FirstCash Holdings Files Q3 2024 10-Q

TL;DR

FCFS Q3 10-Q filed. Financials and ops update.

AI Summary

FirstCash Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The company, headquartered in Fort Worth, TX, operates in the retail-miscellaneous retail sector. Key financial data and operational details for the third quarter and year-to-date are presented in this filing.

Why It Matters

This filing provides investors with a quarterly update on the financial performance and operational status of FirstCash Holdings, Inc., crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-10-28 — Filing Date (Shows when the report was officially submitted to the SEC.)

Key Players & Entities

• FirstCash Holdings, Inc. (company) — Filer of the 10-Q
• Fort Worth, TX (location) — Company headquarters
• 20240930 (date) — End of reporting period
• 20241028 (date) — Filing date

FAQ

Filing Documents

• fcfs-20240930.htm (10-Q) — 2494KB
• fcfs09302024exhibit311.htm (EX-31.1) — 10KB
• fcfs09302024exhibit312.htm (EX-31.2) — 10KB
• fcfs09302024exhibit321.htm (EX-32.1) — 4KB
• fcfs09302024exhibit322.htm (EX-32.2) — 4KB
• fcfs-20240930_g1.jpg (GRAPHIC) — 167KB
• 0000840489-24-000127.txt ( ) — 9509KB
• fcfs-20240930.xsd (EX-101.SCH) — 38KB
• fcfs-20240930_cal.xml (EX-101.CAL) — 75KB
• fcfs-20240930_def.xml (EX-101.DEF) — 139KB
• fcfs-20240930_lab.xml (EX-101.LAB) — 516KB
• fcfs-20240930_pre.xml (EX-101.PRE) — 342KB
• fcfs-20240930_htm.xml (XML) — 1774KB

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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 4.

Controls and Procedures

Controls and Procedures 54 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 55 Item 1A.

Risk Factors

Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3. Defaults Upon Senior Securities 55 Item 4. Mine Safety Disclosures 55 Item 5. Other Information 56 Item 6. Exhibits 57

SIGNATURES

SIGNATURES 58 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) September 30, December 31, 2024 2023 2023 ASSETS Cash and cash equivalents $ 106,320 $ 86,547 $ 127,018 Accounts receivable, net 74,378 72,336 71,922 Pawn loans 517,877 483,785 471,846 Finance receivables, net 123,751 113,307 113,901 Inventories 334,394 314,382 312,089 Leased merchandise, net 137,769 143,169 171,191 Prepaid expenses and other current assets 34,861 21,114 38,634 Total current assets 1,329,350 1,234,640 1,306,601 Property and equipment, net 689,075 604,673 632,724 Operating lease right of use asset 329,228 312,097 328,458 Goodwill 1,788,795 1,713,354 1,727,652 Intangible assets, net 241,389 291,690 277,724 Other assets 10,339 10,057 10,242 Deferred tax assets, net 4,671 8,052 6,514 Total assets $ 4,392,847 $ 4,174,563 $ 4,289,915 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued liabilities $ 133,792 $ 146,873 $ 163,050 Customer deposits and prepayments 78,083 71,752 70,580 Lease liability, current 96,598 98,745 101,962 Total current liabilities 308,473 317,370 335,592 Revolving unsecured credit facilities 200,000 560,229 568,000 Senior unsecured notes 1,530,604 1,037,151 1,037,647 Deferred tax liabilities, net 127,425 139,713 136,773 Lease liability, non-current 227,151 202,516 215,485 Total liabilities 2,393,653 2,256,979 2,293,497 Stockholders' equity: Common stock 575 573 573 Additional paid-in capital 1,764,351 1,737,497 1,741,046 Retained earnings 1,344,542 1,164,228 1,218,029 Accumulated other comprehensive loss ( 114,807 ) ( 64,521 ) ( 43,037 ) Common stock held in treasury, at cost ( 995,467 ) ( 920,193 ) ( 920,193 ) Total stockholders' equity 1,999,194 1,917,584 1,996,418 Total liabilities and stockholders' equity $ 4,392,847 $ 4,174,563 $ 4,289,915 The accompanying notes are an integral part of these consolidated financial statements. 1 Table of Contents FIRSTCAS

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 September 30, 2024 and 2023, and for the three month and nine month periods ended September 30, 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 periods ended September 30, 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 pes

View Full Filing

View this 10-Q filing on SEC EDGAR