0000840489-23-000041 | 10-K | XBRL Viewer

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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Schedule of Consideration Transferred

The following table summarizes the consideration transferred in connection with the AFF Acquisition, net of cash acquired (in thousands except share and per share amounts):


	AFF Acquisition
Shares of FirstCash Holdings, Inc. common stock issued	8,046,252
Closing common stock price per share at December 16, 2021	$	62.83
Stock consideration	$	505,546
Cash consideration paid to AFF shareholders at closing	253,087
Cash consideration paid to extinguish AFF pre-existing debt	257,278
Present value of deferred consideration payable to AFF shareholders on December 31, 2022	23,873
Estimated fair value of Contingent Consideration (see Note 6)	127,420
Less cash acquired	(48,263)
Aggregate purchase consideration	$	1,118,941

Schedule of Preliminary Allocations of Purchase Price

The preliminary allocation of the aggregate purchase price for these individually immaterial pawn store acquisitions during 2022 (the “2022 Pawn Acquisitions”) is as follows (in thousands):


	2022 Pawn Acquisitions
Pawn loans	$	7,291
Accounts receivable, net	426

Inventories	11,523

Property and equipment	300
Goodwill (1)	55,455
Intangible assets	310

Current liabilities	(2,329)


Aggregate purchase price	$	72,976

(1)Substantially all of the goodwill is expected to be deductible for income tax purposes.

The following table details the preliminary purchase price allocation as of December 31, 2021, the measurement period adjustments made during the twelve months ended December 31, 2022 and the final purchase price allocation as of December 31, 2022 (in thousands):


	December 31,		2022		December 31,
	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		(188)		4,286
Property and equipment	11,670		(9)		11,661
Operating lease right of use asset	491		—		491
Goodwill	503,106		(16,901)		486,205
Intangible assets	305,100		—		305,100
Accounts payable and accrued liabilities	(28,357)		(1,116)		(29,473)
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.

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the AFF Acquisition and the 2021 Pawn Acquisitions had occurred on January 1, 2020, after giving effect to certain adjustments (in thousands, except per share amounts):


	Year Ended				Year Ended
	December 31, 2021				December 31, 2020
	As Reported		Pro Forma		As Reported		Pro Forma
Total revenue	$	1,698,965	$	2,305,860	$	1,631,284	$	2,024,055
Net income	124,909		156,257		106,579		60,059

Net income per share:
Basic	$	3.05	$	3.21	$	2.57	$	1.21
Diluted	3.04		3.20		2.56		1.21

Operating Leases (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 2022, 2021 and 2020 (in thousands):


	Year Ended December 31,
	2022		2021		2020
Operating lease expense	$	128,174	$	125,439	$	121,649
Variable lease expense (1)	16,979		16,021		14,444
Total operating lease expense	$	145,153	$	141,460	$	136,093

(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 year ended December 31, 2022, 2021 and 2020 (in thousands):


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	116,225	$	114,463	$	110,965
Leased assets obtained in exchange for new operating lease liabilities	95,132		110,531		104,576

Schedule of Maturity of Lease Liabilities

The following table details the maturity of lease liabilities for all operating leases as of December 31, 2022 (in thousands):


2023	$	109,116
2024	86,941
2025	59,971
2026	39,707
2027	17,936
Thereafter	23,501
Total	$	337,172
Less amount of lease payments representing interest	(41,113)
Total present value of lease payments	$	296,059

Long-Term Debt - Narrative (Details)			1 Months Ended	8 Months Ended	12 Months Ended
Long-Term Debt - Narrative (Details)	Sep. 30, 2022	Aug. 30, 2022 USD ($)	Sep. 30, 2022	Aug. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 MXN ($)	Dec. 13, 2021 USD ($)	Aug. 26, 2020 USD ($)	May 30, 2017 USD ($)
Debt Instrument [Line Items]
Line of Credit Facility, Leverage Ratio, Temporary Adjusted EBITDA	3.25		3.5
Line of Credit Facility, Leverage Ratio, Adjusted EBITDA		3.0
Long-term line of credit					$ 339,000,000
Loss on extinguishment of debt					0	$ 0	$ 11,737,000
Redemption premium and other redemption costs on senior unsecured notes					0	0	8,781,000
Write off of Deferred Debt Issuance Cost							$ 2,900,000
Line of Credit
Debt Instrument [Line Items]
Long-term line of credit					339,000,000	259,000,000
Letters of credit outstanding, amount					3,200,000
Remaining borrowing capacity					$ 247,800,000
Commitment fee percentage					0.325%
Interest rate at period end					6.90%			6.90%
Repayments of debt					$ 80,000,000
Line of Credit \| Revolving Unsecured Uncommitted Credit Facility due 2023 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 600,000,000
Long-term line of credit								0
Remaining borrowing capacity								$ 600,000,000
Line of Credit \| Revolving Unsecured Credit Facility due 2024
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 500,000,000		$ 500,000,000
Line of Credit \| Revolving Unsecured Credit Facility due 2027
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 590,000,000
Line of Credit \| LIBOR \| Revolving Unsecured Credit Facility due 2024
Debt Instrument [Line Items]
Basis spread on variable rate				2.50%
Line of Credit \| Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
Line of Credit \| Prime Rate \| Revolving Unsecured Credit Facility due 2024
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
Line of Credit \| Mexican Central Bank Interbank Equilibrium Rate (TIIE) [Member] \| Revolving Unsecured Uncommitted Credit Facility due 2023 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
Debt Instrument, Basis Spread on Variable Rate, Adjustment					0.10%
Senior Notes \| 4.625% Senior Unsecured Notes due 2028 [Member]
Debt Instrument [Line Items]
Interest rate					4.625%			4.625%		4.625%
Face Amount										$ 500,000,000
Total debt ratio threshold					2.75			2.75
Debt Issuance Costs, Net					$ 6,500,000	7,500,000
Senior Notes \| Senior notes 2024
Debt Instrument [Line Items]
Interest rate											5.375%
Face Amount											$ 300,000,000
Redemption price					100.00%
Redemption price (up to)					40.00%
Senior Notes \| 5.625% Senior Unsecured Notes due 2030
Debt Instrument [Line Items]
Interest rate					5.625%			5.625%	5.625%
Face Amount									$ 550,000,000
Total debt ratio threshold					3.0			3.0
Redemption price					100.00%
Redemption price (up to)					40.00%
Debt Issuance Costs, Net					$ 7,800,000	$ 8,600,000			$ 8,600,000
Debt Covenant, Total Debt Ratio					2.7			2.7
Minimum \| LIBOR
Debt Instrument [Line Items]
Interest rate					0.00%			0.00%

Equity Compensation Plans and Share-Based Compensation - Warranty and Options Activity (Details) - Stock Options and Warrants - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Outstanding [Roll Forward]
Underlying Shares - Outstanding at beginning of year	0	10	70
Underlying Shares - Exercised	0	(10)	(60)
Underlying Shares - Outstanding at end of year	0	0	10
Underlying Shares - Exercisable at end of year	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted-Average Exercise Price - Outstanding at beginning of year	$ 0	$ 38.00	$ 38.86
Weighted-Average Exercise Price - Exercised	0	38.00	39.00
Weighted-Average Exercise Price - Outstanding at end of year	0	0	38.00
Weighted-Average Exercise Price - Exercisable at end of year	$ 0	$ 0	$ 0

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

During 2022, the Company repurchased a total of 2,204,000 shares of common stock at an aggregate cost of $157.9 million and an average cost per share of $71.63, and during 2021, repurchased 688,000 shares of common stock at an aggregate cost of $49.6 million and an average cost per share of $72.10. The Company intends to continue repurchases under its active share repurchase program, including through open market transactions under trading plans in accordance with Rule 10b5-1 and Rule 10b-18 under the Exchange Act of 1934, as amended, subject to a variety of factors, including, but not limited to, the level of cash balances, liquidity needs, credit availability, debt covenant restrictions, general business and economic conditions, regulatory requirements, the market price of the Company’s stock, the Company’s dividend policy and the availability of alternative investment opportunities.

The following table provides purchases made by the Company of shares of its common stock under each share repurchase program in effect during 2022 (dollars in thousands):


Plan Announcement Date	Plan Completion Date	Dollar Amount Authorized		Shares Purchased in 2022	Dollar Amount Purchased in 2022		Remaining Dollar Amount Authorized For Future Purchases
January 28, 2021	March 28, 2022	$	100,000	1,048,000	$	72,217	$	—
April 28, 2022	Currently active	100,000		1,156,000	85,647		14,353
October 27, 2022	Currently active	100,000		—	—		100,000
Total				2,204,000	$	157,864	$	114,353

Total cash dividends paid in 2022 and 2021 were $59.6 million and $47.5 million, respectively. The amount, declaration and payment of cash dividends in the future (quarterly or otherwise) will be made by the Board, from time to time, subject to the Company’s financial condition, results of operations, business requirements, compliance with legal requirements, debt covenant restrictions and other relevant factors.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income from continuing operations before income taxes
Domestic	$ 253,560	$ 110,535	$ 98,111
Foreign	70,073	55,967	45,588
Income before income taxes	323,633	166,502	143,699
Current income taxes:
Federal	23,034	14,031	14,951
Foreign	15,444	15,242	9,909
U.S. state and local	3,421	2,045	2,158
Current provision for income taxes	41,899	31,318	27,018
Deferred provision (benefit) for income taxes:
Federal	26,732	11,008	4,485
Foreign	(458)	(1,542)	5,287
U.S. state and local	1,965	809	330
Total deferred provision for income taxes	28,239	10,275	10,102
Provision for income taxes	$ 70,138	$ 41,593	$ 37,120

Operating Leases - Lease Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2022	$ 109,116
2023	86,941
2024	59,971
2025	39,707
2026	17,936
Thereafter	23,501
Total	337,172
Less amount of lease payments representing interest	(41,113)
Total present value of lease payments	$ 296,059

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 46,527,000

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Business Acquisition, Accounts payable to sellers	$ 1,217	$ 123,475
Accrued compensation	38,595	33,546
Taxes Payable, Current	27,226	32,463
Accounts Payable, Current	29,243	23,077
Accrued interest payable	24,276	9,375
Benefits liabilities and withholding payable	2,383	3,084
Accrued Income Taxes, Current	569	3,387
Other accrued liabilities	15,951	15,920
Accounts payable and accrued liabilities	139,460	$ 244,327
AFF
Accounts, Notes, Loans and Financing Receivable [Line Items]
Present value of deferred consideration payable to AFF shareholders on December 31, 2022	$ 23,873

Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

2022 Pawn Acquisitions

Consistent with the Company’s strategy to continue its expansion of pawn stores in selected markets, during 2022, the Company acquired 30 pawn stores in the U.S. in six separate transactions and one store in Guatemala in a separate transaction. The aggregate purchase price for these acquisitions totaled $73.0 million, net of cash acquired and subject to future post-closing adjustments. The aggregate purchase price was composed of $69.6 million in cash paid at closing and remaining short-term amounts payable to the sellers of approximately $3.4 million. During 2022, the Company also paid $2.2 million of purchase price amounts payable related to prior-year pawn acquisitions.

The purchase price of each of the 2022 pawn acquisitions was allocated to assets acquired and liabilities assumed based upon the estimated fair market values at the date of acquisition. The excess purchase price over the estimated fair market value of the net assets acquired has been recorded as goodwill. The goodwill arising from these pawn store acquisitions consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired. These pawn acquisitions were not material individually or in the aggregate to the Company’s consolidated financial statements.

The estimated fair value of the assets acquired and liabilities assumed are preliminary, as the Company is gathering information to finalize the valuation of these assets and liabilities. The preliminary allocation of the aggregate purchase price for these individually immaterial pawn store acquisitions during 2022 (the “2022 Pawn Acquisitions”) is as follows (in thousands):


	2022 Pawn Acquisitions
Pawn loans	$	7,291
Accounts receivable, net	426

Inventories	11,523

Property and equipment	300
Goodwill (1)	55,455
Intangible assets	310

Current liabilities	(2,329)


Aggregate purchase price	$	72,976

(1)Substantially all of the goodwill is expected to be deductible for income tax purposes.

The results of operations for the 2022 Pawn Acquisitions have been consolidated since the respective acquisition dates. During 2022, revenue from the 2022 Pawn Acquisitions was $4.0 million and the net loss from the 2022 Pawn Acquisitions since the acquisition dates (including $1.2 million of transaction costs, net of tax) was approximately $0.2 million. Transaction costs associated with the 2022 Pawn Acquisitions were expensed as incurred and are presented in the consolidated statements of income as merger and acquisition expenses. These expenses include investment banking, legal, accounting and other related third-party costs. Unaudited pro forma financial information reflecting the consolidated results of operations of the Company as if the 2022 Pawn Acquisitions had occurred on January 1, 2021 has not been presented as the 2022 Pawn Acquisitions were not significant in relation to the Company’s consolidated financial position or results of operations.

2021 American First Finance Acquisition

On December 17, 2021, the Company completed the AFF Acquisition. Under the terms and conditions set forth in the business combination agreement dated October 27, 2021, as amended, the Company acquired all of the equity interests of AFF in exchange for 8,046,252 shares of the Company’s common stock and cash consideration. Immediately following the AFF Acquisition, the Company’s shareholders owned approximately 83% of the common stock of the Company and the seller parties owned approximately 17%.

In addition to the closing purchase price, the seller parties have the right to receive up to an additional $375.0 million of contingent consideration (the “Contingent Consideration”), which is payable in cash or Company common stock, at the Company’s discretion. In particular, the seller parties had the right to receive up to $250.0 million of additional consideration if AFF achieved certain adjusted EBITDA targets for the period consisting of the fourth quarter of 2021 through the end of 2022. AFF did not achieve the threshold adjusted EBITDA target for the period ending December 31, 2022 and, therefore, the $250.0 million of additional consideration was not earned by the seller parties. The seller parties also have the right to receive up to $50.0 million of additional consideration if AFF achieves certain adjusted EBITDA targets for the first half of 2023. Lastly, the

seller parties had the right to receive up to $75.0 million of additional consideration in the event that the highest average stock price of the Company for any 10-day period from December 6, 2021 through February 28, 2023 is less than $86.25. As a result of an increase in the Company’s stock price during October 2022, no such contingent payment to the seller parties is required. See Note 6.

The following table summarizes the consideration transferred in connection with the AFF Acquisition, net of cash acquired (in thousands except share and per share amounts):


	AFF Acquisition
Shares of FirstCash Holdings, Inc. common stock issued	8,046,252
Closing common stock price per share at December 16, 2021	$	62.83
Stock consideration	$	505,546
Cash consideration paid to AFF shareholders at closing	253,087
Cash consideration paid to extinguish AFF pre-existing debt	257,278
Present value of deferred consideration payable to AFF shareholders on December 31, 2022	23,873
Estimated fair value of Contingent Consideration (see Note 6)	127,420
Less cash acquired	(48,263)
Aggregate purchase consideration	$	1,118,941

During 2022, 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 December 31, 2022. The following table details the preliminary purchase price allocation as of December 31, 2021, the measurement period adjustments made during the twelve months ended December 31, 2022 and the final purchase price allocation as of December 31, 2022 (in thousands):


	December 31,		2022		December 31,
	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		(188)		4,286
Property and equipment	11,670		(9)		11,661
Operating lease right of use asset	491		—		491
Goodwill	503,106		(16,901)		486,205
Intangible assets	305,100		—		305,100
Accounts payable and accrued liabilities	(28,357)		(1,116)		(29,473)
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.

2021 Pawn Acquisitions

During 2021, the Company acquired 46 pawn stores in the U.S. in three separate transactions and acquired a pawn license that will be used to open a new pawn store in the state of Nevada. The aggregate purchase price for these acquisitions totaled $79.5 million, net of cash acquired. The aggregate purchase price was composed of $76.0 million in cash paid at closing and remaining short-term amounts payable to the sellers of approximately $3.5 million.

2021 Unaudited Pro Forma Financial Information

The results of operations for the AFF Acquisition and the 2021 Pawn Acquisitions have been consolidated since the respective acquisition dates. During 2021, revenue from AFF and the 2021 Pawn Acquisitions was $56.0 million and the net loss from AFF and the 2021 Pawn Acquisitions since the acquisition dates (including $11.9 million of transaction costs, net of tax) was approximately $41.0 million. Transaction costs associated with the AFF Acquisition and the 2021 Pawn Acquisitions were expensed as incurred and are presented in the consolidated statements of income as merger and acquisition expenses. These expenses include investment banking, legal, accounting and other related third-party costs, including preparation for regulatory filings.


	Year Ended				Year Ended
	December 31, 2021				December 31, 2020
	As Reported		Pro Forma		As Reported		Pro Forma
Total revenue	$	1,698,965	$	2,305,860	$	1,631,284	$	2,024,055
Net income	124,909		156,257		106,579		60,059

Net income per share:
Basic	$	3.05	$	3.21	$	2.57	$	1.21
Diluted	3.04		3.20		2.56		1.21

The unaudited pro forma results have been adjusted with respect to certain aspects of the AFF Acquisition and 2021 Pawn Acquisitions primarily to reflect:

•Depreciation and amortization expense that would have been recognized assuming fair value adjustments to the tangible and intangible assets acquired and liabilities assumed;

•An increase in total indebtedness primarily incurred to finance certain cash payments and transaction costs related to the AFF Acquisition and 2021 Pawn Acquisitions, partially offset by the elimination of AFF’s pre-existing debt that was repaid at closing;

•The inclusion in the year ended December 31, 2020 of $15.4 million in acquisition expenses incurred by the Company (excluded from the year ended December 31, 2021); and

•The exclusion of $44.3 million of loan loss provision expense in the year ended December 31, 2021 resulting from the establishment of the initial allowance for expected lifetime credit losses for non-PCD finance receivables acquired in the AFF Acquisition.

The pro forma financial information has been prepared for informational purposes only and does not include any anticipated synergies or other potential benefits of the AFF Acquisition and 2021 Pawn Acquisitions. It also does not give effect to certain future charges that the Company expects to incur in connection with the AFF Acquisition and 2021 Pawn Acquisitions, including, but not limited to, additional professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to consolidation of technology systems. Pro forma results do not purport to be indicative of what would have resulted had the acquisitions occurred on the date indicated or what may result in the future.

Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Vesting period for company contributions	5 years
First Cash
Defined Contribution Plan Disclosure [Line Items]
Maximum annual contribution per employee	100.00%
Employer matching contribution	5.00%
Rate of employer match	50.00%
Employer contribution amount	$ 4.0	$ 3.5	$ 3.3
First Cash \| Minimum
Defined Contribution Plan Disclosure [Line Items]
Vesting period until participation in 401(k)	6 months

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 908,254	$ 781,368
Less accumulated depreciation	(369,573)	(318,842)
Property and equipment, net	538,681	462,526
Depreciation expense	46,800	42,500	$ 39,800
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	141,795	114,150
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	249,658	199,100
Furniture, fixtures, equipment and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 516,801	$ 468,118

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 13, 2021	Aug. 26, 2020
Debt Instrument [Line Items]
Long-term line of credit	$ 339,000
Long-term Debt	1,389,000
Total long-term debt	1,374,698	$ 1,292,904
Line of Credit
Debt Instrument [Line Items]
Long-term line of credit	339,000	259,000
Senior Notes
Debt Instrument [Line Items]
Long-term Debt	1,035,698	1,033,904
Senior Notes \| 4.625% Senior Unsecured Notes due 2028 [Member]
Debt Instrument [Line Items]
Long-term Debt	493,475	492,499
Debt Issuance Costs, Net	$ 6,500	7,500
Interest rate	4.625%			4.625%
Senior Notes \| 5.625% Senior Unsecured Notes due 2030
Debt Instrument [Line Items]
Long-term Debt	$ 542,223	541,405
Debt Issuance Costs, Net	$ 7,800	$ 8,600	$ 8,600
Interest rate	5.625%		5.625%

Goodwill and Other Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets,indefinite-lived	$ 0	$ 0
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	83,413,000	84,198,000
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	46,300,000	46,300,000
Pawn licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	37,113,000	36,648,000
Other indefinite-lived intangibles
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 0	$ 1,250,000

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The three fair value levels are (from highest to lowest):

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

Recurring Fair Value Measurements

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


	Estimated Fair Value
	December 31,		Fair Value Measurements Using
	2022		Level 1		Level 2		Level 3
Financial liabilities:
Contingent Consideration	$	—	$	—	$	—	$	—


	Estimated Fair Value
	December 31,		Fair Value Measurements Using
	2021		Level 1		Level 2		Level 3
Financial liabilities:
Contingent 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 sheet as of December 31, 2021.

As further discussed in Note 3, the Company estimated the preliminary fair value of the Contingent Consideration to be $127.4 million, as of the AFF Acquisition date. The Company revalues the Contingent Consideration to fair value at the end of each reporting period. The estimate of the fair value of Contingent Consideration 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.

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 year ended December 31, 2022 and 2021 is as follows (in thousands):


	Year Ended December 31,
	2022		2021
Contingent Consideration at beginning of period	$	109,549	$	—
Contingent Consideration issued December 17, 2021 (see Note 3)	—		127,420
Change in fair value (1)	(109,549)		(17,871)
Contingent Consideration at end of period	$	—	$	109,549

(1)The Company recognized a gain of $109.5 million and $17.9 million during the year ended December 31, 2022 and 2021, respectively, as a result of the change in fair value of the Contingent Consideration (see Note 3), which is included in gain on revaluation of contingent acquisition consideration in the accompanying consolidated statements of income. As further described in Note 3, $325.0 million of the potential $375.0 million in Contingent Consideration was not earned leaving the right to receive up to $50.0 million of additional consideration if AFF achieves certain adjusted EBITDA targets for the first half of 2023, and is the only remaining portion of Contingent Consideration as of December 31, 2022.

There were no transfers in or out of Level 1, 2 or 3 during the year ended December 31, 2022, 2021 and 2020.

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


	Carrying Value		Estimated Fair Value
	December 31,		December 31,		Fair Value Measurements Using
	2022		2022		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	117,330	$	117,330	$	117,330	$	—	$	—
Accounts receivable, net	57,792		57,792		—		—		57,792
Pawn loans	390,617		390,617		—		—		390,617
Finance receivables, net (1)	103,494		201,895		—		—		201,895

	$	669,233	$	767,634	$	117,330	$	—	$	650,304

Financial liabilities:
Revolving unsecured credit facilities	$	339,000	$	339,000	$	—	$	339,000	$	—
Senior unsecured notes (outstanding principal)	1,050,000		932,000		—		932,000		—
	$	1,389,000	$	1,271,000	$	—	$	1,271,000	$	—

(1)Finance receivables, gross as of December 31, 2022 was $196.0 million. See Note 7.


	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 facility	$	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 was $220.3 million. See Note 7.

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 approximate fair value as of December 31, 2022 and 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 SOFR or 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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 117,330	$ 120,046
Accounts receivable, net	57,792	55,356
Pawn loans	390,617	347,973
Finance receivables, net	103,494	181,021
Inventories	288,339	263,311
Leased merchandise, net	153,302	143,944
Prepaid expenses and other current assets	19,788	17,707
Total current assets	1,130,662	1,129,358
Property and equipment, net	538,681	462,526
Operating lease right of use asset	307,009	306,061
Goodwill	1,581,381	1,536,178
Intangible assets, net	330,338	388,184
Other assets	9,415	8,531
Deferred tax assets, net	7,381	5,614
Total assets	3,904,867	3,836,452
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	139,460	244,327
Customer deposits and prepayments	63,125	57,310
Lease liability, current	92,944	90,570
Total current liabilities	295,529	392,207
Revolving unsecured credit facilities	339,000	259,000
Senior unsecured notes	1,035,698	1,033,904
Deferred tax liabilities, net	151,759	126,098
Lease liability, non-current	203,115	203,166
Other liabilities	0	13,950
Total liabilities	2,025,101	2,028,325
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock; $0.01 par value; 90,000 shares authorized; 57,322 and 49,276 shares issued, respectively; 48,479 and 41,038 shares outstanding, respectively	573	573
Additional paid-in capital	1,734,528	1,724,956
Retained earnings	1,060,603	866,679
Accumulated other comprehensive loss	(106,573)	(131,299)
Common stock held in treasury, 11,030 and 8,843 shares at cost, respectively	(809,365)	(652,782)
Total stockholders’ equity	1,879,766	1,808,127
Total liabilities and stockholders’ equity	$ 3,904,867	$ 3,836,452

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flow from operating activities:
Net income	$ 253,495	$ 124,909	$ 106,579
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation of leased merchandise	353,495	12,826	0
Provision for lease losses	139,502	5,442	0
Provision for loan losses	118,502	48,952	(839)
Share-based compensation expense	10,853	5,150	2,914
Depreciation and amortization expense	103,832	45,906	42,105
Amortization of debt issuance costs	2,962	1,671	1,649
Net amortization of premiums, discounts and unearned origination fees on finance receivables	44,378	1,132	0
Gain on revaluation of contingent acquisition consideration	(109,549)	(17,871)	0
Other expenses (income), net	1,722	949	10,505
Loss on extinguishment of debt	0	0	11,737
Deferred income taxes, net	42,488	10,722	14,476
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable, net	(1,217)	(2,492)	5,474
Inventories purchased directly from customers, wholesalers or manufacturers	(3,141)	(27,006)	29,174
Prepaid expenses and other assets	(502,355)	(22,563)	0
Prepaid expenses and other assets	(3,419)	3,094	1,400
Accounts payable, accrued liabilities and other liabilities	19,993	26,180	8,621
Income taxes	(2,236)	6,303	(11,531)
Net cash flow provided by operating activities	469,305	223,304	222,264
Cash flow from investing activities:
Pawn loans, net	(35,817)	(73,340)	105,418
Finance receivables, net	(85,353)	(5,844)	1,590
Purchases of furniture, fixtures, equipment and improvements	(35,586)	(42,022)	(37,543)
Purchases of store real property	(82,902)	(79,507)	(45,502)
Portion of AFF Acquisition paid in cash, net of cash acquired	(25,000)	(462,102)	0
Acquisitions of pawn stores, net of cash acquired	(71,785)	(81,822)	(44,315)
Net cash flow used in investing activities	(336,443)	(744,637)	(20,352)
Cash flow from financing activities:
Borrowings from unsecured credit facilities	286,000	560,000	354,425
Repayments of unsecured credit facilities	(206,000)	(424,000)	(569,933)
Issuance of senior unsecured notes	0	550,000	500,000
Redemption of senior unsecured notes	0	0	(300,000)
Redemption premium and other redemption costs on senior unsecured notes	0	0	(8,781)
Debt issuance costs paid	(1,838)	(10,581)	(7,963)
Purchases of treasury stock	(157,864)	(49,610)	(106,970)
Proceeds from exercise of stock options	0	380	1,140
Payment of minimum withholding taxes on net share settlement of stock options exercised	0	(1,663)	(3,668)
Payments of Dividends	(59,571)	(47,533)	(44,752)
Net cash flow (used in) provided by financing activities	(139,273)	576,993	(186,502)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	3,695	(1,464)	3,913
Change in cash and cash equivalents	(2,716)	54,196	19,323
Supplemental disclosure of cash flow information:
Interest	52,891	29,461	21,033
Income taxes	30,069	24,563	34,186
Supplemental disclosure of non-cash investing and financing activity:
Non-cash transactions in connection with pawn loans settled through forfeitures of collateral transferred to inventories	502,964	430,306	340,891
Stock Issued During Period, Value, Acquisitions	0	505,546	0
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 117,330	$ 120,046	$ 65,850

Long-Term Debt

12 Months Ended

Dec. 31, 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 December 31,
	2022		2021
Revolving unsecured credit facility, maturing 2027 (1)	$	339,000	$	259,000

Senior unsecured notes:

4.625% senior unsecured notes due 2028 (2)	493,475		492,499
5.625% senior unsecured notes due 2030 (3)	542,223		541,405

Total senior unsecured notes	1,035,698		1,033,904

Total long-term debt	$	1,374,698	$	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 December 31, 2022 and 2021, deferred debt issuance costs of $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 December 31, 2022 and 2021, deferred debt issuance costs of $7.8 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.

As of December 31, 2022, annual maturities of the outstanding long-term debt for each of the five years after December 31, 2022 are as follows (in thousands):


2023	$	—
2024	—
2025	—
2026	—
2027	339,000
Thereafter	1,050,000
	$	1,389,000

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 follows:

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 Company’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 December 31, 2022, the Company had $339.0 million in outstanding borrowings and $3.2 million in outstanding letters of credit under the Credit Facility, leaving $247.8 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 December 31, 2022 was 6.90% 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 December 31, 2022. During 2022, the Company received net proceeds of $80.0 million from borrowings pursuant to the Credit Facility.

Revolving Unsecured Uncommitted Credit Facility

As of December 31, 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 the 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 December 31, 2022. At December 31, 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, commencing on March 1, 2021. The 2028 Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Company used the net proceeds from the offering to redeem its outstanding $300.0 million, 5.375% senior notes due 2024 (the “2024 Notes”), to repay a portion of the Credit Facility and to pay for related fees and expenses associated with the offering and the redemption of the 2024 Notes.

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 (the “2028 Notes Indenture”) 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 December 31, 2022, the Company’s consolidated total debt ratio was 2.7 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 provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 2.75 to 1.

The Company may redeem some or all of the 2028 Notes at any time on or after September 1, 2023, at the redemption prices set forth in the 2028 Notes Indenture, plus accrued and unpaid interest, if any. In addition, prior to September 1, 2023, the Company may redeem some or all of the 2028 Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus a “make-whole” premium set forth in the 2028 Notes Indenture. The Company may redeem up to 40% of the 2028 Notes on or prior to September 1, 2023 with the proceeds of certain equity offerings at the redemption prices set forth in the 2028 Notes Indenture. If the Company sells certain assets or consummates certain change in control transactions, the Company will be required to make an offer to repurchase the 2028 Notes.

Redemption of 2024 Notes

During 2020, the Company redeemed all outstanding 2024 Notes. As a result, the Company recognized a loss on extinguishment of debt of $11.7 million, which includes the redemption premium paid over the outstanding $300.0 million principal amount of the 2024 Notes and other redemption costs of $8.8 million and the write-off of unamortized debt issuance costs of $2.9 million.

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, commencing on July 1, 2022. The 2030 Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act. The Company used the net proceeds from the offering 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 offering and reduction of the outstanding balance on the Credit Facility. The Company capitalized approximately $8.6 million in debt issuance costs, which consisted primarily of the initial purchaser’s discount and fees and legal and other professional expenses. The debt issuance costs are being amortized over the life of the 2030 Notes as a component of interest expense and are carried as a direct deduction from the carrying amount of the 2030 Notes in the accompanying consolidated balance sheets.

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 (the

“2030 Notes Indenture”) 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 December 31, 2022, the Company’s consolidated total debt ratio was 2.7 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 may redeem some or all of the 2030 Notes at any time on or after January 1, 2025, at the redemption prices set forth in the 2030 Notes Indenture, plus accrued and unpaid interest, if any. In addition, prior to January 1, 2025, the Company may redeem some or all of the 2030 Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus a “make-whole” premium set forth in the 2030 Notes Indenture. The Company may redeem up to 40% of the 2030 Notes on or prior to January 1, 2025 with the proceeds of certain equity offerings at the redemption prices set forth in the 2030 Notes Indenture. If the Company sells certain assets or consummates certain change in control transactions, the Company will be required to make an offer to repurchase the 2030 Notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (b)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (b)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Goodwill and Other Intangible Assets - Goodwill Future Amortization (Details) - Goodwill $ in Thousands	Dec. 31, 2022 USD ($)
2022	$ 56,926
2023	49,843
2024	48,188
2025	45,250
2026	24,244
Thereafter	22,474
Total future amortization	$ 246,925

Stockholders' Equity Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Class of Treasury Stock

The following table provides purchases made by the Company of shares of its common stock under each share repurchase program in effect during 2022 (dollars in thousands):


Plan Announcement Date	Plan Completion Date	Dollar Amount Authorized		Shares Purchased in 2022	Dollar Amount Purchased in 2022		Remaining Dollar Amount Authorized For Future Purchases
January 28, 2021	March 28, 2022	$	100,000	1,048,000	$	72,217	$	—
April 28, 2022	Currently active	100,000		1,156,000	85,647		14,353
October 27, 2022	Currently active	100,000		—	—		100,000
Total				2,204,000	$	157,864	$	114,353

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed in the preparation of these financial statements:

Principles of consolidation - The accompanying consolidated financial statements include the accounts of FirstCash Holdings, Inc. and its wholly-owned subsidiaries. The Company regularly makes acquisitions and the results of the acquired operations have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated.

Cash and cash equivalents - The Company considers any highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. As of December 31, 2022, the amount of cash associated with indefinitely reinvested foreign earnings was $37.4 million, which is primarily held in Mexican pesos.

Pawn loans and revenue recognition - Pawn loans are secured by the customer’s pledge of tangible personal property, which the Company holds during the term of the loan. If a pawn loan defaults, the Company relies on the sale of the pawned property to recover the principal amount of an unpaid pawn loan, plus a yield on the investment, as the Company’s pawn loans are non-recourse against the customer. The Company accrues pawn loan fee revenue on a constant-yield basis over the life of the pawn

loan for all pawns for which the Company deems collection to be probable based on historical pawn redemption statistics, which is included in accounts receivable, net in the accompanying consolidated balance sheets. If the pawn loan is not repaid prior to the expiration of the pawn loan term, including any extension or grace period, if applicable, the principal amount loaned becomes the inventory carrying value of the forfeited collateral, which is typically recovered through sales of the forfeited items at prices well above the carrying value. The Company has determined no allowance related to credit losses on pawn loans is required as the fair value of the pledged collateral is significantly in excess of the pawn loan amount.

Pawn inventories and revenue recognition - Pawn inventories represent merchandise acquired from forfeited pawn loans and merchandise purchased directly from the general public. The Company also retails limited quantities of new or refurbished merchandise obtained directly from wholesalers and manufacturers. Pawn inventories from forfeited pawn loans are recorded at the amount of the pawn principal on the unredeemed goods, exclusive of accrued interest. Pawn inventories purchased directly from customers, wholesalers and manufacturers are recorded at cost. The cost of pawn inventories is determined on the specific identification method. Pawn inventories are stated at the lower of cost or net realizable value and, accordingly, valuation allowances are established if pawn inventory carrying values are in excess of estimated selling prices, net of direct costs of disposal. Management has evaluated pawn inventories and determined that a valuation allowance is not necessary.

The Company’s merchandise sales are primarily retail sales to the general public in its pawn stores. The Company records sales revenue at the time of the sale. The Company presents merchandise sales net of any sales or value-added taxes collected. Some jewelry inventory is melted and processed at third-party facilities and the precious metal and diamond content is sold at either prevailing market commodity prices or a previously agreed upon price with a commodity buyer. The Company records revenue from these wholesale scrap jewelry transactions when a price has been agreed upon and the Company ships the commodity to the buyer.

Layaway plan and deferred revenue - Customers can purchase merchandise on an interest-free “layaway” plan. Should the customer fail to make a required payment pursuant to a layaway plan, the item is returned to pawn inventory and all or a portion of previous payments are typically forfeited to the Company. Deposits and interim payments from customers on layaway sales are recorded as deferred revenue and subsequently recorded as retail merchandise sales revenue when the merchandise is delivered to the customer upon receipt of final payment or when previous payments are forfeited to the Company. Layaway payments from customers are included in customer deposits and prepayments in the accompanying consolidated balance sheets.

Leased merchandise and revenue recognition - The Company provides merchandise, consisting primarily of furniture and mattresses, appliances, jewelry, electronics and automotive products, to customers of its merchant partners for lease under certain terms agreed to by the customer. The customer has the right to acquire the title either through an early buyout option or through payment of all required lease payments. The Company maintains ownership of the leased merchandise until all payment obligations are satisfied under the lease agreement. The customer has the right to cancel the lease at any time by returning the merchandise and making all scheduled payments due through the minimum lease holding period, which is typically 60 days. Leased merchandise contracts can typically be renewed for between six and 24 months. Leased merchandise is stated at depreciated cost. The Company depreciates leased merchandise over the life of the lease and assumes no salvage value. Depreciation is accelerated upon an early buyout. All of the Company’s leased merchandise represents on-lease merchandise and all leases are operating leases.

Lease income is recognized over the lease term and is recorded net of any sales taxes collected. Charges for late fees and insufficient fund fees are recognized as income when collected. Initial direct costs related to the Companyʼs lease agreements are added to the basis of the leased property and recognized over the lease term in proportion to the recognition of lease income. The Company typically charges the customer a non-refundable processing fee at lease inception and may also receive a discount from or pay a premium to certain merchant partners for leases originated at their locations, which are deferred and amortized using the straight-line method as adjustments to lease income over the contractual life of the related leased merchandise. Unamortized fees, discounts and premiums are recognized in full upon early buyout or charge-off.

The Company accrues for lease income earned but not yet collected as accrued rent receivable, which is included in accounts receivable, net in the accompanying consolidated balance sheets. Alternatively, lease payments received in excess of the amount earned are recognized as deferred revenue, which is included in customer deposits and prepayments in the accompanying consolidated balance sheets. Customer payments are first applied to applicable sales tax and scheduled lease payments, then applied to any uncollected fees, such as late fees and insufficient fund fees. The Company collects sales taxes on behalf of the customer and remits all applicable sales taxes collected to the respective jurisdiction.

Provision for lease losses - The Company records a provision for lease losses on an allowance method, which estimates the leased merchandise losses incurred but not yet identified by management as of the end of the accounting period. The allowance for lease losses is based primarily upon historical loss experience with consideration given to recent and forecasted business trends including, but not limited to, loss trends, delinquency levels, economic conditions, underwriting and collection practices.

The Company charges off leased merchandise when a lease is 90 days or more contractually past due. If an account is deemed to be uncollectible prior to this date, the Company will charge off the leased merchandise at the point in time it is deemed uncollectible.

Finance receivables and revenue recognition - The Company purchases and services retail finance receivables, the term of which typically ranges from six and 24 months, directly from its merchant partners or from its bank partner. The Company has a partnership with a Utah state-chartered bank that requires the Company to purchase the rights to the cash flows associated with finance receivables marketed to retail consumers on the bank’s behalf. The bank establishes the underwriting criteria for the finance receivables originated by the bank.

Interest income is recognized using the interest method over the life of the finance receivable for all loans for which the Company deems collection to be probable based on historical loan redemption statistics and stops accruing interest upon charge-off. Accrued interest, net of an allowance for uncollectible interest income is included in accounts receivable, net in the accompanying consolidated balance sheets and as of December 31, 2022 and 2021 was $9.8 million and $12.4 million, respectively. Charges for late fees and insufficient fund fees are recognized as income when collected. The Company receives an origination fee on newly purchased bank loans and may receive a discount from or pay a premium to certain merchant partners for finance receivables purchased from them, which are deferred and amortized using the interest method as adjustments to yield over the contractual life of the related finance receivable. Unamortized origination fees, discounts and premiums are recognized in full upon early payoff or charge-off.

The Company offers customers an early payoff discount on most of its finance receivables, whereby the customer has between 90 and 105 days to pay the full principal balance without incurring any interest charge. If the borrower does not pay the full principal balance prior to the expiration of the early payoff discount period, interest charges are applied retroactively to the inception date of the loan. The Company accrues interest income during the early payoff discount period but records a reserve for loans expected to pay the full principal balance prior to the expiration of the early payoff discount period based on historical payment patterns.

Provision for loan losses - Expected lifetime losses on finance receivables are recognized upon loan purchase, which requires the Company to make its best estimate of probable lifetime losses at the time of purchase. The Company segments its finance receivable portfolio into pools of receivables with similar risk characteristics which include loan product and monthly origination vintage and evaluates each pool for impairment.

The Company calculates the allowance for loan losses based on historical loss information and incorporates observable and forecasted economic conditions over a reasonable and supportable forecast period covering the full contractual life of finance receivables. Incorporating observable and forecasted economic conditions could have a material impact on the measurement of the allowance to the extent that forecasted economic conditions change significantly. The Company may also consider other qualitative factors to address recent and forecasted business trends in estimating the allowance, as necessary, including, but not limited to, loss trends, delinquency levels, economic conditions, underwriting and collection practices. The allowance for loan losses is maintained at a level considered appropriate to cover expected lifetime losses on the finance receivable portfolio, and the appropriateness of the allowance is evaluated at each period end.

The Company charges off finance receivables when a receivable is 90 days or more contractually past due. If an account is deemed to be uncollectible prior to this date, the Company will charge off the finance receivable at the point in time it is deemed uncollectible.

currently recorded on cumulative foreign currency translation adjustments, as the Company indefinitely reinvests earnings of its foreign subsidiaries. The Company also has pawn operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The average value of the Mexican peso to the U.S. dollar exchange rate for 2022 was 20.1 to 1 compared to 20.3 to 1 in 2021 and 21.5 to 1 in 2020. The average value of the Guatemalan quetzal to the U.S. dollar exchange rate for 2022, 2021 and 2020 was 7.7 to 1. The average value of the Colombian peso to the U.S. dollar exchange rate for 2022 was 4,253 to 1 compared to 3,742 to 1 in 2021 and 3,693 to 1 in 2020.

Operating expenses - Costs incurred in operating the Company’s pawn stores have been classified as operating expenses, which include salary and benefit expense of pawn store-level employees, occupancy costs, bank charges, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Additionally, costs incurred in operating AFF have been classified as operating expenses, which include salary and benefit expense of certain operations focused departments, merchant partner incentives, bank and other payment processing charges, credit reporting costs, information technology costs, advertising costs and other operational costs incurred.

Property and equipment - Property and equipment are recorded at cost. Depreciation is recorded on the straight-line method generally based on estimated useful lives of 30 to 40 years for buildings and three to five years for furniture, fixtures and equipment. The costs of improvements on leased pawn stores are capitalized as leasehold improvements and are depreciated using the straight-line method over the applicable lease period, or useful life, if shorter. Maintenance and repairs are charged to expense as incurred and renewals and betterments are charged to the appropriate property and equipment accounts. Upon sale or retirement of depreciable assets, the cost and related accumulated depreciation is removed from the accounts, and the resulting gain or loss is included in the results of operations in the period the assets are sold or retired.

Business combinations - Business combination accounting requires the Company to determine the fair value of all assets acquired, including identifiable intangible assets, liabilities assumed and contingent consideration issued in a business combination. The total consideration of the acquisition is allocated to the assets and liabilities in amounts equal to the estimated fair value of each asset and liability as of the acquisition date, and any remaining acquisition consideration is classified as goodwill. This allocation process requires extensive use of estimates and assumptions. When appropriate, the Company utilizes independent valuation experts to advise and assist in determining the fair value of the assets acquired and liabilities assumed in connection with a business acquisition, in determining appropriate amortization methods and periods for identified intangible assets and in determining the fair value of contingent consideration, which is reviewed at each subsequent reporting period with changes in the fair value of the contingent consideration recognized in the consolidated statements of income. See Note 3.

Goodwill and other indefinite-lived intangible assets - Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in each business combination. The Company performs its goodwill impairment assessment annually and between annual assessments if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company historically assessed goodwill for impairment as of December 31 each year. In 2022, the Company changed the date of its annual goodwill impairment assessment to October 1 to allow for operational expediency. The Company believes the change in goodwill impairment testing date does not represent a material change to its method of applying an accounting principle in light of its internal controls and requirements to assess goodwill impairment upon certain triggering events. The Company’s reporting units, which are tested for impairment, are U.S. pawn, Latin America pawn and retail POS payment solutions. The Company assesses goodwill for impairment at a reporting unit level by first assessing a range of qualitative factors, including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and overall financial performance. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company proceeds to the quantitative impairment testing methodology. See Note 14.

The Company’s other material indefinite-lived intangible assets consist of certain trade names and pawn licenses. The Company performs its indefinite-lived intangible asset impairment assessment annually as of December 31, and between annual assessments if an event occurs or circumstances change that would more likely than not reduce the fair value of an indefinite-lived intangible asset below its carrying amount. See Note 14.

Merger and acquisition expenses - The Company incurs incremental costs directly associated with merger and acquisition activity, including, but not limited to, professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to consolidation of technology systems and corporate facilities. The Company presents merger and acquisition expenses separately in the consolidated statements of income to identify these incremental activities apart from the expenses incurred to operate the business.

Long-lived assets - Property and equipment, intangible assets subject to amortization and non-current assets are reviewed for impairment whenever events or changes in circumstances indicate that the net book value of the asset may not be recoverable. An impairment loss is recognized if the sum of the expected future cash flows (undiscounted and before interest) from the use of the asset is less than the net book value of the asset. Generally, the amount of the impairment loss is measured as the difference between the net book value of the asset and the estimated fair value of the related asset.

The Company did not record any impairment loss for the years ended December 31, 2022 and 2021.

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. All fair value measurements related to acquisitions are level 3, non-recurring measurements, based on unobservable inputs. Unless otherwise disclosed, the fair values of financial instruments approximate their recorded values, due primarily to their short-term nature. See Note 6.

Income taxes - The Company uses the asset and liability method of computing deferred income taxes on all material temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. See Note 12.

Advertising - The Company expenses the costs of advertising when incurred. Advertising expense for the years ended December 31, 2022, 2021 and 2020, was $4.1 million, $1.0 million and $1.1 million, respectively.

Forward sales commitments - The Company periodically uses forward sale agreements with a major gold bullion bank to sell a portion of the expected amount of scrap gold, which is typically jewelry that is broken or of low retail value, produced in the normal course of business from its liquidation of such merchandise. These commitments qualify for an exemption from derivative accounting as normal sales, based on historical terms, conditions and quantities, and are therefore not recorded on the Company's balance sheet.

Earnings per share - Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during the year. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year.

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


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income	$	253,495	$	124,909	$	106,579

Denominator:
Weighted-average common shares for calculating basic earnings per share	47,213		40,975		41,502
Effect of dilutive securities:
Stock options and restricted stock unit awards	117		49		98
Weighted-average common shares for calculating diluted earnings per share	47,330		41,024		41,600

Earnings per share:
Basic	$	5.37	$	3.05	$	2.57
Diluted	5.36		3.04		2.56

Use of estimates - The preparation of 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. Significant estimates include the accrual for earned but uncollected pawn fees, allowances for lease and loan losses and related lease and loan loss provisions, valuation of acquired assets, assumed liabilities and contingent consideration of acquisitions, evaluation of goodwill and other intangible assets for impairment and current and deferred tax assets and liabilities.

Reclassification - For the purposes of comparability, certain prior year amounts in the consolidated balance sheets have been reclassified in order to conform to the current period 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 could elect to apply the amendments prospectively through December 31, 2022. In December 2022, the Financial Accounting Standards Board issued ASU No 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”). ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. As the Company no longer has any LIBOR based contracts (see Note 11), ASU 2020-04 and ASU 2022-06 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2023	Dec. 17, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration liability current		$ 95,600
Other liabilities	$ 0	13,950
Gain on revaluation of contingent acquisition consideration	109,549	$ 17,871	$ 0
AFF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of Contingent Consideration (see Note 6)	0				$ 127,420
AFF \| EBITDA Targets Not Met
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 250,000				325,000
AFF \| EBITDA Targets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High					$ 375,000
AFF \| EBITDA Targets \| Forecast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High				$ 50,000

Segment and Geographic Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment and Geographic Information

SEGMENT AND GEOGRAPHIC INFORMATION

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, (gain) loss 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 the Company offering AFF’s LTO payment solution as a payment option in its U.S. pawn stores and are eliminated to arrive at consolidated totals.

The following tables present reportable segment information for the years ended December 31, 2022, 2021 and 2020 as well as separately identified segment assets (in thousands):


	Year Ended December 31, 2022
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	818,548	$	447,523	$	—	$	(4,935)	(1)	$	1,261,136
Pawn loan fees	373,416		187,974		—		—			561,390
Leased merchandise income	—		—		622,163		—			622,163
Interest and fees on finance receivables	—		—		181,280		—			181,280
Wholesale scrap jewelry sales	63,004		39,969		—		—			102,973
Total revenue	1,254,968		675,466		803,443		(4,935)			2,728,942

Cost of revenue:
Cost of retail merchandise sold	478,718		288,449		—		(2,614)		(1)	764,553
Depreciation of leased merchandise	—		—		354,104		(609)		(1)	353,495
Provision for lease losses	—		—		140,118		(616)		(1)	139,502
Provision for loan losses	—		—		118,502		—			118,502
Cost of wholesale scrap jewelry sold	54,893		33,411		—		—			88,304
Total cost of revenue	533,611		321,860		612,724		(3,839)			1,464,356

Net revenue (loss)	721,357		353,606		190,719		(1,096)		(1)	1,264,586

Expenses and other income:
Operating expenses	407,039		193,254		128,616		—			728,909
Administrative expenses	—		—		—		147,943			147,943
Depreciation and amortization	23,205		18,325		2,912		59,390			103,832
Interest expense	—		—		—		70,708			70,708
Interest income	—		—		—		(1,313)			(1,313)
Gain on foreign exchange	—		—		—		(585)			(585)
Merger and acquisition expenses	—		—		—		3,739			3,739
Gain on revaluation of contingent acquisition consideration	—		—		—		(109,549)			(109,549)
Other expenses (income), net	—		—		—		(2,731)			(2,731)


Total expenses and other income	430,244		211,579		131,528		167,602			940,953

Income (loss) before income taxes	$	291,113	$	142,027	$	59,191	$	(168,698)		$	323,633


	As of December 31, 2022
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Pawn loans	$	282,089	$	108,528	$	—	$	—		$	390,617
Finance receivables, net	—		—		103,494		—			103,494
Inventories	202,594		85,745		—		—			288,339
Leased merchandise, net	—		—		154,398		(1,096)		(1)	153,302
Goodwill	916,048		179,128		486,205		—			1,581,381
Total assets	2,108,157		619,839		1,047,814		129,057			3,904,867

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


	Year Ended December 31, 2021
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	742,374	$	391,875	$	—	$	—	$	1,134,249
Pawn loan fees	305,350		170,432		—		—		475,782
Leased merchandise income	—		—		22,720		—		22,720
Interest and fees on finance receivables	—		—		9,024		—		9,024
Wholesale scrap jewelry sales	27,163		30,027		—		—		57,190
Total revenue	1,074,887		592,334		31,744		—		1,698,965

Cost of revenue:
Cost of retail merchandise sold	416,039		247,425		—		—		663,464
Depreciation of leased merchandise	—		—		12,826		—		12,826
Provision for lease losses	—		—		5,442		—		5,442
Provision for loan losses	—		—		48,952		—		48,952
Cost of wholesale scrap jewelry sold	22,886		26,243		—		—		49,129
Total cost of revenue	438,925		273,668		67,220		—		779,813

Net revenue (loss)	635,962		318,666		(35,476)		—		919,152

Expenses and other income:
Operating expenses	380,895		179,020		4,917		—		564,832
Administrative expenses	—		—		—		111,259		111,259
Depreciation and amortization	22,234		17,834		122		5,716		45,906
Interest expense	—		—		—		32,386		32,386
Interest income	—		—		—		(696)		(696)
Loss on foreign exchange	—		—		—		436		436
Merger and acquisition expenses	—		—		—		15,449		15,449
Gain on revaluation of contingent acquisition consideration	—		—		—		(17,871)		(17,871)
Other expenses (income), net	—		—		—		949		949


Total expenses and other income	403,129		196,854		5,039		147,628		752,650

Income (loss) before income taxes	$	232,833	$	121,812	$	(40,515)	$	(147,628)	$	166,502


	As of December 31, 2021
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations		Consolidated
Pawn loans	$	256,311	$	91,662	$	—	$	—	$	347,973
Finance receivables, net	—		—		181,021		—		181,021
Inventories	197,486		65,825		—		—		263,311
Leased merchandise, net	—		—		143,944		—		143,944
Goodwill	861,793		171,279		503,106		—		1,536,178
Total assets	1,944,487		562,661		1,178,729		150,575		3,836,452


	Year Ended December 31, 2020
	U.S. Pawn		Latin America Pawn		Corporate/ Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	720,281	$	355,237	$	—	$	1,075,518
Pawn loan fees	310,437		147,080		—		457,517

Interest and fees on finance receivables (1)	2,016		—		—		2,016
Wholesale scrap jewelry sales	45,405		50,828		—		96,233
Total revenue	1,078,139		553,145		—		1,631,284

Cost of revenue:
Cost of retail merchandise sold	415,938		225,149		—		641,087


Provision for loan losses (1)	(488)		—		—		(488)
Cost of wholesale scrap jewelry sold	39,584		39,962		—		79,546
Total cost of revenue	455,034		265,111		—		720,145

Net revenue	623,105		288,034		—		911,139

Expenses and other income:
Operating expenses	396,627		165,531		—		562,158
Administrative expenses	—		—		110,931		110,931
Depreciation and amortization	21,743		15,816		4,546		42,105
Interest expense	—		—		29,344		29,344
Interest income	—		—		(1,540)		(1,540)
Loss on foreign exchange	—		—		884		884
Merger and acquisition expenses	—		—		1,316		1,316

Other expenses (income), net	—		—		10,505		10,505
Loss on extinguishment of debt	—		—		11,737		11,737

Total expenses and other income	418,370		181,347		167,723		767,440

Income (loss) before income taxes	$	204,735	$	106,687	$	(167,723)	$	143,699


	As of December 31, 2020
	U.S. Pawn		Latin America Pawn		Corporate/ Eliminations		Consolidated
Pawn loans	$	220,391	$	87,840	$	—	$	308,231

Inventories	136,109		54,243		—		190,352

Goodwill	802,148		175,233		—		977,381
Total assets	1,718,975		540,473		112,749		2,372,197

(1)Effective June 30, 2020, the Company’s U.S. pawn segment ceased offering an unsecured consumer loan product in the U.S.

Geographic Information

The following table shows revenue and long-lived assets (all non-current assets except operating lease right of use asset, goodwill, intangibles, net and deferred tax assets, net) by geographic area (in thousands):


	Year Ended December 31,
	2022		2021		2020
Revenue:
U.S.	$	2,053,476	$	1,106,631	$	1,078,139
Mexico	639,199		562,493		530,462
Other Latin America	36,267		29,841		22,683
	$	2,728,942	$	1,698,965	$	1,631,284

Long-lived assets:
U.S.	$	449,201	$	373,218	$	286,079
Mexico	88,233		84,648		82,438
Other Latin America	10,662		13,191		14,968
	$	548,096	$	471,057	$	383,485

- 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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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Components of the provision for income taxes and the income to which it relates for the years ended December 31, 2022, 2021 and 2020 consist of the following (in thousands):


	Year Ended December 31,
	2022		2021		2020
Income before income taxes (1):
Domestic	$	253,560	$	110,535	$	98,111
Foreign	70,073		55,967		45,588
Income before income taxes	$	323,633	$	166,502	$	143,699

Current income taxes:
U.S. Federal	$	23,034	$	14,031	$	14,951
Foreign	15,444		15,242		9,909
U.S. state and local	3,421		2,045		2,158
Current provision for income taxes	41,899		31,318		27,018

Deferred provision (benefit) for income taxes:
U.S. Federal	26,732		11,008		4,485
Foreign	(458)		(1,542)		5,287
U.S. state and local	1,965		809		330
Total deferred provision for income taxes	28,239		10,275		10,102

Provision for income taxes	$	70,138	$	41,593	$	37,120

(1)Includes the allocation of certain administrative expenses and intercompany payments, such as royalties and interest, between domestic and foreign subsidiaries.

At December 31, 2022, the cumulative amount of undistributed earnings of foreign subsidiaries was $246.1 million. The Tax Cuts and Jobs Act imposed a mandatory transition tax on accumulated foreign earnings and generally eliminated U.S. federal income taxes on dividends from foreign subsidiaries with the exception of foreign withholding taxes and other foreign local tax. During 2022 and 2021, the Company repatriated $47.5 million and $10.0 million, respectively, from certain foreign subsidiaries, which was not subject to withholding or federal income tax. It is the Company’s intent to indefinitely reinvest the remaining undistributed earnings and future earnings of these subsidiaries outside the U.S. and, therefore, deferred taxes are not currently recorded on cumulative foreign currency translation adjustments.

The principal deferred tax assets and liabilities consist of the following (in thousands):


	As of December 31,
	2022		2021
Deferred tax assets:
Property and equipment in foreign jurisdictions	$	14,585	$	11,452
Finance receivables	19,125		7,421
Accrued fees on forfeited pawn loans	8,168		6,645
Deferred cost of goods sold deduction	2,800		1,989
Accrued compensation, payroll taxes and employee benefits	3,699		4,294
U.S. state and certain foreign net operating losses	6,504		6,429
Other	5,167		3,811
Total deferred tax assets	60,048		42,041

Deferred tax liabilities:
Intangible assets	150,397		126,283
Leased merchandise and property and equipment in domestic jurisdictions	40,950		24,035
Net operating lease asset	2,646		3,726
Other	3,929		2,052
Total deferred tax liabilities	197,922		156,096

Net deferred tax liabilities before valuation allowance	(137,874)		(114,055)
Valuation allowance	(6,504)		(6,429)
Net deferred tax liabilities	$	(144,378)	$	(120,484)

Reported as:
Deferred tax assets	$	7,381	$	5,614
Deferred tax liabilities	(151,759)		(126,098)
Net deferred tax liabilities	$	(144,378)	$	(120,484)

The Company has a valuation allowance of $6.5 million and $6.4 million as of December 31, 2022 and 2021, respectively, related to the deferred tax assets associated with its U.S. state and certain foreign net operating losses. The Company has evaluated the nature and timing of its other deferred tax assets and concluded that no additional valuation allowance is necessary.

The following is a reconciliation of income taxes calculated at the U.S. federal statutory rate to the provision for income taxes (dollars in thousands):


	Year Ended December 31,
	2022			2021			2020
U.S. federal statutory rate	21		%	21		%	21		%

Tax at the U.S. federal statutory rate	$	67,963		$	35,149		$	30,177
U.S. state income tax, net of federal tax benefit of $1,131, $599 and $522, respectively	4,255			2,255			1,965
Benefit from gain on revaluation of contingent acquisition consideration	(4,580)			—			—
Net incremental income tax expense from foreign earnings (1)	272			2,007			5,732
Non-deductible compensation expense	3,297			1,943			1,050
Global intangible low-taxed income tax	—			—			(1,863)

Other taxes and adjustments, net	(1,069)			239			59
Provision for income taxes	$	70,138		$	41,593		$	37,120

Effective tax rate	21.7		%	25.0		%	25.8		%

(1)Includes an $8.0 million, $6.3 million and $2.0 million foreign permanent tax benefit related to an inflation index adjustment allowed under Mexico tax law for the years ended December 31, 2022, 2021 and 2020, respectively.

The Company’s foreign pawn operating subsidiaries are owned by a wholly-owned subsidiary located in the Netherlands. The foreign pawn operating subsidiaries are subject to their respective foreign statutory rates, which differ from the U.S. federal statutory rate. The statutory tax rates in Mexico, Guatemala, Colombia and El Salvador are 30%, 25%, 35% and 30%, respectively. The statutory tax rate in the Netherlands is 0% on eligible dividends received from its foreign subsidiaries.

The Company reviews the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Interest and penalties related to income tax liabilities that could arise would be classified as interest expense in the Company’s consolidated statements of income.

As of December 31, 2022 and 2021, the Company had no unrecognized tax benefits and, therefore, the Company did not have a liability for accrued interest and penalties and no such interest or penalties were incurred for the years ended December 31, 2022, 2021 and 2020.

The Company files federal income tax returns in the U.S., Mexico, Guatemala, Colombia, El Salvador, Jamaica, Puerto Rico and the Netherlands, as well as multiple state and local income tax returns in the U.S. The Company’s U.S. federal returns are not subject to examination for tax years prior to 2019. The majority of the Company’s U.S. state income tax returns are not subject to examination for the tax years prior to 2019. With respect to federal tax returns in Mexico, Guatemala, Colombia, El Salvador, Jamaica, Puerto Rico and the Netherlands, the tax years prior to 2017 are closed to examination. There are no state income taxes in Mexico, Guatemala, Colombia, El Salvador, Jamaica, Puerto Rico or the Netherlands.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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

Finance Receivables, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Finance Receivables, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Finance receivables, gross	$ 195,987	$ 220,329
Fair value premium on non-PCD finance receivables	0	40,251
Non-credit discount on PCD finance receivables	0	3,521
Financing Receivable, Merchant partner discounts and premiums, net	(3,517)	(104)
Financing Receivable, Unearned Origination Fees	(4,143)	(360)
Finance receivables, amortized cost	188,327	256,595
Financing Receivable, Allowance for Credit Loss	(84,833)	(75,574)	$ 0
Finance receivables, net	$ 103,494	$ 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

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+ Details

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consist of the following (in thousands):


	As of December 31,
	2022		2021
Accrued compensation	$	38,595	$	33,546
Trade accounts payable	29,243		23,077
Sales, property, and payroll taxes payable	27,226		32,463
Accrued interest payable	24,276		9,375
Benefits liabilities and withholding payable	2,383		3,084
Acquisition purchase price amounts payable to sellers (1)	1,217		123,475
Income taxes payable	569		3,387

Other accrued liabilities	15,951		15,920
	$	139,460	$	244,327

(1)As of December 31, 2021, includes the present value of the deferred consideration payable to AFF shareholders on December 31, 2022 of $23.9 million and the short-term portion of the estimated fair value of Contingent Consideration of $95.6 million. See Note 3 and Note 6.

Operating Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Operating Leases

OPERATING LEASES

Lessor

Refer to Note 2 to the consolidated financial statements for further information about the Company’s revenue generating activities as a lessor. 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 as of December 31, 2022, 2021 and 2020 was 4.1 years, 4.1 years and 4.0 years, respectively.

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 December 31, 2022, 2021 and 2020 was 6.5%, 6.2% and 7.0%, 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 gain of $1.3 million, loss of $0.6 million and loss of $1.2 million during the year ended December 31, 2022, 2021 and 2020, respectively, related to the remeasurement of these U.S.-dollar-denominated operating leases, which is included in (gain) loss on foreign exchange in the accompanying consolidated statements of income.

Lease expense is recognized on a straight-line basis over the lease term, with variable lease expense recognized in the period such payments are incurred. The following table details the components of lease expense included in operating expenses in the consolidated statements of income during the year ended December 31, 2022, 2021 and 2020 (in thousands):


	Year Ended December 31,
	2022		2021		2020
Operating lease expense	$	128,174	$	125,439	$	121,649
Variable lease expense (1)	16,979		16,021		14,444
Total operating lease expense	$	145,153	$	141,460	$	136,093

(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 December 31, 2022 (in thousands):


2023	$	109,116
2024	86,941
2025	59,971
2026	39,707
2027	17,936
Thereafter	23,501
Total	$	337,172
Less amount of lease payments representing interest	(41,113)
Total present value of lease payments	$	296,059

The following table details supplemental cash flow information related to operating leases for the year ended December 31, 2022, 2021 and 2020 (in thousands):


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	116,225	$	114,463	$	110,965
Leased assets obtained in exchange for new operating lease liabilities	95,132		110,531		104,576

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Calculation of Numerator and Denominator in EPS

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


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income	$	253,495	$	124,909	$	106,579

Denominator:
Weighted-average common shares for calculating basic earnings per share	47,213		40,975		41,502
Effect of dilutive securities:
Stock options and restricted stock unit awards	117		49		98
Weighted-average common shares for calculating diluted earnings per share	47,330		41,024		41,600

Earnings per share:
Basic	$	5.37	$	3.05	$	2.57
Diluted	5.36		3.04		2.56

Acquisitions - Fair Value of Finance Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Initial allowance recognized for PCD loans (2)	$ 0	$ 32,036
AFF \| Not Purchased With Credit Deterioration
Business Acquisition [Line Items]
Initial allowance recognized for PCD loans (2)		$ 44,300

Acquisitions - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Revenues	$ 2,728,942	$ 1,698,965	$ 1,631,284
Net income	$ 253,495	$ 124,909	$ 106,579
Basic (in dollars per share)	$ 5.37	$ 3.05	$ 2.57
Net income per diluted share (in dollars per share)	$ 5.36	$ 3.04	$ 2.56
AFF
Business Acquisition [Line Items]
Revenues		$ 1,698,965	$ 1,631,284
Net income		$ 124,909	$ 106,579
Basic (in dollars per share)		$ 3.05	$ 2.57
Net income per diluted share (in dollars per share)		$ 3.04	$ 2.56
AFF \| Pro Forma
Business Acquisition [Line Items]
Revenues		$ 2,305,860	$ 2,024,055
Net income		$ 156,257	$ 60,059
Basic (in dollars per share)		$ 3.21	$ 1.21
Net income per diluted share (in dollars per share)		$ 3.20	$ 1.21

- 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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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Finance Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Finance Receivables, Net

Finance receivables, net, originated in the retail POS payment solutions segment, consist of the following (in thousands):


	As of December 31,
	2022		2021
Finance receivables, gross	$	195,987	$	220,329
Fair value premium on non-PCD finance receivables (1)	—		40,251
Non-credit discount on PCD finance receivables (2)	—		(3,521)
Merchant partner discounts and premiums, net	(3,517)		(104)
Unearned origination fees	(4,143)		(360)
Finance receivables, amortized cost	188,327		256,595
Less allowance for loan losses	(84,833)		(75,574)
Finance receivables, net	$	103,494	$	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 as interest income on an effective yield basis over the lives of the related non-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.

Schedule of Allowance for Credit Losses

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


	As of December 31,
	2022		2021
Balance at beginning of year	$	75,574	$	—
Provision for loan losses (1)	118,502		48,952
Initial allowance recognized for PCD loans (2)	—		32,036
Charge-offs	(114,535)		(5,545)
Recoveries	5,292		131
Balance at end of year	$	84,833	$	75,574

(1)For the year ended December 31, 2021, includes $44.3 million as a result of the establishment of the initial allowance for expected lifetime credit losses for non-PCD finance receivables acquired in the AFF Acquisition, which is recorded as provision for loan losses in the consolidated statements of income.

(2)Represents the establishment of the initial allowance for expected lifetime credit losses for PCD finance receivables acquired in the AFF Acquisition, which is added to the acquisition date fair value to establish the initial amortized cost basis of the PCD loans. As this initial allowance for loan losses is added to the acquisition date fair value, there is no provision for loan losses recognized in the consolidated statements of income during 2021 for PCD loans.

Financing Receivable, Past Due

The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of December 31, 2022 and 2021, by origination year (in thousands):


	Origination Year
	2022		2021		2020		Total
As of December 31, 2022
Delinquency:
1 to 30 days past due	$	14,186	$	2,795	$	—	$	16,981
31 to 60 days past due	8,048		1,822		—		9,870
61 to 90 days past due (1)	6,597		1,750		—		8,347
Total past due finance receivables	28,831		6,367		—		35,198
Current finance receivables	132,197		20,932		—		153,129
Finance receivables, amortized cost	$	161,028	$	27,299	$	—	188,327

As of December 31, 2021
Delinquency:
1 to 30 days past due	$	—	$	16,077	$	2,260	$	18,337
31 to 60 days past due	—		10,024		1,648		11,672
61 to 90 days past due (1)	—		7,898		1,478		9,376
Total past due finance receivables before fair value adjustments	—		33,999		5,386		39,385
Current finance receivables before fair value adjustments	—		160,998		19,482		180,480
Finance receivables before fair value adjustments	$	—	$	194,997	$	24,868	219,865
Fair value premium on non-PCD finance receivables							40,251
Non-credit discount on PCD finance receivables							(3,521)
Finance receivables, amortized cost							$	256,595

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

Finance Receivables, Net - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 75,574	$ 0
Provision for loan losses (1)	118,502	48,952	$ (488)
Initial allowance recognized for PCD loans (2)	0	32,036
Charge-offs	(114,535)	(5,545)
Recoveries	5,292	131
Balance at end of year	84,833	75,574	$ 0
Initial allowance recognized for PCD loans (2)	$ 0	32,036
Not Purchased With Credit Deterioration \| AFF
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Initial allowance recognized for PCD loans (2)		44,300
Initial allowance recognized for PCD loans (2)		$ 44,300

- Definition

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

+ References + Details

Equity Compensation Plans and Share-Based Compensation - Share-based Compensation Allocation of Period Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Gross compensation costs:	$ 10,853	$ 5,150	$ 2,914
Income tax benefits:	(1,428)	(205)	(995)
Net compensation expense	9,425	4,945	1,919
Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Gross compensation costs:	0	0	15
Income tax benefits:	0	0	(94)
Nonvested “restricted” stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Gross compensation costs:	10,853	5,150	2,899
Income tax benefits:	$ (1,428)	$ (205)	$ (901)

Organization and Nature of the Company (Details)	12 Months Ended
Organization and Nature of the Company (Details)	Dec. 31, 2022 numberOfBusinessLines segment state
Organization and Nature of the Company [Line Items]
Number of Business Lines \| numberOfBusinessLines	2
Number of reportable segments \| segment	3
Pawn Operations
Organization and Nature of the Company [Line Items]
Number of states in which entity operates	25
Retail POS Payment Solutions
Organization and Nature of the Company [Line Items]
Number of states in which entity operates	50

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

Changes in the carrying value of goodwill by segment were as follows (in thousands):


December 31, 2022	U.S. Pawn Segment		Latin America Pawn Segment		Retail POS Payment Solutions Segment		Total
Balance, beginning of year	$	861,793	$	171,279	$	503,106	$	1,536,178
Acquisitions (see Note 3)	55,455		—		—		55,455

Effect of foreign currency translation	—		7,849		—		7,849
Other adjustments	(1,200)		—		(16,901)		(18,101)
Balance, end of year	$	916,048	$	179,128	$	486,205	$	1,581,381

December 31, 2021
Balance, beginning of year	$	802,148	$	175,233	$	—	$	977,381
Acquisitions (see Note 3)	59,645		—		503,106		562,751

Effect of foreign currency translation	—		(3,954)		—		(3,954)

Balance, end of year	$	861,793	$	171,279	$	503,106	$	1,536,178

The Company performed its annual assessment of goodwill and determined there was no impairment as of December 31, 2022 and 2021.

Definite-Lived Intangible Assets

The following table summarizes the components of gross and net definite-lived intangible assets subject to amortization (in thousands):


	As of December 31,
	2022						2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Merchant relationships	$	194,000	$	(31,530)	$	162,470	$	194,000	$	(962)	$	193,038
Developed technology	99,400		(20,708)		78,692		99,400		(828)		98,572
Customer relationships	26,294		(25,716)		578		26,111		(25,174)		937
AFF trade name	10,200		(5,314)		4,886		10,200		(213)		9,987
Lessee relationships	1,500		(1,201)		299		1,500		(48)		1,452
	$	331,394	$	(84,469)	$	246,925	$	331,211	$	(27,225)	$	303,986

Merchant relationships and customer relationships are generally amortized using an accelerated amortization method that reflects the future cash flows expected from the existing AFF merchants and returning pawn customers.

The following table details the remaining weighted-average amortization periods for the definite-lived intangible assets included in the table above:


			Weighted-Average Remaining Amortization Period (Years)
As of December 31, 2022
Merchant relationships			2.8
Developed technology			2.0
Customer relationships			1.2
Trade name			0.5
Lessee relationships			0.2
Total definite-lived intangible assets			2.5

Amortization expense for definite-lived intangible assets was $57.1 million, $3.4 million and $2.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated future amortization expense is as follows (in thousands):


2023	$	56,926
2024	49,843
2025	48,188
2026	45,250
2027	24,244
Thereafter	22,474
	$	246,925

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets as of December 31, 2022 and 2021 consist of the following (in thousands):


	As of December 31,
	2022		2021
Trade names	$	46,300	$	46,300
Pawn licenses (1)	37,113		36,648
Other indefinite-lived intangibles	—		1,250
	$	83,413	$	84,198

(1)Costs to renew licenses with indefinite lives are expensed as incurred and recorded in operating expenses in the consolidated statements of income.

The Company performed its annual assessment of indefinite-lived intangible assets and determined there was no material impairment as of December 31, 2022 and 2021.

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period (shares)	2,204,000	688,000
Dollar Amount Purchased in 2022	$ 157,864	$ 49,600
Stock repurchase program, average cost per share (in dollars per share)	$ 71.63	$ 72.10
Dollar Amount Authorized	$ 100,000
Remaining Dollar Amount Authorized For Future Purchases	114,353
Payments of dividends	$ 59,571	$ 47,533	$ 44,752
January 28, 2021
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period (shares)	1,048,000
Dollar Amount Purchased in 2022	$ 72,217
Remaining Dollar Amount Authorized For Future Purchases	$ 0
April 28, 2022
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period (shares)	1,156,000
Dollar Amount Purchased in 2022	$ 85,647
Remaining Dollar Amount Authorized For Future Purchases	$ 14,353
October 27, 2022
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period (shares)	0
Dollar Amount Purchased in 2022	$ 0
Remaining Dollar Amount Authorized For Future Purchases	$ 100,000

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Retail merchandise sales	$ 1,261,136	$ 1,134,249	$ 1,075,518
Pawn loan fees	561,390	475,782	457,517
Leased merchandise income	622,163	22,720	0
Interest and fees on finance receivables	181,280	9,024	2,016
Wholesale scrap jewelry sales	102,973	57,190	96,233
Total revenue	2,728,942	1,698,965	1,631,284
Cost of revenue:
Cost of retail merchandise sold	764,553	663,464	641,087
Depreciation of leased merchandise	353,495	12,826	0
Provision for Lease Losses	139,502	5,442	0
Provision for loan losses (1)	118,502	48,952	(488)
Cost of wholesale scrap jewelry sold	88,304	49,129	79,546
Total cost of revenue	1,464,356	779,813	720,145
Net revenue	1,264,586	919,152	911,139
Expenses and other income:
Operating expenses	728,909	564,832	562,158
Administrative expenses	147,943	111,259	110,931
Depreciation and amortization	103,832	45,906	42,105
Interest expense	70,708	32,386	29,344
Interest income	(1,313)	(696)	(1,540)
(Gain) loss on foreign exchange	(585)	436	884
Merger and acquisition expenses	3,739	15,449	1,316
Gain on revaluation of contingent acquisition consideration	(109,549)	(17,871)	0
Loss on extinguishment of debt	0	0	11,737
Total expenses and other income	940,953	752,650	767,440
Income before income taxes	323,633	166,502	143,699
Provision for income taxes	70,138	41,593	37,120
Net income	$ 253,495	$ 124,909	$ 106,579
Earnings per share:
Basic (in dollars per share)	$ 5.37	$ 3.05	$ 2.57
Diluted (in dollars per share	$ 5.36	$ 3.04	$ 2.56
Other Nonoperating Income (Expense)	$ (2,731)	$ 949	$ 10,505

Segment and Geographic Information - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 2,728,942	$ 1,698,965	$ 1,631,284
Long-Lived Assets	548,096	471,057	383,485
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,053,476	1,106,631	1,078,139
Long-Lived Assets	449,201	373,218	286,079
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	639,199	562,493	530,462
Long-Lived Assets	88,233	84,648	82,438
Other Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	36,267	29,841	22,683
Long-Lived Assets	$ 10,662	$ 13,191	$ 14,968

- Definition

+ References

+ Details

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Entity Location [Line Items]
Undistributed earnings of foreign subsidiaries	$ 246,100,000
Foreign Earnings Repatriated	47,500,000	$ 10,000,000
Valuation allowance	$ 6,504,000	6,429,000
U.S. federal statutory rate			21.00%
Income tax benefit, percent of likelihood of being realized upon settlement	5000.00%
Unrecognized tax benefits	$ 0	0
Income tax penalties and interest accrued	0	0
Income tax penalties and interest expense	$ 0	$ 0	$ 0
United States
Entity Location [Line Items]
U.S. federal statutory rate	21.00%	21.00%
Mexico
Entity Location [Line Items]
U.S. federal statutory rate	30.00%
Guatemala
Entity Location [Line Items]
U.S. federal statutory rate	25.00%
EL Salvador
Entity Location [Line Items]
U.S. federal statutory rate	30.00%
NETHERLANDS
Entity Location [Line Items]
U.S. federal statutory rate	0.00%
COLOMBIA
Entity Location [Line Items]
U.S. federal statutory rate	35.00%

Acquisitions - Acquisitions Purchase Price Allocation Table (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 1,581,381	$ 1,536,178	$ 977,381
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Pawn loans	7,291
Fees and service charges receivable	426
Inventory	11,523
Property and equipment	300
Goodwill	55,455
Intangible assets	310
Current liabilities	(2,329)
Aggregate merger consideration	72,976
AFF
Business Acquisition [Line Items]
Accounts receivable	11,660	11,660
Finance receivables	225,261	225,261
Leased merchandise	139,649	139,649
Other current assets	4,286	4,474
Property and equipment	11,661	11,670
Operating lease right of use asset	491	491
Goodwill	486,205	503,106
Intangible assets	305,100	305,100
Accounts payable and accrued liabilities	(29,473)	(28,357)
Customer deposits and prepayments	(11,014)	(11,014)
Lease liability, current	(10)	(10)
Deferred tax liabilities (1)	(24,394)	(42,608)
Lease liability, non-current	(481)	(481)
Aggregate merger consideration	1,118,941	$ 1,118,941
AFF \| Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Other current assets	(188)
Property and equipment	(9)
Goodwill	(16,901)
Accounts payable and accrued liabilities	(1,116)
Deferred tax liabilities (1)	18,214
Aggregate merger consideration	$ 0

Goodwill and Other Intangible Assets - Goodwill Roll-forward (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Balance, beginning of year	$ 1,536,178,000	$ 977,381,000
Merger and other acquisitions	55,455,000	562,751,000
Effect of foreign currency translation	7,849,000	(3,954,000)
Other adjustments	(18,101,000)
Balance, end of year	1,581,381,000	1,536,178,000
Goodwill impairment	0	0
United States
Goodwill [Line Items]
Other adjustments	(1,200,000)
Latin America Pawn
Goodwill [Line Items]
Other adjustments	0
Pawn Segment \| United States
Goodwill [Line Items]
Balance, beginning of year	861,793,000
Merger and other acquisitions	55,455,000	59,645,000
Effect of foreign currency translation	0	0
Balance, end of year	916,048,000	861,793,000
Pawn Segment \| Latin America Pawn
Goodwill [Line Items]
Balance, beginning of year	171,279,000
Merger and other acquisitions	0	0
Effect of foreign currency translation	7,849,000	(3,954,000)
Balance, end of year	179,128,000	171,279,000
Retail POS Payment Solutions \| United States
Goodwill [Line Items]
Balance, beginning of year	503,106,000	0
Merger and other acquisitions	0	503,106,000
Effect of foreign currency translation	0	0
Other adjustments	(16,901,000)
Balance, end of year	$ 486,205,000	$ 503,106,000

Long-Term Debt - Schedule of Maturities for Long-term Debt (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2022	$ 0
2023	0
2024	0
2025	0
2026	339,000
Thereafter	1,050,000
Total long-term debt	$ 1,389,000

- Definition

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

+ References + Details

Equity Compensation Plans and Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Stock Options Activity

The following table summarizes the restricted stock unit award activity for the years ended December 31, 2022, 2021 and 2020 (shares in thousands):


	2022			2021			2020
		Weighted-			Weighted-			Weighted-
		Average			Average			Average
	Underlying	Fair Value		Underlying	Fair Value		Underlying	Fair Value
	Shares	of Grant		Shares	of Grant		Shares	of Grant
Outstanding at beginning of year	383	$	71.93	373	$	77.40	357	$	69.13
Performance-based grants (1)	120	69.78		105	58.68		238	78.40
Time-based grants	60	69.72		48	58.68		21	84.93
Performance-based vested	—	—		(91)	72.70		(117)	48.25
Time-based vested	(19)	70.33		(19)	67.86		(12)	76.84
Performance-based canceled (2)	(109)	86.86		(18)	72.56		(114)	84.93
Time-based canceled	—	—		(15)	72.49		—	—
Outstanding at end of year	435	$	67.38	383	$	71.93	373	$	77.40

(1)Represents the maximum possible award. The Company’s level of achievement of the respective performance goals will result in actual vesting of between zero shares and the maximum share award. Performance-based grants for 2020 include 114 shares which were subsequently cancelled in 2020 as described in footnote (2) below.

(2)Performance-based canceled for 2020 represents cancellation of performance-based awards granted in January of 2020 that were subsequently replaced with a new performance-based award granted in December 2020. The grant date fair value of the December 2020 replacement performance-based awards was $72.37 per share.

Schedule of Stock Options Activity

The following table summarizes stock option activity for the years ended December 31, 2022, 2021 and 2020 (shares in thousands):


	2022			2021			2020
		Weighted-			Weighted-			Weighted-
		Average			Average			Average
	Underlying	Exercise		Underlying	Exercise		Underlying	Exercise
	Shares	Price		Shares	Price		Shares	Price
Outstanding at beginning of year	—	$	—	10	$	38.00	70	$	38.86

Exercised	—	—		(10)	38.00		(60)	39.00

Outstanding at end of year	—	—		—	—		10	38.00

Exercisable at end of year	—	—		—	—		—	—

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The Company’s net income includes the following compensation costs related to share-based compensation arrangements (in thousands):


	Year Ended December 31,
	2022		2021		2020
Gross compensation costs:
Restricted stock unit awards	$	10,853	$	5,150	$	2,899
Stock options	—		—		15
Total gross compensation costs	10,853		5,150		2,914

Income tax benefits:
Restricted stock unit awards	(1,428)		(205)		(901)
Exercise of stock options	—		—		(94)
Total income tax benefits	(1,428)		(205)		(995)

Net compensation expense	$	9,425	$	4,945	$	1,919

Segment and Geographic Information - Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Revenues from External Customers and Assets [Line Items]
Number of reportable segments \| segment	3
Revenue:
Retail merchandise sales	$ 1,261,136	$ 1,134,249	$ 1,075,518
Pawn loan fees	561,390	475,782	457,517
Interest and fees on finance receivables	181,280	9,024	2,016
Leased merchandise income	622,163	22,720	0
Wholesale scrap jewelry sales	102,973	57,190	96,233
Total revenue	2,728,942	1,698,965	1,631,284
Cost of revenue:
Cost of retail merchandise sold	764,553	663,464	641,087
Depreciation of leased merchandise	353,495	12,826	0
Provision for Lease Losses	139,502	5,442	0
Provision for loan losses (1)	118,502	48,952	(488)
Cost of wholesale scrap jewelry sold	88,304	49,129	79,546
Total cost of revenue	1,464,356	779,813	720,145
Net revenue	1,264,586	919,152	911,139
Expenses and other income:
Operating expenses	728,909	564,832	562,158
Administrative expenses	147,943	111,259	110,931
Depreciation and amortization	103,832	45,906	42,105
Interest expense	70,708	32,386	29,344
Interest income	(1,313)	(696)	(1,540)
(Gain) loss on foreign exchange	(585)	436	884
Merger and acquisition expenses	3,739	15,449	1,316
Gain on revaluation of contingent acquisition consideration	(109,549)	(17,871)	0
Loss on extinguishment of debt	0	0	11,737
Total expenses and other income	940,953	752,650	767,440
Income before income taxes	323,633	166,502	143,699
Pawn loans	390,617	347,973	308,231
Consumer loans, net		181,021
Finance receivables, net	103,494	181,021
Inventories	288,339	263,311	190,352
Leased merchandise, net	153,302	143,944
Goodwill	1,581,381	1,536,178	977,381
Total assets	3,904,867	3,836,452	2,372,197
Other Nonoperating Income (Expense)	(2,731)	949	10,505
Corporate/ Eliminations
Revenue:
Retail merchandise sales	(4,935)	0	0
Pawn loan fees	0	0	0
Interest and fees on finance receivables	0	0	0
Leased merchandise income	0	0
Wholesale scrap jewelry sales	0	0	0
Total revenue	(4,935)	0	0
Cost of revenue:
Cost of retail merchandise sold	(2,614)	0	0
Depreciation of leased merchandise	(609)	0
Provision for Lease Losses	(616)	0
Provision for loan losses (1)	0	0	0
Cost of wholesale scrap jewelry sold	0	0	0
Total cost of revenue	(3,839)	0	0
Net revenue	(1,096)	0	0
Expenses and other income:
Operating expenses	0	0	0
Administrative expenses	147,943	111,259	110,931
Depreciation and amortization	59,390	5,716	4,546
Interest expense	70,708	32,386	29,344
Interest income	(1,313)	(696)	(1,540)
(Gain) loss on foreign exchange	(585)	436	884
Merger and acquisition expenses	3,739	15,449	1,316
Gain on revaluation of contingent acquisition consideration	(109,549)	(17,871)
Loss on extinguishment of debt			11,737
Total expenses and other income	167,602	147,628	167,723
Income before income taxes	(168,698)	(147,628)	(167,723)
Pawn loans	0	0	0
Finance receivables, net	0	0
Inventories	0	0	0
Leased merchandise, net	(1,096)	0
Goodwill	0	0	0
Total assets	129,057	150,575	112,749
Other Nonoperating Income (Expense)	(2,731)	949	10,505
U.S. Pawn
Revenue:
Total revenue	2,053,476	1,106,631	1,078,139
U.S. Pawn \| Operating Segments
Expenses and other income:
Loss on extinguishment of debt			0
U.S. Pawn \| Pawn Segment
Expenses and other income:
Goodwill	916,048	861,793
U.S. Pawn \| Pawn Segment \| Operating Segments
Revenue:
Retail merchandise sales	818,548	742,374	720,281
Pawn loan fees	373,416	305,350	310,437
Interest and fees on finance receivables	0	0	2,016
Leased merchandise income	0	0
Wholesale scrap jewelry sales	63,004	27,163	45,405
Total revenue	1,254,968	1,074,887	1,078,139
Cost of revenue:
Cost of retail merchandise sold	478,718	416,039	415,938
Depreciation of leased merchandise	0	0
Provision for Lease Losses	0	0
Provision for loan losses (1)	0	0	(488)
Cost of wholesale scrap jewelry sold	54,893	22,886	39,584
Total cost of revenue	533,611	438,925	455,034
Net revenue	721,357	635,962	623,105
Expenses and other income:
Operating expenses	407,039	380,895	396,627
Administrative expenses	0	0	0
Depreciation and amortization	23,205	22,234	21,743
Interest expense	0	0	0
Interest income	0	0	0
(Gain) loss on foreign exchange	0	0	0
Merger and acquisition expenses	0	0	0
Gain on revaluation of contingent acquisition consideration	0	0
Total expenses and other income	430,244	403,129	418,370
Income before income taxes	291,113	232,833	204,735
Pawn loans	282,089	256,311	220,391
Finance receivables, net	0	0
Inventories	202,594	197,486	136,109
Leased merchandise, net	0	0
Goodwill	916,048	861,793	802,148
Total assets	2,108,157	1,944,487	1,718,975
Other Nonoperating Income (Expense)	0	0	0
U.S. Pawn \| Retail POS Payment Solutions
Expenses and other income:
Goodwill	486,205	503,106	0
U.S. Pawn \| Retail POS Payment Solutions \| Operating Segments
Revenue:
Retail merchandise sales	0	0
Pawn loan fees	0	0
Interest and fees on finance receivables	181,280	9,024
Leased merchandise income	622,163	22,720
Wholesale scrap jewelry sales	0	0
Total revenue	803,443	31,744
Cost of revenue:
Cost of retail merchandise sold	0	0
Depreciation of leased merchandise	354,104	12,826
Provision for Lease Losses	140,118	5,442
Provision for loan losses (1)	118,502	48,952
Cost of wholesale scrap jewelry sold	0	0
Total cost of revenue	612,724	67,220
Net revenue	190,719	(35,476)
Expenses and other income:
Operating expenses	128,616	4,917
Administrative expenses	0	0
Depreciation and amortization	2,912	122
Interest expense	0	0
Interest income	0	0
(Gain) loss on foreign exchange	0	0
Merger and acquisition expenses	0	0
Gain on revaluation of contingent acquisition consideration	0	0
Total expenses and other income	131,528	5,039
Income before income taxes	59,191	(40,515)
Pawn loans	0	0
Finance receivables, net	103,494	181,021
Inventories	0	0
Leased merchandise, net	154,398	143,944
Goodwill	486,205	503,106
Total assets	1,047,814	1,178,729
Other Nonoperating Income (Expense)	0	0
Latin America Pawn \| Operating Segments
Expenses and other income:
Loss on extinguishment of debt			0
Latin America Pawn \| Pawn Segment
Expenses and other income:
Goodwill	179,128	171,279
Latin America Pawn \| Pawn Segment \| Operating Segments
Revenue:
Retail merchandise sales	447,523	391,875	355,237
Pawn loan fees	187,974	170,432	147,080
Interest and fees on finance receivables	0	0	0
Leased merchandise income	0	0
Wholesale scrap jewelry sales	39,969	30,027	50,828
Total revenue	675,466	592,334	553,145
Cost of revenue:
Cost of retail merchandise sold	288,449	247,425	225,149
Depreciation of leased merchandise	0	0
Provision for Lease Losses	0	0
Provision for loan losses (1)	0	0	0
Cost of wholesale scrap jewelry sold	33,411	26,243	39,962
Total cost of revenue	321,860	273,668	265,111
Net revenue	353,606	318,666	288,034
Expenses and other income:
Operating expenses	193,254	179,020	165,531
Administrative expenses	0	0	0
Depreciation and amortization	18,325	17,834	15,816
Interest expense	0	0	0
Interest income	0	0	0
(Gain) loss on foreign exchange	0	0	0
Merger and acquisition expenses	0	0	0
Gain on revaluation of contingent acquisition consideration	0	0
Total expenses and other income	211,579	196,854	181,347
Income before income taxes	142,027	121,812	106,687
Pawn loans	108,528	91,662	87,840
Finance receivables, net	0	0
Inventories	85,745	65,825	54,243
Leased merchandise, net	0	0
Goodwill	179,128	171,279	175,233
Total assets	619,839	562,661	540,473
Other Nonoperating Income (Expense)	$ 0	$ 0	$ 0

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Rollforward

Changes in the carrying value of goodwill by segment were as follows (in thousands):


December 31, 2022	U.S. Pawn Segment		Latin America Pawn Segment		Retail POS Payment Solutions Segment		Total
Balance, beginning of year	$	861,793	$	171,279	$	503,106	$	1,536,178
Acquisitions (see Note 3)	55,455		—		—		55,455

Effect of foreign currency translation	—		7,849		—		7,849
Other adjustments	(1,200)		—		(16,901)		(18,101)
Balance, end of year	$	916,048	$	179,128	$	486,205	$	1,581,381

December 31, 2021
Balance, beginning of year	$	802,148	$	175,233	$	—	$	977,381
Acquisitions (see Note 3)	59,645		—		503,106		562,751

Effect of foreign currency translation	—		(3,954)		—		(3,954)

Balance, end of year	$	861,793	$	171,279	$	503,106	$	1,536,178

Definite Lived Intangible Assets Amortization

The following table summarizes the components of gross and net definite-lived intangible assets subject to amortization (in thousands):


	As of December 31,
	2022						2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Merchant relationships	$	194,000	$	(31,530)	$	162,470	$	194,000	$	(962)	$	193,038
Developed technology	99,400		(20,708)		78,692		99,400		(828)		98,572
Customer relationships	26,294		(25,716)		578		26,111		(25,174)		937
AFF trade name	10,200		(5,314)		4,886		10,200		(213)		9,987
Lessee relationships	1,500		(1,201)		299		1,500		(48)		1,452
	$	331,394	$	(84,469)	$	246,925	$	331,211	$	(27,225)	$	303,986

Schedule of Finite-Lived Intangible Assets

The following table details the remaining weighted-average amortization periods for the definite-lived intangible assets included in the table above:


			Weighted-Average Remaining Amortization Period (Years)
As of December 31, 2022
Merchant relationships			2.8
Developed technology			2.0
Customer relationships			1.2
Trade name			0.5
Lessee relationships			0.2
Total definite-lived intangible assets			2.5

Goodwill Future Amortization Expense

Estimated future amortization expense is as follows (in thousands):


2023	$	56,926
2024	49,843
2025	48,188
2026	45,250
2027	24,244
Thereafter	22,474
	$	246,925

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets as of December 31, 2022 and 2021 consist of the following (in thousands):


	As of December 31,
	2022		2021
Trade names	$	46,300	$	46,300
Pawn licenses (1)	37,113		36,648
Other indefinite-lived intangibles	—		1,250
	$	83,413	$	84,198

(1)Costs to renew licenses with indefinite lives are expensed as incurred and recorded in operating expenses in the consolidated statements of income.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment consists of the following (in thousands):


	As of December 31,
	2022		2021
Land	$	141,795	$	114,150
Buildings	249,658		199,100
Furniture, fixtures, equipment and improvements	516,801		468,118
	908,254		781,368
Less accumulated depreciation	(369,573)		(318,842)
Property and equipment, net	$	538,681	$	462,526

Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $46.8 million, $42.5 million and $39.8 million, respectively.

Operating Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	4 years 1 month 6 days	4 years 1 month 6 days	4 years
Weighted average discount rate (as a percent)	6.50%	6.20%	7.00%
Foreign Currency Transaction Loss, before Tax		$ (0.6)	$ (1.2)
Foreign Currency Transaction Gain, before Tax	$ 1.3
Minimum
Lessee, Lease, Description [Line Items]
General term of leased facilities	3 years
Maximum
Lessee, Lease, Description [Line Items]
General term of leased facilities	5 years

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Property and equipment in foreign jurisdictions	$ 14,585	$ 11,452
Finance receivables	19,125	7,421
Accrued fees on forfeited pawn loans	8,168	6,645
Deferred cost of goods sold deduction	2,800	1,989
Accrued compensation, payroll taxes and employee benefits	3,699	4,294
U.S. state and certain foreign net operating losses	6,504	6,429
Other	5,167	3,811
Total deferred tax assets	60,048	42,041
Deferred tax liabilities:
Intangible assets	150,397	126,283
Deferred Tax Liabilities, Leasing Arrangements	2,646	3,726
Leased merchandise and property and equipment in domestic jurisdictions	40,950	24,035
Other	3,929	2,052
Total deferred tax liabilities	197,922	156,096
Net deferred tax liabilities before valuation allowance	137,874	114,055
Valuation allowance	(6,504)	(6,429)
Net deferred tax liabilities	(144,378)	(120,484)
Deferred tax assets	7,381	5,614
Deferred tax liabilities	$ (151,759)	$ (126,098)

Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease expense	$ 128,174	$ 125,439	$ 121,649
Variable lease expense	16,979	16,021	14,444
Total operating lease expense	$ 145,153	$ 141,460	$ 136,093

Fair Value of Financial Instruments - Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 17, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent Consideration (1)	$ 0	$ 109,549		$ 0
Finance receivables, gross	195,987	220,329
AFF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of Contingent Consideration (see Note 6)	0		$ 127,420
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	117,330	120,046
Contingent Consideration (1)	0	109,549
Accounts Receivable, Fair Value Disclosure	57,792	55,356
Total assets	669,233	704,396
Total liabilities	1,389,000	1,309,000
Carrying Value \| Revolving unsecured credit facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	339,000	259,000
Carrying Value \| Senior unsecured notes, outstanding principal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,050,000	1,050,000
Carrying Value \| Pawn Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable	390,617	347,973
Carrying Value \| Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable	103,494	181,021
Estimate Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	117,330	120,046
Accounts Receivable, Fair Value Disclosure	57,792	55,356
Total assets	767,634	756,375
Total liabilities	1,271,000	1,317,000
Estimate Value \| Revolving unsecured credit facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	339,000	259,000
Estimate Value \| Senior unsecured notes, outstanding principal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	932,000	1,058,000
Estimate Value \| Pawn Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable	390,617	347,973
Estimate Value \| Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable	201,895	233,000
Estimate Value \| Fair Value Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	117,330	120,046
Contingent Consideration (1)	0	0
Accounts Receivable, Fair Value Disclosure	0	0
Total assets	117,330	120,046
Total liabilities	0	0
Estimate Value \| Fair Value Level 1 \| Revolving unsecured credit facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Estimate Value \| Fair Value Level 1 \| Senior unsecured notes, outstanding principal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Estimate Value \| Fair Value Level 1 \| Pawn Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable	0	0
Estimate Value \| Fair Value Level 1 \| Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable	0	0
Estimate Value \| Fair Value Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Contingent Consideration (1)	0	0
Accounts Receivable, Fair Value Disclosure	0	0
Total assets	0	0
Total liabilities	1,271,000	1,317,000
Estimate Value \| Fair Value Level 2 \| Revolving unsecured credit facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	339,000	259,000
Estimate Value \| Fair Value Level 2 \| Senior unsecured notes, outstanding principal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	932,000	1,058,000
Estimate Value \| Fair Value Level 2 \| Pawn Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable	0	0
Estimate Value \| Fair Value Level 2 \| Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable	0	0
Estimate Value \| Fair Value Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Contingent Consideration (1)	0	109,549
Accounts Receivable, Fair Value Disclosure	57,792	55,356
Total assets	650,304	636,329
Total liabilities	0	0
Estimate Value \| Fair Value Level 3 \| Revolving unsecured credit facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Estimate Value \| Fair Value Level 3 \| Senior unsecured notes, outstanding principal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Estimate Value \| Fair Value Level 3 \| Pawn Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable	390,617	347,973
Estimate Value \| Fair Value Level 3 \| Financing Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable	$ 201,895	$ 233,000

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (in thousands):


	As of December 31,
	2022		2021
Land	$	141,795	$	114,150
Buildings	249,658		199,100
Furniture, fixtures, equipment and improvements	516,801		468,118
	908,254		781,368
Less accumulated depreciation	(369,573)		(318,842)
Property and equipment, net	$	538,681	$	462,526

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	RSM US LLP
Auditor Location	Dallas, Texas
Auditor Firm ID	49

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accounts receivable, net	Accounts receivable, net
Cash associated with undistributed earnings of foreign subsidiaries	$ 37,400,000
Leased Merchandise, minimum lease holding period	60 days
Leased Merchandise, Depreciation over Life of Lease, Salvage Value	$ 0
Leased Merchandise, Threshold Period Past Due, Writeoff	90 days
Financing Receivable, Accrued Interest, after Allowance for Credit Loss	$ 9,800,000	$ 12,400,000
Financing Receivable, Threshold Period Past Due, Writeoff	90 days
Advertising expense	$ 4,100,000	$ 1,000,000	$ 1,100,000
Mexico, Pesos
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Foreign currency exchange rate, translation	2010.00%	2030.00%	2150.00%
United States of America, Dollars
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Foreign currency exchange rate, translation	100.00%	100.00%	100.00%
Guatemala, Quetzales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Foreign currency exchange rate, translation	770.00%	770.00%	770.00%
Colombia, Pesos
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Foreign currency exchange rate, translation	425300.00%	374200.00%	369300.00%
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Leased Merchandise, Contract Range	6 months
Finance Receivable, Contract Range	6 months
Finance Receivable, Period for Early Payoff discount	90 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Leased Merchandise, Contract Range	24 months
Finance Receivable, Contract Range	24 months
Finance Receivable, Period for Early Payoff discount	105 days
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life (years)	30 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life (years)	40 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life (years)	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life (years)	5 years

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following tables present reportable segment information for the years ended December 31, 2022, 2021 and 2020 as well as separately identified segment assets (in thousands):


	Year Ended December 31, 2022
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	818,548	$	447,523	$	—	$	(4,935)	(1)	$	1,261,136
Pawn loan fees	373,416		187,974		—		—			561,390
Leased merchandise income	—		—		622,163		—			622,163
Interest and fees on finance receivables	—		—		181,280		—			181,280
Wholesale scrap jewelry sales	63,004		39,969		—		—			102,973
Total revenue	1,254,968		675,466		803,443		(4,935)			2,728,942

Cost of revenue:
Cost of retail merchandise sold	478,718		288,449		—		(2,614)		(1)	764,553
Depreciation of leased merchandise	—		—		354,104		(609)		(1)	353,495
Provision for lease losses	—		—		140,118		(616)		(1)	139,502
Provision for loan losses	—		—		118,502		—			118,502
Cost of wholesale scrap jewelry sold	54,893		33,411		—		—			88,304
Total cost of revenue	533,611		321,860		612,724		(3,839)			1,464,356

Net revenue (loss)	721,357		353,606		190,719		(1,096)		(1)	1,264,586

Expenses and other income:
Operating expenses	407,039		193,254		128,616		—			728,909
Administrative expenses	—		—		—		147,943			147,943
Depreciation and amortization	23,205		18,325		2,912		59,390			103,832
Interest expense	—		—		—		70,708			70,708
Interest income	—		—		—		(1,313)			(1,313)
Gain on foreign exchange	—		—		—		(585)			(585)
Merger and acquisition expenses	—		—		—		3,739			3,739
Gain on revaluation of contingent acquisition consideration	—		—		—		(109,549)			(109,549)
Other expenses (income), net	—		—		—		(2,731)			(2,731)


Total expenses and other income	430,244		211,579		131,528		167,602			940,953

Income (loss) before income taxes	$	291,113	$	142,027	$	59,191	$	(168,698)		$	323,633


	As of December 31, 2022
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations			Consolidated
Pawn loans	$	282,089	$	108,528	$	—	$	—		$	390,617
Finance receivables, net	—		—		103,494		—			103,494
Inventories	202,594		85,745		—		—			288,339
Leased merchandise, net	—		—		154,398		(1,096)		(1)	153,302
Goodwill	916,048		179,128		486,205		—			1,581,381
Total assets	2,108,157		619,839		1,047,814		129,057			3,904,867

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


	Year Ended December 31, 2021
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	742,374	$	391,875	$	—	$	—	$	1,134,249
Pawn loan fees	305,350		170,432		—		—		475,782
Leased merchandise income	—		—		22,720		—		22,720
Interest and fees on finance receivables	—		—		9,024		—		9,024
Wholesale scrap jewelry sales	27,163		30,027		—		—		57,190
Total revenue	1,074,887		592,334		31,744		—		1,698,965

Cost of revenue:
Cost of retail merchandise sold	416,039		247,425		—		—		663,464
Depreciation of leased merchandise	—		—		12,826		—		12,826
Provision for lease losses	—		—		5,442		—		5,442
Provision for loan losses	—		—		48,952		—		48,952
Cost of wholesale scrap jewelry sold	22,886		26,243		—		—		49,129
Total cost of revenue	438,925		273,668		67,220		—		779,813

Net revenue (loss)	635,962		318,666		(35,476)		—		919,152

Expenses and other income:
Operating expenses	380,895		179,020		4,917		—		564,832
Administrative expenses	—		—		—		111,259		111,259
Depreciation and amortization	22,234		17,834		122		5,716		45,906
Interest expense	—		—		—		32,386		32,386
Interest income	—		—		—		(696)		(696)
Loss on foreign exchange	—		—		—		436		436
Merger and acquisition expenses	—		—		—		15,449		15,449
Gain on revaluation of contingent acquisition consideration	—		—		—		(17,871)		(17,871)
Other expenses (income), net	—		—		—		949		949


Total expenses and other income	403,129		196,854		5,039		147,628		752,650

Income (loss) before income taxes	$	232,833	$	121,812	$	(40,515)	$	(147,628)	$	166,502


	As of December 31, 2021
	U.S. Pawn		Latin America Pawn		Retail POS Payment Solutions		Corporate/ Eliminations		Consolidated
Pawn loans	$	256,311	$	91,662	$	—	$	—	$	347,973
Finance receivables, net	—		—		181,021		—		181,021
Inventories	197,486		65,825		—		—		263,311
Leased merchandise, net	—		—		143,944		—		143,944
Goodwill	861,793		171,279		503,106		—		1,536,178
Total assets	1,944,487		562,661		1,178,729		150,575		3,836,452


	Year Ended December 31, 2020
	U.S. Pawn		Latin America Pawn		Corporate/ Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	720,281	$	355,237	$	—	$	1,075,518
Pawn loan fees	310,437		147,080		—		457,517

Interest and fees on finance receivables (1)	2,016		—		—		2,016
Wholesale scrap jewelry sales	45,405		50,828		—		96,233
Total revenue	1,078,139		553,145		—		1,631,284

Cost of revenue:
Cost of retail merchandise sold	415,938		225,149		—		641,087


Provision for loan losses (1)	(488)		—		—		(488)
Cost of wholesale scrap jewelry sold	39,584		39,962		—		79,546
Total cost of revenue	455,034		265,111		—		720,145

Net revenue	623,105		288,034		—		911,139

Expenses and other income:
Operating expenses	396,627		165,531		—		562,158
Administrative expenses	—		—		110,931		110,931
Depreciation and amortization	21,743		15,816		4,546		42,105
Interest expense	—		—		29,344		29,344
Interest income	—		—		(1,540)		(1,540)
Loss on foreign exchange	—		—		884		884
Merger and acquisition expenses	—		—		1,316		1,316

Other expenses (income), net	—		—		10,505		10,505
Loss on extinguishment of debt	—		—		11,737		11,737

Total expenses and other income	418,370		181,347		167,723		767,440

Income (loss) before income taxes	$	204,735	$	106,687	$	(167,723)	$	143,699


	As of December 31, 2020
	U.S. Pawn		Latin America Pawn		Corporate/ Eliminations		Consolidated
Pawn loans	$	220,391	$	87,840	$	—	$	308,231

Inventories	136,109		54,243		—		190,352

Goodwill	802,148		175,233		—		977,381
Total assets	1,718,975		540,473		112,749		2,372,197

(1)Effective June 30, 2020, the Company’s U.S. pawn segment ceased offering an unsecured consumer loan product in the U.S.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas


	Year Ended December 31,
	2022		2021		2020
Revenue:
U.S.	$	2,053,476	$	1,106,631	$	1,078,139
Mexico	639,199		562,493		530,462
Other Latin America	36,267		29,841		22,683
	$	2,728,942	$	1,698,965	$	1,631,284

Long-lived assets:
U.S.	$	449,201	$	373,218	$	286,079
Mexico	88,233		84,648		82,438
Other Latin America	10,662		13,191		14,968
	$	548,096	$	471,057	$	383,485

Equity Compensation Plans and Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Additional Disclosures [Abstract]
Options and warrants exercises in period, total intrinsic value	$ 0.4	$ 1.8
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Shares issued in period	0
Nonvested “restricted” stock
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Total intrinsic value for nonvested common stock awards vested during period	$ 1.5	$ 6.6	$ 9.4
Total intrinsic value for nonvested common stock awards outstanding	$ 37.9
Weighted-average period of recognition (years)	1 year 4 months 24 days
Total compensation cost not yet recognized, nonvested common stock awards	$ 11.5
Time Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)	60,000	48,000	21,000
Time Based Shares \| Minimum
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Vesting period	3 years	3 years	3 years
Time Based Shares \| Maximum
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Vesting period	5 years	5 years	5 years
Stock Options and Warrants
Share-based Compensation Arrangement by Share-based Payment Award, Options and Warrants, Additional Disclosures [Abstract]
Exercise price (in dollars per share)	$ 0	$ 0	$ 0
Stock Options and Warrants \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
2020 Performance Based Awards \| Minimum
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Target share award earned, percentage	0.00%
2020 Performance Based Awards \| Maximum
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Target share award earned, percentage	150.00%
2021 Performance Based Awards \| Minimum
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Target share award earned, percentage	0.00%
2021 Performance Based Awards \| Maximum
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Target share award earned, percentage	150.00%
2022 Performance Based Awards \| Minimum
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Target share award earned, percentage	0.00%
2022 Performance Based Awards \| Maximum
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Target share award earned, percentage	150.00%
Prior to merger
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	3,007,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Components of the provision for income taxes and the income to which it relates for the years ended December 31, 2022, 2021 and 2020 consist of the following (in thousands):


	Year Ended December 31,
	2022		2021		2020
Income before income taxes (1):
Domestic	$	253,560	$	110,535	$	98,111
Foreign	70,073		55,967		45,588
Income before income taxes	$	323,633	$	166,502	$	143,699

Current income taxes:
U.S. Federal	$	23,034	$	14,031	$	14,951
Foreign	15,444		15,242		9,909
U.S. state and local	3,421		2,045		2,158
Current provision for income taxes	41,899		31,318		27,018

Deferred provision (benefit) for income taxes:
U.S. Federal	26,732		11,008		4,485
Foreign	(458)		(1,542)		5,287
U.S. state and local	1,965		809		330
Total deferred provision for income taxes	28,239		10,275		10,102

Provision for income taxes	$	70,138	$	41,593	$	37,120

(1)Includes the allocation of certain administrative expenses and intercompany payments, such as royalties and interest, between domestic and foreign subsidiaries.

Schedule of Deferred Tax Assets and Liabilities

The principal deferred tax assets and liabilities consist of the following (in thousands):


	As of December 31,
	2022		2021
Deferred tax assets:
Property and equipment in foreign jurisdictions	$	14,585	$	11,452
Finance receivables	19,125		7,421
Accrued fees on forfeited pawn loans	8,168		6,645
Deferred cost of goods sold deduction	2,800		1,989
Accrued compensation, payroll taxes and employee benefits	3,699		4,294
U.S. state and certain foreign net operating losses	6,504		6,429
Other	5,167		3,811
Total deferred tax assets	60,048		42,041

Deferred tax liabilities:
Intangible assets	150,397		126,283
Leased merchandise and property and equipment in domestic jurisdictions	40,950		24,035
Net operating lease asset	2,646		3,726
Other	3,929		2,052
Total deferred tax liabilities	197,922		156,096

Net deferred tax liabilities before valuation allowance	(137,874)		(114,055)
Valuation allowance	(6,504)		(6,429)
Net deferred tax liabilities	$	(144,378)	$	(120,484)

Reported as:
Deferred tax assets	$	7,381	$	5,614
Deferred tax liabilities	(151,759)		(126,098)
Net deferred tax liabilities	$	(144,378)	$	(120,484)

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of income taxes calculated at the U.S. federal statutory rate to the provision for income taxes (dollars in thousands):


	Year Ended December 31,
	2022			2021			2020
U.S. federal statutory rate	21		%	21		%	21		%

Tax at the U.S. federal statutory rate	$	67,963		$	35,149		$	30,177
U.S. state income tax, net of federal tax benefit of $1,131, $599 and $522, respectively	4,255			2,255			1,965
Benefit from gain on revaluation of contingent acquisition consideration	(4,580)			—			—
Net incremental income tax expense from foreign earnings (1)	272			2,007			5,732
Non-deductible compensation expense	3,297			1,943			1,050
Global intangible low-taxed income tax	—			—			(1,863)

Other taxes and adjustments, net	(1,069)			239			59
Provision for income taxes	$	70,138		$	41,593		$	37,120

Effective tax rate	21.7		%	25.0		%	25.8		%

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 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 December 31,
	2022		2021
Revolving unsecured credit facility, maturing 2027 (1)	$	339,000	$	259,000

Senior unsecured notes:

4.625% senior unsecured notes due 2028 (2)	493,475		492,499
5.625% senior unsecured notes due 2030 (3)	542,223		541,405

Total senior unsecured notes	1,035,698		1,033,904

Total long-term debt	$	1,374,698	$	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.

Schedule of Maturities of Long-term Debt

As of December 31, 2022, annual maturities of the outstanding long-term debt for each of the five years after December 31, 2022 are as follows (in thousands):


2023	$	—
2024	—
2025	—
2026	—
2027	339,000
Thereafter	1,050,000
	$	1,389,000

- 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.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		28	46
Exercise of stock options			22
Common stock, dividends, declared (in dollars per share)	$ 1.26	$ 1.17	$ 1.08

Goodwill and Other Intangible Assets - Intangible Assets Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 331,394	$ 331,211
Accumulated Amortization	(84,469)	(27,225)
Net Carrying Amount	246,925	303,986
Amortization expenses of intangible assets	$ 57,100	3,400	$ 2,300
Weighted average amortization period remaining, in years	2 years 6 months
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 26,294	26,111
Accumulated Amortization	(25,716)	(25,174)
Net Carrying Amount	$ 578	937
Weighted average amortization period remaining, in years	1 year 2 months 12 days
Merchant relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 194,000	194,000
Accumulated Amortization	(31,530)	(962)
Net Carrying Amount	$ 162,470	193,038
Weighted average amortization period remaining, in years	2 years 9 months 18 days
Developed Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 99,400	99,400
Accumulated Amortization	(20,708)	(828)
Net Carrying Amount	$ 78,692	98,572
Weighted average amortization period remaining, in years	2 years
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 10,200	10,200
Accumulated Amortization	(5,314)	(213)
Net Carrying Amount	$ 4,886	9,987
Weighted average amortization period remaining, in years	6 months
Lessee Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,500	1,500
Accumulated Amortization	(1,201)	(48)
Net Carrying Amount	$ 299	$ 1,452
Weighted average amortization period remaining, in years	2 months 12 days

Finance Receivables, Net - Aging of Finance Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	$ 188,327	$ 256,595
Finance receivables before fair value adjustments		219,865
Fair value premium on non-PCD finance receivables	0	40,251
Non-credit discount on PCD finance receivables	0	(3,521)
Year 2022
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	161,028
Finance receivables before fair value adjustments		0
Year 2021
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	27,299
Finance receivables before fair value adjustments		194,997
Year 2020
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	0
Finance receivables before fair value adjustments		24,868
1 to 30 days past due
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	16,981
Finance receivables before fair value adjustments		18,337
1 to 30 days past due \| Year 2022
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	14,186
Finance receivables before fair value adjustments		0
1 to 30 days past due \| Year 2021
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	2,795
Finance receivables before fair value adjustments		16,077
1 to 30 days past due \| Year 2020
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	0
Finance receivables before fair value adjustments		2,260
31 to 60 days past due
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	9,870
Finance receivables before fair value adjustments		11,672
31 to 60 days past due \| Year 2022
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	8,048
Finance receivables before fair value adjustments		0
31 to 60 days past due \| Year 2021
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	1,822
Finance receivables before fair value adjustments		10,024
31 to 60 days past due \| Year 2020
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	0
Finance receivables before fair value adjustments		1,648
61 to 90 days past due
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	8,347
Finance receivables before fair value adjustments		9,376
61 to 90 days past due \| Year 2022
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	6,597
Finance receivables before fair value adjustments		0
61 to 90 days past due \| Year 2021
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	1,750
Finance receivables before fair value adjustments		7,898
61 to 90 days past due \| Year 2020
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	0
Finance receivables before fair value adjustments		1,478
Past due
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	35,198
Finance receivables before fair value adjustments		39,385
Past due \| Year 2022
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	28,831
Finance receivables before fair value adjustments		0
Past due \| Year 2021
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	6,367
Finance receivables before fair value adjustments		33,999
Past due \| Year 2020
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	0
Finance receivables before fair value adjustments		5,386
Current
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	153,129
Finance receivables before fair value adjustments		180,480
Current \| Year 2022
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	132,197
Finance receivables before fair value adjustments		0
Current \| Year 2021
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	20,932
Finance receivables before fair value adjustments		160,998
Current \| Year 2020
Financing Receivable, Past Due [Line Items]
Finance receivables, amortized cost	$ 0
Finance receivables before fair value adjustments		$ 19,482

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01
Common Stock, Shares Authorized	90,000,000
Common Stock, Shares, Issued	57,322,000	57,322,000
Common Stock, Shares, Outstanding	46,292,000	48,479,000
Treasury Stock, Shares	11,030,000	8,843,000

Organization and Nature of the Company	12 Months Ended
Organization and Nature of the Company	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of the Company	GENERAL Organization and Nature of the Company FirstCash Holdings, Inc. (together with its wholly-owned subsidiaries, the “Company”) is incorporated in the state of Delaware. On December 17, 2021, the Company completed the acquisition of AFF, which is a leading technology-driven retail POS payment solutions platform primarily focused on providing LTO products. The accompanying audited consolidated results of operations for the year ended December 31, 2022 includes the results of operations for AFF, while the comparable prior-year period includes the results of operations for AFF for the period December 17, 2021 to December 31, 2021, affecting the comparability of 2022 and 2021 amounts. See Note 3 for additional information about the AFF Acquisition. The Company operates two business lines: pawn operations and retail POS payment solutions which are organized into three reportable segments. The U.S. pawn segment consists of all pawn operations in 25 U.S. states and the District of Columbia, while the Latin America pawn segment consists of all pawn operations in Mexico, Guatemala, Colombia and El Salvador. The retail POS payment solutions segment consists of the operations of AFF in all 50 states in the U.S., the District of Columbia and Puerto Rico. The Company’s primary business line continues to be the operation of retail pawn stores, also known as “pawnshops,” which focus on serving cash and credit-constrained consumers. Pawn stores help customers meet small short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers. Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the typical 30-day term of the loan. Pawn stores also generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers. The Company’s retail POS payment solutions segment focuses on providing LTO and retail financing payment options across a large network of traditional and e-commerce retail merchant partners. AFF’s retail merchant partnerships provide consumer goods and services to their shoppers and use AFF’s LTO and retail finance solutions to facilitate payments on such transactions. Continuing Impact of COVID-19 The COVID-19 pandemic and government responses thereto had an initial adverse and material impact on pawn loan demand in 2020, which negatively impacted pawn receivables, inventories and revenues. This initial adverse impact in pawn loan demand was offset in large part by a positive impact in merchandise sales, especially among stay-at-home products, which were enhanced by federal stimulus payments directly to consumers. Throughout 2021 and 2022, as the contributory impacts of the pandemic normalized, pawn loan demand steadily recovered and pawn receivables, inventories and revenues are now ahead of pre-pandemic levels. Inflationary pressures on the Company’s customer base helped drive further demand for consumer credit especially among its customer base, which contributed to the recovery in pawn loan demand.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 material 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 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 August 8, 2022, the Court entered an Order staying proceedings in this action pending the disposition of any motion to dismiss filed in the Litigation noted above. 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. The Company responded by filing a motion for partial summary judgment. 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 in another case by the Fifth Circuit Court of Appeals whose decisions govern the law applied in the CFPB action against the Company. The Fifth Circuit found that the CFPB is unconstitutionally structured. In light of the CFPB's stated intent to seek Supreme Court review of that decision, the parties stipulated to a stay of the action against the Company, which the Court entered on November 4, 2022. That stay will remain in effect until the Supreme Court decides whether to review the Fifth Circuit's decision and, if it grants review, until that appeal is resolved. The motion to dismiss remains pending. While the Company intends to vigorously defend itself against the allegations in the case, it cannot predict or determine the timing or final outcome of this matter, or the effect that any adverse determinations from the lawsuit may have on the Company. Gold Forward Sales Contracts As of December 31, 2022, the Company had contractual commitments to deliver a total of 5,500 gold ounces during the months of January 2023 and February 2023 at a weighted-average price of $1,892 per ounce. The ounces required to be delivered were on hand as of December 31, 2022.

Operating Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 116,225	$ 114,463	$ 110,965
Leased assets obtained in exchange for new operating lease liabilities	$ 95,132	$ 110,531	$ 104,576

Commitments and Contingencies - Narrative (Details) - Forward Contracts - Gold, Ounces	Dec. 31, 2022 oz $ / oz
Guarantor Obligations [Line Items]
Investment contract weight \| oz	5,500
Derivative, average forward price \| $ / oz	1,892

Equity Compensation Plans and Share-Based Compensation - Restricted Stock Unit Award Activity (Details) - $ / shares shares in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Underlying Shares - Outstanding at beginning of year		383	373	357
Underlying Shares - Outstanding at end of year	373	435	383	373
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted-Average Exercise Price - Outstanding at beginning of year		$ 71.93	$ 77.40	$ 69.13
Weighted-Average Exercise Price - Outstanding at end of year	$ 77.40	$ 67.38	$ 71.93	$ 77.40
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Underlying Shares - Granted		120	105	238
Underlying Shares - Exercised		0	(91)	(117)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted-Average Exercise Price - Granted		$ 69.78	$ 58.68	$ 78.40
Weighted-Average Exercise Price - Vested		$ 0	$ 72.70	$ 48.25
Vesting period		3 years	3 years
Time Based Shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Underlying Shares - Granted		60	48	21
Underlying Shares - Exercised		(19)	(19)	(12)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted-Average Exercise Price - Granted		$ 69.72	$ 58.68	$ 84.93
Weighted-Average Exercise Price - Vested		$ 70.33	$ 67.86	$ 76.84
Performance-Based Canceled
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Underlying Shares - Exercised		(109)	(18)	(114)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted-Average Exercise Price - Vested		$ 86.86	$ 72.56	$ 84.93
Grant date fair value of replacement performance-based awards	$ 72.37
Time Based Canceled
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Underlying Shares - Exercised		0	(15)	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted-Average Exercise Price - Vested		$ 0	$ 72.49	$ 0

COVER PAGE - USD ($)	12 Months Ended
COVER PAGE - USD ($)	Dec. 31, 2022	Feb. 01, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2,259,000,000
Entity Common Stock, Shares Outstanding		46,293,162
Entity Central Index Key	0000840489
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Finance Receivables, Net

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Finance Receivables, Net

FINANCE RECEIVABLES, NET

Finance receivables, net, originated in the retail POS payment solutions segment, consist of the following (in thousands):


	As of December 31,
	2022		2021
Finance receivables, gross	$	195,987	$	220,329
Fair value premium on non-PCD finance receivables (1)	—		40,251
Non-credit discount on PCD finance receivables (2)	—		(3,521)
Merchant partner discounts and premiums, net	(3,517)		(104)
Unearned origination fees	(4,143)		(360)
Finance receivables, amortized cost	188,327		256,595
Less allowance for loan losses	(84,833)		(75,574)
Finance receivables, net	$	103,494	$	181,021

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


	As of December 31,
	2022		2021
Balance at beginning of year	$	75,574	$	—
Provision for loan losses (1)	118,502		48,952
Initial allowance recognized for PCD loans (2)	—		32,036
Charge-offs	(114,535)		(5,545)
Recoveries	5,292		131
Balance at end of year	$	84,833	$	75,574

The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of December 31, 2022 and 2021, by origination year (in thousands):


	Origination Year
	2022		2021		2020		Total
As of December 31, 2022
Delinquency:
1 to 30 days past due	$	14,186	$	2,795	$	—	$	16,981
31 to 60 days past due	8,048		1,822		—		9,870
61 to 90 days past due (1)	6,597		1,750		—		8,347
Total past due finance receivables	28,831		6,367		—		35,198
Current finance receivables	132,197		20,932		—		153,129
Finance receivables, amortized cost	$	161,028	$	27,299	$	—	188,327

As of December 31, 2021
Delinquency:
1 to 30 days past due	$	—	$	16,077	$	2,260	$	18,337
31 to 60 days past due	—		10,024		1,648		11,672
61 to 90 days past due (1)	—		7,898		1,478		9,376
Total past due finance receivables before fair value adjustments	—		33,999		5,386		39,385
Current finance receivables before fair value adjustments	—		160,998		19,482		180,480
Finance receivables before fair value adjustments	$	—	$	194,997	$	24,868	219,865
Fair value premium on non-PCD finance receivables							40,251
Non-credit discount on PCD finance receivables							(3,521)
Finance receivables, amortized cost							$	256,595

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

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Principles of consolidation

Cash and cash equivalents

Customer loans and revenue recognition

Foreign currency transactions

Foreign currency transactions - The Company has pawn operations in Latin America, where in Mexico, Guatemala and Colombia, the functional currency is the Mexican peso, Guatemalan quetzal and Colombian peso. Accordingly, the assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity. Revenues and expenses are translated at the average exchange rates occurring during the respective period. Prior to translation, U.S.-dollar-denominated transactions of the foreign subsidiaries are remeasured into their functional currency using current rates of exchange for monetary assets and liabilities and historical rates of exchange for non-monetary assets and liabilities. Gains and losses from remeasurement of dollar-denominated monetary assets and liabilities in Mexico, Guatemala and Colombia are included in (gain) loss on foreign exchange in the consolidated statements of income. Deferred taxes are not currently recorded on cumulative foreign currency translation adjustments, as the Company indefinitely reinvests earnings of its foreign subsidiaries. The Company also has pawn operations in El Salvador, where the reporting and functional currency is the U.S. dollar.The average value of the Mexican peso to the U.S. dollar exchange rate for 2022 was 20.1 to 1 compared to 20.3 to 1 in 2021 and 21.5 to 1 in 2020. The average value of the Guatemalan quetzal to the U.S. dollar exchange rate for 2022, 2021 and 2020 was 7.7 to 1. The average value of the Colombian peso to the U.S. dollar exchange rate for 2022 was 4,253 to 1 compared to 3,742 to 1 in 2021 and 3,693 to 1 in 2020.

Store operating expenses

Property and equipment

Business combinations

Goodwill and other indefinite-lived intangible assets

Long-lived assets

Fair value of financial instruments

Income taxes

Advertising

Share-based compensation

Share-based compensation - All share-based payments to employees and directors are recognized in the financial statements based on the grant date or if applicable, the subsequent modification date fair value. The Company recognizes compensation cost net of estimated forfeitures and recognizes the compensation cost for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is generally the vesting term. The Company records share-based compensation cost as an administrative expense. See Note 15.Forward sales commitments - The Company periodically uses forward sale agreements with a major gold bullion bank to sell a portion of the expected amount of scrap gold, which is typically jewelry that is broken or of low retail value, produced in the normal course of business from its liquidation of such merchandise. These commitments qualify for an exemption from derivative accounting as normal sales, based on historical terms, conditions and quantities, and are therefore not recorded on the Company's balance sheet.

Earnings per share

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


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income	$	253,495	$	124,909	$	106,579

Denominator:
Weighted-average common shares for calculating basic earnings per share	47,213		40,975		41,502
Effect of dilutive securities:
Stock options and restricted stock unit awards	117		49		98
Weighted-average common shares for calculating diluted earnings per share	47,330		41,024		41,600

Earnings per share:
Basic	$	5.37	$	3.05	$	2.57
Diluted	5.36		3.04		2.56

Use of estimates

Reclassifications

Reclassification - For the purposes of comparability, certain prior year amounts in the consolidated balance sheets have been reclassified in order to conform to the current period presentation.

Recent accounting pronouncements

Finance Receivables, Net - Credit Quality Indicator (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Finance receivables before fair value adjustments		$ 219,865
Finance receivables, amortized cost	$ 188,327	$ 256,595

- 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

+ Details

Leased Merchandise, Net (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Leased Merchandise, Net

Leased merchandise, net, for the retail POS payment solutions segment, consists of the following (in thousands):


	As of December 31,
	2022		2021
Leased merchandise (1)	$	335,038	$	156,280
Processing fees	(4,124)		(440)
Merchant partner discounts and premiums, net	2,456		310
Accumulated depreciation	(100,879)		(6,764)
Leased merchandise, before allowance for lease losses	232,491		149,386
Less allowance for lease losses	(79,189)		(5,442)
Leased merchandise, net	$	153,302	$	143,944

(1)Acquired leased merchandise in the AFF Acquisition was recorded at fair value. See Note 3.

Leased Merchandise, Allowance for Credit Loss

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


	As of December 31,
	2022		2021
Balance at beginning of year	$	5,442	$	—
Provision for lease losses (1)	139,502		5,442
Charge-offs (2)	(70,114)		—
Recoveries	4,359		—
Balance at end of year	$	79,189	$	5,442

(1)During 2021, represents the provision for lease losses on leases originated from December 17, 2021 through December 31, 2021.

(2)Acquired leased merchandise in the AFF Acquisition was recorded at fair value. As a result, leased merchandise charged-off between December 17, 2021 and December 31, 2021 was allocated no fair value. See Note 3

CONSOLIDATED STATEMENTS OF 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
Balance at beginning of period (shares) at Dec. 31, 2019		49,276				6,947
Balance at beginning of period (value) at Dec. 31, 2019	$ 1,350,035	$ 493	$ 1,231,528	$ 727,476	$ (96,969)	$ (512,493)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under share-based compensation (value)	(3,326)	$ 0	(10,663)			$ 7,337
Shares issued under share-based compensation (shares)		0				(98)
Exercise of stock options, net of shares net-settled (shares)		0				(38)
Exercise of stock options, net of shares net-settled (value)	798	$ 0	(1,991)			$ 2,789
Stock Issued During Period, Value, Acquisitions	0
Share-based compensation expense (value)	2,914		2,914
Net income	106,579			106,579
Dividends paid	(44,752)			(44,752)
Currency translation adjustment	(21,463)				(21,463)
Repurchases of treasury stock (shares)						1,427
Repurchases of treasury stock (value)	(106,970)					$ (106,970)
Balance at end of period (shares) at Dec. 31, 2020		49,276				8,238
Balance at end of period (value) 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 (value)	(1,663)	$ 0	(7,090)			$ 5,427
Shares issued under share-based compensation (shares)		0				(73)
Exercise of stock options, net of shares net-settled (shares)						(10)
Exercise of stock options, net of shares net-settled (value)	380		(358)			$ 738
Stock Issued During Period, Value, Acquisitions	505,546	$ 80	505,466
Shares issued upon acquisition of American First Finance (shares)		8,046
Share-based compensation expense (value)	5,150		5,150
Net income	124,909			124,909
Dividends paid	(47,533)			(47,533)
Currency translation adjustment	(12,867)				(12,867)
Repurchases of treasury stock (shares)						688
Repurchases of treasury stock (value)	(49,610)					$ (49,610)
Balance at end of period (shares) at Dec. 31, 2021		57,322				8,843
Balance at end of period (value) 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 (value)	0		(1,281)			$ 1,281
Shares issued under share-based compensation (shares)						(17)
Stock Issued During Period, Value, Acquisitions	0
Share-based compensation expense (value)	10,853		10,853
Net income	253,495			253,495
Dividends paid	(59,571)			(59,571)
Currency translation adjustment	24,726				24,726
Repurchases of treasury stock (shares)						2,204
Repurchases of treasury stock (value)	(157,864)					$ (157,864)
Balance at end of period (shares) at Dec. 31, 2022		57,322				11,030
Balance at end of period (value) at Dec. 31, 2022	$ 1,879,766	$ 573	$ 1,734,528	$ 1,060,603	$ (106,573)	$ (809,365)

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities consist of the following (in thousands):


	As of December 31,
	2022		2021
Accrued compensation	$	38,595	$	33,546
Trade accounts payable	29,243		23,077
Sales, property, and payroll taxes payable	27,226		32,463
Accrued interest payable	24,276		9,375
Benefits liabilities and withholding payable	2,383		3,084
Acquisition purchase price amounts payable to sellers (1)	1,217		123,475
Income taxes payable	569		3,387

Other accrued liabilities	15,951		15,920
	$	139,460	$	244,327

Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 17, 2021 USD ($) shares	Dec. 31, 2022 USD ($) store $ / shares	Dec. 31, 2021 USD ($) store	Jun. 30, 2023 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Revenue since acquisition		$ 4,000	$ 56,000
Transaction and integration costs		1,200	11,900
Net earnings since acquisition		$ (200)	(41,000)
AFF
Business Acquisition [Line Items]
Shares issued upon acquisition of American First Finance (shares) \| shares	8,046,252
Business combination, percentage of stock held by shareholders	83.00%
Business combination, percentage of stock held by selling party	17.00%
Stock price, highest average 10-day target \| $ / shares		$ 86.25
Cash paid	$ 253,087
Transaction and integration costs					$ 15,400
AFF \| EBITDA Targets
Business Acquisition [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	375,000
AFF \| 10 Day High Average Stock Price
Business Acquisition [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	75,000
AFF \| EBITDA Targets Not Met
Business Acquisition [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 325,000	$ 250,000
AFF \| Forecast \| EBITDA Targets
Business Acquisition [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High				$ 50,000
Pawn Store
Business Acquisition [Line Items]
Purchase price		73,000	79,500
Cash paid		69,600	76,000
Liabilities incurred		3,400	$ 3,500
Payments for Previous Acquisition		$ 2,200
United States \| Pawn Store
Business Acquisition [Line Items]
Number of stores acquired \| store		30	46
Number of acquisitions \| store		6	3
Guatemala \| Pawn Store
Business Acquisition [Line Items]
Number of stores acquired \| store		1

Leased Merchandise, Net

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Leased Merchandise, Net

LEASED MERCHANDISE, NET

Leased merchandise, net, for the retail POS payment solutions segment, consists of the following (in thousands):


	As of December 31,
	2022		2021
Leased merchandise (1)	$	335,038	$	156,280
Processing fees	(4,124)		(440)
Merchant partner discounts and premiums, net	2,456		310
Accumulated depreciation	(100,879)		(6,764)
Leased merchandise, before allowance for lease losses	232,491		149,386
Less allowance for lease losses	(79,189)		(5,442)
Leased merchandise, net	$	153,302	$	143,944

(1)Acquired leased merchandise in the AFF Acquisition was recorded at fair value. See Note 3.

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


	As of December 31,
	2022		2021
Balance at beginning of year	$	5,442	$	—
Provision for lease losses (1)	139,502		5,442
Charge-offs (2)	(70,114)		—
Recoveries	4,359		—
Balance at end of year	$	79,189	$	5,442

(1)During 2021, represents the provision for lease losses on leases originated from December 17, 2021 through December 31, 2021.

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net income	$ 253,495	$ 124,909	$ 106,579
Weighted-average common shares for calculating basic earnings per share	47,213	40,975	41,502
Stock options and restricted stock unit awards	117	49	98
Weighted-average common shares for calculating diluted earnings per share	47,330	41,024	41,600
Basic (in dollars per share)	$ 5.37	$ 3.05	$ 2.57
Diluted (in dollars per share	$ 5.36	$ 3.04	$ 2.56

- Definition

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

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

+ References

+ Details

Fair Value of Financial Instruments Fair Value, Assets Measured on Recurring Basis (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022 and 2021 that are measured at fair value on a recurring basis are as follows (in thousands):


	Estimated Fair Value
	December 31,		Fair Value Measurements Using
	2022		Level 1		Level 2		Level 3
Financial liabilities:
Contingent Consideration	$	—	$	—	$	—	$	—


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

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


	Year Ended December 31,
	2022		2021
Contingent Consideration at beginning of period	$	109,549	$	—
Contingent Consideration issued December 17, 2021 (see Note 3)	—		127,420
Change in fair value (1)	(109,549)		(17,871)
Contingent Consideration at end of period	$	—	$	109,549

Fair Value, by Balance Sheet Grouping

The Company’s financial assets and liabilities as of December 31, 2022 and 2021 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):


	Carrying Value		Estimated Fair Value
	December 31,		December 31,		Fair Value Measurements Using
	2022		2022		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	117,330	$	117,330	$	117,330	$	—	$	—
Accounts receivable, net	57,792		57,792		—		—		57,792
Pawn loans	390,617		390,617		—		—		390,617
Finance receivables, net (1)	103,494		201,895		—		—		201,895

	$	669,233	$	767,634	$	117,330	$	—	$	650,304

Financial liabilities:
Revolving unsecured credit facilities	$	339,000	$	339,000	$	—	$	339,000	$	—
Senior unsecured notes (outstanding principal)	1,050,000		932,000		—		932,000		—
	$	1,389,000	$	1,271,000	$	—	$	1,271,000	$	—

(1)Finance receivables, gross as of December 31, 2022 was $196.0 million. See Note 7.


	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 facility	$	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 was $220.3 million. See Note 7.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 253,495	$ 124,909	$ 106,579
Other comprehensive income (loss):
Currency translation adjustment	24,726	(12,867)	(21,463)
Comprehensive income	$ 278,221	$ 112,042	$ 85,116

- Definition

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

+ References

+ Details

Leased Merchandise, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Leased Merchandise, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Leased Merchandise, Before Fees, Premiums, Discounts, Accumulated Depreciation, and Credit Loss	$ 335,038	$ 156,280
Loan Processing Fee	(4,124)	(440)
Leased Merchandise, Merchant partner discounts and premiums, net	2,456	310
Leased Merchandise, Accumulated Depreciation	(100,879)	(6,764)
Leased merchandise, before allowance for lease losses	232,491	149,386
Leased Merchandise, Allowance for Credit loss	(79,189)	(5,442)	$ 0
Leased merchandise, net	153,302	143,944
Provision for Lease Losses	139,502	5,442	$ 0
Leased Merchandise, Allowance for Credit Loss, Writeoff	(70,114)	0
Leased Merchandise, Allowance for Credit Loss, Recovery	$ 4,359	$ 0

Acquisitions - Schedule of Purchase Consideration (Details) - AFF - USD ($) $ / shares in Units, $ in Thousands	Dec. 17, 2021	Dec. 31, 2022	Dec. 16, 2021
Business Acquisition [Line Items]
Shares issued upon acquisition of American First Finance (shares)	8,046,252
Closing common stock price per share at December 16, 2021			$ 62.83
Stock consideration	$ 505,546
Cash paid	253,087
Cash consideration paid to extinguish AFF pre-existing debt	257,278
Present value of deferred consideration payable to AFF shareholders on December 31, 2022		$ 23,873
Estimated fair value of Contingent Consideration (see Note 6)	127,420	$ 0
Less cash acquired	48,263
Aggregate purchase consideration	$ 1,118,941

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory rate			21.00%
Tax at the U.S. federal statutory rate	$ 67,963	$ 35,149	$ 30,177
U.S. state income tax, net of federal tax benefit of $1,131, $599 and $522, respectively	4,255	2,255	1,965
Federal Income tax provision (benefit) for state income taxes	1,131	599	522
Benefit from gain on revaluation of contingent acquisition consideration	(4,580)	0	0
Net incremental income tax expense from foreign earnings (1)	272	2,007	5,732
Non-deductible compensation expense	3,297	1,943	1,050
Global intangible low-taxed income tax	0	0	(1,863)
Other taxes and adjustments, net	(1,069)	239	59
Provision for income taxes	$ 70,138	$ 41,593	$ 37,120
Effective tax rate	21.70%	25.00%	25.80%
Foreign inflation index adjustment	$ 8,000	$ 6,300	$ 2,000