Firstcash Holdings, Inc. · NASDAQ:FCFS
Firstcash — Investor Presentation (May 2019)
50 slides from Firstcash's investor presentation, May 6, 2019
Slide 1: Investor Presentation May 2019
EXHIBIT 99.1 Investor Presentation MAY 2019
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS “THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS ABOUT THE BUSINESS, FINANCIAL CONDITION AND PROSPECTS OF FIRSTCASH, INC. AND ITS WHOLLY OWNED SUBSIDIARIES (TOGETHER, THE “COMPANY”). FORWARD-LOOKING STATEMENTS, AS THAT TERM IS DEFINED IN THE PRIVATE SECURITIES LITIGA
Slide 3: At a Glance
AT A GLANCE • LEADING INTERNATIONAL PAWN OPERATOR WITH OVER 2,600 STORE EARNINGS PER SHARE2 LOCATIONS1 AND 20,000 EMPLOYEES IN 5 COUNTRIES: $3.80 - $4.00 – UNITED STATES (1,055 LOCATIONS) LOCATIONS EPS ADJ. EPS – EL SALVADOR (13 ) $3.41 $3.53 – MEXICO (1,484 LOCATIONS) – COLOMBIA (6 LOCATIONS) $3.00
Slide 4: Attractive industry dynamics, strong growth metrics, enhanced shareholder returns
• ATTRACTIVE INDUSTRY DYNAMICS – STEADY DEMAND ACROSS ECONOMIC CYCLES – RECESSION RESISTANT – CUSTOMER BASE IS UNDERSERVED – MOST LENDERS DO NOT OFFER LOANS OF $150 OR LESS – STABLE REGULATORY ENVIRONMENT •STRONG GROWTH METRICS $315 CASH DIVIDENDS – STORE LOCATIONS $41 STOCK REPURCHASES – NET INCOME
Slide 5: Largest Pawn Operator in the Americas
LARGEST PAWN OPERATOR IN THE AMERICAS OVER 2,600 STORES IN FIVE COUNTRIES U.S. OPERATIONS – 1,055 STORES IN 24 STATES AND THE DISTRICT OF COLUMBIA MEXICO OPERATIONS – 1,484 STORES IN 32 STATES POPULATION GDP PER CAPITA INFLATION INFORMAL MARKET POPULATION 329M US $60.0K 1.9% 5% 132M GDP PER CAPITA W
Slide 6: Pawn Operations Represent 97% of Revenue
PAWN OPERATIONS REPRESENT 97% OF REVENUE TOTAL REVENUE NET REVENUE 6% 1% 3% 4% 41% 30% $1.8 $1.0 BILLION BILLION 54% 61% Note: Results are TTM Q1-2019 RETAIL SALES PAWN FEES SCRAP JEWELRY SALES CONSUMER LOAN/SERVICE FEES1 1 Revenue from consumer lending products in the second half of 2019 will be le
Slide 7: Typical Pawn Transaction Cycle
TYPICAL PAWN TRANSACTION CYCLE TOTAL TRANSACTION TIME LESS THAN 15 MINUTES CUSTOMER ENTERS STORE WITH PERSONAL ASSET ~20% ~80% PAWN LOAN SELLS ASSET TO COMPANY (COLLATERALIZED WITH ASSET) ~25% ~75% CUSTOMER REPAYS LOAN CUSTOMER DOES NOT REPAY LOAN OR FEE & PAWN SERVICE FEE RETAIL SALES PAWN SERVICE
Slide 8: Pawn Loans Have Limited Credit Risk
PAWN LOANS HAVE LIMITED CREDIT RISK 1 • PAWN LOANS ARE SMALL AND AVERAGE PAWN LOAN K AFFORDABLE WITH A SHORT DURATION $200 (COLLATERALIZED WITH ASSET) – 30 TO 60 DAYS $160 • ALL LOANS FULLY COLLATERALIZED WITH PERSONAL PROPERTY $120 – RAPID LIQUIDATION OF COLLATERAL $80 $173 THROUGH ON-SITE PAWN RET
Slide 9: Social Responsibility: Serving Unbanked and Underbanked Customers
SOCIAL RESPONSIBILITY: SERVING UNBANKED AND UNDERBANKED CUSTOMERS PAWN LOANS CAN BE EASILY ACCESSED BY CUSTOMERS WITH LIMITED ACCESS TO TRADITIONAL CREDIT PRODUCTS AVAILABLE TO UNBANKED OR UNDERBANKED CONSUMERS – NO BANK ACCOUNT OR CREDIT HISTORY NECESSARY SMALL AND AFFORDABLE – LOWER COST ALTERNATI
Slide 10: Environmental Sustainability
ENVIRONMENTAL SUSTAINABILITY NEIGHBORHOOD BASED RETAILER: MERCHANDISE IS SOURCED AND SOLD LOCALLY CIRCULAR ECONOMY NEIGHBORHOOD-BASED STORES WHICH CONTRIBUTE TO THE → → MODERN “CIRCULAR ECONOMY” – BUY USE RETURN SAFE ENVIRONMENT BUY AND RESELL POPULAR CONSUMER PRODUCTS IN A SAFE AND SECURE ENVIRONME
Slide 11: Latin America Overview
LATIN AMERICA OVERVIEW MEXICO, GUATEMALA, EL SALVADOR AND COLOMBIA JALISCO, MEXICO
Slide 12: FirstCash Latin America Store Count
FIRSTCASH LATIN AMERICA STORE COUNT 1,553 5 YEAR CAGR 1,379 21% 806 955 999 672 737 308 309 130 707 747 607 647 690 2015 2016 2017 2018 AS OF 05/03/2019 NEW STORE OPENINGS ACQUISITIONS
Slide 13: LatAm Revenue Growth
LATAM REVENUE GROWTH ($ IN MILLIONS) 3 YEAR REVENUE CAGR $800 U.S. DOLLAR – 15% CONSTANT CURRENCY – 22% $701 $700 $666 $600 $573 $485 $500 $400 $368 $300 $557 $583 $487 $200 $368 $417 $100 $0 2015 2016 2017 2018 TTM Q1-2019 TOTAL REVENUE, USD CC REVENUE, 2015 MXN @ 15.85 Note: Presented constant cur
Slide 14: Majority of Stores & Employees Based in LatAm
MAJORITY OF STORES & EMPLOYEES BASED IN LATAM STORE SEGMENT STORES1 EMPLOYEES3 INVESTMENTS2 CONTRIBUTION4 1,553 $119,642 12,346 $133,298 60% 73% 61% 35% 7,791 1,055 $43,312 $245,922 39% 40% 27% 65% LATAM U.S. 1 As of Press Release 05/03/2019 OVER 70% OF STORE 2 TTM 03/31/2019 Store CapEx and Acquisi
Slide 15: Growing Segment Contribution from LatAm
GROWING SEGMENT CONTRIBUTION FROM LATAM ($ IN MILLIONS) $180 LATAM SEGMENT CONTRIBUTION % OF TOTAL SEGMENT CONTRIBUTIONS $160 $153 ACTUAL $136 $140 $128 2018 $122 $120 $116 35% $105 LATAM $100 $87 $87 $80 $60 PROJECTED $40 2019 $20 41% LATAM $0 2015 2016 2017 2018 USD CC @ 2015 FX RATE Note: Segment
Slide 16: LatAm Operating Trends: Q1-2019
LATAM OPERATING TRENDS: Q1-2019 • REVENUES FOR THE FIRST QUARTER OF SAME-STORE TWO-YEAR 1 2019 TOTALED $150 MILLION PAWN GROWTH – UP 22% ON A USD $ TRANSLATED BASIS 23.0% 23% 21% – UP 25% ON A CONSTANT CURRENCY BASIS 19% 18.0% 12% 9% • PAWN LOANS OUTSTANDING TOTALED 14% 7% 13% 13.0% 0% $112 MILLION
Slide 17: LatAm Pawn and Inventory Composition
LATAM PAWN AND INVENTORY COMPOSITION LATAM OPERATIONS SEGMENT PAWN COLLATERAL INVENTORY 10% 10% 57% 55% 3% 1% 2% 2% 2% 2% 26% 30% JEWELRY ELECTRONICS TOOLS SPORTING GOODS MUSICAL INSTRUMENTS OTHER Note: As of 03/31/2019
Slide 18: LatAm Growth Strategy
LATAM GROWTH STRATEGY LATIN AMERICA CONTINUES TO BE THE PRIMARY STORE GROWTH VEHICLE - SIGNIFICANT UNTAPPED POTENTIAL IN THE REGION ◼ SUBSTANTIAL INFRASTRUCTURE AND CASH FLOWS TO ACCOMPLISH NEW ACQUISITIONS AND DE NOVO EXISTING COUNTRY PRESENCE EXPANSION Mexico MARKET ENTRY IN 2018 WITH CONTINUED EX
Slide 19: 2019 Builds Upon 2018's Record Year for LatAm Acquisitions
2019 BUILDS UPON 2018’S RECORD YEAR FOR LATAM ACQUISITIONS • THESE ACQUISITIONS ARE MOSTLY SMALLER FORMAT LOCATIONS (TYPICALLY ACQUISITION TIME LINE LESS THAN 2,500 FT2) FOCUSED PRIMARILY ON JEWELRY LENDING AND SMALL ELECTRONICS APR-2019 11 STORES IN SOUTHERN GULF REGION OF MX • MANY SIMILARITIES TO
Slide 20: Maxi Prenda Update – Early 2016 Acquisition
MAXI PRENDA UPDATE – EARLY 2016 ACQUISITION FIRST SMALLER FORMAT ACQUISITION IN LATAM • ACQUISITION RECAP PER STORE GROWTH RATES VERSUS FIRST YEAR ▪ 211 SMALLER FOOTPRINT STORES 100% • 166 IN MEXICO 84% • 32 IN GUATEMALA 80% • 13 IN EL SALVADOR 69% 22% • 8 STORES WERE CONSOLIDATED WITH FIRSTCASH 60%
Slide 21: LatAm New Store Openings
LATAM NEW STORE OPENINGS LARGE FORMAT DE NOVO LOCATIONS • OPENED IN 2018 • OPENED YTD-2019 ―42 IN MEXICO ―27 IN MEXICO ―4 IN COLOMBIA ―2 IN COLOMBIA ―6 IN GUATEMALA ―11 IN GUATEMALA FUTURE GROWTH • PLANS TO OPEN APPROXIMATELY 80 TO 85 NEW FULL-SERVICE PAWN STORES IN 2019 ―APPROXIMATELY 15 IN GUATEMA
Slide 22: Proven New Store Opening Process
PROVEN NEW STORE OPENING PROCESS UNDEVELOPED SITE SAME SITE AFTER REDEVELOPMENT 04 ◼ ◼ OPENED FIRST STORES IN MEXICO IN 1999 STANDARDIZED STORE LAYOUTS, FIXTURES AND EQUIPMENT ◼ ◼ EXPERIENCED REAL ESTATE DEVELOPMENT TEAM STATE OF THE ART SECURITY TECHNOLOGY ◼ ◼ PROVEN SITE SELECTION STRATEGY CONSIST
Slide 23: Proven Rapid Payback Model
PROVEN RAPID PAYBACK MODEL MEXICO NEW STORE INVESTMENT AND PROFITABILITY RAMP NEW STORE INVESTMENT Typical Mexico New Store Ramp (USD $) Year 1 Year 2 Year 3 Year 4 Year 5 CAP EX $160,000 Op Margin (4%) 17% 22% 24% 26% - LEASEHOLD IMPROVEMENTS & FIXTURES $500 $200 - COMPUTER & SECURITY EQUIPMENT $40
Slide 24: United States Overview
UNITED STATES OVERVIEW LOCATIONS IN 24 STATES AND THE DISTRICT OF COLUMBIA KANSAS CITY, MISSOURI
Slide 25: Over 1,000 U.S. Locations
OVER 1,000 U.S. LOCATIONS IN 24 STATES AND THE DISTRICT OF COLUMBIA Note: As Press Release 05/03/2019 33 WA ME MT ND VT OR MN ID NH SD WI NY MA CT 2 MI RI WY IA PA UT NJ 1 65 27 NE 33 DC DE 27 3 7 OH MD 30 WV NV IN KS IL CO 24 6 VA 29 25 KY CA MO NC 41 TN 53 29 NM 18 SC OK AR AZ 27 8 46 MS LA AL GA
Slide 26: Significant Presence in Fastest Growing U.S. Cities
SIGNIFICANT PRESENCE IN FASTEST GROWING U.S. CITIES RANKED BY ESTIMATED 2018 POPULATION Source: Business Insider Note: Store Count as of 05/03/2019 45% OF DOMESTIC STORES WITHIN 100 90 A 25 MILE RADIUS OF THE TOP 35 90 80 UP AND COMING U.S. CITIES 80 TORES 70 S 60 ASH C IDENTIFIES MARKETS WITH SIGNI
Slide 27: U.S. Operating Trends: Q1-2019
U.S. OPERATING TRENDS: Q1-2019 • U.S. SEGMENT PRE-TAX OPERATING INCOME RETAIL MARGINS EES ONTINUED ROWTH S C G : 41.0% – UP 5% COMPARED TO Q1-2018 – UP 7% EXCLUDING NON-CORE CONSUMER LENDING 39.0% PRODUCTS 37.0% – DRIVEN BY INCREASED PAWN FEES, RETAIL GROSS PROFITS AND CONTINUED STORE-LEVEL COST 35.
Slide 28: Improving Pawn Lending
IMPROVING PAWN LENDING • PAWN FEES INCREASE ON IMPROVED YIELDS: PAWN LOANS AND PAWN FEES – PAWN FEES UP 2% COMPARED TO Q1-2018 – PAWN YIELDS IMPROVED BY 3% COMPARED TO UP 2% $240 DOWN 1% $99 THE PRIOR-YEAR QUARTER $237 $98 $97 • FOCUS ON CUSTOMER PURCHASES IN THE $235 $234 $96 $95 LEGACY CASH AMERIC
Slide 29: U.S. Pawn and Inventory Composition
U.S. PAWN AND INVENTORY COMPOSITION U.S. OPERATIONS SEGMENT PAWN COLLATERAL INVENTORY 16% 16% 58% 66% 6% 9% 2% 7% 3% 3% 11% 3% JEWELRY ELECTRONICS TOOLS SPORTING GOODS MUSICAL INSTRUMENTS OTHER Note: As of 03/31/2019
Slide 30: U.S. Growth Strategy
U.S. GROWTH STRATEGY CONTINUE SCOUTING SMALL ACQUISITIONS ACQUIRED STORES BY YEAR IN EXISTING STATES • ORGANIC DEMAND AS UNBANKED AND 27 UNDERBANKED DEMOGRAPHICS CONTINUE TO GROW • YTDYTD-2019-2019 A ACQUISITIONSCQUISITIONS 20 – 10 STORE ACQUISITION IN TX – 9 STORE ACQUISITION IN TX – 1 SINGLE STORE
Slide 31: Stable Regulatory Climate for Pawn
STABLE • PAWN LOANS ARE DIFFERENT FROM TRADITIONAL CONSUMER LOAN PRODUCTS AND NOT SUBJECT TO THE CFPB SMALL DOLLAR LOAN RULES REGULATORY BECAUSE THEY: – ARE NON-RECOURSE LOANS CLIMATE FOR – HAVE SIGNIFICANTLY SMALLER AVERAGE LOAN SIZES – DO NOT INVOLVE CREDIT CHECKS, COLLECTION ACTIVITIES, ACH TRANS
Slide 32: FirstCash Discontinues Unsecured Consumer Loan Products in Ohio
FIRSTCASH DISCONTINUES UNSECURED CONSUMER LOAN PRODUCTS IN OHIO CEASED OFFERING UNSECURED CONSUMER LOAN AND CREDIT SERVICES PRODUCTS IN ALL 119 OHIO LOCATIONS EFFECTIVE APRIL 26, 2019: ▪ EXPECTS TO CLOSE AN ESTIMATED 54 LOCATIONS IN OHIO WHOSE REVENUE WAS DERIVED PRIMARILY FROM CONSUMER LENDING PROD
Slide 33: Wind-Down of Consumer Lending
WIND-DOWN OF CONSUMER LENDING PRO FORMA INCLUDING CASH AMERICA ($ IN MILLIONS) $140 .GROSS CONSUMER LOAN REVENUE. 10% .CONSUMER LOAN LOCATIONS. $118 9% $120 531 8% 82 448 $100 $93 7% 434 64 6% 63 $80 7% $77 114 5% 113 113 279 $60 5% $56 4% 8 4% 3% 113 $40 RANGE: 3% 335 $17 - $19 2% 271 RANGE: 258 81
Slide 34: Financial Highlights
FINANCIAL HIGHLIGHTS FORT WORTH, TEXAS
Slide 35: Consolidated Revenue
CONSOLIDATED REVENUE ($ IN MILLIONS) PAWN REVENUE CONSUMER LENDING REVENUE $1,780 $1,781 $1,799 RETAIL SALES CONSUMER LOAN FEES $56 $51 PAWN LOAN FEES CREDIT SERVICES FEES $77 SCRAP SALES $1,088 $44 $705 $1,703 $1,725 $1,747 $28 $1,045 $677 2015 2016 2017 2018 TTM Q1-2019
Slide 36: Net Income, Adjusted Net Income and Adjusted EBITDA
NET INCOME, ADJUSTED NET INCOME AND ADJUSTED EBITDA ($ IN MILLIONS) $350 NET INCOME ADJUSTED NET INCOME ADJUSTED EBITDA $300 $284 $288 $273 $250 $200 $180 $158 $159 $144 $153 $154 $150 $131 $100 $85 $60 $50 $0 2016 2017 2018 TTM Q1-2019 Note: Adjusted Net Income and Adjusted EBITDA are non-GAAP fina
Slide 37: Operating Cash Flow and Adjusted Free Cash Flow
OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW ($ IN MILLIONS) $300 $250 $242 $243 $220 $225 $224 $200 $186 $150 1 $97 FCF YIELD 5% $100 $81 AS OF 03/31/2019 $50 $0 2016 2017 2018 TTM Q1-2019 OPERATING ACTIVITIES CASH FLOW ADJUSTED FREE CASH FLOW Note: Adjusted Free Cash Flow is a non-GAAP financia
Slide 38: Earnings Per Share Guidance
EARNINGS PER SHARE GUIDANCE AS PROVIDED ON MAY 03, 2019 $5.00 GUIDANCE RANGE: $3.80 - $4.00 $4.00 $3.41 $3.53 $3.00 $3.00 $2.74 $2.44 $2.00 $1.72 $1.00 $0.00 2016 2017 2018 2019 2019 1 GUIDANCEGUIDANCE EARNINGS PER SHARE ADJUSTED EARNINGS PER SHARE 1 Adjusted earnings per share excludes certain non-
Slide 39: Fiscal 2019 Outlook
FISCAL 2019 OUTLOOK RAISING FULL-YEAR 2019 GUIDANCE FOR ADJUSTED DILUTED EARNINGS PER SHARE TO BE IN A RANGE OF $3.80 TO $4.00 COMPARED TO THE PREVIOUS GUIDANCE OF $3.75 TO $3.95 – REVISED GUIDANCE REPRESENTS ADJUSTED EARNINGS PER SHARE GROWTH TO BE IN A RANGE OF 8% TO 13% OVER THE PRIOR YEAR – EXCL
Slide 40: Dividend Per Share Continues to Grow
DIVIDEND PER SHARE CONTINUES TO GROW ANNUALIZED DIVIDEND INCREASED 14% TO $1.00 PER SHARE $1.00 $1.00 BEGINNING Q4-2018 $0.91 $0.77 $0.25 $0.80 $0.25 $0.20 $0.60 $0.57 $0.25 $0.22 $0.19 $0.19 $0.40 $0.25 $0.22 $0.125 $0.19 $0.20 $0.125 $0.22 $0.25 $0.125 $0.19 $0.00 2016 2017 2018 2019 RUN RATE ★ ID
Slide 41: Post-Merger Cash Flows Support Investments and Shareholder Returns
POST-MERGER CASH FLOWS SUPPORT INVESTMENTS AND SHAREHOLDER RETURNS WITH MINIMAL ADDED LEVERAGE POST-MERGER INVESTMENTS & OUTSTANDING DEBT SHAREHOLDER RETURNS ($ IN MILLIONS) ($ IN MILLIONS) $800 $770 $600 $560 $555 $700 $142 $5 MILLION $500 ECREASE $600 D $98 $255 $400 $500 ACQUISITIONS $360 $135 DI
Slide 42: $1.6 Billion in Cumulative Store Investments & Shareholder Payouts
$1.6 BILLION IN CUMULATIVE STORE INVESTMENTS & SHAREHOLDER PAYOUTS OVER THE LAST 10 YEARS ($ IN MILLIONS) $1,600 CUMULATIVE TOTAL STOCK REPURCHASES & DIVIDENDS: - 10,512,831 SPLIT-ADJUSTED SHARES REPURCHASED $1,400 - $108 MILLION IN CUMULATIVE DIVIDENDS PAID $1,200 ACQUISITIONS SINCE 2009: - 198 STO
Slide 43: Investment Recap
INVESTMENT RECAP • PAWN-FOCUSED BUSINESS MODEL ⦁ FOCUSED ON SMALL SECURED LOANS TO UNBANKED AND UNDERBANKED CONSUMERS WITH LIMITED ACCESS TO TRADITIONAL CREDIT PRODUCTS ⦁ FOCUS ON FULL-SERVICE LENDING AND RETAIL MODEL IS A SIGNIFICANT COMPETITIVE ADVANTAGE ⦁ STRONG MARGINS AND CASH FLOWS ALLOW FOR S
Slide 44: Appendix
APPENDIX CORPUS CHRISTI, TEXAS
Slide 45: Non-GAAP Financial Information
NON-GAAP FINANCIAL INFORMATION THE COMPANY USES CERTAIN FINANCIAL CALCULATIONS SUCH AS ADJUSTED NET INCOME, ADJUSTED DILUTED EARNINGS PER SHARE, ADJUSTED PRE-TAX PROFIT MARGIN, ADJUSTED NET INCOME MARGIN, EBITDA, ADJUSTED EBITDA, FREE CASH FLOW, ADJUSTED FREE CASH FLOW, CONSTANT CURRENCY RESULTS, RE
Slide 46: Reconciliation of Net Income to Adjusted Net Income
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME ($ IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) TTM ENDED YEAR ENDED DECEMBER 31, MAR 31, 2016 2017 2018 2019 IN THOUSANDS PER SHARE IN THOUSANDS PER SHARE IN THOUSANDS PER SHARE IN THOUSANDS NET INCOME $60,127 $1.72 $143,892 $3.00 $153,206 $3.41 $154,2
Slide 47: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA EAR NDED ECEMBER NDED AR ($ IN THOUSANDS) Y E D 31, TTM E M 31, 2016 2017 2018 2019 NET INCOME $60,127 $143,892 $153,206 $154,226 INCOME TAXES 33,320 28,420 52,103 54,147 DEPRECIATION AND AMORTIZATION 31,865 55,233 42,961 41,552 INTEREST EXP
Slide 48: Reconciliation of Cash Flow from Operating Activities to Free Cash Flow
RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW & ADJUSTED FREE CASH FLOW ($ IN THOUSANDS) YEAR ENDED DECEMBER 31, TTM ENDED MAR 31, 2016 2017 2018 2019 CASH FLOW FROM OPERATING ACTIVITIES $96,854 $220,357 $243,429 $223,810 CASH FLOW FROM INVESTING ACTIVITIES: LOAN RECEIVABLE
Slide 49: Constant Currency
CONSTANT CURRENCY CERTAIN PERFORMANCE METRICS DISCUSSED IN THIS PRESENTATION ARE PRESENTED ON A “CONSTANT CURRENCY” BASIS, WHICH IS CONSIDERED A NON-GAAP FINANCIAL MEASURE. THE COMPANY’S MANAGEMENT USES CONSTANT CURRENCY RESULTS TO EVALUATE OPERATING RESULTS OF BUSINESS OPERATIONS IN LATIN AMERICA,
Slide 50: Investor Relations
INVESTOR RELATIONS INVESTORRELATIONS@FIRSTCASH.COM INVESTORS.FIRSTCASH.COM 817.258.2650 GAR JACKSON GLOBAL IR GROUP GAR@GLOBALIRGROUP.COM 817.886.6998