FirstCash Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>FirstCash Holdings, Inc. filed its Q1 2024 10-Q report, detailing financial performance and company information.</b>

AI Summary

FirstCash Holdings, Inc. (FCFS) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. FirstCash Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 1600 West 7th Street, Fort Worth, TX 76102. The company was formerly known as FIRSTCASH, INC and FIRST CASH FINANCIAL SERVICES INC. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking FirstCash Holdings, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for FirstCash Holdings, Inc. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — FirstCash Holdings, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a low level of immediate risk from this specific filing.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance drivers and outlook.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-04-29 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Fiscal Quarter)
• 2023-03-31 — Prior Year Quarter End Date (Financial data comparison)

Key Players & Entities

• FirstCash Holdings, Inc. (company) — Filer name
• 0000840489 (company) — Central Index Key
• Fort Worth (company) — Business address city
• TX (company) — Business address state
• 76102 (company) — Business address zip
• FIRSTCASH, INC (company) — Former company name
• FIRST CASH FINANCIAL SERVICES INC (company) — Former company name

FAQ

Industry Context

FirstCash Holdings, Inc. operates in the retail sector, specifically in miscellaneous retail, which includes pawnshop operations.

Regulatory Implications

The filing is a standard 10-Q report under the Securities Exchange Act of 1934, requiring regular disclosure of financial information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review any disclosed risk factors or legal proceedings for potential impacts.
3. Compare key financial metrics to prior periods to identify performance changes.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-04-29: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial data compared to the previous quarter (ending December 31, 2023) and the same quarter in the prior year (ending March 31, 2023).

Filing Documents

• fcfs-20240331.htm (10-Q) — 1784KB
• fcfs03312024exhibit101.htm (EX-10.1) — 142KB
• fcfs03312024exhibit311.htm (EX-31.1) — 10KB
• fcfs03312024exhibit312.htm (EX-31.2) — 10KB
• fcfs03312024exhibit321.htm (EX-32.1) — 4KB
• fcfs03312024exhibit322.htm (EX-32.2) — 4KB
• fcfs-20240331_g1.jpg (GRAPHIC) — 167KB
• 0000840489-24-000087.txt (&nbsp;) — 7791KB
• fcfs-20240331.xsd (EX-101.SCH) — 36KB
• fcfs-20240331_cal.xml (EX-101.CAL) — 67KB
• fcfs-20240331_def.xml (EX-101.DEF) — 128KB
• fcfs-20240331_lab.xml (EX-101.LAB) — 470KB
• fcfs-20240331_pre.xml (EX-101.PRE) — 323KB
• fcfs-20240331_htm.xml (XML) — 1304KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Income 2 Consolidated Statements of Comprehensive Income 3 Consolidated Statements of Changes in Stockholders' Equity 4 Consolidated Statements of Cash Flows 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 43 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 45 Item 6. Exhibits 46

SIGNATURES

SIGNATURES 47 Table of Contents CAUTIONARY STATEMENT REGARDING RISKS AND UNCERTAINTIES THAT MAY AFFECT FUTURE RESULTS Forward-Looking Information This quarterly 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 quarterly report. Such factors 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 Financial

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS FIRSTCASH HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) March 31, December 31, 2024 2023 2023 ASSETS Cash and cash equivalents $ 135,070 $ 100,795 $ 127,018 Accounts receivable, net 69,703 56,357 71,922 Pawn loans 456,079 377,697 471,846 Finance receivables, net 105,653 102,093 113,901 Inventories 302,385 257,603 312,089 Leased merchandise, net 157,785 148,854 171,191 Prepaid expenses and other current assets 30,460 29,523 38,634 Total current assets 1,257,135 1,072,922 1,306,601 Property and equipment, net 658,349 563,422 632,724 Operating lease right of use asset 320,515 308,890 328,458 Goodwill 1,730,353 1,591,460 1,727,652 Intangible assets, net 265,184 315,865 277,724 Other assets 10,080 9,204 10,242 Deferred tax assets, net 5,836 7,534 6,514 Total assets $ 4,247,452 $ 3,869,297 $ 4,289,915 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued liabilities $ 138,812 $ 142,277 $ 163,050 Customer deposits and prepayments 75,423 69,075 70,580 Lease liability, current 100,874 95,338 101,962 Total current liabilities 315,109 306,690 335,592 Revolving unsecured credit facilities 15,000 308,000 568,000 Senior unsecured notes 1,529,147 1,036,176 1,037,647 Deferred tax liabilities, net 133,606 145,686 136,773 Lease liability, non-current 209,208 201,871 215,485 Total liabilities 2,202,070 1,998,423 2,293,497 Stockholders' equity: Common stock 573 573 573 Additional paid-in capital 1,727,564 1,730,747 1,741,046 Retained earnings 1,263,564 1,092,697 1,218,029 Accumulated other comprehensive loss ( 36,702 ) ( 77,060 ) ( 43,037 ) Common stock held in treasury, at cost ( 909,617 ) ( 876,083 ) ( 920,193 ) Total stockholders' equity 2,045,382 1,870,874 1,996,418 Total liabilities and stockholders' equity $ 4,247,452 $ 3,869,297 $ 4,289,915 The accompanying notes are an integral part of these consolidated financial statements. 1 Table of Contents FIRSTCASH HOL

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1 - General Basis of Presentation The accompanying consolidated balance sheet as of December 31, 2023, which is derived from audited consolidated financial statements, and the unaudited consolidated financial statements, including the notes thereto, includes the accounts of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the "Company"). 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. These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. These interim period financial statements should be read in conjunction with the Company's audited consolidated financial statements, which are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 5, 2024. The consolidated financial statements as of March 31, 2024 and 2023, and for the three month periods ended March 31, 2024 and 2023, are unaudited, but in management's opinion include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flow for such interim periods. Operating results for the period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year. 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 a

View Full Filing

View this 10-Q filing on SEC EDGAR