COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 27, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-10960 | ||
Entity Registrant Name | FIRSTCASH, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 75-2237318 | ||
Entity Address, Address Line One | 1600 West 7th Street | ||
Entity Address, City or Town | Fort Worth | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 76102 | ||
City Area Code | 817 | ||
Local Phone Number | 335-1100 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | FCFS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,420,000,000 | ||
Entity Common Stock, Shares Outstanding | 41,038,154 | ||
Entity Central Index Key | 0000840489 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS | ||
Cash and cash equivalents | $ 65,850 | $ 46,527 |
Fees and service charges receivable | 41,110 | 46,686 |
Pawn loans | 308,231 | 369,527 |
Consumer loans, net | 0 | 751 |
Inventories | 190,352 | 265,256 |
Income taxes receivable | 9,634 | 875 |
Prepaid expenses and other current assets | 9,388 | 11,367 |
Total current assets | 624,565 | 740,989 |
Property and equipment, net | 373,667 | 336,167 |
Operating lease right of use asset | 298,957 | 304,549 |
Goodwill | 977,381 | 948,643 |
Intangible assets, net | 83,651 | 85,875 |
Other assets | 9,818 | 11,506 |
Deferred tax assets | 4,158 | 11,711 |
Total assets | 2,372,197 | 2,439,440 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable and accrued liabilities | 81,917 | 72,398 |
Income taxes payable | 1,148 | 4,302 |
Lease liability, current | 88,622 | 86,466 |
Total current liabilities | 206,406 | 202,902 |
Revolving unsecured credit facilities | 123,000 | 335,000 |
Senior unsecured notes | 492,916 | 296,568 |
Deferred tax liabilities | 71,173 | 61,431 |
Lease liability, non-current | 194,887 | 193,504 |
Total liabilities | 1,088,382 | 1,089,405 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Common stock; $0.01 par value; 90,000 shares authorized; 49,276 and 49,276 shares issued, respectively; 43,603 and 46,914 shares outstanding, respectively | 493 | 493 |
Additional paid-in capital | 1,221,788 | 1,231,528 |
Retained earnings | 789,303 | 727,476 |
Accumulated other comprehensive loss | (118,432) | (96,969) |
Common stock held in treasury, 8,238 and 6,947 shares at cost, respectively | (609,337) | (512,493) |
Total stockholders’ equity | 1,283,815 | 1,350,035 |
Total liabilities and stockholders’ equity | $ 2,372,197 | $ 2,439,440 |
Vesting period for company contributions | 5 years | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares Authorized | 90,000,000 | |
Common Stock, Shares, Issued | 49,276,000 | 49,276,000 |
Contract with Customer, Liability, Current | $ 34,719 | $ 39,736 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares Authorized | 90,000,000 | |
Common Stock, Shares, Issued | 49,276,000 | 49,276,000 |
Common Stock, Shares, Outstanding | 41,038,000 | 42,329,000 |
Treasury Stock, Shares | 8,238,000 | 6,947,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | ||||||||||||
Retail merchandise sales | $ 1,075,518 | $ 1,175,561 | $ 1,091,614 | |||||||||
Pawn loan fees | 457,517 | 564,824 | 525,146 | |||||||||
Wholesale scrap jewelry sales | 96,233 | 103,876 | 107,821 | |||||||||
Consumer loan and credit services fees | 2,016 | 20,178 | 56,277 | |||||||||
Total revenue | $ 392,158 | $ 359,890 | $ 412,746 | $ 466,490 | $ 498,362 | $ 452,459 | $ 446,014 | $ 467,604 | 1,631,284 | 1,864,439 | 1,780,858 | |
Cost of revenue: | ||||||||||||
Cost of retail merchandise sold | 641,087 | 745,861 | 696,666 | |||||||||
Cost of wholesale scrap jewelry sold | 79,546 | 96,072 | 99,964 | |||||||||
Total cost of revenue | 166,167 | 157,152 | 189,645 | 207,181 | 231,098 | 201,480 | 201,709 | 211,805 | 720,145 | 846,092 | 814,091 | |
Net revenue | 225,991 | 202,738 | 223,101 | 259,309 | 267,264 | 250,979 | 244,305 | 255,799 | 911,139 | 1,018,347 | 966,767 | |
Expenses and other income: | ||||||||||||
Store operating expenses | 562,158 | 595,539 | 563,321 | |||||||||
Administrative expenses | 110,931 | 122,334 | 120,042 | |||||||||
Depreciation and amortization | 42,105 | 41,904 | 42,961 | |||||||||
Interest expense | 29,344 | 34,035 | 29,173 | |||||||||
Interest income | (1,540) | (1,055) | (2,444) | |||||||||
Merger and acquisition expenses | 1,316 | 1,766 | 7,643 | |||||||||
Loss (gain) on foreign exchange | 884 | (787) | 762 | |||||||||
Loss on extinguishment of debt | 11,737 | 0 | 0 | |||||||||
Asset Impairment Charges | $ 1,500 | 10,505 | 0 | 0 | ||||||||
Total expenses and other income | 182,884 | 185,052 | 185,912 | 213,592 | 195,746 | 202,015 | 199,019 | 196,956 | 767,440 | 793,736 | 761,458 | |
Income before income taxes | 143,699 | 224,611 | 205,309 | |||||||||
Provision for income taxes | 37,120 | 59,993 | 52,103 | |||||||||
Net income | $ 32,726 | $ 15,062 | $ 25,873 | $ 32,918 | $ 54,154 | $ 34,761 | $ 33,048 | $ 42,655 | $ 106,579 | $ 164,618 | $ 153,206 | |
Earnings per share: | ||||||||||||
Basic (in dollars per share) | $ 2.57 | $ 3.83 | $ 3.42 | |||||||||
Diluted (in dollars per share | $ 0.79 | $ 0.36 | $ 0.62 | $ 0.78 | $ 1.27 | $ 0.81 | $ 0.76 | $ 0.98 | $ 2.56 | $ 3.81 | $ 3.41 | |
Provision for Loan and Lease Losses | $ (488) | $ 4,159 | $ 17,461 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 106,579 | $ 164,618 | $ 153,206 |
Other comprehensive income: | |||
Currency translation adjustment | (21,463) | 16,148 | (1,240) |
Comprehensive income | $ 85,116 | $ 180,766 | $ 151,966 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Common Stock Held in Treasury |
Balance at beginning of period (shares) at Dec. 31, 2017 | 49,276 | 2,362 | ||||
Balance at beginning of period (value) at Dec. 31, 2017 | $ 1,475,333 | $ 493 | $ 1,220,356 | $ 494,457 | $ (111,877) | $ (128,096) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under share-based compensation (shares) | 0 | (22) | ||||
Shares issued under share-based compensation (value) | 0 | $ 0 | (1,240) | $ 1,240 | ||
Exercise of stock options, net of shares net-settled (shares) | 0 | (10) | ||||
Exercise of stock options, net of shares net-settled (value) | 400 | $ 0 | (294) | $ 694 | ||
Share-based compensation expense (value) | 5,786 | 5,786 | ||||
Net income | 153,206 | 153,206 | ||||
Dividends paid | (40,853) | (40,853) | ||||
Currency translation adjustment | (1,240) | (1,240) | ||||
Repurchases of treasury stock (shares) | 3,343 | |||||
Repurchases of treasury stock (value) | (274,528) | $ (274,528) | ||||
Balance at end of period (shares) at Dec. 31, 2018 | 49,276 | 5,673 | ||||
Balance at end of period (value) at Dec. 31, 2018 | 1,318,104 | $ 493 | 1,224,608 | 606,810 | (113,117) | $ (400,690) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under share-based compensation (shares) | 0 | (21) | ||||
Shares issued under share-based compensation (value) | 0 | $ 0 | (1,441) | $ 1,441 | ||
Exercise of stock options, net of shares net-settled (shares) | (10) | |||||
Exercise of stock options, net of shares net-settled (value) | 400 | (319) | $ 719 | |||
Share-based compensation expense (value) | 8,680 | 8,680 | ||||
Net income | 164,618 | 164,618 | ||||
Dividends paid | (43,952) | (43,952) | ||||
Currency translation adjustment | 16,148 | 16,148 | ||||
Repurchases of treasury stock (shares) | 1,305 | |||||
Repurchases of treasury stock (value) | (113,963) | $ (113,963) | ||||
Balance at end of period (shares) at Dec. 31, 2019 | 49,276 | 6,947 | ||||
Balance at end of period (value) at Dec. 31, 2019 | 1,350,035 | $ 493 | 1,231,528 | 727,476 | (96,969) | $ (512,493) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under share-based compensation (shares) | (98) | |||||
Shares issued under share-based compensation (value) | (3,326) | (10,663) | $ 7,337 | |||
Exercise of stock options, net of shares net-settled (shares) | (38) | |||||
Exercise of stock options, net of shares net-settled (value) | 798 | (1,991) | $ 2,789 | |||
Share-based compensation expense (value) | 2,914 | 2,914 | ||||
Net income | 106,579 | 106,579 | ||||
Dividends paid | (44,752) | (44,752) | ||||
Currency translation adjustment | (21,463) | (21,463) | ||||
Repurchases of treasury stock (shares) | 1,427 | |||||
Repurchases of treasury stock (value) | (106,970) | $ (106,970) | ||||
Balance at end of period (shares) at Dec. 31, 2020 | 49,276 | 8,238 | ||||
Balance at end of period (value) at Dec. 31, 2020 | $ 1,283,815 | $ 493 | $ 1,221,788 | $ 789,303 | $ (118,432) | $ (609,337) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 46 | |||||
Exercise of stock options, net of 22 shares net-settled | 22 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, dividends, declared (in dollars per share) | $ 1.08 | $ 1.02 | $ 0.91 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flow from operating activities: | ||||
Net income | $ 106,579 | $ 164,618 | $ 153,206 | |
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||||
Non-cash portion of consumer loan credit loss provision | (839) | 2,395 | 9,405 | |
Share-based compensation expense | 2,914 | 8,680 | 5,786 | |
Depreciation and amortization expense | 42,105 | 41,904 | 42,961 | |
Amortization of debt issuance costs | 1,649 | 1,430 | 1,920 | |
Amortization of favorable/(unfavorable) lease intangibles, net | 0 | 0 | (259) | |
Loss on extinguishment of debt | 11,737 | 0 | 0 | |
Other Asset Impairment Charges | 10,505 | 0 | 1,514 | |
Deferred income taxes, net | 14,476 | 7,008 | 7,427 | |
Changes in operating assets and liabilities, net of business combinations: | ||||
Fees and service charges receivable | 5,474 | 110 | (432) | |
Inventories purchased directly from customers, wholesalers or manufacturers | 29,174 | 5,842 | 3,321 | |
Prepaid expenses and other assets | 1,400 | (1,049) | 681 | |
Accounts payable, accrued liabilities and other liabilities | 8,621 | (3,383) | 3,077 | |
Income taxes | (11,531) | 4,041 | 14,822 | |
Net cash flow provided by operating activities | 222,264 | 231,596 | 243,429 | |
Cash flow from investing activities: | ||||
Loan receivables, net (1) | [1] | 107,008 | 34,406 | 10,125 |
Purchases of furniture, fixtures, equipment and improvements | (37,543) | (44,311) | (35,677) | |
Purchases of store real property | (45,502) | (74,661) | (19,996) | |
Acquisitions of pawn stores, net of cash acquired | (44,315) | (52,487) | (113,699) | |
Net cash flow used in investing activities | (20,352) | (137,053) | (159,247) | |
Cash flow from financing activities: | ||||
Borrowings from unsecured credit facilities | 354,425 | 257,000 | 416,000 | |
Repayments of unsecured credit facilities | (569,933) | (217,000) | (228,000) | |
Issuance of senior unsecured notes due 2028 | 500,000 | 0 | 0 | |
Redemption of senior unsecured notes due 2024 | (300,000) | 0 | 0 | |
Redemption premium and other redemption costs on senior unsecured notes due 2024 | (8,781) | 0 | 0 | |
Debt issuance costs paid | (7,963) | (1,149) | (948) | |
Purchases of treasury stock | (106,970) | (116,105) | (273,660) | |
Proceeds from exercise of stock options | 1,140 | 400 | 400 | |
Payment of minimum withholding taxes on net share settlement of stock options exercised | (3,668) | 0 | 0 | |
Dividends paid | (44,752) | (43,952) | (40,853) | |
Net cash flow used in financing activities | (186,502) | (120,806) | (127,061) | |
Effect of exchange rates on cash | 3,913 | 997 | 249 | |
Change in cash and cash equivalents | 19,323 | (25,266) | (42,630) | |
Cash and cash equivalents at beginning of the year | 46,527 | 71,793 | 114,423 | |
Cash and cash equivalents at end of the year | 65,850 | 46,527 | 71,793 | |
Supplemental disclosure of cash flow information: | ||||
Interest | 21,033 | 32,680 | 27,121 | |
Income taxes | 34,186 | 48,867 | 29,597 | |
Supplemental disclosure of non-cash investing and financing activity: | ||||
Non-cash transactions in connection with pawn loans settled through forfeitures of collateral transferred to inventories | $ 340,891 | $ 500,744 | $ 492,743 | |
[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. |
Organization and Nature of the
Organization and Nature of the Company | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of the Company | GENERAL Organization and Nature of the Company FirstCash, Inc., (together with its wholly-owned subsidiaries, the “Company”) is incorporated in the state of Delaware. The Company is engaged in the operation of pawn stores, which generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers. In addition, the stores help customers meet small short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers. As of December 31, 2020, the Company owned and operated 2,748 stores in 24 U.S. states and the District of Columbia, all 32 states in Mexico and the countries of Guatemala,Colombia and El Salvador. Effective June 30, 2020, the Company ceased offering domestic payday and installment loans and no longer has any unsecured consumer lending or credit services operations in the U.S. or Latin America. Impact of COVID-19 In December 2019, a novel strain of coronavirus (“COVID-19”) surfaced in China and rapidly spread throughout the world. In March of 2020, the World Health Organization declared the outbreak a pandemic. During the end of the first quarter of 2020 and the first part of the second quarter of 2020, many countries, states and other local government officials reacted by instituting quarantines, shelter-in-place and other orders mandating non-essential business closures, travel restrictions and other measures in an effort to reduce the spread of COVID-19, in addition to instituting broad-based stimulus, relief and forbearance programs in an effort to mitigate the economic impact of the pandemic. The broad shutdowns in response to COVID-19 caused significantly reduced levels of personal spending by consumers in the U.S. and Latin America. Further impacting consumer liquidity in the U.S. during the second quarter were federal stimulus payments, forbearance programs and enhanced unemployment benefits. While there were limited government stimulus programs in Latin America in response to the pandemic, increased cross-border remittance payments from the U.S. to many Latin American countries further impacted Latin America consumer liquidity during the second quarter. The additional consumer liquidity resulted in a significant decline in pawn lending activities, including increased redemptions of existing loans and decreased originations of new loans. Pawn loans as of June 30, 2020 were 39% lower than the prior year, before beginning to recover. The recovery in pawn loans continued throughout the third and fourth quarters, although pawn loan balances as of December 31, 2020 were still lower than prior-year balances. Resulting pawn loan fees were negatively impacted during the second, third and fourth quarters of 2020 as a result of the lower pawn loan balances. In general, in most jurisdictions where the Company has stores, pawnshops were designated an essential service by federal guidelines and/or local regulations and were allowed to remain open during the broad shutdowns in response to COVID-19. As a result, retail sales in the U.S. during the second quarter increased 24% compared to the prior-year quarter, benefiting from strong demand for stay-at-home products, such as consumer electronics, tools and sporting goods, and were further enhanced by federal stimulus payments made directly to consumers in the U.S. Although the Company experienced strong demand in Latin America for stay-at-home products, retail sales were negatively impacted by a regulatory prohibition of retail transactions enacted in Mexico during the last three weeks of May and the closure of all stores in Colombia and El Salvador during much of the second quarter due to broad government shutdowns. As a result of the significant second quarter increase in retail sales in the U.S. and less forfeited inventory from lower pawn receivable balances, inventory balances were negatively impacted and decreased 32% at June 30, 2020 compared to the prior year-quarter. The lower inventory balances and the lack of government stimulus and a more limited economic recovery in Latin America during the second half of 2020 compared to the U.S. negatively impacted retail sales during the third and fourth quarters but was offset by an increase in retail sales margin, which was primarily a result of continued retail demand for value-priced pre-owned merchandise, increased buying of merchandise directly from customers and lower levels of aged inventory, all of which limited the need for normal discounting. In addition, the economic global uncertainty resulting from COVID-19 has resulted in increased currency volatility, which caused adverse currency rate fluctuations, especially with respect to the Mexican peso. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Leases | OPERATING LEASES The Company leases the majority of its pawnshop locations under operating leases and determines if an arrangement is or contains a lease at inception. Many leases include both lease and non-lease components, which the Company accounts for separately. Lease components include rent, taxes and insurance costs while non-lease components include common area or other maintenance costs. Operating leases are included in operating lease right of use assets, lease liability, current and lease liability, non-current in the consolidated balance sheets. The Company does not have any finance leases. Leased facilities are generally leased for a term of three three The operating lease right of use asset and lease liability is recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company’s leases do not provide an implicit rate and therefore, it uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The Company utilizes a portfolio approach for determining the incremental borrowing rate to apply to groups of leases with similar characteristics. The weighted-average discount rate used to measure the lease liability as of December 31, 2020 and 2019 was 7.0% and 7.8%, respectively. The Company has certain operating leases in Mexico which are denominated in U.S. dollars. The liability related to these leases is considered a monetary liability, and requires remeasurement each reporting period into the functional currency (Mexican pesos) using reporting date exchange rates. The remeasurement results in the recognition of foreign currency exchange gains or losses each reporting period, which can produce a certain level of earnings volatility. The Company recognized a foreign currency loss of $1.2 million and gain of $0.9 million during the year ended December 31, 2020 and 2019, respectively, related to the remeasurement of these U.S. dollar denominated operating leases, which is included in loss (gain) on foreign exchange in the accompanying consolidated statements of income. Lease expense is recognized on a straight-line basis over the lease term, with variable lease expense recognized in the period such payments are incurred. The following table details the components of lease expense included in store operating expenses in the consolidated statements of income during the year ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Operating lease expense $ 121,649 $ 124,082 Variable lease expense (1) 14,444 7,775 Total operating lease expense $ 136,093 $ 131,857 (1) Variable lease costs consist primarily of taxes, insurance and common area or other maintenance costs paid based on actual costs incurred by the lessor and can therefore vary over the lease term. The following table details the maturity of lease liabilities for all operating leases as of December 31, 2020 (in thousands): 2021 $ 104,951 2022 82,580 2023 62,245 2024 39,501 2025 15,549 Thereafter 20,526 Total $ 325,352 Less amount of lease payments representing interest (41,843) Total present value of lease payments $ 283,509 The following table details supplemental cash flow information related to operating leases for the year ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 110,965 $ 116,448 Leased assets obtained in exchange for new operating lease liabilities $ 104,576 $ 71,117 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed in the preparation of these financial statements: Principles of consolidation - The accompanying consolidated financial statements include the accounts of FirstCash, Inc. and its wholly-owned subsidiaries. The Company regularly makes acquisitions and the results of operations for the acquired stores have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated. See Note 3. Cash and cash equivalents - The Company considers any highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. As of December 31, 2020, the amount of cash associated with indefinitely reinvested foreign earnings was $28.3 million, which is primarily held in Mexican pesos. Pawn loans and revenue recognition - Pawn loans are secured by the customer’s pledge of tangible personal property, which the Company holds during the term of the loan. If a pawn loan defaults, the Company relies on the sale of the pawned property to recover the principal amount of an unpaid pawn loan, plus a yield on the investment, as the Company’s pawn loans are non-recourse against the customer. The customer’s creditworthiness does not affect the Company’s financial position or results of operations. The Company accrues pawn loan fee revenue on a constant-yield basis over the life of the pawn loan for all pawns for which the Company deems collection to be probable based on historical pawn redemption statistics. If the pawn loan is not repaid prior to the expiration of the loan term, including any extension or grace period, if applicable, the principal amount loaned becomes the inventory carrying value of the forfeited collateral, which is typically recovered through sales of the forfeited items at prices well above the carrying value. The Company has determined no allowance related to credit losses on pawn loans is required, as the fair value of the pledged collateral is significantly in excess of the pawn loan amount. Inventories and merchandise sales revenue recognition - Inventories represent merchandise acquired from forfeited pawn loans and merchandise purchased directly from the general public. The Company also retails limited quantities of new or refurbished merchandise obtained directly from wholesalers and manufacturers. Inventories from forfeited pawn loans are recorded at the amount of the pawn principal on the unredeemed goods, exclusive of accrued interest. Inventories purchased directly from customers, wholesalers and manufacturers are recorded at cost. The cost of inventories is determined on the specific identification method. Inventories are stated at the lower of cost or net realizable value and, accordingly, inventory valuation allowances are established if inventory carrying values are in excess of estimated selling prices, net of direct costs of disposal. Management has evaluated inventories and determined that a valuation allowance is not necessary. The Company’s pawn merchandise sales are primarily retail sales to the general public in its pawn stores. The Company records sales revenue at the time of the sale. The Company presents merchandise sales net of any sales or value-added taxes collected. Some jewelry inventory is melted and processed at third-party facilities and the precious metal and diamond content is sold at either prevailing market commodity prices or a previously agreed upon price with a commodity buyer. The Company records revenue from these wholesale scrap jewelry transactions when a price has been agreed upon and the Company ships the commodity to the buyer. Layaway plan and deferred revenue - The Company does not provide direct financing to customers for the purchase of its merchandise, but does permit its customers to purchase merchandise on an interest-free “layaway” plan. Should the customer fail to make a required payment pursuant to a layaway plan, the item is returned to inventory and all or a portion of previous payments are typically forfeited to the Company. Deposits and interim payments from customers on layaway sales are recorded as deferred revenue and subsequently recorded as retail merchandise sales revenue when the merchandise is delivered to the customer upon receipt of final payment or when previous payments are forfeited to the Company. Layaway payments from customers are included in customer deposits in the accompanying consolidated balance sheets. Foreign currency transactions - The Company has operations in Mexico, Guatemala and Colombia where the functional currency is the Mexican peso, Guatemalan quetzal and Colombian peso. Accordingly, the assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity. Revenues and expenses are translated at the average exchange rates occurring during the respective period. Prior to translation, U.S. dollar-denominated transactions of the foreign subsidiaries are remeasured into their functional currency using current rates of exchange for monetary assets and liabilities and historical rates of exchange for non-monetary assets and liabilities. Gains and losses from remeasurement of dollar-denominated monetary assets and liabilities in Mexico, Guatemala and Colombia are included in (gain) loss on foreign exchange in the consolidated statements of income. Deferred taxes are not currently recorded on cumulative foreign currency translation adjustments as the Company indefinitely reinvests earnings of its foreign subsidiaries. The Company also has operations in El Salvador where the reporting and functional currency is the U.S. dollar. The average value of the Mexican peso to the U.S. dollar exchange rate for 2020 was 21.5 to 1, compared to 19.3 to 1 in 2019 and 19.2 to 1 in 2018. The average value of the Guatemalan quetzal to the U.S. dollar exchange rate for 2020 was 7.7 to 1, compared to 7.7 to 1 in 2019 and 7.5 to 1 in 2018. The average value of the Colombian peso to the U.S. dollar exchange rate for 2020 was 3,693 to 1, compared to 3,280 to 1 in 2019 and 2,956 to 1 in 2018. Store operating expenses - Costs incurred in operating the Company’s stores have been classified as store operating expenses. 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. Property and equipment - Property and equipment are recorded at cost. Depreciation is recorded on the straight-line method generally based on estimated useful lives of 30 to 40 years for buildings and three Goodwill and other indefinite-lived intangible assets - Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in each business combination. The Company performs its goodwill impairment assessment annually as of December 31, and between annual assessments if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company’s reporting units, which are tested for impairment, are U.S. operations and Latin America operations. The Company assesses goodwill for impairment at a reporting unit level by first assessing a range of qualitative factors, including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity specific factors, such as strategy and changes in key personnel, and overall financial performance. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company proceeds to the impairment testing methodology. See Note 12. The Company’s other material indefinite-lived intangible assets consist of trade names and pawn licenses. The Company performs its indefinite-lived intangible asset impairment assessment annually as of December 31, and between annual assessments if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. See Note 12. Merger and acquisition expenses - The Company incurs incremental costs directly associated with merger and acquisition activity, including, but not limited to, professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to consolidation of technology systems and corporate facilities. The Company presents merger and acquisition expenses separately in the consolidated statements of income to identify these incremental activities apart from the expenses incurred to operate the business. Long-lived assets - Property and equipment, intangible assets subject to amortization and non-current assets are reviewed for impairment whenever events or changes in circumstances indicate that the net book value of the asset may not be recoverable. An impairment loss is recognized if the sum of the expected future cash flows (undiscounted and before interest) from the use of the asset is less than the net book value of the asset. Generally, the amount of the impairment loss is measured as the difference between the net book value of the asset and the estimated fair value of the related asset. During 2020, the Company recorded a $1.9 million impairment of other assets and a $1.5 million impairment of property and equipment, and during 2018, the Company recorded a $1.5 million impairment of property and equipment. The Company did not record any impairment loss for the year ended December 31, 2019. Fair value of financial instruments - The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. All fair value measurements related to acquisitions are level 3, non-recurring measurements, based on unobservable inputs. Unless otherwise disclosed, the fair values of financial instruments approximate their recorded values, due primarily to their short-term nature. See Note 6. Income taxes - The Company uses the asset and liability method of computing deferred income taxes on all material temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. See Note 10. Advertising - The Company expenses the costs of advertising the first time the advertising takes place. Advertising expense for the years ended December 31, 2020, 2019 and 2018, was $1.1 million, $1.2 million, and $1.4 million, respectively. Share-based compensation - All share-based payments to employees and directors are recognized in the financial statements based on the grant date or if applicable, the subsequent modification date fair value. The Company recognizes compensation cost net of estimated forfeitures and recognizes the compensation cost for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is generally the vesting term. The Company records share-based compensation cost as an administrative expense. See Note 13. Forward sales commitments - The Company periodically uses forward sale agreements with a major gold bullion bank to sell a portion of the expected amount of scrap gold, which is typically jewelry that is broken or of low retail value, produced in the normal course of business from its liquidation of such merchandise. These commitments qualify for an exemption from derivative accounting as normal sales, based on historical terms, conditions and quantities, and are therefore not recorded on the Company's balance sheet. Earnings per share - Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during the year. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Year Ended December 31, 2020 2019 2018 Numerator: Net income $ 106,579 $ 164,618 $ 153,206 Denominator: Weighted-average common shares for calculating basic earnings per share 41,502 43,020 44,777 Effect of dilutive securities: Stock options and restricted stock unit awards 98 188 107 Weighted-average common shares for calculating diluted earnings per share 41,600 43,208 44,884 Earnings per share: Basic $ 2.57 $ 3.83 $ 3.42 Diluted 2.56 3.81 3.41 Use of estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and related revenue and expenses, and the disclosure of gain and loss contingencies at the date of the financial statements. Such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from the Company’s estimates. The extent to which COVID-19 impacts the Company’s operations, results of operations, liquidity and financial condition, including estimates and assumptions used by the Company in the calculation and evaluation of the accrual for earned but uncollected pawn loan fees, impairment of goodwill and other intangible assets and current and deferred tax assets and liabilities, will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the outbreak, and the actions taken to contain its impact, as well as actions taken to limit the resulting economic impact, among others. The Company’s future assessment of the magnitude and duration of the COVID-19 pandemic, as well as other factors, could result in material impacts to the Company’s financial statements in future reporting periods. Reclassification - Certain amounts in the Notes to Consolidated Financial Statements for the years ended December 31, 2019 and 2018 have been reclassified in order to conform to the 2020 presentation. Recent accounting pronouncements - In June 2016, the Financial Accounting Standards Board issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. In November 2018, the Financial Accounting Standards Board issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses” (“ASU 2018-19”), which clarifies that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments. In April 2019, the Financial Accounting Standards Board issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (“ASU 2019-04”), which clarifies the treatment of certain credit losses. In May 2019, the Financial Accounting Standards Board issued ASU No. 2019-05, “Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief” (“ASU 2019-05”), which provides an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost. In November 2019, the Financial Accounting Standards Board issued ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses” (“ASU 2019-11”), which provides guidance around how to report expected recoveries. In February 2020, the Financial Accounting Standards Board issued ASU No. 2020-02, “Financial Instruments - Credit Losses (Topic 326) (“ASU 2020-02”) which provides updated guidance on how an entity should measure credit losses on financial instruments and delayed the effective date of the original pronouncement for smaller reporting companies. ASU 2016-13, ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11 and ASU 2020-02 (collectively, “ASC 326”) are effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. The adoption of ASC 326 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In January 2017, the Financial Accounting Standards Board issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), which eliminates step two from the goodwill impairment test and, instead, requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The guidance is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and should be adopted on a prospective basis. The adoption of ASU 2017-04 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In August 2018, the Financial Accounting Standards Board issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted for any removed or modified disclosures. The adoption of ASU 2018-13 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In December 2019, the Financial Accounting Standards Board issued ASU No 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company does not expect ASU 2019-12 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In March 2020, the Financial Accounting Standards Board issued ASU 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The Company adopted ASU 2020-03 upon issuance, which did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In March 2020, the Financial Accounting Standards Board issued ASU No 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company does not expect ASU 2020-04 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In October 2020, the Financial Accounting Standards Board issued ASU No 2020-10, “Codification Improvements” (“ASU 2020-10”). ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements. ASU 2020-10 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2020-10 upon issuance, which did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS 2020 Acquisitions Consistent with the Company’s strategy to continue its expansion of pawn stores in selected markets, during 2020, the Company acquired 40 pawn stores in Mexico in two separate transactions and 22 pawn stores in the U.S. in two separate transactions. The aggregate purchase price for these acquisitions totaled $43.6 million, net of cash acquired and subject to future post-closing adjustments. The aggregate purchase price was composed of $41.4 million in cash paid during 2020 and remaining short-term amounts payable to the sellers of approximately $2.2 million. During 2020, the Company also paid $2.9 million of purchase price amounts payable related to prior-year acquisitions. The purchase price of each of the 2020 acquisitions was allocated to assets acquired and liabilities assumed based upon the estimated fair market values at the date of acquisition. The excess purchase price over the estimated fair market value of the net assets acquired has been recorded as goodwill. The goodwill arising from these acquisitions consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired. These acquisitions were not material individually or in the aggregate to the Company’s consolidated financial statements. The estimated fair value of the assets acquired and liabilities assumed are preliminary, as the Company is gathering information to finalize the valuation of these assets and liabilities. The preliminary allocation of the aggregate purchase prices for these individually immaterial acquisitions during 2020 is as follows (in thousands): Pawn loans $ 5,839 Pawn loan fees receivable 644 Inventories 3,594 Other current assets 154 Property and equipment 241 Goodwill (1) 33,434 Intangible assets 190 Other non-current assets 40 Current liabilities (547) Aggregate purchase price $ 43,589 (1) Goodwill associated with the U.S. operations segment and the Latin America operations segment was $29.0 million and $4.5 million, respectively. Substantially all of the goodwill is expected to be deductible for respective U.S. and Mexico income tax purposes. The results of operations for the acquired stores have been consolidated since the respective acquisition dates. During 2020, revenue from the acquired stores was $7.5 million and the earnings from the combined acquisitions since the acquisition dates (including $1.0 million of transaction and integration costs, net of tax) was approximately $0.3 million. Historical pre-acquisition financial statements of the two separate Mexico acquisitions were created in local country GAAP and the Company did not obtain pre-acquisition financial statements prepared in accordance with U.S. GAAP. As a result, and due to the insignificance of the acquisitions, it is impractical for the Company to adequately present supplemental pro forma information. 2019 Acquisitions During 2019, the Company acquired 163 pawn stores in Mexico in 13 separate transactions and 27 pawn stores in the U.S. in nine separate transactions. The aggregate purchase price for these acquisitions totaled $46.8 million, net of cash acquired. The aggregate purchase price was composed of $44.9 million in cash paid during 2019 and remaining short-term amounts payable to the sellers of approximately $1.9 million. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Capital Stock | STOCKHOLDERS' EQUITY During 2020, the Company repurchased a total of 1,427,000 shares of common stock at an aggregate cost of $107.0 million and an average cost per share of $74.96, and during 2019, repurchased 1,305,000 shares of common stock at an aggregate cost of $114.0 million and an average cost per share of $87.37. The Company intends to continue repurchases under its active share repurchase program through open market transactions under trading plans in accordance with Rule 10b5-1 and Rule 10b-18 under the Exchange Act of 1934, as amended, subject to a variety of factors, including, but not limited to, the level of cash balances, credit availability, debt covenant restrictions, general business conditions, regulatory requirements, the market price of the Company’s stock, dividend policy, the availability of alternative investment opportunities, including acquisitions, and the impact of COVID-19. The following table provides purchases made by the Company of shares of its common stock under each share repurchase program in effect during 2020 (dollars in thousands): Plan Authorization Date Plan Completion Date Dollar Amount Authorized Shares Purchased in 2020 Dollar Amount Purchased in 2020 Remaining Dollar Amount Authorized For Future Purchases October 24, 2018 January 30, 2020 $ 100,000 344,000 $ 28,797 $ — January 28, 2020 Currently active 100,000 1,083,000 78,173 21,827 Total 1,427,000 $ 106,970 $ 21,827 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The three fair value levels are (from highest to lowest): Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Recurring Fair Value Measurements As of December 31, 2020 and 2019, the Company did not have any financial assets or liabilities that are measured at fair value on a recurring basis. Fair Value Measurements on a Non-Recurring Basis The Company measures non-financial assets and liabilities, such as property and equipment and intangible assets, at fair value on a non-recurring basis, or when events or circumstances indicate that the carrying amount of the assets may be impaired. During 2020, the Company recorded a $1.9 million impairment of other assets and a $1.5 million impairment of property and equipment. Financial Assets and Liabilities Not Measured at Fair Value The Company’s financial assets and liabilities as of December 31, 2020 and 2019 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands): Carrying Value Estimated Fair Value December 31, December 31, Fair Value Measurements Using 2020 2020 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 65,850 $ 65,850 $ 65,850 $ — $ — Fees and service charges receivable 41,110 41,110 — — 41,110 Pawn loans 308,231 308,231 — — 308,231 $ 415,191 $ 415,191 $ 65,850 $ — $ 349,341 Financial liabilities: Revolving unsecured credit facilities $ 123,000 $ 123,000 $ — $ 123,000 $ — Senior unsecured notes (outstanding principal) 500,000 516,000 — 516,000 — $ 623,000 $ 639,000 $ — $ 639,000 $ — Carrying Value Estimated Fair Value December 31, December 31, Fair Value Measurements Using 2019 2019 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 46,527 $ 46,527 $ 46,527 $ — $ — Fees and service charges receivable 46,686 46,686 — — 46,686 Pawn loans 369,527 369,527 — — 369,527 Consumer loans, net 751 751 — — 751 $ 463,491 $ 463,491 $ 46,527 $ — $ 416,964 Financial liabilities: Revolving unsecured credit facility $ 335,000 $ 335,000 $ — $ 335,000 $ — Senior unsecured notes (outstanding principal) 300,000 310,000 — 310,000 — $ 635,000 $ 645,000 $ — $ 645,000 $ — As cash and cash equivalents have maturities of less than three months, the carrying value of cash and cash equivalents approximates fair value. Due to their short-term maturities, the carrying value of pawn loans and fees and service charges receivable approximate fair value. Consumer loans, net are carried net of the allowance for estimated loan losses, which is calculated by applying historical loss rates combined with recent default trends to the gross consumer loan balance. Therefore, the carrying value approximates the fair value. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | PROPERTY AND EQUIPMENT Property and equipment consists of the following (in thousands): As of December 31, 2020 2019 Land $ 83,458 $ 66,198 Buildings 150,132 123,397 Furniture, fixtures, equipment and improvements 425,360 398,905 658,950 588,500 Less: accumulated depreciation (285,283) (252,333) $ 373,667 $ 336,167 Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was $39.8 million, $39.1 million and $36.4 million, respectively. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of the following (in thousands): As of December 31, 2020 2019 Sales, property, and payroll taxes payable $ 24,984 $ 15,237 Accrued compensation 21,874 27,738 Accrued interest payable 8,121 1,459 Trade accounts payable 7,187 5,871 Acquisition purchase price amounts payable to sellers 5,965 6,374 Benefits liabilities and withholding payable 2,852 3,353 Other accrued liabilities 10,934 12,366 $ 81,917 $ 72,398 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT The following table details the Company’s long-term debt at the respective principal amounts, net of unamortized debt issuance costs on the senior unsecured notes (in thousands): As of December 31, 2020 2019 Revolving unsecured credit facility, maturing 2024 (1) $ 123,000 $ 335,000 5.375% senior unsecured notes due 2024 (2) — 296,568 4.625% senior notes due 2028 (3) 492,916 — Total long-term debt $ 615,916 $ 631,568 (1) Debt issuance costs related to the Company’s revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets. (2) As of December 31, 2019, deferred debt issuance costs of $3.4 million are included as a direct deduction from the carrying amount of the senior unsecured notes in the accompanying consolidated balance sheets. (3) As of December 31, 2020, deferred debt issuance costs of $7.1 million are included as a direct deduction from the carrying amount of the senior unsecured notes in the accompanying consolidated balance sheets. As of December 31, 2020, annual maturities of the outstanding long-term debt for each of the five years after December 31, 2020 are as follows (in thousands): 2021 $ — 2022 — 2023 — 2024 123,000 2025 — Thereafter 500,000 $ 623,000 Revolving Unsecured Credit Facility As of December 31, 2020, the Company maintained an unsecured line of credit with a group of U.S. based commercial lenders (the “Credit Facility”) in the amount of $500.0 million. The Credit Facility matures on December 19, 2024. On November 9, 2020, the Credit Facility was amended (the “2020 Amendment”). Under the 2020 Amendment, the annual commitment fee on the average daily unused portion of the Credit Facility was reduced from 50 basis points to 32.5 basis points. In addition, certain financial covenants were amended temporarily, as described below, due to the expected short-term impact of COVID-19 on the Company’s earnings. The permitted domestic leverage ratio and consolidated leverage ratio were temporarily increased under the 2020 Amendment. The domestic leverage ratio will remain at the current level of 4.5 times domestic EBITDA, adjusted for certain customary items as more fully set forth in the Credit Facility (“Adjusted Domestic EBITDA”), through December 31, 2020, then increases to 4.75 times Adjusted Domestic EBITDA through June 30, 2021 and then decreases to 4.5 times Adjusted Domestic EBITDA through December 31, 2021. The consolidated leverage ratio was increased from 2.75 to 3.25 times consolidated EBITDA, adjusted for certain customary items as more fully set forth in the Credit Facility (“Adjusted EBITDA”), through December 31, 2020 and then increases to 3.5 times Adjusted EBITDA through June 30, 2021 and then it decreases to 3.25 times Adjusted EBITDA through December 31, 2021. The temporary changes to the leverage ratios as provided in the 2020 Amendment will revert to the previously scheduled ratios of 4.0 times Adjusted Domestic EBITDA and 3.0 times Adjusted EBITDA effective January 1, 2022. The 2020 Amendment also includes additional limits to certain restricted payments when the domestic leverage ratio is equal to or greater than 4.0 times Adjusted Domestic EBITDA or when the consolidated leverage ratio is equal to or greater than 3.25 times Adjusted EBITDA, which are more fully described in the 2020 Amendment. As of December 31, 2020, the Company had $123.0 million in outstanding borrowings and $3.4 million in outstanding letters of credit under the Credit Facility, leaving $373.6 million available for future borrowings, subject to certain financial covenants. The Credit Facility is unsecured and bears interest, at the Company’s option, of either (1) the prevailing LIBOR (with interest periods of 1 week or 1, 2, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5% or (2) the prevailing prime or base rate plus a fixed spread of 1.5%. The agreement has a LIBOR floor of 0%. Additionally, the Company is required to pay an annual commitment fee of 0.325% on the average daily unused portion of the Credit Facility commitment. The weighted-average interest rate on amounts outstanding under the Credit Facility at December 31, 2020 was 2.63% based on 1 week LIBOR. Under the terms of the Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Credit Facility also contains customary restrictions on the Company’s ability to incur additional debt, grant liens, make investments, consummate acquisitions and similar negative covenants with customary carve-outs and baskets. The Company was in compliance with the covenants of the Credit Facility as of December 31, 2020. During 2020, the Company made net payments of $212.0 million pursuant to the Credit Facility. Revolving Unsecured Uncommitted Credit Facility During March 2020, the Company’s primary subsidiary in Mexico, First Cash S.A. de C.V., entered into an unsecured and uncommitted line of credit guaranteed by FirstCash, Inc. with a bank in Mexico (the “Mexico Credit Facility”) in the amount of $600.0 million Mexican pesos. The Mexico Credit Facility bears interest at TIIE plus a fixed spread of 2.5% and matures on March 9, 2023. Under the terms of the Mexico Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Company was in compliance with the covenants of the Mexico Credit Facility as of December 31, 2020. At December 31, 2020, the Company had no amount outstanding under the Mexico Credit Facility and $600.0 million Mexican pesos available for borrowings. Senior Unsecured Notes Due 2028 On August 26, 2020, the Company completed an offering of $500.0 million of 4.625% senior unsecured notes due on September 1, 2028 (the “Notes”), all of which are currently outstanding. Interest on the Notes is payable semi-annually in arrears on March 1 and September 1, commencing on March 1, 2021. The Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Company used the proceeds from the offering to redeem its outstanding $300.0 million, 5.375% senior notes due 2024 (the “2024 Notes”), to repay a portion of the Credit Facility and to pay for related fees and expenses associated with the offering and the redemption of the 2024 Notes. The Company capitalized approximately $7.3 million in debt issuance costs, which consisted primarily of the initial purchaser’s discount and fees and legal and other professional expenses. The debt issuance costs are being amortized over the life of the Notes as a component of interest expense and are carried as a direct deduction from the carrying amount of the Notes in the accompanying consolidated balance sheets. The Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio (“Net Debt Ratio”) is less than 2.75 to 1. The Net Debt Ratio is defined generally in the indenture governing the Notes (the “Indenture”) as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. The Company may redeem some or all of the Notes at any time on or after September 1, 2023, at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any. In addition, prior to September 1, 2023, the Company may redeem some or all of the Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus a “make-whole” premium set forth in the Indenture. The Company may redeem up to 40% of the Notes on or prior to September 1, 2023 with the proceeds of certain equity offerings at the redemption prices set forth in the Indenture. If the Company sells certain assets or consummates certain change in control transactions, the Company will be required to make an offer to repurchase the Notes. Redemption of 2024 Notes During 2020, the Company redeemed all outstanding 2024 Notes. As a result, the Company recognized a loss on extinguishment of debt of $11.7 million, which includes the redemption premium paid over the outstanding $300.0 million principal amount of the 2024 Notes and other redemption costs of $8.8 million and the write-off of unamortized debt issuance costs of $2.9 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Components of the provision for income taxes and the income to which it relates for the years ended December 31, 2020, 2019 and 2018 consist of the following (in thousands): Year Ended December 31, 2020 2019 2018 Income before income taxes (1) : Domestic $ 98,111 $ 145,570 $ 125,056 Foreign 45,588 79,041 80,253 Income before income taxes $ 143,699 $ 224,611 $ 205,309 Current income taxes: Federal $ 14,951 $ 26,624 $ 18,751 Foreign 9,909 21,904 23,231 U.S. state and local 2,158 2,553 2,506 Current provision for income taxes 27,018 51,081 44,488 Deferred provision (benefit) for income taxes: Federal 4,485 7,498 7,621 Foreign 5,287 863 (566) U.S. state and local 330 551 560 Total deferred provision for income taxes 10,102 8,912 7,615 Provision for income taxes $ 37,120 $ 59,993 $ 52,103 (1) Includes the allocation of certain administrative expenses and intercompany payments, such as royalties and interest, between domestic and foreign subsidiaries. At December 31, 2020, the cumulative amount of undistributed earnings of foreign subsidiaries was $225.2 million. The Tax Cuts and Jobs Act imposed a mandatory transition tax on accumulated foreign earnings and generally eliminated U.S. federal income taxes on dividends from foreign subsidiaries with the exception of foreign withholding taxes and other foreign local tax. During 2020, the Company repatriated $43.0 million from certain foreign subsidiaries, which was not subject to withholding or federal income tax. It is the Company’s intent to indefinitely reinvest the remaining undistributed earnings and future earnings of these subsidiaries outside the U.S. and, therefore, deferred taxes are not currently recorded on cumulative foreign currency translation adjustments. The principal deferred tax assets and liabilities consist of the following (in thousands): As of December 31, 2020 2019 Deferred tax assets: Property and equipment $ 9,905 $ 10,407 Accrued fees on forfeited pawn loans 5,246 8,006 Deferred cost of goods sold deduction 3,622 5,721 Accrued compensation, payroll taxes and employee benefits 4,235 2,163 U.S. state and certain foreign net operating losses 5,942 6,012 Other 3,364 4,428 Total deferred tax assets 32,314 36,737 Deferred tax liabilities: Intangible assets 81,749 71,814 Net operating lease asset 4,188 5,819 Property and equipment 3,759 — Other 3,691 2,812 Total deferred tax liabilities 93,387 80,445 Net deferred tax liabilities before valuation allowance (61,073) (43,708) Valuation allowance (5,942) (6,012) Net deferred tax liabilities $ (67,015) $ (49,720) Reported as: Deferred tax assets $ 4,158 $ 11,711 Deferred tax liabilities (71,173) (61,431) Net deferred tax liabilities $ (67,015) $ (49,720) The Company has a valuation allowance of $5.9 million and $6.0 million as of December 31, 2020 and 2019, respectively, related to the deferred tax assets associated with its U.S. state and certain foreign net operating losses. The Company has evaluated the nature and timing of its other deferred tax assets and concluded that no additional valuation allowance is necessary. The following is a reconciliation of income taxes calculated at the U.S. federal statutory rate to the provision for income taxes (dollars in thousands): Year Ended December 31, 2020 2019 2018 U.S. federal statutory rate 21 % 21 % 21 % Tax at the U.S. federal statutory rate $ 30,177 $ 47,168 $ 43,115 U.S. state income tax, net of federal tax benefit of $522 , $652 and $644, respectively 1,965 2,452 2,422 Net incremental income tax expense from foreign earnings (1) 5,732 6,314 6,031 Non-deductible compensation expense 1,050 2,074 1,827 Global intangible low-taxed income tax (2) (1,863) 1,100 763 Net tax benefit resulting from the enactment of the Tax Act — — (1,494) Other taxes and adjustments, net 59 885 (561) Provision for income taxes $ 37,120 $ 59,993 $ 52,103 Effective tax rate 25.8 % 26.7 % 25.4 % (1) Includes a $2.0 million, $2.3 million and $3.3 million foreign permanent tax benefit related to an inflation index adjustment allowed under Mexico tax law for the years ended December 31, 2020, 2019 and 2018, respectively. (2) The global intangible low-taxed income tax (“GILTI tax”) provisions for foreign operations in the U.S. federal tax code became effective in 2018, and based on preliminary IRS guidance, the Company recognized $1.1 million and $0.8 million of income tax expense in 2019 and 2018, respectively, as a result of the GILTI tax. In July 2020, the Internal Revenue Service finalized regulations for the GILTI tax. The finalized regulations effectively eliminated the impact of the incremental GILTI tax to the Company and permitted retroactive application. As a result, the Company recognized a $1.9 million income tax benefit in 2020 related to the reversal of the 2019 and 2018 GILTI tax expense. The Company’s foreign operating subsidiaries are owned by a wholly-owned subsidiary located in the Netherlands. The foreign operating subsidiaries are subject to their respective foreign statutory rates, which differ from the U.S. federal statutory rate. The statutory tax rates in Mexico, Guatemala, Colombia and El Salvador are approximately 30%, 25%, 32% and 30%, respectively. The statutory tax rate in the Netherlands is 0% on eligible dividends received from its foreign subsidiaries. The Company reviews the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Interest and penalties related to income tax liabilities that could arise would be classified as interest expense in the Company’s consolidated statements of income. As of December 31, 2020 and 2019, the Company had no unrecognized tax benefits and, therefore, the Company did not have a liability for accrued interest and penalties and no such interest or penalties were incurred for the years ended December 31, 2020, 2019 and 2018. The Company files federal income tax returns in the U.S., Mexico, Guatemala, Colombia, El Salvador and the Netherlands, as well as multiple state and local income tax returns in the U.S. The Company’s U.S. federal returns are not subject to examination for tax years prior to 2016. The Company’s U.S. state income tax returns are not subject to examination for the tax years prior to 2017 with the exception of six states, which are not subject to examination for tax years prior to 2016. With respect to federal tax returns in Mexico, Guatemala, Colombia, El Salvador and the Netherlands, the tax years prior to 2015 are closed to examination. There are no state income taxes in Mexico, Guatemala, Colombia, El Salvador or the Netherlands. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Litigation The Company, in the ordinary course of business, is a defendant (actual or threatened) in certain lawsuits, arbitration proceedings and other general claims. In management’s opinion, any potential adverse result should not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Gold Forward Sales Contracts As of December 31, 2020, the Company had contractual commitments to deliver a total of 24,500 gold ounces between the months of January and December 2021 at a weighted-average price of $1,840 per ounce. The ounces required to be delivered over this time period are within historical scrap gold volumes. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Changes in the carrying value of goodwill by segment were as follows (in thousands): December 31, 2020 U.S. operations segment Latin America operations segment Total Balance, beginning of year $ 771,311 $ 177,332 $ 948,643 Acquisitions (see Note 3) 28,978 4,456 33,434 Effect of foreign currency translation — (6,505) (6,505) Other adjustments 1,859 (50) 1,809 Balance, end of year $ 802,148 $ 175,233 $ 977,381 December 31, 2019 Balance, beginning of year $ 759,538 $ 157,881 $ 917,419 Acquisitions (see Note 3) 11,773 15,533 27,306 Effect of foreign currency translation — 5,175 5,175 Other adjustments — (1,257) (1,257) Balance, end of year $ 771,311 $ 177,332 $ 948,643 The Company performed its annual assessment of goodwill and determined there was no impairment as of December 31, 2020 and 2019. Definite-Lived Intangible Assets The following table summarizes the components of gross and net definite-lived intangible assets subject to amortization (in thousands): As of December 31, 2020 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 25,782 $ (23,918) $ 1,864 $ 25,899 $ (21,681) $ 4,218 Customer relationships are generally amortized using an accelerated amortization method that reflects the future cash flows expected from the returning pawn customers. Amortization expense for definite-lived intangible assets was $2.3 million, $2.9 million and $6.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. The remaining weighted-average amortization period for customer relationships is 0.9 years. Estimated future amortization expense is as follows (in thousands): 2021 $ 1,299 2022 295 2023 230 2024 31 2025 9 $ 1,864 Indefinite-Lived Intangible Assets Indefinite-lived intangible assets as of December 31, 2020 and 2019 consist of the following (in thousands): As of December 31, 2020 2019 Trade names $ 46,300 $ 46,300 Pawn licenses (1) 34,237 34,107 Other indefinite-lived intangibles 1,250 1,250 $ 81,787 $ 81,657 (1) Costs to renew licenses with indefinite lives are expensed as incurred and recorded in store operating expenses in the consolidated statements of income. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | SEGMENT AND GEOGRAPHIC INFORMATION Segment Information The Company organizes its operations into two reportable segments as follows: • U.S. operations • Latin America operations - includes operations in Mexico, Guatemala, Colombia and El Salvador Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, merger and acquisition expenses and loss (gain) on foreign exchange, are incurred or earned in both the U.S. and Latin America, but presented on a consolidated basis and are not allocated between the U.S. operations segment and Latin America operations segment. The following tables present reportable segment information for the years ended December 31, 2020, 2019 and 2018 as well as separately identified segment assets (in thousands): Year Ended December 31, 2020 U.S. Latin America Corporate Consolidated Revenue: Retail merchandise sales $ 720,281 $ 355,237 $ — $ 1,075,518 Pawn loan fees 310,437 147,080 — 457,517 Wholesale scrap jewelry sales 45,405 50,828 — 96,233 Consumer loan and credit services fees (1) 2,016 — — 2,016 Total revenue 1,078,139 553,145 — 1,631,284 Cost of revenue: Cost of retail merchandise sold 415,938 225,149 — 641,087 Cost of wholesale scrap jewelry sold 39,584 39,962 — 79,546 Consumer loan and credit services loss provision (1) (488) — — (488) Total cost of revenue 455,034 265,111 — 720,145 Net revenue 623,105 288,034 — 911,139 Expenses and other income: Store operating expenses 396,627 165,531 — 562,158 Administrative expenses — — 110,931 110,931 Depreciation and amortization 21,743 15,816 4,546 42,105 Interest expense — — 29,344 29,344 Interest income — — (1,540) (1,540) Merger and acquisition expenses — — 1,316 1,316 Loss on foreign exchange — — 884 884 Loss on extinguishment of debt — — 11,737 11,737 Write-offs and impairments of certain lease intangibles and other assets — — 10,505 10,505 Total expenses and other income 418,370 181,347 167,723 767,440 Income (loss) before income taxes $ 204,735 $ 106,687 $ (167,723) $ 143,699 (1) Effective June 30, 2020, the Company no longer offers an unsecured consumer loan product in the U.S. As of December 31, 2020 U.S. Latin America Corporate Consolidated Pawn loans $ 220,391 $ 87,840 $ — $ 308,231 Inventories 136,109 54,243 — 190,352 Goodwill 802,148 175,233 — 977,381 Total assets 1,718,975 540,473 112,749 2,372,197 Year Ended December 31, 2019 U.S. Latin America Corporate Consolidated Revenue: Retail merchandise sales $ 722,127 $ 453,434 $ — $ 1,175,561 Pawn loan fees 379,395 185,429 — 564,824 Wholesale scrap jewelry sales 71,813 32,063 — 103,876 Consumer loan and credit services fees 20,178 — — 20,178 Total revenue 1,193,513 670,926 — 1,864,439 Cost of revenue: Cost of retail merchandise sold 447,911 297,950 — 745,861 Cost of wholesale scrap jewelry sold 65,941 30,131 — 96,072 Consumer loan and credit services loss provision 4,159 — — 4,159 Total cost of revenue 518,011 328,081 — 846,092 Net revenue 675,502 342,845 — 1,018,347 Expenses and other income: Store operating expenses 412,508 183,031 — 595,539 Administrative expenses — — 122,334 122,334 Depreciation and amortization 20,860 14,626 6,418 41,904 Interest expense — — 34,035 34,035 Interest income — — (1,055) (1,055) Merger and acquisition expenses — — 1,766 1,766 Gain on foreign exchange — — (787) (787) Total expenses and other income 433,368 197,657 162,711 793,736 Income (loss) before income taxes $ 242,134 $ 145,188 $ (162,711) $ 224,611 As of December 31, 2019 U.S. Latin America Corporate Consolidated Pawn loans $ 268,793 $ 100,734 $ — $ 369,527 Consumer loans, net 751 — — 751 Inventories 181,320 83,936 — 265,256 Goodwill 771,311 177,332 — 948,643 Total assets 1,767,504 574,059 97,877 2,439,440 Year Ended December 31, 2018 U.S. Latin America Corporate Consolidated Revenue: Retail merchandise sales $ 709,594 $ 382,020 $ — $ 1,091,614 Pawn loan fees 373,406 151,740 — 525,146 Wholesale scrap jewelry sales 85,718 22,103 — 107,821 Consumer loan and credit services fees 55,417 860 — 56,277 Total revenue 1,224,135 556,723 — 1,780,858 Cost of revenue: Cost of retail merchandise sold 450,516 246,150 — 696,666 Cost of wholesale scrap jewelry sold 78,308 21,656 — 99,964 Consumer loan and credit services loss provision 17,223 238 — 17,461 Total cost of revenue 546,047 268,044 — 814,091 Net revenue 678,088 288,679 — 966,767 Expenses and other income: Store operating expenses 414,097 149,224 — 563,321 Administrative expenses — — 120,042 120,042 Depreciation and amortization 21,021 11,333 10,607 42,961 Interest expense — — 29,173 29,173 Interest income — — (2,444) (2,444) Merger and acquisition expenses — — 7,643 7,643 Loss on foreign exchange — — 762 762 Total expenses and other income 435,118 160,557 165,783 761,458 Income (loss) before income taxes $ 242,970 $ 128,122 $ (165,783) $ 205,309 As of December 31, 2018 U.S. Latin America Corporate Consolidated Pawn loans $ 271,584 $ 91,357 $ — $ 362,941 Consumer loans, net 15,902 — — 15,902 Inventories 199,978 75,152 — 275,130 Goodwill 759,538 157,881 — 917,419 Total assets 1,534,542 407,282 166,150 2,107,974 Geographic Information The following table shows revenue and long-lived assets (all non-current assets except operating lease right of use asset, goodwill, intangibles, net and deferred tax assets) by geographic area (in thousands): Year Ended December 31, 2020 2019 2018 Revenue: U.S. $ 1,078,139 $ 1,193,513 $ 1,224,135 Mexico 530,462 641,505 531,744 Other Latin America 22,683 29,421 24,979 $ 1,631,284 $ 1,864,439 $ 1,780,858 Long-lived assets: U.S. $ 286,079 $ 254,395 $ 226,358 Mexico 82,438 80,385 65,260 Other Latin America 14,968 12,893 9,265 $ 383,485 $ 347,673 $ 300,883 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data for the years ended December 31, 2020 and 2019 are set forth in the table below (in thousands, except per share amounts). The Company’s operations are subject to seasonal fluctuations. The Company computed the quarterly diluted earnings per share amounts as if each quarter was a discrete period based on that quarter’s weighted-average shares outstanding. As a result, the sum of the diluted earnings per share by quarter will not necessarily total the annual diluted earnings per share. Quarter Ended March 31 June 30 September 30 December 31 2020 Total revenue $ 466,490 $ 412,746 $ 359,890 $ 392,158 Total cost of revenue 207,181 189,645 157,152 166,167 Net revenue 259,309 223,101 202,738 225,991 Total expenses and other income 213,592 185,912 185,052 182,884 Net income 32,918 25,873 15,062 32,726 Diluted earnings per share 0.78 0.62 0.36 0.79 Diluted weighted-average shares 42,007 41,531 41,536 41,331 2019 Total revenue $ 467,604 $ 446,014 $ 452,459 $ 498,362 Total cost of revenue 211,805 201,709 201,480 231,098 Net revenue 255,799 244,305 250,979 267,264 Total expenses and other income 196,956 199,019 202,015 195,746 Net income 42,655 33,048 34,761 54,154 Diluted earnings per share 0.98 0.76 0.81 1.27 Diluted weighted-average shares 43,658 43,256 43,167 42,760 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation - The accompanying consolidated financial statements include the accounts of FirstCash, Inc. and its wholly-owned subsidiaries. The Company regularly makes acquisitions and the results of operations for the acquired stores have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated. See Note 3. |
Cash and cash equivalents | Cash and cash equivalents - The Company considers any highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. As of December 31, 2020, the amount of cash associated with indefinitely reinvested foreign earnings was $28.3 million, which is primarily held in Mexican pesos. |
Customer loans and revenue recognition | Pawn loans and revenue recognition - Pawn loans are secured by the customer’s pledge of tangible personal property, which the Company holds during the term of the loan. If a pawn loan defaults, the Company relies on the sale of the pawned property to recover the principal amount of an unpaid pawn loan, plus a yield on the investment, as the Company’s pawn loans are non-recourse against the customer. The customer’s creditworthiness does not affect the Company’s financial position or results of operations. The Company accrues pawn loan fee revenue on a constant-yield basis over the life of the pawn loan for all pawns for which the Company deems collection to be probable based on historical pawn redemption statistics. If the pawn loan is not repaid prior to the expiration of the loan term, including any extension or grace period, if applicable, the principal amount loaned becomes the inventory carrying value of the forfeited collateral, which is typically recovered through sales of the forfeited items at prices well above the carrying value. The Company has determined no allowance related to credit losses on pawn loans is required, as the fair value of the pledged collateral is significantly in excess of the pawn loan amount. Inventories and merchandise sales revenue recognition - Inventories represent merchandise acquired from forfeited pawn loans and merchandise purchased directly from the general public. The Company also retails limited quantities of new or refurbished merchandise obtained directly from wholesalers and manufacturers. Inventories from forfeited pawn loans are recorded at the amount of the pawn principal on the unredeemed goods, exclusive of accrued interest. Inventories purchased directly from customers, wholesalers and manufacturers are recorded at cost. The cost of inventories is determined on the specific identification method. Inventories are stated at the lower of cost or net realizable value and, accordingly, inventory valuation allowances are established if inventory carrying values are in excess of estimated selling prices, net of direct costs of disposal. Management has evaluated inventories and determined that a valuation allowance is not necessary. The Company’s pawn merchandise sales are primarily retail sales to the general public in its pawn stores. The Company records sales revenue at the time of the sale. The Company presents merchandise sales net of any sales or value-added taxes collected. Some jewelry inventory is melted and processed at third-party facilities and the precious metal and diamond content is sold at either prevailing market commodity prices or a previously agreed upon price with a commodity buyer. The Company records revenue from these wholesale scrap jewelry transactions when a price has been agreed upon and the Company ships the commodity to the buyer. |
Foreign Currency Transactions | Foreign currency transactions - The Company has operations in Mexico, Guatemala and Colombia where the functional currency is the Mexican peso, Guatemalan quetzal and Colombian peso. Accordingly, the assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity. Revenues and expenses are translated at the average exchange rates occurring during the respective period. Prior to translation, U.S. dollar-denominated transactions of the foreign subsidiaries are remeasured into their functional currency using current rates of |
Store operating expenses | Store operating expenses - Costs incurred in operating the Company’s stores have been classified as store operating expenses. 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. |
Property and equipment | Property and equipment - Property and equipment are recorded at cost. Depreciation is recorded on the straight-line method generally based on estimated useful lives of 30 to 40 years for buildings and three |
Goodwill and other indefinite-lived intangible assets | Goodwill and other indefinite-lived intangible assets - Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in each business combination. The Company performs its goodwill impairment assessment annually as of December 31, and between annual assessments if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company’s reporting units, which are tested for impairment, are U.S. operations and Latin America operations. The Company assesses goodwill for impairment at a reporting unit level by first assessing a range of qualitative factors, including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity specific factors, such as strategy and changes in key personnel, and overall financial performance. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company proceeds to the impairment testing methodology. See Note 12. The Company’s other material indefinite-lived intangible assets consist of trade names and pawn licenses. The Company performs its indefinite-lived intangible asset impairment assessment annually as of December 31, and between annual assessments if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. See Note 12. |
Long-lived assets | Long-lived assets - Property and equipment, intangible assets subject to amortization and non-current assets are reviewed for impairment whenever events or changes in circumstances indicate that the net book value of the asset may not be recoverable. An impairment loss is recognized if the sum of the expected future cash flows (undiscounted and before interest) from the use of the asset is less than the net book value of the asset. Generally, the amount of the impairment loss is measured as the difference between the net book value of the asset and the estimated fair value of the related asset. |
Fair value of financial instruments | Fair value of financial instruments - The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. All fair value measurements related to acquisitions are level 3, non-recurring measurements, based on unobservable inputs. Unless otherwise disclosed, the fair values of financial instruments approximate their recorded values, due primarily to their short-term nature. See Note 6. |
Income taxes | Income taxes - The Company uses the asset and liability method of computing deferred income taxes on all material temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. See Note 10. |
Advertising | Advertising - The Company expenses the costs of advertising the first time the advertising takes place. Advertising expense for the years ended December 31, 2020, 2019 and 2018, was $1.1 million, $1.2 million, and $1.4 million, respectively. |
Share-based compensation | Share-based compensation - All share-based payments to employees and directors are recognized in the financial statements based on the grant date or if applicable, the subsequent modification date fair value. The Company recognizes compensation cost net of estimated forfeitures and recognizes the compensation cost for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is generally the vesting term. The Company records share-based compensation cost as an administrative expense. See Note 13. |
Earnings per share | Earnings per share - Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during the year. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Year Ended December 31, 2020 2019 2018 Numerator: Net income $ 106,579 $ 164,618 $ 153,206 Denominator: Weighted-average common shares for calculating basic earnings per share 41,502 43,020 44,777 Effect of dilutive securities: Stock options and restricted stock unit awards 98 188 107 Weighted-average common shares for calculating diluted earnings per share 41,600 43,208 44,884 Earnings per share: Basic $ 2.57 $ 3.83 $ 3.42 Diluted 2.56 3.81 3.41 |
Pervasiveness of estimates | Use of estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and related revenue and expenses, and the disclosure of gain and loss contingencies at the date of the financial statements. Such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from the Company’s estimates. The extent to which COVID-19 impacts the Company’s operations, results of operations, liquidity and financial condition, including estimates and assumptions used by the Company in the calculation and |
Revisions and reclassifications | Reclassification - Certain amounts in the Notes to Consolidated Financial Statements for the years ended December 31, 2019 and 2018 have been reclassified in order to conform to the 2020 presentation. |
Recent accounting pronouncements | Recent accounting pronouncements - In June 2016, the Financial Accounting Standards Board issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. In November 2018, the Financial Accounting Standards Board issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses” (“ASU 2018-19”), which clarifies that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments. In April 2019, the Financial Accounting Standards Board issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (“ASU 2019-04”), which clarifies the treatment of certain credit losses. In May 2019, the Financial Accounting Standards Board issued ASU No. 2019-05, “Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief” (“ASU 2019-05”), which provides an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost. In November 2019, the Financial Accounting Standards Board issued ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses” (“ASU 2019-11”), which provides guidance around how to report expected recoveries. In February 2020, the Financial Accounting Standards Board issued ASU No. 2020-02, “Financial Instruments - Credit Losses (Topic 326) (“ASU 2020-02”) which provides updated guidance on how an entity should measure credit losses on financial instruments and delayed the effective date of the original pronouncement for smaller reporting companies. ASU 2016-13, ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11 and ASU 2020-02 (collectively, “ASC 326”) are effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. The adoption of ASC 326 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In January 2017, the Financial Accounting Standards Board issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), which eliminates step two from the goodwill impairment test and, instead, requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The guidance is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and should be adopted on a prospective basis. The adoption of ASU 2017-04 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In August 2018, the Financial Accounting Standards Board issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted for any removed or modified disclosures. The adoption of ASU 2018-13 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In December 2019, the Financial Accounting Standards Board issued ASU No 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company does not expect ASU 2019-12 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In March 2020, the Financial Accounting Standards Board issued ASU 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The Company adopted ASU 2020-03 upon issuance, which did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In March 2020, the Financial Accounting Standards Board issued ASU No 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company does not expect ASU 2020-04 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In October 2020, the Financial Accounting Standards Board issued ASU No 2020-10, “Codification Improvements” (“ASU 2020-10”). ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements. ASU 2020-10 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2020-10 upon issuance, which did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Lease Expense and Supplemental Cash Flow Information | The following table details the components of lease expense included in store operating expenses in the consolidated statements of income during the year ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Operating lease expense $ 121,649 $ 124,082 Variable lease expense (1) 14,444 7,775 Total operating lease expense $ 136,093 $ 131,857 (1) Variable lease costs consist primarily of taxes, insurance and common area or other maintenance costs paid based on actual costs incurred by the lessor and can therefore vary over the lease term. The following table details supplemental cash flow information related to operating leases for the year ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 110,965 $ 116,448 Leased assets obtained in exchange for new operating lease liabilities $ 104,576 $ 71,117 |
Schedule of Maturity of Lease Liabilities | The following table details the maturity of lease liabilities for all operating leases as of December 31, 2020 (in thousands): 2021 $ 104,951 2022 82,580 2023 62,245 2024 39,501 2025 15,549 Thereafter 20,526 Total $ 325,352 Less amount of lease payments representing interest (41,843) Total present value of lease payments $ 283,509 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Calculation of Numerator and Denominator in EPS | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Year Ended December 31, 2020 2019 2018 Numerator: Net income $ 106,579 $ 164,618 $ 153,206 Denominator: Weighted-average common shares for calculating basic earnings per share 41,502 43,020 44,777 Effect of dilutive securities: Stock options and restricted stock unit awards 98 188 107 Weighted-average common shares for calculating diluted earnings per share 41,600 43,208 44,884 Earnings per share: Basic $ 2.57 $ 3.83 $ 3.42 Diluted 2.56 3.81 3.41 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Preliminary Allocations of Purchase Price | The preliminary allocation of the aggregate purchase prices for these individually immaterial acquisitions during 2020 is as follows (in thousands): Pawn loans $ 5,839 Pawn loan fees receivable 644 Inventories 3,594 Other current assets 154 Property and equipment 241 Goodwill (1) 33,434 Intangible assets 190 Other non-current assets 40 Current liabilities (547) Aggregate purchase price $ 43,589 (1) Goodwill associated with the U.S. operations segment and the Latin America operations segment was $29.0 million and $4.5 million, respectively. Substantially all of the goodwill is expected to be deductible for respective U.S. and Mexico income tax purposes. |
Stockholders' Equity Equity (Ta
Stockholders' Equity Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Class of Treasury Stock | The following table provides purchases made by the Company of shares of its common stock under each share repurchase program in effect during 2020 (dollars in thousands): Plan Authorization Date Plan Completion Date Dollar Amount Authorized Shares Purchased in 2020 Dollar Amount Purchased in 2020 Remaining Dollar Amount Authorized For Future Purchases October 24, 2018 January 30, 2020 $ 100,000 344,000 $ 28,797 $ — January 28, 2020 Currently active 100,000 1,083,000 78,173 21,827 Total 1,427,000 $ 106,970 $ 21,827 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments Fair Value, Assets Measured on Recurring Basis (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The Company’s financial assets and liabilities as of December 31, 2020 and 2019 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands): Carrying Value Estimated Fair Value December 31, December 31, Fair Value Measurements Using 2020 2020 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 65,850 $ 65,850 $ 65,850 $ — $ — Fees and service charges receivable 41,110 41,110 — — 41,110 Pawn loans 308,231 308,231 — — 308,231 $ 415,191 $ 415,191 $ 65,850 $ — $ 349,341 Financial liabilities: Revolving unsecured credit facilities $ 123,000 $ 123,000 $ — $ 123,000 $ — Senior unsecured notes (outstanding principal) 500,000 516,000 — 516,000 — $ 623,000 $ 639,000 $ — $ 639,000 $ — Carrying Value Estimated Fair Value December 31, December 31, Fair Value Measurements Using 2019 2019 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 46,527 $ 46,527 $ 46,527 $ — $ — Fees and service charges receivable 46,686 46,686 — — 46,686 Pawn loans 369,527 369,527 — — 369,527 Consumer loans, net 751 751 — — 751 $ 463,491 $ 463,491 $ 46,527 $ — $ 416,964 Financial liabilities: Revolving unsecured credit facility $ 335,000 $ 335,000 $ — $ 335,000 $ — Senior unsecured notes (outstanding principal) 300,000 310,000 — 310,000 — $ 635,000 $ 645,000 $ — $ 645,000 $ — |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in thousands): As of December 31, 2020 2019 Land $ 83,458 $ 66,198 Buildings 150,132 123,397 Furniture, fixtures, equipment and improvements 425,360 398,905 658,950 588,500 Less: accumulated depreciation (285,283) (252,333) $ 373,667 $ 336,167 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following (in thousands): As of December 31, 2020 2019 Sales, property, and payroll taxes payable $ 24,984 $ 15,237 Accrued compensation 21,874 27,738 Accrued interest payable 8,121 1,459 Trade accounts payable 7,187 5,871 Acquisition purchase price amounts payable to sellers 5,965 6,374 Benefits liabilities and withholding payable 2,852 3,353 Other accrued liabilities 10,934 12,366 $ 81,917 $ 72,398 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | As of December 31, 2020, annual maturities of the outstanding long-term debt for each of the five years after December 31, 2020 are as follows (in thousands): 2021 $ — 2022 — 2023 — 2024 123,000 2025 — Thereafter 500,000 $ 623,000 |
Schedule of Long-term Debt Instruments | The following table details the Company’s long-term debt at the respective principal amounts, net of unamortized debt issuance costs on the senior unsecured notes (in thousands): As of December 31, 2020 2019 Revolving unsecured credit facility, maturing 2024 (1) $ 123,000 $ 335,000 5.375% senior unsecured notes due 2024 (2) — 296,568 4.625% senior notes due 2028 (3) 492,916 — Total long-term debt $ 615,916 $ 631,568 (1) Debt issuance costs related to the Company’s revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets. (2) As of December 31, 2019, deferred debt issuance costs of $3.4 million are included as a direct deduction from the carrying amount of the senior unsecured notes in the accompanying consolidated balance sheets. (3) As of December 31, 2020, deferred debt issuance costs of $7.1 million are included as a direct deduction from the carrying amount of the senior unsecured notes in the accompanying consolidated balance sheets. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Components of the provision for income taxes and the income to which it relates for the years ended December 31, 2020, 2019 and 2018 consist of the following (in thousands): Year Ended December 31, 2020 2019 2018 Income before income taxes (1) : Domestic $ 98,111 $ 145,570 $ 125,056 Foreign 45,588 79,041 80,253 Income before income taxes $ 143,699 $ 224,611 $ 205,309 Current income taxes: Federal $ 14,951 $ 26,624 $ 18,751 Foreign 9,909 21,904 23,231 U.S. state and local 2,158 2,553 2,506 Current provision for income taxes 27,018 51,081 44,488 Deferred provision (benefit) for income taxes: Federal 4,485 7,498 7,621 Foreign 5,287 863 (566) U.S. state and local 330 551 560 Total deferred provision for income taxes 10,102 8,912 7,615 Provision for income taxes $ 37,120 $ 59,993 $ 52,103 (1) Includes the allocation of certain administrative expenses and intercompany payments, such as royalties and interest, between domestic and foreign subsidiaries. |
Schedule of Deferred Tax Assets and Liabilities | The principal deferred tax assets and liabilities consist of the following (in thousands): As of December 31, 2020 2019 Deferred tax assets: Property and equipment $ 9,905 $ 10,407 Accrued fees on forfeited pawn loans 5,246 8,006 Deferred cost of goods sold deduction 3,622 5,721 Accrued compensation, payroll taxes and employee benefits 4,235 2,163 U.S. state and certain foreign net operating losses 5,942 6,012 Other 3,364 4,428 Total deferred tax assets 32,314 36,737 Deferred tax liabilities: Intangible assets 81,749 71,814 Net operating lease asset 4,188 5,819 Property and equipment 3,759 — Other 3,691 2,812 Total deferred tax liabilities 93,387 80,445 Net deferred tax liabilities before valuation allowance (61,073) (43,708) Valuation allowance (5,942) (6,012) Net deferred tax liabilities $ (67,015) $ (49,720) Reported as: Deferred tax assets $ 4,158 $ 11,711 Deferred tax liabilities (71,173) (61,431) Net deferred tax liabilities $ (67,015) $ (49,720) |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of income taxes calculated at the U.S. federal statutory rate to the provision for income taxes (dollars in thousands): Year Ended December 31, 2020 2019 2018 U.S. federal statutory rate 21 % 21 % 21 % Tax at the U.S. federal statutory rate $ 30,177 $ 47,168 $ 43,115 U.S. state income tax, net of federal tax benefit of $522 , $652 and $644, respectively 1,965 2,452 2,422 Net incremental income tax expense from foreign earnings (1) 5,732 6,314 6,031 Non-deductible compensation expense 1,050 2,074 1,827 Global intangible low-taxed income tax (2) (1,863) 1,100 763 Net tax benefit resulting from the enactment of the Tax Act — — (1,494) Other taxes and adjustments, net 59 885 (561) Provision for income taxes $ 37,120 $ 59,993 $ 52,103 Effective tax rate 25.8 % 26.7 % 25.4 % (1) Includes a $2.0 million, $2.3 million and $3.3 million foreign permanent tax benefit related to an inflation index adjustment allowed under Mexico tax law for the years ended December 31, 2020, 2019 and 2018, respectively. (2) The global intangible low-taxed income tax (“GILTI tax”) provisions for foreign operations in the U.S. federal tax code became effective in 2018, and based on preliminary IRS guidance, the Company recognized $1.1 million and $0.8 million of income tax expense in 2019 and 2018, respectively, as a result of the GILTI tax. In July 2020, the Internal Revenue Service finalized regulations for the GILTI tax. The finalized regulations effectively eliminated the impact of the incremental GILTI tax to the Company and permitted retroactive application. As a result, the Company recognized a $1.9 million income tax benefit in 2020 related to the reversal of the 2019 and 2018 GILTI tax expense. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease Future Amortization Expense | Estimated future amortization expense is as follows (in thousands): 2021 $ 1,299 2022 295 2023 230 2024 31 2025 9 $ 1,864 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Rollforward | Changes in the carrying value of goodwill by segment were as follows (in thousands): December 31, 2020 U.S. operations segment Latin America operations segment Total Balance, beginning of year $ 771,311 $ 177,332 $ 948,643 Acquisitions (see Note 3) 28,978 4,456 33,434 Effect of foreign currency translation — (6,505) (6,505) Other adjustments 1,859 (50) 1,809 Balance, end of year $ 802,148 $ 175,233 $ 977,381 December 31, 2019 Balance, beginning of year $ 759,538 $ 157,881 $ 917,419 Acquisitions (see Note 3) 11,773 15,533 27,306 Effect of foreign currency translation — 5,175 5,175 Other adjustments — (1,257) (1,257) Balance, end of year $ 771,311 $ 177,332 $ 948,643 |
Definite Lived Intangible Assets Amortization | The following table summarizes the components of gross and net definite-lived intangible assets subject to amortization (in thousands): As of December 31, 2020 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 25,782 $ (23,918) $ 1,864 $ 25,899 $ (21,681) $ 4,218 |
Goodwill Future Amortization Expense | Estimated future amortization expense is as follows (in thousands): 2021 $ 1,299 2022 295 2023 230 2024 31 2025 9 $ 1,864 |
Indefinite-Lived Intangible Assets | Indefinite-lived intangible assets as of December 31, 2020 and 2019 consist of the following (in thousands): As of December 31, 2020 2019 Trade names $ 46,300 $ 46,300 Pawn licenses (1) 34,237 34,107 Other indefinite-lived intangibles 1,250 1,250 $ 81,787 $ 81,657 (1) Costs to renew licenses with indefinite lives are expensed as incurred and recorded in store operating expenses in the consolidated statements of income. |
Equity Compensation Plans and S
Equity Compensation Plans and Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Stock Options Activity | The following table summarizes the restricted stock unit award activity for the years ended December 31, 2020, 2019 and 2018 (shares in thousands): 2020 2019 2018 Weighted- Weighted- Weighted- Average Average Average Underlying Fair Value Underlying Fair Value Underlying Fair Value Shares of Grant Shares of Grant Shares of Grant Outstanding at beginning of year 357 $ 69.13 254 $ 59.53 157 $ 47.36 Performance-based grants (1) 238 78.40 109 86.86 102 72.70 Time-based grants 21 84.93 19 86.86 17 72.70 Performance-based vested (117) 48.25 (10) 45.93 (10) 45.93 Time-based vested (12) 76.84 (15) 73.78 (12) 43.55 Performance-based canceled (2) (114) 84.93 — — — — Outstanding at end of year 373 $ 77.40 357 $ 69.13 254 $ 59.53 (1) Represents the maximum possible award. The Company’s level of achievement of the respective performance goals will result in actual vesting of between zero shares and the maximum share award. Performance-based grants for 2020 include 114 shares which were subsequently cancelled in 2020 as described in footnote (2) below. (2) Represents cancellation of performance-based awards granted in January of 2020 that were subsequently replaced with a new performance-based award granted in December 2020. The grant date fair value of the December 2020 replacement performance-based awards was $72.37 per share. |
Schedule of Stock Options Activity | The following table summarizes stock option activity for the years ended December 31, 2020, 2019 and 2018 (shares in thousands): 2020 2019 2018 Weighted- Weighted- Weighted- Average Average Average Underlying Exercise Underlying Exercise Underlying Exercise Shares Price Shares Price Shares Price Outstanding at beginning of year 70 $ 38.86 80 $ 39.00 90 $ 39.11 Exercised (60) 39.00 (10) 40.00 (10) 40.00 Outstanding at end of year 10 38.00 70 38.86 80 39.00 Exercisable at end of year — — 40 39.00 30 39.33 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The Company’s net income includes the following compensation costs related to share-based compensation arrangements (in thousands): Year Ended December 31, 2020 2019 2018 Gross compensation costs: Restricted stock unit awards $ 2,899 $ 8,637 $ 5,712 Stock options 15 43 74 Total gross compensation costs 2,914 8,680 5,786 Income tax benefits: Restricted stock unit awards (901) (302) (1,320) Exercise of stock options (94) (114) (94) Total income tax benefits (995) (416) (1,414) Net compensation expense $ 1,919 $ 8,264 $ 4,372 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following tables present reportable segment information for the years ended December 31, 2020, 2019 and 2018 as well as separately identified segment assets (in thousands): Year Ended December 31, 2020 U.S. Latin America Corporate Consolidated Revenue: Retail merchandise sales $ 720,281 $ 355,237 $ — $ 1,075,518 Pawn loan fees 310,437 147,080 — 457,517 Wholesale scrap jewelry sales 45,405 50,828 — 96,233 Consumer loan and credit services fees (1) 2,016 — — 2,016 Total revenue 1,078,139 553,145 — 1,631,284 Cost of revenue: Cost of retail merchandise sold 415,938 225,149 — 641,087 Cost of wholesale scrap jewelry sold 39,584 39,962 — 79,546 Consumer loan and credit services loss provision (1) (488) — — (488) Total cost of revenue 455,034 265,111 — 720,145 Net revenue 623,105 288,034 — 911,139 Expenses and other income: Store operating expenses 396,627 165,531 — 562,158 Administrative expenses — — 110,931 110,931 Depreciation and amortization 21,743 15,816 4,546 42,105 Interest expense — — 29,344 29,344 Interest income — — (1,540) (1,540) Merger and acquisition expenses — — 1,316 1,316 Loss on foreign exchange — — 884 884 Loss on extinguishment of debt — — 11,737 11,737 Write-offs and impairments of certain lease intangibles and other assets — — 10,505 10,505 Total expenses and other income 418,370 181,347 167,723 767,440 Income (loss) before income taxes $ 204,735 $ 106,687 $ (167,723) $ 143,699 (1) Effective June 30, 2020, the Company no longer offers an unsecured consumer loan product in the U.S. As of December 31, 2020 U.S. Latin America Corporate Consolidated Pawn loans $ 220,391 $ 87,840 $ — $ 308,231 Inventories 136,109 54,243 — 190,352 Goodwill 802,148 175,233 — 977,381 Total assets 1,718,975 540,473 112,749 2,372,197 Year Ended December 31, 2019 U.S. Latin America Corporate Consolidated Revenue: Retail merchandise sales $ 722,127 $ 453,434 $ — $ 1,175,561 Pawn loan fees 379,395 185,429 — 564,824 Wholesale scrap jewelry sales 71,813 32,063 — 103,876 Consumer loan and credit services fees 20,178 — — 20,178 Total revenue 1,193,513 670,926 — 1,864,439 Cost of revenue: Cost of retail merchandise sold 447,911 297,950 — 745,861 Cost of wholesale scrap jewelry sold 65,941 30,131 — 96,072 Consumer loan and credit services loss provision 4,159 — — 4,159 Total cost of revenue 518,011 328,081 — 846,092 Net revenue 675,502 342,845 — 1,018,347 Expenses and other income: Store operating expenses 412,508 183,031 — 595,539 Administrative expenses — — 122,334 122,334 Depreciation and amortization 20,860 14,626 6,418 41,904 Interest expense — — 34,035 34,035 Interest income — — (1,055) (1,055) Merger and acquisition expenses — — 1,766 1,766 Gain on foreign exchange — — (787) (787) Total expenses and other income 433,368 197,657 162,711 793,736 Income (loss) before income taxes $ 242,134 $ 145,188 $ (162,711) $ 224,611 As of December 31, 2019 U.S. Latin America Corporate Consolidated Pawn loans $ 268,793 $ 100,734 $ — $ 369,527 Consumer loans, net 751 — — 751 Inventories 181,320 83,936 — 265,256 Goodwill 771,311 177,332 — 948,643 Total assets 1,767,504 574,059 97,877 2,439,440 Year Ended December 31, 2018 U.S. Latin America Corporate Consolidated Revenue: Retail merchandise sales $ 709,594 $ 382,020 $ — $ 1,091,614 Pawn loan fees 373,406 151,740 — 525,146 Wholesale scrap jewelry sales 85,718 22,103 — 107,821 Consumer loan and credit services fees 55,417 860 — 56,277 Total revenue 1,224,135 556,723 — 1,780,858 Cost of revenue: Cost of retail merchandise sold 450,516 246,150 — 696,666 Cost of wholesale scrap jewelry sold 78,308 21,656 — 99,964 Consumer loan and credit services loss provision 17,223 238 — 17,461 Total cost of revenue 546,047 268,044 — 814,091 Net revenue 678,088 288,679 — 966,767 Expenses and other income: Store operating expenses 414,097 149,224 — 563,321 Administrative expenses — — 120,042 120,042 Depreciation and amortization 21,021 11,333 10,607 42,961 Interest expense — — 29,173 29,173 Interest income — — (2,444) (2,444) Merger and acquisition expenses — — 7,643 7,643 Loss on foreign exchange — — 762 762 Total expenses and other income 435,118 160,557 165,783 761,458 Income (loss) before income taxes $ 242,970 $ 128,122 $ (165,783) $ 205,309 As of December 31, 2018 U.S. Latin America Corporate Consolidated Pawn loans $ 271,584 $ 91,357 $ — $ 362,941 Consumer loans, net 15,902 — — 15,902 Inventories 199,978 75,152 — 275,130 Goodwill 759,538 157,881 — 917,419 Total assets 1,534,542 407,282 166,150 2,107,974 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table shows revenue and long-lived assets (all non-current assets except operating lease right of use asset, goodwill, intangibles, net and deferred tax assets) by geographic area (in thousands): Year Ended December 31, 2020 2019 2018 Revenue: U.S. $ 1,078,139 $ 1,193,513 $ 1,224,135 Mexico 530,462 641,505 531,744 Other Latin America 22,683 29,421 24,979 $ 1,631,284 $ 1,864,439 $ 1,780,858 Long-lived assets: U.S. $ 286,079 $ 254,395 $ 226,358 Mexico 82,438 80,385 65,260 Other Latin America 14,968 12,893 9,265 $ 383,485 $ 347,673 $ 300,883 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly financial data for the years ended December 31, 2020 and 2019 are set forth in the table below (in thousands, except per share amounts). The Company’s operations are subject to seasonal fluctuations. The Company computed the quarterly diluted earnings per share amounts as if each quarter was a discrete period based on that quarter’s weighted-average shares outstanding. As a result, the sum of the diluted earnings per share by quarter will not necessarily total the annual diluted earnings per share. Quarter Ended March 31 June 30 September 30 December 31 2020 Total revenue $ 466,490 $ 412,746 $ 359,890 $ 392,158 Total cost of revenue 207,181 189,645 157,152 166,167 Net revenue 259,309 223,101 202,738 225,991 Total expenses and other income 213,592 185,912 185,052 182,884 Net income 32,918 25,873 15,062 32,726 Diluted earnings per share 0.78 0.62 0.36 0.79 Diluted weighted-average shares 42,007 41,531 41,536 41,331 2019 Total revenue $ 467,604 $ 446,014 $ 452,459 $ 498,362 Total cost of revenue 211,805 201,709 201,480 231,098 Net revenue 255,799 244,305 250,979 267,264 Total expenses and other income 196,956 199,019 202,015 195,746 Net income 42,655 33,048 34,761 54,154 Diluted earnings per share 0.98 0.76 0.81 1.27 Diluted weighted-average shares 43,658 43,256 43,167 42,760 |
Organization and Nature of th_2
Organization and Nature of the Company (Details) | 3 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2020storestate | |
Organization and Nature of the Company [Line Items] | ||
Number of stores | store | 2,748 | |
Decrease in pawn loans | 39.00% | |
United States | ||
Organization and Nature of the Company [Line Items] | ||
Number of states in which entity operates | 24 | |
Increase in pawn sales | 24.00% | |
Decrease in pawn inventory balances | 32.00% | |
Latin America Operations | ||
Organization and Nature of the Company [Line Items] | ||
Number of states in which entity operates | 32 |
Operating Leases - Supplemental
Operating Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases [Abstract] | ||
Operating lease right of use asset | $ 298,957 | $ 304,549 |
Operating Lease, Liability, Current | (88,622) | (86,466) |
Operating Lease, Liability, Noncurrent | (194,887) | $ (193,504) |
Operating Lease, Liability | $ (283,509) |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Weighted average remaining lease term | 4 years | 3 years 10 months 24 days |
Weighted average discount rate (as a percent) | 7.00% | 7.80% |
Foreign Currency Transaction Loss, before Tax | $ (1.2) | |
Foreign Currency Transaction Gain, before Tax | $ 0.9 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
General term of leased facilities | 3 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
General term of leased facilities | 5 years |
Operating Leases - Lease Cost (
Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 121,649 | $ 124,082 |
Variable lease expense | 14,444 | 7,775 |
Total operating lease expense | $ 136,093 | $ 131,857 |
Operating Leases - Lease Maturi
Operating Leases - Lease Maturities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 104,951 |
2021 | 82,580 |
2022 | 62,245 |
2023 | 39,501 |
2024 | 15,549 |
Thereafter | 20,526 |
Total | 325,352 |
Less amount of lease payments representing interest | (41,843) |
Total present value of lease payments | $ 283,509 |
Operating Leases - Supplement_2
Operating Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 110,965 | $ 116,448 |
Leased assets obtained in exchange for new operating lease liabilities | $ 104,576 | $ 71,117 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cash associated with undistributed earnings of foreign subsidiaries | $ 28,300 | |||
Asset Impairment Charges | $ 1,500 | 10,505 | $ 0 | $ 0 |
U.S. federal statutory rate | 21.00% | |||
Advertising expense | 1,100 | 1,200 | $ 1,400 | |
(Gain) loss on foreign exchange | (884) | 787 | (762) | |
Purchases of store real property | $ 45,502 | $ 74,661 | $ 19,996 | |
Mexico, Pesos | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Foreign currency exchange rate, translation | 1920.00% | 2150.00% | 1930.00% | 1920.00% |
United States of America, Dollars | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Foreign currency exchange rate, translation | 100.00% | 100.00% | 100.00% | 100.00% |
Guatemala, Quetzales | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Foreign currency exchange rate, translation | 750.00% | 770.00% | 770.00% | 750.00% |
Colombia, Pesos | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Foreign currency exchange rate, translation | 295600.00% | 369300.00% | 328000.00% | 295600.00% |
Buildings | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment useful life (years) | 30 years | |||
Buildings | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment useful life (years) | 40 years | |||
Equipment | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment useful life (years) | 3 years | |||
Equipment | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment useful life (years) | 5 years | |||
United States | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Asset Impairment Charges | $ 0 | |||
U.S. federal statutory rate | 21.00% | 21.00% | ||
(Gain) loss on foreign exchange | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||||||||||
Net income | $ 32,726 | $ 15,062 | $ 25,873 | $ 32,918 | $ 54,154 | $ 34,761 | $ 33,048 | $ 42,655 | $ 106,579 | $ 164,618 | $ 153,206 |
Weighted-average common shares for calculating basic earnings per share | 41,502 | 43,020 | 44,777 | ||||||||
Stock options and restricted stock unit awards | 98 | 188 | 107 | ||||||||
Weighted-average common shares for calculating diluted earnings per share | 41,331 | 41,536 | 41,531 | 42,007 | 42,760 | 43,167 | 43,256 | 43,658 | 41,600 | 43,208 | 44,884 |
Basic (in dollars per share) | $ 2.57 | $ 3.83 | $ 3.42 | ||||||||
Diluted (in dollars per share | $ 0.79 | $ 0.36 | $ 0.62 | $ 0.78 | $ 1.27 | $ 0.81 | $ 0.76 | $ 0.98 | $ 2.56 | $ 3.81 | $ 3.41 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)store | Dec. 31, 2019USD ($)store | |
Business Acquisition [Line Items] | ||
Purchase price | $ 43,600 | $ 46,800 |
Cash paid | 41,400 | 44,900 |
Liabilities incurred | 2,200 | 1,900 |
Revenue since acquisition | 7,500 | |
Transaction and integration costs | 1,000 | |
Net earnings since acquisition | 300 | |
Payments for Previous Acquisition | 2,900 | |
Merger and other acquisitions | $ 33,434 | $ 27,306 |
Mexico | ||
Business Acquisition [Line Items] | ||
Number of stores acquired | store | 40 | 163 |
Number of acquisitions | store | 2 | 13 |
United States | ||
Business Acquisition [Line Items] | ||
Number of stores acquired | store | 22 | 27 |
Number of acquisitions | store | 2 | 9 |
Merger and other acquisitions | $ 28,978 | $ 11,773 |
Acquisitions - Acquisitions Pur
Acquisitions - Acquisitions Purchase Price Allocation Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 977,381 | $ 948,643 | $ 917,419 |
Merger and other acquisitions | 33,434 | 27,306 | |
Latin America Operations | |||
Business Acquisition [Line Items] | |||
Goodwill | 175,233 | 177,332 | 157,881 |
Merger and other acquisitions | 4,456 | 15,533 | |
United States | |||
Business Acquisition [Line Items] | |||
Goodwill | 802,148 | 771,311 | $ 759,538 |
Merger and other acquisitions | 28,978 | $ 11,773 | |
Series of Individually Immaterial Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Pawn loans | 5,839 | ||
Fees and service charges receivable | 644 | ||
Inventory | 3,594 | ||
Other current assets | 154 | ||
Property and equipment | 241 | ||
Goodwill | 33,434 | ||
Intangible assets | 190 | ||
Other non-current assets | 40 | ||
Current liabilities | (547) | ||
Aggregate merger consideration | $ 43,589 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchased during period (shares) | 1,427,000 | 1,305,000 | |
Dollar Amount Purchased in 2020 | $ 106,970 | $ 114,000 | |
Stock repurchase program, average cost per share (in dollars per share) | $ 74.96 | $ 87.37 | |
Dollar Amount Authorized | $ 100,000 | ||
Remaining Dollar Amount Authorized For Future Purchases | 21,827 | ||
Payments of dividends | $ 44,752 | $ 43,952 | $ 40,853 |
43397 | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchased during period (shares) | 344,000 | ||
Dollar Amount Purchased in 2020 | $ 28,797 | ||
Remaining Dollar Amount Authorized For Future Purchases | $ 0 | ||
43858 | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchased during period (shares) | 1,083,000 | ||
Dollar Amount Purchased in 2020 | $ 78,173 | ||
Remaining Dollar Amount Authorized For Future Purchases | $ 21,827 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other Asset Impairment Charges | $ 1,900 | $ 10,505 | $ 0 | $ 1,514 |
Tangible Asset Impairment Charges | 1,500 | |||
Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 65,850 | 46,527 | ||
Pawn loan fees and service charges receivable | 41,110 | 46,686 | ||
Total assets | 415,191 | 463,491 | ||
Total liabilities | 623,000 | 635,000 | ||
Carrying Value | Revolving unsecured credit facilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt | 123,000 | 335,000 | ||
Carrying Value | Senior unsecured notes, outstanding principal | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt | 500,000 | 300,000 | ||
Carrying Value | Pawn Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable | 308,231 | 369,527 | ||
Carrying Value | Consumer loans, net | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable | 751 | |||
Estimate Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 65,850 | 46,527 | ||
Pawn loan fees and service charges receivable | 41,110 | 46,686 | ||
Total assets | 415,191 | 463,491 | ||
Total liabilities | 639,000 | 645,000 | ||
Estimate Value | Revolving unsecured credit facilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt | 123,000 | 335,000 | ||
Estimate Value | Senior unsecured notes, outstanding principal | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt | 516,000 | 310,000 | ||
Estimate Value | Pawn Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable | 308,231 | 369,527 | ||
Estimate Value | Consumer loans, net | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable | 751 | |||
Estimate Value | Fair Value Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 65,850 | 46,527 | ||
Pawn loan fees and service charges receivable | 0 | 0 | ||
Total assets | 65,850 | 46,527 | ||
Total liabilities | 0 | 0 | ||
Estimate Value | Fair Value Level 1 | Revolving unsecured credit facilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt | 0 | 0 | ||
Estimate Value | Fair Value Level 1 | Senior unsecured notes, outstanding principal | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt | 0 | 0 | ||
Estimate Value | Fair Value Level 1 | Pawn Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable | 0 | 0 | ||
Estimate Value | Fair Value Level 1 | Consumer loans, net | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable | 0 | |||
Estimate Value | Fair Value Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Pawn loan fees and service charges receivable | 0 | 0 | ||
Total assets | 0 | 0 | ||
Total liabilities | 639,000 | 645,000 | ||
Estimate Value | Fair Value Level 2 | Revolving unsecured credit facilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt | 123,000 | 335,000 | ||
Estimate Value | Fair Value Level 2 | Senior unsecured notes, outstanding principal | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt | 516,000 | 310,000 | ||
Estimate Value | Fair Value Level 2 | Pawn Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable | 0 | 0 | ||
Estimate Value | Fair Value Level 2 | Consumer loans, net | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable | 0 | |||
Estimate Value | Fair Value Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Pawn loan fees and service charges receivable | 41,110 | 46,686 | ||
Total assets | 349,341 | 416,964 | ||
Total liabilities | 0 | 0 | ||
Estimate Value | Fair Value Level 3 | Revolving unsecured credit facilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt | 0 | 0 | ||
Estimate Value | Fair Value Level 3 | Senior unsecured notes, outstanding principal | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt | 0 | 0 | ||
Estimate Value | Fair Value Level 3 | Pawn Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable | $ 308,231 | 369,527 | ||
Estimate Value | Fair Value Level 3 | Consumer loans, net | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable | $ 751 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 658,950 | $ 588,500 | |
Less: accumulated depreciation | (285,283) | (252,333) | |
Property and equipment, net | 373,667 | 336,167 | |
Depreciation expense | 39,800 | 39,100 | $ 36,400 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 83,458 | 66,198 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 150,132 | 123,397 | |
Furniture, fixtures, equipment and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 425,360 | $ 398,905 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Sales, property, and payroll taxes payable | $ 24,984 | $ 15,237 |
Accrued compensation | 21,874 | 27,738 |
Acquisition purchase price amounts payable to sellers | 5,965 | 6,374 |
Trade accounts payable | 7,187 | 5,871 |
Benefits liabilities and withholding payable | 2,852 | 3,353 |
Accrued interest payable | 8,121 | 1,459 |
Other accrued liabilities | 10,934 | 12,366 |
Accounts payable and accrued liabilities | $ 81,917 | $ 72,398 |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities for Long-term Debt (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 0 |
2021 | 0 |
2022 | 0 |
2023 | 123,000 |
2024 | 0 |
Thereafter | 500,000 |
Total long-term debt | $ 623,000 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 26, 2020 | Dec. 31, 2019 | May 30, 2017 |
Debt Instrument [Line Items] | ||||
Long-term line of credit | $ 123,000 | |||
Senior unsecured notes | 492,916 | $ 296,568 | ||
Total long-term debt | 615,916 | 631,568 | ||
Debt Issuance Costs, Net | 7,100 | $ 7,300 | 3,400 | |
Long-term Debt | 623,000 | |||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Long-term line of credit | 123,000 | 335,000 | ||
Senior Notes | 5.375% senior notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | 0 | 296,568 | ||
Senior Notes | 4.625% Senior Unsecured Notes due 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 492,916 | $ 0 | ||
Interest rate | 4.625% | 4.625% | ||
Senior Notes | Senior notes 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.375% | 5.375% |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | Dec. 31, 2020USD ($) | Nov. 09, 2020 | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020MXN ($) | Aug. 26, 2020USD ($) | Dec. 19, 2019USD ($) | May 30, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, leverage ratio, adjusted domestic EBITDA | 4 | 4 | ||||||||||
Long-term line of credit | $ 123,000,000 | $ 123,000,000 | $ 123,000,000 | $ 123,000,000 | $ 123,000,000 | |||||||
Loss on extinguishment of debt | 11,737,000 | $ 0 | $ 0 | |||||||||
Debt Issuance Costs, Net | $ 7,100,000 | $ 7,100,000 | $ 7,100,000 | 7,100,000 | 7,100,000 | 3,400,000 | $ 7,300,000 | |||||
Repurchase/redemption premiums on senior unsecured notes | 8,800,000 | 8,781,000 | 0 | $ 0 | ||||||||
Write off of Deferred Debt Issuance Cost | 2,900,000 | |||||||||||
Line of Credit Facility, Leverage Ratio, Temporary Adjusted Domestic EBITDA | 4.5 | 4.5 | 4.75 | |||||||||
Line of Credit Facility, Leverage Ratio, Adjusted EBITDA | 3.25 | 3 | ||||||||||
Line of Credit Facility, Leverage Ratio, Temporary Adjusted EBITDA | 3.5 | 2.75 | 3.25 | 3.25 | ||||||||
Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 500,000,000 | |||||||||||
Long-term line of credit | $ 123,000,000 | $ 123,000,000 | $ 123,000,000 | 123,000,000 | 123,000,000 | $ 335,000,000 | ||||||
Letters of credit outstanding, amount | 3,400,000 | 3,400,000 | 3,400,000 | 3,400,000 | 3,400,000 | |||||||
Remaining borrowing capacity | $ 373,600,000 | $ 373,600,000 | $ 373,600,000 | $ 373,600,000 | $ 373,600,000 | |||||||
Commitment fee percentage | 0.325% | |||||||||||
Interest rate at period end | 2.63% | 2.63% | 2.63% | 2.63% | 2.63% | 2.63% | ||||||
Repayments of debt | $ (212,000,000) | |||||||||||
Line of Credit | Revolving Unsecured Uncommitted Credit Facility due 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 600,000,000 | |||||||||||
Long-term line of credit | 0 | |||||||||||
Remaining borrowing capacity | $ 600,000,000 | |||||||||||
Line of Credit | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||
Line of Credit | Prime Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||
Line of Credit | Mexican Central Bank Interbank Equilibrium Rate (TIIE) [Member] | Revolving Unsecured Uncommitted Credit Facility due 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||
Senior Notes | 4.625% Senior Unsecured Notes due 2028 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 4.625% | 4.625% | 4.625% | 4.625% | 4.625% | 4.625% | 4.625% | |||||
Face Amount | $ 500,000,000 | |||||||||||
Senior Notes | Senior notes 2024 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 5.375% | 5.375% | 5.375% | 5.375% | 5.375% | 5.375% | 5.375% | |||||
Face Amount | $ 300,000,000 | |||||||||||
Total debt ratio threshold | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | ||||||
Redemption price | 100.00% | |||||||||||
Redemption price (up to) | 40.00% | |||||||||||
Maximum | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 50.00% | |||||||||||
Minimum | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
Minimum | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 32.50% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)state | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Entity Location [Line Items] | |||
U.S. federal statutory rate | 21.00% | ||
Undistributed earnings of foreign subsidiaries | $ 225,200,000 | ||
Valuation allowance | $ 5,942,000 | $ 6,012,000 | |
Income tax benefit, percent of likelihood of being realized upon settlement | 5000.00% | ||
Unrecognized tax benefits | $ 0 | 0 | |
Income tax penalties and interest accrued | 0 | 0 | |
Income tax penalties and interest expense | $ 0 | 0 | $ 0 |
Number of states subject to examination in years prior to 2010 | state | 6 | ||
Other Tax Expense (Benefit) | $ (1,863,000) | $ 1,100,000 | $ 763,000 |
Foreign Earnings Repatriated | $ 43,000,000 | ||
United States | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 21.00% | 21.00% | |
Mexico | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 30.00% | ||
Guatemala | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 25.00% | ||
EL Salvador | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 30.00% | ||
NETHERLANDS | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 0.00% | ||
COLOMBIA | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 32.00% |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income from continuing operations before income taxes | |||
Domestic | $ 98,111 | $ 145,570 | $ 125,056 |
Foreign | 45,588 | 79,041 | 80,253 |
Income before income taxes | 143,699 | 224,611 | 205,309 |
Current income taxes: | |||
Federal | 14,951 | 26,624 | 18,751 |
Foreign | 9,909 | 21,904 | 23,231 |
U.S. state and local | 2,158 | 2,553 | 2,506 |
Current provision for income taxes | 27,018 | 51,081 | 44,488 |
Deferred provision (benefit) for income taxes: | |||
Federal | 4,485 | 7,498 | 7,621 |
Foreign | 5,287 | 863 | (566) |
U.S. state and local | 330 | 551 | 560 |
Total deferred provision for income taxes | 10,102 | 8,912 | 7,615 |
Provision for income taxes | 37,120 | 59,993 | 52,103 |
Other Tax Expense (Benefit) | $ (1,863) | $ 1,100 | $ 763 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Property and equipment | $ 9,905 | $ 10,407 |
Accrued fees on forfeited pawn loans | 5,246 | 8,006 |
Deferred cost of goods sold deduction | 3,622 | 5,721 |
Accrued compensation, payroll taxes and employee benefits | 4,235 | 2,163 |
U.S. state and certain foreign net operating losses | 5,942 | 6,012 |
Other | 3,364 | 4,428 |
Total deferred tax assets | 32,314 | 36,737 |
Deferred tax liabilities: | ||
Intangible assets | 81,749 | 71,814 |
Deferred Tax Liabilities, Leasing Arrangements | 4,188 | 5,819 |
Property and equipment | 3,759 | 0 |
Other | 3,691 | 2,812 |
Total deferred tax liabilities | 93,387 | 80,445 |
Net deferred tax liabilities before valuation allowance | 61,073 | 43,708 |
Valuation allowance | (5,942) | (6,012) |
Net deferred tax liabilities | (67,015) | (49,720) |
Deferred tax assets | 4,158 | 11,711 |
Deferred tax liabilities | $ (71,173) | $ (61,431) |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate | 21.00% | ||
Tax at the U.S. federal statutory rate | $ 30,177 | $ 47,168 | $ 43,115 |
U.S. state income tax, net of federal tax benefit of $522, $652 and $644, respectively | 1,965 | 2,452 | 2,422 |
Federal Income tax provision (benefit) for state income taxes | 522 | 652 | 644 |
Net incremental income tax expense from foreign earnings (1) | 5,732 | 6,314 | 6,031 |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount | 0 | 0 | (1,494) |
Non-deductible compensation expense | 1,050 | 2,074 | 1,827 |
Other taxes and adjustments, net | 59 | 885 | (561) |
Provision for income taxes | $ 37,120 | $ 59,993 | $ 52,103 |
Effective tax rate | 25.80% | 26.70% | 25.40% |
Foreign inflation index adjustment | $ 2,000 | $ 2,300 | $ 3,300 |
Other Tax Expense (Benefit) | $ (1,863) | $ 1,100 | $ 763 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | Dec. 31, 2020oz$ / oz |
Forward Contracts | Gold, Ounces | |
Guarantor Obligations [Line Items] | |
Investment contract weight | oz | 24,500 |
Derivative, average forward price | $ / oz | 1,840 |
Minimum | |
Guarantor Obligations [Line Items] | |
Operating leases term | 3 years |
Maximum | |
Guarantor Obligations [Line Items] | |
Operating leases term | 5 years |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill Roll-forward (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||
Balance, beginning of year | $ 948,643,000 | $ 917,419,000 |
Merger and other acquisitions | 33,434,000 | 27,306,000 |
Effect of foreign currency translation | (6,505,000) | 5,175,000 |
Other adjustments | 1,809,000 | (1,257,000) |
Balance, end of year | 977,381,000 | 948,643,000 |
Goodwill impairment | 0 | 0 |
United States | ||
Goodwill [Line Items] | ||
Balance, beginning of year | 771,311,000 | 759,538,000 |
Merger and other acquisitions | 28,978,000 | 11,773,000 |
Effect of foreign currency translation | 0 | 0 |
Other adjustments | 1,859,000 | 0 |
Balance, end of year | 802,148,000 | 771,311,000 |
Latin America Operations | ||
Goodwill [Line Items] | ||
Balance, beginning of year | 177,332,000 | 157,881,000 |
Merger and other acquisitions | 4,456,000 | 15,533,000 |
Effect of foreign currency translation | (6,505,000) | 5,175,000 |
Other adjustments | (50,000) | (1,257,000) |
Balance, end of year | $ 175,233,000 | $ 177,332,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization expenses of intangible assets | $ 2,300 | $ 2,900 | $ 6,600 |
Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 25,782 | 25,899 | |
Accumulated Amortization | (23,918) | (21,681) | |
Net Carrying Amount | $ 1,864 | $ 4,218 | |
Weighted average amortization period remaining, in years | 10 months 24 days |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Goodwill Future Amortization (Details) - Goodwill $ in Thousands | Dec. 31, 2020USD ($) |
2019 | $ 1,299 |
2020 | 295 |
2021 | 230 |
2022 | 31 |
2023 | 9 |
Total future amortization | $ 1,864 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment of intangible assets,indefinite-lived | $ 0 | $ 0 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 81,787,000 | 81,657,000 |
Trade names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 46,300,000 | 46,300,000 |
Pawn licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 34,237,000 | 34,107,000 |
Other indefinite-lived intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 1,250,000 | $ 1,250,000 |
Equity Compensation Plans and_2
Equity Compensation Plans and Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Additional Disclosures [Abstract] | |||
Exercise price (in dollars per share) | $ 38 | ||
Options and warrants outstanding, intrinsic value | $ 0.3 | ||
Options and warrants exercises in period, total intrinsic value | $ 1.8 | $ 0.6 | $ 0.5 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Shares issued in period | 0 | ||
Nonvested “restricted” stock | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Total intrinsic value for nonvested common stock awards vested during period | $ 9.4 | $ 2.1 | $ 1.6 |
Total intrinsic value for nonvested common stock awards outstanding | $ 26.2 | ||
Weighted-average period of recognition (years) | 1 year 6 months | ||
Total compensation cost not yet recognized, nonvested common stock awards | $ 13.5 | ||
Time Based Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (shares) | 21,000 | 19,000 | 17,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Vesting period | 5 years | 5 years | 5 years |
Stock Options and Warrants | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Additional Disclosures [Abstract] | |||
Exercise price (in dollars per share) | $ 0 | $ 39 | $ 39.33 |
Stock Options and Warrants | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
2020 Performance Based Awards | Minimum | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Target share award earned, percentage | 0.00% | ||
2020 Performance Based Awards | Maximum | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Target share award earned, percentage | 150.00% | ||
2019 And 2018 Performance Based Awards | Minimum | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Target share award earned, percentage | 0.00% | ||
2019 And 2018 Performance Based Awards | Maximum | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Target share award earned, percentage | 150.00% | ||
Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Additional Disclosures [Abstract] | |||
Unvested option to purchase shares (in shares) | 10,000 | ||
Prior to merger | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant | 3,395,000 |
Equity Compensation Plans and_3
Equity Compensation Plans and Share-Based Compensation - Restricted Stock Unit Award Activity (Details) - $ / shares shares in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Underlying Shares - Outstanding at beginning of year | 357 | 254 | 157 | |
Underlying Shares - Outstanding at end of year | 373 | 373 | 357 | 254 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-Average Exercise Price - Outstanding at beginning of year | $ 69.13 | $ 59.53 | $ 47.36 | |
Weighted-Average Exercise Price - Outstanding at end of year | $ 77.40 | $ 77.40 | $ 69.13 | $ 59.53 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Underlying Shares - Granted | 238 | 109 | 102 | |
Underlying Shares - Exercised | (117) | (10) | (10) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-Average Exercise Price - Granted | $ 78.40 | $ 86.86 | $ 72.70 | |
Weighted-Average Exercise Price - Vested | $ 48.25 | $ 45.93 | $ 45.93 | |
Vesting period | 3 years | |||
Time Based Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Underlying Shares - Granted | 21 | 19 | 17 | |
Underlying Shares - Exercised | (12) | (15) | (12) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-Average Exercise Price - Granted | $ 84.93 | $ 86.86 | $ 72.70 | |
Weighted-Average Exercise Price - Vested | $ 76.84 | $ 73.78 | $ 43.55 | |
Vesting period | 5 years | 5 years | 5 years | |
Performance-Based Canceled | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Underlying Shares - Exercised | (114) | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-Average Exercise Price - Vested | $ 84.93 | $ 0 | $ 0 | |
Grant date fair value of replacement performance-based awards | $ 72.37 |
Equity Compensation Plans and_4
Equity Compensation Plans and Share-Based Compensation - Warranty and Options Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted-Average Exercise Price - Exercisable at end of year | $ 38 | ||
Stock Options and Warrants | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Outstanding [Roll Forward] | |||
Underlying Shares - Outstanding at beginning of year | 70 | 80 | 90 |
Underlying Shares - Exercised | (60) | (10) | (10) |
Underlying Shares - Outstanding at end of year | 10 | 70 | 80 |
Underlying Shares - Exercisable at end of year | 0 | 40 | 30 |
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted-Average Exercise Price - Outstanding at beginning of year | $ 38.86 | $ 39 | $ 39.11 |
Weighted-Average Exercise Price - Exercised | 39 | 40 | 40 |
Weighted-Average Exercise Price - Outstanding at end of year | 38 | 38.86 | 39 |
Weighted-Average Exercise Price - Exercisable at end of year | $ 0 | $ 39 | $ 39.33 |
Equity Compensation Plans and_5
Equity Compensation Plans and Share-Based Compensation - Share-based Compensation Allocation of Period Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Gross compensation costs: | $ 2,914 | $ 8,680 | $ 5,786 |
Income tax benefits: | (995) | (416) | (1,414) |
Net compensation expense | 1,919 | 8,264 | 4,372 |
Stock options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Gross compensation costs: | 15 | 43 | 74 |
Income tax benefits: | (94) | (114) | (94) |
Nonvested “restricted” stock | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Gross compensation costs: | 2,899 | 8,637 | 5,712 |
Income tax benefits: | $ (901) | $ (302) | $ (1,320) |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum annual contribution per employee | 100.00% | ||
Vesting period for company contributions | 5 years | ||
Employer contribution amount | $ 3.3 | $ 3.1 | $ 3.1 |
Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Vesting period until participation in 401(k) | 6 months | ||
First Cash | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution | 5.00% | ||
Rate of employer match | 50.00% |
Segment and Geographic Inform_3
Segment and Geographic Information - Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Schedule of Revenues from External Customers and Assets [Line Items] | ||||||||||||
Number of reportable segments | segment | 2 | |||||||||||
Revenue: | ||||||||||||
Retail merchandise sales | $ 1,075,518 | $ 1,175,561 | $ 1,091,614 | |||||||||
Pawn loan fees | 457,517 | 564,824 | 525,146 | |||||||||
Wholesale scrap jewelry sales | 96,233 | 103,876 | 107,821 | |||||||||
Consumer loan and credit services fees | 2,016 | 20,178 | 56,277 | |||||||||
Total revenue | $ 392,158 | $ 359,890 | $ 412,746 | $ 466,490 | $ 498,362 | $ 452,459 | $ 446,014 | $ 467,604 | 1,631,284 | 1,864,439 | 1,780,858 | |
Cost of revenue: | ||||||||||||
Cost of retail merchandise sold | 641,087 | 745,861 | 696,666 | |||||||||
Cost of wholesale scrap jewelry sold | 79,546 | 96,072 | 99,964 | |||||||||
Total cost of revenue | 166,167 | 157,152 | 189,645 | 207,181 | 231,098 | 201,480 | 201,709 | 211,805 | 720,145 | 846,092 | 814,091 | |
Net revenue | 225,991 | 202,738 | 223,101 | 259,309 | 267,264 | 250,979 | 244,305 | 255,799 | 911,139 | 1,018,347 | 966,767 | |
Expenses and other income: | ||||||||||||
Store operating expenses | 562,158 | 595,539 | 563,321 | |||||||||
Administrative expenses | 110,931 | 122,334 | 120,042 | |||||||||
Depreciation and amortization | 42,105 | 41,904 | 42,961 | |||||||||
Interest expense | 29,344 | 34,035 | 29,173 | |||||||||
Interest income | (1,540) | (1,055) | (2,444) | |||||||||
Merger and acquisition expenses | 1,316 | 1,766 | 7,643 | |||||||||
Loss (gain) on foreign exchange | 884 | (787) | 762 | |||||||||
Loss on extinguishment of debt | 11,737 | 0 | 0 | |||||||||
Total expenses and other income | 182,884 | $ 185,052 | $ 185,912 | $ 213,592 | 195,746 | $ 202,015 | $ 199,019 | $ 196,956 | 767,440 | 793,736 | 761,458 | |
Income before income taxes | 143,699 | 224,611 | 205,309 | |||||||||
Pawn loans | 308,231 | 369,527 | $ 362,941 | 308,231 | 369,527 | 362,941 | ||||||
Consumer loans, net | 0 | 751 | 15,902 | 0 | 751 | 15,902 | ||||||
Inventories | 190,352 | 265,256 | 275,130 | 190,352 | 265,256 | 275,130 | ||||||
Goodwill | 977,381 | 948,643 | 917,419 | 977,381 | 948,643 | 917,419 | ||||||
Total assets | 2,372,197 | 2,439,440 | 2,107,974 | 2,372,197 | 2,439,440 | 2,107,974 | ||||||
Asset Impairment Charges | 1,500 | 10,505 | 0 | 0 | ||||||||
Provision for Loan and Lease Losses | (488) | 4,159 | 17,461 | |||||||||
U.S. Operations | ||||||||||||
Revenue: | ||||||||||||
Retail merchandise sales | 720,281 | 722,127 | 709,594 | |||||||||
Pawn loan fees | 310,437 | 379,395 | 373,406 | |||||||||
Wholesale scrap jewelry sales | 45,405 | 71,813 | 85,718 | |||||||||
Consumer loan and credit services fees | 2,016 | 20,178 | 55,417 | |||||||||
Total revenue | 1,078,139 | 1,193,513 | 1,224,135 | |||||||||
Cost of revenue: | ||||||||||||
Cost of retail merchandise sold | 415,938 | 447,911 | 450,516 | |||||||||
Cost of wholesale scrap jewelry sold | 39,584 | 65,941 | 78,308 | |||||||||
Total cost of revenue | 455,034 | 518,011 | 546,047 | |||||||||
Net revenue | 623,105 | 675,502 | 678,088 | |||||||||
Expenses and other income: | ||||||||||||
Store operating expenses | 396,627 | 412,508 | 414,097 | |||||||||
Administrative expenses | 0 | 0 | 0 | |||||||||
Depreciation and amortization | 21,743 | 20,860 | 21,021 | |||||||||
Interest expense | 0 | 0 | 0 | |||||||||
Interest income | 0 | 0 | 0 | |||||||||
Merger and acquisition expenses | 0 | 0 | 0 | |||||||||
Loss (gain) on foreign exchange | 0 | 0 | 0 | |||||||||
Loss on extinguishment of debt | 0 | |||||||||||
Total expenses and other income | 418,370 | 433,368 | 435,118 | |||||||||
Income before income taxes | 204,735 | 242,134 | 242,970 | |||||||||
Pawn loans | 220,391 | 268,793 | 271,584 | 220,391 | 268,793 | 271,584 | ||||||
Consumer loans, net | 751 | 15,902 | 751 | 15,902 | ||||||||
Inventories | 136,109 | 181,320 | 199,978 | 136,109 | 181,320 | 199,978 | ||||||
Goodwill | 802,148 | 771,311 | 759,538 | 802,148 | 771,311 | 759,538 | ||||||
Total assets | 1,718,975 | 1,767,504 | 1,534,542 | 1,718,975 | 1,767,504 | 1,534,542 | ||||||
Asset Impairment Charges | 0 | |||||||||||
Provision for Loan and Lease Losses | (488) | 4,159 | 17,223 | |||||||||
Latin America Operations | ||||||||||||
Revenue: | ||||||||||||
Retail merchandise sales | 355,237 | 453,434 | 382,020 | |||||||||
Pawn loan fees | 147,080 | 185,429 | 151,740 | |||||||||
Wholesale scrap jewelry sales | 50,828 | 32,063 | 22,103 | |||||||||
Consumer loan and credit services fees | 0 | 0 | 860 | |||||||||
Total revenue | 553,145 | 670,926 | 556,723 | |||||||||
Cost of revenue: | ||||||||||||
Cost of retail merchandise sold | 225,149 | 297,950 | 246,150 | |||||||||
Cost of wholesale scrap jewelry sold | 39,962 | 30,131 | 21,656 | |||||||||
Total cost of revenue | 265,111 | 328,081 | 268,044 | |||||||||
Net revenue | 288,034 | 342,845 | 288,679 | |||||||||
Expenses and other income: | ||||||||||||
Store operating expenses | 165,531 | 183,031 | 149,224 | |||||||||
Administrative expenses | 0 | 0 | 0 | |||||||||
Depreciation and amortization | 15,816 | 14,626 | 11,333 | |||||||||
Interest expense | 0 | 0 | 0 | |||||||||
Interest income | 0 | 0 | 0 | |||||||||
Merger and acquisition expenses | 0 | 0 | 0 | |||||||||
Loss (gain) on foreign exchange | 0 | 0 | 0 | |||||||||
Loss on extinguishment of debt | 0 | |||||||||||
Total expenses and other income | 181,347 | 197,657 | 160,557 | |||||||||
Income before income taxes | 106,687 | 145,188 | 128,122 | |||||||||
Pawn loans | 87,840 | 100,734 | 91,357 | 87,840 | 100,734 | 91,357 | ||||||
Consumer loans, net | 0 | 0 | 0 | 0 | ||||||||
Inventories | 54,243 | 83,936 | 75,152 | 54,243 | 83,936 | 75,152 | ||||||
Goodwill | 175,233 | 177,332 | 157,881 | 175,233 | 177,332 | 157,881 | ||||||
Total assets | 540,473 | 574,059 | 407,282 | 540,473 | 574,059 | 407,282 | ||||||
Asset Impairment Charges | 0 | |||||||||||
Provision for Loan and Lease Losses | 0 | 0 | 238 | |||||||||
Corporate | ||||||||||||
Revenue: | ||||||||||||
Retail merchandise sales | 0 | 0 | 0 | |||||||||
Pawn loan fees | 0 | 0 | 0 | |||||||||
Wholesale scrap jewelry sales | 0 | 0 | 0 | |||||||||
Consumer loan and credit services fees | 0 | 0 | 0 | |||||||||
Total revenue | 0 | 0 | 0 | |||||||||
Cost of revenue: | ||||||||||||
Cost of retail merchandise sold | 0 | 0 | 0 | |||||||||
Cost of wholesale scrap jewelry sold | 0 | 0 | 0 | |||||||||
Total cost of revenue | 0 | 0 | 0 | |||||||||
Net revenue | 0 | 0 | 0 | |||||||||
Expenses and other income: | ||||||||||||
Store operating expenses | 0 | 0 | 0 | |||||||||
Administrative expenses | 110,931 | 122,334 | 120,042 | |||||||||
Depreciation and amortization | 4,546 | 6,418 | 10,607 | |||||||||
Interest expense | 29,344 | 34,035 | 29,173 | |||||||||
Interest income | (1,540) | (1,055) | (2,444) | |||||||||
Merger and acquisition expenses | 1,316 | 1,766 | 7,643 | |||||||||
Loss (gain) on foreign exchange | 884 | (787) | 762 | |||||||||
Loss on extinguishment of debt | 11,737 | |||||||||||
Total expenses and other income | 167,723 | 162,711 | 165,783 | |||||||||
Income before income taxes | (167,723) | (162,711) | (165,783) | |||||||||
Pawn loans | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Consumer loans, net | 0 | 0 | 0 | 0 | ||||||||
Inventories | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total assets | $ 112,749 | $ 97,877 | $ 166,150 | 112,749 | 97,877 | 166,150 | ||||||
Asset Impairment Charges | 10,505 | |||||||||||
Provision for Loan and Lease Losses | $ 0 | $ 0 | $ 0 |
Segment and Geographic Inform_4
Segment and Geographic Information - Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 392,158 | $ 359,890 | $ 412,746 | $ 466,490 | $ 498,362 | $ 452,459 | $ 446,014 | $ 467,604 | $ 1,631,284 | $ 1,864,439 | $ 1,780,858 |
Long-Lived Assets | 383,485 | 347,673 | 383,485 | 347,673 | 300,883 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,078,139 | 1,193,513 | 1,224,135 | ||||||||
Long-Lived Assets | 286,079 | 254,395 | 286,079 | 254,395 | 226,358 | ||||||
Mexico | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 530,462 | 641,505 | 531,744 | ||||||||
Long-Lived Assets | 82,438 | 80,385 | 82,438 | 80,385 | 65,260 | ||||||
Other Latin America | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 22,683 | 29,421 | 24,979 | ||||||||
Long-Lived Assets | $ 14,968 | $ 12,893 | $ 14,968 | $ 12,893 | $ 9,265 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenue | $ 392,158 | $ 359,890 | $ 412,746 | $ 466,490 | $ 498,362 | $ 452,459 | $ 446,014 | $ 467,604 | $ 1,631,284 | $ 1,864,439 | $ 1,780,858 |
Total cost of revenue | 166,167 | 157,152 | 189,645 | 207,181 | 231,098 | 201,480 | 201,709 | 211,805 | 720,145 | 846,092 | 814,091 |
Net revenue | 225,991 | 202,738 | 223,101 | 259,309 | 267,264 | 250,979 | 244,305 | 255,799 | 911,139 | 1,018,347 | 966,767 |
Total expenses and other income | 182,884 | 185,052 | 185,912 | 213,592 | 195,746 | 202,015 | 199,019 | 196,956 | 767,440 | 793,736 | 761,458 |
Net income | $ 32,726 | $ 15,062 | $ 25,873 | $ 32,918 | $ 54,154 | $ 34,761 | $ 33,048 | $ 42,655 | $ 106,579 | $ 164,618 | $ 153,206 |
Diluted income per share: | |||||||||||
Net income per diluted share (in dollars per share) | $ 0.79 | $ 0.36 | $ 0.62 | $ 0.78 | $ 1.27 | $ 0.81 | $ 0.76 | $ 0.98 | $ 2.56 | $ 3.81 | $ 3.41 |
Diluted weighted-average shares | 41,331 | 41,536 | 41,531 | 42,007 | 42,760 | 43,167 | 43,256 | 43,658 | 41,600 | 43,208 | 44,884 |