COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-10960 | ||
Entity Registrant Name | FIRSTCASH HOLDINGS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 87-3920732 | ||
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 | $ 3,006,000,000 | ||
Entity Common Stock, Shares Outstanding | 45,107,912 | ||
Entity Central Index Key | 0000840489 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Financial Statement Error Correction [Flag] | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | RSM US LLP |
Auditor Location | Dallas, Texas |
Auditor Firm ID | 49 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 127,018 | $ 117,330 |
Accounts receivable, net | 71,922 | 57,792 |
Pawn loans | 471,846 | 390,617 |
Finance receivables, net | 113,901 | 103,494 |
Inventories | 312,089 | 288,339 |
Leased merchandise, net | 171,191 | 153,302 |
Prepaid expenses and other current assets | 38,634 | 19,788 |
Total current assets | 1,306,601 | 1,130,662 |
Property and equipment, net | 632,724 | 538,681 |
Operating lease right of use asset | 328,458 | 307,009 |
Goodwill | 1,727,652 | 1,581,381 |
Intangible assets, net | 277,724 | 330,338 |
Other assets | 10,242 | 9,415 |
Deferred tax assets, net | 6,514 | 7,381 |
Total assets | 4,289,915 | 3,904,867 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable and accrued liabilities | 163,050 | 139,460 |
Customer deposits and prepayments | 70,580 | 63,125 |
Lease liability, current | 101,962 | 92,944 |
Total current liabilities | 335,592 | 295,529 |
Revolving unsecured credit facilities | 568,000 | 339,000 |
Senior unsecured notes | 1,037,647 | 1,035,698 |
Deferred tax liabilities, net | 136,773 | 151,759 |
Lease liability, non-current | 215,485 | 203,115 |
Total liabilities | 2,293,497 | 2,025,101 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Common stock; $0.01 par value; 90,000 shares authorized; 57,322 and 49,276 shares issued, respectively; 48,479 and 41,038 shares outstanding, respectively | 573 | 573 |
Additional paid-in capital | 1,741,046 | 1,734,528 |
Retained earnings | 1,218,029 | 1,060,603 |
Accumulated other comprehensive loss | (43,037) | (106,573) |
Common stock held in treasury, 12,214 and 11,030 shares at cost, respectively | (920,193) | (809,365) |
Total stockholders’ equity | 1,996,418 | 1,879,766 |
Total liabilities and stockholders’ equity | $ 4,289,915 | $ 3,904,867 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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 | 57,322,000 | 57,322,000 |
Common Stock, Shares, Outstanding | 45,108,000 | 46,292,000 |
Treasury Stock, Common, Shares | 12,214,000 | 11,030,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue: | |||
Retail merchandise sales | $ 1,381,272 | $ 1,261,136 | $ 1,134,249 |
Pawn loan fees | 658,536 | 561,390 | 475,782 |
Leased merchandise income | 752,682 | 622,163 | 22,720 |
Interest and fees on finance receivables | 233,818 | 181,280 | 9,024 |
Wholesale scrap jewelry sales | 125,488 | 102,973 | 57,190 |
Total revenue | 3,151,796 | 2,728,942 | 1,698,965 |
Cost of revenue: | |||
Cost of retail merchandise sold | 832,393 | 764,553 | 663,464 |
Depreciation of leased merchandise | 411,455 | 353,495 | 12,826 |
Provision for Lease Losses | 175,858 | 139,502 | 5,442 |
Provision for loan losses | 123,030 | 118,502 | 48,952 |
Cost of wholesale scrap jewelry sold | 101,821 | 88,304 | 49,129 |
Total cost of revenue | 1,644,557 | 1,464,356 | 779,813 |
Net revenue | 1,507,239 | 1,264,586 | 919,152 |
Expenses and other income: | |||
Operating expenses | 832,149 | 728,909 | 564,832 |
Administrative expenses | 176,315 | 147,943 | 111,259 |
Depreciation and amortization | 109,161 | 103,832 | 45,906 |
Interest expense | 93,243 | 70,708 | 32,386 |
Interest income | (1,469) | (1,313) | (696) |
(Gain) loss on foreign exchange | (1,529) | (585) | 436 |
Merger and acquisition expenses | 7,922 | 3,739 | 15,449 |
Gain on revaluation of contingent acquisition consideration | 0 | (109,549) | (17,871) |
Total expenses and other income | 1,214,390 | 940,953 | 752,650 |
Income before income taxes | 292,849 | 323,633 | 166,502 |
Provision for income taxes | 73,548 | 70,138 | 41,593 |
Net income | $ 219,301 | $ 253,495 | $ 124,909 |
Earnings per share: | |||
Basic (in dollars per share) | $ 4.82 | $ 5.37 | $ 3.05 |
Diluted (in dollars per share | $ 4.80 | $ 5.36 | $ 3.04 |
Other Nonoperating Income (Expense) | $ (1,402) | $ (2,731) | $ 949 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 219,301 | $ 253,495 | $ 124,909 |
Other comprehensive income (loss): | |||
Currency translation adjustment | 63,536 | 24,726 | (12,867) |
Comprehensive income | $ 282,837 | $ 278,221 | $ 112,042 |
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 | Treasury Stock, Common |
Balance at beginning of period (shares) at Dec. 31, 2020 | 49,276 | 8,238 | ||||
Balance at beginning 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] | ||||||
Shares issued under share-based compensation (value) | (1,663) | $ 0 | (7,090) | $ 5,427 | ||
Shares issued under share-based compensation (shares) | 0 | (73) | ||||
Exercise of stock options, net of shares net-settled (shares) | 0 | (10) | ||||
Exercise of stock options, net of shares net-settled (value) | 380 | $ 0 | (358) | $ 738 | ||
Stock Issued During Period, Value, Acquisitions | 505,546 | |||||
Share-based compensation expense (value) | 5,150 | 5,150 | ||||
Net income | 124,909 | 124,909 | ||||
Dividends paid | (47,533) | (47,533) | ||||
Currency translation adjustment | (12,867) | (12,867) | ||||
Repurchases of treasury stock (shares) | 688 | |||||
Repurchases of treasury stock (value) | (49,610) | $ (49,610) | ||||
Balance at end of period (shares) at Dec. 31, 2021 | 57,322 | 8,843 | ||||
Balance at end of period (value) at Dec. 31, 2021 | $ 1,808,127 | $ 573 | 1,724,956 | 866,679 | (131,299) | $ (652,782) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 28 | |||||
Shares issued under share-based compensation (value) | $ 0 | $ 0 | (1,281) | $ 1,281 | ||
Shares issued under share-based compensation (shares) | 0 | (17) | ||||
Stock Issued During Period, Value, Acquisitions | 0 | |||||
Share-based compensation expense (value) | 10,853 | 10,853 | ||||
Net income | 253,495 | 253,495 | ||||
Dividends paid | (59,571) | (59,571) | ||||
Currency translation adjustment | 24,726 | 24,726 | ||||
Repurchases of treasury stock (shares) | 2,204 | |||||
Repurchases of treasury stock (value) | (157,864) | $ (157,864) | ||||
Balance at end of period (shares) at Dec. 31, 2022 | 57,322 | 11,030 | ||||
Balance at end of period (value) at Dec. 31, 2022 | 1,879,766 | $ 573 | 1,734,528 | 1,060,603 | (106,573) | $ (809,365) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under share-based compensation (value) | (2,463) | (7,156) | $ 4,693 | |||
Shares issued under share-based compensation (shares) | (64) | |||||
Stock Issued During Period, Value, Acquisitions | 0 | |||||
Share-based compensation expense (value) | 13,674 | 13,674 | ||||
Net income | 219,301 | 219,301 | ||||
Dividends paid | (61,875) | (61,875) | ||||
Currency translation adjustment | 63,536 | 63,536 | ||||
Repurchases of treasury stock (shares) | 1,248 | |||||
Repurchases of treasury stock (value) | (115,521) | $ (115,521) | ||||
Balance at end of period (shares) at Dec. 31, 2023 | 57,322 | 12,214 | ||||
Balance at end of period (value) at Dec. 31, 2023 | $ 1,996,418 | $ 573 | $ 1,741,046 | $ 1,218,029 | $ (43,037) | $ (920,193) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 28 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 28 | 28 | |
Common stock, dividends, declared (in dollars per share) | $ 1.36 | $ 1.26 | $ 1.17 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow from operating activities: | |||
Net income | $ 219,301 | $ 253,495 | $ 124,909 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | |||
Depreciation of leased merchandise | 411,455 | 353,495 | 12,826 |
Provision for lease losses | 175,858 | 139,502 | 5,442 |
Provision for loan losses | 123,030 | 118,502 | 48,952 |
Share-based compensation expense | 13,674 | 10,853 | 5,150 |
Depreciation and amortization expense | 109,161 | 103,832 | 45,906 |
Amortization of debt issuance costs | 2,795 | 2,962 | 1,671 |
Net amortization of premiums, discounts and unearned origination fees on finance receivables | (17,995) | 44,378 | 1,132 |
Gain on revaluation of contingent acquisition consideration | 0 | (109,549) | (17,871) |
Other expenses (income), net | 496 | 1,722 | 949 |
Deferred income taxes, net | (13,103) | 42,488 | 10,722 |
Changes in operating assets and liabilities, net of business combinations: | |||
Accounts receivable, net | (8,660) | (1,217) | (2,492) |
Inventories purchased directly from customers, wholesalers or manufacturers | 1,806 | (3,141) | (27,006) |
Prepaid expenses and other assets | (605,202) | (502,355) | (22,563) |
Prepaid expenses and other assets | (3,458) | (3,419) | 3,094 |
Accounts payable, accrued liabilities and other liabilities | 22,418 | 19,993 | 26,180 |
Income taxes | (15,434) | (2,236) | 6,303 |
Net cash flow provided by operating activities | 416,142 | 469,305 | 223,304 |
Cash flow from investing activities: | |||
Pawn loans, net | (34,978) | (35,817) | (73,340) |
Finance receivables, net | (115,442) | (85,353) | (5,844) |
Purchases of furniture, fixtures, equipment and improvements | (60,148) | (35,586) | (42,022) |
Purchases of store real property | (70,452) | (82,902) | (79,507) |
Portion of AFF Acquisition paid in cash, net of cash acquired | 0 | (25,000) | (462,102) |
Acquisitions of pawn stores, net of cash acquired | (181,312) | (71,785) | (81,822) |
Net cash flow used in investing activities | (462,332) | (336,443) | (744,637) |
Cash flow from financing activities: | |||
Borrowings from unsecured credit facilities | 646,334 | 286,000 | 560,000 |
Repayments of unsecured credit facilities | (416,026) | (206,000) | (424,000) |
Issuance of senior unsecured notes | 0 | 0 | 550,000 |
Debt issuance costs paid | (279) | (1,838) | (10,581) |
Purchases of treasury stock | (114,378) | (157,864) | (49,610) |
Proceeds from exercise of stock options | 0 | 0 | 380 |
Payment of minimum withholding taxes on net share settlement of stock options exercised | (2,463) | 0 | (1,663) |
Payments of Dividends | (61,875) | (59,571) | (47,533) |
Net cash flow provided by (used in) financing activities | 51,313 | (139,273) | 576,993 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | 4,565 | 3,695 | (1,464) |
Change in cash and cash equivalents | 9,688 | (2,716) | 54,196 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 127,018 | 117,330 | 120,046 |
Supplemental disclosure of cash flow information: | |||
Interest | 90,278 | 52,891 | 29,461 |
Income taxes | 102,163 | 30,069 | 24,563 |
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 | 529,429 | 502,964 | 430,306 |
Stock Issued During Period, Value, Acquisitions | $ 0 | $ 0 | $ 505,546 |
Organization and Nature of the
Organization and Nature of the Company | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of the Company | GENERAL Organization and Nature of the Company FirstCash Holdings, Inc. (together with its wholly-owned subsidiaries, the “Company”) is incorporated in the state of Delaware. On December 17, 2021, the Company completed the acquisition of AFF, which is a leading technology-driven retail POS payment solutions platform primarily focused on providing LTO products. The accompanying audited consolidated results of operations for the year ended December 31, 2023 and 2022 include the results of operations for AFF for the full respective period, while the comparable 2021 period includes the results of operations for AFF for the period December 17, 2021 to December 31, 2021, affecting the comparability of 2023 and 2022 amounts to 2021 amounts. The Company operates two business lines: pawn operations and retail POS payment solutions, which are organized into three reportable segments. The U.S. pawn segment consists of pawn operations in 29 U.S. states and the District of Columbia, while the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, Colombia and El Salvador. The retail POS payment solutions segment consists of the operations of AFF in all 50 states in the U.S., the District of Columbia and Puerto Rico. The Company’s primary line of business is the operation of retail pawn stores, also known as “pawnshops,” which focus on serving cash- and credit-constrained consumers. Pawn stores help customers meet small short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers. Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the typical 30-day term of the loan. Pawn stores also generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers. The Company’s retail POS payment solutions business line consists solely of the operations of AFF, which focuses on LTO products and facilitating other retail financing payment options across a large network of traditional and e-commerce merchant partners. AFF’s retail partners provide consumer goods and services to their customers and use AFF’s LTO and retail finance solutions to facilitate payments on such transactions. Continuing Impact of COVID-19 The COVID-19 pandemic and government responses thereto had an initial adverse and material impact on pawn loan demand in 2020, which negatively impacted pawn receivables, inventories and revenues. This initial adverse impact in pawn loan demand was offset in large part by a positive impact in merchandise sales, especially among stay-at-home products, which were enhanced by federal stimulus payments directly to consumers. Throughout 2021 and 2022, as the contributory impacts of the pandemic normalized, pawn loan demand steadily recovered and pawn receivables, inventories and revenues are now ahead of pre-pandemic levels. Inflationary pressures on the Company’s customer base helped drive further demand for consumer credit, which contributed to the recovery in pawn loan demand. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 Holdings, Inc. and its wholly-owned subsidiaries. The Company regularly makes acquisitions, and the results of operations for the acquisitions have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated. 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, 2023, the amount of cash associated with indefinitely reinvested foreign earnings was $39.9 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 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, which is included in accounts receivable, net in the accompanying consolidated balance sheets. If the pawn loan is not repaid prior to the expiration of the pawn 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. Pawn inventories and revenue recognition — Pawn 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. Pawn inventories from forfeited pawn loans are recorded at the amount of the pawn principal on the unredeemed goods, exclusive of accrued interest. Pawn inventories purchased directly from customers, wholesalers and manufacturers are recorded at cost. The cost of pawn inventories is determined on the specific identification method. Pawn inventories are stated at the lower of cost or net realizable value and, accordingly, valuation allowances are established if pawn inventory carrying values are in excess of estimated selling prices, net of direct costs of disposal. Management has evaluated pawn inventories and determined that a valuation allowance is not necessary. The Company’s 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 — Customers can 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 pawn 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 and prepayments in the accompanying consolidated balance sheets. Leased merchandise and revenue recognition — The Company provides merchandise, consisting primarily of furniture and mattresses, appliances, jewelry, electronics and automotive products, to customers of its merchant partners for lease under certain terms agreed to by the customer. The customer has the right to acquire the title either through an early buyout option or through payment of all required lease payments. The Company maintains ownership of the leased merchandise until all payment obligations are satisfied under the lease agreement. The customer has the right to cancel the lease at any time by returning the merchandise. Leased merchandise contracts can typically be renewed for weekly, bi-weekly, semi-monthly, and monthly renewal periods and are generally renewed for between six Lease income is recognized over the lease term and is recorded net of any sales taxes collected. Charges for late fees and insufficient fund fees are recognized as income when collected. Initial direct costs related to the Companyʼs lease agreements are added to the basis of the leased property and recognized over the lease term in proportion to the recognition of lease income. The Company typically charges the customer a non-refundable processing fee at lease inception and may also receive a discount from or pay a premium to certain merchant partners for leases originated at their locations, which are deferred and amortized using the straight-line method as adjustments to lease income over the contractual life of the related leased merchandise. Unamortized fees, discounts and premiums are recognized in full upon early buyout or charge-off. The Company accrues for lease income earned but not yet collected as accrued rent receivable, which is included in accounts receivable, net in the accompanying consolidated balance sheets. Alternatively, lease payments received in excess of the amount earned are recognized as deferred revenue, which is included in customer deposits and prepayments in the accompanying consolidated balance sheets. Customer payments are first applied to applicable sales tax and scheduled lease payments, then applied to any uncollected fees, such as late fees and insufficient fund fees. The Company collects sales taxes on behalf of the customer and remits all applicable sales taxes collected to the respective jurisdiction. Provision for lease losses — The Company records a provision for lease losses on an allowance method, which estimates the leased merchandise losses incurred but not yet identified by management as of the end of the accounting period. The allowance for lease losses is based primarily upon historical loss experience with consideration given to recent and forecasted business trends including, but not limited to, loss trends, delinquency levels, economic conditions, underwriting and collection practices. The Company charges off leased merchandise when a lease is 90 days or more contractually past due. If an account is deemed to be uncollectible prior to this date, the Company will charge off the leased merchandise at the point in time it is deemed uncollectible. Finance receivables and revenue recognition — The Company purchases and services retail finance receivables, the term of which typically ranges from six Interest income is recognized using the interest method over the life of the finance receivable for all loans for which the Company deems collection to be probable based on historical loan redemption statistics and stops accruing interest upon charge-off. Accrued interest, net of an allowance for uncollectible interest income, is included in accounts receivable, net The Company offers customers an early payoff discount on most of its finance receivables, whereby the customer has between 90 and 101 days to pay the full principal balance without incurring any interest charge. If the borrower does not pay the full principal balance prior to the expiration of the early payoff discount period, interest charges are applied retroactively to the inception date of the loan. The Company accrues interest income during the early payoff discount period but records a reserve for loans expected to pay the full principal balance prior to the expiration of the early payoff discount period based on historical payment patterns. Provision for loan losses — Expected lifetime losses on finance receivables are recognized upon loan purchase, which requires the Company to make its best estimate of probable lifetime losses at the time of purchase. The Company segments its finance receivable portfolio into pools of receivables with similar risk characteristics which include loan product and monthly origination vintage and evaluates each pool for impairment. The Company calculates the allowance for loan losses based on historical loss information and incorporates observable and forecasted economic conditions over a reasonable and supportable forecast period covering the full contractual life of finance receivables. Incorporating observable and forecasted economic conditions could have a material impact on the measurement of the allowance to the extent that forecasted economic conditions change significantly. The Company may also consider other qualitative factors to address recent and forecasted business trends in estimating the allowance, as necessary, including, but not limited to, loss trends, delinquency levels, economic conditions, underwriting and collection practices. The allowance for loan losses is maintained at a level considered appropriate to cover expected lifetime losses on the finance receivable portfolio, and the appropriateness of the allowance is evaluated at each period end. The Company charges off finance receivables when a receivable is 90 days or more contractually past due. If an account is deemed to be uncollectible prior to this date, the Company will charge off the finance receivable at the point in time it is deemed uncollectible. Foreign currency transactions — The Company has pawn operations in Latin America, where in Mexico, Guatemala and Colombia, 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 pawn 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 2023 was 17.8 to 1 compared to 20.1 to 1 in 2022 and 20.3 to 1 in 2021. The average value of the Guatemalan quetzal to the U.S. dollar exchange rate for 2023 was 7.8 to 1 compared to 7.7 to 1 in 2022 and 2021. The average value of the Colombian peso to the U.S. dollar exchange rate for 2023 was 4,328 to 1 compared to 4,253 to 1 in 2022 and 3,742 to 1 in 2021. Operating expenses — Costs incurred in operating the Company’s pawn stores have been classified as operating expenses, which include salary and benefit expense of pawn store-level employees, occupancy costs, bank charges, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Additionally, costs incurred in operating AFF have been classified as operating expenses, which include salary and benefit expense of certain operations focused departments, merchant partner incentives, bank and other payment processing charges, credit reporting costs, information technology costs, advertising costs and other operational costs incurred. 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 Business combinations — Business combination accounting requires the Company to determine the fair value of all assets acquired, including identifiable intangible assets, liabilities assumed and contingent consideration issued in a business combination. The total consideration of the acquisition is allocated to the assets and liabilities in amounts equal to the estimated fair value of each asset and liability as of the acquisition date, and any remaining acquisition consideration is classified as goodwill. This allocation process requires extensive use of estimates and assumptions. When appropriate, the Company utilizes independent valuation experts to advise and assist in determining the fair value of the assets acquired and liabilities assumed in connection with a business acquisition, in determining appropriate amortization methods and periods for identified intangible assets and in determining the fair value of contingent consideration, which is reviewed at each subsequent reporting period with changes in the fair value of the contingent consideration recognized in the consolidated statements of income. See Note 3. 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 October 1, 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. pawn, Latin America pawn and retail POS payment solutions. 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 quantitative impairment testing methodology. See Note 14. The Company’s other material indefinite-lived intangible assets consist of certain 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 an indefinite-lived intangible asset below its carrying amount. See Note 14. 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. The Company did not record any impairment loss for the years ended December 31, 2023 and 2022. 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 12. Advertising — The Company expenses the costs of advertising when incurred. Advertising expense for the years ended December 31, 2023, 2022 and 2021, was $4.3 million, $4.1 million and $1.0 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 15. 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. The Company used the treasury stock method to calculate diluted earnings per share which gives 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, 2023 2022 2021 Numerator: Net income $ 219,301 $ 253,495 $ 124,909 Denominator: Weighted-average common shares for calculating basic earnings per share 45,452 47,213 40,975 Effect of dilutive securities: Restricted stock unit awards 241 117 49 Weighted-average common shares for calculating diluted earnings per share 45,693 47,330 41,024 Earnings per share: Basic $ 4.82 $ 5.37 $ 3.05 Diluted 4.80 5.36 3.04 Use of estimates — The preparation of financial statements in conformity with GAAP 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. Significant estimates include the accrual for earned but uncollected pawn fees, allowances for lease and loan losses and related lease and loan loss provisions, valuation of acquired assets, assumed liabilities and contingent consideration of acquisitions, evaluation of goodwill and other intangible assets for impairment and current and deferred tax assets and liabilities. Recent accounting pronouncements — In March 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No 2022-02, “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Except for expanded disclosures to its vintage disclosures, ASU 2022-02 did not have a material effect on the Company’s current financial position, results of operations or financial statements. See Note 7. In October 2023, the FASB issued ASU No 2023-06, “ Disclosure Agreements – Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”). ASU 2023-06 will align the disclosure and presentation requirements in the FASB Accounting Standards Codification with the SEC’s regulations. The amendments in ASU 2023-06 will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As the Company is currently subject to these SEC requirements, ASU 2023-06 is not expected to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In November 2023, the FASB issued ASU No 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. ASU 2023-07 should be applied retrospectively to all prior periods presented in the financial statements. The Company does not expect ASU 2023-07 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In December 2023, the FASB issued ASU No 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 expands disclosures in the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 should be applied prospectively; however, retrospective application is permitted. The Company does not expect ASU 2023-09 to 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, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS 2023 Pawn Acquisitions Consistent with the Company’s strategy to continue its expansion of pawn stores in selected markets, during 2023, the Company acquired 91 pawn stores in the U.S. in eight separate transactions and acquired two pawn licenses that were used to open two new pawn stores in the state of Nevada. The aggregate purchase price for these acquisitions totaled $178.6 million, net of cash acquired and subject to future post-closing adjustments. The aggregate purchase price was composed of $178.0 million in cash paid during 2023, which included the repayment and extinguishment of $59.7 million of debt of the acquired businesses at closing and remaining short-term amounts payable to certain of the sellers of $0.6 million. During 2023, the Company also paid $3.3 million of purchase price amounts payable related to prior-year pawn acquisitions. The purchase price of each of the 2023 acquisitions was allocated to assets acquired and liabilities assumed based upon the estimated fair values at the date of acquisition. The excess purchase price over the estimated fair 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 price for these individually immaterial pawn store acquisitions during 2023 (the “2023 Pawn Acquisitions”) is as follows (in thousands): 2023 Pawn Acquisitions Pawn loans $ 27,715 Accounts receivable 3,328 Inventories 17,090 Prepaid expenses and other current assets 996 Property and equipment 2,986 Operating lease right of use asset 20,597 Goodwill (1) 127,239 Intangible assets 4,410 Other non-current assets 280 Current liabilities (5,467) Lease liability (20,597) Aggregate purchase price $ 178,577 (1) Substantially all of the goodwill is expected to be deductible for U.S. income tax purposes. The results of operations for the 2023 Pawn Acquisitions have been consolidated since the respective acquisition dates. During 2023, revenue from the 2023 Pawn Acquisitions was $40.7 million and the earnings from the 2023 Pawn Acquisitions since the acquisition dates (including $6.1 million of transaction costs, net of tax) was approximately $1.1 million. Transaction costs associated with the 2023 Pawn Acquisitions were expensed as incurred and are presented in the consolidated statements of income as merger and acquisition expenses. These expenses include investment banking, legal, accounting and other related third-party costs. Unaudited pro forma financial information reflecting the consolidated results of operations of the Company as if the 2023 Pawn Acquisitions had occurred on January 1, 2022 has not been presented as the 2023 Pawn Acquisitions were not significant in relation to the Company’s consolidated financial position or results of operations. 2022 Pawn Acquisitions |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Operating Leases | OPERATING LEASES Lessor Refer to Note 2 to the consolidated financial statements for further information about the Company’s revenue generating activities as a lessor. All of the Company’s lease agreements are considered operating leases. Lessee The Company leases the majority of its pawnshop locations and certain administrative offices under operating leases and determines if an arrangement is or contains a lease at inception. Many leases include both lease and non-lease components for which the Company accounts 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, 2023, 2022 and 2021 was 8.0%, 6.5% and 6.2%, 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 gain of $2.5 million, gain of $1.3 million and loss of $0.6 million during the years ended December 31, 2023, 2022 and 2021, respectively, related to the remeasurement of these U.S.-dollar-denominated operating leases, which is included in (gain) loss 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 operating expenses in the consolidated statements of income during the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Operating lease expense $ 141,831 $ 128,174 $ 125,439 Variable lease expense (1) 18,618 16,979 16,021 Total operating lease expense $ 160,449 $ 145,153 $ 141,460 (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, 2023 (in thousands): 2024 $ 122,795 2025 93,471 2026 69,106 2027 41,910 2028 20,403 Thereafter 22,235 Total $ 369,920 Less amount of lease payments representing interest (52,473) Total present value of lease payments $ 317,447 The following table details supplemental cash flow information related to operating leases for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 124,584 $ 116,225 $ 114,463 Leased assets obtained in exchange for new operating lease liabilities 110,819 95,132 110,531 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY During 2023, the Company repurchased a total of 1,248,000 shares of common stock at an aggregate cost of $114.4 million and an average cost per share of $91.58. The aggregate cost and average cost per share does not include the effect of the 1% excise tax on certain share repurchases enacted under the Inflation Reduction Act of 2022. The Company incurred $1.1 million of excise taxes during 2023. During 2022, the Company repurchased 2,204,000 shares of common stock at an aggregate cost of $157.9 million and an average cost per share of $71.63. All repurchases during 2023 were conducted under the Company’s $100.0 million share repurchase program authorized in April 2022 and the $100.0 million share repurchase program authorized in October 2022 and such repurchases completed the authorizations under these programs. In July 2023, the Company’s Board of Directors authorized a new common stock repurchase program for up to $200.0 million of the Company’s outstanding common stock, of which the entire $200.0 million is currently remaining. The Company intends to continue repurchases under its active share repurchase program, including 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, liquidity needs, credit availability, debt covenant restrictions, general business and economic conditions, regulatory requirements, the market price of the Company’s stock, the Company’s dividend policy and the availability of alternative investment opportunities. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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 The Company did not have any financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023. The Company’s financial assets and liabilities as of December 31, 2022 that are measured at fair value on a recurring basis are as follows (in thousands): Estimated Fair Value Fair Value Measurements Using Level 1 Level 2 Level 3 Financial liabilities: Contingent consideration as of December 31, 2022 (1) $ — $ — $ — (1) Under the AFF purchase agreement, the seller parties had the right to receive up to $50.0 million of additional consideration if AFF achieved certain adjusted EBITDA targets for the first half of 2023. AFF did not achieve the threshold adjusted EBITDA target for the first half of 2023 and, therefore, the $50.0 million of additional consideration was not earned by the seller parties. As of June 30, 2023, there was no remaining contingent consideration available to the seller parties. The Company estimated the preliminary fair value of the AFF Acquisition contingent consideration to be $127.4 million, as of the AFF Acquisition date. The Company revalued the contingent consideration to fair value at the end of each reporting period. The estimate of the fair value of contingent consideration is determined by applying a Monte Carlo simulation, which includes inputs not observable in the market, such as the risk-free rate, risk-adjusted discount rate, the volatility of the underlying financial metrics and projected financial forecast of AFF over the earn-out period, and therefore represents a Level 3 measurement. Significant increases or decreases in these inputs could result in a significantly lower or higher fair value measurement of the contingent consideration. The changes in financial assets and liabilities that are measured and recorded at fair value on a recurring basis using Level 3 fair value measurements for the year ended December 31, 2023 and 2022 is as follows (in thousands): Year Ended December 31, 2023 2022 Contingent consideration at beginning of period $ — $ 109,549 Change in fair value (1) — (109,549) Contingent consideration at end of period $ — $ — (1) The Company recognized a gain of $109.5 million during the year ended December 31, 2022 as a result of the change in fair value of the contingent consideration, which is included in gain on revaluation of contingent acquisition consideration in the accompanying consolidated statements of income. There were no transfers in or out of Level 1, 2 or 3 during the years ended December 31, 2023, 2022 and 2021. 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. Financial Assets and Liabilities Not Measured at Fair Value, But for Which Fair Value is Disclosed The Company’s financial assets and liabilities as of December 31, 2023 and 2022 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 2023 2023 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 127,018 $ 127,018 $ 127,018 $ — $ — Accounts receivable, net 71,922 71,922 — — 71,922 Pawn loans 471,846 471,846 — — 471,846 Finance receivables, net (1) 113,901 227,732 — — 227,732 $ 784,687 $ 898,518 $ 127,018 $ — $ 771,500 Financial liabilities: Revolving unsecured credit facilities $ 568,000 $ 568,000 $ — $ 568,000 $ — Senior unsecured notes (outstanding principal) 1,050,000 987,000 — 987,000 — $ 1,618,000 $ 1,555,000 $ — $ 1,555,000 $ — (1) Finance receivables, gross as of December 31, 2023 was $227.5 million. See Note 7. Carrying Value Estimated Fair Value December 31, December 31, Fair Value Measurements Using 2022 2022 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 117,330 $ 117,330 $ 117,330 $ — $ — Accounts receivable, net 57,792 57,792 — — 57,792 Pawn loans 390,617 390,617 — — 390,617 Finance receivables, net (1) 103,494 201,895 — — 201,895 $ 669,233 $ 767,634 $ 117,330 $ — $ 650,304 Financial liabilities: Revolving unsecured credit facilities $ 339,000 $ 339,000 $ — $ 339,000 $ — Senior unsecured notes (outstanding principal) 1,050,000 932,000 — 932,000 — $ 1,389,000 $ 1,271,000 $ — $ 1,271,000 $ — (1) Finance receivables, gross as of December 31, 2022 was $196.0 million. See Note 7. 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 accounts receivable, net approximate fair value. Finance receivables are measured at amortized cost, net of an allowance for loan losses on the consolidated balance sheets. In estimating fair value for finance receivables, the Company utilized a discounted cash flow methodology. The Company used various unobservable inputs reflecting its own assumptions, such as contractual future principal and interest cash flows, future charge-off rates and discount rates (which consider current interest rates and are adjusted for credit risk, among other factors). |
Finance Receivables, Net
Finance Receivables, Net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Finance Receivables, Net | FINANCE RECEIVABLES, NET Finance receivables, net, which include retail installment sales agreements and bank-originated loans, consist of the following (in thousands): As of December 31, 2023 2022 Finance receivables, gross $ 227,474 $ 195,987 Merchant partner discounts and premiums, net (11,907) (3,517) Unearned origination fees (5,212) (4,143) Finance receivables, amortized cost 210,355 188,327 Less allowance for loan losses (96,454) (84,833) Finance receivables, net $ 113,901 $ 103,494 The following table details the changes in the allowance for loan losses (in thousands): As of December 31, 2023 2022 Balance at beginning of year $ 84,833 $ 75,574 Provision for loan losses 123,030 118,502 Charge-offs (117,961) (114,535) Recoveries 6,552 5,292 Balance at end of year $ 96,454 $ 84,833 The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of December 31, 2023 and 2022, by origination year (in thousands): Origination Year 2023 2022 2021 Total As of December 31, 2023 Delinquency: 1 to 30 days past due $ 20,538 $ 2,771 $ — $ 23,309 31 to 60 days past due 10,892 1,627 — 12,519 61 to 89 days past due (1) 8,634 1,565 — 10,199 Total past due finance receivables 40,064 5,963 — 46,027 Current finance receivables 147,213 17,115 — 164,328 Finance receivables, amortized cost $ 187,277 $ 23,078 $ — $ 210,355 Origination Year 2022 2021 2020 Total As of December 31, 2022 Delinquency: 1 to 30 days past due $ 16,996 $ 3,534 $ — $ 20,530 31 to 60 days past due 8,290 1,869 — 10,159 61 to 89 days past due (1) 6,732 1,779 — 8,511 Total past due finance receivables 32,018 7,182 — 39,200 Current finance receivables 129,008 20,119 — 149,127 Finance receivables, amortized cost $ 161,026 $ 27,301 $ — $ 188,327 (1) The Company charges off finance receivables when a receivable is 90 days or more contractually past due. |
Leased Merchandise, Net
Leased Merchandise, Net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Leased Merchandise, Net | LEASED MERCHANDISE, NET Leased merchandise, net, consists of the following (in thousands): As of December 31, 2023 2022 Leased merchandise $ 384,129 $ 335,038 Processing fees (4,348) (4,124) Merchant partner discounts and premiums, net 2,501 2,456 Accumulated depreciation (115,964) (100,879) Leased merchandise, before allowance for lease losses 266,318 232,491 Less allowance for lease losses (95,127) (79,189) Leased merchandise, net $ 171,191 $ 153,302 The following table details the changes in the allowance for lease losses (in thousands): As of December 31, 2023 2022 Balance at beginning of year $ 79,189 $ 5,442 Provision for lease losses 175,858 139,502 Charge-offs (166,630) (70,114) Recoveries 6,710 4,359 Balance at end of year $ 95,127 $ 79,189 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | PROPERTY AND EQUIPMENT Property and equipment consists of the following (in thousands): As of December 31, 2023 2022 Land $ 161,788 $ 141,795 Buildings 301,861 249,658 Furniture, fixtures, equipment and improvements 605,354 516,801 1,069,003 908,254 Less accumulated depreciation (436,279) (369,573) Property and equipment, net $ 632,724 $ 538,681 Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $52.1 million, $46.8 million and $42.5 million, respectively. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Accrued compensation $ 46,257 $ 38,595 Sales, property and payroll taxes payable 32,609 27,226 Trade accounts payable 26,502 27,417 Accrued interest payable 24,443 24,276 Legal and professional fees payable 7,344 3,022 Benefits liabilities and withholding payable 3,373 2,383 Acquisition purchase price amounts payable to sellers 2,130 1,217 Income taxes payable 635 569 Other accrued liabilities 19,757 14,755 $ 163,050 $ 139,460 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Revolving unsecured credit facilities: Revolving unsecured credit facility, maturing 2027 (1) $ 568,000 $ 339,000 Revolving unsecured uncommitted credit facility, maturing 2027 (1) — — Total revolving unsecured credit facilities 568,000 339,000 Senior unsecured notes: 4.625% senior unsecured notes due 2028 (2) 494,499 493,475 5.625% senior unsecured notes due 2030 (3) 543,148 542,223 Total senior unsecured notes 1,037,647 1,035,698 Total long-term debt $ 1,605,647 $ 1,374,698 (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, 2023 and 2022, deferred debt issuance costs of $5.5 million and $6.5 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2028 in the accompanying consolidated balance sheets. (3) As of December 31, 2023 and 2022, deferred debt issuance costs of $6.9 million and $7.8 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2030 in the accompanying consolidated balance sheets. As of December 31, 2023, annual maturities of the outstanding long-term debt for each of the five years after December 31, 2023 are as follows (in thousands): 2024 $ — 2025 — 2026 — 2027 568,000 2028 500,000 Thereafter 550,000 $ 1,618,000 Revolving Unsecured Credit Facility During the period from January 1, 2023 through October 18, 2023, the Company maintained an unsecured line of credit with a group of U.S.-based commercial lenders (the “Credit Facility”) in the amount of $590.0 million. The Credit Facility matures on August 30, 2027. On October 18, 2023, the Company amended its domestic Credit Facility. The total lender commitment under the amended facility, which is provided by a group of twelve commercial banks, was increased by $50.0 million, from $590.0 million to $640.0 million. The amended credit facility remains unsecured and all other terms remained unchanged. As of December 31, 2023, the Company had $568.0 million in outstanding borrowings and $2.8 million in outstanding letters of credit under the Credit Facility, leaving $69.2 million available for future borrowings, subject to certain financial covenants. The Credit Facility bears interest at the Company’s option of either (i) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5% and a fixed SOFR adjustment of 0.1% or (ii) the prevailing prime or base rate plus a fixed spread of 1.5%. The agreement has an interest rate 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, 2023 was 7.96% based on 1-month SOFR. 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, 2023. During 2023, the Company received net proceeds of $229.0 million from borrowings pursuant to the Credit Facility. Revolving Unsecured Uncommitted Credit Facility During the period from January 1, 2023 through March 9, 2023, the Company’s primary subsidiary in Mexico, First Cash S.A. de C.V., maintained 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 charged interest at the TIIE plus a fixed spread of 2.5% and matured 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 through March 9, 2023. The Mexico Credit Facility matured on March 9, 2023 and during the period from January 1, 2023 through March 9, 2023, the Company had no amount outstanding under the Mexico Credit Facility. In August 2023, 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 “2023 Mexico Credit Facility”) in the amount of $600.0 million Mexican pesos. The 2023 Mexico Credit Facility bears interest at TIIE plus a fixed spread of 2.25% and matures on August 24, 2027. Under the terms of the 2023 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 2023 Mexico Credit Facility as of December 31, 2023. As of December 31, 2023, the Company had no amount outstanding under the 2023 Mexico Credit Facility and $35.5 million ($600.0 million pesos) available for future borrowings. Senior Unsecured Notes Due 2028 On August 26, 2020, the Company issued $500.0 million of 4.625% senior unsecured notes due on September 1, 2028 (the “2028 Notes”), all of which are currently outstanding. Interest on the 2028 Notes is payable semi-annually in arrears on March 1 and September 1. The 2028 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 net 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 2028 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 2028 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 is less than 2.75 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2028 Notes (the “2028 Notes 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. As of December 31, 2023, the Company’s consolidated total debt ratio was 2.7 to 1. While the 2028 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 2.75 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 2.75 to 1. The Company may redeem some or all of the 2028 Notes at any time on or after September 1, 2023, at the redemption prices set forth in the 2028 Notes Indenture, plus accrued and unpaid interest, if any. 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 2028 Notes. Senior Unsecured Notes Due 2030 On December 13, 2021, the Company issued $550.0 million of 5.625% senior unsecured notes due on January 1, 2030 (the “2030 Notes”), all of which are currently outstanding. Interest on the 2030 Notes is payable semi-annually in arrears on January 1 and July 1. The 2030 Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act. The Company used the net proceeds from the offering to finance the cash consideration and transaction expenses for the AFF Acquisition, including the repayment, in full, of the outstanding debt under AFF’s credit facility at the closing of the AFF Acquisition, payment of fees and expenses related to the offering and reduction of the outstanding balance on the Credit Facility. The 2030 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 2030 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 is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2030 Notes (the “2030 Notes 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. As of December 31, 2023, the Company’s consolidated total debt ratio was 2.7 to 1. While the 2030 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1. The Company may redeem some or all of the 2030 Notes at any time on or after January 1, 2025, at the redemption prices set forth in the 2030 Notes Indenture, plus accrued and unpaid interest, if any. In addition, prior to January 1, 2025, the Company may redeem some or all of the 2030 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 2030 Notes Indenture. The Company may redeem up to 40% of the 2030 Notes on or prior to January 1, 2025 with the proceeds of certain equity offerings at the redemption prices set forth in the 2030 Notes 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 2030 Notes. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021 consist of the following (in thousands): Year Ended December 31, 2023 2022 2021 Income before income taxes (1) : Domestic $ 217,502 $ 253,560 $ 110,535 Foreign 75,347 70,073 55,967 Income before income taxes $ 292,849 $ 323,633 $ 166,502 Current income taxes: U.S. Federal $ 53,217 $ 23,034 $ 14,031 Foreign 18,683 15,444 15,242 U.S. state and local 15,124 3,421 2,045 Current provision for income taxes 87,024 41,899 31,318 Deferred provision (benefit) for income taxes: U.S. Federal (6,253) 26,732 11,008 Foreign 1,475 (458) (1,542) U.S. state and local (8,698) 1,965 809 Total deferred provision for income taxes (13,476) 28,239 10,275 Provision for income taxes $ 73,548 $ 70,138 $ 41,593 (1) Includes the allocation of certain administrative expenses and intercompany payments, such as royalties and interest, between domestic and foreign subsidiaries. At December 31, 2023, the cumulative amount of undistributed earnings of foreign subsidiaries was $262.3 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 2023 and 2022, the Company repatriated $31.0 million and $47.5 million, respectively, 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, 2023 2022 Deferred tax assets: Property and equipment in foreign jurisdictions $ 18,761 $ 14,585 Finance receivables 21,745 19,125 Accrued fees on forfeited pawn loans 8,866 8,168 Deferred cost of goods sold deduction 4,454 2,800 Accrued compensation, payroll taxes and employee benefits 4,509 3,699 U.S. state and certain foreign net operating losses 6,456 6,504 Other 5,100 5,167 Total deferred tax assets 69,891 60,048 Deferred tax liabilities: Intangible assets 158,888 150,397 Leased merchandise and property and equipment in domestic jurisdictions 27,593 40,950 Net operating lease asset 2,702 2,646 Other 4,511 3,929 Total deferred tax liabilities 193,694 197,922 Net deferred tax liabilities before valuation allowance (123,803) (137,874) Valuation allowance (6,456) (6,504) Net deferred tax liabilities $ (130,259) $ (144,378) Reported as: Deferred tax assets $ 6,514 $ 7,381 Deferred tax liabilities (136,773) (151,759) Net deferred tax liabilities $ (130,259) $ (144,378) The Company has a valuation allowance of $6.5 million and $6.5 million as of December 31, 2023 and 2022, 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, 2023 2022 2021 U.S. federal statutory rate 21 % 21 % 21 % Tax at the U.S. federal statutory rate $ 61,498 $ 67,963 $ 35,149 U.S. state income tax, net of federal tax benefit of $1,349 , $1,131 and $599, respectively 5,076 4,255 2,255 Benefit from gain on revaluation of contingent acquisition consideration — (4,580) — Net incremental income tax expense from foreign earnings (1) 4,373 272 2,007 Non-deductible compensation expense 4,358 3,297 1,943 Other taxes and adjustments, net (1,757) (1,069) 239 Provision for income taxes $ 73,548 $ 70,138 $ 41,593 Effective tax rate 25.1 % 21.7 % 25.0 % (1) Includes a $5.7 million, $8.0 million and $6.3 million foreign permanent tax benefit related to an inflation index adjustment allowed under Mexico tax law for the years ended December 31, 2023, 2022 and 2021, respectively. The Company’s foreign pawn operating subsidiaries are owned by a wholly-owned subsidiary located in the Netherlands. The foreign pawn 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 30%, 25%, 35% 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, 2023 and 2022, 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, 2023, 2022 and 2021. The Company files federal income tax returns in the U.S., Mexico, Guatemala, Colombia, El Salvador, Jamaica, Puerto Rico 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 2020. The majority of the Company’s U.S. state income tax returns are not subject to examination for the tax years prior to 2020. With respect to federal tax returns in Mexico, Guatemala, Colombia, El Salvador, Jamaica, Puerto Rico and the Netherlands, the tax years prior to 2018 are closed to examination. There are no state income taxes in Mexico, Guatemala, Colombia, El Salvador, Jamaica, Puerto Rico or the Netherlands. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Litigation The Company, in the ordinary course of business, is a party to various legal and regulatory proceedings and other general claims. Although no assurances can be given, in management’s opinion, such outstanding proceedings are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The Company believes it has meritorious defenses to all of the claims described below and intends to vigorously defend itself against such claims. However, legal and regulatory proceedings involve an inherent level of uncertainty and no assurances can be given regarding the ultimate outcome of any such matters or whether an adverse outcome would not have a material adverse impact on the Company’s financial position, results of operations, or cash flows. At this stage, the Company is unable to determine whether a future loss will be incurred for any of its material outstanding legal and regulatory proceedings or to estimate a range of loss with respect to such proceeding, if any, and accordingly, no material amounts have been accrued in the Company’s financial statements for legal and regulatory proceedings. On November 12, 2021, the CFPB initiated a civil action in the United States District Court for the Northern District of Texas against FirstCash, Inc. and Cash America West, Inc., two of the Company’s subsidiaries, alleging violations of the MLA in connection with pawn transactions. The CFPB also alleges that these same alleged violations of the MLA constitute breaches of a 2013 CFPB consent order entered into by its predecessor company that, among other things, allegedly required the company and its successors to cease and desist from further MLA violations. The CFPB is seeking an injunction, redress for affected borrowers and a civil monetary penalty. On March 28, 2022, the CFPB filed a motion to strike certain affirmative defenses of the Company. The Company responded by filing a motion for partial summary judgment. On October 24, 2022, the Company filed a motion to dismiss the lawsuit on the basis that the funding structure of the CFPB is unconstitutional. This motion to dismiss follows the recent decision in another case by the Fifth Circuit Court of Appeals which found that the CFPB is unconstitutionally structured. The Fifth Circuit’s decisions govern the law applied in the jurisdiction in which the CFPB action is pending against the Company. In light of the CFPB's stated intent to seek Supreme Court review of that decision, the parties stipulated to a stay of the action against the Company, which the Court entered on November 4, 2022. T he Supreme Court is currently reviewing the Fifth Circuit's decision, with oral arguments having been completed on October 3, 2023. The stay of the CFPB’s action against the Company will remain in effect until the Supreme Court issues its decision with respect to the appeal. If the Supreme Court decides in favor of the CFPB, the stay will be lifted and the Company and the CFPB will continue to litigate the civil action brought against the Company by the CFPB. Gold Forward Sales Contracts As of December 31, 2023, the Company had contractual commitments to deliver a total of 72,500 gold ounces during the months of January 2024 through November 2025 at a weighted-average price of $2,043 per ounce. The ounces required to be delivered over this time period are within historical scrap gold volumes, and the Company expects to have the required gold ounces to meet the commitments as they come due. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 U.S. Latin America Retail POS Payment Solutions Segment Total Balance, beginning of year $ 916,048 $ 179,128 $ 486,205 $ 1,581,381 Acquisitions (see Note 3) 127,239 — — 127,239 Effect of foreign currency translation — 19,452 — 19,452 Other adjustments (420) — — (420) Balance, end of year $ 1,042,867 $ 198,580 $ 486,205 $ 1,727,652 December 31, 2022 Balance, beginning of year $ 861,793 $ 171,279 $ 503,106 $ 1,536,178 Acquisitions (see Note 3) 55,455 — — 55,455 Effect of foreign currency translation — 7,849 — 7,849 Other adjustments (1,200) — (16,901) (18,101) Balance, end of year $ 916,048 $ 179,128 $ 486,205 $ 1,581,381 The Company performed its annual assessment of goodwill and determined there was no impairment as of December 31, 2023 and 2022. 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, 2023 2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Merchant relationships $ 194,000 $ (63,070) $ 130,930 $ 194,000 $ (31,530) $ 162,470 Developed technology 99,400 (40,588) 58,812 99,400 (20,708) 78,692 Customer relationships 28,250 (26,591) 1,659 26,294 (25,716) 578 AFF trade name 10,200 (10,200) — 10,200 (5,314) 4,886 Lessee relationships 1,500 (1,500) — 1,500 (1,201) 299 $ 333,350 $ (141,949) $ 191,401 $ 331,394 $ (84,469) $ 246,925 Merchant relationships and customer relationships are generally amortized using an accelerated amortization method that reflects the future cash flows expected from the existing AFF merchants and returning pawn customers. The following table details the remaining weighted-average amortization periods for the definite-lived intangible assets included in the table above: Weighted-Average As of December 31, 2023 Merchant relationships 2.4 Developed technology 1.5 Customer relationships 2.2 Total definite-lived intangible assets 2.1 Amortization expense for definite-lived intangible assets was $57.0 million, $57.1 million and $3.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Estimated future amortization expense is as follows (in thousands): 2024 $ 50,146 2025 48,488 2026 45,551 2027 24,544 2028 22,672 $ 191,401 Indefinite-Lived Intangible Assets Indefinite-lived intangible assets as of December 31, 2023 and 2022 consist of the following (in thousands): As of December 31, 2023 2022 Trade names $ 46,300 $ 46,300 Pawn licenses (1) 40,023 37,113 $ 86,323 $ 83,413 (1) Costs to renew licenses with indefinite lives are expensed as incurred and recorded in operating expenses in the consolidated statements of income. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | SEGMENT AND GEOGRAPHIC INFORMATION Segment Information The Company organizes its operations into three reportable segments as follows: • U.S. pawn • Latin America pawn • Retail POS payment solutions (AFF) Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, (gain) loss on foreign exchange, merger and acquisition expenses, gain on revaluation of contingent acquisition consideration, and other expenses (income), net, are presented on a consolidated basis and are not allocated between the U.S. pawn segment, Latin America pawn segment or retail POS payment solutions segment. Intersegment transactions relate to the Company offering AFF’s LTO payment solution in its U.S. pawn stores and are eliminated to arrive at consolidated totals. The following tables present reportable segment information for the years ended December 31, 2023, 2022 and 2021 as well as segment earning assets (in thousands): Year Ended December 31, 2023 U.S. Latin Retail POS Corporate/ Consolidated Revenue: Retail merchandise sales $ 854,190 $ 533,612 $ — $ (6,530) (1) $ 1,381,272 Pawn loan fees 435,762 222,774 — — 658,536 Leased merchandise income — — 752,682 — 752,682 Interest and fees on finance receivables — — 233,818 — 233,818 Wholesale scrap jewelry sales 78,571 46,917 — — 125,488 Total revenue 1,368,523 803,303 986,500 (6,530) 3,151,796 Cost of revenue: Cost of retail merchandise sold 490,544 345,309 — (3,460) (1) 832,393 Depreciation of leased merchandise — — 413,546 (2,091) (1) 411,455 Provision for lease losses — — 177,418 (1,560) (1) 175,858 Provision for loan losses — — 123,030 — 123,030 Cost of wholesale scrap jewelry sold 64,545 37,276 — — 101,821 Total cost of revenue 555,089 382,585 713,994 (7,111) 1,644,557 Net revenue 813,434 420,718 272,506 581 1,507,239 Expenses and other income: Operating expenses 451,543 243,146 137,460 — 832,149 Administrative expenses — — — 176,315 176,315 Depreciation and amortization 25,585 21,350 3,030 59,196 109,161 Interest expense — — — 93,243 93,243 Interest income — — — (1,469) (1,469) Gain on foreign exchange — — — (1,529) (1,529) Merger and acquisition expenses — — — 7,922 7,922 Other expenses (income), net — — — (1,402) (1,402) Total expenses and other income 477,128 264,496 140,490 332,276 1,214,390 Income (loss) before income taxes $ 336,306 $ 156,222 $ 132,016 $ (331,695) $ 292,849 (1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. As of December 31, 2023 U.S. Latin Retail POS Corporate/ Consolidated Pawn loans $ 344,152 $ 127,694 $ — $ — $ 471,846 Finance receivables, net — — 113,901 — 113,901 Inventories 221,843 90,246 — — 312,089 Leased merchandise, net — — 171,706 (515) (1) 171,191 Goodwill 1,042,867 198,580 486,205 — 1,727,652 Total assets 2,423,092 693,650 1,011,541 161,632 4,289,915 (1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. Year Ended December 31, 2022 U.S. Latin Retail POS Corporate/ Consolidated Revenue: Retail merchandise sales $ 818,548 $ 447,523 $ — $ (4,935) (1) $ 1,261,136 Pawn loan fees 373,416 187,974 — — 561,390 Leased merchandise income — — 622,163 — 622,163 Interest and fees on finance receivables — — 181,280 — 181,280 Wholesale scrap jewelry sales 63,004 39,969 — — 102,973 Total revenue 1,254,968 675,466 803,443 (4,935) 2,728,942 Cost of revenue: Cost of retail merchandise sold 478,718 288,449 — (2,614) (1) 764,553 Depreciation of leased merchandise — — 354,104 (609) (1) 353,495 Provision for lease losses — — 140,118 (616) (1) 139,502 Provision for loan losses — — 118,502 — 118,502 Cost of wholesale scrap jewelry sold 54,893 33,411 — — 88,304 Total cost of revenue 533,611 321,860 612,724 (3,839) 1,464,356 Net revenue (loss) 721,357 353,606 190,719 (1,096) 1,264,586 Expenses and other income: Operating expenses 407,039 193,254 128,616 — 728,909 Administrative expenses — — — 147,943 147,943 Depreciation and amortization 23,205 18,325 2,912 59,390 103,832 Interest expense — — — 70,708 70,708 Interest income — — — (1,313) (1,313) Gain on foreign exchange — — — (585) (585) Merger and acquisition expenses — — — 3,739 3,739 Gain on revaluation of contingent acquisition consideration — — — (109,549) (109,549) Other expenses (income), net — — — (2,731) (2,731) Total expenses and other income 430,244 211,579 131,528 167,602 940,953 Income (loss) before income taxes $ 291,113 $ 142,027 $ 59,191 $ (168,698) $ 323,633 (1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. As of December 31, 2022 U.S. Latin Retail POS Corporate/ Consolidated Pawn loans $ 282,089 $ 108,528 $ — $ — $ 390,617 Finance receivables, net — — 103,494 — 103,494 Inventories 202,594 85,745 — — 288,339 Leased merchandise, net — — 154,398 (1,096) (1) 153,302 Goodwill 916,048 179,128 486,205 — 1,581,381 Total assets 2,108,157 619,839 1,047,814 129,057 3,904,867 (1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. Year Ended December 31, 2021 U.S. Latin America Retail POS Corporate/ Consolidated Revenue: Retail merchandise sales $ 742,374 $ 391,875 $ — $ — $ 1,134,249 Pawn loan fees 305,350 170,432 — — 475,782 Leased merchandise income — — 22,720 — 22,720 Interest and fees on finance receivables — — 9,024 — 9,024 Wholesale scrap jewelry sales 27,163 30,027 — — 57,190 Total revenue 1,074,887 592,334 31,744 — 1,698,965 Cost of revenue: Cost of retail merchandise sold 416,039 247,425 — — 663,464 Depreciation of leased merchandise — — 12,826 — 12,826 Provision for lease losses — — 5,442 — 5,442 Provision for loan losses — — 48,952 — 48,952 Cost of wholesale scrap jewelry sold 22,886 26,243 — — 49,129 Total cost of revenue 438,925 273,668 67,220 — 779,813 Net revenue (loss) 635,962 318,666 (35,476) — 919,152 Expenses and other income: Operating expenses 380,895 179,020 4,917 — 564,832 Administrative expenses — — — 111,259 111,259 Depreciation and amortization 22,234 17,834 122 5,716 45,906 Interest expense — — — 32,386 32,386 Interest income — — — (696) (696) Loss on foreign exchange — — — 436 436 Merger and acquisition expenses — — — 15,449 15,449 Gain on revaluation of contingent acquisition consideration — — — (17,871) (17,871) Other expenses (income), net — — — 949 949 Total expenses and other income 403,129 196,854 5,039 147,628 752,650 Income (loss) before income taxes $ 232,833 $ 121,812 $ (40,515) $ (147,628) $ 166,502 As of December 31, 2021 U.S. Latin America Retail POS Corporate/ Consolidated Pawn loans $ 256,311 $ 91,662 $ — $ — $ 347,973 Finance receivables, net — — 181,021 — 181,021 Inventories 197,486 65,825 — — 263,311 Leased merchandise, net — — 143,944 — 143,944 Goodwill 861,793 171,279 503,106 — 1,536,178 Total assets 1,944,487 562,661 1,178,729 150,575 3,836,452 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, net) by geographic area (in thousands): Year Ended December 31, 2023 2022 2021 Revenue: U.S. $ 2,348,493 $ 2,053,476 $ 1,106,631 Mexico 762,563 639,199 562,493 Other Latin America 40,740 36,267 29,841 $ 3,151,796 $ 2,728,942 $ 1,698,965 Long-lived assets: U.S. $ 529,180 $ 449,201 $ 373,218 Mexico 101,649 88,233 84,648 Other Latin America 12,137 10,662 13,191 $ 642,966 $ 548,096 $ 471,057 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation |
Cash and cash equivalents | Cash and cash equivalents |
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 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, which is included in accounts receivable, net in the accompanying consolidated balance sheets. If the pawn loan is not repaid prior to the expiration of the pawn 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. Pawn inventories and revenue recognition — Pawn 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. Pawn inventories from forfeited pawn loans are recorded at the amount of the pawn principal on the unredeemed goods, exclusive of accrued interest. Pawn inventories purchased directly from customers, wholesalers and manufacturers are recorded at cost. The cost of pawn inventories is determined on the specific identification method. Pawn inventories are stated at the lower of cost or net realizable value and, accordingly, valuation allowances are established if pawn inventory carrying values are in excess of estimated selling prices, net of direct costs of disposal. Management has evaluated pawn inventories and determined that a valuation allowance is not necessary. The Company’s 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 — Customers can 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 pawn 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 and prepayments in the accompanying consolidated balance sheets. Leased merchandise and revenue recognition — The Company provides merchandise, consisting primarily of furniture and mattresses, appliances, jewelry, electronics and automotive products, to customers of its merchant partners for lease under certain terms agreed to by the customer. The customer has the right to acquire the title either through an early buyout option or through payment of all required lease payments. The Company maintains ownership of the leased merchandise until all payment obligations are satisfied under the lease agreement. The customer has the right to cancel the lease at any time by returning the merchandise. Leased merchandise contracts can typically be renewed for weekly, bi-weekly, semi-monthly, and monthly renewal periods and are generally renewed for between six Lease income is recognized over the lease term and is recorded net of any sales taxes collected. Charges for late fees and insufficient fund fees are recognized as income when collected. Initial direct costs related to the Companyʼs lease agreements are added to the basis of the leased property and recognized over the lease term in proportion to the recognition of lease income. The Company typically charges the customer a non-refundable processing fee at lease inception and may also receive a discount from or pay a premium to certain merchant partners for leases originated at their locations, which are deferred and amortized using the straight-line method as adjustments to lease income over the contractual life of the related leased merchandise. Unamortized fees, discounts and premiums are recognized in full upon early buyout or charge-off. The Company accrues for lease income earned but not yet collected as accrued rent receivable, which is included in accounts receivable, net in the accompanying consolidated balance sheets. Alternatively, lease payments received in excess of the amount earned are recognized as deferred revenue, which is included in customer deposits and prepayments in the accompanying consolidated balance sheets. Customer payments are first applied to applicable sales tax and scheduled lease payments, then applied to any uncollected fees, such as late fees and insufficient fund fees. The Company collects sales taxes on behalf of the customer and remits all applicable sales taxes collected to the respective jurisdiction. Provision for lease losses — The Company records a provision for lease losses on an allowance method, which estimates the leased merchandise losses incurred but not yet identified by management as of the end of the accounting period. The allowance for lease losses is based primarily upon historical loss experience with consideration given to recent and forecasted business trends including, but not limited to, loss trends, delinquency levels, economic conditions, underwriting and collection practices. The Company charges off leased merchandise when a lease is 90 days or more contractually past due. If an account is deemed to be uncollectible prior to this date, the Company will charge off the leased merchandise at the point in time it is deemed uncollectible. Finance receivables and revenue recognition — The Company purchases and services retail finance receivables, the term of which typically ranges from six Interest income is recognized using the interest method over the life of the finance receivable for all loans for which the Company deems collection to be probable based on historical loan redemption statistics and stops accruing interest upon charge-off. Accrued interest, net of an allowance for uncollectible interest income, is included in accounts receivable, net The Company offers customers an early payoff discount on most of its finance receivables, whereby the customer has between 90 and 101 days to pay the full principal balance without incurring any interest charge. If the borrower does not pay the full principal balance prior to the expiration of the early payoff discount period, interest charges are applied retroactively to the inception date of the loan. The Company accrues interest income during the early payoff discount period but records a reserve for loans expected to pay the full principal balance prior to the expiration of the early payoff discount period based on historical payment patterns. Provision for loan losses — Expected lifetime losses on finance receivables are recognized upon loan purchase, which requires the Company to make its best estimate of probable lifetime losses at the time of purchase. The Company segments its finance receivable portfolio into pools of receivables with similar risk characteristics which include loan product and monthly origination vintage and evaluates each pool for impairment. The Company calculates the allowance for loan losses based on historical loss information and incorporates observable and forecasted economic conditions over a reasonable and supportable forecast period covering the full contractual life of finance receivables. Incorporating observable and forecasted economic conditions could have a material impact on the measurement of the allowance to the extent that forecasted economic conditions change significantly. The Company may also consider other qualitative factors to address recent and forecasted business trends in estimating the allowance, as necessary, including, but not limited to, loss trends, delinquency levels, economic conditions, underwriting and collection practices. The allowance for loan losses is maintained at a level considered appropriate to cover expected lifetime losses on the finance receivable portfolio, and the appropriateness of the allowance is evaluated at each period end. |
Foreign currency transactions | Foreign currency transactions — The Company has pawn operations in Latin America, where in Mexico, Guatemala and Colombia, 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 pawn operations in El Salvador where the reporting and functional currency is the U.S. dollar. |
Store operating expenses | Operating expenses — Costs incurred in operating the Company’s pawn stores have been classified as operating expenses, which include salary and benefit expense of pawn store-level employees, occupancy costs, bank charges, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Additionally, costs incurred in operating AFF have been classified as operating expenses, which include salary and benefit expense of certain operations focused departments, merchant partner incentives, bank and other payment processing charges, credit reporting costs, information technology costs, advertising costs and other operational costs incurred. |
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 |
Business combinations | Business combinations — Business combination accounting requires the Company to determine the fair value of all assets acquired, including identifiable intangible assets, liabilities assumed and contingent consideration issued in a business combination. The total consideration of the acquisition is allocated to the assets and liabilities in amounts equal to the estimated fair value of each asset and liability as of the acquisition date, and any remaining acquisition consideration is classified as goodwill. This allocation process requires extensive use of estimates and assumptions. When appropriate, the Company utilizes independent valuation experts to advise and assist in determining the fair value of the assets acquired and liabilities assumed in connection with a business acquisition, in determining appropriate amortization methods and periods for identified intangible assets and in determining the fair value of contingent consideration, which is reviewed at each subsequent reporting period with changes in the fair value of the contingent consideration recognized in the consolidated statements of income. See Note 3. |
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 October 1, 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. pawn, Latin America pawn and retail POS payment solutions. 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 quantitative impairment testing methodology. See Note 14. The Company’s other material indefinite-lived intangible assets consist of certain 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 an indefinite-lived intangible asset below its carrying amount. See Note 14. Merger and acquisition expenses |
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 12. |
Advertising | Advertising — The Company expenses the costs of advertising when incurred. Advertising expense for the years ended December 31, 2023, 2022 and 2021, was $4.3 million, $4.1 million and $1.0 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 15. Forward sales commitments |
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. The Company used the treasury stock method to calculate diluted earnings per share which gives 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, 2023 2022 2021 Numerator: Net income $ 219,301 $ 253,495 $ 124,909 Denominator: Weighted-average common shares for calculating basic earnings per share 45,452 47,213 40,975 Effect of dilutive securities: Restricted stock unit awards 241 117 49 Weighted-average common shares for calculating diluted earnings per share 45,693 47,330 41,024 Earnings per share: Basic $ 4.82 $ 5.37 $ 3.05 Diluted 4.80 5.36 3.04 |
Use of estimates | Use of estimates — The preparation of financial statements in conformity with GAAP 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. Significant estimates include the accrual for earned but uncollected pawn fees, allowances for lease and loan losses and related lease and loan loss provisions, valuation of acquired assets, assumed liabilities and contingent consideration of acquisitions, evaluation of goodwill and other intangible assets for impairment and current and deferred tax assets and liabilities. |
Recent accounting pronouncements | Recent accounting pronouncements — In March 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No 2022-02, “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Except for expanded disclosures to its vintage disclosures, ASU 2022-02 did not have a material effect on the Company’s current financial position, results of operations or financial statements. See Note 7. In October 2023, the FASB issued ASU No 2023-06, “ Disclosure Agreements – Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”). ASU 2023-06 will align the disclosure and presentation requirements in the FASB Accounting Standards Codification with the SEC’s regulations. The amendments in ASU 2023-06 will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As the Company is currently subject to these SEC requirements, ASU 2023-06 is not expected to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In November 2023, the FASB issued ASU No 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. ASU 2023-07 should be applied retrospectively to all prior periods presented in the financial statements. The Company does not expect ASU 2023-07 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In December 2023, the FASB issued ASU No 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 expands disclosures in the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 should be applied prospectively; however, retrospective application is permitted. The Company does not expect ASU 2023-09 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Numerator: Net income $ 219,301 $ 253,495 $ 124,909 Denominator: Weighted-average common shares for calculating basic earnings per share 45,452 47,213 40,975 Effect of dilutive securities: Restricted stock unit awards 241 117 49 Weighted-average common shares for calculating diluted earnings per share 45,693 47,330 41,024 Earnings per share: Basic $ 4.82 $ 5.37 $ 3.05 Diluted 4.80 5.36 3.04 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Preliminary Allocations of Purchase Price | The preliminary allocation of the aggregate purchase price for these individually immaterial pawn store acquisitions during 2023 (the “2023 Pawn Acquisitions”) is as follows (in thousands): 2023 Pawn Acquisitions Pawn loans $ 27,715 Accounts receivable 3,328 Inventories 17,090 Prepaid expenses and other current assets 996 Property and equipment 2,986 Operating lease right of use asset 20,597 Goodwill (1) 127,239 Intangible assets 4,410 Other non-current assets 280 Current liabilities (5,467) Lease liability (20,597) Aggregate purchase price $ 178,577 (1) Substantially all of the goodwill is expected to be deductible for U.S. income tax purposes. |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Expense and Supplemental Cash Flow Information | The following table details the components of lease expense included in operating expenses in the consolidated statements of income during the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Operating lease expense $ 141,831 $ 128,174 $ 125,439 Variable lease expense (1) 18,618 16,979 16,021 Total operating lease expense $ 160,449 $ 145,153 $ 141,460 (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 years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 124,584 $ 116,225 $ 114,463 Leased assets obtained in exchange for new operating lease liabilities 110,819 95,132 110,531 |
Schedule of Maturity of Lease Liabilities | The following table details the maturity of lease liabilities for all operating leases as of December 31, 2023 (in thousands): 2024 $ 122,795 2025 93,471 2026 69,106 2027 41,910 2028 20,403 Thereafter 22,235 Total $ 369,920 Less amount of lease payments representing interest (52,473) Total present value of lease payments $ 317,447 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments Fair Value, Assets Measured on Recurring Basis (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | he Company did not have any financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023. The Company’s financial assets and liabilities as of December 31, 2022 that are measured at fair value on a recurring basis are as follows (in thousands): Estimated Fair Value Fair Value Measurements Using Level 1 Level 2 Level 3 Financial liabilities: Contingent consideration as of December 31, 2022 (1) $ — $ — $ — (1) Under the AFF purchase agreement, the seller parties had the right to receive up to $50.0 million of additional consideration if AFF achieved certain adjusted EBITDA targets for the first half of 2023. AFF did not achieve the threshold adjusted EBITDA target for the first half of 2023 and, therefore, the $50.0 million of additional consideration was not earned by the seller parties. As of June 30, 2023, there was no remaining contingent consideration available to the seller parties. |
Schedule of Fair Value, Changes in Assets and Liabilities Measured on Recurring Basis Level 3 Fair Value Measurement | The changes in financial assets and liabilities that are measured and recorded at fair value on a recurring basis using Level 3 fair value measurements for the year ended December 31, 2023 and 2022 is as follows (in thousands): Year Ended December 31, 2023 2022 Contingent consideration at beginning of period $ — $ 109,549 Change in fair value (1) — (109,549) Contingent consideration at end of period $ — $ — (1) |
Fair Value, by Balance Sheet Grouping | The Company’s financial assets and liabilities as of December 31, 2023 and 2022 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 2023 2023 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 127,018 $ 127,018 $ 127,018 $ — $ — Accounts receivable, net 71,922 71,922 — — 71,922 Pawn loans 471,846 471,846 — — 471,846 Finance receivables, net (1) 113,901 227,732 — — 227,732 $ 784,687 $ 898,518 $ 127,018 $ — $ 771,500 Financial liabilities: Revolving unsecured credit facilities $ 568,000 $ 568,000 $ — $ 568,000 $ — Senior unsecured notes (outstanding principal) 1,050,000 987,000 — 987,000 — $ 1,618,000 $ 1,555,000 $ — $ 1,555,000 $ — (1) Finance receivables, gross as of December 31, 2023 was $227.5 million. See Note 7. Carrying Value Estimated Fair Value December 31, December 31, Fair Value Measurements Using 2022 2022 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 117,330 $ 117,330 $ 117,330 $ — $ — Accounts receivable, net 57,792 57,792 — — 57,792 Pawn loans 390,617 390,617 — — 390,617 Finance receivables, net (1) 103,494 201,895 — — 201,895 $ 669,233 $ 767,634 $ 117,330 $ — $ 650,304 Financial liabilities: Revolving unsecured credit facilities $ 339,000 $ 339,000 $ — $ 339,000 $ — Senior unsecured notes (outstanding principal) 1,050,000 932,000 — 932,000 — $ 1,389,000 $ 1,271,000 $ — $ 1,271,000 $ — (1) Finance receivables, gross as of December 31, 2022 was $196.0 million. See Note 7. |
Finance Receivables, Net (Table
Finance Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Finance Receivables, Net | Finance receivables, net, which include retail installment sales agreements and bank-originated loans, consist of the following (in thousands): As of December 31, 2023 2022 Finance receivables, gross $ 227,474 $ 195,987 Merchant partner discounts and premiums, net (11,907) (3,517) Unearned origination fees (5,212) (4,143) Finance receivables, amortized cost 210,355 188,327 Less allowance for loan losses (96,454) (84,833) Finance receivables, net $ 113,901 $ 103,494 |
Schedule of Allowance for Credit Losses | hanges in the allowance for loan losses (in thousands): As of December 31, 2023 2022 Balance at beginning of year $ 84,833 $ 75,574 Provision for loan losses 123,030 118,502 Charge-offs (117,961) (114,535) Recoveries 6,552 5,292 Balance at end of year $ 96,454 $ 84,833 |
Finance Receivable, Charge-offs to allowance for credit losses | The following table details the gross charge-offs of finance receivables for the year ended December 31, 2023, by origination year (in thousands): Origination Year 2023 2022 2021 Total Finance receivables gross charge-offs: Gross charge-offs during 2023 $ 51,597 $ 58,571 $ 7,793 $ 117,961 |
Schedule of Finance Receivables Credit Quality Indicators | The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of December 31, 2023 and 2022, by origination year (in thousands): Origination Year 2023 2022 2021 Total As of December 31, 2023 Delinquency: 1 to 30 days past due $ 20,538 $ 2,771 $ — $ 23,309 31 to 60 days past due 10,892 1,627 — 12,519 61 to 89 days past due (1) 8,634 1,565 — 10,199 Total past due finance receivables 40,064 5,963 — 46,027 Current finance receivables 147,213 17,115 — 164,328 Finance receivables, amortized cost $ 187,277 $ 23,078 $ — $ 210,355 Origination Year 2022 2021 2020 Total As of December 31, 2022 Delinquency: 1 to 30 days past due $ 16,996 $ 3,534 $ — $ 20,530 31 to 60 days past due 8,290 1,869 — 10,159 61 to 89 days past due (1) 6,732 1,779 — 8,511 Total past due finance receivables 32,018 7,182 — 39,200 Current finance receivables 129,008 20,119 — 149,127 Finance receivables, amortized cost $ 161,026 $ 27,301 $ — $ 188,327 (1) The Company charges off finance receivables when a receivable is 90 days or more contractually past due. |
Leased Merchandise, Net (Tables
Leased Merchandise, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Leased Merchandise, Net | Leased merchandise, net, consists of the following (in thousands): As of December 31, 2023 2022 Leased merchandise $ 384,129 $ 335,038 Processing fees (4,348) (4,124) Merchant partner discounts and premiums, net 2,501 2,456 Accumulated depreciation (115,964) (100,879) Leased merchandise, before allowance for lease losses 266,318 232,491 Less allowance for lease losses (95,127) (79,189) Leased merchandise, net $ 171,191 $ 153,302 |
Leased Merchandise, Allowance for Credit Loss | hanges in the allowance for lease losses (in thousands): As of December 31, 2023 2022 Balance at beginning of year $ 79,189 $ 5,442 Provision for lease losses 175,858 139,502 Charge-offs (166,630) (70,114) Recoveries 6,710 4,359 Balance at end of year $ 95,127 $ 79,189 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in thousands): As of December 31, 2023 2022 Land $ 161,788 $ 141,795 Buildings 301,861 249,658 Furniture, fixtures, equipment and improvements 605,354 516,801 1,069,003 908,254 Less accumulated depreciation (436,279) (369,573) Property and equipment, net $ 632,724 $ 538,681 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Accrued compensation $ 46,257 $ 38,595 Sales, property and payroll taxes payable 32,609 27,226 Trade accounts payable 26,502 27,417 Accrued interest payable 24,443 24,276 Legal and professional fees payable 7,344 3,022 Benefits liabilities and withholding payable 3,373 2,383 Acquisition purchase price amounts payable to sellers 2,130 1,217 Income taxes payable 635 569 Other accrued liabilities 19,757 14,755 $ 163,050 $ 139,460 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
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, 2023 2022 Revolving unsecured credit facilities: Revolving unsecured credit facility, maturing 2027 (1) $ 568,000 $ 339,000 Revolving unsecured uncommitted credit facility, maturing 2027 (1) — — Total revolving unsecured credit facilities 568,000 339,000 Senior unsecured notes: 4.625% senior unsecured notes due 2028 (2) 494,499 493,475 5.625% senior unsecured notes due 2030 (3) 543,148 542,223 Total senior unsecured notes 1,037,647 1,035,698 Total long-term debt $ 1,605,647 $ 1,374,698 (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, 2023 and 2022, deferred debt issuance costs of $5.5 million and $6.5 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2028 in the accompanying consolidated balance sheets. (3) As of December 31, 2023 and 2022, deferred debt issuance costs of $6.9 million and $7.8 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2030 in the accompanying consolidated balance sheets. |
Schedule of Maturities of Long-term Debt | As of December 31, 2023, annual maturities of the outstanding long-term debt for each of the five years after December 31, 2023 are as follows (in thousands): 2024 $ — 2025 — 2026 — 2027 568,000 2028 500,000 Thereafter 550,000 $ 1,618,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021 consist of the following (in thousands): Year Ended December 31, 2023 2022 2021 Income before income taxes (1) : Domestic $ 217,502 $ 253,560 $ 110,535 Foreign 75,347 70,073 55,967 Income before income taxes $ 292,849 $ 323,633 $ 166,502 Current income taxes: U.S. Federal $ 53,217 $ 23,034 $ 14,031 Foreign 18,683 15,444 15,242 U.S. state and local 15,124 3,421 2,045 Current provision for income taxes 87,024 41,899 31,318 Deferred provision (benefit) for income taxes: U.S. Federal (6,253) 26,732 11,008 Foreign 1,475 (458) (1,542) U.S. state and local (8,698) 1,965 809 Total deferred provision for income taxes (13,476) 28,239 10,275 Provision for income taxes $ 73,548 $ 70,138 $ 41,593 (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, 2023 2022 Deferred tax assets: Property and equipment in foreign jurisdictions $ 18,761 $ 14,585 Finance receivables 21,745 19,125 Accrued fees on forfeited pawn loans 8,866 8,168 Deferred cost of goods sold deduction 4,454 2,800 Accrued compensation, payroll taxes and employee benefits 4,509 3,699 U.S. state and certain foreign net operating losses 6,456 6,504 Other 5,100 5,167 Total deferred tax assets 69,891 60,048 Deferred tax liabilities: Intangible assets 158,888 150,397 Leased merchandise and property and equipment in domestic jurisdictions 27,593 40,950 Net operating lease asset 2,702 2,646 Other 4,511 3,929 Total deferred tax liabilities 193,694 197,922 Net deferred tax liabilities before valuation allowance (123,803) (137,874) Valuation allowance (6,456) (6,504) Net deferred tax liabilities $ (130,259) $ (144,378) Reported as: Deferred tax assets $ 6,514 $ 7,381 Deferred tax liabilities (136,773) (151,759) Net deferred tax liabilities $ (130,259) $ (144,378) |
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, 2023 2022 2021 U.S. federal statutory rate 21 % 21 % 21 % Tax at the U.S. federal statutory rate $ 61,498 $ 67,963 $ 35,149 U.S. state income tax, net of federal tax benefit of $1,349 , $1,131 and $599, respectively 5,076 4,255 2,255 Benefit from gain on revaluation of contingent acquisition consideration — (4,580) — Net incremental income tax expense from foreign earnings (1) 4,373 272 2,007 Non-deductible compensation expense 4,358 3,297 1,943 Other taxes and adjustments, net (1,757) (1,069) 239 Provision for income taxes $ 73,548 $ 70,138 $ 41,593 Effective tax rate 25.1 % 21.7 % 25.0 % (1) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Rollforward | Changes in the carrying value of goodwill by segment were as follows (in thousands): December 31, 2023 U.S. Latin America Retail POS Payment Solutions Segment Total Balance, beginning of year $ 916,048 $ 179,128 $ 486,205 $ 1,581,381 Acquisitions (see Note 3) 127,239 — — 127,239 Effect of foreign currency translation — 19,452 — 19,452 Other adjustments (420) — — (420) Balance, end of year $ 1,042,867 $ 198,580 $ 486,205 $ 1,727,652 December 31, 2022 Balance, beginning of year $ 861,793 $ 171,279 $ 503,106 $ 1,536,178 Acquisitions (see Note 3) 55,455 — — 55,455 Effect of foreign currency translation — 7,849 — 7,849 Other adjustments (1,200) — (16,901) (18,101) Balance, end of year $ 916,048 $ 179,128 $ 486,205 $ 1,581,381 |
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, 2023 2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Merchant relationships $ 194,000 $ (63,070) $ 130,930 $ 194,000 $ (31,530) $ 162,470 Developed technology 99,400 (40,588) 58,812 99,400 (20,708) 78,692 Customer relationships 28,250 (26,591) 1,659 26,294 (25,716) 578 AFF trade name 10,200 (10,200) — 10,200 (5,314) 4,886 Lessee relationships 1,500 (1,500) — 1,500 (1,201) 299 $ 333,350 $ (141,949) $ 191,401 $ 331,394 $ (84,469) $ 246,925 |
Schedule of Finite-Lived Intangible Assets | The following table details the remaining weighted-average amortization periods for the definite-lived intangible assets included in the table above: Weighted-Average As of December 31, 2023 Merchant relationships 2.4 Developed technology 1.5 Customer relationships 2.2 Total definite-lived intangible assets 2.1 |
Goodwill Future Amortization Expense | Estimated future amortization expense is as follows (in thousands): 2024 $ 50,146 2025 48,488 2026 45,551 2027 24,544 2028 22,672 $ 191,401 |
Indefinite-Lived Intangible Assets | Indefinite-lived intangible assets as of December 31, 2023 and 2022 consist of the following (in thousands): As of December 31, 2023 2022 Trade names $ 46,300 $ 46,300 Pawn licenses (1) 40,023 37,113 $ 86,323 $ 83,413 (1) |
Equity Compensation Plans and S
Equity Compensation Plans and Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021 (shares in thousands): 2023 2022 2021 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 435 $ 67.38 383 $ 71.93 373 $ 77.40 Performance-based grants (1) 107 91.76 120 69.78 105 58.68 Time-based grants 93 91.76 60 69.72 48 58.68 Performance-based vested (211) 65.54 — — (91) 72.70 Time-based vested (45) 69.97 (19) 70.33 (19) 67.86 Performance-based canceled (10) 72.37 (109) 86.86 (18) 72.56 Time-based canceled — — — — (15) 72.49 Outstanding at end of year 369 $ 80.68 435 $ 67.38 383 $ 71.93 (1) |
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, 2023 2022 2021 Gross compensation costs: Restricted stock unit awards $ 13,674 $ 10,853 $ 5,150 Income tax benefits: Restricted stock unit awards (605) (1,428) (205) Net compensation expense $ 13,069 $ 9,425 $ 4,945 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021 as well as segment earning assets (in thousands): Year Ended December 31, 2023 U.S. Latin Retail POS Corporate/ Consolidated Revenue: Retail merchandise sales $ 854,190 $ 533,612 $ — $ (6,530) (1) $ 1,381,272 Pawn loan fees 435,762 222,774 — — 658,536 Leased merchandise income — — 752,682 — 752,682 Interest and fees on finance receivables — — 233,818 — 233,818 Wholesale scrap jewelry sales 78,571 46,917 — — 125,488 Total revenue 1,368,523 803,303 986,500 (6,530) 3,151,796 Cost of revenue: Cost of retail merchandise sold 490,544 345,309 — (3,460) (1) 832,393 Depreciation of leased merchandise — — 413,546 (2,091) (1) 411,455 Provision for lease losses — — 177,418 (1,560) (1) 175,858 Provision for loan losses — — 123,030 — 123,030 Cost of wholesale scrap jewelry sold 64,545 37,276 — — 101,821 Total cost of revenue 555,089 382,585 713,994 (7,111) 1,644,557 Net revenue 813,434 420,718 272,506 581 1,507,239 Expenses and other income: Operating expenses 451,543 243,146 137,460 — 832,149 Administrative expenses — — — 176,315 176,315 Depreciation and amortization 25,585 21,350 3,030 59,196 109,161 Interest expense — — — 93,243 93,243 Interest income — — — (1,469) (1,469) Gain on foreign exchange — — — (1,529) (1,529) Merger and acquisition expenses — — — 7,922 7,922 Other expenses (income), net — — — (1,402) (1,402) Total expenses and other income 477,128 264,496 140,490 332,276 1,214,390 Income (loss) before income taxes $ 336,306 $ 156,222 $ 132,016 $ (331,695) $ 292,849 (1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. As of December 31, 2023 U.S. Latin Retail POS Corporate/ Consolidated Pawn loans $ 344,152 $ 127,694 $ — $ — $ 471,846 Finance receivables, net — — 113,901 — 113,901 Inventories 221,843 90,246 — — 312,089 Leased merchandise, net — — 171,706 (515) (1) 171,191 Goodwill 1,042,867 198,580 486,205 — 1,727,652 Total assets 2,423,092 693,650 1,011,541 161,632 4,289,915 (1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. Year Ended December 31, 2022 U.S. Latin Retail POS Corporate/ Consolidated Revenue: Retail merchandise sales $ 818,548 $ 447,523 $ — $ (4,935) (1) $ 1,261,136 Pawn loan fees 373,416 187,974 — — 561,390 Leased merchandise income — — 622,163 — 622,163 Interest and fees on finance receivables — — 181,280 — 181,280 Wholesale scrap jewelry sales 63,004 39,969 — — 102,973 Total revenue 1,254,968 675,466 803,443 (4,935) 2,728,942 Cost of revenue: Cost of retail merchandise sold 478,718 288,449 — (2,614) (1) 764,553 Depreciation of leased merchandise — — 354,104 (609) (1) 353,495 Provision for lease losses — — 140,118 (616) (1) 139,502 Provision for loan losses — — 118,502 — 118,502 Cost of wholesale scrap jewelry sold 54,893 33,411 — — 88,304 Total cost of revenue 533,611 321,860 612,724 (3,839) 1,464,356 Net revenue (loss) 721,357 353,606 190,719 (1,096) 1,264,586 Expenses and other income: Operating expenses 407,039 193,254 128,616 — 728,909 Administrative expenses — — — 147,943 147,943 Depreciation and amortization 23,205 18,325 2,912 59,390 103,832 Interest expense — — — 70,708 70,708 Interest income — — — (1,313) (1,313) Gain on foreign exchange — — — (585) (585) Merger and acquisition expenses — — — 3,739 3,739 Gain on revaluation of contingent acquisition consideration — — — (109,549) (109,549) Other expenses (income), net — — — (2,731) (2,731) Total expenses and other income 430,244 211,579 131,528 167,602 940,953 Income (loss) before income taxes $ 291,113 $ 142,027 $ 59,191 $ (168,698) $ 323,633 (1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. As of December 31, 2022 U.S. Latin Retail POS Corporate/ Consolidated Pawn loans $ 282,089 $ 108,528 $ — $ — $ 390,617 Finance receivables, net — — 103,494 — 103,494 Inventories 202,594 85,745 — — 288,339 Leased merchandise, net — — 154,398 (1,096) (1) 153,302 Goodwill 916,048 179,128 486,205 — 1,581,381 Total assets 2,108,157 619,839 1,047,814 129,057 3,904,867 (1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. Year Ended December 31, 2021 U.S. Latin America Retail POS Corporate/ Consolidated Revenue: Retail merchandise sales $ 742,374 $ 391,875 $ — $ — $ 1,134,249 Pawn loan fees 305,350 170,432 — — 475,782 Leased merchandise income — — 22,720 — 22,720 Interest and fees on finance receivables — — 9,024 — 9,024 Wholesale scrap jewelry sales 27,163 30,027 — — 57,190 Total revenue 1,074,887 592,334 31,744 — 1,698,965 Cost of revenue: Cost of retail merchandise sold 416,039 247,425 — — 663,464 Depreciation of leased merchandise — — 12,826 — 12,826 Provision for lease losses — — 5,442 — 5,442 Provision for loan losses — — 48,952 — 48,952 Cost of wholesale scrap jewelry sold 22,886 26,243 — — 49,129 Total cost of revenue 438,925 273,668 67,220 — 779,813 Net revenue (loss) 635,962 318,666 (35,476) — 919,152 Expenses and other income: Operating expenses 380,895 179,020 4,917 — 564,832 Administrative expenses — — — 111,259 111,259 Depreciation and amortization 22,234 17,834 122 5,716 45,906 Interest expense — — — 32,386 32,386 Interest income — — — (696) (696) Loss on foreign exchange — — — 436 436 Merger and acquisition expenses — — — 15,449 15,449 Gain on revaluation of contingent acquisition consideration — — — (17,871) (17,871) Other expenses (income), net — — — 949 949 Total expenses and other income 403,129 196,854 5,039 147,628 752,650 Income (loss) before income taxes $ 232,833 $ 121,812 $ (40,515) $ (147,628) $ 166,502 As of December 31, 2021 U.S. Latin America Retail POS Corporate/ Consolidated Pawn loans $ 256,311 $ 91,662 $ — $ — $ 347,973 Finance receivables, net — — 181,021 — 181,021 Inventories 197,486 65,825 — — 263,311 Leased merchandise, net — — 143,944 — 143,944 Goodwill 861,793 171,279 503,106 — 1,536,178 Total assets 1,944,487 562,661 1,178,729 150,575 3,836,452 |
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, net) by geographic area (in thousands): Year Ended December 31, 2023 2022 2021 Revenue: U.S. $ 2,348,493 $ 2,053,476 $ 1,106,631 Mexico 762,563 639,199 562,493 Other Latin America 40,740 36,267 29,841 $ 3,151,796 $ 2,728,942 $ 1,698,965 Long-lived assets: U.S. $ 529,180 $ 449,201 $ 373,218 Mexico 101,649 88,233 84,648 Other Latin America 12,137 10,662 13,191 $ 642,966 $ 548,096 $ 471,057 |
Organization and Nature of th_2
Organization and Nature of the Company (Details) | 12 Months Ended |
Dec. 31, 2023 segment uSState numberOfBusinessLines state | |
Organization and Nature of the Company [Line Items] | |
Number of Business Lines | numberOfBusinessLines | 2 |
Number of reportable segments | segment | 3 |
Pawn Operations | |
Organization and Nature of the Company [Line Items] | |
Number of states in which entity operates | uSState | 29 |
Retail POS Payment Solutions | |
Organization and Nature of the Company [Line Items] | |
Number of states in which entity operates | state | 50 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accounts receivable, net | Accounts receivable, net | |
Cash associated with undistributed earnings of foreign subsidiaries | $ 39,900,000 | ||
Leased Merchandise, Depreciation over Life of Lease, Salvage Value | $ 0 | ||
Leased Merchandise, Threshold Period Past Due, Writeoff | 90 days | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 12,800,000 | $ 9,800,000 | |
Financing Receivable, Threshold Period Past Due, Writeoff | 90 days | ||
Advertising expense | $ 4,300,000 | $ 4,100,000 | $ 1,000,000 |
Mexico, Pesos | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Foreign currency exchange rate, translation | 1,780% | 2,010% | 2,030% |
United States of America, Dollars | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Foreign currency exchange rate, translation | 100% | 100% | 100% |
Guatemala, Quetzales | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Foreign currency exchange rate, translation | 780% | 770% | 770% |
Colombia, Pesos | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Foreign currency exchange rate, translation | 432,800% | 425,300% | 374,200% |
Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Leased Merchandise, Contract Range | 6 months | ||
Finance Receivable, Contract Range | 6 months | ||
Finance Receivable, Period for Early Payoff discount | 90 days | ||
Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Leased Merchandise, Contract Range | 24 months | ||
Finance Receivable, Contract Range | 24 months | ||
Finance Receivable, Period for Early Payoff discount | 101 days | ||
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 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Net income | $ 219,301 | $ 253,495 | $ 124,909 |
Weighted-average common shares for calculating basic earnings per share | 45,452 | 47,213 | 40,975 |
Restricted stock unit awards | 241 | 117 | 49 |
Weighted-average common shares for calculating diluted earnings per share | 45,693 | 47,330 | 41,024 |
Basic (in dollars per share) | $ 4.82 | $ 5.37 | $ 3.05 |
Diluted (in dollars per share | $ 4.80 | $ 5.36 | $ 3.04 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) store | Dec. 31, 2022 USD ($) store | |
Business Acquisition [Line Items] | ||
Number of Pawn Licenses | 2 | |
Number of New Stores Opened | 2 | |
Business Combination, Extinguishment of Debt, Amount | $ 59.7 | |
Revenue since acquisition | 40.7 | |
Transaction and integration costs | 6.1 | |
Net earnings since acquisition | 1.1 | |
AFF | ||
Business Acquisition [Line Items] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 50 | |
Pawn Store | ||
Business Acquisition [Line Items] | ||
Purchase price | 178.6 | $ 73 |
Cash paid | 178 | 69.6 |
Liabilities incurred | 0.6 | $ 3.4 |
Payments for Previous Acquisition | $ 3.3 | |
United States | Pawn Store | ||
Business Acquisition [Line Items] | ||
Number of stores acquired | store | 91 | 30 |
Number of acquisitions | store | 8 | 6 |
Guatemala | Pawn Store | ||
Business Acquisition [Line Items] | ||
Number of stores acquired | store | 1 |
Acquisitions - Acquisitions Pur
Acquisitions - Acquisitions Purchase Price Allocation Table (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,727,652 | $ 1,581,381 | $ 1,536,178 |
Series of Individually Immaterial Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Pawn loans | 27,715 | ||
Accounts receivable | 3,328 | ||
Inventory | 17,090 | ||
Other current assets | 996 | ||
Property and equipment | 2,986 | ||
Operating lease right of use asset | 20,597 | ||
Goodwill | 127,239 | ||
Intangible assets | 4,410 | ||
Other non-current assets | 280 | ||
Current liabilities | (5,467) | ||
Lease liability | (20,597) | ||
Aggregate merger consideration | $ 178,577 |
Acquisitions - Pro Forma (Detai
Acquisitions - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Revenues | $ 3,151,796 | $ 2,728,942 | $ 1,698,965 |
Net income | $ 219,301 | $ 253,495 | $ 124,909 |
Basic (in dollars per share) | $ 4.82 | $ 5.37 | $ 3.05 |
Net income per diluted share (in dollars per share) | $ 4.80 | $ 5.36 | $ 3.04 |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Weighted average remaining lease term | 3 years 10 months 24 days | 4 years 1 month 6 days | 4 years 1 month 6 days |
Weighted average discount rate (as a percent) | 8% | 6.50% | 6.20% |
Foreign Currency Transaction Loss, before Tax | $ (0.6) | ||
Foreign Currency Transaction Gain, before Tax | $ 2.5 | $ 1.3 | |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease expense | $ 141,831 | $ 128,174 | $ 125,439 |
Variable lease expense | 18,618 | 16,979 | 16,021 |
Total operating lease expense | $ 160,449 | $ 145,153 | $ 141,460 |
Operating Leases - Lease Maturi
Operating Leases - Lease Maturities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2022 | $ 122,795 |
2023 | 93,471 |
2024 | 69,106 |
2025 | 41,910 |
2026 | 20,403 |
Thereafter | 22,235 |
Total | 369,920 |
Less amount of lease payments representing interest | (52,473) |
Total present value of lease payments | $ 317,447 |
Operating Leases - Supplemental
Operating Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 124,584 | $ 116,225 | $ 114,463 |
Leased assets obtained in exchange for new operating lease liabilities | $ 110,819 | $ 95,132 | $ 110,531 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Stock repurchased during period (shares) | 1,248,000 | 2,204,000 | |
Stock Repurchased During Period, Value | $ 114,400 | $ 157,900 | |
Stock repurchase program, average cost per share (in dollars per share) | $ 91.58 | $ 71.63 | |
Stock Repurchased During Period, Excise Tax | $ 1,100 | ||
Stock Repurchase Program, Authorized Amount | 200,000 | $ 100,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 200,000 | ||
Payments of dividends | $ 61,875 | $ 59,571 | $ 47,533 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance receivables, gross | $ 227,474 | $ 195,987 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 127,018 | 117,330 |
Accounts Receivable, Fair Value Disclosure | 71,922 | 57,792 |
Total assets | 784,687 | 669,233 |
Total liabilities | 1,618,000 | 1,389,000 |
Carrying Value | Revolving unsecured credit facilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 568,000 | 339,000 |
Carrying Value | Senior unsecured notes, outstanding principal | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 1,050,000 | 1,050,000 |
Carrying Value | Pawn Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 471,846 | 390,617 |
Carrying Value | Financing Receivable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 113,901 | 103,494 |
Estimate Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 127,018 | 117,330 |
Accounts Receivable, Fair Value Disclosure | 71,922 | 57,792 |
Total assets | 898,518 | 767,634 |
Total liabilities | 1,555,000 | 1,271,000 |
Estimate Value | Revolving unsecured credit facilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 568,000 | 339,000 |
Estimate Value | Senior unsecured notes, outstanding principal | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 987,000 | 932,000 |
Estimate Value | Pawn Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 471,846 | 390,617 |
Estimate Value | Financing Receivable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 227,732 | 201,895 |
Estimate Value | Fair Value Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 127,018 | 117,330 |
Accounts Receivable, Fair Value Disclosure | 0 | 0 |
Total assets | 127,018 | 117,330 |
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 | Financing Receivable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 0 | 0 |
Estimate Value | Fair Value Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Accounts Receivable, Fair Value Disclosure | 0 | 0 |
Total assets | 0 | 0 |
Total liabilities | 1,555,000 | 1,271,000 |
Estimate Value | Fair Value Level 2 | Revolving unsecured credit facilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 568,000 | 339,000 |
Estimate Value | Fair Value Level 2 | Senior unsecured notes, outstanding principal | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 987,000 | 932,000 |
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 | Financing Receivable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 0 | 0 |
Estimate Value | Fair Value Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Accounts Receivable, Fair Value Disclosure | 71,922 | 57,792 |
Total assets | 771,500 | 650,304 |
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 | 471,846 | 390,617 |
Estimate Value | Fair Value Level 3 | Financing Receivable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | $ 227,732 | $ 201,895 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 17, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gain on revaluation of contingent acquisition consideration | $ 0 | $ 109,549 | $ 17,871 | |
Business Combination, Contingent Consideration, Liability Fair Value Disclosure | 0 | 0 | $ 109,549 | |
Fair Value Level 1 | Estimate Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Business Combination, Contingent Consideration, Liability Fair Value Disclosure | 0 | |||
Fair Value Level 2 | Estimate Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Business Combination, Contingent Consideration, Liability Fair Value Disclosure | 0 | |||
Fair Value Level 3 | Estimate Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Business Combination, Contingent Consideration, Liability Fair Value Disclosure | $ 0 | |||
AFF | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 50,000 | |||
Business Combination, Contingent Consideration, Liability | $ 127,400 |
Finance Receivables, Net (Detai
Finance Receivables, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Finance receivables, gross | $ 227,474 | $ 195,987 | |
Financing Receivable, Merchant partner discounts and premiums, net | (11,907) | (3,517) | |
Financing Receivable, Unearned Origination Fees | (5,212) | (4,143) | |
Finance receivables, amortized cost | 210,355 | 188,327 | |
Financing Receivable, Allowance for Credit Loss | (96,454) | (84,833) | $ (75,574) |
Finance receivables, net | $ 113,901 | $ 103,494 | $ 181,021 |
Finance Receivables, Net - Roll
Finance Receivables, Net - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 84,833 | $ 75,574 | |
Provision for loan losses | 123,030 | 118,502 | $ 48,952 |
Charge-offs | (117,961) | (114,535) | |
Recoveries | 6,552 | 5,292 | |
Balance at end of year | $ 96,454 | $ 84,833 | $ 75,574 |
Finance Receivables, Net - Cred
Finance Receivables, Net - Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance receivables, amortized cost | $ 188,327 | |
Finance receivables, amortized cost | $ 210,355 | $ 188,327 |
Finance Receivables, Net - Agin
Finance Receivables, Net - Aging of Finance Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | $ 210,355 | $ 188,327 |
Finance receivables, amortized cost | 188,327 | |
Charge-offs | 117,961 | 114,535 |
Year 2023 | ||
Financing Receivable, Past Due [Line Items] | ||
Charge-offs | 51,597 | |
Year 2022 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 187,277 | |
Finance receivables, amortized cost | 161,026 | |
Charge-offs | 58,571 | |
Year 2021 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 23,078 | |
Finance receivables, amortized cost | 27,301 | |
Charge-offs | 7,793 | |
Year 2020 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 0 | |
Finance receivables, amortized cost | 0 | |
1 to 30 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 23,309 | |
Finance receivables, amortized cost | 20,530 | |
1 to 30 days past due | Year 2022 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 20,538 | |
Finance receivables, amortized cost | 16,996 | |
1 to 30 days past due | Year 2021 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 2,771 | |
Finance receivables, amortized cost | 3,534 | |
1 to 30 days past due | Year 2020 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 0 | |
Finance receivables, amortized cost | 0 | |
31 to 60 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 12,519 | |
Finance receivables, amortized cost | 10,159 | |
31 to 60 days past due | Year 2022 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 10,892 | |
Finance receivables, amortized cost | 8,290 | |
31 to 60 days past due | Year 2021 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 1,627 | |
Finance receivables, amortized cost | 1,869 | |
31 to 60 days past due | Year 2020 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 0 | |
Finance receivables, amortized cost | 0 | |
61 to 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 10,199 | |
Finance receivables, amortized cost | 8,511 | |
61 to 90 days past due | Year 2022 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 8,634 | |
Finance receivables, amortized cost | 6,732 | |
61 to 90 days past due | Year 2021 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 1,565 | |
Finance receivables, amortized cost | 1,779 | |
61 to 90 days past due | Year 2020 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 0 | |
Finance receivables, amortized cost | 0 | |
Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 46,027 | |
Finance receivables, amortized cost | 39,200 | |
Past due | Year 2022 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 40,064 | |
Finance receivables, amortized cost | 32,018 | |
Past due | Year 2021 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 5,963 | |
Finance receivables, amortized cost | 7,182 | |
Past due | Year 2020 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 0 | |
Finance receivables, amortized cost | 0 | |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 164,328 | |
Finance receivables, amortized cost | 149,127 | |
Current | Year 2022 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 147,213 | |
Finance receivables, amortized cost | 129,008 | |
Current | Year 2021 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | 17,115 | |
Finance receivables, amortized cost | 20,119 | |
Current | Year 2020 | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, amortized cost | $ 0 | |
Finance receivables, amortized cost | $ 0 |
Leased Merchandise, Net (Detail
Leased Merchandise, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Leased Merchandise, Before Fees, Premiums, Discounts, Accumulated Depreciation, and Credit Loss | $ 384,129 | $ 335,038 | |
Loan Processing Fee | (4,348) | (4,124) | |
Leased Merchandise, Merchant partner discounts and premiums, net | 2,501 | 2,456 | |
Leased Merchandise, Accumulated Depreciation | (115,964) | (100,879) | |
Leased merchandise, before allowance for lease losses | 266,318 | 232,491 | |
Leased Merchandise, Allowance for Credit loss | (95,127) | (79,189) | $ (5,442) |
Leased merchandise, net | 171,191 | 153,302 | 143,944 |
Provision for Lease Losses | 175,858 | 139,502 | $ 5,442 |
Leased Merchandise, Allowance for Credit Loss, Writeoff | 166,630 | 70,114 | |
Leased Merchandise, Allowance for Credit Loss, Recovery | $ 6,710 | $ 4,359 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 1,069,003 | $ 908,254 | |
Less accumulated depreciation | (436,279) | (369,573) | |
Property and equipment, net | 632,724 | 538,681 | |
Depreciation expense | 52,100 | 46,800 | $ 42,500 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 161,788 | 141,795 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 301,861 | 249,658 | |
Furniture, fixtures, equipment and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 605,354 | $ 516,801 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Business Acquisition, Accounts payable to sellers | $ 2,130 | $ 1,217 |
Accrued compensation | 46,257 | 38,595 |
Taxes Payable, Current | 32,609 | 27,226 |
Accounts Payable, Current | 26,502 | 27,417 |
Accrued interest payable | 24,443 | 24,276 |
Accrued Professional Fees | 7,344 | 3,022 |
Benefits liabilities and withholding payable | 3,373 | 2,383 |
Accrued Income Taxes, Current | 635 | 569 |
Other accrued liabilities | 19,757 | 14,755 |
Accounts payable and accrued liabilities | $ 163,050 | $ 139,460 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 13, 2021 | Aug. 26, 2020 |
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 1,618,000 | |||
Total long-term debt | 1,605,647 | $ 1,374,698 | ||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 568,000 | 339,000 | ||
Line of Credit | Revolving Unsecured Credit Facility due 2027 | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 568,000 | 339,000 | ||
Line of Credit | Revolving Unsecured Uncommitted Credit Facility due 2027 | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 0 | 0 | ||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 1,037,647 | 1,035,698 | ||
Senior Notes | 4.625% Senior Unsecured Notes due 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 494,499 | 493,475 | ||
Debt Issuance Costs, Net | $ 5,500 | 6,500 | ||
Interest rate | 4.625% | 4.625% | ||
Senior Notes | 5.625% Senior Unsecured Notes due 2030 | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 543,148 | 542,223 | ||
Debt Issuance Costs, Net | $ 6,900 | $ 7,800 | ||
Interest rate | 5.625% | 5.625% |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities for Long-term Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 0 |
2023 | 0 |
2024 | 0 |
2025 | 568,000 |
2026 | 500,000 |
Thereafter | 550,000 |
Total long-term debt | $ 1,618,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 2 Months Ended | 12 Months Ended | ||||||
Oct. 18, 2023 USD ($) | Mar. 09, 2023 MXN ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 13, 2021 USD ($) | Aug. 26, 2020 USD ($) | May 30, 2017 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | $ 568,000,000 | |||||||
Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding, amount | 2,800,000 | |||||||
Remaining borrowing capacity | $ 69,200,000 | |||||||
Commitment fee percentage | 0.325% | |||||||
Interest rate at period end | 7.96% | 7.96% | ||||||
Repayments of debt | $ 229,000,000 | |||||||
Line of Credit | Revolving Unsecured Uncommitted Credit Facility due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 600,000,000 | $ 600,000,000 | ||||||
Long-term line of credit | $ 0 | 0 | ||||||
Remaining borrowing capacity | 35,500,000 | $ 600,000,000 | ||||||
Line of Credit | Revolving Unsecured Credit Facility due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 590,000,000 | |||||||
Line of Credit | Revolving Unsecured Credit Facility due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 640,000,000 | $ 590,000,000 | ||||||
Line of Credit Facility, Increase (Decrease), Net | $ 50,000,000 | |||||||
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% | 2.25% | ||||||
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.50% | |||||||
Debt Instrument, Basis Spread on Variable Rate, Adjustment | 0.10% | |||||||
Senior Notes | 4.625% Senior Unsecured Notes due 2028 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.625% | 4.625% | 4.625% | |||||
Face Amount | $ 500,000,000 | |||||||
Total debt ratio threshold | 2.75 | 2.75 | ||||||
Debt Issuance Costs, Net | $ 5,500,000 | $ 6,500,000 | ||||||
Senior Notes | Senior notes 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.375% | |||||||
Face Amount | $ 300,000,000 | |||||||
Senior Notes | 5.625% Senior Unsecured Notes due 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.625% | 5.625% | 5.625% | |||||
Face Amount | $ 550,000,000 | |||||||
Total debt ratio threshold | 3 | 3 | ||||||
Redemption price | 100% | |||||||
Redemption price (up to) | 40% | |||||||
Debt Issuance Costs, Net | $ 6,900,000 | $ 7,800,000 | ||||||
Debt Covenant, Total Debt Ratio | 2.7 | 2.7 | ||||||
Minimum | Line of Credit | Revolving Unsecured Credit Facility due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 0% | 0% |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income from continuing operations before income taxes | |||
Domestic | $ 217,502 | $ 253,560 | $ 110,535 |
Foreign | 75,347 | 70,073 | 55,967 |
Income before income taxes | 292,849 | 323,633 | 166,502 |
Current income taxes: | |||
Federal | 53,217 | 23,034 | 14,031 |
Foreign | 18,683 | 15,444 | 15,242 |
U.S. state and local | 15,124 | 3,421 | 2,045 |
Current provision for income taxes | 87,024 | 41,899 | 31,318 |
Deferred provision (benefit) for income taxes: | |||
Federal | (6,253) | 26,732 | 11,008 |
Foreign | 1,475 | (458) | (1,542) |
U.S. state and local | (8,698) | 1,965 | 809 |
Total deferred provision for income taxes | (13,476) | 28,239 | 10,275 |
Provision for income taxes | $ 73,548 | $ 70,138 | $ 41,593 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Entity Location [Line Items] | |||
Undistributed earnings of foreign subsidiaries | $ 262,300,000 | ||
Foreign Earnings Repatriated | 31,000,000 | $ 47,500,000 | |
Valuation allowance | $ 6,456,000 | 6,504,000 | |
U.S. federal statutory rate | 21% | ||
Income tax benefit, percent of likelihood of being realized upon settlement | 5,000% | ||
Unrecognized tax benefits | $ 0 | 0 | |
Income tax penalties and interest accrued | 0 | 0 | |
Income tax penalties and interest expense | $ 0 | $ 0 | $ 0 |
United States | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 21% | 21% | |
Mexico | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 30% | ||
Guatemala | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 25% | ||
EL Salvador | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 30% | ||
NETHERLANDS | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 0% | ||
COLOMBIA | |||
Entity Location [Line Items] | |||
U.S. federal statutory rate | 35% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Property and equipment in foreign jurisdictions | $ 18,761 | $ 14,585 |
Finance receivables | 21,745 | 19,125 |
Accrued fees on forfeited pawn loans | 8,866 | 8,168 |
Deferred cost of goods sold deduction | 4,454 | 2,800 |
Accrued compensation, payroll taxes and employee benefits | 4,509 | 3,699 |
U.S. state and certain foreign net operating losses | 6,456 | 6,504 |
Other | 5,100 | 5,167 |
Total deferred tax assets | 69,891 | 60,048 |
Deferred tax liabilities: | ||
Intangible assets | 158,888 | 150,397 |
Deferred Tax Liabilities, Leasing Arrangements | 2,702 | 2,646 |
Leased merchandise and property and equipment in domestic jurisdictions | 27,593 | 40,950 |
Other | 4,511 | 3,929 |
Total deferred tax liabilities | 193,694 | 197,922 |
Net deferred tax liabilities before valuation allowance | 123,803 | 137,874 |
Valuation allowance | (6,456) | (6,504) |
Net deferred tax liabilities | (130,259) | (144,378) |
Deferred tax assets | 6,514 | 7,381 |
Deferred tax liabilities | $ (136,773) | $ (151,759) |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate | 21% | ||
Tax at the U.S. federal statutory rate | $ 61,498 | $ 67,963 | $ 35,149 |
U.S. state income tax, net of federal tax benefit of $1,349, $1,131 and $599, respectively | 5,076 | 4,255 | 2,255 |
Federal Income tax provision (benefit) for state income taxes | 1,349 | 1,131 | 599 |
Benefit from gain on revaluation of contingent acquisition consideration | 0 | (4,580) | 0 |
Net incremental income tax expense from foreign earnings (1) | 4,373 | 272 | 2,007 |
Non-deductible compensation expense | 4,358 | 3,297 | 1,943 |
Other taxes and adjustments, net | (1,757) | (1,069) | 239 |
Provision for income taxes | $ 73,548 | $ 70,138 | $ 41,593 |
Effective tax rate | 25.10% | 21.70% | 25% |
Foreign inflation index adjustment | $ 5,700 | $ 8,000 | $ 6,300 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - Forward Contracts - Gold, Ounces | Dec. 31, 2023 oz $ / oz |
Guarantor Obligations [Line Items] | |
Investment contract weight | oz | 72,500 |
Derivative, average forward price | $ / oz | 2,043 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill Roll-forward (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Balance, beginning of year | $ 1,581,381,000 | $ 1,536,178,000 |
Merger and other acquisitions | 127,239,000 | 55,455,000 |
Effect of foreign currency translation | 19,452,000 | 7,849,000 |
Other adjustments | (420,000) | (18,101,000) |
Balance, end of year | 1,727,652,000 | 1,581,381,000 |
Goodwill impairment | 0 | 0 |
United States | ||
Goodwill [Line Items] | ||
Other adjustments | (420,000) | |
Latin America Pawn | ||
Goodwill [Line Items] | ||
Other adjustments | 0 | |
U.S. Pawn | United States | ||
Goodwill [Line Items] | ||
Balance, beginning of year | 916,048,000 | |
Merger and other acquisitions | 127,239,000 | 55,455,000 |
Effect of foreign currency translation | 0 | 0 |
Other adjustments | (1,200,000) | |
Balance, end of year | 1,042,867,000 | 916,048,000 |
Latin America Pawn | Latin America Pawn | ||
Goodwill [Line Items] | ||
Balance, beginning of year | 179,128,000 | |
Merger and other acquisitions | 0 | 0 |
Effect of foreign currency translation | 19,452,000 | 7,849,000 |
Other adjustments | 0 | |
Balance, end of year | 198,580,000 | 179,128,000 |
Retail POS Payment Solutions | United States | ||
Goodwill [Line Items] | ||
Balance, beginning of year | 486,205,000 | |
Merger and other acquisitions | 0 | 0 |
Effect of foreign currency translation | 0 | 0 |
Other adjustments | 0 | (16,901,000) |
Balance, end of year | $ 486,205,000 | $ 486,205,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 333,350 | $ 331,394 | |
Accumulated Amortization | (141,949) | (84,469) | |
Net Carrying Amount | 191,401 | 246,925 | |
Amortization expenses of intangible assets | $ 57,000 | 57,100 | $ 3,400 |
Weighted average amortization period remaining, in years | 2 years 1 month 6 days | ||
Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 28,250 | 26,294 | |
Accumulated Amortization | (26,591) | (25,716) | |
Net Carrying Amount | $ 1,659 | 578 | |
Weighted average amortization period remaining, in years | 2 years 2 months 12 days | ||
Merchant relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 194,000 | 194,000 | |
Accumulated Amortization | (63,070) | (31,530) | |
Net Carrying Amount | $ 130,930 | 162,470 | |
Weighted average amortization period remaining, in years | 2 years 4 months 24 days | ||
Developed Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 99,400 | 99,400 | |
Accumulated Amortization | (40,588) | (20,708) | |
Net Carrying Amount | $ 58,812 | 78,692 | |
Weighted average amortization period remaining, in years | 1 year 6 months | ||
Trade names | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 10,200 | 10,200 | |
Accumulated Amortization | (10,200) | (5,314) | |
Net Carrying Amount | 0 | 4,886 | |
Lessee Relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,500 | 1,500 | |
Accumulated Amortization | (1,500) | (1,201) | |
Net Carrying Amount | $ 0 | $ 299 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Goodwill Future Amortization (Details) - Goodwill $ in Thousands | Dec. 31, 2023 USD ($) |
2022 | $ 50,146 |
2023 | 48,488 |
2024 | 45,551 |
2025 | 24,544 |
2026 | 22,672 |
Total future amortization | $ 191,401 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment of intangible assets,indefinite-lived | $ 0 | $ 0 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 86,323,000 | 83,413,000 |
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 | $ 40,023,000 | $ 37,113,000 |
Equity Compensation Plans and_2
Equity Compensation Plans and Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Additional Disclosures [Abstract] | |||
Options and warrants exercises in period, total intrinsic value | $ 0.4 | ||
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 | $ 20.6 | $ 1.5 | $ 6.6 |
Total intrinsic value for nonvested common stock awards outstanding | $ 40 | ||
Weighted-average period of recognition (years) | 1 year 4 months 24 days | ||
Total compensation cost not yet recognized, nonvested common stock awards | $ 14.5 | ||
Time Based Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (shares) | 93,000 | 60,000 | 48,000 |
Time Based Shares | Minimum | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Vesting period | 3 years | 3 years | 3 years |
Time Based Shares | Maximum | |||
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 | 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% | ||
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% | ||
2021 Performance Based Awards | Minimum | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Target share award earned, percentage | 0% | ||
2021 Performance Based Awards | Maximum | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Target share award earned, percentage | 150% | ||
2022 Performance Based Awards | Minimum | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Target share award earned, percentage | 0% | ||
2022 Performance Based Awards | Maximum | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Target share award earned, percentage | 150% | ||
2023 Performance Based Awards | Minimum | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Target share award earned, percentage | 0% | ||
2023 Performance Based Awards | Maximum | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Target share award earned, percentage | 150% | ||
Prior to merger | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant | 2,818,000 |
Equity Compensation Plans and_3
Equity Compensation Plans and Share-Based Compensation - Restricted Stock Unit Award Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 435 | 383 | 373 |
Underlying Shares - Outstanding at end of year | 369 | 435 | 383 |
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 | $ 67.38 | $ 71.93 | $ 77.40 |
Weighted-Average Exercise Price - Outstanding at end of year | $ 80.68 | $ 67.38 | $ 71.93 |
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 | 107 | 120 | 105 |
Underlying Shares - Exercised | (211) | 0 | (91) |
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 | $ 91.76 | $ 69.78 | $ 58.68 |
Weighted-Average Exercise Price - Vested | $ 65.54 | $ 0 | $ 72.70 |
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 | 93 | 60 | 48 |
Underlying Shares - Exercised | (45) | (19) | (19) |
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 | $ 91.76 | $ 69.72 | $ 58.68 |
Weighted-Average Exercise Price - Vested | $ 69.97 | $ 70.33 | $ 67.86 |
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 | (10) | (109) | (18) |
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 | $ 72.37 | $ 86.86 | $ 72.56 |
Time 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 | 0 | 0 | (15) |
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 | $ 0 | $ 0 | $ 72.49 |
Equity Compensation Plans and_4
Equity Compensation Plans and Share-Based Compensation - Warranty and Options Activity (Details) - Stock Options and Warrants shares in Thousands | 12 Months Ended |
Dec. 31, 2021 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Outstanding [Roll Forward] | |
Underlying Shares - Exercised | (10) |
Underlying Shares - Outstanding at end of year | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted-Average Exercise Price - Exercised | $ / shares | $ 38 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Net compensation expense | $ 13,069 | $ 9,425 | $ 4,945 |
Nonvested “restricted” stock | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Gross compensation costs: | 13,674 | 10,853 | 5,150 |
Income tax benefits: | $ (605) | $ (1,428) | $ (205) |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Vesting period for company contributions | 5 years | ||
First Cash | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum annual contribution per employee | 100% | ||
Employer matching contribution | 5% | ||
Rate of employer match | 50% | ||
Employer contribution amount | $ 4.3 | $ 4 | $ 3.5 |
First Cash | Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Vesting period until participation in 401(k) | 6 months |
Segment and Geographic Inform_3
Segment and Geographic Information - Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule of Revenues from External Customers and Assets [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Revenue: | |||
Retail merchandise sales | $ 1,381,272 | $ 1,261,136 | $ 1,134,249 |
Pawn loan fees | 658,536 | 561,390 | 475,782 |
Interest and fees on finance receivables | 233,818 | 181,280 | 9,024 |
Leased merchandise income | 752,682 | 622,163 | 22,720 |
Wholesale scrap jewelry sales | 125,488 | 102,973 | 57,190 |
Total revenue | 3,151,796 | 2,728,942 | 1,698,965 |
Cost of revenue: | |||
Cost of retail merchandise sold | 832,393 | 764,553 | 663,464 |
Depreciation of leased merchandise | 411,455 | 353,495 | 12,826 |
Provision for Lease Losses | 175,858 | 139,502 | 5,442 |
Provision for loan losses | 123,030 | 118,502 | 48,952 |
Cost of wholesale scrap jewelry sold | 101,821 | 88,304 | 49,129 |
Total cost of revenue | 1,644,557 | 1,464,356 | 779,813 |
Net revenue | 1,507,239 | 1,264,586 | 919,152 |
Expenses and other income: | |||
Operating expenses | 832,149 | 728,909 | 564,832 |
Administrative expenses | 176,315 | 147,943 | 111,259 |
Depreciation and amortization | 109,161 | 103,832 | 45,906 |
Interest expense | 93,243 | 70,708 | 32,386 |
Interest income | (1,469) | (1,313) | (696) |
(Gain) loss on foreign exchange | (1,529) | (585) | 436 |
Merger and acquisition expenses | 7,922 | 3,739 | 15,449 |
Gain on revaluation of contingent acquisition consideration | 0 | (109,549) | (17,871) |
Total expenses and other income | 1,214,390 | 940,953 | 752,650 |
Income before income taxes | 292,849 | 323,633 | 166,502 |
Pawn loans | 471,846 | 390,617 | 347,973 |
Consumer loans, net | 103,494 | ||
Finance receivables, net | 113,901 | 103,494 | 181,021 |
Inventories | 312,089 | 288,339 | 263,311 |
Leased merchandise, net | 171,191 | 153,302 | 143,944 |
Goodwill | 1,727,652 | 1,581,381 | 1,536,178 |
Total assets | 4,289,915 | 3,904,867 | 3,836,452 |
Other Nonoperating Income (Expense) | (1,402) | (2,731) | 949 |
Corporate/ Eliminations | |||
Revenue: | |||
Retail merchandise sales | (6,530) | (4,935) | 0 |
Pawn loan fees | 0 | 0 | 0 |
Interest and fees on finance receivables | 0 | 0 | 0 |
Leased merchandise income | 0 | 0 | 0 |
Wholesale scrap jewelry sales | 0 | 0 | 0 |
Total revenue | (6,530) | (4,935) | 0 |
Cost of revenue: | |||
Cost of retail merchandise sold | (3,460) | (2,614) | 0 |
Depreciation of leased merchandise | (2,091) | (609) | 0 |
Provision for Lease Losses | (1,560) | (616) | 0 |
Provision for loan losses | 0 | 0 | 0 |
Cost of wholesale scrap jewelry sold | 0 | 0 | 0 |
Total cost of revenue | (7,111) | (3,839) | 0 |
Net revenue | 581 | (1,096) | 0 |
Expenses and other income: | |||
Operating expenses | 0 | 0 | 0 |
Administrative expenses | 176,315 | 147,943 | 111,259 |
Depreciation and amortization | 59,196 | 59,390 | 5,716 |
Interest expense | 93,243 | 70,708 | 32,386 |
Interest income | (1,469) | (1,313) | (696) |
(Gain) loss on foreign exchange | (1,529) | (585) | 436 |
Merger and acquisition expenses | 7,922 | 3,739 | 15,449 |
Gain on revaluation of contingent acquisition consideration | (109,549) | (17,871) | |
Total expenses and other income | 332,276 | 167,602 | 147,628 |
Income before income taxes | (331,695) | (168,698) | (147,628) |
Pawn loans | 0 | 0 | 0 |
Finance receivables, net | 0 | 0 | 0 |
Inventories | 0 | 0 | 0 |
Leased merchandise, net | (515) | (1,096) | 0 |
Goodwill | 0 | 0 | 0 |
Total assets | 161,632 | 129,057 | 150,575 |
Other Nonoperating Income (Expense) | (1,402) | (2,731) | 949 |
U.S. Pawn | |||
Revenue: | |||
Total revenue | 2,348,493 | 2,053,476 | 1,106,631 |
U.S. Pawn | U.S. Pawn | |||
Expenses and other income: | |||
Goodwill | 1,042,867 | 916,048 | |
U.S. Pawn | U.S. Pawn | Operating Segments | |||
Revenue: | |||
Retail merchandise sales | 854,190 | 818,548 | 742,374 |
Pawn loan fees | 435,762 | 373,416 | 305,350 |
Interest and fees on finance receivables | 0 | 0 | 0 |
Leased merchandise income | 0 | 0 | 0 |
Wholesale scrap jewelry sales | 78,571 | 63,004 | 27,163 |
Total revenue | 1,368,523 | 1,254,968 | 1,074,887 |
Cost of revenue: | |||
Cost of retail merchandise sold | 490,544 | 478,718 | 416,039 |
Depreciation of leased merchandise | 0 | 0 | 0 |
Provision for Lease Losses | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 |
Cost of wholesale scrap jewelry sold | 64,545 | 54,893 | 22,886 |
Total cost of revenue | 555,089 | 533,611 | 438,925 |
Net revenue | 813,434 | 721,357 | 635,962 |
Expenses and other income: | |||
Operating expenses | 451,543 | 407,039 | 380,895 |
Administrative expenses | 0 | 0 | 0 |
Depreciation and amortization | 25,585 | 23,205 | 22,234 |
Interest expense | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 |
(Gain) loss on foreign exchange | 0 | 0 | 0 |
Merger and acquisition expenses | 0 | 0 | 0 |
Gain on revaluation of contingent acquisition consideration | 0 | 0 | |
Total expenses and other income | 477,128 | 430,244 | 403,129 |
Income before income taxes | 336,306 | 291,113 | 232,833 |
Pawn loans | 344,152 | 282,089 | 256,311 |
Finance receivables, net | 0 | 0 | 0 |
Inventories | 221,843 | 202,594 | 197,486 |
Leased merchandise, net | 0 | 0 | 0 |
Goodwill | 1,042,867 | 916,048 | 861,793 |
Total assets | 2,423,092 | 2,108,157 | 1,944,487 |
Other Nonoperating Income (Expense) | 0 | 0 | 0 |
U.S. Pawn | Retail POS Payment Solutions | |||
Expenses and other income: | |||
Goodwill | 486,205 | 486,205 | |
U.S. Pawn | Retail POS Payment Solutions | Operating Segments | |||
Revenue: | |||
Retail merchandise sales | 0 | 0 | 0 |
Pawn loan fees | 0 | 0 | 0 |
Interest and fees on finance receivables | 233,818 | 181,280 | 9,024 |
Leased merchandise income | 752,682 | 622,163 | 22,720 |
Wholesale scrap jewelry sales | 0 | 0 | 0 |
Total revenue | 986,500 | 803,443 | 31,744 |
Cost of revenue: | |||
Cost of retail merchandise sold | 0 | 0 | 0 |
Depreciation of leased merchandise | 413,546 | 354,104 | 12,826 |
Provision for Lease Losses | 177,418 | 140,118 | 5,442 |
Provision for loan losses | 123,030 | 118,502 | 48,952 |
Cost of wholesale scrap jewelry sold | 0 | 0 | 0 |
Total cost of revenue | 713,994 | 612,724 | 67,220 |
Net revenue | 272,506 | 190,719 | (35,476) |
Expenses and other income: | |||
Operating expenses | 137,460 | 128,616 | 4,917 |
Administrative expenses | 0 | 0 | 0 |
Depreciation and amortization | 3,030 | 2,912 | 122 |
Interest expense | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 |
(Gain) loss on foreign exchange | 0 | 0 | 0 |
Merger and acquisition expenses | 0 | 0 | 0 |
Gain on revaluation of contingent acquisition consideration | 0 | 0 | |
Total expenses and other income | 140,490 | 131,528 | 5,039 |
Income before income taxes | 132,016 | 59,191 | (40,515) |
Pawn loans | 0 | 0 | 0 |
Finance receivables, net | 113,901 | 103,494 | 181,021 |
Inventories | 0 | 0 | 0 |
Leased merchandise, net | 171,706 | 154,398 | 143,944 |
Goodwill | 486,205 | 486,205 | 503,106 |
Total assets | 1,011,541 | 1,047,814 | 1,178,729 |
Other Nonoperating Income (Expense) | 0 | 0 | 0 |
Latin America Pawn | Latin America Pawn | |||
Expenses and other income: | |||
Goodwill | 198,580 | 179,128 | |
Latin America Pawn | Latin America Pawn | Operating Segments | |||
Revenue: | |||
Retail merchandise sales | 533,612 | 447,523 | 391,875 |
Pawn loan fees | 222,774 | 187,974 | 170,432 |
Interest and fees on finance receivables | 0 | 0 | 0 |
Leased merchandise income | 0 | 0 | 0 |
Wholesale scrap jewelry sales | 46,917 | 39,969 | 30,027 |
Total revenue | 803,303 | 675,466 | 592,334 |
Cost of revenue: | |||
Cost of retail merchandise sold | 345,309 | 288,449 | 247,425 |
Depreciation of leased merchandise | 0 | 0 | 0 |
Provision for Lease Losses | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 |
Cost of wholesale scrap jewelry sold | 37,276 | 33,411 | 26,243 |
Total cost of revenue | 382,585 | 321,860 | 273,668 |
Net revenue | 420,718 | 353,606 | 318,666 |
Expenses and other income: | |||
Operating expenses | 243,146 | 193,254 | 179,020 |
Administrative expenses | 0 | 0 | 0 |
Depreciation and amortization | 21,350 | 18,325 | 17,834 |
Interest expense | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 |
(Gain) loss on foreign exchange | 0 | 0 | 0 |
Merger and acquisition expenses | 0 | 0 | 0 |
Gain on revaluation of contingent acquisition consideration | 0 | 0 | |
Total expenses and other income | 264,496 | 211,579 | 196,854 |
Income before income taxes | 156,222 | 142,027 | 121,812 |
Pawn loans | 127,694 | 108,528 | 91,662 |
Finance receivables, net | 0 | 0 | 0 |
Inventories | 90,246 | 85,745 | 65,825 |
Leased merchandise, net | 0 | 0 | 0 |
Goodwill | 198,580 | 179,128 | 171,279 |
Total assets | 693,650 | 619,839 | 562,661 |
Other Nonoperating Income (Expense) | $ 0 | $ 0 | $ 0 |
Segment and Geographic Inform_4
Segment and Geographic Information - Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 3,151,796 | $ 2,728,942 | $ 1,698,965 |
Long-Lived Assets | 642,966 | 548,096 | 471,057 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 2,348,493 | 2,053,476 | 1,106,631 |
Long-Lived Assets | 529,180 | 449,201 | 373,218 |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 762,563 | 639,199 | 562,493 |
Long-Lived Assets | 101,649 | 88,233 | 84,648 |
Other Latin America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 40,740 | 36,267 | 29,841 |
Long-Lived Assets | $ 12,137 | $ 10,662 | $ 13,191 |
Uncategorized Items - fcfs-2023
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 65,850,000 |