21.8 pesos / dollar, an unfavorable change of 13% versus the
prior-year period.
Latin America Pawn
Operations
- All of the Company’s stores in
Latin America are currently open and operating. During the third
quarter, operations were nominally impacted by restricted operating
days/hours in Colombia, El Salvador and Guatemala, mass transit
closings and other short-term closings due primarily to safety
protocols related to the COVID-19 pandemic.
- Latin America saw second quarter
declines in economic activity and personal spending related to
COVID-19. The impact on pawn originations was significant, with
year-over-year origination volumes declining approximately
50% in Mexico during May. This decline, while considerable,
was less severe than in the U.S., likely due to limited government
stimulus programs in Latin America in response to the pandemic.
Pawn loan origination volume in Latin America improved steadily
during the third quarter, with same-store origination volumes in
Mexico down 19% in September and 15% over the past two weeks of
October compared to the prior-year periods.
- Pawn loans outstanding at September
30 were down 29% on a U.S. dollar translated basis and 19% on a
constant currency basis compared to the prior year, while
same-store pawn loans at quarter end decreased 31% on a U.S. dollar
translated basis and 21% on a constant currency basis compared to
the prior-year quarter. As of October 20, currency adjusted pawn
loans were down 18% compared to the prior year.
- Pawn fees in the third quarter
decreased 30% in total, or 21% on a constant currency basis, as
compared to the prior-year quarter. On a same-store basis, pawn
fees decreased 32% on a U.S. dollar basis and were down 23% on a
constant currency basis. Similar to U.S. results, pawn redemptions
in Latin America were strong and drove improved yields during the
quarter.
- Retail sales were impacted by a
combination of lower beginning inventory levels and a more limited
economic recovery in the third quarter versus the U.S. Resulting
retail sales for the third quarter decreased 26%, or 17% on a
constant currency basis, compared to the prior-year quarter.
Same-store retail sales decreased 29% on a U.S. dollar basis and
were down 20% on a constant currency basis.
- Partially offsetting lower sales,
retail sales margins improved to 37% in the third quarter compared
to 34% in the prior-year quarter and 36% in the previous sequential
quarter due to the increased focus on loan-to-value ratios. Aged
inventories remained low at less than 2% of total inventories.
- Net revenue from scrap jewelry
sales was $3 million for the quarter compared to less than $1
million in the prior-year period as a result of increased margins
and higher volumes. Scrap jewelry sales margins were strong at 25%
during the third quarter versus 12% in the prior-year quarter,
driven by increased dollar-denominated gold prices.
- Store operating expenses decreased
15%, or 5% on a constant currency basis, and same-store operating
expenses decreased 19%, or 10% on a constant currency basis,
compared to the prior-year quarter. The reduction in operating
expenses reflects the continued expense optimization efforts from
reduced staffing levels through normal attrition, reduced store
hours and other store level cost saving initiatives.
Liquidity and Shareholder Returns
- In August 2020, the Company
successfully completed an offering of $500 million of 4.625% senior
unsecured notes due in 2028. The Company used the proceeds from the
offering to redeem all $300 million of its 5.375% senior notes due
in 2024, to significantly pay down the outstanding balance on the
Company’s revolving unsecured credit facility and to pay fees and
expenses related to the redemption and offering. In addition to the
lower interest rate and the extended term, the new notes provide
greater flexibility for opportunistic acquisitions, strategic real
estate purchases and shareholder payouts in the form of dividends
and share repurchases.
- The Company’s strong liquidity
position at September 30, 2020 includes cash balances of $79
million and significant availability under its $500 million
domestic bank line of credit.
- The net debt ratio improved to 1.7
to 1 for the trailing twelve months ended September 30, 2020,
compared to 1.9 to 1 a year ago. See non-GAAP financial measures
elsewhere in this release.
- The Board of Directors declared a
$0.27 per share fourth quarter cash dividend on common shares
outstanding, which will be paid on November 27, 2020 to
stockholders of record as of November 13, 2020. This
represents an annualized cash dividend of $1.08 per share. Any
future dividends are subject to approval by the Company’s Board of
Directors.
- Effective October 20, 2020, the
Company lifted the temporary suspension of its share repurchase
program put in place in April at the onset of the COVID-19
pandemic. Future share repurchases will remain subject to expected
liquidity, debt covenant restrictions, alternative acquisition
opportunities and other relevant factors. Year-to-date, the Company
repurchased 981,000 shares at an aggregate cost of $80 million and
$48 million remains under the current share repurchase
authorization.
2020 Outlook
- Due to the uncertainty around
COVID-19 and foreign currency volatility, the Company withdrew its
initial 2020 earnings guidance on April 22, 2020. Given the ongoing
uncertainties regarding the pace of the recovery in pawn
receivables and inventories and ongoing currency volatility, the
Company has not reinstated earnings guidance for the balance of the
year. However, as the Company continues to evaluate its 2020
earnings results, the following factors are expected to impact its
comparisons to prior-year results:• Impact of COVID-19: The
extent to which COVID-19 continues to impact the Company’s
operations will depend on future developments, which are uncertain
and cannot be predicted with confidence, including the ongoing
duration and severity of the outbreak and government responses to
the pandemic and the resulting impact on borrowing demand and
retail operations. For example, the normalization of demand for
pawn loans could be delayed in the short-term by reduced personal
spending if businesses and schools cannot reopen or remain open and
by additional government stimulus payments and benefit
programs.Based on the currently improving growth trends for pawn
receivables, the Company expects a smaller percentage decline in
pawn fees in the fourth quarter as compared to the third quarter.
While inventory levels have generally stabilized in the third
quarter, especially in the U.S., fourth quarter sales will be
impacted by lower inventory levels compared to the prior year.
Despite the effects of the pandemic and currency volatility,
full-year retail sales for 2020 are still expected to be down less
than 10% to the prior year. The Company expects the continuation of
improved retail margins in the fourth quarter, which will partially
offset lower sales volumes, and expects to realize total expense
savings at a rate similar to third quarter results.• Currency
volatility: Global economic uncertainty due to the COVID-19
pandemic has strengthened the relative value of the U.S. dollar and
negatively impacted developing market currencies, including the
Mexican peso, which is the primary currency for the Company’s
foreign operations. The current peso to dollar exchange rate of
approximately 21.5 to 1 compares to an average rate in the first
nine months of 2020 of 21.8 to 1 and an average rate of 19.3 to 1
during all of 2019. For the fourth quarter of 2020, the Company
estimates that each full Mexican peso change in the exchange rate
to the U.S. dollar represents approximately $0.08 to $0.10 per
share of annualized earnings impact to the Company.• Income
tax rate: For the full-year of 2020, the effective income tax rate
is expected to range from 24.5% to 26.0% compared to 26.7% in 2019.
The lower expected tax rate is primarily due to the finalized
regulations on the GILTI tax as noted above and is dependent on
other estimates that affect the tax rate and are subject to
considerable change, such as the inflation index in Mexico and
certain nondeductible executive incentive compensation in the
U.S.• New store openings: Despite the challenges presented by
COVID-19, including significant construction, utility and
permitting delays, a total of 64 stores were opened in Latin
America during the first nine months of the year. While the Company
has a strong pipeline of additional stores leased, under
construction or completed and awaiting permits, the impacts of
COVID-19 will likely limit the number of 2020 openings to a total
of 70 to 75 stores. As a reminder, the Company typically limits the
number of fourth quarter openings in order to minimize operational
distractions in the holiday sales season.
Additional Commentary and
Analysis
Mr. Wessel provided the following additional
insights on the Company’s third quarter operating results and
outlook for the fourth quarter:
“FirstCash continues to focus on customer and
employee safety as we navigate the pandemic and its significant
health and economic impacts. We are proud of our team’s resiliency
and dedication to safely provide essential products and services to
our loyal customers in these challenging times. The Company’s
ability to keep its stores open and maintain our workforce have
been critical. We have remained committed to avoiding layoffs or
furloughs in any of our significant geographic markets and
corporate offices and our front-line employees, as a whole, have
benefited from record levels of incentive pay so far this year.
“We are seeing a steady rebound in pawn
activity, with U.S. originations thus far in October rapidly
approaching more normalized levels, which we believe will lead to
the substantial recovery in pawn balances in the first quarter of
next year if current trends continue. In addition, our stores
continue to maintain a disciplined approach in setting both
loan-to-value ratios and the amount we pay for merchandise
purchased directly from customers. Coupled with continued demand
for our retail products and higher gold prices, retail margins and
scrap jewelry margins were well above historical norms during the
third quarter, and we expect these trends to continue in the fourth
quarter.
“Despite the obvious challenges, we have now
safely added over 100 stores this year through acquisitions and new
store openings. Additional store openings are planned in the fourth
quarter and our real estate team continues to build a pipeline of
openings for 2021. We are also optimistic about potential store
acquisition opportunities in both the U.S. and Latin America over
the next several quarters. Given current market conditions in
commercial retail leasing, we are more focused than ever on
optimizing our store real estate portfolio through negotiation of
more favorable lease extensions and/or exploring opportunities to
relocate or optimize store locations. Additionally, we continue to
make strategic purchases of the real property at existing store
locations as opportunities and sufficient economics arise in key
markets and locations. The Company expects the combination of these
real estate initiatives over time to reduce occupancy expenses and
improve the quality and overall profitability of its locations.
“FirstCash continues to maintain strong
liquidity and has generated record free cash flows in this year’s
unprecedented environment. The Company’s excellent credit profile
was evidenced by our ability to refinance our senior notes in
August with an oversubscribed and upsized $500 million issuance at
4.625% with an eight year term. This issuance reduces our long-term
fixed rate financing costs and provides additional capital for loan
growth, new stores, acquisitions and shareholder returns. We have
also enhanced liquidity and cash flows this year through expense
discipline which enabled us to achieve a $24 million, or 13%,
reduction in combined store-level and administrative expenses
during the third quarter, and we anticipate significant cost
reductions to continue into the fourth quarter and next year as we
navigate the pandemic.
“While 2020 has obviously been a challenging
year for our customers, employees and the Company, we remain
optimistic about the recovery and believe that we are very well
positioned for long-term growth and increased shareholder value,”
concluded Mr. Wessel.
About FirstCash
FirstCash is the leading international operator
of pawn stores with 2,750 retail pawn locations and approximately
17,000 employees in 24 U.S. states, the District of Columbia and
four countries in Latin America including Mexico, Guatemala, El
Salvador and Colombia. FirstCash focuses on serving cash and credit
constrained consumers through its retail pawn locations, which buy
and sell a wide variety of jewelry, electronics, tools, appliances,
sporting goods, musical instruments and other merchandise, and make
small consumer pawn loans secured by pledged personal property.
FirstCash is a component company in both the
Standard & Poor’s MidCap 400 Index® and the
Russell 2000 Index®. FirstCash’s common stock
(ticker symbol “FCFS”) is traded on the Nasdaq,
the creator of the world’s first electronic stock market. For
additional information regarding FirstCash and the services it
provides, visit FirstCash’s website located at
http://www.firstcash.com.
Forward-Looking Information
This release contains forward-looking statements
about the business, financial condition and prospects of FirstCash,
Inc. and its wholly owned subsidiaries (together, the “Company”).
Forward-looking statements, as that term is defined in the Private
Securities Litigation Reform Act of 1995, can be identified by the
use of forward-looking terminology such as “outlook,” “believes,”
“projects,” “expects,” “may,” “estimates,” “should,” “plans,”
“targets,” “intends,” “could,” “would,” “anticipates,” “potential,”
“confident,” “optimistic,” or the negative thereof, or other
variations thereon, or comparable terminology, or by discussions of
strategy, objectives, estimates, guidance, expectations and future
plans. Forward-looking statements can also be identified by the
fact these statements do not relate strictly to historical or
current matters. Rather, forward-looking statements relate to
anticipated or expected events, activities, trends or results.
Because forward-looking statements relate to matters that have not
yet occurred, these statements are inherently subject to risks and
uncertainties.
While the Company believes the expectations
reflected in forward-looking statements are reasonable, there can
be no assurances such expectations will prove to be accurate.
Security holders are cautioned such forward-looking statements
involve risks and uncertainties. Certain factors may cause results
to differ materially from those anticipated by the forward-looking
statements made in this release. Such factors may include, without
limitation, the risks, uncertainties and regulatory developments
(1) related to the COVID-19 pandemic, which include risks and
uncertainties related to the current unknown duration and severity
of the COVID-19 pandemic, the impact of governmental responses that
have been, and may in the future be, imposed in response to the
pandemic, including stimulus programs which could adversely impact
lending demand and regulations which could adversely affect the
Company’s ability to continue to fully operate, potential changes
in consumer behavior and shopping patterns which could impact
demand for both the Company’s pawn loan and retail products, the
deterioration in the economic conditions in the United States and
Latin America which potentially could have an impact on
discretionary consumer spending, and currency fluctuations,
primarily involving the Mexican peso and (2) those discussed and
described in the Company’s 2019 annual report on Form 10-K filed
with the Securities and Exchange Commission (the “SEC”) on
February 3, 2020, including the risks described in Part 1,
Item 1A, “Risk Factors” thereof, and other reports filed
subsequently by the Company with the SEC, including the Company’s
quarterly report on Form 10-Q filed with the SEC on April 27, 2020.
Many of these risks and uncertainties are beyond the ability of the
Company to control, nor can the Company predict, in many cases, all
of the risks and uncertainties that could cause its actual results
to differ materially from those indicated by the forward-looking
statements. The forward-looking statements contained in this
release speak only as of the date of this release, and the Company
expressly disclaims any obligation or undertaking to report any
updates or revisions to any such statement to reflect any change in
the Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based, except as
required by law.
CONSOLIDATED STATEMENTS OF
INCOME(unaudited, in thousands, except per share
amounts)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue: |
|
|
|
|
|
|
|
Retail merchandise sales |
$ |
234,982 |
|
|
$ |
281,358 |
|
|
$ |
819,011 |
|
|
$ |
844,353 |
|
Pawn loan fees |
99,570 |
|
|
142,879 |
|
|
343,675 |
|
|
420,994 |
|
Wholesale scrap jewelry sales |
25,281 |
|
|
25,661 |
|
|
74,437 |
|
|
82,352 |
|
Consumer loan and credit services fees |
57 |
|
|
2,561 |
|
|
2,003 |
|
|
18,378 |
|
Total revenue |
359,890 |
|
|
452,459 |
|
|
1,239,126 |
|
|
1,366,077 |
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
Cost of retail merchandise sold |
137,230 |
|
|
178,597 |
|
|
493,436 |
|
|
534,218 |
|
Cost of wholesale scrap jewelry sold |
19,818 |
|
|
22,660 |
|
|
61,022 |
|
|
76,947 |
|
Consumer loan and credit services loss provision |
104 |
|
|
223 |
|
|
(480 |
) |
|
3,829 |
|
Total cost of revenue |
157,152 |
|
|
201,480 |
|
|
553,978 |
|
|
614,994 |
|
|
|
|
|
|
|
|
|
Net revenue |
202,738 |
|
|
250,979 |
|
|
685,148 |
|
|
751,083 |
|
|
|
|
|
|
|
|
|
Expenses and other
income: |
|
|
|
|
|
|
|
Store operating expenses |
132,061 |
|
|
149,819 |
|
|
426,612 |
|
|
445,018 |
|
Administrative expenses |
24,354 |
|
|
30,576 |
|
|
85,642 |
|
|
94,426 |
|
Depreciation and amortization |
10,426 |
|
|
10,674 |
|
|
31,424 |
|
|
31,058 |
|
Interest expense |
6,561 |
|
|
8,922 |
|
|
21,953 |
|
|
25,840 |
|
Interest income |
(499 |
) |
|
(429 |
) |
|
(1,209 |
) |
|
(788 |
) |
Merger and other acquisition expenses |
7 |
|
|
805 |
|
|
209 |
|
|
1,510 |
|
(Gain) loss on foreign exchange |
(432 |
) |
|
1,648 |
|
|
1,639 |
|
|
926 |
|
Loss on extinguishment of debt |
11,737 |
|
|
— |
|
|
11,737 |
|
|
— |
|
Write-offs and impairments of certain lease intangibles and other
assets |
837 |
|
|
— |
|
|
6,549 |
|
|
— |
|
Total expenses and other income |
185,052 |
|
|
202,015 |
|
|
584,556 |
|
|
597,990 |
|
|
|
|
|
|
|
|
|
Income before income
taxes |
17,686 |
|
|
48,964 |
|
|
100,592 |
|
|
153,093 |
|
|
|
|
|
|
|
|
|
Provision for income taxes |
2,624 |
|
|
14,203 |
|
|
26,739 |
|
|
42,629 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
15,062 |
|
|
$ |
34,761 |
|
|
$ |
73,853 |
|
|
$ |
110,464 |
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.36 |
|
|
$ |
0.81 |
|
|
$ |
1.78 |
|
|
$ |
2.56 |
|
Diluted |
$ |
0.36 |
|
|
$ |
0.81 |
|
|
$ |
1.77 |
|
|
$ |
2.55 |
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
41,440 |
|
|
42,957 |
|
|
41,597 |
|
|
43,183 |
|
Diluted |
41,536 |
|
|
43,167 |
|
|
41,691 |
|
|
43,358 |
|
|
|
|
|
|
|
|
|
Dividends declared per common
share |
$ |
0.27 |
|
|
$ |
0.25 |
|
|
$ |
0.81 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTCASH,
INC.CONSOLIDATED BALANCE
SHEETS(unaudited, in thousands)
|
September 30, |
|
December 31, |
|
2020 |
|
2019 |
|
2019 |
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ |
78,844 |
|
|
$ |
61,183 |
|
|
$ |
46,527 |
|
Fees and service charges
receivable |
36,423 |
|
|
48,587 |
|
|
46,686 |
|
Pawn loans |
270,619 |
|
|
385,907 |
|
|
369,527 |
|
Consumer loans, net |
— |
|
|
895 |
|
|
751 |
|
Inventories |
168,664 |
|
|
281,921 |
|
|
265,256 |
|
Income taxes receivable |
7,534 |
|
|
1,944 |
|
|
875 |
|
Prepaid expenses and other
current assets |
10,647 |
|
|
9,275 |
|
|
11,367 |
|
Total current assets |
572,731 |
|
|
789,712 |
|
|
740,989 |
|
|
|
|
|
|
|
Property and equipment,
net |
341,827 |
|
|
300,087 |
|
|
336,167 |
|
Operating lease right of use
asset |
289,175 |
|
|
288,460 |
|
|
304,549 |
|
Goodwill |
932,329 |
|
|
936,562 |
|
|
948,643 |
|
Intangible assets, net |
83,837 |
|
|
86,468 |
|
|
85,875 |
|
Other assets |
9,087 |
|
|
10,880 |
|
|
11,506 |
|
Deferred tax assets |
6,509 |
|
|
10,624 |
|
|
11,711 |
|
Total assets |
$ |
2,235,495 |
|
|
$ |
2,422,793 |
|
|
$ |
2,439,440 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Accounts payable and accrued
liabilities |
$ |
79,979 |
|
|
$ |
81,999 |
|
|
$ |
72,398 |
|
Customer deposits |
36,189 |
|
|
41,686 |
|
|
39,736 |
|
Income taxes payable |
183 |
|
|
713 |
|
|
4,302 |
|
Lease liability, current |
84,970 |
|
|
83,328 |
|
|
86,466 |
|
Total current liabilities |
201,321 |
|
|
207,726 |
|
|
202,902 |
|
|
|
|
|
|
|
Revolving unsecured credit
facilities |
40,000 |
|
|
340,000 |
|
|
335,000 |
|
Senior unsecured notes |
492,775 |
|
|
296,394 |
|
|
296,568 |
|
Deferred tax liabilities |
69,261 |
|
|
61,240 |
|
|
61,431 |
|
Lease liability,
non-current |
188,212 |
|
|
181,257 |
|
|
193,504 |
|
Total liabilities |
991,569 |
|
|
1,086,617 |
|
|
1,089,405 |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Common stock |
493 |
|
|
493 |
|
|
493 |
|
Additional paid-in capital |
1,226,512 |
|
|
1,229,793 |
|
|
1,231,528 |
|
Retained earnings |
767,683 |
|
|
684,865 |
|
|
727,476 |
|
Accumulated other comprehensive loss |
(164,877 |
) |
|
(113,516 |
) |
|
(96,969 |
) |
Common stock held in treasury, at cost |
(585,885 |
) |
|
(465,459 |
) |
|
(512,493 |
) |
Total stockholders’ equity |
1,243,926 |
|
|
1,336,176 |
|
|
1,350,035 |
|
Total liabilities and stockholders’ equity |
$ |
2,235,495 |
|
|
$ |
2,422,793 |
|
|
$ |
2,439,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTCASH, INC.OPERATING
INFORMATION(UNAUDITED)
The Company’s reportable segments are as
follows:
- U.S. operations
- Latin America operations - Includes operations in Mexico,
Guatemala, El Salvador and Colombia
The Company provides revenues, cost of revenues,
store operating expenses, pre-tax operating income and earning
assets by segment. Store operating expenses include salary and
benefit expense of store-level employees, occupancy costs, bank
charges, security, insurance, utilities, supplies and other costs
incurred by the stores.
U.S. Operations Segment Results
The following table details earning assets,
which consist of pawn loans, inventories and unsecured consumer
loans, net as well as other earning asset metrics of the U.S.
operations segment as of September 30, 2020 as compared to
September 30, 2019 (dollars in thousands, except as otherwise
noted):
|
As of September 30, |
|
Increase / |
|
2020 |
|
2019 |
|
(Decrease) |
U.S. Operations
Segment |
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
Pawn loans |
$ |
188,819 |
|
|
$ |
270,659 |
|
|
(30 |
)% |
Inventories |
|
120,397 |
|
|
|
185,369 |
|
|
(35 |
)% |
Consumer loans, net (1) |
|
— |
|
|
|
895 |
|
|
(100 |
)% |
|
$ |
309,216 |
|
|
$ |
456,923 |
|
|
(32 |
)% |
|
|
|
|
|
|
|
|
Average outstanding pawn loan
amount (in ones) |
$ |
188 |
|
|
$ |
167 |
|
|
13 |
% |
|
|
|
|
|
|
|
|
Composition of pawn
collateral: |
|
|
|
|
|
|
|
General merchandise |
34 |
% |
|
36 |
% |
|
|
Jewelry |
66 |
% |
|
64 |
% |
|
|
|
100 |
% |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
Composition of
inventories: |
|
|
|
|
|
|
|
General merchandise |
42 |
% |
|
47 |
% |
|
|
Jewelry |
58 |
% |
|
53 |
% |
|
|
|
100 |
% |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
Percentage of inventory aged
greater than one year |
2 |
% |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
Inventory turns (trailing
twelve months retail sales divided by average inventories) |
3.2 times |
|
|
2.8 times |
|
|
|
|
|
|
|
|
|
(1) Effective June 30, 2020, the Company
ceased offering unsecured consumer lending and credit services
products, which include all payday and installment loans, in the
U.S.
FIRSTCASH, INC.OPERATING
INFORMATION (CONTINUED)(UNAUDITED)
The following table presents segment pre-tax
operating income of the U.S. operations segment for the three
months ended September 30, 2020 as compared to the three
months ended September 30, 2019 (dollars in thousands):
|
Three Months Ended |
|
|
|
September 30, |
|
Increase / |
|
2020 |
|
2019 |
|
(Decrease) |
U.S. Operations
Segment |
|
|
|
|
|
Revenue: |
|
|
|
|
|
Retail merchandise sales |
$ |
151,618 |
|
$ |
168,092 |
|
(10 |
)% |
Pawn loan fees |
66,180 |
|
95,125 |
|
(30 |
)% |
Wholesale scrap jewelry sales |
12,692 |
|
18,369 |
|
(31 |
)% |
Consumer loan and credit services fees |
57 |
|
2,561 |
|
(98 |
)% |
Total revenue |
230,547 |
|
284,147 |
|
(19 |
)% |
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
Cost of retail merchandise sold |
84,673 |
|
103,728 |
|
(18 |
)% |
Cost of wholesale scrap jewelry sold |
10,316 |
|
16,217 |
|
(36 |
)% |
Consumer loan and credit services loss provision |
104 |
|
223 |
|
(53 |
)% |
Total cost of revenue |
95,093 |
|
120,168 |
|
(21 |
)% |
|
|
|
|
|
|
Net revenue |
135,454 |
|
163,979 |
|
(17 |
)% |
|
|
|
|
|
|
Segment expenses: |
|
|
|
|
|
Store operating expenses |
92,678 |
|
103,315 |
|
(10 |
)% |
Depreciation and amortization |
5,390 |
|
5,213 |
|
3 |
% |
Total segment expenses |
98,068 |
|
108,528 |
|
(10 |
)% |
|
|
|
|
|
|
Segment pre-tax operating
income |
$ |
37,386 |
|
$ |
55,451 |
|
(33 |
)% |
|
|
|
|
|
|
|
|
|
FIRSTCASH, INC.OPERATING
INFORMATION (CONTINUED)(UNAUDITED)
The following table presents segment pre-tax
operating income of the U.S. operations segment for the nine months
ended September 30, 2020 as compared to the nine months ended
September 30, 2019 (dollars in thousands):
|
Nine Months Ended |
|
|
|
September 30, |
|
Increase / |
|
2020 |
|
2019 |
|
(Decrease) |
U.S. Operations
Segment |
|
|
|
|
|
Revenue: |
|
|
|
|
|
Retail merchandise sales |
$ |
556,528 |
|
|
$ |
523,825 |
|
6 |
% |
Pawn loan fees |
235,937 |
|
|
283,127 |
|
(17 |
)% |
Wholesale scrap jewelry sales |
37,727 |
|
|
56,942 |
|
(34 |
)% |
Consumer loan and credit services fees |
2,003 |
|
|
18,378 |
|
(89 |
)% |
Total revenue |
832,195 |
|
|
882,272 |
|
(6 |
)% |
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
Cost of retail merchandise sold |
325,863 |
|
|
326,134 |
|
— |
% |
Cost of wholesale scrap jewelry sold |
32,754 |
|
|
52,340 |
|
(37 |
)% |
Consumer loan and credit services loss provision |
(480 |
) |
|
3,829 |
|
(113 |
)% |
Total cost of revenue |
358,137 |
|
|
382,303 |
|
(6 |
)% |
|
|
|
|
|
|
Net revenue |
474,058 |
|
|
499,969 |
|
(5 |
)% |
|
|
|
|
|
|
Segment expenses: |
|
|
|
|
|
Store operating expenses |
303,686 |
|
|
310,208 |
|
(2 |
)% |
Depreciation and amortization |
16,352 |
|
|
15,527 |
|
5 |
% |
Total segment expenses |
320,038 |
|
|
325,735 |
|
(2 |
)% |
|
|
|
|
|
|
Segment pre-tax operating
income |
$ |
154,020 |
|
|
$ |
174,234 |
|
(12 |
)% |
|
|
|
|
|
|
|
|
|
|
FIRSTCASH, INC.OPERATING
INFORMATION (CONTINUED)(UNAUDITED)
Latin America Operations Segment
Results
The Company’s management reviews and analyzes
certain operating results in Latin America on a constant currency
basis because the Company believes this better represents the
Company’s underlying business trends. Constant currency results are
non-GAAP financial measures, which exclude the effects of foreign
currency translation and are calculated by translating current-year
results at prior-year average exchange rates. The wholesale scrap
jewelry sales in Latin America are priced and settled in U.S.
dollars and are not affected by foreign currency translation, as
are a small percentage of the operating and administrative expenses
in Latin America, which are billed and paid in U.S. dollars.
Amounts presented on a constant currency basis are denoted as such.
See the “Constant Currency Results” section below for additional
discussion of constant currency results.
The following table provides exchange rates for
the Mexican peso, Guatemalan quetzal and Colombian peso for the
current and prior-year periods:
|
September 30, |
|
Favorable / |
|
2020 |
|
2019 |
|
(Unfavorable) |
Mexican peso / U.S. dollar
exchange rate: |
|
|
|
|
|
End-of-period |
22.5 |
|
19.6 |
|
(15 |
)% |
Three months ended |
22.1 |
|
19.4 |
|
(14 |
)% |
Nine months ended |
21.8 |
|
19.3 |
|
(13 |
)% |
|
|
|
|
|
|
Guatemalan quetzal / U.S.
dollar exchange rate: |
|
|
|
|
|
End-of-period |
7.8 |
|
7.7 |
|
(1 |
)% |
Three months ended |
7.7 |
|
7.7 |
|
— |
% |
Nine months ended |
7.7 |
|
7.7 |
|
— |
% |
|
|
|
|
|
|
Colombian peso / U.S. dollar
exchange rate: |
|
|
|
|
|
End-of-period |
3,879 |
|
3,462 |
|
(12 |
)% |
Three months ended |
3,730 |
|
3,339 |
|
(12 |
)% |
Nine months ended |
3,703 |
|
3,239 |
|
(14 |
)% |
|
|
|
|
|
|
|
FIRSTCASH, INC.OPERATING
INFORMATION (CONTINUED)(UNAUDITED)
The following table details earning assets,
which consist of pawn loans and inventories as well as other
earning asset metrics of the Latin America operations segment as of
September 30, 2020 as compared to September 30, 2019
(dollars in thousands, except as otherwise noted):
|
|
|
|
|
|
|
|
|
Constant Currency Basis |
|
|
|
|
|
|
|
|
|
As of |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
Increase / |
|
As of September 30, |
|
|
|
2020 |
|
(Decrease) |
|
2020 |
|
2019 |
|
Decrease |
|
(Non-GAAP) |
|
(Non-GAAP) |
Latin America
Operations Segment |
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Pawn loans |
$ |
81,800 |
|
|
$ |
115,248 |
|
|
(29 |
)% |
|
$ |
93,105 |
|
(19 |
)% |
Inventories |
|
48,267 |
|
|
|
96,552 |
|
|
(50 |
)% |
|
54,770 |
|
(43 |
)% |
|
$ |
130,067 |
|
|
$ |
211,800 |
|
|
(39 |
)% |
|
$ |
147,875 |
|
(30 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Average outstanding pawn loan
amount (in ones) |
$ |
64 |
|
|
$ |
66 |
|
|
(3 |
)% |
|
$ |
73 |
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Composition of pawn
collateral: |
|
|
|
|
|
|
|
|
|
|
|
General merchandise |
66 |
% |
|
72 |
% |
|
|
|
|
|
|
Jewelry |
34 |
% |
|
28 |
% |
|
|
|
|
|
|
|
100 |
% |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of
inventories: |
|
|
|
|
|
|
|
|
|
|
|
General merchandise |
60 |
% |
|
73 |
% |
|
|
|
|
|
|
Jewelry |
40 |
% |
|
27 |
% |
|
|
|
|
|
|
|
100 |
% |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of inventory aged
greater than one year |
2 |
% |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory turns (trailing
twelve months retail sales divided by average inventories) |
4.1 times |
|
|
3.7 times |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTCASH, INC.OPERATING
INFORMATION (CONTINUED)(UNAUDITED)
The following table presents segment pre-tax
operating income of the Latin America operations segment for the
three months ended September 30, 2020 as compared to the three
months ended September 30, 2019 (dollars in thousands):
|
|
|
|
|
|
|
Constant Currency Basis |
|
|
|
|
|
|
|
Three Months |
|
|
|
|
|
|
|
Ended |
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
Increase / |
|
September 30, |
|
Increase / |
|
2020 |
|
(Decrease) |
|
2020 |
|
2019 |
|
(Decrease) |
|
(Non-GAAP) |
|
(Non-GAAP) |
Latin America
Operations Segment |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
Retail merchandise sales |
$ |
83,364 |
|
|
$ |
113,266 |
|
|
(26 |
)% |
|
$ |
94,326 |
|
|
(17 |
)% |
Pawn loan fees |
33,390 |
|
|
47,754 |
|
|
(30 |
)% |
|
37,869 |
|
|
(21 |
)% |
Wholesale scrap jewelry sales |
12,589 |
|
|
7,292 |
|
|
73 |
% |
|
12,589 |
|
|
73 |
% |
Total revenue |
129,343 |
|
|
168,312 |
|
|
(23 |
)% |
|
144,784 |
|
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
Cost of retail merchandise sold |
52,557 |
|
|
74,869 |
|
|
(30 |
)% |
|
59,447 |
|
|
(21 |
)% |
Cost of wholesale scrap jewelry sold |
9,502 |
|
|
6,443 |
|
|
47 |
% |
|
10,816 |
|
|
68 |
% |
Total cost of revenue |
62,059 |
|
|
81,312 |
|
|
(24 |
)% |
|
70,263 |
|
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
Net revenue |
67,284 |
|
|
87,000 |
|
|
(23 |
)% |
|
74,521 |
|
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
Segment expenses: |
|
|
|
|
|
|
|
|
|
Store operating expenses |
39,383 |
|
|
46,504 |
|
|
(15 |
)% |
|
44,204 |
|
|
(5 |
)% |
Depreciation and amortization |
3,903 |
|
|
3,795 |
|
|
3 |
% |
|
4,370 |
|
|
15 |
% |
Total segment expenses |
43,286 |
|
|
50,299 |
|
|
(14 |
)% |
|
48,574 |
|
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
Segment pre-tax operating
income |
$ |
23,998 |
|
|
$ |
36,701 |
|
|
(35 |
)% |
|
$ |
25,947 |
|
|
(29 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTCASH, INC.OPERATING
INFORMATION (CONTINUED)(UNAUDITED)
The following table presents segment pre-tax
operating income of the Latin America operations segment for the
nine months ended September 30, 2020 as compared to the nine
months ended September 30, 2019 (dollars in thousands):
|
|
|
|
|
|
|
Constant Currency Basis |
|
|
|
|
|
|
|
Nine Months |
|
|
|
|
|
|
|
Ended |
|
|
|
Nine Months Ended |
|
|
|
September 30, |
|
Increase / |
|
September 30, |
|
Increase / |
|
2020 |
|
(Decrease) |
|
2020 |
|
2019 |
|
(Decrease) |
|
(Non-GAAP) |
|
(Non-GAAP) |
Latin America
Operations Segment |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
Retail merchandise sales |
$ |
262,483 |
|
|
$ |
320,528 |
|
|
(18 |
)% |
|
$ |
295,523 |
|
|
(8 |
)% |
Pawn loan fees |
107,738 |
|
|
137,867 |
|
|
(22 |
)% |
|
121,324 |
|
|
(12 |
)% |
Wholesale scrap jewelry sales |
36,710 |
|
|
25,410 |
|
|
44 |
% |
|
36,710 |
|
|
44 |
% |
Total revenue |
406,931 |
|
|
483,805 |
|
|
(16 |
)% |
|
453,557 |
|
|
(6 |
)% |
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
Cost of retail merchandise sold |
167,573 |
|
|
208,084 |
|
|
(19 |
)% |
|
188,607 |
|
|
(9 |
)% |
Cost of wholesale scrap jewelry sold |
28,268 |
|
|
24,607 |
|
|
15 |
% |
|
31,892 |
|
|
30 |
% |
Total cost of revenue |
195,841 |
|
|
232,691 |
|
|
(16 |
)% |
|
220,499 |
|
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
Net revenue |
211,090 |
|
|
251,114 |
|
|
(16 |
)% |
|
233,058 |
|
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
Segment expenses: |
|
|
|
|
|
|
|
|
|
Store operating expenses |
122,926 |
|
|
134,810 |
|
|
(9 |
)% |
|
137,211 |
|
|
2 |
% |
Depreciation and amortization |
11,568 |
|
|
10,679 |
|
|
8 |
% |
|
12,886 |
|
|
21 |
% |
Total segment expenses |
134,494 |
|
|
145,489 |
|
|
(8 |
)% |
|
150,097 |
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
Segment pre-tax operating
income |
$ |
76,596 |
|
|
$ |
105,625 |
|
|
(27 |
)% |
|
$ |
82,961 |
|
|
(21 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTCASH, INC.OPERATING
INFORMATION (CONTINUED)(UNAUDITED)
Consolidated Results of Operations
The following table reconciles pre-tax operating
income of the Company’s U.S. operations segment and Latin America
operations segment discussed above to consolidated net income (in
thousands):
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Consolidated Results
of Operations |
|
|
|
|
|
|
|
Segment pre-tax operating
income: |
|
|
|
|
|
|
|
U.S. operations |
$ |
37,386 |
|
|
$ |
55,451 |
|
|
$ |
154,020 |
|
|
$ |
174,234 |
|
Latin America operations |
23,998 |
|
|
36,701 |
|
|
76,596 |
|
|
105,625 |
|
Consolidated segment pre-tax operating income |
61,384 |
|
|
92,152 |
|
|
230,616 |
|
|
279,859 |
|
|
|
|
|
|
|
|
|
Corporate expenses and other
income: |
|
|
|
|
|
|
|
Administrative expenses |
24,354 |
|
|
30,576 |
|
|
85,642 |
|
|
94,426 |
|
Depreciation and amortization |
1,133 |
|
|
1,666 |
|
|
3,504 |
|
|
4,852 |
|
Interest expense |
6,561 |
|
|
8,922 |
|
|
21,953 |
|
|
25,840 |
|
Interest income |
(499 |
) |
|
(429 |
) |
|
(1,209 |
) |
|
(788 |
) |
Merger and other acquisition expenses |
7 |
|
|
805 |
|
|
209 |
|
|
1,510 |
|
(Gain) loss on foreign exchange |
(432 |
) |
|
1,648 |
|
|
1,639 |
|
|
926 |
|
Loss on extinguishment of debt |
11,737 |
|
|
— |
|
|
11,737 |
|
|
— |
|
Write-offs and impairments of certain lease intangibles and other
assets |
837 |
|
|
— |
|
|
6,549 |
|
|
— |
|
Total corporate expenses and other income |
43,698 |
|
|
43,188 |
|
|
130,024 |
|
|
126,766 |
|
|
|
|
|
|
|
|
|
Income before income
taxes |
17,686 |
|
|
48,964 |
|
|
100,592 |
|
|
153,093 |
|
|
|
|
|
|
|
|
|
Provision for income taxes |
2,624 |
|
|
14,203 |
|
|
26,739 |
|
|
42,629 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
15,062 |
|
|
$ |
34,761 |
|
|
$ |
73,853 |
|
|
$ |
110,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTCASH, INC.STORE
COUNT ACTIVITY
The following tables detail store count
activity:
|
Three Months Ended September 30, 2020 |
|
U.S. |
|
Latin America |
|
|
|
Operations Segment (2) |
|
Operations Segment (3) |
|
Total Locations |
Total locations, beginning of period |
1,035 |
|
|
1,710 |
|
|
2,745 |
|
New locations opened |
— |
|
|
13 |
|
|
13 |
|
Consolidation of existing pawn locations |
(5 |
) |
|
(3 |
) |
|
(8 |
) |
Total locations, end of period |
1,030 |
|
|
1,720 |
|
|
2,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2020 |
|
U.S. |
|
Latin America |
|
|
|
Operations Segment (2) |
|
Operations Segment (3) |
|
Total Locations |
Total locations, beginning of
period |
1,056 |
|
|
1,623 |
|
|
2,679 |
|
New locations opened |
— |
|
|
64 |
|
|
64 |
|
Locations acquired |
— |
|
|
40 |
|
|
40 |
|
Closure of consumer loan stores (1) |
(13 |
) |
|
— |
|
|
(13 |
) |
Consolidation of existing pawn locations |
(13 |
) |
|
(7 |
) |
|
(20 |
) |
Total locations, end of period |
1,030 |
|
|
1,720 |
|
|
2,750 |
|
|
|
|
|
|
|
|
|
|
(1) Effective June 30, 2020, the Company
ceased offering unsecured consumer lending and credit services
products, which include all payday and installment loans, in the
U.S.
(2) The table does not include 42 check
cashing locations operated by independent franchisees under
franchising agreements with the Company.
(3) The table does not include 27 Prendamex
pawn locations operated by independent franchisees under
franchising agreements with the Company.
FIRSTCASH,
INC.RECONCILIATIONS OF NON-GAAP FINANCIAL
MEASURESTO GAAP FINANCIAL
MEASURES(UNAUDITED)
The Company uses certain financial calculations
such as adjusted net income, adjusted diluted earnings per share,
EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow
and constant currency results as factors in the measurement and
evaluation of the Company’s operating performance and
period-over-period growth. The Company derives these financial
calculations on the basis of methodologies other than generally
accepted accounting principles (“GAAP”), primarily by excluding
from a comparable GAAP measure certain items the Company does not
consider to be representative of its actual operating performance.
These financial calculations are “non-GAAP financial measures” as
defined under the SEC rules. The Company uses these non-GAAP
financial measures in operating its business because management
believes they are less susceptible to variances in actual operating
performance that can result from the excluded items, other
infrequent charges and currency fluctuations. The Company presents
these financial measures to investors because management believes
they are useful to investors in evaluating the primary factors that
drive the Company’s core operating performance and provide greater
transparency into the Company’s results of operations. However,
items that are excluded and other adjustments and assumptions that
are made in calculating these non-GAAP financial measures are
significant components in understanding and assessing the Company’s
financial performance. These non-GAAP financial measures should be
evaluated in conjunction with, and are not a substitute for, the
Company’s GAAP financial measures. Further, because these non-GAAP
financial measures are not determined in accordance with GAAP and
are thus susceptible to varying calculations, the non-GAAP
financial measures, as presented, may not be comparable to other
similarly titled measures of other companies.
While acquisitions are an important part of the
Company’s overall strategy, the Company has adjusted the applicable
financial calculations to exclude merger and other acquisition
expenses to allow more accurate comparisons of the financial
results to prior periods. In addition, the Company does not
consider these merger and other acquisition expenses to be related
to the organic operations of the acquired businesses or its
continuing operations and such expenses are generally not relevant
to assessing or estimating the long-term performance of the
acquired businesses. Merger and other acquisition expenses include
incremental costs directly associated with merger and acquisition
activities, including professional fees, legal expenses, severance,
retention and other employee-related costs, contract breakage costs
and costs related to the consolidation of technology systems and
corporate facilities, among others.
The Company has certain leases in Mexico which
are denominated in U.S. dollars. The lease liability of these U.S.
dollar denominated leases, which is considered a monetary
liability, is remeasured into Mexican pesos using current period
exchange rates resulting in the recognition of foreign currency
exchange gains or losses. The Company has adjusted the applicable
financial measures to exclude these remeasurement gains or losses
because they are non-cash, non-operating items that could create
volatility in the Company’s consolidated results of operations due
to the magnitude of the end of period lease liability being
remeasured and to improve comparability of current periods
presented with prior periods due to the adoption of ASC 842 on
January 1, 2019.
FIRSTCASH,
INC.RECONCILIATIONS OF NON-GAAP FINANCIAL
MEASURESTO GAAP FINANCIAL MEASURES
(CONTINUED)(UNAUDITED)
Adjusted Net Income and Adjusted Diluted
Earnings Per Share
Management believes the presentation of adjusted
net income and adjusted diluted earnings per share provides
investors with greater transparency and provides a more complete
understanding of the Company’s financial performance and prospects
for the future by excluding items that management believes are
non-operating in nature and not representative of the Company’s
core operating performance of its continuing operations. In
addition, management believes the adjustments shown below are
useful to investors in order to allow them to compare the Company’s
financial results for the current periods presented with the prior
periods presented.
The following table provides a reconciliation
between net income and diluted earnings per share calculated in
accordance with GAAP to adjusted net income and adjusted diluted
earnings per share, which are shown net of tax (in thousands,
except per share amounts):
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
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 |
$ |
15,062 |
|
|
$ |
0.36 |
|
|
$ |
34,761 |
|
|
$ |
0.81 |
|
|
$ |
73,853 |
|
|
$ |
1.77 |
|
|
$ |
110,464 |
|
|
$ |
2.55 |
|
Adjustments, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and other acquisition expenses |
5 |
|
|
— |
|
|
567 |
|
|
0.01 |
|
|
151 |
|
|
— |
|
|
1,097 |
|
|
0.02 |
|
Non-cash foreign currency (gain) loss related to lease
liability |
(308 |
) |
|
(0.01 |
) |
|
340 |
|
|
0.01 |
|
|
2,453 |
|
|
0.06 |
|
|
(34 |
) |
|
— |
|
Loss on extinguishment of debt |
9,037 |
|
|
0.22 |
|
|
— |
|
|
— |
|
|
9,037 |
|
|
0.22 |
|
|
— |
|
|
— |
|
Non-cash write-off of certain merger related lease intangibles
(1) |
644 |
|
|
0.02 |
|
|
— |
|
|
— |
|
|
3,579 |
|
|
0.09 |
|
|
— |
|
|
— |
|
Non-cash impairment of certain other assets (2) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,463 |
|
|
0.03 |
|
|
— |
|
|
— |
|
Consumer lending wind-down costs and asset impairments |
13 |
|
|
— |
|
|
578 |
|
|
0.01 |
|
|
84 |
|
|
— |
|
|
2,537 |
|
|
0.06 |
|
Adjusted net income and
diluted earnings per share |
$ |
24,453 |
|
|
$ |
0.59 |
|
|
$ |
36,246 |
|
|
$ |
0.84 |
|
|
$ |
90,620 |
|
|
$ |
2.17 |
|
|
$ |
114,064 |
|
|
$ |
2.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Certain above/below market store lease
intangibles, recorded in conjunction with the Cash America merger
in 2016, were written-off as a result of the Company purchasing the
real estate from the landlords of the respective stores.
(2) Impairment related to a non-operating
asset in which the Company determined that an other than temporary
impairment existed as of March 31, 2020.
FIRSTCASH,
INC.RECONCILIATIONS OF NON-GAAP FINANCIAL
MEASURESTO GAAP FINANCIAL MEASURES
(CONTINUED)(UNAUDITED)
The following tables provide a reconciliation of
the gross amounts, the impact of income taxes and the net amounts
for the adjustments included in the table above (in thousands):
|
Three Months Ended September 30, |
|
2020 |
|
2019 |
|
Pre-tax |
|
Tax |
|
After-tax |
|
Pre-tax |
|
Tax |
|
After-tax |
Merger and other acquisition expenses |
$ |
7 |
|
|
$ |
2 |
|
|
$ |
5 |
|
|
$ |
805 |
|
|
$ |
238 |
|
|
$ |
567 |
|
Non-cash foreign currency
(gain) loss related to lease liability |
(439 |
) |
|
(131 |
) |
|
(308 |
) |
|
486 |
|
|
146 |
|
|
340 |
|
Loss on extinguishment of
debt |
11,737 |
|
|
2,700 |
|
|
9,037 |
|
|
— |
|
|
— |
|
|
— |
|
Non-cash write-off of certain
merger related lease intangibles |
837 |
|
|
193 |
|
|
644 |
|
|
— |
|
|
— |
|
|
— |
|
Consumer lending wind-down
costs and asset impairments |
17 |
|
|
4 |
|
|
13 |
|
|
751 |
|
|
173 |
|
|
578 |
|
Total adjustments |
$ |
12,159 |
|
|
$ |
2,768 |
|
|
$ |
9,391 |
|
|
$ |
2,042 |
|
|
$ |
557 |
|
|
$ |
1,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2020 |
|
2019 |
|
Pre-tax |
|
Tax |
|
After-tax |
|
Pre-tax |
|
Tax |
|
After-tax |
Merger and other acquisition
expenses |
$ |
209 |
|
|
$ |
58 |
|
|
$ |
151 |
|
|
$ |
1,510 |
|
|
$ |
413 |
|
|
$ |
1,097 |
|
Non-cash foreign currency loss
(gain) related to lease liability |
3,505 |
|
|
1,052 |
|
|
2,453 |
|
|
(49 |
) |
|
(15 |
) |
|
(34 |
) |
Loss on extinguishment of
debt |
11,737 |
|
|
2,700 |
|
|
9,037 |
|
|
— |
|
|
— |
|
|
— |
|
Non-cash write-off of certain
merger related lease intangibles |
4,649 |
|
|
1,070 |
|
|
3,579 |
|
|
— |
|
|
— |
|
|
— |
|
Non-cash impairment of certain
other assets |
1,900 |
|
|
437 |
|
|
1,463 |
|
|
— |
|
|
— |
|
|
— |
|
Consumer lending wind-down
costs and asset impairments |
109 |
|
|
25 |
|
|
84 |
|
|
3,295 |
|
|
758 |
|
|
2,537 |
|
Total adjustments |
$ |
22,109 |
|
|
$ |
5,342 |
|
|
$ |
16,767 |
|
|
$ |
4,756 |
|
|
$ |
1,156 |
|
|
$ |
3,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTCASH,
INC.RECONCILIATIONS OF NON-GAAP FINANCIAL
MEASURESTO GAAP FINANCIAL MEASURES
(CONTINUED)(UNAUDITED)
Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) and Adjusted EBITDA
The Company defines EBITDA as net income before
income taxes, depreciation and amortization, interest expense and
interest income and adjusted EBITDA as EBITDA adjusted for certain
items as listed below that management considers to be non-operating
in nature and not representative of its actual operating
performance. The Company believes EBITDA and adjusted EBITDA are
commonly used by investors to assess a company’s financial
performance, and adjusted EBITDA is used in the calculation of the
net debt ratio as defined in the Company’s senior unsecured notes
covenants. The following table provides a reconciliation of net
income to EBITDA and adjusted EBITDA (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing Twelve |
|
Three Months Ended |
|
Nine Months Ended |
|
Months Ended |
|
September 30, |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income |
$ |
15,062 |
|
|
$ |
34,761 |
|
|
$ |
73,853 |
|
|
$ |
110,464 |
|
|
$ |
128,007 |
|
|
$ |
158,539 |
|
Income taxes |
|
2,624 |
|
|
|
14,203 |
|
|
|
26,739 |
|
|
|
42,629 |
|
|
|
44,103 |
|
|
|
57,730 |
|
Depreciation and amortization |
|
10,426 |
|
|
|
10,674 |
|
|
|
31,424 |
|
|
|
31,058 |
|
|
|
42,270 |
|
|
|
40,934 |
|
Interest expense |
|
6,561 |
|
|
|
8,922 |
|
|
|
21,953 |
|
|
|
25,840 |
|
|
|
30,148 |
|
|
|
34,420 |
|
Interest income |
|
(499 |
) |
|
|
(429 |
) |
|
|
(1,209 |
) |
|
|
(788 |
) |
|
|
(1,476 |
) |
|
|
(1,016 |
) |
EBITDA |
|
34,174 |
|
|
|
68,131 |
|
|
|
152,760 |
|
|
|
209,203 |
|
|
|
243,052 |
|
|
|
290,607 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and other acquisition expenses |
|
7 |
|
|
|
805 |
|
|
|
209 |
|
|
|
1,510 |
|
|
|
465 |
|
|
|
3,579 |
|
Non-cash foreign currency (gain) loss related to lease
liability |
|
(439 |
) |
|
|
486 |
|
|
|
3,505 |
|
|
|
(49 |
) |
|
|
2,621 |
|
|
|
(49 |
) |
Loss on extinguishment of debt |
|
11,737 |
|
|
|
— |
|
|
|
11,737 |
|
|
|
— |
|
|
|
11,737 |
|
|
|
— |
|
Non-cash write-off of certain merger related lease intangibles |
|
837 |
|
|
|
— |
|
|
|
4,649 |
|
|
|
— |
|
|
|
4,649 |
|
|
|
— |
|
Non-cash impairment of certain other assets |
|
— |
|
|
|
— |
|
|
|
1,900 |
|
|
|
— |
|
|
|
1,900 |
|
|
|
— |
|
Consumer lending wind-down costs and asset impairments |
|
17 |
|
|
|
751 |
|
|
|
109 |
|
|
|
3,295 |
|
|
|
268 |
|
|
|
4,809 |
|
Adjusted EBITDA |
$ |
46,333 |
|
|
$ |
70,173 |
|
|
$ |
174,869 |
|
|
$ |
213,959 |
|
|
$ |
264,692 |
|
|
$ |
298,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt ratio
calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt (outstanding principal) |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
540,000 |
|
|
$ |
640,000 |
|
Less: cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
(78,844 |
) |
|
|
(61,183 |
) |
Net debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
461,156 |
|
|
$ |
578,817 |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
264,692 |
|
|
$ |
298,946 |
|
Net debt ratio (net debt
divided by adjusted EBITDA) |
|
|
|
|
|
|
|
|
|
|
|
|
1.7 |
:1 |
|
1.9 |
:1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTCASH,
INC.RECONCILIATIONS OF NON-GAAP FINANCIAL
MEASURESTO GAAP FINANCIAL MEASURES
(CONTINUED)(UNAUDITED)
Free Cash Flow and Adjusted Free Cash Flow
For purposes of its internal liquidity
assessments, the Company considers free cash flow and adjusted free
cash flow. The Company defines free cash flow as cash flow from
operating activities less purchases of furniture, fixtures,
equipment and improvements and net fundings/repayments of pawn and
consumer loans, which are considered to be operating in nature by
the Company but are included in cash flow from investing
activities. Adjusted free cash flow is defined as free cash flow
adjusted for merger and other acquisition expenses paid that
management considers to be non-operating in nature.
Free cash flow and adjusted free cash flow are
commonly used by investors as an additional measure of cash
generated by business operations that may be used to repay
scheduled debt maturities and debt service or, following payment of
such debt obligations and other non-discretionary items, may be
available to invest in future growth through new business
development activities or acquisitions, repurchase stock, pay cash
dividends or repay debt obligations prior to their maturities.
These metrics can also be used to evaluate the Company’s ability to
generate cash flow from business operations and the impact that
this cash flow has on the Company’s liquidity. However, free cash
flow and adjusted free cash flow have limitations as analytical
tools and should not be considered in isolation or as a substitute
for cash flow from operating activities or other income statement
data prepared in accordance with GAAP. Free cash flow during the
nine months and trailing twelve months ended September 30, 2020
were significantly improved due primarily to increased cash flows
from retail sales and a net reduction in pawn loans outstanding
associated with impacts of COVID-19. The following table reconciles
cash flow from operating activities to free cash flow and adjusted
free cash flow (in thousands):
|
|
|
|
|
|
|
|
|
Trailing Twelve |
|
Three Months Ended |
|
Nine Months Ended |
|
Months Ended |
|
September 30, |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Cash flow from operating activities |
$ |
34,067 |
|
|
$ |
57,851 |
|
|
$ |
177,366 |
|
|
$ |
163,824 |
|
|
$ |
245,138 |
|
|
$ |
233,034 |
|
Cash flow from investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
Loan receivables, net (1) |
(32,349 |
) |
|
(22,572 |
) |
|
145,930 |
|
|
(2,998 |
) |
|
183,334 |
|
|
20,182 |
|
Purchases of furniture, fixtures, equipment and improvements |
(7,377 |
) |
|
(10,200 |
) |
|
(27,853 |
) |
|
(33,104 |
) |
|
(39,060 |
) |
|
(43,013 |
) |
Free cash flow |
(5,659 |
) |
|
25,079 |
|
|
295,443 |
|
|
127,722 |
|
|
389,412 |
|
|
210,203 |
|
Merger and other acquisition expenses paid, net of tax benefit |
5 |
|
|
567 |
|
|
151 |
|
|
1,097 |
|
|
330 |
|
|
2,568 |
|
Adjusted free cash flow |
$ |
(5,654 |
) |
|
$ |
25,646 |
|
|
$ |
295,594 |
|
|
$ |
128,819 |
|
|
$ |
389,742 |
|
|
$ |
212,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes the funding of new loans net
of cash repayments and recovery of principal through the sale of
inventories acquired from forfeiture of pawn collateral.
FIRSTCASH,
INC.RECONCILIATIONS OF NON-GAAP FINANCIAL
MEASURESTO GAAP FINANCIAL MEASURES
(CONTINUED)(UNAUDITED)
Constant Currency Results
The Company’s reporting currency is the U.S.
dollar. However, certain performance metrics discussed in this
release are presented on a “constant currency” basis, which is
considered a non-GAAP financial measure. The Company’s management
uses constant currency results to evaluate operating results of
business operations in Latin America, which are primarily
transacted in local currencies.
The Company believes constant currency results
provide investors with valuable supplemental information regarding
the underlying performance of its business operations in Latin
America, consistent with how the Company’s management evaluates
such performance and operating results. Constant currency results
reported herein are calculated by translating certain balance sheet
and income statement items denominated in local currencies using
the exchange rate from the prior-year comparable period, as opposed
to the current comparable period, in order to exclude the effects
of foreign currency rate fluctuations for purposes of evaluating
period-over-period comparisons. Business operations in Mexico,
Guatemala and Colombia are transacted in Mexican pesos, Guatemalan
quetzales and Colombian pesos, respectively. The Company also has
operations in El Salvador where the reporting and functional
currency is the U.S. dollar. See the Latin America operations
segment tables elsewhere in this release for an additional
reconciliation of certain constant currency amounts to as reported
GAAP amounts.
For further information, please contact:
Gar JacksonGlobal IR GroupPhone: (817) 886-6998Email:
gar@globalirgroup.com
Doug Orr, Executive Vice President and Chief Financial
OfficerPhone: (817) 258-2650Email:
investorrelations@firstcash.comWebsite:
investors.firstcash.com
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