FirstCash Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>FirstCash Holdings, Inc. has submitted its 2023 Form 10-K, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

FirstCash Holdings, Inc. (FCFS) filed a Annual Report (10-K) with the SEC on February 5, 2024. FirstCash Holdings, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 1600 West 7th Street, Fort Worth, TX 76102. FirstCash Holdings, Inc. was formerly known as FIRSTCASH, INC, FIRST CASH FINANCIAL SERVICES INC, and FIRSTCASH, INC. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking FirstCash Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of FirstCash Holdings' financial health, operational performance, and strategic positioning for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue streams, profitability, assets, liabilities, and cash flows, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — FirstCash Holdings, Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of information, including financial performance, risk factors, and business operations. While it provides essential disclosures, it does not inherently signal immediate positive or negative events, thus warranting a medium risk assessment for immediate trading decisions without further analysis.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to identify any significant changes or trends that may impact FirstCash Holdings' stock performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (The report covers the fiscal year ending on this date.)
• 2024-02-05 — Filing Date (The date the 10-K was filed with the SEC.)
• 2023 — Reporting Period (The year for which the annual report is filed.)
• 2022 — Prior Year Financials (Financial data for the previous fiscal year is included for comparison.)
• 2021 — Prior Year Financials (Financial data for the fiscal year prior to 2022 is included for comparison.)

Key Players & Entities

• FirstCash Holdings, Inc. (company) — Filer of the 10-K report.
• 2023-12-31 (date) — Fiscal year end date for the report.
• 2024-02-05 (date) — Filing date of the report.
• Fort Worth, TX (location) — Location of the company's business and mailing address.
• FIRSTCASH, INC (company) — Former name of the company.
• FIRST CASH FINANCIAL SERVICES INC (company) — Former name of the company.

Forward-Looking Statements

• FirstCash Holdings, Inc. will continue to operate in the retail-miscellaneous retail sector. (FirstCash Holdings, Inc.) — high confidence, target: 2025-12-31

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-05: Filing Date — The date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $258 — of a pawn loan at December 31, 2023 was $258 in the U.S. and $95 in Latin America.
• $95 — ember 31, 2023 was $258 in the U.S. and $95 in Latin America. At the time a pawn

Filing Documents

• fcfs-20231231.htm (10-K) — 3175KB
• fcfs12312023exhibit46.htm (EX-4.6) — 22KB
• fcfs12312023exhibit211.htm (EX-21.1) — 44KB
• fcfs12312023exhibit231.htm (EX-23.1) — 2KB
• fcfs12312023exhibit311.htm (EX-31.1) — 10KB
• fcfs12312023exhibit312.htm (EX-31.2) — 10KB
• fcfs12312023exhibit321.htm (EX-32.1) — 4KB
• fcfs12312023exhibit322.htm (EX-32.2) — 4KB
• fcfs12312023exhibit971.htm (EX-97.1) — 41KB
• fcfs-20231231_g1.jpg (GRAPHIC) — 167KB
• fcfs-20231231_g10.jpg (GRAPHIC) — 36KB
• fcfs-20231231_g2.jpg (GRAPHIC) — 27KB
• fcfs-20231231_g3.jpg (GRAPHIC) — 26KB
• fcfs-20231231_g4.jpg (GRAPHIC) — 38KB
• fcfs-20231231_g5.jpg (GRAPHIC) — 40KB
• fcfs-20231231_g6.jpg (GRAPHIC) — 157KB
• fcfs-20231231_g7.jpg (GRAPHIC) — 35KB
• fcfs-20231231_g8.jpg (GRAPHIC) — 38KB
• fcfs-20231231_g9.jpg (GRAPHIC) — 32KB
• 0000840489-24-000042.txt (&nbsp;) — 14177KB
• fcfs-20231231.xsd (EX-101.SCH) — 70KB
• fcfs-20231231_cal.xml (EX-101.CAL) — 120KB
• fcfs-20231231_def.xml (EX-101.DEF) — 315KB
• fcfs-20231231_lab.xml (EX-101.LAB) — 826KB
• fcfs-20231231_pre.xml (EX-101.PRE) — 556KB
• fcfs-20231231_htm.xml (XML) — 2228KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 38 I tem 1C. C ybersecurity 39 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 41 Item 4. Mine Safety Disclosures 41 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6. [Reserved] 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 70 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 71 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 71 Item 9A.

Controls and Procedures

Controls and Procedures 72 Item 9B. Other Information 74 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III Item 10. Directors, Executive Officers and Corporate Governance 74 Item 11.

Executive Compensation

Executive Compensation 74 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74 Item 13. Certain Relationships and Related Transactions, and Director Independence 74 Item 14. Principal Accountant Fees and Services 74 PART IV Item 15. Exhibits and Financial Statement Schedules 75 Item 16. Form 10-K Summary 78

SIGNATURES

SIGNATURES 79 Table of Contents CAUTIONARY STATEMENT REGARDING RISKS AND UNCERTAINTIES THAT MAY AFFECT FUTURE RESULTS Forward-Looking Information This annual report contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the "Company"). Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as "believes," "projects," "expects," "may," "estimates," "should," "plans," "targets," "intends," "could," "would," "anticipates," "potential," "confident," "optimistic" or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this annual report. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates; risks associated with the legal and regulatory proceedings that the Company is a party to, or may become a party to in the future, including the Consumer Finan

Business

Item 1. Business Overview FirstCash Holdings, Inc., along with its wholly owned subsidiaries (together, the "Company"), is the leading operator of pawn stores in the U.S. and Latin America and is also a leading provider of technology-driven, retail point-of-sale ("POS") payment solutions focused on serving credit-constrained consumers in the U.S and Puerto Rico. 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 American First Finance, LLC ("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. As of December 31, 2023, the Company operated almost 3,000 pawnshops across its network. 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. Net revenues (gross profit) from pawn operations comprised 82% of consolidated net revenues in 2023. The Company's retail POS payment solutions business line consists solely of the operations of AFF, which it acquired in 2021 (the "AFF Acquisition"). AFF focuses on LTO products and facilitating other retail financing payment op

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View this 10-K filing on SEC EDGAR