Business
FirstCash Reports Second Quarter Earnings Results; Completes Share Repurchase Plan and Adds New $200 Million Authorization; Increases Quarterly Dividend to $0.35 per Share
FORT WORTH, Texas, July 27, 2023 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international
About this update from Firstcash Holdings, Inc.
[{"type":"text","content":"FORT WORTH, Texas, July 27, 2023 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of retail pawn stores and a leading provider of retail point-of-sale (“POS”) payment solutions through American First Finance (“AFF”), today announced operating results for the three and six month periods ended June 30, 2023. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.35 per share, an increase of 6% compared to the previous quarterly dividend of $0.33 per share, which will be paid in August 2023. Additionally, the Company completed its share repurchase plan and the Board of Directors authorized a new $200 million plan. Mr. Rick Wessel, chief executive officer, stated, “FirstCash posted record second quarter consolidated revenues and generated strong earnings growth from its core pawn operations in both the U.S. and Latin America. Coupled with continued revenue and transaction volume growth in AFF’s retail POS payment solutions business, we have significant earnings momentum entering the second half of 2023. \"FirstCash continues to expand its operating platform as well, with 36 pawn stores added year-to-date and additional store openings and acquisitions expected over the balance of the year, while AFF surpassed 10,000 active merchant door locations in the second quarter. Additionally, our strong balance sheet and cash flows have allowed us to repurchase $114 million of stock this year, through today’s date, and raise the quarterly cash dividend.” This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash expenses, which are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release. Three Months Ended June 30, As Reported (GAAP) Adjusted (Non-GAAP)In thousands, except per share amounts 2023 2022 2023 2022Revenue$750,622 $647,616 $750,622 $659,130Net income$45,180 $86,108 $55,553 $51,159Diluted earnings per share$0.99 $1.81 $1.22 $1.08EBITDA (non-GAAP measure)$108,237 $151,629 $107,473 $96,417Weighted-average diluted shares 45,678 47,499 45,678 47,499 Six Months Ended June 30, As Reported (GAAP) Adjusted (Non-GAAP)In thousands, except per share amounts 2023 2022 2023 2022Re...