Business
FirstCash Reports Third Quarter Results; Net Revenues Increase 20% Driven by Growth in Pawn and AFF Segments; 104 Pawn Stores Added in the Third Quarter through Acquisitions and Store Openings; Upsizes Credit Facility and Declares Quarterly Cash Dividend
FORT WORTH, Texas, Oct. 26, 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, Oct. 26, 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 nine month periods ended September 30, 2023. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.35 per share, which will be paid in November 2023. Mr. Rick Wessel, chief executive officer, stated, “Our third quarter results were outstanding as strong growth and profitability metrics in the core pawn segments and AFF resulted in record earning assets, revenues and combined segment earnings. U.S. pawn has especially strong momentum, with pawn receivables ending the quarter up 22% in total and 11% on a same-store basis compared to the third quarter of last year. AFF further contributed to revenue and earnings growth with continued strength in originations and improved profitability over last year. “We added 104 pawn stores during the third quarter, including 79 acquired U.S. locations and 25 de novo stores, mostly in Latin America, and are now on pace to add more than 150 total pawn stores for the full year. Coupled with strong demand in existing locations, the significant unit growth in pawn locations is expected to drive additional revenue and earnings growth in the fourth quarter and beyond.” This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash expenses, that 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 amounts 2023 2022 2023 2022Revenue $786,301 $672,143 $786,301 $679,254Net income $57,144 $59,316 $70,775 $61,064Diluted earnings per share $1.26 $1.26 $1.56 $1.30EBITDA (non-GAAP measure) $129,350 $119,442 $132,985 $108,848Weighted-average diluted shares 45,374 47,022 45,374 47,022 Nine Months Ended September 30, As Reported (GAAP) Adjusted (Non-GAAP)In thousands, except per share amounts 2023 2022 2023 2022Revenue $2,299,662 $1,979,598 $2,299,662 $2,014,396Net income $149,7...