10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

Commission file number 001-10960

FIRSTCASH HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware	87-3920732
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1600 West 7th Street, Fort Worth, Texas 76102

(Address of principal executive offices) (Zip code)

(817) 335-1100

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	FCFS	The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒ Yes   ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒ Yes   ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.

☒	Large accelerated filer	☐	Accelerated filer
☐	Non-accelerated filer	☐	Smaller reporting company
		☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).     ☐ Yes  ☒ No

As of April 23, 2025, there were 44,364,566 shares of common stock outstanding.

FIRSTCASH HOLDINGS, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025

INDEX

PART I.	FINANCIAL INFORMATION
Item 1.	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	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	43
Item 6.	Exhibits	43
SIGNATURES		45

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 and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the current regulatory environment under the current presidential administration; 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 Protection Bureau (the “CFPB”) lawsuit filed against the Company; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this quarterly report speak only as of the date of this quarterly report, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
	March 31,				December 31,
	2025		2024		2024
ASSETS
Cash and cash equivalents	$	146,034	$	135,070	$	175,095
Accounts receivable, net	71,166		69,703		73,325
Pawn loans	499,710		456,079		517,867
Finance receivables, net	145,079		105,653		147,501
Inventories	334,700		302,385		334,580
Leased merchandise, net	103,612		157,785		128,437
Prepaid expenses and other current assets	26,033		30,460		26,943
Total current assets	1,326,334		1,257,135		1,403,748
Property and equipment, net	724,213		658,349		717,916
Operating lease right of use asset	329,183		320,515		324,646
Goodwill	1,815,139		1,730,353		1,787,172
Intangible assets, net	216,736		265,184		228,858
Other assets	9,952		10,080		9,934
Deferred tax assets, net	4,720		5,836		4,712
Total assets	$	4,426,277	$	4,247,452	$	4,476,986
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	129,137	$	138,812	$	171,540
Customer deposits and prepayments	76,211		75,423		72,703
Lease liability, current	96,539		100,874		95,161
Total current liabilities	301,887		315,109		339,404
Revolving unsecured credit facilities	175,000		15,000		198,000
Senior unsecured notes	1,532,099		1,529,147		1,531,346
Deferred tax liabilities, net	129,936		133,606		128,574
Lease liability, non-current	228,995		209,208		225,498
Total liabilities	2,367,917		2,202,070		2,422,822
Stockholders’ equity:
Common stock	575		573		575
Additional paid-in capital	1,755,591		1,727,564		1,767,569
Retained earnings	1,477,730		1,263,564		1,411,083
Accumulated other comprehensive loss	(130,540)		(36,702)		(129,596)
Common stock held in treasury, at cost	(1,044,996)		(909,617)		(995,467)
Total stockholders’ equity	2,058,360		2,045,382		2,054,164
Total liabilities and stockholders’ equity	$	4,426,277	$	4,247,452	$	4,476,986
The accompanying notes are an integral part of these consolidated financial statements.

1

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share amounts)
	Three Months Ended
	March 31,
	2025		2024
Revenue:
Retail merchandise sales	$	371,056	$	366,821
Pawn loan fees	191,871		179,535
Leased merchandise income	156,918		205,671
Interest and fees on finance receivables	73,413		57,387
Wholesale scrap jewelry sales	43,165		26,956
Total revenue	836,423		836,370
Cost of revenue:
Cost of retail merchandise sold	224,124		223,529
Depreciation of leased merchandise	88,819		120,284
Provision for lease losses	27,562		43,010
Provision for loan losses	36,360		30,418
Cost of wholesale scrap jewelry sold	35,355		23,289
Total cost of revenue	412,220		440,530
Net revenue	424,203		395,840
Expenses and other income:
Operating expenses	214,586		221,136
Administrative expenses	48,523		44,018
Depreciation and amortization	25,502		26,027
Interest expense	27,471		25,418
Interest income	(1,229)		(743)
Gain on foreign exchange	(14)		(186)
Merger and acquisition expenses	462		597
Other income, net	(2,315)		(2,312)
Total expenses and other income	312,986		313,955
Income before income taxes	111,217		81,885
Provision for income taxes	27,626		20,517
Net income	$	83,591	$	61,368
Earnings per share:
Basic	$	1.87	$	1.36
Diluted	$	1.87	$	1.35
The accompanying notes are an integral part of these consolidated financial statements.

2

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
	Three Months Ended
	March 31,
	2025		2024
Net income	$	83,591	$	61,368
Other comprehensive income (loss):
Currency translation adjustment	(944)		6,335
Comprehensive income	$	82,647	$	67,703
The accompanying notes are an integral part of these consolidated financial statements.

3

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31, 2025
	Common Stock			Additional Paid-In Capital		Retained Earnings		Accum- ulated Other Compre- hensive Loss		Common Stock Held in Treasury			Total Stock- holders’ Equity
	Shares	Amount								Shares	Amount
As of 12/31/2024	57,547	$	575	$	1,767,569	$	1,411,083	$	(129,596)	12,795	$	(995,467)	$	2,054,164
Shares issued under share-based compensation plan, net of 52 shares net-settled	—	—		(16,440)		—		—		(137)	10,676		(5,764)
Share-based compensation expense	—	—		4,462		—		—		—	—		4,462
Net income	—	—		—		83,591		—		—	—		83,591
Cash dividends ($0.38 per share)	—	—		—		(16,944)		—		—	—		(16,944)
Currency translation adjustment	—	—		—		—		(944)		—	—		(944)
Purchases of treasury stock, including excise tax	—	—		—		—		—		525	(60,205)		(60,205)
As of 3/31/2025	57,547	$	575	$	1,755,591	$	1,477,730	$	(130,540)	13,183	$	(1,044,996)	$	2,058,360
The accompanying notes are an integral part of these consolidated financial statements.

4

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
CONTINUED
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31, 2024
	Common Stock			Additional Paid-In Capital		Retained Earnings		Accum- ulated Other Compre- hensive Loss		Common Stock Held in Treasury			Total Stock- holders’ Equity
	Shares	Amount								Shares	Amount
As of 12/31/2023	57,322	$	573	$	1,741,046	$	1,218,029	$	(43,037)	12,214	$	(920,193)	$	1,996,418
Shares issued under share-based compensation plan, net of 59 shares net-settled	—	—		(17,583)		—		—		(140)	10,576		(7,007)
Share-based compensation expense	—	—		4,101		—		—		—	—		4,101
Net income	—	—		—		61,368		—		—	—		61,368
Cash dividends ($0.35 per share)	—	—		—		(15,833)		—		—	—		(15,833)
Currency translation adjustment	—	—		—		—		6,335		—	—		6,335
As of 3/31/2024	57,322	$	573	$	1,727,564	$	1,263,564	$	(36,702)	12,074	$	(909,617)	$	2,045,382
The accompanying notes are an integral part of these consolidated financial statements.

5

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
	Three Months Ended
	March 31,
	2025		2024
Cash flow from operating activities:
Net income	$	83,591	$	61,368
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation of leased merchandise	88,819		120,284
Provision for lease losses	27,562		43,010
Provision for loan losses	36,360		30,418
Share-based compensation expense	4,462		4,101
Depreciation and amortization expense	25,502		26,027
Amortization of debt issuance costs	980		819
Net amortization of premiums, discounts and unearned origination fees on finance receivables	(13,372)		(6,859)
Impairments and dispositions of certain other assets	—		461
Deferred income taxes, net	1,342		(2,421)
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable, net	2,134		2,491
Inventories purchased directly from customers, wholesalers or manufacturers	812		3,912
Leased merchandise, net	(91,556)		(149,888)
Prepaid expenses and other assets	(7,575)		1,935
Accounts payable, accrued liabilities and other liabilities	(54,518)		(31,722)
Income taxes	22,097		18,596
Net cash flow provided by operating activities	126,640		122,532
Cash flow from investing activities:
Pawn loans, net (1)	19,440		25,149
Finance receivables, net	(20,566)		(15,311)
Purchases of furniture, fixtures, equipment and improvements	(12,914)		(26,427)
Purchases of store real property	(6,879)		(11,340)
Acquisitions of pawn stores, net of cash acquired	(29,228)		(1,705)
Net cash flow used in investing activities	(50,147)		(29,634)
Cash flow from financing activities:
Borrowings from unsecured credit facilities	106,000		50,000
Repayments of unsecured credit facilities	(129,000)		(603,000)
Issuance of senior unsecured notes	—		500,000
Debt issuance costs paid	—		(9,094)
Purchases of treasury stock	(59,609)		—
Payment of withholding taxes on net share settlements of restricted stock unit awards	(5,764)		(7,007)
Dividends paid	(16,944)		(15,833)
Net cash flow used in financing activities	(105,317)		(84,934)

6

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONTINUED
(unaudited, in thousands)
	Three Months Ended
	March 31,
	2025		2024
Effect of exchange rates on cash	(237)		88
Change in cash and cash equivalents	(29,061)		8,052
Cash and cash equivalents at beginning of the period	175,095		127,018
Cash and cash equivalents at end of the period	$	146,034	$	135,070

(1)Includes the funding of new pawn loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

The accompanying notes are an integral part of these consolidated financial statements.    

7

FIRSTCASH HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Note 1 - General

Basis of Presentation

The accompanying consolidated balance sheet as of December 31, 2024, 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, 2024, filed with the SEC on February 3, 2025. The consolidated financial statements as of March 31, 2025 and 2024, and for the three month periods ended March 31, 2025 and 2024, 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, 2025 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 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. The Company also has pawn operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

Use of Estimates

The preparation of interim 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.

Reclassification

Certain prior period amounts have been reclassified to conform to the current period presentation. Rental income from Company owned property was reclassified out of “Administrative expenses” and included in “Other income, net” on the consolidated statements of income.

Recent Accounting Pronouncements

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.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the

8

Effective Date” (“ASU 2025-01”), which clarifies the effective date of ASU 2024-03. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied either prospectively or retrospectively for all prior periods presented. The Company is currently evaluating the impact of adopting this guidance on the Company's current financial position, results of operations or financial statement disclosures.

Note 2 - Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):

	Three Months Ended
	March 31,
	2025		2024
Numerator:
Net income	$	83,591	$	61,368
Denominator:
Weighted-average common shares for calculating basic earnings per share	44,649		45,244
Effect of dilutive securities:
Restricted stock unit awards	140		143
Weighted-average common shares for calculating diluted earnings per share	44,789		45,387
Earnings per share:
Basic	$	1.87	$	1.36
Diluted	$	1.87	$	1.35

Note 3 - Operating Leases

Lessor

For information about the Company’s revenue-generating activities as a lessor, refer to the “Leased merchandise and revenue recognition” section of Note 2 to the consolidated financial statements included in the Company’s 2024 Annual Report on Form 10-K. 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 to five years with one or more options to renew for an additional three to five years, typically at the Company’s sole discretion. In addition, the majority of these leases can be terminated early upon an adverse change in law which negatively affects the store’s profitability. The Company regularly evaluates renewal and termination options to determine if the Company is reasonably certain to exercise the option, and excludes these options from the lease term included in the recognition of the operating lease right of use asset and lease liability until such certainty exists. The weighted-average remaining lease term for operating leases was 4.2 years as of March 31, 2025 and 3.9 years as of March 31, 2024.

9

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 March 31, 2025 and 2024 was 8.6% and 8.2%, 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 loss of $0.1 million and a gain of $0.2 million during the three months ended March 31, 2025 and 2024, respectively, related to the remeasurement of these U.S. dollar-denominated operating leases, which is included in gain on foreign exchange in the accompanying consolidated statements of income.

Lease expense is recognized on a straight-line basis over the lease term, with variable lease expense recognized in the period such payments are incurred. The following table details the components of lease expense included in operating expenses in the consolidated statements of income during the three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Operating lease expense	$	34,629	$	36,919
Variable lease expense (1)	4,804		5,021
Total operating lease expense	$	39,433	$	41,940

(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 March 31, 2025 (in thousands):

Nine months ending December 31, 2025	$	91,656
2026	103,788
2027	76,703
2028	54,487
2029	30,223
Thereafter	30,681
Total	$	387,538
Less amount of lease payments representing interest	(62,004)
Total present value of lease payments	$	325,534

The following table details supplemental cash flow information related to operating leases for the three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	32,165	$	33,439
Leased assets obtained in exchange for new operating lease liabilities	$	30,641	$	19,924

10

Note 4 - 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 March 31, 2025, March 31, 2024 and December 31, 2024.

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. There were no such events or conditions identified during the three months ended March 31, 2025.

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 March 31, 2025, March 31, 2024 and December 31, 2024 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):

	Carrying Value		Estimated Fair Value
	March 31,		March 31,		Fair Value Measurements Using
	2025		2025		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	146,034	$	146,034	$	146,034	$	—	$	—
Accounts receivable, net	71,166		71,166		—		—		71,166
Pawn loans	499,710		499,710		—		—		499,710
Finance receivables, net (1)	145,079		303,286		—		—		303,286
	$	861,989	$	1,020,196	$	146,034	$	—	$	874,162
Financial liabilities:
Revolving unsecured credit facilities	$	175,000	$	175,000	$	—	$	175,000	$	—
Senior unsecured notes (outstanding principal)	1,550,000		1,512,000		—		1,512,000		—
	$	1,725,000	$	1,687,000	$	—	$	1,687,000	$	—

(1)Finance receivables, gross as of March 31, 2025 was $297.0 million. See Note 5.

11

	Carrying Value		Estimated Fair Value
	March 31,		March 31,		Fair Value Measurements Using
	2024		2024		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	135,070	$	135,070	$	135,070	$	—	$	—
Accounts receivable, net	69,703		69,703		—		—		69,703
Pawn loans	456,079		456,079		—		—		456,079
Finance receivables, net (1)	105,653		227,922		—		—		227,922
	$	766,505	$	888,774	$	135,070	$	—	$	753,704
Financial liabilities:
Revolving unsecured credit facilities	$	15,000	$	15,000	$	—	$	15,000	$	—
Senior unsecured notes (outstanding principal)	1,550,000		1,489,000		—		1,489,000		—
	$	1,565,000	$	1,504,000	$	—	$	1,504,000	$	—

(1)Finance receivables, gross as of March 31, 2024 was $222.1 million. See Note 5.

	Carrying Value		Estimated Fair Value
	December 31,		December 31,		Fair Value Measurements Using
	2024		2024		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	175,095	$	175,095	$	175,095	$	—	$	—
Accounts receivable, net	73,325		73,325		—		—		73,325
Pawn loans	517,867		517,867		—		—		517,867
Finance receivables, net (1)	147,501		296,526		—		—		296,526
	$	913,788	$	1,062,813	$	175,095	$	—	$	887,718
Financial liabilities:
Revolving unsecured credit facilities	$	198,000	$	198,000	$	—	$	198,000	$	—
Senior unsecured notes (outstanding principal)	1,550,000		1,503,000		—		1,503,000		—
	$	1,748,000	$	1,701,000	$	—	$	1,701,000	$	—

(1)Finance receivables, gross as of December 31, 2024 were $294.2 million. See Note 5.

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).

The carrying value of the unsecured credit facilities approximates fair value as of March 31, 2025, March 31, 2024 and December 31, 2024. The fair value of the unsecured credit facilities is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms. In addition, the unsecured credit facilities have a variable interest rate based on the prevailing secured overnight financing rate (“SOFR”) or the Mexican Central Bank’s interbank equilibrium rate (“TIIE”) and reprice with any changes in SOFR or TIIE. The fair value of the senior unsecured notes is estimated based on quoted prices in markets that are not active.

12

Note 5 - Finance Receivables, Net

Finance receivables, net, which include retail installment sales agreements and bank-originated loans, consist of the following (in thousands):

	As of March 31,				As of December 31,
	2025		2024		2024
Finance receivables, gross	$	296,999	$	222,087	$	294,166
Merchant partner discounts and premiums, net	(27,355)		(15,221)		(22,833)
Unearned origination fees	(6,223)		(5,193)		(6,827)
Finance receivables, amortized cost	263,421		201,673		264,506
Less allowance for loan losses	(118,342)		(96,020)		(117,005)
Finance receivables, net	$	145,079	$	105,653	$	147,501

The following table details the changes in the allowance for loan losses (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Balance at beginning of period	$	117,005	$	96,454
Provision for loan losses	36,360		30,418
Charge-offs	(38,419)		(33,279)
Recoveries	3,396		2,427
Balance at end of period	$	118,342	$	96,020

13

The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of March 31, 2025 and 2024, by origination year (in thousands):

	Origination Year
	2025		2024		2023		Total
As of March 31, 2025
Delinquency:
1 to 30 days past due	$	8,682	$	14,504	$	1,271	$	24,457
31 to 60 days past due	3,350		11,189		845		15,384
61 to 89 days past due (1)	735		10,288		742		11,765
Total past due finance receivables	12,767		35,981		2,858		51,606
Current finance receivables	88,669		114,138		9,008		211,815
Finance receivables, amortized cost	$	101,436	$	150,119	$	11,866	$	263,421
	Origination Year
	2024		2023		2022		Total
As of March 31, 2024
Delinquency:
1 to 30 days past due	$	6,215	$	12,594	$	1,304	$	20,113
31 to 60 days past due	1,950		7,526		704		10,180
61 to 89 days past due (1)	453		7,584		697		8,734
Total past due finance receivables	8,618		27,704		2,705		39,027
Current finance receivables	66,804		87,360		8,482		162,646
Finance receivables, amortized cost	$	75,422	$	115,064	$	11,187	$	201,673

(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due.

The following table details the gross charge-offs of finance receivables for the three months ended March 31, 2025 and 2024, by origination year (in thousands):

	Origination Year
	2025		2024		2023		2022		Total
Finance receivables gross charge-offs:
Gross charge-offs during the three months ended March 31, 2025	$	123	$	34,410	$	3,886	$	—	$	38,419
Gross charge-offs during the three months ended March 31, 2024	—		131		29,270		3,878		33,279

14

Note 6 - Leased Merchandise, Net

Leased merchandise, net consists of the following (in thousands):

	As of March 31,				As of December 31,
	2025		2024		2024
Leased merchandise	$	271,535	$	369,298	$	319,444
Processing fees	(2,276)		(4,022)		(2,960)
Merchant partner discounts and premiums, net	6		2,203		493
Accumulated depreciation	(96,868)		(114,431)		(108,283)
Leased merchandise, before allowance for lease losses	172,397		253,048		208,694
Less allowance for lease losses	(68,785)		(95,263)		(80,257)
Leased merchandise, net	$	103,612	$	157,785	$	128,437

The following table details the changes in the allowance for lease losses (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Balance at beginning of period	$	80,257	$	95,127
Provision for lease losses	27,562		43,010
Charge-offs	(41,374)		(44,877)
Recoveries	2,340		2,003
Balance at end of period	$	68,785	$	95,263

15

Note 7 - 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 March 31,				As of December 31,
	2025		2024		2024
Revolving unsecured credit facilities:
Revolving unsecured credit facility, maturing 2029 (1)	$	175,000	$	15,000	$	198,000
Revolving unsecured uncommitted credit facility, maturing 2027 (1)	—		—		—
Total revolving unsecured credit facilities	175,000		15,000		198,000
Senior unsecured notes:
4.625% senior unsecured notes due 2028 (2)	495,854		494,763		495,577
5.625% senior unsecured notes due 2030 (3)	544,384		543,388		544,130
6.875% senior unsecured notes due 2032 (4)	491,861		490,996		491,639
Total senior unsecured notes	1,532,099		1,529,147		1,531,346
Total long-term debt	$	1,707,099	$	1,544,147	$	1,729,346

(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 March 31, 2025, March 31, 2024 and December 31, 2024, deferred debt issuance costs of $4.1 million, $5.2 million and $4.4 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 March 31, 2025, March 31, 2024 and December 31, 2024, deferred debt issuance costs of $5.6 million, $6.6 million and $5.9 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.

(4)As of March 31, 2025, March 31, 2024 and December 31, 2024, deferred debt issuance costs of $8.1 million, $9.0 million and $8.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2032 in the accompanying consolidated balance sheets.

Revolving Unsecured Credit Facility

As of March 31, 2025, the Company maintained an unsecured line of credit with a group of U.S.-based commercial lenders (the “Credit Facility”) in the amount of $700.0 million. The Credit Facility matures on August 8, 2029. As of March 31, 2025, the Company had $175.0 million in outstanding borrowings and $2.7 million in outstanding letters of credit under the Credit Facility, leaving $522.3 million available for future borrowings, subject to certain financial covenants. The Credit Facility bears interest at the Company’s option of either (1) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5% or (2) the prevailing prime or base rate plus a fixed spread of 1.5%. The agreement has a SOFR 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 March 31, 2025 was 6.82% 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 March 31, 2025. During the three months ended March 31, 2025, the Company made net payments of $23.0 million pursuant to the Credit Facility.

16

Revolving Unsecured Uncommitted Credit Facility

As of March 31, 2025, 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 bears interest at TIIE plus a fixed spread of 2.25% and matures on August 24, 2027. Under the terms of the Mexico Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Company was in compliance with the covenants of the Mexico Credit Facility as of March 31, 2025. As of March 31, 2025, the Company had no amount outstanding under the Mexico Credit Facility and $29.5 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 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 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 March 31, 2025, the Company’s consolidated total debt ratio was 2.6 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 provide the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 2.75 to 1.

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 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 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 March 31, 2025, the Company’s consolidated total debt ratio was 2.6 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.

Senior Unsecured Notes Due 2032

On February 21, 2024, the Company issued $500.0 million of 6.875% senior unsecured notes due on March 1, 2032 (the “2032 Notes”), all of which are currently outstanding. Interest on the 2032 Notes is payable semi-annually in arrears on March 1 and September 1. The 2032 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 2032 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 2032 Notes 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 March 31, 2025, the Company’s consolidated total debt ratio was 2.6 to 1. While the 2032 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

17

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.

Note 8 - 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 (the “District Court”) against FirstCash, Inc. and Cash America West, Inc., and later amended the complaint to include numerous Company subsidiaries as defendants. The CFPB’s lawsuit alleges 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. After an initial period of pre-trial activity, the case was stayed on November 4, 2022, pending the Supreme Court review of the Fifth Circuit's decision in Community Financial v. CFPB. On May 29, 2024, the District Court lifted the stay, following the Supreme Court’s opinion in Community Financial v. CFPB. On November 7, 2024, the District Court denied the Company’s motion for partial summary judgement. The District Court has also ordered the parties to mediation. After an initial session in November 2024, the mediation was postponed pending the anticipated leadership transition at the CFPB. The District Court issued a stay order until June 2, 2025 to allow the parties to focus on settlement discussions. Another mediation session has been scheduled for May 14, 2025. The Company intends to vigorously defend itself in the action; however, the Company cannot predict the outcome or impact.

Gold Forward Sales Contracts

As of March 31, 2025, the Company had contractual commitments to deliver a total of 54,500 gold ounces between April 2025 and December 2026 at a weighted-average price of $2,318 per ounce. The ounces required to be delivered over this time period are less than the historical volume of scrap gold normally produced, and the Company expects to have the required gold ounces to meet the commitments as they come due.

Note 9 - Segment Information

The Company organizes its operations into three reportable segments as follows:

•U.S. pawn

•Latin America pawn

•Retail POS payment solutions (American First Finance “AFF”)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, gain on foreign exchange, merger and acquisition expenses, and other 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.

18

The following tables present reportable segment information for the three month period ended March 31, 2025 and 2024 as well as certain segment assets (in thousands):

	Three Months Ended March 31, 2025
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	251,225	$	120,532	$	—	$	(701)	(1)	$	371,056
Pawn loan fees	137,948		53,923		—		—			191,871
Leased merchandise income	—		—		156,918		—			156,918
Interest and fees on finance receivables	—		—		73,413		—			73,413
Wholesale scrap jewelry sales	33,492		9,673		—		—			43,165
Total revenue	422,665		184,128		230,331		(701)			836,423
Cost of revenue:
Cost of retail merchandise sold	145,758		78,739		—		(373)		(1)	224,124
Depreciation of leased merchandise	—		—		89,143		(324)		(1)	88,819
Provision for lease losses	—		—		27,604		(42)		(1)	27,562
Provision for loan losses	—		—		36,360		—			36,360
Cost of wholesale scrap jewelry sold	27,224		8,131		—		—			35,355
Total cost of revenue	172,982		86,870		153,107		(739)			412,220
Net revenue	249,683		97,258		77,224		38			424,203
Expenses and other income:
Operating expenses	128,951		61,417		24,218		—			214,586
Administrative expenses	—		—		—		48,523			48,523
Depreciation and amortization	7,600		4,436		705		12,761			25,502
Interest expense	—		—		—		27,471			27,471
Interest income	—		—		—		(1,229)			(1,229)
Gain on foreign exchange	—		—		—		(14)			(14)
Merger and acquisition expenses	—		—		—		462			462
Other income, net	—		—		—		(2,315)			(2,315)
Total expenses and other income	136,551		65,853		24,923		85,659			312,986
Income (loss) before income taxes	$	113,132	$	31,405	$	52,301	$	(85,621)		$	111,217

(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 March 31, 2025
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Pawn loans	$	365,972	$	133,738	$	—	$	—		$	499,710
Finance receivables, net	—		—		145,079		—			145,079
Inventories	246,237		88,463		—		—			334,700
Leased merchandise, net	—		—		103,809		(197)		(1)	103,612
Goodwill	1,153,513		175,421		486,205		—			1,815,139
Total assets	2,681,376		659,716		911,261		173,924			4,426,277

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

19

	Three Months Ended March 31, 2024
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	236,990	$	130,849	$	—	$	(1,018)	(1)	$	366,821
Pawn loan fees	122,974		56,561		—		—			179,535
Leased merchandise income	—		—		205,671		—			205,671
Interest and fees on finance receivables	—		—		57,387		—			57,387
Wholesale scrap jewelry sales	17,726		9,230		—		—			26,956
Total revenue	377,690		196,640		263,058		(1,018)			836,370
Cost of revenue:
Cost of retail merchandise sold	139,914		84,183		—		(568)		(1)	223,529
Depreciation of leased merchandise	—		—		120,774		(490)		(1)	120,284
Provision for lease losses	—		—		43,180		(170)		(1)	43,010
Provision for loan losses	—		—		30,418		—			30,418
Cost of wholesale scrap jewelry sold	15,266		8,023		—		—			23,289
Total cost of revenue	155,180		92,206		194,372		(1,228)			440,530
Net revenue	222,510		104,434		68,686		210			395,840
Expenses and other income:
Operating expenses	118,895		67,425		34,816		—			221,136
Administrative expenses	—		—		—		44,018			44,018
Depreciation and amortization	7,013		5,105		721		13,188			26,027
Interest expense	—		—		—		25,418			25,418
Interest income	—		—		—		(743)			(743)
Gain on foreign exchange	—		—		—		(186)			(186)
Merger and acquisition expenses	—		—		—		597			597
Other income, net	—		—		—		(2,312)			(2,312)
Total expenses and other income	125,908		72,530		35,537		79,980			313,955
Income (loss) before income taxes	$	96,602	$	31,904	$	33,149	$	(79,770)		$	81,885

(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 March 31, 2024
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Pawn loans	$	315,792	$	140,287	$	—	$	—		$	456,079
Finance receivables, net	—		—		105,653		—			105,653
Inventories	216,762		85,623		—		—			302,385
Leased merchandise, net	—		—		158,090		(305)		(1)	157,785
Goodwill	1,043,583		200,565		486,205		—			1,730,353
Total assets	2,391,699		703,046		983,803		168,904			4,247,452

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

20

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of financial condition, results of operations, liquidity and capital resources of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the “Company”) should be read in conjunction with the Company’s consolidated financial statements and accompanying notes included under Part I, Item 1 of this quarterly report on Form 10-Q, as well as with the audited consolidated financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

GENERAL

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. The Company is the leading operator of pawn stores in the U.S. and Latin America. 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 is also a leading provider of technology-driven, retail POS payment solutions focused on serving credit-constrained consumers. 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 in the U.S. and Puerto Rico. 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.

The Company’s two business lines are organized into three reportable segments. The U.S. pawn segment consists of pawn operations in the U.S. while the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia. The retail POS payment solutions segment consists of the operations of AFF in the U.S. and Puerto Rico.

OPERATIONS AND LOCATIONS

Pawn Operations

As of March 31, 2025, the Company operated 3,023 pawn store locations composed of 1,197 stores in 29 U.S. states and the District of Columbia, 1,724 stores in 32 states in Mexico, 72 stores in Guatemala, 18 stores in El Salvador and 12 stores in Colombia.

The following table details pawn store count activity for the three months ended March 31, 2025:

	Three Months Ended March 31, 2025
	U.S.	Latin America	Total
Total locations, beginning of period	1,200	1,826	3,026
New locations opened	1	10	11
Locations acquired	1	—	1
Consolidation of existing pawn locations (1)	(5)	(10)	(15)
Total locations, end of period	1,197	1,826	3,023

(1)Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.

POS Payment Solutions

As of March 31, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 14,500 active retail merchant partner locations located in all 50 U.S. states, the District of Columbia and Puerto Rico. This compares to the active door count of approximately 12,200 locations at March 31, 2024.

21

CRITICAL ACCOUNTING ESTIMATES

The financial statements have been prepared in accordance with GAAP. The significant accounting policies and estimates that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results have been reported in the Company’s 2024 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies for the three months ended March 31, 2025.

22

RESULTS OF OPERATIONS (unaudited)

Operating Results for the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

U.S. Pawn Segment

The following table presents segment pre-tax operating income and other operating metrics of the U.S. pawn segment for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 (dollars in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees, occupancy costs, bank charges, security, insurance, utilities, supplies and other costs incurred by the pawn stores.

	Three Months Ended
	March 31,
	2025			2024			Increase
U.S. Pawn Segment
Revenue:
Retail merchandise sales (1)	$	251,225		$	236,990			6	%
Pawn loan fees		137,948			122,974			12	%
Wholesale scrap jewelry sales		33,492			17,726			89	%
Total revenue		422,665			377,690			12	%
Cost of revenue:
Cost of retail merchandise sold (2)		145,758			139,914			4	%
Cost of wholesale scrap jewelry sold		27,224			15,266			78	%
Total cost of revenue		172,982			155,180			11	%
Net revenue		249,683			222,510			12	%
Segment expenses:
Operating expenses		128,951			118,895			8	%
Depreciation and amortization		7,600			7,013			8	%
Total segment expenses		136,551			125,908			8	%
Segment pre-tax operating income	$	113,132		$	96,602			17	%
Operating metrics:
Retail merchandise sales margin	42		%	41		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	27		%	26		%

(1)Includes $0.7 million and $1.0 million of retail merchandise sales from intersegment transactions for the three months ended March 31, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment sales, consolidated U.S. retail merchandise sales for the three months ended March 31, 2025 and 2024 totaled $250.5 million and $236.0 million, respectively.

(2)Includes $0.4 million and $0.6 million of cost of retail merchandise sold from intersegment transactions for the three months ended March 31, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold for the three months ended March 31, 2025 and 2024 totaled $145.4 million and $139.3 million, respectively.

23

The following table details earning assets, which consist of pawn loans and inventories as well as other earning asset metrics of the U.S. pawn segment, as of March 31, 2025 compared to March 31, 2024 (dollars in thousands, except as otherwise noted):

	As of March 31,
	2025			2024			Increase
U.S. Pawn Segment
Earning assets:
Pawn loans	$	365,972		$	315,792			16	%
Inventories		246,237			216,762			14	%
	$	612,209		$	532,554			15	%
Average outstanding pawn loan amount (in ones)	$	289		$	261			11	%
Composition of pawn collateral:
General merchandise	27		%	29		%
Jewelry	73		%	71		%
	100		%	100		%
Composition of inventories:
General merchandise	39		%	41		%
Jewelry	61		%	59		%
	100		%	100		%
Percentage of inventory aged greater than one year	2		%	1		%
Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times			2.8 times
Store count		1,197			1,179			2	%
Weighted-average store count for the three months ended March 31,		1,199			1,181			2	%

Retail Merchandise Sales Operations

U.S. retail merchandise sales increased 6% to $251.2 million during the first quarter of 2025 compared to $237.0 million for the first quarter of 2024. Same-store retail sales increased 2% in the first quarter of 2025 compared to the first quarter of 2024. The increase in total retail sales was primarily due to incremental sales contributions from acquired stores and an increase in same-store sales. The gross profit margin on retail merchandise sales in the U.S. was 42% during the first quarter of 2025 compared to 41% during the first quarter of 2024.

U.S. inventories increased 14% to $246.2 million at March 31, 2025 compared to $216.8 million at March 31, 2024. The increase was primarily due to incremental inventories from acquired stores and an increase in same-store inventories as a result of the higher pawn loan balances. Inventories aged greater than one year in the U.S. were 2% at March 31, 2025 compared to 1% at March 31, 2024.

Pawn Lending Operations

U.S. pawn loan receivables as of March 31, 2025 increased 16% in total and 13% on a same-store basis compared to March 31, 2024. The Company believes the increase in same-store pawn receivables was primarily due to continued inflationary pressures driving additional demand for pawn loans and higher gold prices, which increased customers’ collateral value to borrow against.

24

U.S. pawn loan fees increased 12% to $137.9 million during the first quarter of 2025 compared to $123.0 million for the first quarter of 2024. Same-store pawn loan fees increased 10% in the first quarter of 2025 compared to the first quarter of 2024. The increase in total and same-store pawn loan fees was primarily due to store growth and increased same-store pawn receivables.

Segment Expenses

U.S. operating expenses increased 8% to $129.0 million during the first quarter of 2025 compared to $118.9 million during the first quarter of 2024 while same-store operating expenses increased 6% compared with the prior-year period. The increase in operating expenses was primarily due to an increase in the average store count and increased labor and variable compensation expenses.

Segment Pre-Tax Operating Income

The U.S. segment pre-tax operating income for the first quarter of 2025 was $113.1 million, which generated a pre-tax segment operating margin of 27% compared to $96.6 million and 26% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected increased net revenue from both acquired and existing stores, partially offset by an increase in segment expenses.

25

Latin America Pawn Segment

Latin American segment pre-tax operating income for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was impacted by a 20% unfavorable change in the average value of the Mexican peso compared to the U.S. dollar. The translated value of Latin American earning assets as of March 31, 2025 compared to March 31, 2024 was also impacted by a 22% unfavorable change in the end-of-period Mexican peso compared to the U.S. dollar. Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section in “Non-GAAP Financial Information” below for additional discussion of constant currency operating results.

The following table presents segment pre-tax operating income and other operating metrics of the Latin America pawn segment for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 (dollars in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees, occupancy costs, bank charges, security, insurance, utilities, supplies and other costs incurred by the pawn stores.

													Constant Currency Basis
													Three Months
													Ended
		Three Months Ended											March 31,
		March 31,							Increase /				2025			Increase
		2025				2024			(Decrease)				(Non-GAAP)			(Non-GAAP)
Latin America Pawn Segment
Revenue:
Retail merchandise sales		$	120,532			$	130,849			(8)	%		$	143,211			9	%
Pawn loan fees		53,923				56,561				(5)	%		64,091				13	%
Wholesale scrap jewelry sales		9,673				9,230				5	%		9,673				5	%
Total revenue		184,128				196,640				(6)	%		216,975				10	%
Cost of revenue:
Cost of retail merchandise sold		78,739				84,183				(6)	%		93,439				11	%
Cost of wholesale scrap jewelry sold		8,131				8,023				1	%		9,647				20	%
Total cost of revenue		86,870				92,206				(6)	%		103,086				12	%
Net revenue		97,258				104,434				(7)	%		113,889				9	%
Segment expenses:
Operating expenses		61,417				67,425				(9)	%		72,515				8	%
Depreciation and amortization		4,436				5,105				(13)	%		5,216				2	%
Total segment expenses		65,853				72,530				(9)	%		77,731				7	%
Segment pre-tax operating income		$	31,405			$	31,904			(2)	%		$	36,158			13	%
Operating metrics:
Retail merchandise sales margin	35			%	36			%				35			%
Net revenue margin	53			%	53			%				52			%
Segment pre-tax operating margin	17			%	16			%				17			%

26

The following table details earning assets, which consist of pawn loans and inventories as well as other earning asset metrics of the Latin America pawn segment, as of March 31, 2025 compared to March 31, 2024 (dollars in thousands, except as otherwise noted):

										Constant Currency Basis
										As of
										March 31,
	As of March 31,						Increase /			2025		Increase
	2025			2024			(Decrease)			(Non-GAAP)		(Non-GAAP)
Latin America Pawn Segment
Earning assets:
Pawn loans	$	133,738		$	140,287			(5)	%	$	161,065		15	%
Inventories		88,463			85,623			3	%	106,579			24	%
	$	222,201		$	225,910			(2)	%	$	267,644		18	%
Average outstanding pawn loan amount (in ones)	$	86		$	97			(11)	%	$	104		7	%
Composition of pawn collateral:
General merchandise	58		%	63		%
Jewelry	42		%	37		%
	100		%	100		%
Composition of inventories:
General merchandise	62		%	66		%
Jewelry	38		%	34		%
	100		%	100		%
Percentage of inventory aged greater than one year	2		%	1		%
Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	4.2 times			4.4 times
Store count		1,826			1,818			—	%
Weighted-average store count for the three months ended March 31,		1,826			1,823			—	%

Retail Merchandise Sales Operations

Latin America retail merchandise sales decreased 8% (9% increase on a constant currency basis) to $120.5 million during the first quarter of 2025 compared to $130.8 million for the first quarter of 2024. Same-store retail sales decreased 9% (9% increase on a constant currency basis) during the first quarter of 2025 compared to the first quarter of 2024. The increase in constant currency total and same-store retail sales was primarily due to increased inventory levels during the first quarter of 2025 compared to the first quarter of 2024. The gross profit margin on retail merchandise sales was 35% during the first quarter of 2025 compared to 36% during the first quarter of 2024.

Latin America inventories increased 3% (24% increase on a constant currency basis) to $88.5 million at March 31, 2025 compared to $85.6 million at March 31, 2024. The increase in constant currency inventories was primarily due to increases in pawn loan receivable balances over the past several quarters creating more forfeited inventory and a slightly increased mix of

27

higher value jewelry inventory. Inventories aged greater than one year in Latin America were 2% at March 31, 2025 compared to 1% at March 31, 2024.

Pawn Lending Operations

Latin America pawn loan receivables decreased 5% (15% increase on a constant currency basis) as of March 31, 2025 compared to March 31, 2024. On a same-store basis, pawn loan receivables decreased 5% (14% increase on a constant currency basis) as of March 31, 2025 compared to March 31, 2024. The increase in constant currency total and same-store pawn receivables is primarily due to increasing demand for pawn loans and larger loan sizes, driven in part by higher gold prices and a slightly increased mix of higher value jewelry loans.

Latin America pawn loan fees decreased 5% (13% increase on a constant currency basis), totaling $53.9 million during the first quarter of 2025 compared to $56.6 million for the first quarter of 2024. Same-store pawn fees also decreased 5% (13% increase on a constant currency basis) in the first quarter of 2025 compared to the first quarter of 2024. The constant currency increase in total and same-store pawn loan fees was primarily due to increased constant currency same-store pawn receivables.

Segment Expenses

Operating expenses decreased 9% (8% increase on a constant currency basis) to $61.4 million during the first quarter of 2025 compared to $67.4 million during the first quarter of 2024. Same-store operating expenses decreased 8% (8% increase on a constant currency basis) compared to the prior-year period. The constant currency increase in total and same-store operating expenses was primarily driven by increased store counts, accelerated store opening activity, general inflationary impacts and continued increases in the federally mandated minimum wage.

Segment Pre-Tax Operating Income

The segment pre-tax operating income for the first quarter of 2025 was $31.4 million, which generated a pre-tax segment operating margin of 17% compared to $31.9 million and 16% in the prior year, respectively. The decrease in the segment pre-tax operating income and margin reflected the decrease in net revenue, partially offset by a decrease in operating expenses.

28

Retail POS Payment Solutions Segment

Retail POS Payment Solutions Operating Results

The following table presents segment pre-tax operating income of the retail POS payment solutions segment for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 (dollars in thousands). Operating expenses include salary and benefit expenses 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 by AFF. Administrative expenses and amortization expense of intangible assets related to the purchase of AFF are not included in the segment pre-tax operating income.

	Three Months Ended
	March 31,				Increase /
	2025		2024		(Decrease)
Retail POS Payment Solutions Segment
Revenue:
Leased merchandise income	$	156,918	$	205,671		(24)	%
Interest and fees on finance receivables	73,413		57,387			28	%
Total revenue	230,331		263,058			(12)	%
Cost of revenue:
Depreciation of leased merchandise (1)	89,143		120,774			(26)	%
Provision for lease losses (2)	27,604		43,180			(36)	%
Provision for loan losses	36,360		30,418			20	%
Total cost of revenue	153,107		194,372			(21)	%
Net revenue	77,224		68,686			12	%
Segment expenses:
Operating expenses	24,218		34,816			(30)	%
Depreciation and amortization	705		721			(2)	%
Total segment expenses	24,923		35,537			(30)	%
Segment pre-tax operating income	$	52,301	$	33,149		58	%

(1)Includes $0.3 million and $0.5 million of depreciation of leased merchandise from intersegment transactions for the three months ended March 31, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment transactions, consolidated depreciation of leased merchandise for the three months ended March 31, 2025 and 2024 totaled $88.8 million and $120.3 million, respectively.

(2)Includes less than $0.1 million and $0.2 million of provision for lease losses from intersegment transactions for the three months ended March 31, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment transactions, consolidated provision for lease losses for the three months ended March 31, 2025 and 2024 totaled $27.6 million and $43.0 million, respectively.

29

The following table provides a detail of gross transaction volumes originated during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 (dollars in thousands):

	Three Months Ended
	March 31,				Increase /
	2025		2024		(Decrease)
Leased merchandise	$	94,305	$	154,121		(39)	%
Finance receivables	141,262		102,165			38	%
Total gross transaction volume	$	235,567	$	256,286		(8)	%

The following table details retail POS payment solutions earning assets as of March 31, 2025 as compared to March 31, 2024 (dollars in thousands):

	As of March 31,				Increase /
	2025		2024		(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	172,886	$	253,876		(32)	%
Less allowance for lease losses	(69,077)		(95,786)			(28)	%
Leased merchandise, net (1)	$	103,809	$	158,090		(34)	%
Finance receivables, net:
Finance receivables, before allowance for loan losses	$	263,421	$	201,673		31	%
Less allowance for loan losses	(118,342)		(96,020)			23	%
Finance receivables, net	$	145,079	$	105,653		37	%

(1)Includes $0.2 million and $0.3 million of intersegment transactions as of March 31, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment transactions, consolidated net leased merchandise as of March 31, 2025 and 2024 totaled $103.6 million and $157.8 million, respectively.

30

The following table details the changes in the allowance for lease and loan losses and other portfolio metrics for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 (dollars in thousands):

	Three Months Ended
	March 31,								Increase /
		2025				2024			(Decrease)
Allowance for lease losses:
Balance at beginning of period		$	80,661			$	95,752			(16)	%
Provision for lease losses (1)		27,604				43,180				(36)	%
Charge-offs		(41,528)				(45,149)				(8)	%
Recoveries		2,340				2,003				17	%
Balance at end of period		$	69,077			$	95,786			(28)	%
Leased merchandise portfolio metrics:
Provision rate (2)	29			%	28			%
Average monthly net charge-off rate (3)	6.8			%	5.5			%
Delinquency rate (4)	22.6			%	20.5			%
Allowance for loan losses:
Balance at beginning of period		$	117,005			$	96,454			21	%
Provision for loan losses		36,360				30,418				20	%
Charge-offs		(38,419)				(33,279)				15	%
Recoveries		3,396				2,427				40	%
Balance at end of period		$	118,342			$	96,020			23	%
Finance receivables portfolio metrics:
Provision rate (2)	26			%	30			%
Average monthly net charge-off rate (3)	4.4			%	5.0			%
Delinquency rate (4)	19.3			%	19.2			%

(1)Includes less than $0.1 million and $0.2 million of provision for lease losses from intersegment transactions for the three months ended March 31, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment transactions, consolidated provision for lease losses for the three months ended March 31, 2025 and 2024 totaled $27.6 million and $43.0 million, respectively.

(2)Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

(3)Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

(4)Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

31

LTO Operations

Leased merchandise, before allowance for lease losses, decreased 32% as of March 31, 2025 compared to March 31, 2024. The decrease was primarily due to reduced first quarter originations resulting from the bankruptcy filings in late 2024 for two of AFF’s larger retail furniture merchant partners (American Freight and Conn’s Home Plus).

The allowance for lease losses decreased 28% to $69.1 million as of March 31, 2025 compared to $95.8 million as of March 31, 2024, which was primarily due to the decrease in leased merchandise, partially offset by slightly higher lease loss provisioning rates used during the first quarter of 2025 as compared to first quarter of 2024. As a percentage of lease merchandise, the allowance was 40% at March 31, 2025 and 38% at March 31, 2024.

Leased merchandise income decreased 24% to $156.9 million during the first quarter of 2025 compared to $205.7 million during the first quarter of 2024, which was primarily due to lower average leased merchandise balances outstanding during the first quarter of 2025 compared to the first quarter of 2024.

Depreciation of leased merchandise decreased 26% to $89.1 million during the first quarter of 2025 compared to $120.8 million during the first quarter of 2024, primarily due to the decrease in leased merchandise balances outstanding. As a percentage of leased merchandise income, depreciation of leased merchandise decreased from 59% during the first quarter of 2024 to 57% during the first quarter of 2025, primarily as a result of a decrease in customers taking advantage of early buyout or other early payment options.

Provision for lease losses decreased 36% to $27.6 million during the first quarter of 2025 compared to $43.2 million during the first quarter of 2024, which was primarily due to the 39% decrease in gross transaction volumes. As a percentage of gross transaction volume, the provision for lease losses increased slightly to 29% during the first quarter of 2025 compared to 28% during the first quarter of 2024.

Retail Finance Operations

Finance receivables, before allowance for loan losses, increased 31% as of March 31, 2025 compared to March 31, 2024. The increase was primarily due to increased gross transaction volumes in certain non-furniture industry verticals.

The allowance for loan losses increased 23% to $118.3 million as of March 31, 2025 compared to $96.0 million as of March 31, 2024, which was primarily due to the increase in finance receivables, partially offset by lower loan loss provisioning rates used during the first quarter of 2025 compared to the first quarter of 2024. As a percentage of finance receivables, the allowance was 45% at March 31, 2025 compared to 48% at March 31, 2024.

Interest and fees on finance receivables increased 28% to $73.4 million during the first quarter of 2025 compared to $57.4 million during the first quarter of 2024. The increase was primarily due to the higher year-over-year finance receivable balances, partially offset by a slight decline in portfolio yield primarily as a result of AFF expanding its offerings and merchant relationships in certain services sector verticals during the first quarter of 2025, some of which are provided at lower interest rates.

Provision for loan losses increased 20% to $36.4 million during the first quarter of 2025 compared to $30.4 million during the first quarter of 2024, which was primarily due to the 38% increase in gross transaction volume, partially offset by a decrease in the net provisioning rates used during the first quarter of 2025 based on lower than expected charge-off rates on older vintages. As a percentage of gross transaction volume, the provision for loan losses decreased to 26% during the first quarter of 2025 from 30% during the first quarter of 2024.

Segment Expenses

Operating expenses decreased 30% to $24.2 million during the first quarter of 2025 compared to $34.8 million during the first quarter of 2024. The decrease was primarily due to the elimination of certain expenses associated with supporting the American Freight and Conn’s Home Plus relationships along with continued realization of operating synergies, primarily in technology and development infrastructure, coupled with other cost reduction initiatives. As a percentage of segment revenues, operating expenses decreased to 11% during the first quarter of 2025 compared to 13% during the first quarter of 2024.

32

Segment Pre-Tax Operating Income

The retail POS payment solutions segment pre-tax operating income for the first quarter of 2025 was $52.3 million compared to $33.1 million in the first quarter of 2024. The increase was primarily the result of the increase in segment net revenue and a decrease in operating expenses.

Consolidated Results of Operations

The following table reconciles pre-tax operating income of the Company’s U.S. pawn segment, Latin America pawn segment and retail POS payment solutions segment, discussed above, to consolidated net income for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 (dollars in thousands):

	Three Months Ended
	March 31,				Increase /
	2025		2024		(Decrease)
Consolidated Results of Operations
Segment pre-tax operating income:
U.S. pawn	$	113,132	$	96,602		17	%
Latin America pawn	31,405		31,904			(2)	%
Retail POS payment solutions	52,301		33,149			58	%
Intersegment elimination (1)	38		210			(82)	%
Consolidated segment pre-tax operating income	196,876		161,865			22	%
Corporate expenses and other income:
Administrative expenses	48,523		44,018			10	%
Depreciation and amortization	12,761		13,188			(3)	%
Interest expense	27,471		25,418			8	%
Interest income	(1,229)		(743)			65	%
Gain on foreign exchange	(14)		(186)			(92)	%
Merger and acquisition expenses	462		597			(23)	%
Other income, net	(2,315)		(2,312)			—	%
Total corporate expenses and other income	85,659		79,980			7	%
Income before income taxes	111,217		81,885			36	%
Provision for income taxes	27,626		20,517			35	%
Net income	$	83,591	$	61,368		36	%

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. For further detail, see Note 9 of Notes to Consolidated Financial Statements.

Corporate Expenses and Taxes

Administrative expenses increased 10% to $48.5 million during the first quarter of 2025 compared to $44.0 million in the first quarter of 2024, primarily due to the increase in the pawn store count and general inflationary impacts, partially offset by a 20% change in the average value of the Mexican peso resulting in lower U.S. dollar translated administrative expenses in Latin America. As a percentage of revenue, administrative expenses were 6% in the first quarter of 2025 compared to 5% during the first quarter of 2024.

33

Depreciation and amortization decreased 3% to $12.8 million during the first quarter of 2025 compared to $13.2 million in the first quarter of 2024, primarily due to a scheduled $0.4 million decrease in amortization of acquired AFF intangible assets.

Interest expense increased 8% to $27.5 million during the first quarter of 2025 compared to $25.4 million in the first quarter of 2024, primarily due to higher average total long-term debt balances outstanding. See Note 7 of Notes to Consolidated Financial Statements and “Liquidity and Capital Resources.”

Consolidated effective income tax rates for the first quarter of 2025 and 2024 were 24.8% and 25.1%, respectively.

LIQUIDITY AND CAPITAL RESOURCES

Material Capital Requirements

The Company’s primary capital requirements include the:

•Expansion of pawn operations through growth of pawn receivables and inventories in existing stores, new store openings, strategic acquisitions of pawn stores and purchases of underlying real estate at existing locations;

•Expansion of retail POS payment solutions operations through growth of the business generated from new and existing merchant partners; and

•Return of capital to shareholders through dividends and stock repurchases.

Other material capital requirements include operating expenses (see Note 3 of Notes to Consolidated Financial Statements regarding operating lease commitments), maintenance capital expenditures related to its facilities, technology platforms, general corporate operating activities, income tax payments and debt service, among others. The Company believes that net cash provided by operating activities and available and unused funds under its revolving unsecured credit facilities will be adequate to meet its liquidity and capital needs for these items over the next 12 months and also in the longer-term beyond the next 12 months.

Expand Pawn Operations

The Company intends to continue expansion of its pawn operations through growth of pawn receivables and inventories in existing stores along with new store openings and acquisitions.

During the three months ended March 31, 2025, the Company acquired one pawn store in the U.S. The Company evaluates potential acquisitions based upon growth potential, purchase price, available liquidity, strategic fit and quality of management personnel, among other factors. During the three months ended March 31, 2025, the Company also opened 10 new stores in Latin America and one location in the U.S.

For the full year of 2025, the Company expects to continue adding store locations through new store openings and acquisitions. Future store openings and acquisitions are subject to the Company’s ability to identify acquisition opportunities and new location sites in markets with attractive demographics and favorable regulatory environments.

Although viewed by management as a discretionary expenditure not required to operate its pawn stores, the Company may continue to strategically purchase real estate from its landlords at existing stores or in conjunction with pawn store acquisitions as opportunities arise at reasonable valuations. The Company purchased the real estate at seven store locations, primarily from landlords at existing stores, for a cumulative purchase price of $6.9 million during the three months ended March 31, 2025.

Expand Retail POS Payment Solutions Operations

AFF expects to expand its business primarily by promoting and expanding relationships with both new and existing customers and retail merchant partners. In addition, AFF has made, and intends to continue to make, investments in its customer and merchant support operations and facilities, its technology platforms and its proprietary decisioning platforms and processes. In addition to utilizing cash flows generated from its own operations to fund expected 2025 growth, AFF has access to the additional sources of liquidity described below if needed to fund further expansion activities.

34

Return of Capital to Shareholders

In April 2025, the Company’s Board of Directors declared a $0.38 per share second quarter cash dividend on common shares outstanding, or an aggregate of $16.9 million based on the March 31, 2025 share count, to be paid on May 30, 2025 to stockholders of record as of May 15, 2025. While the Company currently expects to continue the payment of quarterly cash dividends, the amount, declaration and payment of cash dividends in the future (quarterly or otherwise) will be made by the Board of Directors, from time to time, subject to the Company’s financial condition, results of operations, business requirements, compliance with legal requirements, debt covenant restrictions and other relevant factors.

During the three months ended March 31, 2025, the Company repurchased a total of 525,000 shares of common stock at an aggregate cost of $59.6 million and an average cost per share of $113.54. During the three months ended March 31, 2024, the Company did not repurchase any shares of common stock. The aggregate cost and average cost per share do not include the effect of the 1% excise tax on certain share repurchases enacted under the Inflation Reduction Act of 2022. The Company incurred $0.6 million of excise taxes during the three months ended March 31, 2025.

In July 2023, the Company’s Board of Directors authorized a common stock repurchase program for up to $200.0 million of the Company’s outstanding common stock, of which $55.4 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”), 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.

Sources of Liquidity

The Company regularly evaluates opportunities to optimize its capital structure, including through consideration of the issuance of debt or equity, to refinance existing debt and to enter into interest rate hedge transactions, such as interest rate swap agreements. As of March 31, 2025, the Company’s primary sources of liquidity were $146.0 million in cash and cash equivalents and $551.9 million of available and unused funds under the Company’s revolving unsecured credit facilities, subject to certain financial covenants (see Note 7 of Notes to Consolidated Financial Statements). The Company had working capital of $1,024.4 million as of March 31, 2025.

The Company’s cash and cash equivalents as of March 31, 2025 included $65.7 million held by its foreign subsidiaries. These cash balances, which are primarily held in Mexican pesos, are associated with foreign earnings the Company has asserted are indefinitely reinvested and which the Company primarily plans to use to support its continued growth plans outside the U.S. through funding of capital expenditures, acquisitions, operating expenses or other similar cash needs of the Company’s foreign operations.

The Company’s liquidity is affected by a number of factors, including changes in general customer traffic and demand, pawn loan balances, loan-to-value ratios, collection of pawn fees, merchandise sales, inventory levels, LTO merchandise, finance receivable balances, collection of lease and finance receivable payments, seasonality, operating expenses, administrative expenses, expenses related to merger and acquisition activities, litigation-related expenses, tax rates, gold prices, foreign currency exchange rates and the pace of new pawn store expansion and acquisitions. Additionally, a prolonged reduction in earnings and EBITDA could limit the Company’s future ability to fully borrow on its credit facilities under current leverage covenants. Regulatory developments affecting the Company’s operations may also impact profitability and liquidity. See “Governmental Regulation Update.”

If needed, the Company could seek to raise additional funds from a variety of sources, including, but not limited to, repatriation of excess cash held in Latin America, the sale of assets, reductions in operating expenses, capital expenditures and dividends, the forbearance or deferral of operating expenses, the issuance of debt or equity securities, utilizing other structured financing arrangements, the leveraging of currently unencumbered real estate owned by the Company and/or changes to its management of current assets. The characteristics of the Company’s current assets, specifically the ability to rapidly liquidate gold jewelry inventory, which accounts for 55% of total inventory, give the Company flexibility to quickly increase cash flow if necessary.

35

Cash Flows and Liquidity Metrics

The following tables set forth certain historical information with respect to the Company’s sources and uses of cash and other key indicators of liquidity (dollars in thousands):

	Three Months Ended March 31,
	2025		2024
Cash flow provided by operating activities	$	126,640	$	122,532
Cash flow used in investing activities	$	(50,147)	$	(29,634)
Cash flow used in financing activities	$	(105,317)	$	(84,934)

		As of March 31,
		2025			2024
Working capital		$	1,024,447		$	942,026
Current ratio	4.4:1			4.0:1

Cash Flow Provided by Operating Activities

Net cash provided by operating activities increased $4.1 million, or 3%, from $122.5 million for the three months ended March 31, 2024 to $126.6 million for the three months ended March 31, 2025 due to net changes in certain non-cash adjustments to reconcile net income to operating cash flow and net changes in other operating assets and liabilities (as detailed in the consolidated statements of cash flows) and an increase in net income of $22.2 million.

Cash Flow Used in Investing Activities

Net cash used in investing activities increased $20.5 million, or 69%, from $29.6 million for the three months ended March 31, 2024 to $50.1 million for the three months ended March 31, 2025. Cash flows from investing activities are utilized primarily to fund acquisitions, purchase furniture, fixtures, equipment and improvements, which includes capital expenditures for improvements to existing stores and for new pawn store openings and other corporate assets, and discretionary purchases of store real property. In addition, cash flows related to the funding of new pawn loans, net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral and changes in net finance receivables, are included in investing activities. The Company paid $12.9 million for furniture, fixtures, equipment and improvements and $6.9 million for discretionary pawn store real property purchases during the three months ended March 31, 2025 compared to $26.4 million and $11.3 million in the prior-year period, respectively. The Company paid $29.2 million in cash related to pawn store acquisitions during the three months ended March 31, 2025 compared to $1.7 million during the three months ended March 31, 2024. The Company received funds from a net decrease in pawn loans of $19.4 million during the three months ended March 31, 2025 and $25.1 million during the three months ended March 31, 2024. The Company funded a net increase in finance receivables of $20.6 million during the three months ended March 31, 2025 and $15.3 million during the three months ended March 31, 2024.

Cash Flow Used in Financing Activities

Net cash used in financing activities increased $20.4 million, or 24%, from $84.9 million for the three months ended March 31, 2024 to $105.3 million for the three months ended March 31, 2025. Net payments on the credit facilities were $23.0 million during the three months ended March 31, 2025 compared to net payments of $553.0 million during the three months ended March 31, 2024. During the three months ended March 31, 2024, the Company received $500.0 million in proceeds from the private offering of senior unsecured notes which was used to repay a portion of the outstanding balance on the Credit Facility, after payment of fees and expenses related to the offering. The Company paid debt issuance costs of $9.1 million during the three months ended March 31, 2024. The Company funded $59.6 million of share repurchases during the three months ended March 31, 2025. There were no share repurchases during the three months ended March 31, 2024. The Company paid dividends of $16.9 million during the three months ended March 31, 2025, compared to $15.8 million during the three months ended March 31, 2024. In addition, the Company paid withholding taxes on net share settlements of restricted stock awards during the three months ended March 31, 2025 of $5.8 million compared to $7.0 million during the three months ended March 31, 2024.

36

GOVERNMENTAL REGULATION UPDATE   

The Company’s pawn and retail POS payment solutions businesses are subject to significant regulation in all of the jurisdictions in which it operates. Existing regulations and regulatory developments are further and more completely described under “Governmental Regulation” in Part I, Item 1 of the Company’s 2024 Annual Report on Form 10-K filed with the SEC on February 3, 2025 and in subsequent documents filed with the SEC. Other than as described below, there have been no changes to the significant regulation that the Company’s businesses are subject to that the Company believes would have a material impact on its businesses or results of operation from those described in the Annual Report on Form 10-K for the year ended December 31, 2024.

Actions of the current administration could result in changes in federal policy with significant impacts on the legal and regulatory framework affecting the industries in which the related consumers are involved. These changes, including restructuring and widespread personnel changes at the applicable regulatory agencies, may alter the nature and scope of oversight affecting such industries. The nature, timing and economic and political effects of potential changes affecting such industries generally remains uncertain and it is possible that such uncertainty may adversely affect the Company.

Recent developments regarding the operations of the CFPB under the new presidential administration are particularly noteworthy and illustrative of the uncertainty surrounding the future of the CFPB. There remains considerable uncertainty as to the future of the CFPB and the policy priorities of the CFPB under Acting Director Vought and any successor Director, including Jonathan McKernan who was nominated to be director of the CFPB by President Trump, but not yet confirmed. There is also considerable uncertainty as to how other federal and state regulators will react to any changes at the CFPB.

On October 6, 2017, the CFPB issued its small-dollar lending rule (the “SDL Rule”), which was subsequently revised on July 7, 2020. Traditional possessory, non-recourse pawn loans are not covered under the SDL Rule. The SDL Rule defines some of the RISA transactions that AFF purchases and some of the bank loans that AFF sub-services as transactions that are covered under the rule. After resolution of some challenges to the SDL Rule itself and the constitutionality of the CFPB, on July 3, 2024, trade groups filed a petition for a rehearing with the Fifth Circuit en banc. The Fifth Circuit did not grant the petition and the SDL Rule went into effect on March 30, 2025. The SDL Rule imposes certain obligations and limitations associated with the origination and servicing of covered transactions as of its effective date. At this time, the Company does not believe that the implementation of the SDL Rule will have a material impact on the Company’s future results of operations or financial condition. Under the new U.S. administration, the CFPB has recently announced that enforcement of the SDL Rule will not be a priority, and that the agency may seek new rulemaking to narrow its scope.

In addition, the United States, China, Canada, Mexico, European Union and other countries have imposed, or threatened to impose, new or enhanced, tariffs, quotas, trade barriers and other restrictions on imports into their respective territories. Numerous trade restrictions are currently in effect and such restrictions, coupled with the risk of retaliatory steps taken in response to such restrictions, could potentially serve to depress economic activity generally in the United States, adversely affecting consumers and contributing to general market volatility.

NON-GAAP FINANCIAL INFORMATION

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than GAAP, primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

37

While acquisitions are an important part of the Company’s overall strategy, the Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses and amortization of acquired AFF intangible assets. The Company does not consider these items to be related to the organic operations of the acquired businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the acquired businesses. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

The Company has certain leases in Mexico which are denominated in U.S. dollars. The lease liability of these U.S. dollar-denominated leases, which is considered a monetary liability, is remeasured into Mexican pesos using current period exchange rates, resulting in the recognition of foreign currency exchange gains or losses. The Company has adjusted the applicable financial measures to exclude these remeasurement gains or losses (1) because they are non-cash, non-operating items that could create volatility in the Company’s consolidated results of operations due to the magnitude of the end of period lease liability being remeasured and (2) to improve comparability of current periods presented with prior periods.

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following table provides a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

	Three Months Ended March 31,
	2025		2024		2025		2024
	In Thousands		In Thousands		Per Share		Per Share
Net income and diluted earnings per share, as reported	$	83,591	$	61,368	$	1.87	$	1.35
Adjustments, net of tax:
Merger and acquisition expenses	354		457		—		0.01
Non-cash foreign currency loss (gain) related to lease liability	40		(169)		—		—
Amortization of acquired AFF intangible assets	9,258		9,573		0.21		0.21
Other income, net	(462)		(1,040)		(0.01)		(0.02)
Adjusted net income and diluted earnings per share	$	92,781	$	70,189	$	2.07	$	1.55

38

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

					Trailing Twelve
	Three Months Ended				Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Net income	$	83,591	$	61,368	$	281,038	$	233,281
Income taxes		27,626		20,517		91,070		78,240
Depreciation and amortization (1)		25,502		26,027		104,416		108,077
Interest expense		27,471		25,418		107,279		97,764
Interest income		(1,229)		(743)		(2,421)		(1,695)
EBITDA		162,961		132,587		581,382		515,667
Adjustments:
Merger and acquisition expenses		462		597		2,093		8,488
Non-cash foreign currency loss (gain) related to lease liability		57		(241)		4,053		(1,571)
AFF purchase accounting and other adjustments (2)		—		—		—		13,968
Other expenses (income), net		(600)		(1,351)		2,197		(2,798)
Adjusted EBITDA	$	162,880	$	131,592	$	589,725	$	533,754

(1)Includes $12.0 million and $49.3 million of amortization expense related to identifiable intangible assets as a result of the AFF acquisition for the three months and trailing twelve months ended March 31, 2025, respectively. Includes $12.4 million and $54.6 million of amortization expense related to identifiable intangible assets as a result of the AFF acquisition for the three months and trailing twelve months ended March 31, 2024, respectively.

(2)For the twelve months ended March 31, 2024, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.

39

Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

					Trailing Twelve
	Three Months Ended				Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Cash flow from operating activities	$	126,640	$	122,532	$	544,066	$	428,080
Cash flow from certain investing activities:
Pawn loans, net (1)	19,440		25,149		(77,708)		(54,187)
Finance receivables, net	(20,566)		(15,311)		(144,569)		(106,213)
Purchases of furniture, fixtures, equipment and improvements	(12,914)		(26,427)		(54,732)		(72,747)
Free cash flow	112,600		105,943		267,057		194,933
Merger and acquisition expenses paid, net of tax benefit	354		457		1,603		6,524
Adjusted free cash flow	$	112,954	$	106,400	$	268,660	$	201,457

(1)Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this report are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables in “Results of Operations” above for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

40

The following table provides exchange rates for the Mexican peso, Guatemalan quetzal and Colombian peso for the current and prior-year periods:  

	March 31,		Favorable /
	2025	2024	(Unfavorable)
Mexican peso / U.S. dollar exchange rate:
End-of-period	20.3	16.7		(22)	%
Three months ended	20.4	17.0		(20)	%
Guatemalan quetzal / U.S. dollar exchange rate:
End-of-period	7.7	7.8		1	%
Three months ended	7.7	7.8		1	%
Colombian peso / U.S. dollar exchange rate:
End-of-period	4,193	3,842		(9)	%
Three months ended	4,191	3,915		(7)	%

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risks relating to the Company’s operations result primarily from changes in interest rates, gold prices and foreign currency exchange rates and are described in detail in the Company’s 2024 Annual Report on Form 10-K. The impact of current-year fluctuations in foreign currency exchange rates, in particular, are further discussed in Part I, Item 2 herein. The Company does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes. There have been no material changes to the Company’s exposure to market risks since December 31, 2024.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). In designing and evaluating the disclosure controls and procedures, the Company’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective.

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2025, the Company’s disclosure controls and procedures were designed at a reasonable assurance level and were effective.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

41

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 8 - Commitments and Contingencies of Notes to Consolidated Financial Statements contained in Part I, Item 1 of this report which is incorporated to this Part II, Item 1 by reference.

ITEM 1A. RISK FACTORS

Important risk factors that could materially affect the Company’s business, financial condition or results of operations in future periods are described in Part I, Item 1A, “Risk Factors” of the Company’s 2024 Annual Report on Form 10-K. These factors are supplemented by those discussed under “Management’s Discussion And Analysis Of Financial Condition And Results Of Operations” and “Governmental Regulation Update” in Part I, Item 2 of this quarterly report and in “Governmental Regulation” in Part I, Item 1 of the Company’s 2024 Annual Report on Form 10-K. There have been no material changes in the Company’s risk factors from those in Part I, Item 1A, “Risk Factors” of the Company’s 2024 Annual Report on Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table provides information about purchases made by the Company of shares of its common stock during the three months ended March 31, 2025 (dollars in thousands, except per share amounts):

	Total Number Of Shares Purchased (1)	Average Price Paid Per Share (1), (2)		Total Number Of Shares Purchased As Part Of Publicly Announced Plans	Approximate Dollar Value Of Shares That May Yet Be Purchased Under The Plans (2), (3)
January 1 through January 31, 2025	51,568	$	111.77	—	$	115,000
February 1 through February 28, 2025	525,000	113.54		525,000	55,391
March 1 through March 31, 2025	—	—		—	55,391
Total	576,568	113.38		525,000

(1)In January 2025, 51,568 shares of the Company’s common stock were withheld by the Company to satisfy tax obligations that arose upon vesting of certain restricted stock granted pursuant to shareholder approved plans. These shares were not acquired pursuant to a publicly announced repurchase plan.

(2)The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the three months ended March 31, 2025, the Company reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accrued expenses and other liabilities on the consolidated balance sheet. All dollar amounts presented exclude such excise taxes.

(3)In July 2023, the Company’s Board of Directors authorized a common stock repurchase program for up to $200.0 million of the Company’s outstanding common stock, of which $55.4 million is currently remaining.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

42

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

		Incorporated by Reference
Exhibit No.	Exhibit Description	Form	File No.	Exhibit	Filing Date	Filed Herewith
3.1	Amended and Restated Certificate of Incorporation of FirstCash Holdings, Inc., dated December 16, 2021	8-K12B	001-10960	3.1	12/16/2021
3.2	Amended and Restated Bylaws of FirstCash Holdings, Inc., dated December 16, 2021	8-K12B	001-10960	3.2	12/16/2021
10.1	Amendment to Employment Agreement between Rick L. Wessel and FirstCash Holdings, Inc., dated March 3, 2025 *	8-K	001-10960	10.1	03/05/2025
10.2	Amendment to Employment Agreement between T. Brent Stuart and FirstCash Holdings, Inc., dated March 3, 2025 *	8-K	001-10960	10.2	03/05/2025
10.3	Amendment to Employment Agreement between R. Douglas Orr and FirstCash Holdings, Inc., dated March 3, 2025 *	8-K	001-10960	10.3	03/05/2025
10.4	Amendment to Employment Agreement between Howard Hambleton and FirstCash Holdings, Inc., dated March 3, 2025 *	8-K	001-10960	10.4	03/05/2025
10.5	Amendment to Employment Agreement between Raul Ramos and FirstCash Holdings, Inc., dated March 3, 2025 *	8-K	001-10960	10.5	03/05/2025
31.1	Certification Pursuant to Exchange Act Section 13(a)-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act, provided by Rick L. Wessel, Chief Executive Officer					X
31.2	Certification Pursuant to Exchange Act Section 13(a)-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act, provided by R. Douglas Orr, Chief Financial Officer					X
32.1	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, provided by Rick L. Wessel, Chief Executive Officer					X
32.2	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, provided by R. Douglas Orr, Chief Financial Officer					X
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document					X
101.SCH	Inline XBRL Taxonomy Extension Schema Document					X
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document					X
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document					X
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document					X

43

		Incorporated by Reference
Exhibit No.	Exhibit Description	Form	File No.	Exhibit	Filing Date	Filed Herewith
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document					X
104	Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101)					X

*    Indicates management contract or compensatory plan, contract or arrangement.

44

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: April 28, 2025	FIRSTCASH HOLDINGS, INC.
	(Registrant)
	/s/ RICK L. WESSEL
	Rick L. Wessel
	Chief Executive Officer
	(On behalf of the Registrant)
	/s/ R. DOUGLAS ORR
	R. Douglas Orr
	Executive Vice President and Chief Financial Officer
	(As Principal Financial Officer and Principal Accounting Officer)

45

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO EXCHANGE ACT SECTION 13(a)-14(a)/15d-14(a),

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Rick L. Wessel, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of FirstCash Holdings, Inc. (the “Registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.The Registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and  

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:  April 28, 2025

/s/ Rick L. Wessel

Rick L. Wessel

Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO EXCHANGE ACT SECTION 13(a)-14(a)/15d-14(a),

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, R. Douglas Orr, certify that:  

1.I have reviewed this Quarterly Report on Form 10-Q of FirstCash Holdings, Inc. (the “Registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.The Registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and  

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:  April 28, 2025

/s/ R. Douglas Orr

R. Douglas Orr

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of FirstCash Holdings, Inc. (the “Company”) on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Rick L. Wessel, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  April 28, 2025

/s/ Rick L. Wessel

Rick L. Wessel

Chief Executive Officer

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of FirstCash Holdings, Inc. (the “Company”) on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, R. Douglas Orr, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  April 28, 2025

/s/ R. Douglas Orr

R. Douglas Orr

Chief Financial Officer

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2025	Apr. 23, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,364,566
Entity Central Index Key	0000840489
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Current assets
Cash and cash equivalents	$ 146,034	$ 175,095	$ 135,070
Accounts receivable, net	71,166	73,325	69,703
Pawn loans	499,710	517,867	456,079
Finance receivables, net	145,079	147,501	105,653
Inventories	334,700	334,580	302,385
Leased merchandise, net	103,612	128,437	157,785
Prepaid expenses and other current assets	26,033	26,943	30,460
Total current assets	1,326,334	1,403,748	1,257,135
Property and equipment, net	724,213	717,916	658,349
Operating lease right of use asset	329,183	324,646	320,515
Goodwill	1,815,139	1,787,172	1,730,353
Intangible assets, net	216,736	228,858	265,184
Other assets	9,952	9,934	10,080
Deferred tax assets, net	4,720	4,712	5,836
Total assets	4,426,277	4,476,986	4,247,452
Current liabilities
Accounts payable and accrued liabilities	129,137	171,540	138,812
Customer deposits and prepayments	76,211	72,703	75,423
Lease liability, current	96,539	95,161	100,874
Total current liabilities	301,887	339,404	315,109
Revolving unsecured credit facilities	175,000	198,000	15,000
Senior unsecured notes	1,532,099	1,531,346	1,529,147
Deferred tax liabilities, net	129,936	128,574	133,606
Lease liability, non-current	228,995	225,498	209,208
Total liabilities	2,367,917	2,422,822	2,202,070
Stockholders’ equity:
Common stock	575	575	573
Additional paid-in capital	1,755,591	1,767,569	1,727,564
Retained earnings	1,477,730	1,411,083	1,263,564
Accumulated other comprehensive loss	(130,540)	(129,596)	(36,702)
Common stock held in treasury, at cost	(1,044,996)	(995,467)	(909,617)
Total stockholders’ equity	2,058,360	2,054,164	2,045,382
Total liabilities and stockholders’ equity	$ 4,426,277	$ 4,476,986	$ 4,247,452

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue:
Retail merchandise sales	$ 371,056	$ 366,821
Pawn loan fees	191,871	179,535
Leased merchandise income	156,918	205,671
Interest and fees on finance receivables	73,413	57,387
Wholesale scrap jewelry sales	43,165	26,956
Total revenue	836,423	836,370
Cost of revenue:
Cost of retail merchandise sold	224,124	223,529
Depreciation of leased merchandise	88,819	120,284
Provision for lease losses	27,562	43,010
Provision for loan losses	36,360	30,418
Cost of wholesale scrap jewelry sold	35,355	23,289
Total cost of revenue	412,220	440,530
Net revenue	424,203	395,840
Expenses and other income:
Operating expenses	214,586	221,136
Administrative expenses	48,523	44,018
Depreciation and amortization	25,502	26,027
Interest expense	27,471	25,418
Interest income	(1,229)	(743)
Gain on foreign exchange	(14)	(186)
Merger and acquisition expenses	462	597
Other income, net	(2,315)	(2,312)
Total expenses and other income	312,986	313,955
Income (loss) before income taxes	111,217	81,885
Provision for income taxes	27,626	20,517
Net income	$ 83,591	$ 61,368
Earnings per share:
Basic (USD per share)	$ 1.87	$ 1.36
Diluted (USD per share)	$ 1.87	$ 1.35

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 83,591	$ 61,368
Other comprehensive income (loss):
Currency translation adjustment	(944)	6,335
Comprehensive income	$ 82,647	$ 67,703

XML

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accum- ulated Other Compre- hensive Loss	Common Stock Held in Treasury
Balance at beginning of period (shares) at Dec. 31, 2023		57,322
Balance at beginning of period at Dec. 31, 2023	$ 1,996,418	$ 573	$ 1,741,046	$ 1,218,029	$ (43,037)	$ (920,193)
Treasury stock, balance at beginning of period (shares) at Dec. 31, 2023						12,214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under share-based compensation plan, net of shares net-settled	(7,007)		(17,583)			$ 10,576
Shares issued under share-based compensation plan (shares)						(140)
Share-based compensation expense	4,101		4,101
Net income	61,368			61,368
Cash dividends	(15,833)			(15,833)
Currency translation adjustment	6,335				6,335
Balance at end of period (shares) at Mar. 31, 2024		57,322
Balance at end of period at Mar. 31, 2024	2,045,382	$ 573	1,727,564	1,263,564	(36,702)	$ (909,617)
Treasury stock, balance at end of period (shares) at Mar. 31, 2024						12,074
Balance at beginning of period (shares) at Dec. 31, 2024		57,547
Balance at beginning of period at Dec. 31, 2024	2,054,164	$ 575	1,767,569	1,411,083	(129,596)	$ (995,467)
Treasury stock, balance at beginning of period (shares) at Dec. 31, 2024						12,795
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under share-based compensation plan, net of shares net-settled	(5,764)		(16,440)			$ 10,676
Shares issued under share-based compensation plan (shares)						(137)
Share-based compensation expense	4,462		4,462
Net income	83,591			83,591
Cash dividends	(16,944)			(16,944)
Currency translation adjustment	(944)				(944)
Purchases of treasury stock (shares)						525
Purchases of treasury stock, including excise tax	(60,205)					$ (60,205)
Balance at end of period (shares) at Mar. 31, 2025		57,547
Balance at end of period at Mar. 31, 2025	$ 2,058,360	$ 575	$ 1,755,591	$ 1,477,730	$ (130,540)	$ (1,044,996)
Treasury stock, balance at end of period (shares) at Mar. 31, 2025						13,183

XML

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Shares withheld for tax withholding obligation (in shares)	52	59
Cash dividends (USD per share)	$ 0.38	$ 0.35

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Cash flow from operating activities:
Net income		$ 83,591	$ 61,368
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation of leased merchandise		88,819	120,284
Provision for lease losses		27,562	43,010
Provision for loan losses		36,360	30,418
Share-based compensation expense		4,462	4,101
Depreciation and amortization expense		25,502	26,027
Amortization of debt issuance costs		980	819
Net amortization of premiums, discounts and unearned origination fees on finance receivables		(13,372)	(6,859)
Impairments and dispositions of certain other assets		0	461
Deferred income taxes, net		1,342	(2,421)
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable, net		2,134	2,491
Inventories purchased directly from customers, wholesalers or manufacturers		812	3,912
Leased merchandise, net		(91,556)	(149,888)
Prepaid expenses and other assets		(7,575)	1,935
Accounts payable, accrued liabilities and other liabilities		(54,518)	(31,722)
Income taxes		22,097	18,596
Net cash flow provided by operating activities		126,640	122,532
Cash flow from investing activities:
Pawn loans, net	[1]	19,440	25,149
Finance receivables, net		(20,566)	(15,311)
Purchases of furniture, fixtures, equipment and improvements		(12,914)	(26,427)
Purchases of store real property		(6,879)	(11,340)
Acquisitions of pawn stores, net of cash acquired		(29,228)	(1,705)
Net cash flow used in investing activities		(50,147)	(29,634)
Cash flow from financing activities:
Borrowings from unsecured credit facilities		106,000	50,000
Repayments of unsecured credit facilities		(129,000)	(603,000)
Issuance of senior unsecured notes		0	500,000
Debt issuance costs paid		0	(9,094)
Purchases of treasury stock		(59,609)	0
Payment of withholding taxes on net share settlements of restricted stock unit awards		(5,764)	(7,007)
Dividends paid		(16,944)	(15,833)
Net cash flow used in financing activities		(105,317)	(84,934)
Effect of exchange rates on cash		(237)	88
Change in cash and cash equivalents		(29,061)	8,052
Cash and cash equivalents at beginning of the period		175,095	127,018
Cash and cash equivalents at end of the period		$ 146,034	$ 135,070

[1] Includes the funding of new pawn loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

XML

General

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

General

General

Basis of Presentation

The accompanying consolidated balance sheet as of December 31, 2024, 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, 2024, filed with the SEC on February 3, 2025. The consolidated financial statements as of March 31, 2025 and 2024, and for the three month periods ended March 31, 2025 and 2024, 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, 2025 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 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. The Company also has pawn operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

Use of Estimates

The preparation of interim 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.

Reclassification

Certain prior period amounts have been reclassified to conform to the current period presentation. Rental income from Company owned property was reclassified out of “Administrative expenses” and included in “Other income, net” on the consolidated statements of income.

Recent Accounting Pronouncements

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.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the

Effective Date” (“ASU 2025-01”), which clarifies the effective date of ASU 2024-03. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied either prospectively or retrospectively for all prior periods presented. The Company is currently evaluating the impact of adopting this guidance on the Company's current financial position, results of operations or financial statement disclosures.

XML

Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):

	Three Months Ended
	March 31,
	2025		2024
Numerator:
Net income	$	83,591	$	61,368
Denominator:
Weighted-average common shares for calculating basic earnings per share	44,649		45,244
Effect of dilutive securities:
Restricted stock unit awards	140		143
Weighted-average common shares for calculating diluted earnings per share	44,789		45,387
Earnings per share:
Basic	$	1.87	$	1.36
Diluted	$	1.87	$	1.35

XML

Operating Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Operating Leases

Operating Leases

Lessor

For information about the Company’s revenue-generating activities as a lessor, refer to the “Leased merchandise and revenue recognition” section of Note 2 to the consolidated financial statements included in the Company’s 2024 Annual Report on Form 10-K. 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 to five years with one or more options to renew for an additional three to five years, typically at the Company’s sole discretion. In addition, the majority of these leases can be terminated early upon an adverse change in law which negatively affects the store’s profitability. The Company regularly evaluates renewal and termination options to determine if the Company is reasonably certain to exercise the option, and excludes these options from the lease term included in the recognition of the operating lease right of use asset and lease liability until such certainty exists. The weighted-average remaining lease term for operating leases was 4.2 years as of March 31, 2025 and 3.9 years as of March 31, 2024.

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 March 31, 2025 and 2024 was 8.6% and 8.2%, 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 loss of $0.1 million and a gain of $0.2 million during the three months ended March 31, 2025 and 2024, respectively, related to the remeasurement of these U.S. dollar-denominated operating leases, which is included in gain on foreign exchange in the accompanying consolidated statements of income.

Lease expense is recognized on a straight-line basis over the lease term, with variable lease expense recognized in the period such payments are incurred. The following table details the components of lease expense included in operating expenses in the consolidated statements of income during the three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Operating lease expense	$	34,629	$	36,919
Variable lease expense (1)	4,804		5,021
Total operating lease expense	$	39,433	$	41,940

(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 March 31, 2025 (in thousands):

Nine months ending December 31, 2025	$	91,656
2026	103,788
2027	76,703
2028	54,487
2029	30,223
Thereafter	30,681
Total	$	387,538
Less amount of lease payments representing interest	(62,004)
Total present value of lease payments	$	325,534

The following table details supplemental cash flow information related to operating leases for the three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	32,165	$	33,439
Leased assets obtained in exchange for new operating lease liabilities	$	30,641	$	19,924

XML

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2025

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 March 31, 2025, March 31, 2024 and December 31, 2024.

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. There were no such events or conditions identified during the three months ended March 31, 2025.

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 March 31, 2025, March 31, 2024 and December 31, 2024 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):

	Carrying Value		Estimated Fair Value
	March 31,		March 31,		Fair Value Measurements Using
	2025		2025		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	146,034	$	146,034	$	146,034	$	—	$	—
Accounts receivable, net	71,166		71,166		—		—		71,166
Pawn loans	499,710		499,710		—		—		499,710
Finance receivables, net (1)	145,079		303,286		—		—		303,286
	$	861,989	$	1,020,196	$	146,034	$	—	$	874,162
Financial liabilities:
Revolving unsecured credit facilities	$	175,000	$	175,000	$	—	$	175,000	$	—
Senior unsecured notes (outstanding principal)	1,550,000		1,512,000		—		1,512,000		—
	$	1,725,000	$	1,687,000	$	—	$	1,687,000	$	—

(1)Finance receivables, gross as of March 31, 2025 was $297.0 million. See Note 5.

	Carrying Value		Estimated Fair Value
	March 31,		March 31,		Fair Value Measurements Using
	2024		2024		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	135,070	$	135,070	$	135,070	$	—	$	—
Accounts receivable, net	69,703		69,703		—		—		69,703
Pawn loans	456,079		456,079		—		—		456,079
Finance receivables, net (1)	105,653		227,922		—		—		227,922
	$	766,505	$	888,774	$	135,070	$	—	$	753,704
Financial liabilities:
Revolving unsecured credit facilities	$	15,000	$	15,000	$	—	$	15,000	$	—
Senior unsecured notes (outstanding principal)	1,550,000		1,489,000		—		1,489,000		—
	$	1,565,000	$	1,504,000	$	—	$	1,504,000	$	—

(1)Finance receivables, gross as of March 31, 2024 was $222.1 million. See Note 5.

	Carrying Value		Estimated Fair Value
	December 31,		December 31,		Fair Value Measurements Using
	2024		2024		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	175,095	$	175,095	$	175,095	$	—	$	—
Accounts receivable, net	73,325		73,325		—		—		73,325
Pawn loans	517,867		517,867		—		—		517,867
Finance receivables, net (1)	147,501		296,526		—		—		296,526
	$	913,788	$	1,062,813	$	175,095	$	—	$	887,718
Financial liabilities:
Revolving unsecured credit facilities	$	198,000	$	198,000	$	—	$	198,000	$	—
Senior unsecured notes (outstanding principal)	1,550,000		1,503,000		—		1,503,000		—
	$	1,748,000	$	1,701,000	$	—	$	1,701,000	$	—

(1)Finance receivables, gross as of December 31, 2024 were $294.2 million. See Note 5.

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).

The carrying value of the unsecured credit facilities approximates fair value as of March 31, 2025, March 31, 2024 and December 31, 2024. The fair value of the unsecured credit facilities is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms. In addition, the unsecured credit facilities have a variable interest rate based on the prevailing secured overnight financing rate (“SOFR”) or the Mexican Central Bank’s interbank equilibrium rate (“TIIE”) and reprice with any changes in SOFR or TIIE. The fair value of the senior unsecured notes is estimated based on quoted prices in markets that are not active.

XML

Finance Receivables, Net

3 Months Ended

Mar. 31, 2025

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 March 31,				As of December 31,
	2025		2024		2024
Finance receivables, gross	$	296,999	$	222,087	$	294,166
Merchant partner discounts and premiums, net	(27,355)		(15,221)		(22,833)
Unearned origination fees	(6,223)		(5,193)		(6,827)
Finance receivables, amortized cost	263,421		201,673		264,506
Less allowance for loan losses	(118,342)		(96,020)		(117,005)
Finance receivables, net	$	145,079	$	105,653	$	147,501

The following table details the changes in the allowance for loan losses (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Balance at beginning of period	$	117,005	$	96,454
Provision for loan losses	36,360		30,418
Charge-offs	(38,419)		(33,279)
Recoveries	3,396		2,427
Balance at end of period	$	118,342	$	96,020

The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of March 31, 2025 and 2024, by origination year (in thousands):

	Origination Year
	2025		2024		2023		Total
As of March 31, 2025
Delinquency:
1 to 30 days past due	$	8,682	$	14,504	$	1,271	$	24,457
31 to 60 days past due	3,350		11,189		845		15,384
61 to 89 days past due (1)	735		10,288		742		11,765
Total past due finance receivables	12,767		35,981		2,858		51,606
Current finance receivables	88,669		114,138		9,008		211,815
Finance receivables, amortized cost	$	101,436	$	150,119	$	11,866	$	263,421
	Origination Year
	2024		2023		2022		Total
As of March 31, 2024
Delinquency:
1 to 30 days past due	$	6,215	$	12,594	$	1,304	$	20,113
31 to 60 days past due	1,950		7,526		704		10,180
61 to 89 days past due (1)	453		7,584		697		8,734
Total past due finance receivables	8,618		27,704		2,705		39,027
Current finance receivables	66,804		87,360		8,482		162,646
Finance receivables, amortized cost	$	75,422	$	115,064	$	11,187	$	201,673

(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due.

The following table details the gross charge-offs of finance receivables for the three months ended March 31, 2025 and 2024, by origination year (in thousands):

	Origination Year
	2025		2024		2023		2022		Total
Finance receivables gross charge-offs:
Gross charge-offs during the three months ended March 31, 2025	$	123	$	34,410	$	3,886	$	—	$	38,419
Gross charge-offs during the three months ended March 31, 2024	—		131		29,270		3,878		33,279

XML

Leased Merchandise, Net

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Leased Merchandise, Net

Leased Merchandise, Net

Leased merchandise, net consists of the following (in thousands):

	As of March 31,				As of December 31,
	2025		2024		2024
Leased merchandise	$	271,535	$	369,298	$	319,444
Processing fees	(2,276)		(4,022)		(2,960)
Merchant partner discounts and premiums, net	6		2,203		493
Accumulated depreciation	(96,868)		(114,431)		(108,283)
Leased merchandise, before allowance for lease losses	172,397		253,048		208,694
Less allowance for lease losses	(68,785)		(95,263)		(80,257)
Leased merchandise, net	$	103,612	$	157,785	$	128,437

The following table details the changes in the allowance for lease losses (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Balance at beginning of period	$	80,257	$	95,127
Provision for lease losses	27,562		43,010
Charge-offs	(41,374)		(44,877)
Recoveries	2,340		2,003
Balance at end of period	$	68,785	$	95,263

XML

Long-Term Debt

3 Months Ended

Mar. 31, 2025

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 March 31,				As of December 31,
	2025		2024		2024
Revolving unsecured credit facilities:
Revolving unsecured credit facility, maturing 2029 (1)	$	175,000	$	15,000	$	198,000
Revolving unsecured uncommitted credit facility, maturing 2027 (1)	—		—		—
Total revolving unsecured credit facilities	175,000		15,000		198,000
Senior unsecured notes:
4.625% senior unsecured notes due 2028 (2)	495,854		494,763		495,577
5.625% senior unsecured notes due 2030 (3)	544,384		543,388		544,130
6.875% senior unsecured notes due 2032 (4)	491,861		490,996		491,639
Total senior unsecured notes	1,532,099		1,529,147		1,531,346
Total long-term debt	$	1,707,099	$	1,544,147	$	1,729,346

(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 March 31, 2025, March 31, 2024 and December 31, 2024, deferred debt issuance costs of $4.1 million, $5.2 million and $4.4 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 March 31, 2025, March 31, 2024 and December 31, 2024, deferred debt issuance costs of $5.6 million, $6.6 million and $5.9 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.

(4)As of March 31, 2025, March 31, 2024 and December 31, 2024, deferred debt issuance costs of $8.1 million, $9.0 million and $8.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2032 in the accompanying consolidated balance sheets.

Revolving Unsecured Credit Facility

As of March 31, 2025, the Company maintained an unsecured line of credit with a group of U.S.-based commercial lenders (the “Credit Facility”) in the amount of $700.0 million. The Credit Facility matures on August 8, 2029. As of March 31, 2025, the Company had $175.0 million in outstanding borrowings and $2.7 million in outstanding letters of credit under the Credit Facility, leaving $522.3 million available for future borrowings, subject to certain financial covenants. The Credit Facility bears interest at the Company’s option of either (1) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5% or (2) the prevailing prime or base rate plus a fixed spread of 1.5%. The agreement has a SOFR 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 March 31, 2025 was 6.82% 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 March 31, 2025. During the three months ended March 31, 2025, the Company made net payments of $23.0 million pursuant to the Credit Facility.

Revolving Unsecured Uncommitted Credit Facility

As of March 31, 2025, 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 bears interest at TIIE plus a fixed spread of 2.25% and matures on August 24, 2027. Under the terms of the Mexico Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Company was in compliance with the covenants of the Mexico Credit Facility as of March 31, 2025. As of March 31, 2025, the Company had no amount outstanding under the Mexico Credit Facility and $29.5 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 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 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 March 31, 2025, the Company’s consolidated total debt ratio was 2.6 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 provide the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 2.75 to 1.

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 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 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 March 31, 2025, the Company’s consolidated total debt ratio was 2.6 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.

Senior Unsecured Notes Due 2032

On February 21, 2024, the Company issued $500.0 million of 6.875% senior unsecured notes due on March 1, 2032 (the “2032 Notes”), all of which are currently outstanding. Interest on the 2032 Notes is payable semi-annually in arrears on March 1 and September 1. The 2032 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 2032 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 2032 Notes 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 March 31, 2025, the Company’s consolidated total debt ratio was 2.6 to 1. While the 2032 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.

XML

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

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 (the “District Court”) against FirstCash, Inc. and Cash America West, Inc., and later amended the complaint to include numerous Company subsidiaries as defendants. The CFPB’s lawsuit alleges 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. After an initial period of pre-trial activity, the case was stayed on November 4, 2022, pending the Supreme Court review of the Fifth Circuit's decision in Community Financial v. CFPB. On May 29, 2024, the District Court lifted the stay, following the Supreme Court’s opinion in Community Financial v. CFPB. On November 7, 2024, the District Court denied the Company’s motion for partial summary judgement. The District Court has also ordered the parties to mediation. After an initial session in November 2024, the mediation was postponed pending the anticipated leadership transition at the CFPB. The District Court issued a stay order until June 2, 2025 to allow the parties to focus on settlement discussions. Another mediation session has been scheduled for May 14, 2025. The Company intends to vigorously defend itself in the action; however, the Company cannot predict the outcome or impact.

Gold Forward Sales Contracts

As of March 31, 2025, the Company had contractual commitments to deliver a total of 54,500 gold ounces between April 2025 and December 2026 at a weighted-average price of $2,318 per ounce. The ounces required to be delivered over this time period are less than the historical volume of scrap gold normally produced, and the Company expects to have the required gold ounces to meet the commitments as they come due.

XML

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company organizes its operations into three reportable segments as follows:

•U.S. pawn

•Latin America pawn

•Retail POS payment solutions (American First Finance “AFF”)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, gain on foreign exchange, merger and acquisition expenses, and other 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 three month period ended March 31, 2025 and 2024 as well as certain segment assets (in thousands):

	Three Months Ended March 31, 2025
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	251,225	$	120,532	$	—	$	(701)	(1)	$	371,056
Pawn loan fees	137,948		53,923		—		—			191,871
Leased merchandise income	—		—		156,918		—			156,918
Interest and fees on finance receivables	—		—		73,413		—			73,413
Wholesale scrap jewelry sales	33,492		9,673		—		—			43,165
Total revenue	422,665		184,128		230,331		(701)			836,423
Cost of revenue:
Cost of retail merchandise sold	145,758		78,739		—		(373)		(1)	224,124
Depreciation of leased merchandise	—		—		89,143		(324)		(1)	88,819
Provision for lease losses	—		—		27,604		(42)		(1)	27,562
Provision for loan losses	—		—		36,360		—			36,360
Cost of wholesale scrap jewelry sold	27,224		8,131		—		—			35,355
Total cost of revenue	172,982		86,870		153,107		(739)			412,220
Net revenue	249,683		97,258		77,224		38			424,203
Expenses and other income:
Operating expenses	128,951		61,417		24,218		—			214,586
Administrative expenses	—		—		—		48,523			48,523
Depreciation and amortization	7,600		4,436		705		12,761			25,502
Interest expense	—		—		—		27,471			27,471
Interest income	—		—		—		(1,229)			(1,229)
Gain on foreign exchange	—		—		—		(14)			(14)
Merger and acquisition expenses	—		—		—		462			462
Other income, net	—		—		—		(2,315)			(2,315)
Total expenses and other income	136,551		65,853		24,923		85,659			312,986
Income (loss) before income taxes	$	113,132	$	31,405	$	52,301	$	(85,621)		$	111,217

(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 March 31, 2025
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Pawn loans	$	365,972	$	133,738	$	—	$	—		$	499,710
Finance receivables, net	—		—		145,079		—			145,079
Inventories	246,237		88,463		—		—			334,700
Leased merchandise, net	—		—		103,809		(197)		(1)	103,612
Goodwill	1,153,513		175,421		486,205		—			1,815,139
Total assets	2,681,376		659,716		911,261		173,924			4,426,277

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

	Three Months Ended March 31, 2024
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	236,990	$	130,849	$	—	$	(1,018)	(1)	$	366,821
Pawn loan fees	122,974		56,561		—		—			179,535
Leased merchandise income	—		—		205,671		—			205,671
Interest and fees on finance receivables	—		—		57,387		—			57,387
Wholesale scrap jewelry sales	17,726		9,230		—		—			26,956
Total revenue	377,690		196,640		263,058		(1,018)			836,370
Cost of revenue:
Cost of retail merchandise sold	139,914		84,183		—		(568)		(1)	223,529
Depreciation of leased merchandise	—		—		120,774		(490)		(1)	120,284
Provision for lease losses	—		—		43,180		(170)		(1)	43,010
Provision for loan losses	—		—		30,418		—			30,418
Cost of wholesale scrap jewelry sold	15,266		8,023		—		—			23,289
Total cost of revenue	155,180		92,206		194,372		(1,228)			440,530
Net revenue	222,510		104,434		68,686		210			395,840
Expenses and other income:
Operating expenses	118,895		67,425		34,816		—			221,136
Administrative expenses	—		—		—		44,018			44,018
Depreciation and amortization	7,013		5,105		721		13,188			26,027
Interest expense	—		—		—		25,418			25,418
Interest income	—		—		—		(743)			(743)
Gain on foreign exchange	—		—		—		(186)			(186)
Merger and acquisition expenses	—		—		—		597			597
Other income, net	—		—		—		(2,312)			(2,312)
Total expenses and other income	125,908		72,530		35,537		79,980			313,955
Income (loss) before income taxes	$	96,602	$	31,904	$	33,149	$	(79,770)		$	81,885

(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 March 31, 2024
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Pawn loans	$	315,792	$	140,287	$	—	$	—		$	456,079
Finance receivables, net	—		—		105,653		—			105,653
Inventories	216,762		85,623		—		—			302,385
Leased merchandise, net	—		—		158,090		(305)		(1)	157,785
Goodwill	1,043,583		200,565		486,205		—			1,730,353
Total assets	2,391,699		703,046		983,803		168,904			4,247,452

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

XML

General (Policies)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated balance sheet as of December 31, 2024, 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, 2024, filed with the SEC on February 3, 2025. The consolidated financial statements as of March 31, 2025 and 2024, and for the three month periods ended March 31, 2025 and 2024, 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, 2025 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 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. The Company also has pawn operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

Use of Estimates

The preparation of interim 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.

Recent Accounting Pronouncements

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.

Fair Value Measurement

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.

XML

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):

	Three Months Ended
	March 31,
	2025		2024
Numerator:
Net income	$	83,591	$	61,368
Denominator:
Weighted-average common shares for calculating basic earnings per share	44,649		45,244
Effect of dilutive securities:
Restricted stock unit awards	140		143
Weighted-average common shares for calculating diluted earnings per share	44,789		45,387
Earnings per share:
Basic	$	1.87	$	1.36
Diluted	$	1.87	$	1.35

XML

Operating Leases (Tables)

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Operating lease expense	$	34,629	$	36,919
Variable lease expense (1)	4,804		5,021
Total operating lease expense	$	39,433	$	41,940

(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 three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	32,165	$	33,439
Leased assets obtained in exchange for new operating lease liabilities	$	30,641	$	19,924

Schedule of Maturity of Lease Liabilities

The following table details the maturity of lease liabilities for all operating leases as of March 31, 2025 (in thousands):

Nine months ending December 31, 2025	$	91,656
2026	103,788
2027	76,703
2028	54,487
2029	30,223
Thereafter	30,681
Total	$	387,538
Less amount of lease payments representing interest	(62,004)
Total present value of lease payments	$	325,534

XML

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value by Balance Sheet Grouping

The Company’s financial assets and liabilities as of March 31, 2025, March 31, 2024 and December 31, 2024 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):

	Carrying Value		Estimated Fair Value
	March 31,		March 31,		Fair Value Measurements Using
	2025		2025		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	146,034	$	146,034	$	146,034	$	—	$	—
Accounts receivable, net	71,166		71,166		—		—		71,166
Pawn loans	499,710		499,710		—		—		499,710
Finance receivables, net (1)	145,079		303,286		—		—		303,286
	$	861,989	$	1,020,196	$	146,034	$	—	$	874,162
Financial liabilities:
Revolving unsecured credit facilities	$	175,000	$	175,000	$	—	$	175,000	$	—
Senior unsecured notes (outstanding principal)	1,550,000		1,512,000		—		1,512,000		—
	$	1,725,000	$	1,687,000	$	—	$	1,687,000	$	—

(1)Finance receivables, gross as of March 31, 2025 was $297.0 million. See Note 5.

	Carrying Value		Estimated Fair Value
	March 31,		March 31,		Fair Value Measurements Using
	2024		2024		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	135,070	$	135,070	$	135,070	$	—	$	—
Accounts receivable, net	69,703		69,703		—		—		69,703
Pawn loans	456,079		456,079		—		—		456,079
Finance receivables, net (1)	105,653		227,922		—		—		227,922
	$	766,505	$	888,774	$	135,070	$	—	$	753,704
Financial liabilities:
Revolving unsecured credit facilities	$	15,000	$	15,000	$	—	$	15,000	$	—
Senior unsecured notes (outstanding principal)	1,550,000		1,489,000		—		1,489,000		—
	$	1,565,000	$	1,504,000	$	—	$	1,504,000	$	—

(1)Finance receivables, gross as of March 31, 2024 was $222.1 million. See Note 5.

	Carrying Value		Estimated Fair Value
	December 31,		December 31,		Fair Value Measurements Using
	2024		2024		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	175,095	$	175,095	$	175,095	$	—	$	—
Accounts receivable, net	73,325		73,325		—		—		73,325
Pawn loans	517,867		517,867		—		—		517,867
Finance receivables, net (1)	147,501		296,526		—		—		296,526
	$	913,788	$	1,062,813	$	175,095	$	—	$	887,718
Financial liabilities:
Revolving unsecured credit facilities	$	198,000	$	198,000	$	—	$	198,000	$	—
Senior unsecured notes (outstanding principal)	1,550,000		1,503,000		—		1,503,000		—
	$	1,748,000	$	1,701,000	$	—	$	1,701,000	$	—

(1)Finance receivables, gross as of December 31, 2024 were $294.2 million. See Note 5.

XML

Finance Receivables, Net (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31,				As of December 31,
	2025		2024		2024
Finance receivables, gross	$	296,999	$	222,087	$	294,166
Merchant partner discounts and premiums, net	(27,355)		(15,221)		(22,833)
Unearned origination fees	(6,223)		(5,193)		(6,827)
Finance receivables, amortized cost	263,421		201,673		264,506
Less allowance for loan losses	(118,342)		(96,020)		(117,005)
Finance receivables, net	$	145,079	$	105,653	$	147,501

Schedule of Allowance for Credit Losses

The following table details the changes in the allowance for loan losses (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Balance at beginning of period	$	117,005	$	96,454
Provision for loan losses	36,360		30,418
Charge-offs	(38,419)		(33,279)
Recoveries	3,396		2,427
Balance at end of period	$	118,342	$	96,020

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 March 31, 2025 and 2024, by origination year (in thousands):

	Origination Year
	2025		2024		2023		Total
As of March 31, 2025
Delinquency:
1 to 30 days past due	$	8,682	$	14,504	$	1,271	$	24,457
31 to 60 days past due	3,350		11,189		845		15,384
61 to 89 days past due (1)	735		10,288		742		11,765
Total past due finance receivables	12,767		35,981		2,858		51,606
Current finance receivables	88,669		114,138		9,008		211,815
Finance receivables, amortized cost	$	101,436	$	150,119	$	11,866	$	263,421
	Origination Year
	2024		2023		2022		Total
As of March 31, 2024
Delinquency:
1 to 30 days past due	$	6,215	$	12,594	$	1,304	$	20,113
31 to 60 days past due	1,950		7,526		704		10,180
61 to 89 days past due (1)	453		7,584		697		8,734
Total past due finance receivables	8,618		27,704		2,705		39,027
Current finance receivables	66,804		87,360		8,482		162,646
Finance receivables, amortized cost	$	75,422	$	115,064	$	11,187	$	201,673

(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due.

Finance Receivable, Charge-offs to allowance for credit losses

The following table details the gross charge-offs of finance receivables for the three months ended March 31, 2025 and 2024, by origination year (in thousands):

	Origination Year
	2025		2024		2023		2022		Total
Finance receivables gross charge-offs:
Gross charge-offs during the three months ended March 31, 2025	$	123	$	34,410	$	3,886	$	—	$	38,419
Gross charge-offs during the three months ended March 31, 2024	—		131		29,270		3,878		33,279

XML

Leased Merchandise, Net (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Leased Merchandise, Net

Leased merchandise, net consists of the following (in thousands):

	As of March 31,				As of December 31,
	2025		2024		2024
Leased merchandise	$	271,535	$	369,298	$	319,444
Processing fees	(2,276)		(4,022)		(2,960)
Merchant partner discounts and premiums, net	6		2,203		493
Accumulated depreciation	(96,868)		(114,431)		(108,283)
Leased merchandise, before allowance for lease losses	172,397		253,048		208,694
Less allowance for lease losses	(68,785)		(95,263)		(80,257)
Leased merchandise, net	$	103,612	$	157,785	$	128,437

Leased Merchandise, Allowance for Credit Loss

The following table details the changes in the allowance for lease losses (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Balance at beginning of period	$	80,257	$	95,127
Provision for lease losses	27,562		43,010
Charge-offs	(41,374)		(44,877)
Recoveries	2,340		2,003
Balance at end of period	$	68,785	$	95,263

XML

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31,				As of December 31,
	2025		2024		2024
Revolving unsecured credit facilities:
Revolving unsecured credit facility, maturing 2029 (1)	$	175,000	$	15,000	$	198,000
Revolving unsecured uncommitted credit facility, maturing 2027 (1)	—		—		—
Total revolving unsecured credit facilities	175,000		15,000		198,000
Senior unsecured notes:
4.625% senior unsecured notes due 2028 (2)	495,854		494,763		495,577
5.625% senior unsecured notes due 2030 (3)	544,384		543,388		544,130
6.875% senior unsecured notes due 2032 (4)	491,861		490,996		491,639
Total senior unsecured notes	1,532,099		1,529,147		1,531,346
Total long-term debt	$	1,707,099	$	1,544,147	$	1,729,346

(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 March 31, 2025, March 31, 2024 and December 31, 2024, deferred debt issuance costs of $4.1 million, $5.2 million and $4.4 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 March 31, 2025, March 31, 2024 and December 31, 2024, deferred debt issuance costs of $5.6 million, $6.6 million and $5.9 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.

(4)As of March 31, 2025, March 31, 2024 and December 31, 2024, deferred debt issuance costs of $8.1 million, $9.0 million and $8.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2032 in the accompanying consolidated balance sheets.

XML

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following tables present reportable segment information for the three month period ended March 31, 2025 and 2024 as well as certain segment assets (in thousands):

	Three Months Ended March 31, 2025
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	251,225	$	120,532	$	—	$	(701)	(1)	$	371,056
Pawn loan fees	137,948		53,923		—		—			191,871
Leased merchandise income	—		—		156,918		—			156,918
Interest and fees on finance receivables	—		—		73,413		—			73,413
Wholesale scrap jewelry sales	33,492		9,673		—		—			43,165
Total revenue	422,665		184,128		230,331		(701)			836,423
Cost of revenue:
Cost of retail merchandise sold	145,758		78,739		—		(373)		(1)	224,124
Depreciation of leased merchandise	—		—		89,143		(324)		(1)	88,819
Provision for lease losses	—		—		27,604		(42)		(1)	27,562
Provision for loan losses	—		—		36,360		—			36,360
Cost of wholesale scrap jewelry sold	27,224		8,131		—		—			35,355
Total cost of revenue	172,982		86,870		153,107		(739)			412,220
Net revenue	249,683		97,258		77,224		38			424,203
Expenses and other income:
Operating expenses	128,951		61,417		24,218		—			214,586
Administrative expenses	—		—		—		48,523			48,523
Depreciation and amortization	7,600		4,436		705		12,761			25,502
Interest expense	—		—		—		27,471			27,471
Interest income	—		—		—		(1,229)			(1,229)
Gain on foreign exchange	—		—		—		(14)			(14)
Merger and acquisition expenses	—		—		—		462			462
Other income, net	—		—		—		(2,315)			(2,315)
Total expenses and other income	136,551		65,853		24,923		85,659			312,986
Income (loss) before income taxes	$	113,132	$	31,405	$	52,301	$	(85,621)		$	111,217

(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 March 31, 2025
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Pawn loans	$	365,972	$	133,738	$	—	$	—		$	499,710
Finance receivables, net	—		—		145,079		—			145,079
Inventories	246,237		88,463		—		—			334,700
Leased merchandise, net	—		—		103,809		(197)		(1)	103,612
Goodwill	1,153,513		175,421		486,205		—			1,815,139
Total assets	2,681,376		659,716		911,261		173,924			4,426,277

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

	Three Months Ended March 31, 2024
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	236,990	$	130,849	$	—	$	(1,018)	(1)	$	366,821
Pawn loan fees	122,974		56,561		—		—			179,535
Leased merchandise income	—		—		205,671		—			205,671
Interest and fees on finance receivables	—		—		57,387		—			57,387
Wholesale scrap jewelry sales	17,726		9,230		—		—			26,956
Total revenue	377,690		196,640		263,058		(1,018)			836,370
Cost of revenue:
Cost of retail merchandise sold	139,914		84,183		—		(568)		(1)	223,529
Depreciation of leased merchandise	—		—		120,774		(490)		(1)	120,284
Provision for lease losses	—		—		43,180		(170)		(1)	43,010
Provision for loan losses	—		—		30,418		—			30,418
Cost of wholesale scrap jewelry sold	15,266		8,023		—		—			23,289
Total cost of revenue	155,180		92,206		194,372		(1,228)			440,530
Net revenue	222,510		104,434		68,686		210			395,840
Expenses and other income:
Operating expenses	118,895		67,425		34,816		—			221,136
Administrative expenses	—		—		—		44,018			44,018
Depreciation and amortization	7,013		5,105		721		13,188			26,027
Interest expense	—		—		—		25,418			25,418
Interest income	—		—		—		(743)			(743)
Gain on foreign exchange	—		—		—		(186)			(186)
Merger and acquisition expenses	—		—		—		597			597
Other income, net	—		—		—		(2,312)			(2,312)
Total expenses and other income	125,908		72,530		35,537		79,980			313,955
Income (loss) before income taxes	$	96,602	$	31,904	$	33,149	$	(79,770)		$	81,885

(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 March 31, 2024
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Pawn loans	$	315,792	$	140,287	$	—	$	—		$	456,079
Finance receivables, net	—		—		105,653		—			105,653
Inventories	216,762		85,623		—		—			302,385
Leased merchandise, net	—		—		158,090		(305)		(1)	157,785
Goodwill	1,043,583		200,565		486,205		—			1,730,353
Total assets	2,391,699		703,046		983,803		168,904			4,247,452

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

XML

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net income	$ 83,591	$ 61,368
Denominator:
Weighted-average common shares for calculating basic earnings per share (shares)	44,649	45,244
Stock options and nonvested stock awards (shares)	140	143
Weighted-average common shares for calculating diluted earnings per share (shares)	44,789	45,387
Earnings per share:
Basic (USD per share)	$ 1.87	$ 1.36
Diluted (USD per share)	$ 1.87	$ 1.35

XML

Operating Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	4 years 2 months 12 days	3 years 10 months 24 days
Weighted average discount rate (as a percent)	8.60%	8.20%
Foreign currency transaction gain (loss), net	$ 14	$ 186
Operating Lease Income
Lessee, Lease, Description [Line Items]
Foreign currency transaction gain (loss), net	$ (100)	$ 200
Minimum
Lessee, Lease, Description [Line Items]
General term of leased facilities	3 years
Leased facilities renewal term	3 years
Maximum
Lessee, Lease, Description [Line Items]
General term of leased facilities	5 years
Leased facilities renewal term	5 years

XML

Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Operating lease expense	$ 34,629	$ 36,919
Variable lease expense	4,804	5,021
Total operating lease expense	$ 39,433	$ 41,940

XML

Operating Leases - Lease Maturities (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Leases [Abstract]
Nine months ending December 31, 2025	$ 91,656
Year one	103,788
Year two	76,703
Year three	54,487
Year four	30,223
Thereafter	30,681
Total	387,538
Less amount of lease payments representing interest	(62,004)
Total present value of lease payments	$ 325,534

XML

Operating Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 32,165	$ 33,439
Leased assets obtained in exchange for new operating lease liabilities	$ 30,641	$ 19,924

XML

Fair Value of Financial Instruments - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables, gross	$ 296,999	$ 294,166	$ 222,087
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	146,034	175,095	135,070
Accounts receivable, net	71,166	73,325	69,703
Total assets	861,989	913,788	766,505
Total liabilities	1,725,000	1,748,000	1,565,000
Carrying Value | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	175,000	198,000	15,000
Carrying Value | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,550,000	1,550,000	1,550,000
Carrying Value | Pawn loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	499,710	517,867	456,079
Carrying Value | Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	145,079	147,501	105,653
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	146,034	175,095	135,070
Accounts receivable, net	71,166	73,325	69,703
Total assets	1,020,196	1,062,813	888,774
Total liabilities	1,687,000	1,701,000	1,504,000
Estimated Fair Value | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	175,000	198,000	15,000
Estimated Fair Value | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,512,000	1,503,000	1,489,000
Estimated Fair Value | Pawn loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	499,710	517,867	456,079
Estimated Fair Value | Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	303,286	296,526	227,922
Estimated Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	146,034	175,095	135,070
Accounts receivable, net	0	0	0
Total assets	146,034	175,095	135,070
Total liabilities	0	0	0
Estimated Fair Value | Level 1 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0	0
Estimated Fair Value | Level 1 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0	0
Estimated Fair Value | Level 1 | Pawn loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	0	0	0
Estimated Fair Value | Level 1 | Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	0	0	0
Estimated Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0	0
Accounts receivable, net	0	0	0
Total assets	0	0	0
Total liabilities	1,687,000	1,701,000	1,504,000
Estimated Fair Value | Level 2 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	175,000	198,000	15,000
Estimated Fair Value | Level 2 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,512,000	1,503,000	1,489,000
Estimated Fair Value | Level 2 | Pawn loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	0	0	0
Estimated Fair Value | Level 2 | Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	0	0	0
Estimated Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0	0
Accounts receivable, net	71,166	73,325	69,703
Total assets	874,162	887,718	753,704
Total liabilities	0	0	0
Estimated Fair Value | Level 3 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0	0
Estimated Fair Value | Level 3 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0	0
Estimated Fair Value | Level 3 | Pawn loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	499,710	517,867	456,079
Estimated Fair Value | Level 3 | Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	$ 303,286	$ 296,526	$ 227,922

XML

Finance Receivables, Net (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Finance receivables, gross	$ 296,999	$ 222,087	$ 294,166
Merchant partner discounts and premiums, net	(27,355)	(15,221)	(22,833)
Unearned origination fees	(6,223)	(5,193)	(6,827)
Finance receivables, amortized cost	263,421	201,673	264,506
Less allowance for loan losses	(118,342)	(96,020)	(117,005)	$ (96,454)
Finance receivables, net	$ 145,079	$ 105,653	$ 147,501

XML

Finance Receivables, Net - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 117,005	$ 96,454
Provision for loan losses	36,360	30,418
Charge-offs	(38,419)	(33,279)
Recoveries	3,396	2,427
Balance at end of period	$ 118,342	$ 96,020

XML

Finance Receivables, Net - Aging of Finance Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	$ 263,421	$ 264,506	$ 201,673
Finance receivable, before allowance for credit loss, premium and discount			201,673
Current Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	101,436
Prior Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost			150,119
Finance receivable, before allowance for credit loss, premium and discount			75,422
Two Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost				$ 11,866
Finance receivable, before allowance for credit loss, premium and discount			115,064
Three Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivable, before allowance for credit loss, premium and discount			11,187
Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	24,457
Finance receivable, before allowance for credit loss, premium and discount			20,113
Financial Asset, 1 to 29 Days Past Due | Current Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	8,682
Financial Asset, 1 to 29 Days Past Due | Prior Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost			14,504
Finance receivable, before allowance for credit loss, premium and discount			6,215
Financial Asset, 1 to 29 Days Past Due | Two Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost				1,271
Finance receivable, before allowance for credit loss, premium and discount			12,594
Financial Asset, 1 to 29 Days Past Due | Three Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivable, before allowance for credit loss, premium and discount			1,304
Financial Asset, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	15,384
Finance receivable, before allowance for credit loss, premium and discount			10,180
Financial Asset, 30 to 59 Days Past Due | Current Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	3,350
Financial Asset, 30 to 59 Days Past Due | Prior Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost			11,189
Finance receivable, before allowance for credit loss, premium and discount			1,950
Financial Asset, 30 to 59 Days Past Due | Two Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost				845
Finance receivable, before allowance for credit loss, premium and discount			7,526
Financial Asset, 30 to 59 Days Past Due | Three Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivable, before allowance for credit loss, premium and discount			704
Financial Asset, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	11,765
Finance receivable, before allowance for credit loss, premium and discount			8,734
Financial Asset, 60 to 89 Days Past Due | Current Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	735
Financial Asset, 60 to 89 Days Past Due | Prior Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost			10,288
Finance receivable, before allowance for credit loss, premium and discount			453
Financial Asset, 60 to 89 Days Past Due | Two Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost				742
Finance receivable, before allowance for credit loss, premium and discount			7,584
Financial Asset, 60 to 89 Days Past Due | Three Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivable, before allowance for credit loss, premium and discount			697
Total past due
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	51,606
Finance receivable, before allowance for credit loss, premium and discount			39,027
Total past due | Current Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	12,767
Total past due | Prior Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost			35,981
Finance receivable, before allowance for credit loss, premium and discount			8,618
Total past due | Two Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost				2,858
Finance receivable, before allowance for credit loss, premium and discount			27,704
Total past due | Three Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivable, before allowance for credit loss, premium and discount			2,705
Financial Asset, Not Past Due
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	211,815
Finance receivable, before allowance for credit loss, premium and discount			162,646
Financial Asset, Not Past Due | Current Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	$ 88,669
Financial Asset, Not Past Due | Prior Year
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost			114,138
Finance receivable, before allowance for credit loss, premium and discount			66,804
Financial Asset, Not Past Due | Two Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost				$ 9,008
Finance receivable, before allowance for credit loss, premium and discount			87,360
Financial Asset, Not Past Due | Three Years Prior
Financing Receivable, Past Due [Line Items]
Finance receivable, before allowance for credit loss, premium and discount			$ 8,482

XML

Finance Receivables, Charge - offs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Schedule of Finance Receivable Charge-offs to Allowance for credit losses [Line Items]
Financing receivable, allowance for credit loss, writeoff	$ 38,419	$ 33,279
Current Year
Schedule of Finance Receivable Charge-offs to Allowance for credit losses [Line Items]
Financing receivable, allowance for credit loss, writeoff	123	0
Prior Year
Schedule of Finance Receivable Charge-offs to Allowance for credit losses [Line Items]
Financing receivable, allowance for credit loss, writeoff	34,410	131
Two Years Prior
Schedule of Finance Receivable Charge-offs to Allowance for credit losses [Line Items]
Financing receivable, allowance for credit loss, writeoff	3,886	29,270
Three Years Prior
Schedule of Finance Receivable Charge-offs to Allowance for credit losses [Line Items]
Financing receivable, allowance for credit loss, writeoff	$ 0	$ 3,878

XML

Leased Merchandise, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Leased merchandise	$ 271,535	$ 319,444	$ 369,298
Processing fees	(2,276)	(2,960)	(4,022)
Merchant partner discounts and premiums, net	6	493	2,203
Accumulated depreciation	(96,868)	(108,283)	(114,431)
Leased merchandise, before allowance for lease losses	172,397	208,694	253,048
Less allowance for lease losses	(68,785)	(80,257)	(95,263)	$ (95,127)
Leased merchandise, net	$ 103,612	$ 128,437	$ 157,785

XML

Leased Merchandise, Net - (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leased Merchandise, Allowance for Credit loss Roll Forward [Roll Forward]
Balance at beginning of period	$ 80,257	$ 95,127
Provision for lease losses	27,562	43,010
Charge-offs	(41,374)	(44,877)
Recoveries	2,340	2,003
Balance at end of period	$ 68,785	$ 95,263

XML

Long-Term Debt - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Feb. 21, 2024	Dec. 13, 2021	Aug. 26, 2020
Debt Instrument [Line Items]
Total long-term debt	$ 1,707,099	$ 1,729,346	$ 1,544,147
Line of Credit
Debt Instrument [Line Items]
Total long-term debt	175,000	198,000	15,000
Senior Notes
Debt Instrument [Line Items]
Total long-term debt	1,532,099	1,531,346	1,529,147
Revolving Unsecured Credit Facility due 2029 | Line of Credit
Debt Instrument [Line Items]
Total long-term debt	175,000	198,000	15,000
Revolving Unsecured Uncommitted Credit Facility due 2027 | Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 0	0	0
4.625% senior unsecured notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.625%					4.625%
Total long-term debt	$ 495,854	495,577	494,763
Deferred finance costs, net	$ 4,100	4,400	5,200
5.625% Senior Unsecured Notes due 2030 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.625%				5.625%
Total long-term debt	$ 544,384	544,130	543,388
Deferred finance costs, net	$ 5,600	5,900	6,600
6.875% Senior Unsecured Notes due 2032 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.875%			6.875%
Total long-term debt	$ 491,861	491,639	490,996
Deferred finance costs, net	$ 8,100	$ 8,400	$ 9,000

XML

Long-Term Debt - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)	Mar. 31, 2025 MXN ($)	Aug. 08, 2024 USD ($)	Feb. 21, 2024 USD ($)	Dec. 13, 2021 USD ($)	Aug. 26, 2020 USD ($)
Line of Credit | Secured overnight financing rate (SOFR) overnight index swap rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Revolving Unsecured Credit Facility due 2029 | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 700,000,000.0
Amount outstanding	$ 175,000,000.0
Letters of credit outstanding	2,700,000
Remaining borrowing capacity	$ 522,300,000
Commitment fee (as a percent)	0.325%
Interest rate at end of period (as a percent)	6.82%	6.82%
Net proceeds	$ (23,000,000.0)
Revolving Unsecured Credit Facility due 2029 | Line of Credit | Minimum
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.00%	0.00%
Revolving Unsecured Credit Facility due 2029 | Line of Credit | Prime rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Revolving Unsecured Uncommitted Credit Facility due 2027 | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 600.0
Remaining borrowing capacity	$ 29,500,000	$ 600.0
Revolving Unsecured Uncommitted Credit Facility due 2027 | Line of Credit | Mexican central bank interbank equilibrium rate (TIIE)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%
4.625% senior unsecured notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.625%	4.625%				4.625%
Face amount						$ 500,000,000.0
Debt ratio threshold	2.75	2.75
5.625% Senior Unsecured Notes due 2030 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.625%	5.625%			5.625%
Face amount					$ 550,000,000.0
Debt ratio threshold	3.0	3.0
6.875% Senior Unsecured Notes due 2032 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.875%	6.875%		6.875%
Face amount				$ 500,000,000.0
Debt ratio threshold	3.0	3.0
Debt ratio	2.6	2.6

XML

Commitments and Contingencies (Details) - Gold, Ounces - Forward Contracts	Mar. 31, 2025 oz $ / oz
Guarantor Obligations [Line Items]
Investment contract weight | oz	54,500
Derivative, average forward price | $ / oz	2,318

XML

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Schedule of Revenues from External Customers [Line Items]
Number of reportable segments | segment	3
Revenue:
Retail merchandise sales	$ 371,056	$ 366,821
Pawn loan fees	191,871	179,535
Leased merchandise income	156,918	205,671
Interest and fees on finance receivables	73,413	57,387
Wholesale scrap jewelry sales	43,165	26,956
Total revenue	836,423	836,370
Cost of revenue:
Cost of retail merchandise sold	224,124	223,529
Depreciation of leased merchandise	88,819	120,284
Provision for lease losses	27,562	43,010
Provision for loan losses	36,360	30,418
Cost of wholesale scrap jewelry sold	35,355	23,289
Total cost of revenue	412,220	440,530
Net revenue	424,203	395,840
Expenses and other income:
Operating expenses	214,586	221,136
Administrative expenses	48,523	44,018
Depreciation and amortization	25,502	26,027
Interest expense	27,471	25,418
Interest income	(1,229)	(743)
Gain on foreign exchange	(14)	(186)
Merger and acquisition expenses	462	597
Other income, net	(2,315)	(2,312)
Total expenses and other income	312,986	313,955
Income (loss) before income taxes	111,217	81,885
Pawn loans	499,710	456,079	$ 517,867
Finance receivables, net	145,079	105,653	147,501
Inventories	334,700	302,385	334,580
Leased merchandise, net	103,612	157,785	128,437
Goodwill	1,815,139	1,730,353	1,787,172
Assets	4,426,277	4,247,452	$ 4,476,986
Corporate/ Eliminations
Revenue:
Retail merchandise sales	(701)	(1,018)
Pawn loan fees	0	0
Leased merchandise income	0	0
Interest and fees on finance receivables	0	0
Wholesale scrap jewelry sales	0	0
Total revenue	(701)	(1,018)
Cost of revenue:
Cost of retail merchandise sold	(373)	(568)
Depreciation of leased merchandise	(324)	(490)
Provision for lease losses	(42)	(170)
Provision for loan losses	0	0
Cost of wholesale scrap jewelry sold	0	0
Total cost of revenue	(739)	(1,228)
Net revenue	38	210
Expenses and other income:
Operating expenses	0	0
Administrative expenses	48,523	44,018
Depreciation and amortization	12,761	13,188
Interest expense	27,471	25,418
Interest income	(1,229)	(743)
Gain on foreign exchange	(14)	(186)
Merger and acquisition expenses	462	597
Other income, net	(2,315)	(2,312)
Total expenses and other income	85,659	79,980
Income (loss) before income taxes	(85,621)	(79,770)
Pawn loans	0	0
Finance receivables, net	0	0
Inventories	0	0
Leased merchandise, net	(197)	(305)
Goodwill	0	0
Assets	173,924	168,904
Operating Segments | UNITED STATES | Retail POS Payment Solutions
Revenue:
Retail merchandise sales	0	0
Pawn loan fees	0	0
Leased merchandise income	156,918	205,671
Interest and fees on finance receivables	73,413	57,387
Wholesale scrap jewelry sales	0	0
Total revenue	230,331	263,058
Cost of revenue:
Cost of retail merchandise sold	0	0
Depreciation of leased merchandise	89,143	120,774
Provision for lease losses	27,604	43,180
Provision for loan losses	36,360	30,418
Cost of wholesale scrap jewelry sold	0	0
Total cost of revenue	153,107	194,372
Net revenue	77,224	68,686
Expenses and other income:
Operating expenses	24,218	34,816
Administrative expenses	0	0
Depreciation and amortization	705	721
Interest expense	0	0
Interest income	0	0
Gain on foreign exchange	0	0
Merger and acquisition expenses	0	0
Other income, net	0	0
Total expenses and other income	24,923	35,537
Income (loss) before income taxes	52,301	33,149
Pawn loans	0	0
Finance receivables, net	145,079	105,653
Inventories	0	0
Leased merchandise, net	103,809	158,090
Goodwill	486,205	486,205
Assets	911,261	983,803
Operating Segments | UNITED STATES | Pawn Segment
Revenue:
Retail merchandise sales	251,225	236,990
Pawn loan fees	137,948	122,974
Leased merchandise income	0	0
Interest and fees on finance receivables	0	0
Wholesale scrap jewelry sales	33,492	17,726
Total revenue	422,665	377,690
Cost of revenue:
Cost of retail merchandise sold	145,758	139,914
Depreciation of leased merchandise	0	0
Provision for lease losses	0	0
Provision for loan losses	0	0
Cost of wholesale scrap jewelry sold	27,224	15,266
Total cost of revenue	172,982	155,180
Net revenue	249,683	222,510
Expenses and other income:
Operating expenses	128,951	118,895
Administrative expenses	0	0
Depreciation and amortization	7,600	7,013
Interest expense	0	0
Interest income	0	0
Gain on foreign exchange	0	0
Merger and acquisition expenses	0	0
Other income, net	0	0
Total expenses and other income	136,551	125,908
Income (loss) before income taxes	113,132	96,602
Pawn loans	365,972	315,792
Finance receivables, net	0	0
Inventories	246,237	216,762
Leased merchandise, net	0	0
Goodwill	1,153,513	1,043,583
Assets	2,681,376	2,391,699
Operating Segments | Latin America | Latin America Pawn Segment
Revenue:
Retail merchandise sales	120,532	130,849
Pawn loan fees	53,923	56,561
Leased merchandise income	0	0
Interest and fees on finance receivables	0	0
Wholesale scrap jewelry sales	9,673	9,230
Total revenue	184,128	196,640
Cost of revenue:
Cost of retail merchandise sold	78,739	84,183
Depreciation of leased merchandise	0	0
Provision for lease losses	0	0
Provision for loan losses	0	0
Cost of wholesale scrap jewelry sold	8,131	8,023
Total cost of revenue	86,870	92,206
Net revenue	97,258	104,434
Expenses and other income:
Operating expenses	61,417	67,425
Administrative expenses	0	0
Depreciation and amortization	4,436	5,105
Interest expense	0	0
Interest income	0	0
Gain on foreign exchange	0	0
Merger and acquisition expenses	0	0
Other income, net	0	0
Total expenses and other income	65,853	72,530
Income (loss) before income taxes	31,405	31,904
Pawn loans	133,738	140,287
Finance receivables, net	0	0
Inventories	88,463	85,623
Leased merchandise, net	0	0
Goodwill	175,421	200,565
Assets	$ 659,716	$ 703,046