0000840489-22-000079 | 10-Q | XBRL Viewer

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		46,318,065
Entity Central Index Key	0000840489
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Current assets
Cash and cash equivalents	$ 100,620	$ 120,046	$ 49,907
Accounts receivable, net	58,435	55,356	43,492
Pawn loans	404,227	347,973	348,993
Finance receivables, net	111,945	181,021	0
Inventories	295,428	263,311	254,260
Leased merchandise, net	132,097	143,944	0
Prepaid expenses and other current assets	38,322	17,707	14,793
Total current assets	1,141,074	1,129,358	711,445
Property and equipment, net	535,584	462,526	411,042
Operating lease right of use asset	299,052	306,061	300,040
Goodwill	1,523,699	1,536,178	1,014,052
Intangible assets, net	345,512	388,184	83,019
Other assets	9,133	8,531	8,413
Deferred tax assets, net	6,906	5,614	5,472
Total assets	3,860,960	3,836,452	2,533,483
Current liabilities
Accounts payable and accrued liabilities	175,964	244,327	88,151
Customer deposits and prepayments	63,066	57,310	46,702
Lease liability, current	91,115	90,570	89,502
Total current liabilities	330,145	392,207	224,355
Revolving unsecured credit facilities	338,000	259,000	246,000
Senior unsecured notes	1,035,226	1,033,904	493,499
Deferred tax liabilities, net	155,263	126,098	78,191
Lease liability, non-current	197,171	203,166	197,618
Other liabilities	0	13,950	0
Total liabilities	2,055,805	2,028,325	1,239,663
Stockholders’ equity:
Common stock	573	573	493
Additional paid-in capital	1,732,500	1,724,956	1,222,432
Retained earnings	995,669	866,679	849,438
Accumulated other comprehensive loss	(127,366)	(131,299)	(125,761)
Common stock held in treasury, at cost	(796,221)	(652,782)	(652,782)
Total stockholders’ equity	1,805,155	1,808,127	1,293,820
Total liabilities and stockholders’ equity	$ 3,860,960	$ 3,836,452	$ 2,533,483

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Retail merchandise sales	$ 300,899	$ 268,726	$ 901,975	$ 806,335
Pawn loan fees	145,727	121,365	411,613	346,796
Leased merchandise income	158,089	0	455,736	0
Interest and fees on finance receivables	48,846	0	135,039	0
Wholesale scrap jewelry sales	18,582	9,583	75,235	44,060
Total revenue	672,143	399,674	1,979,598	1,197,191
Cost of revenue:
Cost of retail merchandise sold	182,199	158,057	543,722	468,634
Depreciation of leased merchandise	86,519	0	262,830	0
Provision for lease losses	31,916	0	109,771	0
Provision for loan losses	31,956	0	83,453	0
Cost of wholesale scrap jewelry sold	16,261	8,528	64,371	37,657
Total cost of revenue	348,851	166,585	1,064,147	506,291
Net revenue	323,292	233,089	915,451	690,900
Expenses and other income:
Operating expenses	185,547	138,619	539,398	415,071
Administrative expenses	36,951	30,208	110,882	88,605
Depreciation and amortization	25,971	11,217	77,495	32,731
Interest expense	18,282	7,961	50,749	22,389
Interest income	(206)	(143)	(1,104)	(420)
Loss (gain) on foreign exchange	255	558	(198)	248
Merger and acquisition expenses	733	12	1,712	1,264
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	(19,800)	0	(82,789)	0
Other expenses (income), net	164	361	(2,721)	1,640
Total expenses and other income	247,897	188,793	693,424	561,528
Income (loss) before income taxes	75,395	44,296	222,027	129,372
Provision for income taxes	16,079	10,900	48,598	33,834
Net income	$ 59,316	$ 33,396	$ 173,429	$ 95,538
Earnings per share:
Basic (USD per share)	$ 1.26	$ 0.83	$ 3.65	$ 2.34
Diluted (USD per share)	$ 1.26	$ 0.82	$ 3.64	$ 2.34

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 59,316	$ 33,396	$ 173,429	$ 95,538
Other comprehensive income:
Currency translation adjustment	(7,372)	(9,971)	3,933	(7,329)
Comprehensive income	$ 51,944	$ 23,425	$ 177,362	$ 88,209

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Common Stock Held in Treasury	Common Stock Held in Treasury
Balance at beginning of period (shares) at Dec. 31, 2020		49,276				8,238
Balance at beginning of period at Dec. 31, 2020	$ 1,283,815	$ 493	$ 1,221,788	$ 789,303	$ (118,432)	$ (609,337)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under share-based compensation plan	(1,663)		(7,090)			$ 5,427
Shares issued under share-based compensation plan (shares)						(73)
Share-based compensation expense	3,625		3,625
Net income	33,715			33,715
Cash dividends	(11,097)			(11,097)
Currency translation adjustment	(12,335)				(12,335)
Purchases of treasury stock (shares)						84
Purchases of treasury stock	(4,967)					$ (4,967)
Balance at end of period (shares) at Mar. 31, 2021		49,276				8,249
Balance at end of period at Mar. 31, 2021	1,291,093	$ 493	1,218,323	811,921	(130,767)	$ (608,877)
Balance at beginning of period (shares) at Dec. 31, 2020		49,276				8,238
Balance at beginning of period at Dec. 31, 2020	1,283,815	$ 493	1,221,788	789,303	(118,432)	$ (609,337)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	95,538
Balance at end of period (shares) at Sep. 30, 2021		49,276					8,843
Balance at end of period at Sep. 30, 2021	1,293,820	$ 493	1,222,432	849,438	(125,761)		$ (652,782)
Balance at beginning of period (shares) at Mar. 31, 2021		49,276				8,249
Balance at beginning of period at Mar. 31, 2021	1,291,093	$ 493	1,218,323	811,921	(130,767)	$ (608,877)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	1,625		1,625
Net income	28,427			28,427
Cash dividends	(12,308)			(12,308)
Currency translation adjustment	14,977				14,977
Purchases of treasury stock (shares)						452
Purchases of treasury stock	(32,998)					$ (32,998)
Balance at end of period (shares) at Jun. 30, 2021		49,276				8,701
Balance at end of period at Jun. 30, 2021	1,290,816	$ 493	1,219,948	828,040	(115,790)	$ (641,875)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,842		2,842
Net income	33,396			33,396
Cash dividends	(11,998)			(11,998)
Currency translation adjustment	(9,971)				(9,971)
Purchases of treasury stock (shares)							152
Purchases of treasury stock	(11,645)						$ (11,645)
Balance at end of period (shares) at Sep. 30, 2021		49,276					8,843
Balance at end of period at Sep. 30, 2021	1,293,820	$ 493	1,222,432	849,438	(125,761)		$ (652,782)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period							(10)
Exercise of stock options	380		(358)				$ 738
Balance at beginning of period (shares) at Dec. 31, 2021		57,322				8,843
Balance at beginning of period at Dec. 31, 2021	1,808,127	$ 573	1,724,956	866,679	(131,299)	$ (652,782)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under share-based compensation plan	0		(1,281)			$ 1,281
Shares issued under share-based compensation plan (shares)						(17)
Share-based compensation expense	3,075		3,075
Net income	28,005			28,005
Cash dividends	(14,546)			(14,546)
Currency translation adjustment	11,789				11,789
Purchases of treasury stock (shares)						1,048
Purchases of treasury stock	(72,217)					$ (72,217)
Balance at end of period (shares) at Mar. 31, 2022		57,322				9,874
Balance at end of period at Mar. 31, 2022	1,764,233	$ 573	1,726,750	880,138	(119,510)	$ (723,718)
Balance at beginning of period (shares) at Dec. 31, 2021		57,322				8,843
Balance at beginning of period at Dec. 31, 2021	1,808,127	$ 573	1,724,956	866,679	(131,299)	$ (652,782)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	173,429
Balance at end of period (shares) at Sep. 30, 2022		57,322					10,861
Balance at end of period at Sep. 30, 2022	1,805,155	$ 573	1,732,500	995,669	(127,366)		$ (796,221)
Balance at beginning of period (shares) at Mar. 31, 2022		57,322				9,874
Balance at beginning of period at Mar. 31, 2022	1,764,233	$ 573	1,726,750	880,138	(119,510)	$ (723,718)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,875		2,875
Net income	86,108			86,108
Cash dividends	(14,235)			(14,235)
Currency translation adjustment	(484)				(484)
Purchases of treasury stock (shares)						301
Purchases of treasury stock	(20,499)					$ (20,499)
Balance at end of period (shares) at Jun. 30, 2022		57,322				10,175
Balance at end of period at Jun. 30, 2022	1,817,998	$ 573	1,729,625	952,011	(119,994)	$ (744,217)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,875		2,875
Net income	59,316			59,316
Cash dividends	(15,658)			(15,658)
Currency translation adjustment	(7,372)				(7,372)
Purchases of treasury stock (shares)							686
Purchases of treasury stock	(52,004)						$ (52,004)
Balance at end of period (shares) at Sep. 30, 2022		57,322					10,861
Balance at end of period at Sep. 30, 2022	$ 1,805,155	$ 573	$ 1,732,500	$ 995,669	$ (127,366)		$ (796,221)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares shares in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Shares withheld for tax withholding obligation (in shares)						28
Cash dividends (USD per share)	$ 0.33	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.27

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Cash flow from operating activities:

Net income

$ 173,429

$ 95,538

Adjustments to reconcile net income to net cash flow provided by operating activities:

Depreciation of leased merchandise

262,830

Provision for lease losses

109,771

Provision for loan losses

83,453

Share-based compensation expense

8,825

8,092

Depreciation and amortization expense

77,495

32,731

Amortization of debt issuance costs

2,208

1,223

Net amortization of premiums, discounts and unearned origination fees on finance receivables

35,257

Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability

(82,789)

Impairments and dispositions of certain other assets

482

1,640

Deferred income taxes, net

46,142

5,622

Changes in operating assets and liabilities, net of business combinations:

Accounts receivable, net

(2,953)

(2,302)

Inventories purchased directly from customers, wholesalers or manufacturers

(11,017)

(25,592)

Leased merchandise, net

(360,755)

Prepaid expenses and other assets

(2,144)

229

Accounts payable, accrued liabilities and other liabilities

7,256

16,538

Income taxes

(21,692)

4,131

Net cash flow provided by operating activities

325,798

137,850

Cash flow from investing activities:

Pawn loans, net

^[1]

(74,707)

(70,637)

Finance receivables, net

(49,634)

Purchases of furniture, fixtures, equipment and improvements

(29,630)

(31,608)

Purchases of store real property

(77,689)

(38,256)

Acquisitions of pawn stores, net of cash acquired

(7,072)

(49,434)

Net cash flow used in investing activities

(238,732)

(189,935)

Cash flow from financing activities:

Borrowings from unsecured credit facilities

196,000

338,000

Repayments of unsecured credit facilities

(117,000)

(215,000)

Debt issuance costs paid

(1,745)

Purchases of treasury stock

(140,391)

(49,610)

Proceeds from exercise of stock options

380

Payment of withholding taxes on net share settlements of restricted stock unit awards and stock options exercised

(1,663)

Dividends paid

(44,439)

(35,403)

Net cash flow (used in) provided by financing activities

(107,575)

36,704

Effect of exchange rates on cash

1,083

(562)

Change in cash and cash equivalents

(19,426)

(15,943)

Cash and cash equivalents at beginning of the period

120,046

65,850

Cash and cash equivalents at end of the period

$ 100,620

$ 49,907

[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.

General	9 Months Ended
General	Sep. 30, 2022
Accounting Policies [Abstract]
General	General Basis of Presentation The accompanying consolidated balance sheet as of December 31, 2021, which is derived from audited consolidated financial statements, and the unaudited consolidated financial statements, including the notes thereto, include 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 acquired stores 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, 2021, filed with the SEC on February 28, 2022. The consolidated financial statements as of September 30, 2022 and 2021, and for the three month and nine month periods ended September 30, 2022 and 2021, are unaudited, but in management’s opinion include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flow for such interim periods. Operating results for the periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the full year. On December 17, 2021, the Company completed the acquisition of AFF (the “AFF Acquisition”), which is a leading technology-driven retail point-of-sale (“POS”) payment solutions platform primarily focused on providing lease-to-own (“LTO”) products. The Company has 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 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 amounts in the consolidated balance sheets as of September 30, 2021 and December 31, 2021 have been reclassified in order to conform to the 2022 presentation. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board issued ASU No 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank-offered rates to alternative reference rates. ASU 2020-04 was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. As the Company no longer has any LIBOR based contracts (see Note 8), ASU 2020-04 will not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In March 2022, the Financial Accounting Standards Board issued ASU No 2022-02, “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years for entities. Early adoption is permitted if an entity has adopted the CECL accounting standard. Except for expanded disclosures to its vintage disclosures, the Company does not expect ASU 2022-02 to have a material effect on the Company’s current financial position, results of operations or financial statements.

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Numerator:
Net income	$	59,316	$	33,396	$	173,429	$	95,538



Denominator:
Weighted-average common shares for calculating basic earnings per share	46,902		40,453		47,518		40,745
Effect of dilutive securities:
Stock options and restricted stock unit awards	120		63		84		44
Weighted-average common shares for calculating diluted earnings per share	47,022		40,516		47,602		40,789

Earnings per share:
Basic	$	1.26	$	0.83	$	3.65	$	2.34
Diluted	$	1.26	$	0.82	$	3.64	$	2.34

Acquisitions

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

American First Finance Acquisition

On December 17, 2021, the Company completed the AFF Acquisition. Subsequent to December 31, 2021, the Company made certain measurement period adjustments to the preliminary purchase price allocation, which resulted in a decrease in goodwill of $16.9 million. The adjusted purchase price allocation is reflected in the accompanying consolidated balance sheet as of September 30, 2022.

The following table details the preliminary purchase price allocation as of December 31, 2021, the measurement period adjustments made during the nine months ended September 30, 2022 and the preliminary purchase price allocation as of September 30, 2022, subject to future measurement period adjustments (in thousands):


	December 31,		2022		September 30,
	2021		Adjustments		2022





Accounts receivable	$	11,660	$	—	$	11,660
Finance receivables	225,261		—		225,261

Leased merchandise	139,649		—		139,649
Prepaid expenses and other current assets	4,474		(211)		4,263
Property and equipment	11,670		—		11,670
Operating lease right of use asset	491		—		491
Goodwill	503,106		(16,920)		486,186
Intangible assets	305,100		—		305,100
Accounts payable and accrued liabilities	(28,357)		(1,083)		(29,440)
Customer deposits and prepayments	(11,014)		—		(11,014)
Lease liability, current	(10)		—		(10)
Deferred tax liabilities (1)	(42,608)		18,214		(24,394)
Lease liability, non-current	(481)		—		(481)
Purchase price	$	1,118,941	$	—	$	1,118,941

(1)Measurement period adjustment is primarily a result of the seller finalizing the ending tax basis in the assets and liabilities acquired, which carried over to the Company.

Operating Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Operating Leases

Lessor

For information about the Company’s revenue-generating activities as a lessor, refer to Note 2 to the consolidated financial statements included in the Company’s 2021 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 4.1 years for both September 30, 2022 and 2021.

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 September 30, 2022 and 2021 was 6.3% and 6.4%, 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 $0.4 million and $0.5 million during the three months ended September 30, 2022 and 2021, respectively, related to the remeasurement of these U.S. dollar denominated operating leases, which is included in loss (gain) on foreign exchange in the accompanying consolidated statements of income. During the nine months ended September 30, 2022 and 2021, the Company recognized a foreign currency gain of $0.4 million and a loss of $0.4 million, respectively, related to these U.S. dollar denominated leases.

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 and nine months ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Operating lease expense	$	31,988	$	31,595	$	95,590	$	94,034
Variable lease expense (1)	4,216		4,120		12,619		11,893
Total operating lease expense	$	36,204	$	35,715	$	108,209	$	105,927

(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 September 30, 2022 (in thousands):


Three months ending December 31, 2022	$	28,211
2023	101,538
2024	79,146
2025	52,542
2026	32,895
Thereafter	32,452
Total	$	326,784
Less amount of lease payments representing interest	(38,498)
Total present value of lease payments	$	288,286

The following table details supplemental cash flow information related to operating leases for the nine months ended September 30, 2022 and 2021 (in thousands):


	Nine Months Ended
	September 30,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	87,040	$	85,565
Leased assets obtained in exchange for new operating lease liabilities	$	66,442	$	78,280

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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’s financial assets and liabilities as of September 30, 2022 and December 31, 2021 that are measured at fair value on a recurring basis are as follows (in thousands):


	Estimated Fair Value
	September 30,		Fair Value Measurements Using
	2022		Level 1		Level 2		Level 3
Financial liabilities:
Contingent AFF acquisition consideration (1)	$	26,760	$	—	$	—	$	26,760

(1)The contingent consideration related to the AFF Acquisition is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.


	Estimated Fair Value
	December 31,		Fair Value Measurements Using
	2021		Level 1		Level 2		Level 3
Financial liabilities:
Contingent AFF acquisition consideration (1)	$	109,549	$	—	$	—	$	109,549

(1)The current portion of $95.6 million is included in accounts payable and accrued liabilities and the non-current portion of $14.0 million is included in other liabilities in the accompanying consolidated balance sheets.

The Company revalues the contingent consideration related to the AFF Acquisition to fair value at the end of each reporting period. The estimate of the fair value of contingent consideration related to the AFF Acquisition is determined by applying a Monte Carlo simulation, which includes inputs not observable in the market, such as the risk-free rate, risk-adjusted discount rate, the volatility of the underlying financial metrics and projected financial forecast of AFF over the earn-out period, and therefore represents a Level 3 measurement. Significant increases or decreases in these inputs could result in a significantly lower or higher fair value measurement of the contingent consideration related to the AFF Acquisition.

The changes in financial assets and liabilities that are measured and recorded at fair value on a recurring basis using Level 3 fair value measurements for the three and nine months ended September 30, 2022 are as follows (in thousands):


	Three Months Ended		Nine Months Ended
	September 30, 2022		September 30, 2022
Contingent AFF acquisition consideration at beginning of the period	$	46,560	$	109,549
Change in fair value (1)	(19,800)		(82,789)
Contingent AFF acquisition consideration at end of the period	$	26,760	$	26,760

(1)The Company recognized a gain of $19.8 million and $82.8 million during the three and nine months ended September 30, 2022, respectively, as a result of the change in fair value of the contingent consideration related to the AFF Acquisition, which is included in gain on revaluation of contingent acquisition consideration in the accompanying consolidated statements of income.

There were no transfers in or out of Level 1, 2 or 3 during the three and nine months ended September 30, 2022, and the Company did not have any financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2021.

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.

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 September 30, 2022, September 30, 2021 and December 31, 2021 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):


	Carrying Value		Estimated Fair Value
	September 30,		September 30,		Fair Value Measurements Using
	2022		2022		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	100,620	$	100,620	$	100,620	$	—	$	—
Accounts receivable, net	58,435		58,435		—		—		58,435
Pawn loans	404,227		404,227		—		—		404,227
Finance receivables, net (1)	111,945		193,750		—		—		193,750
	$	675,227	$	757,032	$	100,620	$	—	$	656,412

Financial liabilities:
Revolving unsecured credit facilities	$	338,000	$	338,000	$	—	$	338,000	$	—
Senior unsecured notes (outstanding principal)	1,050,000		887,000		—		887,000		—
	$	1,388,000	$	1,225,000	$	—	$	1,225,000	$	—

(1)Finance receivables, gross as of September 30, 2022 was $188.9 million. See Note 6.


	Carrying Value		Estimated Fair Value
	September 30,		September 30,		Fair Value Measurements Using
	2021		2021		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	49,907	$	49,907	$	49,907	$	—	$	—
Accounts receivable, net	43,492		43,492		—		—		43,492
Pawn loans	348,993		348,993		—		—		348,993

	$	442,392	$	442,392	$	49,907	$	—	$	392,485

Financial liabilities:
Revolving unsecured credit facilities	$	246,000	$	246,000	$	—	$	246,000	$	—
Senior unsecured notes (outstanding principal)	500,000		516,000		—		516,000		—
	$	746,000	$	762,000	$	—	$	762,000	$	—


	Carrying Value		Estimated Fair Value
	December 31,		December 31,		Fair Value Measurements Using
	2021		2021		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	120,046	$	120,046	$	120,046	$	—	$	—
Accounts receivable, net	55,356		55,356		—		—		55,356
Pawn loans	347,973		347,973		—		—		347,973
Finance receivables, net (1)	181,021		233,000		—		—		233,000
	$	704,396	$	756,375	$	120,046	$	—	$	636,329

Financial liabilities:
Revolving unsecured credit facilities	$	259,000	$	259,000	$	—	$	259,000	$	—
Senior unsecured notes (outstanding principal)	1,050,000		1,058,000		—		1,058,000		—
	$	1,309,000	$	1,317,000	$	—	$	1,317,000	$	—

(1)Finance receivables, gross as of December 31, 2021 were $220.3 million. See Note 6.

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 September 30, 2022, September 30, 2021 and December 31, 2021. 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 a fixed spread over 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Finance Receivables, Net

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Finance Receivables, Net

Finance receivables, net consist of the following (in thousands):


	As of September 30,				As of December 31,
	2022		2021		2021
Finance receivables, gross	$	188,897	$	—	$	220,329
Fair value premium on non-PCD finance receivables (1)	6,839		—		40,251
Non-credit discount on PCD finance receivables (2)	—		—		(3,521)
Merchant partner discounts and premiums, net	(2,044)		—		(104)
Unearned origination fees	(3,334)		—		(360)
Finance receivables, amortized cost	190,358		—		256,595
Less allowance for loan losses	(78,413)		—		(75,574)
Finance receivables, net	$	111,945	$	—	$	181,021

(1)Represents the difference between the initial fair value and the unpaid principal balance as of the date of the AFF Acquisition, which is recognized through interest income on an effective yield basis over the lives of the related non-purchased credit deteriorated (“PCD”) finance receivables.

(2)Represents the difference between the unpaid principal balance and the amortized cost basis as of the date of the AFF Acquisition, which is recognized through interest income on an effective yield basis over the lives of the related PCD finance receivables.

Changes in the allowance for loan losses were as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Balance at beginning of period	$	73,936	$	—	$	75,574	$	—
Provision for loan losses	31,956		—		83,453		—

Charge-offs	(28,642)		—		(84,629)		—
Recoveries	1,163		—		4,015		—
Balance at end of period	$	78,413	$	—	$	78,413	$	—

The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of September 30, 2022, by origination year (in thousands):


	2022		2021		2020		Total
FICO score category (1):
No FICO score identified or obtained	$	39,639	$	13,067	$	113	$	52,819
599 or less	44,966		16,299		539		61,804
Between 600 and 699	45,125		15,755		567		61,447
700 or greater	5,531		1,841		77		7,449
Finance receivables before fair value adjustments	$	135,261	$	46,962	$	1,296	183,519
Fair value premium on non-PCD finance receivables							6,839
Finance receivables, amortized cost							$	190,358

(1)FICO score as determined at the time of origination.

The following is an aging of the amortized cost of finance receivables as of September 30, 2022, by origination year (in thousands):


	2022		2021		2020		Total
Delinquency:
1 to 30 days past due	$	11,149	$	4,468	$	150	$	15,767
31 to 60 days past due	7,118		3,233		100		10,451
61 to 90 days past due (1)	5,971		3,292		120		9,383
Total past due finance receivables before fair value adjustments	24,238		10,993		370		35,601
Current finance receivables before fair value adjustments	111,023		35,969		926		147,918
Finance receivables before fair value adjustments	$	135,261	$	46,962	$	1,296	183,519
Fair value premium on non-PCD finance receivables							6,839
Finance receivables, amortized cost							$	190,358

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

Leased Merchandise, Net

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Leased Merchandise, Net

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


	As of September 30,				As of December 31,
	2022		2021		2021
Leased merchandise (1)	$	292,374	$	—	$	156,280
Processing fees	(3,449)		—		(440)
Merchant partner discounts and premiums, net	2,114		—		310
Accumulated depreciation	(81,343)		—		(6,764)
Leased merchandise, before allowance for lease losses	209,696		—		149,386
Allowance for lease losses	(77,599)		—		(5,442)
Leased merchandise, net	$	132,097	$	—	$	143,944

(1)Acquired leased merchandise in the AFF Acquisition was recorded at fair value.

Changes in the allowance for lease losses were as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Balance at beginning of period	$	69,101	$	—	$	5,442	$	—
Provision for lease losses	31,916		—		109,771		—
Charge-offs	(24,538)		—		(40,859)		—
Recoveries	1,120		—		3,245		—
Balance at end of period	$	77,599	$	—	$	77,599	$	—

Long-Term Debt

9 Months Ended

Sep. 30, 2022

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 September 30,				As of December 31,
	2022		2021		2021

Revolving unsecured credit facility, maturing 2027 (1)	$	338,000	$	246,000	$	259,000

Senior unsecured notes:
4.625% senior unsecured notes due 2028 (2)	493,226		493,499		492,499
5.625% senior unsecured notes due 2030 (3)	542,000		—		541,405
Total senior unsecured notes	1,035,226		493,499		1,033,904

Total long-term debt	$	1,373,226	$	739,499	$	1,292,904

(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 September 30, 2022, September 30, 2021 and December 31, 2021, deferred debt issuance costs of $6.8 million, $6.5 million and $7.5 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 September 30, 2022 and December 31, 2021, deferred debt issuance costs of $8.0 million and $8.6 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.

Revolving Unsecured Credit Facility

During the period from January 1, 2022 through August 30, 2022, the Company maintained an unsecured line of credit with a group of U.S.-based commercial lenders (the “Credit Facility”) in the amount of $500.0 million, which was scheduled to mature on December 19, 2024. The Credit Facility charged interest, at the Company’s option, of either (1) the prevailing LIBOR (with interest periods of 1, 2, 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%.

On August 30, 2022, the Credit Facility was amended (the “2022 Amendment”) in order to increase the total lender commitment, extend the term of the Credit Facility, amend certain financial covenants and modify the benchmark interest rate to SOFR. Under the 2022 Amendment, the total lender commitment was increased from $500.0 million to $590.0 million and the term of the Credit Facility was extended to August 30, 2027. In addition, certain financial covenants were amended, as described below.

The financial covenant limiting the domestic leverage ratio was eliminated. The permitted consolidated leverage ratio (defined as consolidated EBITDA, adjusted for certain customary items as more fully set forth in the Credit Facility (“Adjusted EBITDA”), divided by outstanding consolidated debt), which was previously scheduled to decrease to 3.0 times effective December 31, 2022, will remain at the current level of 3.5 times Adjusted EBITDA through December 31, 2023 when it decreases to 3.25 times Adjusted EBITDA through December 31, 2024. The consolidated leverage ratio will revert to the previously scheduled ratio of 3.0 times Adjusted EBITDA effective January 1, 2025. The 2022 Amendment also includes additional limits to certain restricted payments when the consolidated leverage ratio is equal to or greater than 3.0 times Adjusted EBITDA, which are more fully described in the 2022 Amendment.

The Credit Facility now bears interest at the Borrower’s option of either (i) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5% and a fixed SOFR adjustment of 0.1% or (ii) the prevailing prime or base rate plus a fixed spread of 1.5%.

As of September 30, 2022, the Company had $338.0 million in outstanding borrowings and $3.2 million in outstanding letters of credit under the Credit Facility, leaving $248.8 million available for future borrowings, subject to certain financial covenants. The agreement has an interest rate 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 September 30, 2022 was 5.39% 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 September 30, 2022. During the nine months ended September 30, 2022, the Company received net proceeds of $79.0 million from borrowings pursuant to the Credit Facility.

Revolving Unsecured Uncommitted Credit Facility

As of September 30, 2022, 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 2.5% and matures on March 9, 2023. 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 September 30, 2022. At September 30, 2022, the Company had no amount outstanding under the Mexico Credit Facility and $600.0 million Mexican pesos available for 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 September 30, 2022, the Company’s consolidated total debt ratio was 2.8 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 September 30, 2022, the Company’s consolidated total debt ratio was 2.8 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.

The Company utilized the net proceeds from the offering of the 2030 Notes to finance the cash consideration and transaction expenses for the AFF Acquisition, including the repayment, in full, of the outstanding debt under AFF’s credit facility at the closing of the AFF Acquisition, payment of fees and expenses related to the note offering and reduction of the outstanding balance on the Credit Facility.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
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 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 outstanding legal and regulatory proceedings or estimate a range of loss with respect to such proceeding, if any, and accordingly, no amounts have been accrued in the Company’s financial statements for legal and regulatory proceedings. On January 14, 2022, plaintiff Genesee County Employees’ Retirement System filed a putative shareholder securities class action lawsuit (the “Litigation”) in the United States District Court for the Northern District of Texas against the Company and certain of its current officers styled Genesee County Employees’ Retirement System v. FirstCash Holdings, Inc., et al., Civil Action No. 4:22-CV-00033-P (N.D. Tex.). The complaint alleges that the defendants made materially false and/or misleading statements that caused losses to investors, including that the Company failed to disclose in public statements that the Company engaged in widespread and systemic violations of the Military Lending Act (the “MLA”). The Litigation does not quantify any alleged damages, but, in addition to attorneys’ fees and costs, it seeks to recover damages on behalf of the plaintiff and other persons who purchased or otherwise acquired Company stock during the putative class period from February 1, 2018 through November 12, 2021 at allegedly inflated prices and purportedly suffered financial harm as a result. On June 8, 2022, the Company and named defendants filed a motion to dismiss, which remains pending. The Company was named as a nominal defendant and certain of the Company’s current and former directors and officers were named as defendants in a shareholder derivative lawsuit filed on July 19, 2022 in the United States District Court for the Northern District of Texas and styled Treppel Family Trust U/A 08/18/18 Lawrence A. Treppel and Geri D. Treppel for the Benefit of Geri D. Treppel and Larry A. Treppel, Derivatively on Behalf of FirstCash Holdings, Inc., v. Rick L. Wessel, et. al, Case 4:22-cv-00623-P (N.D. Tex). The complaint makes similar allegations as the Litigation and alleges a single count for breach of fiduciary duty against the named derivative defendants. The action does not quantify any alleged damages, but, in addition to attorneys’ fees and costs and certain equitable relief, the derivative plaintiff seeks to recover damages on behalf of the Company for purported financial harm and to have the court order changes in the Company’s corporate governance. On November 12, 2021, the CFPB initiated a civil action in the United States District Court for the Northern District of Texas against FirstCash, Inc. and Cash America West, Inc., two of the Company’s subsidiaries, alleging 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. On March 28, 2022, the CFPB filed a motion to strike certain affirmative defenses of the Company, which motion remains pending. On April 27, 2022, the Company filed a motion for partial summary judgment, which remains pending. On October 24, 2022, the Company filed a motion to dismiss the lawsuit due to the funding structure of the CFPB, which the motion alleges is unconstitutional. This motion to dismiss follows the recent decision by the Fifth Circuit Court of Appeals, where the U.S. District Court for the Northern District of Texas sits, finding that the CFPB is unconstitutionally structured. The motion to dismiss remains pending. On November 7, 2018, plaintiffs Maria Andrade and Shaun Caulkins filed a complaint in the United States District Court for the Northern District of California against AFF alleging that AFF is an unlicensed lender that made usurious loans through certain California merchants in violation of California law. Caulkins was dismissed on October 14, 2020, and the Court denied class certification in September 2022. The case is scheduled to proceed to trial on an individual basis on February 21, 2023. In addition to money damages, including disgorgement of all amounts paid to AFF, actual and statutory damages, and attorneys’ fees, Andrade seeks to enjoin AFF from servicing California customers under its current practices. On October 20, 2021, plaintiff Larry Facio filed a complaint in the United States District Court for the Northern District of California against AFF alleging that AFF partnered with California merchants to deceive California customers into taking out usurious loans made from AFF, an unlicensed lender. Plaintiff seeks, among other things, class certification, a declaration that AFF’s security agreements are subject to the California Finance Lenders Law and that no person has a right to collect or receive principal or payments, restitution for all amounts collected from class members, actual damages, statutory damages and attorneys’ fees. On May 5, 2022, the court granted AFF’s motion to compel arbitration, and the case is currently stayed, pending arbitration. At this time, Mr. Facio has not yet elected to pursue his claims through arbitration.

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

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

•U.S. pawn

•Latin America pawn

•Retail POS payment solutions (AFF)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, loss (gain) on foreign exchange, merger and acquisition expenses, gain on revaluation of contingent acquisition consideration, and other expenses (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 U.S. pawn stores offering AFF’s LTO payment solution as a payment option in its stores and are eliminated to arrive at consolidated totals.

The following tables present reportable segment information for the three and nine month periods ended September 30, 2022 and 2021 as well as segment earning assets (in thousands):


	Three Months Ended September 30, 2022
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	195,854	$	107,591	$	—	$	(2,546)	(1)	$	300,899
Pawn loan fees	96,222		49,505		—		—			145,727
Leased merchandise income	—		—		158,089		—			158,089
Interest and fees on finance receivables	—		—		48,846		—			48,846
Wholesale scrap jewelry sales	12,956		5,626		—		—			18,582
Total revenue	305,032		162,722		206,935		(2,546)			672,143

Cost of revenue:
Cost of retail merchandise sold	114,899		68,642		—		(1,342)		(1)	182,199
Depreciation of leased merchandise	—		—		86,703		(184)		(1)	86,519
Provision for lease losses	—		—		32,350		(434)		(1)	31,916
Provision for loan losses	—		—		31,956		—			31,956
Cost of wholesale scrap jewelry sold	11,338		4,923		—		—			16,261
Total cost of revenue	126,237		73,565		151,009		(1,960)			348,851

Net revenue	178,795		89,157		55,926		(586)		(1)	323,292

Expenses and other income:
Operating expenses	102,508		47,979		35,060		—			185,547
Administrative expenses	—		—		—		36,951			36,951
Depreciation and amortization	5,806		4,566		775		14,824			25,971
Interest expense	—		—		—		18,282			18,282
Interest income	—		—		—		(206)			(206)
Loss on foreign exchange	—		—		—		255			255
Merger and acquisition expenses	—		—		—		733			733
Gain on revaluation of contingent acquisition consideration	—		—		—		(19,800)			(19,800)
Other expenses (income), net	—		—		—		164			164

Total expenses and other income	108,314		52,545		35,835		51,203			247,897

Income (loss) before income taxes	$	70,481	$	36,612	$	20,091	$	(51,789)		$	75,395

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


	Nine Months Ended September 30, 2022
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	596,165	$	308,356	$	—	$	(2,546)	(1)	$	901,975
Pawn loan fees	274,304		137,309		—		—			411,613
Leased merchandise income	—		—		455,736		—			455,736
Interest and fees on finance receivables	—		—		135,039		—			135,039
Wholesale scrap jewelry sales	45,153		30,082		—		—			75,235
Total revenue	915,622		475,747		590,775		(2,546)			1,979,598

Cost of revenue:
Cost of retail merchandise sold	349,007		196,057		—		(1,342)		(1)	543,722
Depreciation of leased merchandise	—		—		263,014		(184)		(1)	262,830
Provision for lease losses	—		—		110,205		(434)		(1)	109,771
Provision for loan losses	—		—		83,453		—			83,453
Cost of wholesale scrap jewelry sold	39,150		25,221		—		—			64,371
Total cost of revenue	388,157		221,278		456,672		(1,960)			1,064,147

Net revenue	527,465		254,469		134,103		(586)		(1)	915,451

Expenses and other income:
Operating expenses	302,572		141,574		95,252		—			539,398
Administrative expenses	—		—		—		110,882			110,882
Depreciation and amortization	17,261		13,520		2,156		44,558			77,495
Interest expense	—		—		—		50,749			50,749
Interest income	—		—		—		(1,104)			(1,104)
Gain on foreign exchange	—		—		—		(198)			(198)
Merger and acquisition expenses	—		—		—		1,712			1,712
Gain on revaluation of contingent acquisition consideration	—		—		—		(82,789)			(82,789)
Other expenses (income), net	—		—		—		(2,721)			(2,721)

Total expenses and other income	319,833		155,094		97,408		121,089			693,424

Income (loss) before income taxes	$	207,632	$	99,375	$	36,695	$	(121,675)		$	222,027


	As of September 30, 2022
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Earning assets:
Pawn loans	$	279,645	$	124,582	$	—	$	—		$	404,227
Finance receivables, net	—		—		111,945		—			111,945
Inventories	204,359		91,069		—		—			295,428
Leased merchandise, net	—		—		132,683		(586)		(1)	132,097

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


	Three Months Ended September 30, 2021
	U.S. Pawn		Latin America Pawn		Corporate/ Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	167,257	$	101,469	$	—	$	268,726
Pawn loan fees	76,674		44,691		—		121,365


Wholesale scrap jewelry sales	4,168		5,415		—		9,583
Total revenue	248,099		151,575		—		399,674

Cost of revenue:
Cost of retail merchandise sold	93,326		64,731		—		158,057



Cost of wholesale scrap jewelry sold	3,778		4,750		—		8,528
Total cost of revenue	97,104		69,481		—		166,585

Net revenue	150,995		82,094		—		233,089

Expenses and other income:
Operating expenses	93,247		45,372		—		138,619
Administrative expenses	—		—		30,208		30,208
Depreciation and amortization	5,662		4,591		964		11,217
Interest expense	—		—		7,961		7,961
Interest income	—		—		(143)		(143)
Loss on foreign exchange	—		—		558		558
Merger and acquisition expenses	—		—		12		12

Other expenses (income), net	—		—		361		361

Total expenses and other income	98,909		49,963		39,921		188,793

Income (loss) before income taxes	$	52,086	$	32,131	$	(39,921)	$	44,296


	Nine Months Ended September 30, 2021
	U.S. Pawn		Latin America Pawn		Corporate/ Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	530,468	$	275,867	$	—	$	806,335


Pawn loan fees	220,013		126,783		—		346,796
Wholesale scrap jewelry sales	20,217		23,843		—		44,060
Total revenue	770,698		426,493		—		1,197,191

Cost of revenue:
Cost of retail merchandise sold	295,455		173,179		—		468,634



Cost of wholesale scrap jewelry sold	16,678		20,979		—		37,657
Total cost of revenue	312,133		194,158		—		506,291

Net revenue	458,565		232,335		—		690,900

Expenses and other income:
Operating expenses	282,068		133,003		—		415,071
Administrative expenses	—		—		88,605		88,605
Depreciation and amortization	16,391		13,388		2,952		32,731
Interest expense	—		—		22,389		22,389
Interest income	—		—		(420)		(420)
Loss on foreign exchange	—		—		248		248
Merger and acquisition expenses	—		—		1,264		1,264

Other expenses (income), net	—		—		1,640		1,640

Total expenses and other income	298,459		146,391		116,678		561,528

Income (loss) before income taxes	$	160,106	$	85,944	$	(116,678)	$	129,372


	As of September 30, 2021
	U.S. Pawn		Latin America Pawn		Consolidated
Earning assets:
Pawn loans	$	242,825	$	106,168	$	348,993

Inventories	175,047		79,213		254,260

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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+ Details

General (Policies)	9 Months Ended
General (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated balance sheet as of December 31, 2021, which is derived from audited consolidated financial statements, and the unaudited consolidated financial statements, including the notes thereto, include 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 acquired stores 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, 2021, filed with the SEC on February 28, 2022. The consolidated financial statements as of September 30, 2022 and 2021, and for the three month and nine month periods ended September 30, 2022 and 2021, are unaudited, but in management’s opinion include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flow for such interim periods. Operating results for the periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the full year. On December 17, 2021, the Company completed the acquisition of AFF (the “AFF Acquisition”), which is a leading technology-driven retail point-of-sale (“POS”) payment solutions platform primarily focused on providing lease-to-own (“LTO”) products. The Company has 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 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 amounts in the consolidated balance sheets as of September 30, 2021 and December 31, 2021 have been reclassified in order to conform to the 2022 presentation.
Recent Accounting Pronouncements	In March 2020, the Financial Accounting Standards Board issued ASU No 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank-offered rates to alternative reference rates. ASU 2020-04 was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. As the Company no longer has any LIBOR based contracts (see Note 8), ASU 2020-04 will not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.In March 2022, the Financial Accounting Standards Board issued ASU No 2022-02, “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years for entities. Early adoption is permitted if an entity has adopted the CECL accounting standard. Except for expanded disclosures to its vintage disclosures, the Company does not expect ASU 2022-02 to have a material effect on the Company’s current financial position, results of operations or financial statements
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.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Numerator:
Net income	$	59,316	$	33,396	$	173,429	$	95,538



Denominator:
Weighted-average common shares for calculating basic earnings per share	46,902		40,453		47,518		40,745
Effect of dilutive securities:
Stock options and restricted stock unit awards	120		63		84		44
Weighted-average common shares for calculating diluted earnings per share	47,022		40,516		47,602		40,789

Earnings per share:
Basic	$	1.26	$	0.83	$	3.65	$	2.34
Diluted	$	1.26	$	0.82	$	3.64	$	2.34

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Allocations of Purchase Price


	December 31,		2022		September 30,
	2021		Adjustments		2022





Accounts receivable	$	11,660	$	—	$	11,660
Finance receivables	225,261		—		225,261

Leased merchandise	139,649		—		139,649
Prepaid expenses and other current assets	4,474		(211)		4,263
Property and equipment	11,670		—		11,670
Operating lease right of use asset	491		—		491
Goodwill	503,106		(16,920)		486,186
Intangible assets	305,100		—		305,100
Accounts payable and accrued liabilities	(28,357)		(1,083)		(29,440)
Customer deposits and prepayments	(11,014)		—		(11,014)
Lease liability, current	(10)		—		(10)
Deferred tax liabilities (1)	(42,608)		18,214		(24,394)
Lease liability, non-current	(481)		—		(481)
Purchase price	$	1,118,941	$	—	$	1,118,941

(1)Measurement period adjustment is primarily a result of the seller finalizing the ending tax basis in the assets and liabilities acquired, which carried over to the Company.

Operating Leases (Tables)

9 Months Ended

Sep. 30, 2022

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 and nine months ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Operating lease expense	$	31,988	$	31,595	$	95,590	$	94,034
Variable lease expense (1)	4,216		4,120		12,619		11,893
Total operating lease expense	$	36,204	$	35,715	$	108,209	$	105,927

(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 nine months ended September 30, 2022 and 2021 (in thousands):


	Nine Months Ended
	September 30,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	87,040	$	85,565
Leased assets obtained in exchange for new operating lease liabilities	$	66,442	$	78,280

Schedule of Maturity of Lease Liabilities

The following table details the maturity of lease liabilities for all operating leases as of September 30, 2022 (in thousands):


Three months ending December 31, 2022	$	28,211
2023	101,538
2024	79,146
2025	52,542
2026	32,895
Thereafter	32,452
Total	$	326,784
Less amount of lease payments representing interest	(38,498)
Total present value of lease payments	$	288,286

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company’s financial assets and liabilities as of September 30, 2022 and December 31, 2021 that are measured at fair value on a recurring basis are as follows (in thousands):


	Estimated Fair Value
	September 30,		Fair Value Measurements Using
	2022		Level 1		Level 2		Level 3
Financial liabilities:
Contingent AFF acquisition consideration (1)	$	26,760	$	—	$	—	$	26,760

(1)The contingent consideration related to the AFF Acquisition is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.


	Estimated Fair Value
	December 31,		Fair Value Measurements Using
	2021		Level 1		Level 2		Level 3
Financial liabilities:
Contingent AFF acquisition consideration (1)	$	109,549	$	—	$	—	$	109,549

Schedule of Fair Value, Changes in Assets and Liabilities Measured on Recurring Basis Level 3 Fair Value Measurement


	Three Months Ended		Nine Months Ended
	September 30, 2022		September 30, 2022
Contingent AFF acquisition consideration at beginning of the period	$	46,560	$	109,549
Change in fair value (1)	(19,800)		(82,789)
Contingent AFF acquisition consideration at end of the period	$	26,760	$	26,760

Schedule of Fair Value by Balance Sheet Grouping


	Carrying Value		Estimated Fair Value
	September 30,		September 30,		Fair Value Measurements Using
	2022		2022		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	100,620	$	100,620	$	100,620	$	—	$	—
Accounts receivable, net	58,435		58,435		—		—		58,435
Pawn loans	404,227		404,227		—		—		404,227
Finance receivables, net (1)	111,945		193,750		—		—		193,750
	$	675,227	$	757,032	$	100,620	$	—	$	656,412

Financial liabilities:
Revolving unsecured credit facilities	$	338,000	$	338,000	$	—	$	338,000	$	—
Senior unsecured notes (outstanding principal)	1,050,000		887,000		—		887,000		—
	$	1,388,000	$	1,225,000	$	—	$	1,225,000	$	—

(1)Finance receivables, gross as of September 30, 2022 was $188.9 million. See Note 6.


	Carrying Value		Estimated Fair Value
	September 30,		September 30,		Fair Value Measurements Using
	2021		2021		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	49,907	$	49,907	$	49,907	$	—	$	—
Accounts receivable, net	43,492		43,492		—		—		43,492
Pawn loans	348,993		348,993		—		—		348,993

	$	442,392	$	442,392	$	49,907	$	—	$	392,485

Financial liabilities:
Revolving unsecured credit facilities	$	246,000	$	246,000	$	—	$	246,000	$	—
Senior unsecured notes (outstanding principal)	500,000		516,000		—		516,000		—
	$	746,000	$	762,000	$	—	$	762,000	$	—


	Carrying Value		Estimated Fair Value
	December 31,		December 31,		Fair Value Measurements Using
	2021		2021		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	120,046	$	120,046	$	120,046	$	—	$	—
Accounts receivable, net	55,356		55,356		—		—		55,356
Pawn loans	347,973		347,973		—		—		347,973
Finance receivables, net (1)	181,021		233,000		—		—		233,000
	$	704,396	$	756,375	$	120,046	$	—	$	636,329

Financial liabilities:
Revolving unsecured credit facilities	$	259,000	$	259,000	$	—	$	259,000	$	—
Senior unsecured notes (outstanding principal)	1,050,000		1,058,000		—		1,058,000		—
	$	1,309,000	$	1,317,000	$	—	$	1,317,000	$	—

Finance Receivables, Net (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of Finance Receivables, Net

Finance receivables, net consist of the following (in thousands):


	As of September 30,				As of December 31,
	2022		2021		2021
Finance receivables, gross	$	188,897	$	—	$	220,329
Fair value premium on non-PCD finance receivables (1)	6,839		—		40,251
Non-credit discount on PCD finance receivables (2)	—		—		(3,521)
Merchant partner discounts and premiums, net	(2,044)		—		(104)
Unearned origination fees	(3,334)		—		(360)
Finance receivables, amortized cost	190,358		—		256,595
Less allowance for loan losses	(78,413)		—		(75,574)
Finance receivables, net	$	111,945	$	—	$	181,021

Schedule of Allowance for Credit Losses

Changes in the allowance for loan losses were as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Balance at beginning of period	$	73,936	$	—	$	75,574	$	—
Provision for loan losses	31,956		—		83,453		—

Charge-offs	(28,642)		—		(84,629)		—
Recoveries	1,163		—		4,015		—
Balance at end of period	$	78,413	$	—	$	78,413	$	—

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 September 30, 2022, by origination year (in thousands):


	2022		2021		2020		Total
FICO score category (1):
No FICO score identified or obtained	$	39,639	$	13,067	$	113	$	52,819
599 or less	44,966		16,299		539		61,804
Between 600 and 699	45,125		15,755		567		61,447
700 or greater	5,531		1,841		77		7,449
Finance receivables before fair value adjustments	$	135,261	$	46,962	$	1,296	183,519
Fair value premium on non-PCD finance receivables							6,839
Finance receivables, amortized cost							$	190,358

(1)FICO score as determined at the time of origination

Financing Receivable, Past Due

The following is an aging of the amortized cost of finance receivables as of September 30, 2022, by origination year (in thousands):


	2022		2021		2020		Total
Delinquency:
1 to 30 days past due	$	11,149	$	4,468	$	150	$	15,767
31 to 60 days past due	7,118		3,233		100		10,451
61 to 90 days past due (1)	5,971		3,292		120		9,383
Total past due finance receivables before fair value adjustments	24,238		10,993		370		35,601
Current finance receivables before fair value adjustments	111,023		35,969		926		147,918
Finance receivables before fair value adjustments	$	135,261	$	46,962	$	1,296	183,519
Fair value premium on non-PCD finance receivables							6,839
Finance receivables, amortized cost							$	190,358

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

Leased Merchandise, Net (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Leased Merchandise, Net

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


	As of September 30,				As of December 31,
	2022		2021		2021
Leased merchandise (1)	$	292,374	$	—	$	156,280
Processing fees	(3,449)		—		(440)
Merchant partner discounts and premiums, net	2,114		—		310
Accumulated depreciation	(81,343)		—		(6,764)
Leased merchandise, before allowance for lease losses	209,696		—		149,386
Allowance for lease losses	(77,599)		—		(5,442)
Leased merchandise, net	$	132,097	$	—	$	143,944

(1)Acquired leased merchandise in the AFF Acquisition was recorded at fair value

Leased Merchandise, Allowance for Credit Loss

Changes in the allowance for lease losses were as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Balance at beginning of period	$	69,101	$	—	$	5,442	$	—
Provision for lease losses	31,916		—		109,771		—
Charge-offs	(24,538)		—		(40,859)		—
Recoveries	1,120		—		3,245		—
Balance at end of period	$	77,599	$	—	$	77,599	$	—

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30,				As of December 31,
	2022		2021		2021

Revolving unsecured credit facility, maturing 2027 (1)	$	338,000	$	246,000	$	259,000

Senior unsecured notes:
4.625% senior unsecured notes due 2028 (2)	493,226		493,499		492,499
5.625% senior unsecured notes due 2030 (3)	542,000		—		541,405
Total senior unsecured notes	1,035,226		493,499		1,033,904

Total long-term debt	$	1,373,226	$	739,499	$	1,292,904

(1)Debt issuance costs related to the Company’s revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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

The following tables present reportable segment information for the three and nine month periods ended September 30, 2022 and 2021 as well as segment earning assets (in thousands):


	Three Months Ended September 30, 2022
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	195,854	$	107,591	$	—	$	(2,546)	(1)	$	300,899
Pawn loan fees	96,222		49,505		—		—			145,727
Leased merchandise income	—		—		158,089		—			158,089
Interest and fees on finance receivables	—		—		48,846		—			48,846
Wholesale scrap jewelry sales	12,956		5,626		—		—			18,582
Total revenue	305,032		162,722		206,935		(2,546)			672,143

Cost of revenue:
Cost of retail merchandise sold	114,899		68,642		—		(1,342)		(1)	182,199
Depreciation of leased merchandise	—		—		86,703		(184)		(1)	86,519
Provision for lease losses	—		—		32,350		(434)		(1)	31,916
Provision for loan losses	—		—		31,956		—			31,956
Cost of wholesale scrap jewelry sold	11,338		4,923		—		—			16,261
Total cost of revenue	126,237		73,565		151,009		(1,960)			348,851

Net revenue	178,795		89,157		55,926		(586)		(1)	323,292

Expenses and other income:
Operating expenses	102,508		47,979		35,060		—			185,547
Administrative expenses	—		—		—		36,951			36,951
Depreciation and amortization	5,806		4,566		775		14,824			25,971
Interest expense	—		—		—		18,282			18,282
Interest income	—		—		—		(206)			(206)
Loss on foreign exchange	—		—		—		255			255
Merger and acquisition expenses	—		—		—		733			733
Gain on revaluation of contingent acquisition consideration	—		—		—		(19,800)			(19,800)
Other expenses (income), net	—		—		—		164			164

Total expenses and other income	108,314		52,545		35,835		51,203			247,897

Income (loss) before income taxes	$	70,481	$	36,612	$	20,091	$	(51,789)		$	75,395

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


	Nine Months Ended September 30, 2022
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	596,165	$	308,356	$	—	$	(2,546)	(1)	$	901,975
Pawn loan fees	274,304		137,309		—		—			411,613
Leased merchandise income	—		—		455,736		—			455,736
Interest and fees on finance receivables	—		—		135,039		—			135,039
Wholesale scrap jewelry sales	45,153		30,082		—		—			75,235
Total revenue	915,622		475,747		590,775		(2,546)			1,979,598

Cost of revenue:
Cost of retail merchandise sold	349,007		196,057		—		(1,342)		(1)	543,722
Depreciation of leased merchandise	—		—		263,014		(184)		(1)	262,830
Provision for lease losses	—		—		110,205		(434)		(1)	109,771
Provision for loan losses	—		—		83,453		—			83,453
Cost of wholesale scrap jewelry sold	39,150		25,221		—		—			64,371
Total cost of revenue	388,157		221,278		456,672		(1,960)			1,064,147

Net revenue	527,465		254,469		134,103		(586)		(1)	915,451

Expenses and other income:
Operating expenses	302,572		141,574		95,252		—			539,398
Administrative expenses	—		—		—		110,882			110,882
Depreciation and amortization	17,261		13,520		2,156		44,558			77,495
Interest expense	—		—		—		50,749			50,749
Interest income	—		—		—		(1,104)			(1,104)
Gain on foreign exchange	—		—		—		(198)			(198)
Merger and acquisition expenses	—		—		—		1,712			1,712
Gain on revaluation of contingent acquisition consideration	—		—		—		(82,789)			(82,789)
Other expenses (income), net	—		—		—		(2,721)			(2,721)

Total expenses and other income	319,833		155,094		97,408		121,089			693,424

Income (loss) before income taxes	$	207,632	$	99,375	$	36,695	$	(121,675)		$	222,027


	As of September 30, 2022
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Earning assets:
Pawn loans	$	279,645	$	124,582	$	—	$	—		$	404,227
Finance receivables, net	—		—		111,945		—			111,945
Inventories	204,359		91,069		—		—			295,428
Leased merchandise, net	—		—		132,683		(586)		(1)	132,097

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


	Three Months Ended September 30, 2021
	U.S. Pawn		Latin America Pawn		Corporate/ Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	167,257	$	101,469	$	—	$	268,726
Pawn loan fees	76,674		44,691		—		121,365


Wholesale scrap jewelry sales	4,168		5,415		—		9,583
Total revenue	248,099		151,575		—		399,674

Cost of revenue:
Cost of retail merchandise sold	93,326		64,731		—		158,057



Cost of wholesale scrap jewelry sold	3,778		4,750		—		8,528
Total cost of revenue	97,104		69,481		—		166,585

Net revenue	150,995		82,094		—		233,089

Expenses and other income:
Operating expenses	93,247		45,372		—		138,619
Administrative expenses	—		—		30,208		30,208
Depreciation and amortization	5,662		4,591		964		11,217
Interest expense	—		—		7,961		7,961
Interest income	—		—		(143)		(143)
Loss on foreign exchange	—		—		558		558
Merger and acquisition expenses	—		—		12		12

Other expenses (income), net	—		—		361		361

Total expenses and other income	98,909		49,963		39,921		188,793

Income (loss) before income taxes	$	52,086	$	32,131	$	(39,921)	$	44,296


	Nine Months Ended September 30, 2021
	U.S. Pawn		Latin America Pawn		Corporate/ Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	530,468	$	275,867	$	—	$	806,335


Pawn loan fees	220,013		126,783		—		346,796
Wholesale scrap jewelry sales	20,217		23,843		—		44,060
Total revenue	770,698		426,493		—		1,197,191

Cost of revenue:
Cost of retail merchandise sold	295,455		173,179		—		468,634



Cost of wholesale scrap jewelry sold	16,678		20,979		—		37,657
Total cost of revenue	312,133		194,158		—		506,291

Net revenue	458,565		232,335		—		690,900

Expenses and other income:
Operating expenses	282,068		133,003		—		415,071
Administrative expenses	—		—		88,605		88,605
Depreciation and amortization	16,391		13,388		2,952		32,731
Interest expense	—		—		22,389		22,389
Interest income	—		—		(420)		(420)
Loss on foreign exchange	—		—		248		248
Merger and acquisition expenses	—		—		1,264		1,264

Other expenses (income), net	—		—		1,640		1,640

Total expenses and other income	298,459		146,391		116,678		561,528

Income (loss) before income taxes	$	160,106	$	85,944	$	(116,678)	$	129,372


	As of September 30, 2021
	U.S. Pawn		Latin America Pawn		Consolidated
Earning assets:
Pawn loans	$	242,825	$	106,168	$	348,993

Inventories	175,047		79,213		254,260

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income	$ 59,316	$ 86,108	$ 28,005	$ 33,396	$ 28,427	$ 33,715	$ 173,429	$ 95,538
Denominator:
Weighted-average common shares for calculating basic earnings per share (shares)	46,902			40,453			47,518	40,745
Stock options and nonvested stock awards (shares)	120			63			84	44
Weighted-average common shares for calculating diluted earnings per share (shares)	47,022			40,516			47,602	40,789
Earnings per share:
Basic (USD per share)	$ 1.26			$ 0.83			$ 3.65	$ 2.34
Diluted (USD per share)	$ 1.26			$ 0.82			$ 3.64	$ 2.34

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Acquisitions (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,523,699	$ 1,536,178	$ 1,014,052
AFF
Business Acquisition [Line Items]
Accounts receivable	11,660
Finance receivables	225,261
Leased merchandise	139,649
Leased merchandise	4,263
Property and equipment	11,670
Operating lease right of use asset	491
Goodwill	486,186
Intangible assets	305,100
Accounts payable and accrued liabilities	(29,440)
Customer deposits and prepayments	(11,014)
Lease liability, current	(10)
Deferred tax liabilities (1)	(24,394)
Lease liability, non-current	(481)
Purchase price	1,118,941
AFF \| Previously Reported
Business Acquisition [Line Items]
Accounts receivable		11,660
Finance receivables		225,261
Leased merchandise		139,649
Leased merchandise		4,474
Property and equipment		11,670
Operating lease right of use asset		491
Goodwill		503,106
Intangible assets		305,100
Accounts payable and accrued liabilities		(28,357)
Customer deposits and prepayments		(11,014)
Lease liability, current		(10)
Deferred tax liabilities (1)		(42,608)
Lease liability, non-current		(481)
Purchase price		$ 1,118,941
AFF \| Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Accounts receivable	0
Finance receivables	0
Leased merchandise	0
Leased merchandise	(211)
Property and equipment	0
Operating lease right of use asset	0
Goodwill	(16,920)
Intangible assets	0
Accounts payable and accrued liabilities	(1,083)
Customer deposits and prepayments	0
Lease liability, current	0
Deferred tax liabilities (1)	18,214
Lease liability, non-current	0
Purchase price	$ 0

Operating Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	4 years 1 month 6 days	4 years 1 month 6 days	4 years 1 month 6 days	4 years 1 month 6 days
Weighted average discount rate (as a percent)	6.30%	6.40%	6.30%	6.40%
Foreign currency transaction gain, before tax			$ 0.4
Foreign currency transaction loss, before tax	$ (0.4)	$ (0.5)		$ (0.4)
Minimum
Lessee, Lease, Description [Line Items]
General term of leased facilities	3 years		3 years
Leased facilities renewal term	3 years		3 years
Maximum
Lessee, Lease, Description [Line Items]
General term of leased facilities	5 years		5 years
Leased facilities renewal term	5 years		5 years

Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease expense	$ 31,988	$ 31,595	$ 95,590	$ 94,034
Variable lease expense	4,216	4,120	12,619	11,893
Total operating lease expense	$ 36,204	$ 35,715	$ 108,209	$ 105,927

Operating Leases - Lease Maturities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
Three months ending December 31, 2022	$ 28,211
2023	101,538
2024	79,146
2025	52,542
2026	32,895
Thereafter	32,452
Total	326,784
Less amount of lease payments representing interest	(38,498)
Total present value of lease payments	$ 288,286

Operating Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 87,040	$ 85,565
Leased assets obtained in exchange for new operating lease liabilities	$ 66,442	$ 78,280

Fair Value of Financial Instruments - Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent AFF acquisition consideration	$ 26,760	$ 46,560	$ 109,549
Accounts payable			95,600
Other liabilities	0		13,950	$ 0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent AFF acquisition consideration	26,760		109,549
Estimated Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent AFF acquisition consideration	0		0
Estimated Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent AFF acquisition consideration	0		0
Estimated Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent AFF acquisition consideration	$ 26,760		$ 109,549

Fair Value of Financial Instruments - Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent AFF acquisition consideration at beginning of the period	$ 46,560		$ 109,549
Gain on revaluation of contingent acquisition consideration	(19,800)	$ 0	(82,789)	$ 0
Contingent AFF acquisition consideration at end of the period	$ 26,760		$ 26,760

Fair Value of Financial Instruments - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables, gross	$ 188,897	$ 220,329	$ 0
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	100,620	120,046	49,907
Accounts receivable, net	58,435	55,356	43,492
Total assets	675,227	704,396	442,392
Total liabilities	1,388,000	1,309,000	746,000
Carrying Value \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	338,000	259,000	246,000
Carrying Value \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,050,000	1,050,000	500,000
Carrying Value \| Pawn loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	404,227	347,973	348,993
Carrying Value \| Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	111,945	181,021
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	100,620	120,046	49,907
Accounts receivable, net	58,435	55,356	43,492
Total assets	757,032	756,375	442,392
Total liabilities	1,225,000	1,317,000	762,000
Estimated Fair Value \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	338,000	259,000	246,000
Estimated Fair Value \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	887,000	1,058,000	516,000
Estimated Fair Value \| Pawn loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	404,227	347,973	348,993
Estimated Fair Value \| Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	193,750	233,000
Estimated Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	100,620	120,046	49,907
Accounts receivable, net	0	0	0
Total assets	100,620	120,046	49,907
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
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	1,225,000	1,317,000	762,000
Estimated Fair Value \| Level 2 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	338,000	259,000	246,000
Estimated Fair Value \| Level 2 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	887,000	1,058,000	516,000
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
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	58,435	55,356	43,492
Total assets	656,412	636,329	392,485
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	404,227	347,973	$ 348,993
Estimated Fair Value \| Level 3 \| Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, fair value disclosure	$ 193,750	$ 233,000

Finance Receivables, Net (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
Finance Receivables, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Finance receivables, gross	$ 0	$ 188,897	$ 0	$ 220,329
Fair value premium on non-PCD finance receivables		6,839	0	40,251
Non-credit discount on PCD finance receivables	0	0		(3,521)
Merchant partner discounts and premiums, net		(2,044)	0	(104)
Unearned origination fees		(3,334)	0	(360)
Finance receivables, amortized cost	0	190,358	0	256,595
Less allowance for loan losses	0	(78,413)	0	(75,574)	$ (73,936)	$ 0	$ 0
Finance receivables, net	$ 0	$ 111,945	$ 0	$ 181,021

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 79
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922352-210448

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 45
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124255206&loc=SL82895884-210446

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

+ Details

Finance Receivables, Net - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 73,936	$ 0	$ 75,574	$ 0
Provision for loan losses	31,956	0	83,453	0
Charge-offs	(28,642)	0	(84,629)	0
Recoveries	1,163	0	4,015	0
Balance at end of period	$ 78,413	$ 0	$ 78,413	$ 0

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Finance Receivables, Net - Credit Quality Indicators of Amortized Cost of Finance Receivables (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Sep. 30, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	$ 135,261
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year		$ 46,962
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year				$ 1,296
Finance receivable, before allowance for credit loss, premium and discount	183,519
Fair value premium on non-PCD finance receivables	6,839	0	$ 40,251
Finance receivables, amortized cost	190,358	0	$ 256,595
No FICO score identified or obtained
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	39,639
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year		13,067
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year				113
Finance receivable, before allowance for credit loss, premium and discount	52,819
599 or less
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	44,966
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year		16,299
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year				539
Finance receivable, before allowance for credit loss, premium and discount	61,804
Between 600 and 699
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	45,125
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year		15,755
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year				567
Finance receivable, before allowance for credit loss, premium and discount	61,447
700 or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	5,531
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year		$ 1,841
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year				$ 77
Finance receivable, before allowance for credit loss, premium and discount	$ 7,449

Finance Receivables, Net - Aging of Finance Receivable (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Sep. 30, 2020
Financing Receivable, Past Due [Line Items]
Finance receivable, current, before allowance for credit loss premium and discount, year one	$ 111,023
Financing receivable, year one, originated, current fiscal year	135,261
Finance receivable, current, before allowance for credit loss, premium and discount, year two		$ 35,969
Financing receivable, year two, originated, fiscal year before current fiscal year		46,962
Finance receivable, before allowance for credit loss, premium and discount	183,519
Finance receivable, current, before allowance for credit loss, premium and discount, year three				$ 926
Fair value premium on non-PCD finance receivables	6,839	0	$ 40,251
Financing receivable, current, before allowance for credit loss, premium and discount	147,918
Financing receivable, year three, originated, two years before current fiscal year				1,296
Finance receivables, amortized cost	190,358	0	$ 256,595
1 to 30 days past due
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	11,149	4,468		150
Finance receivable, before allowance for credit loss, premium and discount	15,767
31 to 60 days past due
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	7,118	3,233		100
Finance receivable, before allowance for credit loss, premium and discount	10,451
61 to 90 days past due
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	5,971	3,292		120
Finance receivable, before allowance for credit loss, premium and discount	9,383
Total past due
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	24,238	$ 10,993		$ 370
Finance receivable, before allowance for credit loss, premium and discount	$ 35,601

Leased Merchandise, Net (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
Leased Merchandise, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Leased merchandise	$ 0	$ 292,374	$ 156,280
Processing fees	0	(3,449)	(440)
Merchant partner discounts and premiums, net	0	2,114	310
Accumulated depreciation	0	(81,343)	(6,764)
Leased merchandise, before allowance for lease losses	0	209,696	149,386
Allowance for lease losses	0	77,599	5,442	$ 69,101	$ 0	$ 0
Leased merchandise, net	$ 0	$ 132,097	$ 143,944

Leased Merchandise, Net - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leased Merchandise, Allowance for Credit loss Roll Forward [Roll Forward]
Balance at beginning of period	$ 69,101	$ 0	$ 5,442	$ 0
Provision for lease losses	31,916	0	109,771	0
Charge-offs	(24,538)	0	(40,859)	0
Recoveries	1,120	0	3,245	0
Balance at end of period	$ 77,599	$ 0	$ 77,599	$ 0

Long-Term Debt - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Dec. 13, 2021	Sep. 30, 2021	Aug. 26, 2020
Debt Instrument [Line Items]
Total long-term debt	$ 1,373,226	$ 1,292,904		$ 739,499
Senior Notes
Debt Instrument [Line Items]
Total long-term debt	1,035,226	1,033,904		493,499
Revolving Unsecured Credit Facility due 2027 \| Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 338,000	259,000		246,000
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	$ 493,226	492,499		493,499
Deferred finance costs, net	$ 6,800	7,500		6,500
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	$ 542,000	541,405		$ 0
Deferred finance costs, net	$ 8,000	$ 8,600

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Long-Term Debt - Narrative (Details)			1 Months Ended	8 Months Ended	9 Months Ended
Long-Term Debt - Narrative (Details)	Sep. 30, 2022 USD ($)	Aug. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Aug. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 MXN ($)	Dec. 31, 2021 USD ($)	Dec. 13, 2021 USD ($)	Sep. 30, 2021 USD ($)	Aug. 26, 2020 USD ($)
Debt Instrument [Line Items]
Line of Credit Facility, Leverage Ratio, Adjusted EBITDA		3.0
Line of Credit Facility, Leverage Ratio, Temporary Adjusted EBITDA	3.25		3.5
Revolving unsecured credit facility, maturing 2024 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 500,000,000		$ 500,000,000
Revolving unsecured credit facility, maturing 2024 \| Line of Credit \| 30-day LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.50%
Revolving unsecured credit facility, maturing 2024 \| Line of Credit \| Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				1.50%
Revolving Unsecured Credit Facility due 2027 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 590,000,000		$ 590,000,000		$ 590,000,000
Amount outstanding	338,000,000		338,000,000		338,000,000
Letters of credit outstanding	3,200,000		3,200,000		3,200,000
Remaining borrowing capacity	$ 248,800,000		$ 248,800,000		$ 248,800,000
Commitment fee (as a percent)					0.325%
Interest rate at end of period (as a percent)	5.39%		5.39%		5.39%	5.39%
Net proceeds					$ 79,000,000
Revolving Unsecured Credit Facility due 2027 \| Line of Credit \| 30-day LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)					2.50%
Revolving Unsecured Credit Facility due 2027 \| Line of Credit \| 30-day LIBOR \| Minimum
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.00%		0.00%		0.00%	0.00%
Revolving Unsecured Credit Facility due 2027 \| 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 2023 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 600,000,000
Amount outstanding						0
Remaining borrowing capacity						$ 600,000,000
Revolving Unsecured Uncommitted Credit Facility due 2023 \| Line of Credit \| Mexican Central Bank Interbank Equilibrium Rate (TIIE)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)					2.50%
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%	4.625%				4.625%
Face amount										$ 500,000,000
Debt ratio threshold	2.75		2.75		2.75	2.75
Deferred finance costs, net	$ 6,800,000		$ 6,800,000		$ 6,800,000		$ 7,500,000		$ 6,500,000
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%	5.625%		5.625%
Face amount								$ 550,000,000
Debt ratio threshold	3.0		3.0		3.0	3.0
Debt ratio	2.8		2.8		2.8	2.8
Deferred finance costs, net	$ 8,000,000		$ 8,000,000		$ 8,000,000		$ 8,600,000

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Revenues from External Customers [Line Items]
Number of reportable segments \| segment			3
Revenue:
Retail merchandise sales	$ 300,899	$ 268,726	$ 901,975	$ 806,335
Pawn loan fees	145,727	121,365	411,613	346,796
Leased merchandise income	158,089	0	455,736	0
Interest and fees on finance receivables	48,846	0	135,039	0
Wholesale scrap jewelry sales	18,582	9,583	75,235	44,060
Total revenue	672,143	399,674	1,979,598	1,197,191
Cost of revenue:
Cost of retail merchandise sold	182,199	158,057	543,722	468,634
Depreciation of leased merchandise	86,519	0	262,830	0
Provision for lease losses	31,916	0	109,771	0
Provision for loan losses	31,956	0	83,453	0
Cost of wholesale scrap jewelry sold	16,261	8,528	64,371	37,657
Total cost of revenue	348,851	166,585	1,064,147	506,291
Net revenue	323,292	233,089	915,451	690,900
Expenses and other income:
Operating expenses	185,547	138,619	539,398	415,071
Administrative expenses	36,951	30,208	110,882	88,605
Depreciation and amortization	25,971	11,217	77,495	32,731
Interest expense	18,282	7,961	50,749	22,389
Interest income	(206)	(143)	(1,104)	(420)
Merger and acquisition expenses	733	12	1,712	1,264
Loss (gain) on foreign exchange	255	558	(198)	248
Gain on revaluation of contingent acquisition consideration	(19,800)	0	(82,789)	0
Other expenses (income), net	164	361	(2,721)	1,640
Total expenses and other income	247,897	188,793	693,424	561,528
Income (loss) before income taxes	75,395	44,296	222,027	129,372
Pawn loans	404,227	348,993	404,227	348,993	$ 347,973
Finance receivables, net	111,945	0	111,945	0	181,021
Inventories	295,428	254,260	295,428	254,260	263,311
Leased merchandise, net	132,097	0	132,097	0	$ 143,944
UNITED STATES \| Retail POS Payment Solutions
Revenue:
Retail merchandise sales	0		0
Pawn loan fees	0		0
Leased merchandise income	158,089		455,736
Interest and fees on finance receivables	48,846		135,039
Wholesale scrap jewelry sales	0		0
Total revenue	206,935		590,775
Cost of revenue:
Cost of retail merchandise sold	0		0
Depreciation of leased merchandise	86,703		263,014
Provision for lease losses	32,350		110,205
Provision for loan losses	31,956		83,453
Cost of wholesale scrap jewelry sold	0		0
Total cost of revenue	151,009		456,672
Net revenue	55,926		134,103
Expenses and other income:
Operating expenses	35,060		95,252
Administrative expenses	0		0
Depreciation and amortization	775		2,156
Interest expense	0		0
Interest income	0		0
Merger and acquisition expenses	0		0
Loss (gain) on foreign exchange	0		0
Gain on revaluation of contingent acquisition consideration	0		0
Other expenses (income), net	0		0
Total expenses and other income	35,835		97,408
Income (loss) before income taxes	20,091		36,695
Pawn loans	0		0
Finance receivables, net	111,945		111,945
Inventories	0		0
Leased merchandise, net	132,683		132,683
UNITED STATES \| Pawn Segment
Revenue:
Retail merchandise sales	195,854	167,257	596,165	530,468
Pawn loan fees	96,222	76,674	274,304	220,013
Leased merchandise income	0		0
Interest and fees on finance receivables	0		0
Wholesale scrap jewelry sales	12,956	4,168	45,153	20,217
Total revenue	305,032	248,099	915,622	770,698
Cost of revenue:
Cost of retail merchandise sold	114,899	93,326	349,007	295,455
Depreciation of leased merchandise	0		0
Provision for lease losses	0		0
Provision for loan losses	0		0
Cost of wholesale scrap jewelry sold	11,338	3,778	39,150	16,678
Total cost of revenue	126,237	97,104	388,157	312,133
Net revenue	178,795	150,995	527,465	458,565
Expenses and other income:
Operating expenses	102,508	93,247	302,572	282,068
Administrative expenses	0	0	0	0
Depreciation and amortization	5,806	5,662	17,261	16,391
Interest expense	0	0	0	0
Interest income	0	0	0	0
Merger and acquisition expenses	0	0	0	0
Loss (gain) on foreign exchange	0	0	0	0
Gain on revaluation of contingent acquisition consideration	0		0
Other expenses (income), net	0	0	0	0
Total expenses and other income	108,314	98,909	319,833	298,459
Income (loss) before income taxes	70,481	52,086	207,632	160,106
Pawn loans	279,645	242,825	279,645	242,825
Finance receivables, net	0		0
Inventories	204,359	175,047	204,359	175,047
Leased merchandise, net	0		0
Latin America \| Pawn Segment
Revenue:
Retail merchandise sales	107,591	101,469	308,356	275,867
Pawn loan fees	49,505	44,691	137,309	126,783
Leased merchandise income	0		0
Interest and fees on finance receivables	0		0
Wholesale scrap jewelry sales	5,626	5,415	30,082	23,843
Total revenue	162,722	151,575	475,747	426,493
Cost of revenue:
Cost of retail merchandise sold	68,642	64,731	196,057	173,179
Depreciation of leased merchandise	0		0
Provision for lease losses	0		0
Provision for loan losses	0		0
Cost of wholesale scrap jewelry sold	4,923	4,750	25,221	20,979
Total cost of revenue	73,565	69,481	221,278	194,158
Net revenue	89,157	82,094	254,469	232,335
Expenses and other income:
Operating expenses	47,979	45,372	141,574	133,003
Administrative expenses	0	0	0	0
Depreciation and amortization	4,566	4,591	13,520	13,388
Interest expense	0	0	0	0
Interest income	0	0	0	0
Merger and acquisition expenses	0	0	0	0
Loss (gain) on foreign exchange	0	0	0	0
Gain on revaluation of contingent acquisition consideration	0		0
Other expenses (income), net	0	0	0	0
Total expenses and other income	52,545	49,963	155,094	146,391
Income (loss) before income taxes	36,612	32,131	99,375	85,944
Pawn loans	124,582	106,168	124,582	106,168
Finance receivables, net	0		0
Inventories	91,069	79,213	91,069	79,213
Leased merchandise, net	0		0
Corporate/ Eliminations
Revenue:
Retail merchandise sales	(2,546)	0	(2,546)	0
Pawn loan fees	0	0	0	0
Leased merchandise income	0		0
Interest and fees on finance receivables	0		0
Wholesale scrap jewelry sales	0	0	0	0
Total revenue	(2,546)	0	(2,546)	0
Cost of revenue:
Cost of retail merchandise sold	(1,342)	0	(1,342)	0
Depreciation of leased merchandise	(184)		(184)
Provision for lease losses	(434)		(434)
Provision for loan losses	0		0
Cost of wholesale scrap jewelry sold	0	0	0	0
Total cost of revenue	(1,960)	0	(1,960)	0
Net revenue	(586)	0	(586)	0
Expenses and other income:
Operating expenses	0	0	0	0
Administrative expenses	36,951	30,208	110,882	88,605
Depreciation and amortization	14,824	964	44,558	2,952
Interest expense	18,282	7,961	50,749	22,389
Interest income	(206)	(143)	(1,104)	(420)
Merger and acquisition expenses	733	12	1,712	1,264
Loss (gain) on foreign exchange	255	558	(198)	248
Gain on revaluation of contingent acquisition consideration	(19,800)		(82,789)
Other expenses (income), net	164	361	(2,721)	1,640
Total expenses and other income	51,203	39,921	121,089	116,678
Income (loss) before income taxes	(51,789)	$ (39,921)	(121,675)	$ (116,678)
Pawn loans	0		0
Finance receivables, net	0		0
Inventories	0		0
Leased merchandise, net	$ (586)		$ (586)