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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 September 30, 2019
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
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13165352&doc=11
FIRSTCASH, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
75-2237318
(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)

NONE
(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 Exchange Act.
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 Exchange Act.    

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

As of October 22, 2019, there were 42,679,475 shares of common stock outstanding.






FIRSTCASH, INC.
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2019

INDEX

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




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 and prospects of FirstCash, 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 and future plans. Forward-looking statements can also be identified by the fact that 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 such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this quarterly report. Such factors may include, without limitation, the risks, uncertainties and regulatory developments discussed and described in (1) the Company’s 2018 annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 5, 2019, including the risks described in Part 1, Item 1A, “Risk Factors” thereof, (2) in this quarterly report on Form 10-Q, and (3) 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, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
 
 
 
 
 
 
 
September 30,
 
December 31,
 
 
2019
 
2018
 
2018
ASSETS
 
 
 
 
 
 
Cash and cash equivalents
 
$
61,183

 
$
57,025

 
$
71,793

Fees and service charges receivable
 
48,587

 
49,141

 
45,430

Pawn loans
 
385,907

 
387,733

 
362,941

Consumer loans, net
 
895

 
17,804

 
15,902

Inventories
 
281,921

 
277,438

 
275,130

Income taxes receivable
 
1,944

 
1,065

 
1,379

Prepaid expenses and other current assets
 
9,275

 
18,396

 
17,317

Total current assets
 
789,712

 
808,602

 
789,892

 
 
 
 
 
 
 
Property and equipment, net
 
300,087

 
250,088

 
251,645

Operating lease right of use asset
 
288,460

 

 

Goodwill
 
936,562

 
906,322

 
917,419

Intangible assets, net
 
86,468

 
88,900

 
88,140

Other assets
 
10,880

 
50,635

 
49,238

Deferred tax assets
 
10,624

 
11,933

 
11,640

Total assets
 
$
2,422,793

 
$
2,116,480

 
$
2,107,974

 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
$
81,999

 
$
103,223

 
$
96,928

Customer deposits
 
41,686

 
35,874

 
35,368

Income taxes payable
 
713

 
279

 
749

Lease liability, current
 
83,328

 

 

Total current liabilities
 
207,726

 
139,376

 
133,045

 
 
 
 
 
 
 
Revolving unsecured credit facility
 
340,000

 
305,000

 
295,000

Senior unsecured notes
 
296,394

 
295,722

 
295,887

Deferred tax liabilities
 
61,240

 
52,149

 
54,854

Lease liability, non-current
 
181,257

 

 

Other liabilities
 

 
12,505

 
11,084

Total liabilities
 
1,086,617

 
804,752

 
789,870

 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
Preferred stock
 

 

 

Common stock
 
493

 
493

 
493

Additional paid-in capital
 
1,229,793

 
1,222,947

 
1,224,608

Retained earnings
 
684,865

 
569,691

 
606,810

Accumulated other comprehensive loss
 
(113,516
)
 
(97,970
)
 
(113,117
)
Common stock held in treasury, at cost
 
(465,459
)
 
(383,433
)
 
(400,690
)
Total stockholders’ equity
 
1,336,176

 
1,311,728

 
1,318,104

Total liabilities and stockholders’ equity
 
$
2,422,793

 
$
2,116,480

 
$
2,107,974

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

1


FIRSTCASH, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share amounts)
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenue:
 
 
 
 
 
 
 
 
Retail merchandise sales
 
$
281,358

 
$
256,417

 
$
844,353

 
$
782,000

Pawn loan fees
 
142,879

 
134,613

 
420,994

 
387,418

Wholesale scrap jewelry sales
 
25,661

 
24,650

 
82,352

 
86,850

Consumer loan and credit services fees
 
2,561

 
14,198

 
18,378

 
43,382

Total revenue
 
452,459

 
429,878

 
1,366,077

 
1,299,650

 
 
 
 
 
 
 
 
 
Cost of revenue:
 
 
 
 
 
 
 
 
Cost of retail merchandise sold
 
178,597

 
163,287

 
534,218

 
501,358

Cost of wholesale scrap jewelry sold
 
22,660

 
23,859

 
76,947

 
80,430

Consumer loan and credit services loss provision
 
223

 
5,474

 
3,829

 
13,095

Total cost of revenue
 
201,480

 
192,620

 
614,994

 
594,883

 
 
 
 
 
 
 
 
 
Net revenue
 
250,979

 
237,258

 
751,083

 
704,767

 
 
 
 
 
 
 
 
 
Expenses and other income:
 
 
 
 
 
 
 
 
Store operating expenses
 
149,819

 
141,720

 
445,018

 
418,111

Administrative expenses
 
30,576

 
29,977

 
94,426

 
87,699

Depreciation and amortization
 
10,674

 
10,850

 
31,058

 
33,085

Interest expense
 
8,922

 
7,866

 
25,840

 
20,593

Interest income
 
(429
)
 
(495
)
 
(788
)
 
(2,216
)
Merger and other acquisition expenses
 
805

 
3,222

 
1,510

 
5,574

Loss (gain) on foreign exchange
 
1,648

 
35

 
926

 
(212
)
Total expenses and other income
 
202,015

 
193,175

 
597,990

 
562,634

 
 
 
 
 
 
 
 
 
Income before income taxes
 
48,964

 
44,083

 
153,093

 
142,133

 
 
 
 
 
 
 
 
 
Provision for income taxes
 
14,203

 
10,758

 
42,629

 
37,002

 
 
 
 
 
 
 
 
 
Net income
 
$
34,761

 
$
33,325

 
$
110,464

 
$
105,131

 
 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.81

 
$
0.76

 
$
2.56

 
$
2.33

Diluted
 
$
0.81

 
$
0.76

 
$
2.55

 
$
2.33

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

2


FIRSTCASH, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
34,761

 
$
33,325

 
$
110,464

 
$
105,131

Other comprehensive income:
 
 
 
 
 
 
 
 
Currency translation adjustment
 
(9,584
)
 
16,698

 
(399
)
 
13,907

Comprehensive income
 
$
25,177

 
$
50,023

 
$
110,065

 
$
119,038

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


3


FIRSTCASH, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited, in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2019
 
 
Preferred
Stock
 
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
 
 
 
 
 
 
 
Shares
 
Amount
 
 
As of 12/31/2018
 

 
$

 
49,276

 
$
493

 
$
1,224,608

 
$
606,810

 
$
(113,117
)
 
5,673

 
$
(400,690
)
 
$
1,318,104

Shares issued under share-based com-pensation plan
 

 

 

 

 
(1,441
)
 

 

 
(21
)
 
1,441

 

Share-based compensa-tion expense
 

 

 

 

 
2,315

 

 

 

 

 
2,315

Net income
 

 

 

 

 

 
42,655

 

 

 

 
42,655

Cash dividends ($0.25 per share)
 

 

 

 

 

 
(10,891
)
 

 

 

 
(10,891
)
Currency translation adjustment
 

 

 

 

 

 

 
5,423

 

 

 
5,423

Purchases of treasury stock
 

 

 

 

 

 

 

 
343

 
(29,190
)
 
(29,190
)
As of 3/31/2019
 

 
$

 
49,276

 
$
493

 
$
1,225,482

 
$
638,574

 
$
(107,694
)
 
5,995

 
$
(428,439
)
 
$
1,328,416

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercise of stock options
 

 

 

 

 
(319
)
 

 

 
(10
)
 
719

 
400

Share-based compensa-tion expense
 

 

 

 

 
2,315

 

 

 

 

 
2,315

Net income
 

 

 

 

 

 
33,048

 

 

 

 
33,048

Cash dividends ($0.25 per share)
 

 

 

 

 

 
(10,777
)
 

 

 

 
(10,777
)
Currency translation adjustment
 

 

 

 

 

 

 
3,762

 

 

 
3,762

Purchases of treasury stock
 

 

 

 

 

 

 

 
328

 
(30,222
)
 
(30,222
)
As of 6/30/2019
 

 
$

 
49,276

 
$
493

 
$
1,227,478

 
$
660,845

 
$
(103,932
)
 
6,313

 
$
(457,942
)
 
$
1,326,942

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

4


FIRSTCASH, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
CONTINUED
(unaudited, in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred
Stock
 
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
 
 
 
 
 
 
 
Shares
 
Amount
 
 
Share-based compensa-tion expense
 

 

 

 

 
2,315

 

 

 

 

 
2,315

Net income
 

 

 

 

 

 
34,761

 

 

 

 
34,761

Cash dividends ($0.25 per share)
 

 

 

 

 

 
(10,741
)
 

 

 

 
(10,741
)
Currency translation adjustment
 

 

 

 

 

 

 
(9,584
)
 

 

 
(9,584
)
Purchases of treasury stock
 

 

 

 

 

 

 

 
80

 
(7,517
)
 
(7,517
)
As of 9/30/2019
 

 
$

 
49,276

 
$
493

 
$
1,229,793

 
$
684,865

 
$
(113,516
)
 
6,393

 
$
(465,459
)
 
$
1,336,176

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

5


FIRSTCASH, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
CONTINUED
(unaudited, in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2018
 
 
Preferred
Stock
 
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
 
 
 
 
 
 
 
Shares
 
Amount
 
 
As of 12/31/2017
 

 
$

 
49,276

 
$
493

 
$
1,220,356

 
$
494,457

 
$
(111,877
)
 
2,362

 
$
(128,096
)
 
$
1,475,333

Shares issued under share-based com-pensation plan
 

 

 

 

 
(1,240
)
 

 

 
(22
)
 
1,240

 

Share-based compensa-tion expense
 

 

 

 

 
1,375

 

 

 

 

 
1,375

Net income
 

 

 

 

 

 
41,635

 

 

 

 
41,635

Cash dividends ($0.22 per share)
 

 

 

 

 

 
(10,245
)
 

 

 

 
(10,245
)
Currency translation adjustment
 

 

 

 

 

 

 
21,834

 

 

 
21,834

Purchases of treasury stock
 

 

 

 

 

 

 

 
1,378

 
(105,646
)
 
(105,646
)
As of 3/31/2018
 

 
$

 
49,276

 
$
493

 
$
1,220,491

 
$
525,847

 
$
(90,043
)
 
3,718

 
$
(232,502
)
 
$
1,424,286

Exercise of stock options
 

 

 

 

 
(294
)
 

 

 
(10
)
 
694

 
400

Share-based compensa-tion expense
 

 

 

 

 
1,375

 

 

 

 

 
1,375

Net income
 

 

 

 

 

 
30,171

 

 

 

 
30,171

Cash dividends ($0.22 per share)
 

 

 

 

 

 
(9,921
)
 

 

 

 
(9,921
)
Currency translation adjustment
 

 

 

 

 

 

 
(24,625
)
 

 

 
(24,625
)
Purchases of treasury stock
 

 

 

 

 

 

 

 
1,241

 
(111,642
)
 
(111,642
)
As of 6/30/2018
 

 
$

 
49,276

 
$
493

 
$
1,221,572

 
$
546,097

 
$
(114,668
)
 
4,949

 
$
(343,450
)
 
$
1,310,044

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6


FIRSTCASH, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
CONTINUED
(unaudited, in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred
Stock
 
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
 
 
 
 
 
 
 
Shares
 
Amount
 
 
Share-based compensa-tion expense
 

 

 

 

 
1,375

 

 

 

 

 
1,375

Net income
 

 

 

 

 

 
33,325

 

 

 

 
33,325

Cash dividends ($0.22 per share)
 

 

 

 

 

 
(9,731
)
 

 

 

 
(9,731
)
Currency translation adjustment
 

 

 

 

 

 

 
16,698

 

 

 
16,698

Purchases of treasury stock
 

 

 

 

 

 

 

 
495

 
(39,983
)
 
(39,983
)
As of 9/30/2018
 

 
$

 
49,276

 
$
493

 
$
1,222,947

 
$
569,691

 
$
(97,970
)
 
5,444

 
$
(383,433
)
 
$
1,311,728

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

7


FIRSTCASH, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
 
 
Nine Months Ended
 
 
September 30,
 
 
2019
 
2018
Cash flow from operating activities:
 
 
 
 
Net income
 
$
110,464

 
$
105,131

Adjustments to reconcile net income to net cash flow provided by operating activities:
 
 
 
 
Non-cash portion of credit loss provision
 
2,351

 
7,101

Share-based compensation expense
 
6,945

 
4,125

Depreciation and amortization expense
 
31,058

 
33,085

Amortization of debt issuance costs
 
1,429

 
1,448

Amortization of favorable/(unfavorable) lease intangibles, net
 

 
(341
)
Deferred income taxes, net
 
7,451

 
4,953

Changes in operating assets and liabilities, net of business combinations:
 
 
 
 
Fees and service charges receivable
 
(2,475
)
 
(3,988
)
Inventories
 
(358
)
 
3,227

Prepaid expenses and other assets
 
576

 
(10
)
Accounts payable, accrued liabilities and other liabilities
 
7,020

 
4,857

Income taxes
 
(637
)
 
14,631

Net cash flow provided by operating activities
 
163,824

 
174,219

Cash flow from investing activities:
 
 
 
 
Loan receivables, net of cash repayments
 
(2,998
)
 
(13,055
)
Purchases of furniture, fixtures, equipment and improvements
 
(33,104
)
 
(25,768
)
Purchases of store real property
 
(42,954
)
 
(14,986
)
Acquisitions of pawn stores, net of cash acquired
 
(41,986
)
 
(88,387
)
Net cash flow used in investing activities
 
(121,042
)
 
(142,196
)
Cash flow from financing activities:
 
 
 
 
Borrowings from revolving unsecured credit facility
 
191,000

 
357,500

Repayments of revolving unsecured credit facility
 
(146,000
)
 
(159,500
)
Purchases of treasury stock
 
(67,221
)
 
(258,545
)
Proceeds from exercise of share-based compensation awards
 
400

 
400

Dividends paid
 
(32,409
)
 
(29,897
)
Net cash flow used in financing activities
 
(54,230
)
 
(90,042
)
Effect of exchange rates on cash
 
838

 
621

Change in cash and cash equivalents
 
(10,610
)
 
(57,398
)
Cash and cash equivalents at beginning of the period
 
71,793

 
114,423

Cash and cash equivalents at end of the period
 
$
61,183