0000840489-21-000063 | 10-Q | XBRL Viewer

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Jul. 20, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-10960
Entity Registrant Name	FIRSTCASH, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2237318
Entity Address, Address Line One	1600 West 7th Street
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76102
City Area Code	817
Local Phone Number	335-1100
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	FCFS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,451,966
Entity Central Index Key	0000840489
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
ASSETS
Cash and cash equivalents	$ 50,061	$ 65,850	$ 70,956
Fees and service charges receivable	40,183	41,110	30,418
Pawn loans	312,166	308,231	230,383
Inventories	216,955	190,352	179,967
Income taxes receivable	7,324	9,634	4,988
Prepaid expenses and other current assets	11,698	9,388	10,865
Total current assets	638,387	624,565	527,577
Property and equipment, net	404,283	373,667	341,114
Operating lease right of use asset	299,223	298,957	283,063
Goodwill	1,017,273	977,381	929,575
Intangible assets, net	83,372	83,651	84,389
Other assets	9,406	9,818	9,037
Deferred tax assets	4,489	4,158	7,764
Total assets	2,456,433	2,372,197	2,182,519
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	103,331	81,917	69,810
Customer deposits	44,486	34,719	35,439
Income taxes payable	369	1,148	13,230
Lease liability, current	89,027	88,622	83,580
Total current liabilities	237,213	206,406	202,059
Revolving unsecured credit facilities	163,000	123,000	200,000
Senior unsecured notes	493,303	492,916	296,923
Deferred tax liabilities	75,912	71,173	67,842
Lease liability, non-current	196,189	194,887	182,915
Total liabilities	1,165,617	1,088,382	949,739
Stockholders’ equity:
Common stock	493	493	493
Additional paid-in capital	1,219,948	1,221,788	1,226,512
Retained earnings	828,040	789,303	763,810
Accumulated other comprehensive loss	(115,790)	(118,432)	(172,150)
Common stock held in treasury, at cost	(641,875)	(609,337)	(585,885)
Total stockholders’ equity	1,290,816	1,283,815	1,232,780
Total liabilities and stockholders’ equity	$ 2,456,433	$ 2,372,197	$ 2,182,519

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue:
Retail merchandise sales	$ 265,567	$ 287,400	$ 537,609	$ 584,029
Pawn loan fees	109,909	101,990	225,431	244,105
Wholesale scrap jewelry sales	14,102	22,785	34,477	49,156
Consumer loan and credit services fees	0	571	0	1,946
Total revenue	389,578	412,746	797,517	879,236
Cost of revenue:
Cost of retail merchandise sold	153,424	171,511	310,577	356,206
Cost of wholesale scrap jewelry sold	11,932	18,357	29,129	41,204
Consumer loan and credit services loss provision	0	(223)	0	(584)
Total cost of revenue	165,356	189,645	339,706	396,826
Net revenue	224,222	223,101	457,811	482,410
Expenses and other income:
Store operating expenses	139,128	141,051	276,452	294,551
Administrative expenses	27,398	28,386	58,397	61,288
Depreciation and amortization	10,902	10,324	21,514	20,998
Interest expense	7,198	6,974	14,428	15,392
Interest income	(119)	(525)	(277)	(710)
Merger and acquisition expenses	1,086	134	1,252	202
(Gain) loss on foreign exchange	(577)	(614)	(310)	2,071
Write-off of certain Cash America merger related lease intangibles	401	182	1,279	3,812
Impairment of certain other assets	0	0	0	1,900
Total expenses and other income	185,417	185,912	372,735	399,504
Income (loss) before income taxes	38,805	37,189	85,076	82,906
Provision for income taxes	10,378	11,316	22,934	24,115
Net income	$ 28,427	$ 25,873	$ 62,142	$ 58,791
Earnings per share:
Basic (USD per share)	$ 0.70	$ 0.62	$ 1.52	$ 1.41
Diluted (USD per share)	$ 0.70	$ 0.62	$ 1.52	$ 1.41

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 28,427	$ 25,873	$ 62,142	$ 58,791
Other comprehensive income (loss):
Currency translation adjustment	14,977	8,322	2,642	(75,181)
Comprehensive income (loss)	$ 43,404	$ 34,195	$ 64,784	$ (16,390)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Common Stock Held in Treasury
Balance at beginning of period (shares) at Dec. 31, 2019		49,276				6,947
Balance at beginning of period at Dec. 31, 2019	$ 1,350,035	$ 493	$ 1,231,528	$ 727,476	$ (96,969)	$ (512,493)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under share-based compensation plan	(3,327)		(10,266)			$ 6,939
Shares issued under share-based compensation plan (shares)						(93)
Share-based compensation expense	2,851		2,851
Net income	32,918			32,918
Cash dividends	11,268			11,268
Currency translation adjustment	(83,503)				(83,503)
Purchases of treasury stock (shares)						981
Purchases of treasury stock	(80,331)					$ (80,331)
Balance at end of period (shares) at Mar. 31, 2020		49,276				7,835
Balance at end of period at Mar. 31, 2020	1,207,375	$ 493	1,224,113	749,126	(180,472)	$ (585,885)
Balance at beginning of period (shares) at Dec. 31, 2019		49,276				6,947
Balance at beginning of period at Dec. 31, 2019	1,350,035	$ 493	1,231,528	727,476	(96,969)	$ (512,493)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	58,791
Balance at end of period (shares) at Jun. 30, 2020		49,276				7,835
Balance at end of period at Jun. 30, 2020	1,232,780	$ 493	1,226,512	763,810	(172,150)	$ (585,885)
Balance at beginning of period (shares) at Mar. 31, 2020		49,276				7,835
Balance at beginning of period at Mar. 31, 2020	1,207,375	$ 493	1,224,113	749,126	(180,472)	$ (585,885)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,399		2,399
Net income	25,873			25,873
Cash dividends	11,189			11,189
Currency translation adjustment	8,322				8,322
Balance at end of period (shares) at Jun. 30, 2020		49,276				7,835
Balance at end of period at Jun. 30, 2020	1,232,780	$ 493	1,226,512	763,810	(172,150)	$ (585,885)
Balance at beginning of period (shares) at Dec. 31, 2020		49,276				8,238
Balance at beginning of period at Dec. 31, 2020	1,283,815	$ 493	1,221,788	789,303	(118,432)	$ (609,337)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under share-based compensation plan	(1,663)		(7,090)			$ 5,427
Shares issued under share-based compensation plan (shares)						(73)
Share-based compensation expense	3,625		3,625
Net income	33,715			33,715
Cash dividends	11,097			11,097
Currency translation adjustment	(12,335)				(12,335)
Purchases of treasury stock (shares)						84
Purchases of treasury stock	(4,967)					$ (4,967)
Balance at end of period (shares) at Mar. 31, 2021		49,276				8,249
Balance at end of period at Mar. 31, 2021	1,291,093	$ 493	1,218,323	811,921	(130,767)	$ (608,877)
Balance at beginning of period (shares) at Dec. 31, 2020		49,276				8,238
Balance at beginning of period at Dec. 31, 2020	1,283,815	$ 493	1,221,788	789,303	(118,432)	$ (609,337)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	62,142
Balance at end of period (shares) at Jun. 30, 2021		49,276				8,701
Balance at end of period at Jun. 30, 2021	1,290,816	$ 493	1,219,948	828,040	(115,790)	$ (641,875)
Balance at beginning of period (shares) at Mar. 31, 2021		49,276				8,249
Balance at beginning of period at Mar. 31, 2021	1,291,093	$ 493	1,218,323	811,921	(130,767)	$ (608,877)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	1,625		1,625
Net income	28,427			28,427
Cash dividends	12,308			12,308
Currency translation adjustment	14,977				14,977
Purchases of treasury stock (shares)						452
Purchases of treasury stock	(32,998)					$ (32,998)
Balance at end of period (shares) at Jun. 30, 2021		49,276				8,701
Balance at end of period at Jun. 30, 2021	$ 1,290,816	$ 493	$ 1,219,948	$ 828,040	$ (115,790)	$ (641,875)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares shares in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Shares withheld for tax withholding obligation (in shares)		28		46
Dividends (USD per share)	$ 0.30	$ 0.27	$ 0.27	$ 0.27

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Cash flow from operating activities:

Net income

$ 62,142

$ 58,791

Adjustments to reconcile net income to net cash flow provided by operating activities:

Non-cash portion of consumer loan credit loss provision

(833)

Share-based compensation expense

5,250

Depreciation and amortization expense

21,514

20,998

Amortization of debt issuance costs

793

772

Write-off of certain Cash America merger related lease intangibles

1,279

3,812

Impairment of certain other assets

1,900

Deferred income taxes, net

4,444

8,557

Changes in operating assets and liabilities, net of business combinations:

Fees and service charges receivable

1,369

14,265

Inventories purchased directly from customers, wholesalers or manufacturers

(9,173)

21,143

Prepaid expenses and other assets

(2,107)

271

Accounts payable, accrued liabilities and other liabilities

26,748

4,294

Income taxes

1,490

4,079

Net cash flow provided by operating activities

113,749

143,299

Cash flow from investing activities:

Loan receivables, net

^[1]

(8,492)

178,279

Purchases of furniture, fixtures, equipment and improvements

(21,025)

(20,476)

Purchases of store real property

(29,096)

(19,596)

Acquisitions of pawn stores, net of cash acquired

(49,334)

(7,764)

Net cash flow (used in) provided by investing activities

(107,947)

130,443

Cash flow from financing activities:

Borrowings from unsecured credit facilities

227,000

143,925

Repayments of unsecured credit facilities

(187,000)

(282,433)

Debt issuance costs paid

(134)

Purchases of treasury stock

(36,427)

(80,331)

Payment of withholding taxes on net share settlements of restricted stock awards

(1,663)

(3,327)

Dividends paid

(23,405)

(22,457)

Net cash flow used in financing activities

(21,495)

(244,757)

Effect of exchange rates on cash

(96)

(4,556)

Change in cash and cash equivalents

(15,789)

24,429

Cash and cash equivalents at beginning of the period

65,850

46,527

Cash and cash equivalents at end of the period

$ 50,061

$ 70,956

[1]	Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

General	6 Months Ended
General	Jun. 30, 2021
Accounting Policies [Abstract]
General	General Basis of Presentation The accompanying consolidated balance sheet as of December 31, 2020, which is derived from audited financial statements, and the unaudited consolidated financial statements, including the notes thereto, include the accounts of FirstCash, Inc. and its wholly-owned subsidiaries (together, the “Company”). The Company regularly makes acquisitions and the results of operations for the acquired stores have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated. These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. These interim period financial statements should be read in conjunction with the Company’s consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on February 1, 2021. The consolidated financial statements as of June 30, 2021 and 2020, and for the three month and six month periods ended June 30, 2021 and 2020, are unaudited, but in management’s opinion include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flow for such interim periods. Operating results for the periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year. The Company has operations in Latin America, where in Mexico, Guatemala and Colombia, the functional currency is the Mexican peso, Guatemalan quetzal and Colombian peso. Accordingly, the assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity. Revenues and expenses are translated at the average exchange rates occurring during the respective period. The Company also has operations in El Salvador where the reporting and functional currency is the U.S. dollar. Continuing Impact of COVID-19 The COVID-19 pandemic impacted the Company’s business and results of operations in a variety of ways beginning in the second quarter of 2020 and continuing into 2021. The extent to which COVID-19 continues to impact the Company’s operations, results of operations, liquidity and financial condition will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the unknown duration and severity of the COVID-19 pandemic, which may be impacted by variants of the COVID-19 virus and the adoption rate of the COVID-19 vaccines in the jurisdictions in which the Company operates, and the actions taken to contain the impact of COVID-19, as well as further actions taken to limit the resulting economic impact. In particular, government stimulus and other transfer programs have and may continue to have a material adverse impact on demand for pawn loans in future periods. Use of Estimates The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and related revenue and expenses, and the disclosure of gain and loss contingencies at the date of the financial statements. Such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from the Company’s estimates. Reclassification Certain amounts in the consolidated financial statements as of and for the six months ended June 30, 2020 have been reclassified in order to conform to the 2021 presentation. Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued ASU No 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of ASU 2019-12 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In March 2020, the Financial Accounting Standards Board issued ASU No 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. ASU 2020-04 was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company does not expect ASU 2020-04 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator:
Net income	$	28,427	$	25,873	$	62,142	$	58,791



Denominator:
Weighted-average common shares for calculating basic earnings per share	40,754		41,440		40,893		41,676
Effect of dilutive securities:
Stock options and restricted stock unit awards	48		91		36		93
Weighted-average common shares for calculating diluted earnings per share	40,802		41,531		40,929		41,769

Earnings per share:
Basic	$	0.70	$	0.62	$	1.52	$	1.41
Diluted	$	0.70	$	0.62	$	1.52	$	1.41

Acquisitions

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Acquisitions

Consistent with the Company’s strategy to continue its expansion of pawn stores in strategic markets, during the six months ended June 30, 2021, the Company acquired 28 pawn stores in the U.S. in two separate transactions. The aggregate purchase price for these acquisitions totaled $50.7 million, net of cash acquired and subject to future post-closing adjustments. The aggregate purchase price was composed of $48.4 million in cash paid at closing and remaining short-term amounts payable to the sellers of approximately $2.3 million.

The purchase price of each of the 2021 acquisitions was allocated to assets acquired and liabilities assumed based upon the estimated fair market values at the date of acquisition. The excess purchase price over the estimated fair market value of the net assets acquired has been recorded as goodwill. The goodwill arising from these acquisitions consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired. These acquisitions were not material individually or in the aggregate to the Company’s consolidated financial statements.

The estimated fair value of the assets acquired and liabilities assumed are preliminary, as the Company is gathering information to finalize the valuation of these assets and liabilities. The preliminary allocation of the aggregate purchase prices for these individually immaterial acquisitions during the six months ended June 30, 2021 is as follows (in thousands):


Pawn loans	$	5,658
Pawn loan fees receivable	306

Inventories	5,481
Other current assets	161
Property and equipment	839
Goodwill (1)	38,920
Intangible assets	620

Current liabilities	(1,271)


Aggregate purchase price	$	50,714

(1)Substantially all of the goodwill is expected to be deductible for U.S. income tax purposes.

The results of operations for the acquired stores have been consolidated since the respective acquisition dates. During 2021, revenue from the acquired stores was $3.7 million and the loss from the combined acquisitions since the acquisition dates (including $0.9 million of transaction and integration costs, net of tax) was approximately $0.1 million.

Operating Leases

3 Months Ended

Jun. 30, 2021

Leases [Abstract]

Operating Leases

The Company leases the majority of its pawnshop locations under operating leases and determines if an arrangement is or contains a lease at inception. Many leases include both lease and non-lease components, which the Company accounts for separately. Lease components include rent, taxes and insurance costs while non-lease components include common area or other maintenance costs. Operating leases are included in operating lease right of use assets, lease liability, current and lease liability, non-current in the consolidated balance sheets. The Company does not have any finance leases.

Leased facilities are generally leased for a term of three to five years with one or more options to renew for an additional three to five years, typically at the Company’s sole discretion. In addition, the majority of these leases can be terminated early upon an adverse change in law which negatively affects the store’s profitability. The Company regularly evaluates renewal and termination options to determine if the Company is reasonably certain to exercise the option, and excludes these options from the lease term included in the recognition of the operating lease right of use asset and lease liability until such certainty exists. The weighted-average remaining lease term for operating leases as of June 30, 2021 and 2020 was 4.1 years and 3.9 years, respectively.

The operating lease right of use asset and lease liability is recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company’s leases do not provide an implicit rate and therefore, it uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The Company utilizes a portfolio approach for determining the incremental borrowing rate to apply to groups of leases with similar characteristics. The weighted-average discount rate used to measure the lease liability as of June 30, 2021 and 2020 was 6.6% and 7.6%, respectively.

The Company has certain operating leases in Mexico which are denominated in U.S. dollars. The liability related to these leases is considered a monetary liability, and requires remeasurement each reporting period into the functional currency (Mexican pesos) using reporting date exchange rates. The remeasurement results in the recognition of foreign currency exchange gains or losses each reporting period, which can produce a certain level of earnings volatility. The Company recognized a foreign currency gain of $0.7 million and $0.4 million during the three months ended June 30, 2021 and 2020, respectively, related to the remeasurement of these U.S. dollar denominated operating leases, which is included in (gain) loss on foreign exchange in the accompanying consolidated statements of income. During the six months ended June 30, 2021 and 2020, the Company recognized a foreign currency gain of $0.1 million and a loss of $3.9 million, respectively, related to these U.S. dollar denominated leases.

Lease expense is recognized on a straight-line basis over the lease term, with variable lease expense recognized in the period such payments are incurred. The following table details the components of lease expense included in store operating expenses in the consolidated statements of income during the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Operating lease expense	$	31,374	$	29,425	$	62,439	$	60,635
Variable lease expense (1)	3,939		3,403		7,773		6,948
Total operating lease expense	$	35,313	$	32,828	$	70,212	$	67,583

(1)Variable lease costs consist primarily of taxes, insurance and common area or other maintenance costs paid based on actual costs incurred by the lessor and can therefore vary over the lease term.

The following table details the maturity of lease liabilities for all operating leases as of June 30, 2021 (in thousands):


Six months ending December 31, 2021	$	55,118
2022	93,320
2023	73,240
2024	49,834
2025	24,806
Thereafter	29,285
Total	$	325,603
Less amount of lease payments representing interest	(40,387)
Total present value of lease payments	$	285,216

The following table details supplemental cash flow information related to operating leases for the six months ended June 30, 2021 and 2020 (in thousands):


	Six Months Ended
	June 30,
	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	56,570	$	56,165
Leased assets obtained in exchange for new operating lease liabilities	$	49,209	$	46,096

Long-Term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

The following table details the Company’s long-term debt at the respective principal amounts, net of unamortized debt issuance costs on the senior unsecured notes (in thousands):


	As of June 30,				As of December 31,
	2021		2020		2020

Revolving unsecured credit facility, maturing 2024 (1)	163,000		200,000		123,000
5.375% senior unsecured notes due 2024 (2)	—		296,923		—
4.625% senior unsecured notes due 2028 (3)	493,303		—		492,916

Total long-term debt	$	656,303	$	496,923	$	615,916

(1)Debt issuance costs related to the Company’s revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets.

(2)As of June 30, 2020, deferred debt issuance costs of $3.1 million are included as a direct deduction from the carrying amount of the senior unsecured notes due 2024 in the accompanying consolidated balance sheets.

(3)As of June 30, 2021 and December 31, 2020, deferred debt issuance costs of $6.7 million and $7.1 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2028 in the accompanying consolidated balance sheets.

Revolving Unsecured Credit Facility

As of June 30, 2021, the Company maintained an unsecured line of credit with a group of U.S. based commercial lenders (the “Credit Facility”) in the amount of $500.0 million. The Credit Facility matures on December 19, 2024. As of June 30, 2021, the Company had $163.0 million in outstanding borrowings and $3.4 million in outstanding letters of credit under the Credit Facility, leaving $333.6 million available for future borrowings, subject to certain financial covenants. The Credit Facility is unsecured and bears interest, at the Company’s option, of either (1) the prevailing LIBOR (with interest periods of 1 week or 1, 2, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5% or (2) the prevailing prime or base rate plus a fixed spread of 1.5%. The agreement has a LIBOR floor of 0%. Additionally, the Company is required to pay an annual commitment fee of 0.325% on the average daily unused portion of the Credit Facility commitment. The weighted-average interest rate on amounts outstanding under the Credit Facility at June 30, 2021 was 2.66% based on 1 week LIBOR. Under the terms of the Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Credit Facility also contains customary restrictions on the Company’s ability to incur additional debt, grant liens, make investments, consummate acquisitions and similar negative covenants with customary carve-outs and baskets. The Company was in compliance with the covenants of the Credit Facility as of June 30, 2021. During the six months ended June 30, 2021, the Company received net proceeds of $40.0 million from borrowings pursuant to the Credit Facility.

Revolving Unsecured Uncommitted Credit Facility

As of June 30, 2021, the Company’s primary subsidiary in Mexico, First Cash S.A. de C.V., maintained an unsecured and uncommitted line of credit guaranteed by FirstCash, Inc. with a bank in Mexico (the “Mexico Credit Facility”) in the amount of $600.0 million Mexican pesos. The Mexico Credit Facility bears interest at the Mexican Central Bank’s interbank equilibrium rate (“TIIE”) plus a fixed spread of 2.5% and matures on March 9, 2023. Under the terms of the Mexico Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Company was in compliance with the covenants of the Mexico Credit Facility as of June 30, 2021. At June 30, 2021, the Company had no amount outstanding under the Mexico Credit Facility and $600.0 million Mexican pesos available for borrowings.

Senior Unsecured Notes Due 2028

On August 26, 2020, the Company issued $500.0 million of 4.625% senior unsecured notes due on September 1, 2028 (the “Notes”), all of which are currently outstanding. Interest on the Notes is payable semi-annually in arrears on March 1 and September 1. The Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio (“Net Debt Ratio”) is less than 2.75 to 1. The Net Debt Ratio is defined generally in the indenture governing the Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period.

The Company utilized the net proceeds from the offering of the Notes to redeem all of the $300.0 million aggregate principal amount of the Company’s 5.375% senior notes due 2024 and to repay a portion of the Company’s Credit Facility.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The three fair value levels are (from highest to lowest):

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

Recurring Fair Value Measurements

As of June 30, 2021, 2020 and December 31, 2020, the Company did not have any financial assets or liabilities measured at fair value on a recurring basis.

Fair Value Measurements on a Non-Recurring Basis

The Company measures non-financial assets and liabilities, such as property and equipment and intangible assets, at fair value on a non-recurring basis, or when events or circumstances indicate that the carrying amount of the assets may be impaired. During the six months ended June 30, 2020, the Company recorded a $1.9 million impairment related to a non-financial, non-operating asset that was included in other assets in the consolidated balance sheets.

Financial Assets and Liabilities Not Measured at Fair Value

The Company’s financial assets and liabilities as of June 30, 2021, 2020 and December 31, 2020 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):


	Carrying Value		Estimated Fair Value
	June 30,		June 30,		Fair Value Measurements Using
	2021		2021		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	50,061	$	50,061	$	50,061	$	—	$	—
Fees and service charges receivable	40,183		40,183		—		—		40,183
Pawn loans	312,166		312,166		—		—		312,166

	$	402,410	$	402,410	$	50,061	$	—	$	352,349

Financial liabilities:
Revolving unsecured credit facilities	$	163,000	$	163,000	$	—	$	163,000	$	—
Senior unsecured notes (outstanding principal)	500,000		521,000		—		521,000		—
	$	663,000	$	684,000	$	—	$	684,000	$	—


	Carrying Value		Estimated Fair Value
	June 30,		June 30,		Fair Value Measurements Using
	2020		2020		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	70,956	$	70,956	$	70,956	$	—	$	—
Fees and service charges receivable	30,418		30,418		—		—		30,418
Pawn loans	230,383		230,383		—		—		230,383

	$	331,757	$	331,757	$	70,956	$	—	$	260,801

Financial liabilities:
Revolving unsecured credit facilities	$	200,000	$	200,000	$	—	$	200,000	$	—
Senior unsecured notes (outstanding principal)	300,000		300,000		—		300,000		—
	$	500,000	$	500,000	$	—	$	500,000	$	—


	Carrying Value		Estimated Fair Value
	December 31,		December 31,		Fair Value Measurements Using
	2020		2020		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	65,850	$	65,850	$	65,850	$	—	$	—
Fees and service charges receivable	41,110		41,110		—		—		41,110
Pawn loans	308,231		308,231		—		—		308,231

	$	415,191	$	415,191	$	65,850	$	—	$	349,341

Financial liabilities:
Revolving unsecured credit facilities	$	123,000	$	123,000	$	—	$	123,000	$	—
Senior unsecured notes (outstanding principal)	500,000		516,000		—		516,000		—
	$	623,000	$	639,000	$	—	$	639,000	$	—

As cash and cash equivalents have maturities of less than three months, the carrying value of cash and cash equivalents approximates fair value. Due to their short-term maturities, the carrying value of pawn loans and fees and service charges receivable approximate fair value.

The carrying value of the unsecured credit facilities approximate fair value as of June 30, 2021, 2020 and December 31, 2020. The fair value of the unsecured credit facilities is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms. In addition, the unsecured credit facilities have a variable interest rate based on a fixed spread over LIBOR or TIIE and reprice with any changes in LIBOR or TIIE. The fair value of the senior unsecured notes is estimated based on quoted prices in markets that are not active.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

The Company organizes its operations into two reportable segments as follows:

•U.S. operations

•Latin America operations - includes operations in Mexico, Guatemala, Colombia and El Salvador

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, merger and acquisition expenses, (gain) loss on foreign exchange, write-offs of certain lease intangibles and impairments of certain other assets, are incurred or earned in both the U.S. and Latin America, but presented on a consolidated basis and are not allocated between the U.S. operations segment and Latin America operations segment.

The following tables present reportable segment information for the three and six month periods ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended June 30, 2021
	U.S. Operations		Latin America Operations		Corporate		Consolidated
Revenue:
Retail merchandise sales	$	173,254	$	92,313	$	—	$	265,567
Pawn loan fees	66,942		42,967		—		109,909
Wholesale scrap jewelry sales	6,846		7,256		—		14,102

Total revenue	247,042		142,536		—		389,578

Cost of revenue:
Cost of retail merchandise sold	95,599		57,825		—		153,424
Cost of wholesale scrap jewelry sold	5,387		6,545		—		11,932

Total cost of revenue	100,986		64,370		—		165,356

Net revenue	146,056		78,166		—		224,222

Expenses and other income:
Store operating expenses	93,574		45,554		—		139,128
Administrative expenses	—		—		27,398		27,398
Depreciation and amortization	5,347		4,534		1,021		10,902
Interest expense	—		—		7,198		7,198
Interest income	—		—		(119)		(119)
Merger and acquisition expenses	—		—		1,086		1,086
Gain on foreign exchange	—		—		(577)		(577)

Write-off of certain Cash America merger related lease intangibles	—		—		401		401

Total expenses and other income	98,921		50,088		36,408		185,417

Income (loss) before income taxes	$	47,135	$	28,078	$	(36,408)	$	38,805


	Three Months Ended June 30, 2020
	U.S. Operations		Latin America Operations		Corporate		Consolidated
Revenue:
Retail merchandise sales	$	208,944	$	78,456	$	—	$	287,400
Pawn loan fees	71,900		30,090		—		101,990
Wholesale scrap jewelry sales	9,557		13,228		—		22,785
Consumer loan and credit services fees	571		—		—		571
Total revenue	290,972		121,774		—		412,746

Cost of revenue:
Cost of retail merchandise sold	121,661		49,850		—		171,511
Cost of wholesale scrap jewelry sold	8,432		9,925		—		18,357
Consumer loan and credit services loss provision	(223)		—		—		(223)
Total cost of revenue	129,870		59,775		—		189,645

Net revenue	161,102		61,999		—		223,101

Expenses and other income:
Store operating expenses	103,302		37,749		—		141,051
Administrative expenses	—		—		28,386		28,386
Depreciation and amortization	5,561		3,602		1,161		10,324
Interest expense	—		—		6,974		6,974
Interest income	—		—		(525)		(525)
Merger and acquisition expenses	—		—		134		134
Gain on foreign exchange	—		—		(614)		(614)
Write-off of certain Cash America merger related lease intangibles	—		—		182		182


Total expenses and other income	108,863		41,351		35,698		185,912

Income (loss) before income taxes	$	52,239	$	20,648	$	(35,698)	$	37,189


	Six Months Ended June 30, 2021
	U.S. Operations		Latin America Operations		Corporate		Consolidated
Revenue:
Retail merchandise sales	$	363,211	$	174,398	$	—	$	537,609
Pawn loan fees	143,339		82,092		—		225,431
Wholesale scrap jewelry sales	16,049		18,428		—		34,477

Total revenue	522,599		274,918		—		797,517

Cost of revenue:
Cost of retail merchandise sold	202,129		108,448		—		310,577
Cost of wholesale scrap jewelry sold	12,900		16,229		—		29,129

Total cost of revenue	215,029		124,677		—		339,706

Net revenue	307,570		150,241		—		457,811

Expenses and other income:
Store operating expenses	188,821		87,631		—		276,452
Administrative expenses	—		—		58,397		58,397
Depreciation and amortization	10,729		8,797		1,988		21,514
Interest expense	—		—		14,428		14,428
Interest income	—		—		(277)		(277)
Merger and acquisition expenses	—		—		1,252		1,252
Gain on foreign exchange	—		—		(310)		(310)

Write-off of certain Cash America merger related lease intangibles	—		—		1,279		1,279

Total expenses and other income	199,550		96,428		76,757		372,735

Income (loss) before income taxes	$	108,020	$	53,813	$	(76,757)	$	85,076


	Six Months Ended June 30, 2020
	U.S. Operations		Latin America Operations		Corporate		Consolidated
Revenue:
Retail merchandise sales	$	404,910	$	179,119	$	—	$	584,029
Pawn loan fees	169,757		74,348		—		244,105
Wholesale scrap jewelry sales	25,035		24,121		—		49,156
Consumer loan and credit services fees	1,946		—		—		1,946
Total revenue	601,648		277,588		—		879,236

Cost of revenue:
Cost of retail merchandise sold	241,190		115,016		—		356,206
Cost of wholesale scrap jewelry sold	22,438		18,766		—		41,204
Consumer loan and credit services loss provision	(584)		—		—		(584)
Total cost of revenue	263,044		133,782		—		396,826

Net revenue	338,604		143,806		—		482,410

Expenses and other income:
Store operating expenses	211,008		83,543		—		294,551
Administrative expenses	—		—		61,288		61,288
Depreciation and amortization	10,962		7,665		2,371		20,998
Interest expense	—		—		15,392		15,392
Interest income	—		—		(710)		(710)
Merger and acquisition expenses	—		—		202		202
Loss on foreign exchange	—		—		2,071		2,071
Write-off of certain Cash America merger related lease intangibles	—		—		3,812		3,812
Impairment of certain other assets	—		—		1,900		1,900

Total expenses and other income	221,970		91,208		86,326		399,504

Income (loss) before income taxes	$	116,634	$	52,598	$	(86,326)	$	82,906

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

General (Policies)	6 Months Ended
General (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated balance sheet as of December 31, 2020, which is derived from audited financial statements, and the unaudited consolidated financial statements, including the notes thereto, include the accounts of FirstCash, Inc. and its wholly-owned subsidiaries (together, the “Company”). The Company regularly makes acquisitions and the results of operations for the acquired stores have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated. These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. These interim period financial statements should be read in conjunction with the Company’s consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on February 1, 2021. The consolidated financial statements as of June 30, 2021 and 2020, and for the three month and six month periods ended June 30, 2021 and 2020, are unaudited, but in management’s opinion include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flow for such interim periods. Operating results for the periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year. The Company has operations in Latin America, where in Mexico, Guatemala and Colombia, the functional currency is the Mexican peso, Guatemalan quetzal and Colombian peso. Accordingly, the assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity. Revenues and expenses are translated at the average exchange rates occurring during the respective period. The Company also has operations in El Salvador where the reporting and functional currency is the U.S. dollar.
Use of Estimates	The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and related revenue and expenses, and the disclosure of gain and loss contingencies at the date of the financial statements. Such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from the Company’s estimates.
Reclassification	Certain amounts in the consolidated financial statements as of and for the six months ended June 30, 2020 have been reclassified in order to conform to the 2021 presentation.
Recent Accounting Pronouncements	In December 2019, the Financial Accounting Standards Board issued ASU No 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of ASU 2019-12 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. In March 2020, the Financial Accounting Standards Board issued ASU No 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. ASU 2020-04 was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company does not expect ASU 2020-04 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.
Fair Value Measurement	The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The three fair value levels are (from highest to lowest): Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator:
Net income	$	28,427	$	25,873	$	62,142	$	58,791



Denominator:
Weighted-average common shares for calculating basic earnings per share	40,754		41,440		40,893		41,676
Effect of dilutive securities:
Stock options and restricted stock unit awards	48		91		36		93
Weighted-average common shares for calculating diluted earnings per share	40,802		41,531		40,929		41,769

Earnings per share:
Basic	$	0.70	$	0.62	$	1.52	$	1.41
Diluted	$	0.70	$	0.62	$	1.52	$	1.41

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Schedule of Preliminary Allocations of Purchase Price

The preliminary allocation of the aggregate purchase prices for these individually immaterial acquisitions during the six months ended June 30, 2021 is as follows (in thousands):


Pawn loans	$	5,658
Pawn loan fees receivable	306

Inventories	5,481
Other current assets	161
Property and equipment	839
Goodwill (1)	38,920
Intangible assets	620

Current liabilities	(1,271)


Aggregate purchase price	$	50,714

(1)Substantially all of the goodwill is expected to be deductible for U.S. income tax purposes.

Operating Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of Lease Expense and Supplemental Cash Flow Information

The following table details the components of lease expense included in store operating expenses in the consolidated statements of income during the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Operating lease expense	$	31,374	$	29,425	$	62,439	$	60,635
Variable lease expense (1)	3,939		3,403		7,773		6,948
Total operating lease expense	$	35,313	$	32,828	$	70,212	$	67,583

(1)Variable lease costs consist primarily of taxes, insurance and common area or other maintenance costs paid based on actual costs incurred by the lessor and can therefore vary over the lease term.

The following table details supplemental cash flow information related to operating leases for the six months ended June 30, 2021 and 2020 (in thousands):


	Six Months Ended
	June 30,
	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	56,570	$	56,165
Leased assets obtained in exchange for new operating lease liabilities	$	49,209	$	46,096

Schedule of Maturity of Lease Liabilities

The following table details the maturity of lease liabilities for all operating leases as of June 30, 2021 (in thousands):


Six months ending December 31, 2021	$	55,118
2022	93,320
2023	73,240
2024	49,834
2025	24,806
Thereafter	29,285
Total	$	325,603
Less amount of lease payments representing interest	(40,387)
Total present value of lease payments	$	285,216

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table details the Company’s long-term debt at the respective principal amounts, net of unamortized debt issuance costs on the senior unsecured notes (in thousands):


	As of June 30,				As of December 31,
	2021		2020		2020

Revolving unsecured credit facility, maturing 2024 (1)	163,000		200,000		123,000
5.375% senior unsecured notes due 2024 (2)	—		296,923		—
4.625% senior unsecured notes due 2028 (3)	493,303		—		492,916

Total long-term debt	$	656,303	$	496,923	$	615,916

(1)Debt issuance costs related to the Company’s revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value by Balance Sheet Grouping

The Company’s financial assets and liabilities as of June 30, 2021, 2020 and December 31, 2020 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):


	Carrying Value		Estimated Fair Value
	June 30,		June 30,		Fair Value Measurements Using
	2021		2021		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	50,061	$	50,061	$	50,061	$	—	$	—
Fees and service charges receivable	40,183		40,183		—		—		40,183
Pawn loans	312,166		312,166		—		—		312,166

	$	402,410	$	402,410	$	50,061	$	—	$	352,349

Financial liabilities:
Revolving unsecured credit facilities	$	163,000	$	163,000	$	—	$	163,000	$	—
Senior unsecured notes (outstanding principal)	500,000		521,000		—		521,000		—
	$	663,000	$	684,000	$	—	$	684,000	$	—


	Carrying Value		Estimated Fair Value
	June 30,		June 30,		Fair Value Measurements Using
	2020		2020		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	70,956	$	70,956	$	70,956	$	—	$	—
Fees and service charges receivable	30,418		30,418		—		—		30,418
Pawn loans	230,383		230,383		—		—		230,383

	$	331,757	$	331,757	$	70,956	$	—	$	260,801

Financial liabilities:
Revolving unsecured credit facilities	$	200,000	$	200,000	$	—	$	200,000	$	—
Senior unsecured notes (outstanding principal)	300,000		300,000		—		300,000		—
	$	500,000	$	500,000	$	—	$	500,000	$	—


	Carrying Value		Estimated Fair Value
	December 31,		December 31,		Fair Value Measurements Using
	2020		2020		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	65,850	$	65,850	$	65,850	$	—	$	—
Fees and service charges receivable	41,110		41,110		—		—		41,110
Pawn loans	308,231		308,231		—		—		308,231

	$	415,191	$	415,191	$	65,850	$	—	$	349,341

Financial liabilities:
Revolving unsecured credit facilities	$	123,000	$	123,000	$	—	$	123,000	$	—
Senior unsecured notes (outstanding principal)	500,000		516,000		—		516,000		—
	$	623,000	$	639,000	$	—	$	639,000	$	—

Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following tables present reportable segment information for the three and six month periods ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended June 30, 2021
	U.S. Operations		Latin America Operations		Corporate		Consolidated
Revenue:
Retail merchandise sales	$	173,254	$	92,313	$	—	$	265,567
Pawn loan fees	66,942		42,967		—		109,909
Wholesale scrap jewelry sales	6,846		7,256		—		14,102

Total revenue	247,042		142,536		—		389,578

Cost of revenue:
Cost of retail merchandise sold	95,599		57,825		—		153,424
Cost of wholesale scrap jewelry sold	5,387		6,545		—		11,932

Total cost of revenue	100,986		64,370		—		165,356

Net revenue	146,056		78,166		—		224,222

Expenses and other income:
Store operating expenses	93,574		45,554		—		139,128
Administrative expenses	—		—		27,398		27,398
Depreciation and amortization	5,347		4,534		1,021		10,902
Interest expense	—		—		7,198		7,198
Interest income	—		—		(119)		(119)
Merger and acquisition expenses	—		—		1,086		1,086
Gain on foreign exchange	—		—		(577)		(577)

Write-off of certain Cash America merger related lease intangibles	—		—		401		401

Total expenses and other income	98,921		50,088		36,408		185,417

Income (loss) before income taxes	$	47,135	$	28,078	$	(36,408)	$	38,805


	Three Months Ended June 30, 2020
	U.S. Operations		Latin America Operations		Corporate		Consolidated
Revenue:
Retail merchandise sales	$	208,944	$	78,456	$	—	$	287,400
Pawn loan fees	71,900		30,090		—		101,990
Wholesale scrap jewelry sales	9,557		13,228		—		22,785
Consumer loan and credit services fees	571		—		—		571
Total revenue	290,972		121,774		—		412,746

Cost of revenue:
Cost of retail merchandise sold	121,661		49,850		—		171,511
Cost of wholesale scrap jewelry sold	8,432		9,925		—		18,357
Consumer loan and credit services loss provision	(223)		—		—		(223)
Total cost of revenue	129,870		59,775		—		189,645

Net revenue	161,102		61,999		—		223,101

Expenses and other income:
Store operating expenses	103,302		37,749		—		141,051
Administrative expenses	—		—		28,386		28,386
Depreciation and amortization	5,561		3,602		1,161		10,324
Interest expense	—		—		6,974		6,974
Interest income	—		—		(525)		(525)
Merger and acquisition expenses	—		—		134		134
Gain on foreign exchange	—		—		(614)		(614)
Write-off of certain Cash America merger related lease intangibles	—		—		182		182


Total expenses and other income	108,863		41,351		35,698		185,912

Income (loss) before income taxes	$	52,239	$	20,648	$	(35,698)	$	37,189


	Six Months Ended June 30, 2021
	U.S. Operations		Latin America Operations		Corporate		Consolidated
Revenue:
Retail merchandise sales	$	363,211	$	174,398	$	—	$	537,609
Pawn loan fees	143,339		82,092		—		225,431
Wholesale scrap jewelry sales	16,049		18,428		—		34,477

Total revenue	522,599		274,918		—		797,517

Cost of revenue:
Cost of retail merchandise sold	202,129		108,448		—		310,577
Cost of wholesale scrap jewelry sold	12,900		16,229		—		29,129

Total cost of revenue	215,029		124,677		—		339,706

Net revenue	307,570		150,241		—		457,811

Expenses and other income:
Store operating expenses	188,821		87,631		—		276,452
Administrative expenses	—		—		58,397		58,397
Depreciation and amortization	10,729		8,797		1,988		21,514
Interest expense	—		—		14,428		14,428
Interest income	—		—		(277)		(277)
Merger and acquisition expenses	—		—		1,252		1,252
Gain on foreign exchange	—		—		(310)		(310)

Write-off of certain Cash America merger related lease intangibles	—		—		1,279		1,279

Total expenses and other income	199,550		96,428		76,757		372,735

Income (loss) before income taxes	$	108,020	$	53,813	$	(76,757)	$	85,076


	Six Months Ended June 30, 2020
	U.S. Operations		Latin America Operations		Corporate		Consolidated
Revenue:
Retail merchandise sales	$	404,910	$	179,119	$	—	$	584,029
Pawn loan fees	169,757		74,348		—		244,105
Wholesale scrap jewelry sales	25,035		24,121		—		49,156
Consumer loan and credit services fees	1,946		—		—		1,946
Total revenue	601,648		277,588		—		879,236

Cost of revenue:
Cost of retail merchandise sold	241,190		115,016		—		356,206
Cost of wholesale scrap jewelry sold	22,438		18,766		—		41,204
Consumer loan and credit services loss provision	(584)		—		—		(584)
Total cost of revenue	263,044		133,782		—		396,826

Net revenue	338,604		143,806		—		482,410

Expenses and other income:
Store operating expenses	211,008		83,543		—		294,551
Administrative expenses	—		—		61,288		61,288
Depreciation and amortization	10,962		7,665		2,371		20,998
Interest expense	—		—		15,392		15,392
Interest income	—		—		(710)		(710)
Merger and acquisition expenses	—		—		202		202
Loss on foreign exchange	—		—		2,071		2,071
Write-off of certain Cash America merger related lease intangibles	—		—		3,812		3,812
Impairment of certain other assets	—		—		1,900		1,900

Total expenses and other income	221,970		91,208		86,326		399,504

Income (loss) before income taxes	$	116,634	$	52,598	$	(86,326)	$	82,906

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 28,427	$ 33,715	$ 25,873	$ 32,918	$ 62,142	$ 58,791
Denominator:
Weighted-average common shares for calculating basic earnings per share (shares)	40,754		41,440		40,893	41,676
Stock options and nonvested stock awards (shares)	48		91		36	93
Weighted-average common shares for calculating diluted earnings per share (shares)	40,802		41,531		40,929	41,769
Earnings per share:
Basic (USD per share)	$ 0.70		$ 0.62		$ 1.52	$ 1.41
Diluted (USD per share)	$ 0.70		$ 0.62		$ 1.52	$ 1.41

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Acquisitions - Narrative (Details) - U.S. Operations $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($) store
Business Acquisition [Line Items]
Number of stores acquired \| store	28
Number of acquisitions \| store	2
Aggregate purchase price	$ 50.7
Cash paid in aggregate purchase price	48.4
Liabilities incurred in aggregate purchase price	2.3
Revenue since acquisition	3.7
Transaction and integration costs	0.9
Net loss since acquisition	$ 0.1

Acquisitions - Acquisitions Purchase Price Allocation Table (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Goodwill	$ 1,017,273	$ 977,381	$ 929,575
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Pawn loans	5,658
Pawn loan fees and service charges receivable	306
Inventory	5,481
Other current assets	161
Property and equipment	839
Goodwill	38,920
Intangible assets	620
Current liabilities	(1,271)
Purchase price	$ 50,714

Operating Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	4 years 1 month 6 days	3 years 10 months 24 days	4 years 1 month 6 days	3 years 10 months 24 days
Weighted average discount rate (as a percent)	6.60%	7.60%	6.60%	7.60%
Operating lease, foreign currency transaction gain, before tax	$ 0.7	$ 0.4
Operating lease, foreign currency transaction gain (loss), before tax			$ 0.1
Operating lease, foreign currency transaction loss, before tax				$ 3.9
Minimum
Lessee, Lease, Description [Line Items]
General term of leased facilities	3 years		3 years
Leased facilities renewal term	3 years		3 years
Maximum
Lessee, Lease, Description [Line Items]
General term of leased facilities	5 years		5 years
Leased facilities renewal term	5 years		5 years

Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease expense	$ 31,374	$ 29,425	$ 62,439	$ 60,635
Variable lease expense	3,939	3,403	7,773	6,948
Total operating lease expense	$ 35,313	$ 32,828	$ 70,212	$ 67,583

Operating Leases - Lease Maturities (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Leases [Abstract]
Six months ending December 31, 2021	$ 55,118
2022	93,320
2023	73,240
2024	49,834
2025	24,806
Thereafter	29,285
Total	325,603
Less amount of lease payments representing interest	(40,387)
Total present value of lease payments	$ 285,216

Operating Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 56,570	$ 56,165
Leased assets obtained in exchange for new operating lease liabilities	$ 49,209	$ 46,096

Long-Term Debt - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Aug. 26, 2020	Jun. 30, 2020	May 30, 2017
Debt Instrument [Line Items]
Total long-term debt	$ 656,303	$ 615,916		$ 496,923
Deferred finance costs, net	6,700	7,100		3,100
Revolving unsecured credit facility, maturing 2024 \| Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 163,000	123,000		200,000
5.375% senior unsecured notes due 2024 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.375%				5.375%
Total long-term debt	$ 0	0		296,923
4.625% senior unsecured notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.625%		4.625%
Total long-term debt	$ 493,303	$ 492,916		$ 0

Long-Term Debt - Narrative (Details)	6 Months Ended
Long-Term Debt - Narrative (Details)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 MXN ($)	Aug. 26, 2020 USD ($)	May 30, 2017 USD ($)
Revolving unsecured credit facility, maturing 2024 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000.0
Amount outstanding	163,000,000.0
Letters of credit outstanding	3,400,000
Remaining borrowing capacity	$ 333,600,000
Commitment fee (as a percent)	0.325%
Interest rate at end of period (as a percent)	2.66%	2.66%
Net proceeds	$ 40,000,000.0
Revolving unsecured credit facility, maturing 2024 \| Line of Credit \| 30-day LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Revolving unsecured credit facility, maturing 2024 \| Line of Credit \| 30-day LIBOR \| Minimum
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.00%	0.00%
Revolving unsecured credit facility, maturing 2024 \| Line of Credit \| Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Revolving Unsecured Uncommitted Credit Facility due 2023 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 600,000,000.0
Amount outstanding		0
Remaining borrowing capacity		$ 600,000,000.0
Revolving Unsecured Uncommitted Credit Facility due 2023 \| Line of Credit \| Mexican Central Bank Interbank Equilibrium Rate (TIIE)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
4.625% senior unsecured notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.625%	4.625%	4.625%
Face amount			$ 500,000,000.0
5.375% senior unsecured notes due 2024 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.375%	5.375%		5.375%
Face amount				$ 300,000,000.0
Debt ratio	2.75	2.75

Fair Value of Financial Instruments - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment of certain other assets	$ 0	$ 0	$ 0	$ 1,900
Carrying Value
Financial assets:
Cash and cash equivalents	50,061	70,956	50,061	70,956	$ 65,850
Fees and service charges receivable	40,183	30,418	40,183	30,418	41,110
Total assets	402,410	331,757	402,410	331,757	415,191
Financial liabilities:
Total liabilities	663,000	500,000	663,000	500,000	623,000
Carrying Value \| Revolving unsecured credit facilities
Financial liabilities:
Debt	163,000	200,000	163,000	200,000	123,000
Carrying Value \| Senior unsecured notes (outstanding principal)
Financial liabilities:
Debt	500,000	300,000	500,000	300,000	500,000
Carrying Value \| Pawn loans
Financial assets:
Pawn loans	312,166	230,383	312,166	230,383	308,231
Estimated Fair Value
Financial assets:
Cash and cash equivalents	50,061	70,956	50,061	70,956	65,850
Fees and service charges receivable	40,183	30,418	40,183	30,418	41,110
Total assets	402,410	331,757	402,410	331,757	415,191
Financial liabilities:
Total liabilities	684,000	500,000	684,000	500,000	639,000
Estimated Fair Value \| Revolving unsecured credit facilities
Financial liabilities:
Debt	163,000	200,000	163,000	200,000	123,000
Estimated Fair Value \| Senior unsecured notes (outstanding principal)
Financial liabilities:
Debt	521,000	300,000	521,000	300,000	516,000
Estimated Fair Value \| Pawn loans
Financial assets:
Pawn loans	312,166	230,383	312,166	230,383	308,231
Estimated Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	50,061	70,956	50,061	70,956	65,850
Fees and service charges receivable	0	0	0	0	0
Total assets	50,061	70,956	50,061	70,956	65,850
Financial liabilities:
Total liabilities	0	0	0	0	0
Estimated Fair Value \| Level 1 \| Revolving unsecured credit facilities
Financial liabilities:
Debt	0	0	0	0	0
Estimated Fair Value \| Level 1 \| Senior unsecured notes (outstanding principal)
Financial liabilities:
Debt	0	0	0	0	0
Estimated Fair Value \| Level 1 \| Pawn loans
Financial assets:
Pawn loans	0	0	0	0	0
Estimated Fair Value \| Level 2
Financial assets:
Cash and cash equivalents	0	0	0	0	0
Fees and service charges receivable	0	0	0	0	0
Total assets	0	0	0	0	0
Financial liabilities:
Total liabilities	684,000	500,000	684,000	500,000	639,000
Estimated Fair Value \| Level 2 \| Revolving unsecured credit facilities
Financial liabilities:
Debt	163,000	200,000	163,000	200,000	123,000
Estimated Fair Value \| Level 2 \| Senior unsecured notes (outstanding principal)
Financial liabilities:
Debt	521,000	300,000	521,000	300,000	516,000
Estimated Fair Value \| Level 2 \| Pawn loans
Financial assets:
Pawn loans	0	0	0	0	0
Estimated Fair Value \| Level 3
Financial assets:
Cash and cash equivalents	0	0	0	0	0
Fees and service charges receivable	40,183	30,418	40,183	30,418	41,110
Total assets	352,349	260,801	352,349	260,801	349,341
Financial liabilities:
Total liabilities	0	0	0	0	0
Estimated Fair Value \| Level 3 \| Revolving unsecured credit facilities
Financial liabilities:
Debt	0	0	0	0	0
Estimated Fair Value \| Level 3 \| Senior unsecured notes (outstanding principal)
Financial liabilities:
Debt	0	0	0	0	0
Estimated Fair Value \| Level 3 \| Pawn loans
Financial assets:
Pawn loans	$ 312,166	$ 230,383	$ 312,166	$ 230,383	$ 308,231

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Thousands	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($)
Schedule of Revenues from External Customers [Line Items]
Number of reportable segments \| segment			2
Revenue:
Retail merchandise sales	$ 265,567	$ 287,400	$ 537,609	$ 584,029
Pawn loan fees	109,909	101,990	225,431	244,105
Wholesale scrap jewelry sales	14,102	22,785	34,477	49,156
Consumer loan and credit services fees	0	571	0	1,946
Total revenue	389,578	412,746	797,517	879,236
Cost of revenue:
Cost of retail merchandise sold	153,424	171,511	310,577	356,206
Cost of wholesale scrap jewelry sold	11,932	18,357	29,129	41,204
Consumer loan and credit services loss provision	0	(223)	0	(584)
Total cost of revenue	165,356	189,645	339,706	396,826
Net revenue	224,222	223,101	457,811	482,410
Expenses and other income:
Store operating expenses	139,128	141,051	276,452	294,551
Administrative expenses	27,398	28,386	58,397	61,288
Depreciation and amortization	10,902	10,324	21,514	20,998
Interest expense	7,198	6,974	14,428	15,392
Interest income	(119)	(525)	(277)	(710)
Merger and acquisition expenses	1,086	134	1,252	202
(Gain) loss on foreign exchange	(577)	(614)	(310)	2,071
Write-off of certain Cash America merger related lease intangibles	401	182	1,279	3,812
Impairment of certain other assets	0	0	0	1,900
Total expenses and other income	185,417	185,912	372,735	399,504
Income (loss) before income taxes	38,805	37,189	85,076	82,906
U.S. Operations
Revenue:
Retail merchandise sales	173,254	208,944	363,211	404,910
Pawn loan fees	66,942	71,900	143,339	169,757
Wholesale scrap jewelry sales	6,846	9,557	16,049	25,035
Consumer loan and credit services fees		571		1,946
Total revenue	247,042	290,972	522,599	601,648
Cost of revenue:
Cost of retail merchandise sold	95,599	121,661	202,129	241,190
Cost of wholesale scrap jewelry sold	5,387	8,432	12,900	22,438
Consumer loan and credit services loss provision		(223)		(584)
Total cost of revenue	100,986	129,870	215,029	263,044
Net revenue	146,056	161,102	307,570	338,604
Expenses and other income:
Store operating expenses	93,574	103,302	188,821	211,008
Administrative expenses	0	0	0	0
Depreciation and amortization	5,347	5,561	10,729	10,962
Interest expense	0	0	0	0
Interest income	0	0	0	0
Merger and acquisition expenses	0	0	0	0
(Gain) loss on foreign exchange	0	0	0	0
Write-off of certain Cash America merger related lease intangibles	0	0	0	0
Impairment of certain other assets				0
Total expenses and other income	98,921	108,863	199,550	221,970
Income (loss) before income taxes	47,135	52,239	108,020	116,634
Latin America Operations
Revenue:
Retail merchandise sales	92,313	78,456	174,398	179,119
Pawn loan fees	42,967	30,090	82,092	74,348
Wholesale scrap jewelry sales	7,256	13,228	18,428	24,121
Consumer loan and credit services fees		0		0
Total revenue	142,536	121,774	274,918	277,588
Cost of revenue:
Cost of retail merchandise sold	57,825	49,850	108,448	115,016
Cost of wholesale scrap jewelry sold	6,545	9,925	16,229	18,766
Consumer loan and credit services loss provision		0		0
Total cost of revenue	64,370	59,775	124,677	133,782
Net revenue	78,166	61,999	150,241	143,806
Expenses and other income:
Store operating expenses	45,554	37,749	87,631	83,543
Administrative expenses	0	0	0	0
Depreciation and amortization	4,534	3,602	8,797	7,665
Interest expense	0	0	0	0
Interest income	0	0	0	0
Merger and acquisition expenses	0	0	0	0
(Gain) loss on foreign exchange	0	0	0	0
Write-off of certain Cash America merger related lease intangibles	0	0	0	0
Impairment of certain other assets				0
Total expenses and other income	50,088	41,351	96,428	91,208
Income (loss) before income taxes	28,078	20,648	53,813	52,598
Corporate
Revenue:
Retail merchandise sales	0	0	0	0
Pawn loan fees	0	0	0	0
Wholesale scrap jewelry sales	0	0	0	0
Consumer loan and credit services fees		0		0
Total revenue	0	0	0	0
Cost of revenue:
Cost of retail merchandise sold	0	0	0	0
Cost of wholesale scrap jewelry sold	0	0	0	0
Consumer loan and credit services loss provision		0		0
Total cost of revenue	0	0	0	0
Net revenue	0	0	0	0
Expenses and other income:
Store operating expenses	0	0	0	0
Administrative expenses	27,398	28,386	58,397	61,288
Depreciation and amortization	1,021	1,161	1,988	2,371
Interest expense	7,198	6,974	14,428	15,392
Interest income	(119)	(525)	(277)	(710)
Merger and acquisition expenses	1,086	134	1,252	202
(Gain) loss on foreign exchange	(577)	(614)	(310)	2,071
Write-off of certain Cash America merger related lease intangibles	401	182	1,279	3,812
Impairment of certain other assets				1,900
Total expenses and other income	36,408	35,698	76,757	86,326
Income (loss) before income taxes	$ (36,408)	$ (35,698)	$ (76,757)	$ (86,326)