Business
FirstCash Reports Third Quarter Results; Company Sees Continued Improvement in Pawn Lending and Retail Margin Trends; Store Count Reaches 2,750 Location Milestone
FORT WORTH, Texas, Oct. 21, 2020 (GLOBE NEWSWIRE) -- FirstCash, Inc. (the “Company”) (Nasdaq: FCFS), the leading international operator of 2,750 retail pawn
About this update from Firstcash Holdings, Inc.
[{"type":"text","content":"FORT WORTH, Texas, Oct. 21, 2020 (GLOBE NEWSWIRE) -- FirstCash, Inc. (the “Company”) (Nasdaq: FCFS), the leading international operator of 2,750 retail pawn stores in the U.S. and Latin America, today announced financial results for the three and nine month periods ended September 30, 2020 and an update on the impact of COVID-19 on its business. The Company also announced that its Board of Directors declared a $0.27 per share quarterly cash dividend to be paid in November 2020.\n Mr. Rick Wessel, chief executive officer, stated, “FirstCash’s third quarter results reflected continued profitability and resiliency despite the sharp second quarter decline in pawn receivables related to the impacts of COVID-19. The Company saw steady recovery in pawn lending activity and near-record levels of retail margins. At the same time, we continue to invest in long-term growth, with 104 pawn stores opened or acquired year-to-date which drove the total store count to 2,750 locations. “Given FirstCash’s continued profitability and strong cash flows, we are pleased to again pay our regular cash dividend this quarter of $0.27 per share, or $1.08 annualized. The Company also completed a $500 million bond offering during the third quarter that enabled us to redeem and replace $300 million of previously issued bonds at a more favorable rate and over a longer term, pay down a significant portion of the revolving credit facility and provide additional long-term funding for growth and future shareholder returns.” This release contains adjusted earnings measures, which exclude debt extinguishment costs and certain other extraordinary 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 September 30, As Reported (GAAP) Adjusted (Non-GAAP)In thousands, except per share amounts2020 2019 2020 2019Revenue$359,890 $452,459 $359,890 $452,459Net income$15,062 $34,761 $24,453 $36,246Diluted earnings per share$0.36 $0.81 $0.59 $0.84EBITDA (non-GAAP measure)$34,174 $68,131 $46,333 $70,173Weighted-average diluted shares41,536 43,167 41,536 43,167 Nine Months Ended September 30, As Reported (GAAP) Adjusted (Non-GAAP)In thousands, except per share amounts2020 2019 2020 2019Revenue$1,239,126 $1,366,077 $1...