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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended March 31, 2023

OR

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

For the transition period from __________ to ___________

Commission file number 001-10960

FIRSTCASH HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

87-3920732

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1600 West 7th Street, Fort Worth, Texas 76102

(Address of principal executive offices) (Zip code)

(817) 335-1100

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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

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

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

As of April 26, 2023, there were 45,469,468 shares of common stock outstanding.

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FIRSTCASH HOLDINGS, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2023

INDEX

PART I.			FINANCIAL INFORMATION
Item 1.			Financial Statements (Unaudited)			1
			Consolidated Balance Sheets			1
			Consolidated Statements of Income			2
			Consolidated Statements of Comprehensive Income			3
			Consolidated Statements of Changes in Stockholders’ Equity			4
			Consolidated Statements of Cash Flows			6
			Notes to Consolidated Financial Statements			8
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			22
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			42
Item 4.			Controls and Procedures			42
PART II.			OTHER INFORMATION
Item 1.			Legal Proceedings			43
Item 1A.			Risk Factors			43
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			43
Item 3.			Defaults Upon Senior Securities			43
Item 4.			Mine Safety Disclosures			43
Item 5.			Other Information			43
Item 6.			Exhibits			44
SIGNATURES						45

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CAUTIONARY STATEMENT REGARDING RISKS AND UNCERTAINTIES THAT MAY AFFECT FUTURE RESULTS

Forward-Looking Information

This quarterly report contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”). Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this quarterly report. Such factors may include, without limitation, risks related to the extensive regulatory environment in which the Company operates; risks associated with the legal and regulatory proceedings that the Company is a party to, or may become a party to in the future, including the Consumer Financial Protection Bureau (the “CFPB”) lawsuit filed against the Company and the shareholder class action and derivatives lawsuits filed against the Company; risks related to the American First Finance (“AFF”) transaction and the Company’s other acquisitions, including the failure of any acquisition, including the AFF acquisition, to deliver the estimated value and benefits expected by the Company; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products, including, as a result to, changes in the general economic conditions; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation and rising interest rates, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this quarterly report speak only as of the date of this quarterly report, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
						March 31,												December 31,
						2023						2022						2022
ASSETS
Cash and cash equivalents						$	100,795					$	113,317					$	117,330
Accounts receivable, net						56,357						52,017						57,792
Pawn loans						377,697						344,101						390,617
Finance receivables, net						102,093						140,481						103,494
Inventories						257,603						247,276						288,339
Leased merchandise, net						148,854						119,147						153,302
Prepaid expenses and other current assets						29,523						22,592						19,788
Total current assets						1,072,922						1,038,931						1,130,662
Property and equipment, net						563,422						471,193						538,681
Operating lease right of use asset						308,890						303,444						307,009
Goodwill						1,591,460						1,541,424						1,581,381
Intangible assets, net						315,865						373,928						330,338
Other assets						9,204						8,318						9,415
Deferred tax assets, net						7,534						5,930						7,381
Total assets						$	3,869,297					$	3,743,168					$	3,904,867
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities						$	142,277					$	237,164					$	139,460
Customer deposits and prepayments						69,075						57,874						63,125
Lease liability, current						95,338						92,091						92,944
Total current liabilities						306,690						387,129						295,529
Revolving unsecured credit facilities						308,000						218,000						339,000
Senior unsecured notes						1,036,176						1,034,355						1,035,698
Deferred tax liabilities, net						145,686						126,741						151,759
Lease liability, non-current						201,871						198,760						203,115
Other liabilities						—						13,950						—
Total liabilities						1,998,423						1,978,935						2,025,101
Stockholders’ equity:
Common stock						573						573						573
Additional paid-in capital						1,730,747						1,726,750						1,734,528
Retained earnings						1,092,697						880,138						1,060,603
Accumulated other comprehensive loss						(77,060)						(119,510)						(106,573)
Common stock held in treasury, at cost						(876,083)						(723,718)						(809,365)
Total stockholders’ equity						1,870,874						1,764,233						1,879,766
Total liabilities and stockholders’ equity						$	3,869,297					$	3,743,168					$	3,904,867
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share amounts)
			Three Months Ended
			March 31,
			2023						2022
Revenue:
Retail merchandise sales			$	327,915					$	302,819
Pawn loan fees			151,560						131,819
Leased merchandise income			183,438						149,947
Interest and fees on finance receivables			54,642						42,449
Wholesale scrap jewelry sales			45,184						32,805
Total revenue			762,739						659,839
Cost of revenue:
Cost of retail merchandise sold			199,001						182,214
Depreciation of leased merchandise			101,605						93,706
Provision for lease losses			49,065						39,820
Provision for loan losses			29,285						24,697
Cost of wholesale scrap jewelry sold			35,727						28,215
Total cost of revenue			414,683						368,652
Net revenue			348,056						291,187
Expenses and other income:
Operating expenses			199,061						173,296
Administrative expenses			39,017						36,863
Depreciation and amortization			27,111						25,542
Interest expense			20,897						16,221
Interest income			(517)						(676)
Gain on foreign exchange			(802)						(480)
Merger and acquisition expenses			31						665
Loss on revaluation of contingent acquisition consideration			—						2,570
Other expenses (income), net			45						177
Total expenses and other income			284,843						254,178
Income before income taxes			63,213						37,009
Provision for income taxes			15,825						9,004
Net income			$	47,388					$	28,005
Earnings per share:
Basic			$	1.03					$	0.58
Diluted			$	1.02					$	0.58
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
			Three Months Ended
			March 31,
			2023						2022
Net income			$	47,388					$	28,005
Other comprehensive income:
Currency translation adjustment			29,513						11,789
Comprehensive income			$	76,901					$	39,794
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31, 2023
									Common Stock												Additional Paid-In Capital						Retained Earnings						Accum- ulated Other Compre- hensive Loss						Common Stock Held in Treasury												Total Stock- holders’ Equity
															Shares						Amount																								Shares						Amount
As of 12/31/2022															57,322						$	573					$	1,734,528					$	1,060,603					$	(106,573)					11,030						$	(809,365)					$	1,879,766
Shares issued under share-based compensation plan, net of 28 shares net-settled															—						—						(7,156)						—						—						(64)						4,693						(2,463)
Share-based compensation expense															—						—						3,375						—						—						—						—						3,375
Net income															—						—						—						47,388						—						—						—						47,388
Cash dividends ($0.33 per share)															—						—						—						(15,294)						—						—						—						(15,294)
Currency translation adjustment															—						—						—						—						29,513						—						—						29,513
Purchases of treasury stock, including excise tax															—						—						—						—						—						782						(71,411)						(71,411)
As of 3/31/2023															57,322						$	573					$	1,730,747					$	1,092,697					$	(77,060)					11,748						$	(876,083)					$	1,870,874
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
CONTINUED
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31, 2022
									Common Stock												Additional Paid-In Capital						Retained Earnings						Accum- ulated Other Compre- hensive Loss						Common Stock Held in Treasury												Total Stock- holders’ Equity
															Shares						Amount																								Shares						Amount
As of 12/31/2021															57,322						$	573					$	1,724,956					$	866,679					$	(131,299)					8,843						$	(652,782)					$	1,808,127
Shares issued under share-based compensation plan															—						—						(1,281)						—						—						(17)						1,281						—
Share-based compensation expense															—						—						3,075						—						—						—						—						3,075
Net income															—						—						—						28,005						—						—						—						28,005
Cash dividends ($0.30 per share)															—						—						—						(14,546)						—						—						—						(14,546)
Currency translation adjustment															—						—						—						—						11,789						—						—						11,789
Purchases of treasury stock															—						—						—						—						—						1,048						(72,217)						(72,217)
As of 3/31/2022															57,322						$	573					$	1,726,750					$	880,138					$	(119,510)					9,874						$	(723,718)					$	1,764,233
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
						Three Months Ended
						March 31,
						2023						2022
Cash flow from operating activities:
Net income						$	47,388					$	28,005
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation of leased merchandise						101,605						93,706
Provision for lease losses						49,065						39,820
Provision for loan losses						29,285						24,697
Share-based compensation expense						3,375						3,075
Depreciation and amortization expense						27,111						25,542
Amortization of debt issuance costs						692						732
Net amortization of premiums, discounts and unearned origination fees on finance receivables						(3,344)						15,782
Loss on revaluation of contingent acquisition consideration						—						2,570
Impairments and dispositions of certain other assets						45						177
Deferred income taxes, net						(5,732)						493
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable, net						2,484						3,746
Inventories purchased directly from customers, wholesalers or manufacturers						12,819						7,075
Leased merchandise, net						(146,222)						(108,729)
Prepaid expenses and other assets						(2,138)						(1,165)
Accounts payable, accrued liabilities and other liabilities						(20,992)						(14,707)
Income taxes						15,153						(674)
Net cash flow provided by operating activities						110,594						120,145
Cash flow from investing activities:
Pawn loans, net (1)						44,358						17,383
Finance receivables, net						(24,540)						61
Purchases of furniture, fixtures, equipment and improvements						(13,828)						(7,028)
Purchases of store real property						(17,483)						(10,233)
Acquisitions of pawn stores, net of cash acquired						(1,746)						—
Net cash flow (used in) provided by investing activities						(13,239)						183
Cash flow from financing activities:
Borrowings from unsecured credit facilities						73,000						39,000
Repayments of unsecured credit facilities						(104,000)						(80,000)
Debt issuance costs paid						—						(132)
Purchases of treasury stock						(67,227)						(72,217)
Payment of withholding taxes on net share settlements of restricted stock unit awards						(2,463)						—
Dividends paid						(15,294)						(14,546)
Net cash flow used in financing activities						(115,984)						(127,895)

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONTINUED
(unaudited, in thousands)
						Three Months Ended
						March 31,
						2023						2022
Effect of exchange rates on cash						2,094						838
Change in cash and cash equivalents						(16,535)						(6,729)
Cash and cash equivalents at beginning of the period						117,330						120,046
Cash and cash equivalents at end of the period						$	100,795					$	113,317

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

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

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FIRSTCASH HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Note 1 - General

Basis of Presentation

The accompanying consolidated balance sheet as of December 31, 2022, which is derived from audited consolidated financial statements, and the unaudited consolidated financial statements, including the notes thereto, includes the accounts of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the “Company”). The Company regularly makes acquisitions, and the results of operations for the acquisitions have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated.

These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. These interim period financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 6, 2023. The consolidated financial statements as of March 31, 2023 and 2022, and for the three month periods ended March 31, 2023 and 2022, are unaudited, but in management’s opinion include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flow for such interim periods. Operating results for the period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year.

The Company has pawn operations in Latin America, where in Mexico, Guatemala and Colombia, the functional currency is the Mexican peso, Guatemalan quetzal and Colombian peso. Accordingly, the assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity. Revenues and expenses are translated at the average exchange rates occurring during the respective period. The Company also has pawn operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

Use of Estimates

The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and related revenue and expenses, and the disclosure of gain and loss contingencies at the date of the financial statements. Such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from the Company’s estimates.

Recent Accounting Pronouncements

In March 2022, the Financial Accounting Standards Board issued ASU No 2022-02, “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years for entities. Except for expanded disclosures to the Company’s vintage disclosures, ASU 2022-02 did not have a material effect on the Company’s current financial position, results of operations or financial statements. See Note 5.

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Note 2 - Earnings Per Share

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

			Three Months Ended
			March 31,
			2023						2022
Numerator:
Net income			$	47,388					$	28,005
Denominator:
Weighted-average common shares for calculating basic earnings per share			46,147						48,241
Effect of dilutive securities:
Restricted stock unit awards			165						59
Weighted-average common shares for calculating diluted earnings per share			46,312						48,300
Earnings per share:
Basic			$	1.03					$	0.58
Diluted			$	1.02					$	0.58

Note 3 - Operating Leases

Lessor

For information about the Company’s revenue-generating activities as a lessor, refer to Note 2 to the consolidated financial statements included in the Company’s 2022 Annual Report on Form 10-K. All of the Company’s lease agreements are considered operating leases.

Lessee

The Company leases the majority of its pawnshop locations and certain administrative offices under operating leases and determines if an arrangement is or contains a lease at inception. Many leases include both lease and non-lease components for which the Company accounts separately. Lease components include rent, taxes and insurance costs while non-lease components include common area or other maintenance costs. Operating leases are included in operating lease right of use assets, lease liability, current and lease liability, non-current in the consolidated balance sheets. The Company does not have any finance leases.

Leased facilities are generally leased for a term of three to five years with one or more options to renew for an additional three to five years, typically at the Company’s sole discretion. In addition, the majority of these leases can be terminated early upon an adverse change in law which negatively affects the store’s profitability. The Company regularly evaluates renewal and termination options to determine if the Company is reasonably certain to exercise the option, and excludes these options from the lease term included in the recognition of the operating lease right of use asset and lease liability until such certainty exists. The weighted-average remaining lease term for operating leases was 4.0 years as of March 31, 2023 and 4.1 years as of March 31, 2022.

The operating lease right of use asset and lease liability is recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company’s leases do not provide an implicit rate, and therefore, it uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The Company utilizes a portfolio approach for determining the incremental borrowing rate to apply to groups of leases with similar characteristics. The weighted-average discount rate used to measure the lease liability as of March 31, 2023 and 2022 was 6.9% and 6.1%, 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

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losses each reporting period, which can produce a certain level of earnings volatility. The Company recognized a foreign currency gain of $1.2 million and $0.7 million during the three months ended March 31, 2023 and 2022, respectively, related to the remeasurement of these U.S. dollar denominated operating leases, which is included in gain on foreign exchange in the accompanying consolidated statements of income.

Lease expense is recognized on a straight-line basis over the lease term, with variable lease expense recognized in the period such payments are incurred. The following table details the components of lease expense included in operating expenses in the consolidated statements of income during the three months ended March 31, 2023 and 2022 (in thousands):

			Three Months Ended
			March 31,
			2023						2022
Operating lease expense			$	33,540					$	31,528
Variable lease expense (1)			4,472						4,174
Total operating lease expense			$	38,012					$	35,702

(1)Variable lease costs consist primarily of taxes, insurance and common area or other maintenance costs paid based on actual costs incurred by the lessor and can therefore vary over the lease term.

The following table details the maturity of lease liabilities for all operating leases as of March 31, 2023 (in thousands):

Nine months ending December 31, 2023			$	86,200
2024			94,792
2025			66,885
2026			44,321
2027			21,472
Thereafter			26,185
Total			$	339,855
Less amount of lease payments representing interest			(42,646)
Total present value of lease payments			$	297,209

The following table details supplemental cash flow information related to operating leases for the three months ended March 31, 2023 and 2022 (in thousands):

			Three Months Ended
			March 31,
			2023						2022
Cash paid for amounts included in the measurement of operating lease liabilities			$	30,146					$	29,132
Leased assets obtained in exchange for new operating lease liabilities			$	19,734					$	18,946

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Note 4 - Fair Value of Financial Instruments

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

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

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

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

Recurring Fair Value Measurements

The Company’s financial assets and liabilities as of March 31, 2023, March 31, 2022 and December 31, 2022 that are measured at fair value on a recurring basis are as follows (in thousands):

			Estimated Fair Value
			Fair Value Measurements Using
			Level 1						Level 2						Level 3
Financial liabilities:
Contingent consideration as of March 31, 2023			$	—					$	—					$	—
Contingent consideration as of March 31, 2022 (1)			—						—						112,119
Contingent consideration as of December 31, 2022			—						—						—

(1)The current portion of $98.2 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 March 31, 2022.

As of March 31, 2023, the seller parties have the right to receive up to $50 million of additional consideration if AFF achieves certain adjusted EBITDA targets for the first half of 2023. The Company revalues this 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 three months ended March 31, 2023 and March 31, 2022 are as follows (in thousands):

			Three Months Ended
			March 31,
			2023						2022
Contingent consideration at beginning of the period			$	—					$	109,549
Change in fair value (1)			—						2,570
Contingent consideration at end of the period			$	—					$	112,119

(1)The Company recognized a loss of $2.6 million during the three months ended March 31, 2022 as a result of the change in fair value of the contingent consideration, which is included in loss on revaluation of contingent acquisition consideration in the accompanying consolidated statements of income.

There were no transfers in or out of Level 1, 2 or 3 during the three months ended March 31, 2023 and March 31, 2022.

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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 March 31, 2023, March 31, 2022 and December 31, 2022 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):

						Carrying Value						Estimated Fair Value
						March 31,						March 31,						Fair Value Measurements Using
						2023						2023						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	100,795					$	100,795					$	100,795					$	—					$	—
Accounts receivable, net						56,357						56,357						—						—						56,357
Pawn loans						377,697						377,697						—						—						377,697
Finance receivables, net (1)						102,093						214,206						—						—						214,206
						$	636,942					$	749,055					$	100,795					$	—					$	648,260
Financial liabilities:
Revolving unsecured credit facility						$	308,000					$	308,000					$	—					$	308,000					$	—
Senior unsecured notes (outstanding principal)						1,050,000						950,000						—						950,000						—
						$	1,358,000					$	1,258,000					$	—					$	1,258,000					$	—

(1)Finance receivables, gross as of March 31, 2023 was $201.3 million. See Note 5.

						Carrying Value						Estimated Fair Value
						March 31,						March 31,						Fair Value Measurements Using
						2022						2022						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	113,317					$	113,317					$	113,317					$	—					$	—
Accounts receivable, net						52,017						52,017						—						—						52,017
Pawn loans						344,101						344,101						—						—						344,101
Finance receivables, net (1)						140,481						180,819						—						—						180,819
						$	649,916					$	690,254					$	113,317					$	—					$	576,937
Financial liabilities:
Revolving unsecured credit facilities						$	218,000					$	218,000					$	—					$	218,000					$	—
Senior unsecured notes (outstanding principal)						1,050,000						992,000						—						992,000						—
						$	1,268,000					$	1,210,000					$	—					$	1,210,000					$	—

(1)Finance receivables, gross as of March 31, 2022 was $191.8 million. See Note 5.

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						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 were $196.0 million. See Note 5.

As cash and cash equivalents have maturities of less than three months, the carrying value of cash and cash equivalents approximates fair value. Due to their short-term maturities, the carrying value of pawn loans and accounts receivable, net approximate fair value.

Finance receivables are measured at amortized cost, net of an allowance for loan losses on the consolidated balance sheets. In estimating fair value for finance receivables, the Company utilized a discounted cash flow methodology. The Company used various unobservable inputs reflecting its own assumptions, such as contractual future principal and interest cash flows, future charge-off rates and discount rates (which consider current interest rates and are adjusted for credit risk, among other factors).

The carrying value of the unsecured credit facilities approximates fair value as of March 31, 2023, March 31, 2022 and December 31, 2022. The fair value of the unsecured credit facilities is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms. In addition, the unsecured credit facilities have a variable interest rate based on the prevailing secured overnight financing rate (“SOFR”) or the Mexican Central Bank’s interbank equilibrium rate (“TIIE”) and reprice with any changes in SOFR or TIIE. The fair value of the senior unsecured notes is estimated based on quoted prices in markets that are not active.

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Note 5 - Finance Receivables, Net

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

			As of March 31,												As of December 31,
			2023						2022						2022
Finance receivables, gross			$	201,288					$	191,845					$	195,987
Fair value premium on non-purchase credit deteriorated (”PCD”) finance receivables (1)			—						22,981						—
Merchant partner discounts and premiums, net			(6,328)						(430)						(3,517)
Unearned origination fees			(4,257)						(1,583)						(4,143)
Finance receivables, amortized cost			190,703						212,813						188,327
Less allowance for loan losses			(88,610)						(72,332)						(84,833)
Finance receivables, net			$	102,093					$	140,481					$	103,494

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

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

			Three Months Ended
			March 31,
			2023						2022
Balance at beginning of period			$	84,833					$	75,574
Provision for loan losses			29,285						24,697
Charge-offs			(27,117)						(29,408)
Recoveries			1,609						1,469
Balance at end of period			$	88,610					$	72,332

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The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of March