Firstcash Holdings, Inc. · NASDAQ:FCFS
Firstcash — Investor Presentation (November 2019)
50 slides from Firstcash's investor presentation, Nov 12, 2019
Slide 1: Investor Presentation November 2019
EXHIBIT 99.1 INVESTOR PRESENTATION NOVEMBER 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 MORE THAN 2,600 EARNINGS PER SHARE2 RETAIL PAWN LOCATIONS1 AND 21,000 EMPLOYEES IN 5 COUNTRIES: 2 $3.85 - $4.00 – UNITED STATES (1,053 LOCATIONS) LOCATIONS EPS ADJ. EPS – EL SALVADOR (13 ) $3.41 $3.53 – MEXICO (1,539 LOCATIONS) – COLOMBIA (8 LOC
Slide 4: Attractive industry dynamics and strong growth metrics
• 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: History
HISTORY 1988 – BEGAN IRST TORES OPERATIONS IN TEXAS 1999 – F S IN MEXICO 2018 – 2019 EXPANSION IN MEXICO – PRENDAMEX ACQUISITIONS – DE NOVO & ACQUISITIONS OVER 500 STORES IN MEXICO 2015 – 2016 TAMAULIPAS, MEXICO 1992 – IPO MAXI PRENDA ACQUISITION – FIRST STORES IN GUATEMALA & EL SALVADOR 1992 → 1999
Slide 6: Largest Pawn Operator in the Americas
LARGEST PAWN OPERATOR IN THE AMERICAS OVER 2,600 STORES IN FIVE COUNTRIES U.S. OPERATIONS – 1,053 STORES IN 24 STATES AND THE DISTRICT OF COLUMBIA MEXICO OPERATIONS – 1,539 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 7: Pawn Operations Represent 98% of Revenue
PAWN OPERATIONS REPRESENT 98% OF REVENUE TOTAL REVENUE NET REVENUE 6% 1% 2% 2% 42% 30% $1.8 $1.0 BILLION BILLION 62% 55% Note: Results are TTM Q3-2019 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 8: Typical Pawn Transaction Cycle
TYPICAL PAWN TRANSACTION CYCLE TOTAL TRANSACTION TIME LESS THAN 15 MINUTES CUSTOMER ENTERS STORE WITH PERSONAL ASSET ~25% ~75% 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 9: 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 $180 – 30 TO 60 DAYS $150 LL LOANS FULLY COLLATERALIZED WITH • A $120 PERSONAL PROPERTY $90 – COLLATERAL HELD IN SHOP $167 – RAPID LIQUIDATION OF COLLATERAL $60 THROUGH PAWN SHOP RET
Slide 10: Revenue Growth Across Economic Cycles
REVENUE GROWTH ACROSS ECONOMIC CYCLES LEGACY FIRST CASH U.S. AND LATAM CORE GROSS PROFIT1 PER STORE GP PER STORE $ IN THOUSANDS FINANCIAL CRISIS POST CRISIS RECOVERY CURRENT CYCLE $900 $817 $804 $774 $770 $784 $732 $732 $763 $750 $710 $705 $647 $606 $600 $450 U.S. $300 $150 $0 2008 2009 2010 2011 20
Slide 11: 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, ONLY A VALID GOVERNMENT ISSUED ID MICROFIN
Slide 12: 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 13: Latin America Overview
LATIN AMERICA OVERVIEW MEXICO, GUATEMALA, EL SALVADOR AND COLOMBIA JALISCO, MEXICO
Slide 14: FirstCash LatAm Growth
FIRSTCASH LATAM GROWTH STORE COUNT REVENUE 1,800 $900 1,612 $778 1,600 $800 1,379 1,400 $700 $666 $573 1,200 830 $600 999 $485 1,000 955 672 $500 $368 800 737 308 309 $400 130 $646 600 $300 $557 $487 400 782 $200 $417 607 647 690 707 $368 200 $100 0 $0 2015 2016 2017 2018 AS OF 2015 2016 2017 2018 S
Slide 15: Majority of Stores & Employees Based in LatAm
MAJORITY OF STORES & EMPLOYEES BASED IN LATAM STORE ADDITION SEGMENT STORES1 EMPLOYEES1 INVESTMENT2 CONTRIBUTION3 $63 1,612 $144 70% 13,791 60% 64% 37% 7,609 1,053 $26 36% $245 40% 30% 63% LATAM U.S. 70% OF STORE INVESTMENTS IN LATAM 1 As of 09/30/2019 2 TTM 09/30/2019 New Store CapEx and Acquisitio
Slide 16: Growing Segment Contribution from LatAm
GROWING SEGMENT CONTRIBUTION FROM LATAM ($ IN MILLIONS) LATAM SEGMENT CONTRIBUTION % OF TOTAL SEGMENT CONTRIBUTIONS $180 $171 $160 $153 ACTUAL $144 $140 $136 2018 $122 $128 $116 35% $120 LATAM $105 $100 $87 $87 $80 $60 PROJECTED $40 2019 $20 38% LATAM $0 2015 2016 2017 2018 SEPT 2019 USD $ CONSTANT
Slide 17: LatAm Operating Trends: Q3-2019
LATAM OPERATING TRENDS: Q3-2019 • REVENUES FOR THE QUARTER TOTALED SAME-STORE REVENUE GROWTH $168 MILLION RETAIL SALES 12%$120 $112 $113 8% $109 8% P ON A TRANSLATED BASIS 50% – U 19% USD $ 8% $100 5% – UP 21% ON A CONSTANT CURRENCY BASIS 3% 3% $91 4% $86 6% 40% $81 38% 5% 40% $80 • PAWN LOANS OUTST
Slide 18: LatAm Pawn and Inventory Composition
LATAM PAWN AND INVENTORY COMPOSITION LATAM OPERATIONS SEGMENT PAWN COLLATERAL INVENTORY 54% 11% 11% 3% 58% 1% 2% 1% 2% 2% 27% 28% JEWELRY ELECTRONICS TOOLS SPORTING GOODS MUSICAL INSTRUMENTS OTHER Note: As of 09/30/2019 18
Slide 19: 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 EXISTING COUNTRY PRESENCE ACCOMPLISH NEW ACQUISITIONS AND DE NOVO EXPANSION Mexico MARKET ENTRY IN 2018 WITH CONTINUED EX
Slide 20: Prendamex Acquisitions
PRENDAMEX ACQUISITIONS ACQUISITION TIMELINE • PRENDAMEX STORES ARE MOSTLY SMALLER FORMAT LOCATIONS (TYPICALLY LESS THAN 2,500 FT2) IN HIGH TRAFFIC AREAS FOCUSED PRIMARILY ON JEWELRY PRENDAMEX LOCATIONS ACQUIRED FRANCHISE LOCATIONS LENDING AND SMALL ELECTRONICS 600 • MANY SIMILARITIES TO THE SUCCESSF
Slide 21: Maxi Prenda Update
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% 92% • FOCUS ON JEWELRY AND SMALL ELECTRONICS – 8% LIMITED RETAIL ACTIVITY 80% 80% • FIRSTCASH ENHANCEMENTS 11% 21% –
Slide 22: Accelerated LatAm New Store Openings
ACCELERATED LATAM NEW STORE OPENINGS LARGE FORMAT DE NOVO STORE OPENINGS BY YEAR 100 MEXICO GUATEMALA COLOMBIA 90 85 80 4 13 70 60 52 Location: Colombia 50 45 4 38 41 6 40 1 68 30 45 20 38 40 42 10 0 2015 2016 2017 2018 2019 GUIDANCE Location: Guatemala 22
Slide 23: 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 24: 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 25: United States Overview
UNITED STATES OVERVIEW LOCATIONS IN 24 STATES AND THE DISTRICT OF COLUMBIA KANSAS CITY, MISSOURI
Slide 26: Over 1,000 U.S. Locations
OVER 1,000 U.S. LOCATIONS IN 24 STATES AND THE DISTRICT OF COLUMBIA Note: As of 09/30/2019 32 WA ME MT ND VT OR MN NH ID SD WI NY MA CT 2 MI RI WY IA PA UT NJ 1 67 27 NE 33 DC DE 27 3 6 OH MD 29 WV NV IN KS IL CO 24 6 VA 29 25 KY CA MO NC 41 TN 53 28 NM 18 SC OK AR AZ 27 OPERATIONS FOCUSED IN STATES
Slide 27: U.S. Operating Trends: Q3-2019
U.S. OPERATING TRENDS: Q3-2019 • U.S. SEGMENT PRE-TAX OPERATING INCOME TTM RETAIL GP $ AND MARGIN ($ IN MILLIONS) UP YTD, DESPITE OHIO WIND-DOWN: $280 $266 $271 40% $259 $263 – UP 2% COMPARED TO THIRD QUARTER 2018 $260 $254 $247 37.6% XCLUDING CONSUMER LENDING P ON AN $244 37.0% 37.3% – E , U 7% 36.
Slide 28: U.S. Operating Trends: Q3-2019 Pawn Fees
U.S. OPERATING TRENDS: Q3-2019 • PAWN FEES INCREASE ON IMPROVED YIELDS: PAWN LOANS AND PAWN FEES – PAWN FEES UP 2% COMPARED TO Q3-2018 $290 UP 2% – PAWN YIELDS IMPROVED BY 5% QUARTER-OVER- DOWN 3% $279 $100 QUARTER $280 $93 $95 $271 • FOCUS ON CUSTOMER PURCHASES IN THE $270 $90 LEGACY CASH AMERICA S
Slide 29: Domestic Return on Earning Assets
DOMESTIC RETURN ON EARNING ASSETS ($ IN MILLIONS) $900 160% 144% 144% 146% 138% $800 134% 140% 130% 127% 122% $700 120% $600 100% $500 80% $400 60% $300 40% $200 $100 20% $0 0% 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 AVG. INV AVG. INVAVG. PLB T12MT12M PAWN PAWNFESSGP T12M RETAIL + SP
Slide 30: U.S. Pawn and Inventory Composition
U.S. PAWN AND INVENTORY COMPOSITION U.S. OPERATIONS SEGMENT PAWN COLLATERAL INVENTORY 17% 20% 64% 6% 53% 9% 3% 7% 3% 3% 11% 4% JEWELRY ELECTRONICS TOOLS SPORTING GOODS MUSICAL INSTRUMENTS OTHER Note: As of 09/30/2019 30
Slide 31: U.S. Growth Strategy
U.S. GROWTH STRATEGY CONTINUE SCOUTING SMALL ACQUISITIONS STORES ACQUIRED BY YEAR IN EXISTING STATES QTR 4 • ORGANIC DEMAND AS UNBANKED AND 27 UNDERBANKED DEMOGRAPHICS CONTINUE TO GROW QTR 2 QTR 1 • YTDYTD-2019-2019 A ACQUISITIONSCQUISITIONS 9 20 – 10 STORE ACQUISITION IN TX – 9 STORE ACQUISITION IN
Slide 32: Stable Regulatory Climate for Pawn
STABLE • PAWN LOANS ARE DIFFERENT FROM TRADITIONAL CONSUMER LOAN PRODUCTS AND NOT SUBJECT TO THE CFPB SMALL DOLLAR LOAN RULES REGULATORY BECAUSE THEY: – ARE NON-RECOURSE LOANS CLIMATE FOR – HAVE SIGNIFICANTLY SMALLER AVERAGE LOAN SIZES – DO NOT INVOLVE CREDIT CHECKS, COLLECTION ACTIVITIES, ACH TRANS
Slide 33: Wind-Down of Consumer Lending
WIND-DOWN OF CONSUMER LENDING PRO FORMA INCLUDING CASH AMERICA ($ 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% 113 $40 3% 3% 335 $20 2% 271 258 $20 81 $6 1% 158 6 1%
Slide 34: Financial Highlights
FINANCIAL HIGHLIGHTS FORT WORTH, TEXAS
Slide 35: Consolidated Revenue
CONSOLIDATED REVENUE ($ IN MILLIONS) $2,000 $1,780 $1,781 $1,847 $1,800 $31 $77 $56 $1,600 $1,400 $1,200 $1,088 $1,000 $44 $1,816 $800 $1,703 $1,725 $600 $1,045 $400 $200 $0 2016 2017 2018 TTM Q3-2019 PAWN REVENUE CONSUMER LENDING REVENUE 35
Slide 36: Net Income, Adjusted Net Income and Adjusted EBITDA
NET INCOME, ADJUSTED NET INCOME AND ADJUSTED EBITDA ($ IN MILLIONS) $350 NET INCOME ADJUSTED NET INCOME ADJUSTED EBITDA $299 $300 $284 $273 $250 $200 $180 $158 $159 $163 $144 $153 $150 $131 $100 $85 $60 $50 $0 2016 2017 2018 TTM Q3-2019 Note: Adjusted Net Income and Adjusted EBITDA are non-GAAP fina
Slide 37: Earnings Per Share
EARNINGS PER SHARE GUIDANCE AS PROVIDED ON OCTOBER 23, 2019 $5.00 GUIDANCE RANGE: $3.85 - $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 GUIDANCEGUIDANCE EARNINGS PER SHARE ADJUSTED EARNINGS PER SHARE1 1 Adjusted earnings per share excludes certain n
Slide 38: Fiscal 2019 Outlook
FISCAL 2019 OUTLOOK FULL-YEAR 2019 GUIDANCE FOR ADJUSTED DILUTED EARNINGS PER SHARE EXPECTED TO REMAIN WITHIN THE RANGE OF $3.85 TO $4.00 – GUIDANCE REPRESENTS ADJUSTED EARNINGS PER SHARE GROWTH TO BE IN A RANGE OF 9% TO 13% OVER THE PRIOR YEAR – EXCLUDING EXPECTED HEADWINDS OUTLINED BELOW, EARNINGS
Slide 39: Dividend Per Share Continues to Grow
DIVIDEND PER SHARE CONTINUES TO GROW ANNUALIZED DIVIDEND INCREASED 8% TO $1.08 PER SHARE BEGINNING Q4-2019 $1.20 IDENTIFIES DIVIDEND INCREASE $1.08 $1.02 $1.00 $0.91 $0.27 $0.77 $0.27 $0.80 $0.25 $0.20 $0.27 $0.60 $0.57 $0.25 $0.22 $0.19 $0.19 $0.40 $0.25 $0.27 $0.22 $0.125 $0.19 $0.20 $0.125 $0.22
Slide 40: Post-Merger Cash Flows Support Investments and Shareholder Returns
POST-MERGER CASH FLOWS SUPPORT INVESTMENTS AND SHAREHOLDER RETURNS WITH MINIMAL ADDED LEVERAGE CAPITAL ALLOCATION OUTSTANDING DEBT POST MERGER ACTIVITY 10/01/2016 - 09/30/2019 AT MERGER 09/30/2016 TO 09/30/2019 ($ IN MILLIONS) ($ IN MILLIONS) $700 5.0 $900 $890 $640 4.5 $600 $800 $560 $159 ACQUISITI
Slide 41: $1.7 Billion in Cumulative Store Investments & Shareholder Payouts
$1.7 BILLION IN CUMULATIVE STORE INVESTMENTS & SHAREHOLDER PAYOUTS OVER THE LAST 10 YEARS ($ IN MILLIONS) $1,800 CUMULATIVE TOTAL STOCK REPURCHASES & DIVIDENDS: - 10,921,039 SPLIT-ADJUSTED SHARES REPURCHASED $1,600 - $130 MILLION IN CUMULATIVE DIVIDENDS PAID $1,400 ACQUISITIONS SINCE 2009: - 208 STO
Slide 42: Investment Recap
INVESTMENT RECAP • PAWN-FOCUSED BUSINESS MODEL ⦁ SMALL SECURED PAWN LOANS TO UNBANKED AND UNDERBANKED CONSUMERS WITH LIMITED ACCESS TO TRADITIONAL CREDIT PRODUCTS ⦁ FULL-SERVICE LENDING AND RETAIL MODEL IS A SIGNIFICANT COMPETITIVE ADVANTAGE WITH STRONG MARGINS AND CASH FLOWS ⦁ RECESSION-RESISTANT B
Slide 43: Appendix
APPENDIX CORPUS CHRISTI, TEXAS
Slide 44: Non-GAAP Financial Information
NON-GAAP FINANCIAL INFORMATION THE COMPANY USES CERTAIN FINANCIAL CALCULATIONS SUCH AS ADJUSTED NET INCOME, ADJUSTED DILUTED EARNINGS PER SHARE, EBITDA, ADJUSTED EBITDA, FREE CASH FLOW, ADJUSTED FREE CASH FLOW, CONSTANT CURRENCY RESULTS AND ADJUSTED SEGMENT PRE-TAX OPERATING INCOME AS FACTORS IN THE
Slide 45: Reconciliation of Net Income to Adjusted Net Income
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME ($ IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) TTM ENDED YEAR ENDED DECEMBER 31, SEP 30, 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 $158,5
Slide 46: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA YEAR ENDED DECEMBER 31, TTM ENDED SEP 30, ($ IN THOUSANDS) 2016 2017 2018 2019 NET INCOME $60,127 $143,892 $153,206 $158,539 INCOME TAXES 33,320 28,420 52,103 57,730 DEPRECIATION AND AMORTIZATION 31,865 55,233 42,961 40,934 INTEREST EXPENSE
Slide 47: Reconciliation of Segment Pre-Tax Operating Income
RECONCILIATION OF SEGMENT PRE-TAX OPERATING INCOME TO ADJUSTED SEGMENT PRE-TAX OPERATING INCOME ($ IN THOUSANDS) NINE MONTHS ENDED SEPTEMBER 30, U.S. OPERATIONS SEGMENT 2018 2019 INCREASE / (DECREASE) SEGMENT PRE-TAX OPERATING INCOME $172,646 $174,234 1% CONTRIBUTION FROM CONSUMER LENDING OPERATIONS
Slide 48: Reconciliation of Cash Flow from Operating Activities to Free Cash Flow
RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW & ADJUSTED FREE CASH FLOW ($ IN THOUSANDS) YEAR ENDED DECEMBER 31, TTM ENDED SEP 30, 2016 2017 2018 2019 CASH FLOW FROM OPERATING ACTIVITIES $96,854 $220,357 $243,429 $233,034 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 50