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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to ___________

Commission file number 001-10960
https://cdn.kscope.io/85044a7910c55ebd4d944476d1e3be70-fcfslogo.jpg
FIRSTCASH HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware87-3920732
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

1600 West 7th Street, Fort Worth, Texas 76102
(Address of principal executive offices) (Zip code)

(817) 335-1100
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareFCFSThe Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes   No



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes   No

As of April 24, 2024, there were 45,473,298 shares of common stock outstanding.





FIRSTCASH HOLDINGS, INC.
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2024

INDEX



CAUTIONARY STATEMENT REGARDING RISKS AND UNCERTAINTIES THAT MAY AFFECT FUTURE RESULTS

Forward-Looking Information

This quarterly report contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”). Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this quarterly report. Such factors may include, without limitation, risks related to the extensive regulatory environment in which the Company operates; risks associated with the legal and regulatory proceedings that the Company is a party to, or may become a party to in the future, including the Consumer Financial Protection Bureau (the “CFPB”) lawsuit filed against the Company; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions, to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products, including, as a result to, changes in the general economic conditions; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and higher gas prices, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this quarterly report speak only as of the date of this quarterly report, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
 March 31,December 31,
 202420232023
ASSETS   
Cash and cash equivalents$135,070 $100,795 $127,018 
Accounts receivable, net69,703 56,357 71,922 
Pawn loans456,079 377,697 471,846 
Finance receivables, net105,653 102,093 113,901 
Inventories302,385 257,603 312,089 
Leased merchandise, net157,785 148,854 171,191 
Prepaid expenses and other current assets30,460 29,523 38,634 
Total current assets1,257,135 1,072,922 1,306,601 
Property and equipment, net658,349 563,422 632,724 
Operating lease right of use asset320,515 308,890 328,458 
Goodwill1,730,353 1,591,460 1,727,652 
Intangible assets, net265,184 315,865 277,724 
Other assets10,080 9,204 10,242 
Deferred tax assets, net5,836 7,534 6,514 
Total assets$4,247,452 $3,869,297 $4,289,915 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Accounts payable and accrued liabilities$138,812 $142,277 $163,050 
Customer deposits and prepayments75,423 69,075 70,580 
Lease liability, current100,874 95,338 101,962 
Total current liabilities315,109 306,690 335,592 
Revolving unsecured credit facilities15,000 308,000 568,000 
Senior unsecured notes1,529,147 1,036,176 1,037,647 
Deferred tax liabilities, net133,606 145,686 136,773 
Lease liability, non-current209,208 201,871 215,485 
Total liabilities2,202,070 1,998,423 2,293,497 
Stockholders’ equity:   
Common stock573 573 573 
Additional paid-in capital1,727,564 1,730,747 1,741,046 
Retained earnings1,263,564 1,092,697 1,218,029 
Accumulated other comprehensive loss(36,702)(77,060)(43,037)
Common stock held in treasury, at cost(909,617)(876,083)(920,193)
Total stockholders’ equity2,045,382 1,870,874 1,996,418 
Total liabilities and stockholders’ equity$4,247,452 $3,869,297 $4,289,915 
The accompanying notes are an integral part of these consolidated financial statements.
1


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share amounts)
 Three Months Ended
 March 31,
 20242023
Revenue:  
Retail merchandise sales$366,821 $327,915 
Pawn loan fees179,535 151,560 
Leased merchandise income205,671 183,438 
Interest and fees on finance receivables57,387 54,642 
Wholesale scrap jewelry sales26,956 45,184 
Total revenue836,370 762,739 
Cost of revenue:  
Cost of retail merchandise sold223,529 199,001 
Depreciation of leased merchandise120,284 101,605 
Provision for lease losses43,010 49,065 
Provision for loan losses30,418 29,285 
Cost of wholesale scrap jewelry sold23,289 35,727 
Total cost of revenue440,530 414,683 
Net revenue395,840 348,056 
Expenses and other income:  
Operating expenses221,136 199,061 
Administrative expenses43,057 39,017 
Depreciation and amortization26,027 27,111 
Interest expense25,418 20,897 
Interest income(743)(517)
Gain on foreign exchange
(186)(802)
Merger and acquisition expenses597 31 
Other expenses (income), net(1,351)45 
Total expenses and other income313,955 284,843 
Income before income taxes81,885 63,213 
Provision for income taxes20,517 15,825 
Net income$61,368 $47,388 
Earnings per share:  
Basic$1.36 $1.03 
Diluted$1.35 $1.02 
The accompanying notes are an integral part of these consolidated financial statements.
2


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
 Three Months Ended
 March 31,
 20242023
Net income$61,368 $47,388 
Other comprehensive income:  
Currency translation adjustment6,335 29,513 
Comprehensive income$67,703 $76,901 
 The accompanying notes are an integral part of these consolidated financial statements.

3


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31, 2024
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accum-
ulated
Other
Compre-
hensive
Loss
Common Stock
Held in Treasury
Total
Stock-
holders’
Equity
 SharesAmount   SharesAmount 
As of 12/31/202357,322 $573 $1,741,046 $1,218,029 $(43,037)12,214 $(920,193)$1,996,418 
Shares issued under share-based compensation plan, net of 59 shares net-settled
— — (17,583)— — (140)10,576 (7,007)
Share-based compensation expense
— — 4,101 — — — — 4,101 
Net income— — — 61,368 — — — 61,368 
Cash dividends ($0.35 per share)
— — — (15,833)— — — (15,833)
Currency translation adjustment
— — — — 6,335 — — 6,335 
As of 3/31/2024 57,322 $573 $1,727,564 $1,263,564 $(36,702)12,074 $(909,617)$2,045,382 
The accompanying notes are an integral part of these consolidated financial statements.

4


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
CONTINUED
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31, 2023
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accum-
ulated
Other
Compre-
hensive
Loss
Common Stock
Held in Treasury
Total
Stock-
holders’
Equity
 SharesAmount   SharesAmount 
As of 12/31/202257,322 $573 $1,734,528 $1,060,603 $(106,573)11,030 $(809,365)$1,879,766 
Shares issued under share-based compensation plan, net of 28 shares net-settled
— — (7,156)— — (64)4,693 (2,463)
Share-based compensation expense— — 3,375 — — — — 3,375 
Net income— — — 47,388 — — — 47,388 
Cash dividends ($0.33 per share)
— — — (15,294)— — — (15,294)
Currency translation adjustment— — — — 29,513 — — 29,513 
Purchases of treasury stock, including excise tax— — — — — 782 (71,411)(71,411)
As of 3/31/2023 57,322 $573 $1,730,747 $1,092,697 $(77,060)11,748 $(876,083)$1,870,874 
The accompanying notes are an integral part of these consolidated financial statements.
5


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
 Three Months Ended
March 31,
 20242023
Cash flow from operating activities:  
Net income$61,368 $47,388 
Adjustments to reconcile net income to net cash flow provided by operating activities:  
Depreciation of leased merchandise120,284 101,605 
Provision for lease losses43,010 49,065 
Provision for loan losses30,418 29,285 
Share-based compensation expense4,101 3,375 
Depreciation and amortization expense26,027 27,111 
Amortization of debt issuance costs819 692 
Net amortization of premiums, discounts and unearned origination fees on finance receivables(6,859)(3,344)
Impairments and dispositions of certain other assets461 45 
Deferred income taxes, net(2,421)(5,732)
Changes in operating assets and liabilities, net of business combinations:  
Accounts receivable, net2,491 2,484 
Inventories purchased directly from customers, wholesalers or manufacturers3,912 12,819 
Leased merchandise, net(149,888)(146,222)
Prepaid expenses and other assets1,935 (2,138)
Accounts payable, accrued liabilities and other liabilities(31,722)(20,992)
Income taxes18,596 15,153 
Net cash flow provided by operating activities
122,532 110,594 
Cash flow from investing activities:  
Pawn loans, net (1)
25,149 44,358 
Finance receivables, net(15,311)(24,540)
Purchases of furniture, fixtures, equipment and improvements(26,427)(13,828)
Purchases of store real property(11,340)(17,483)
Acquisitions of pawn stores, net of cash acquired(1,705)(1,746)
Net cash flow used in investing activities
(29,634)(13,239)
Cash flow from financing activities:  
Borrowings from unsecured credit facilities50,000 73,000 
Repayments of unsecured credit facilities(603,000)(104,000)
Issuance of senior unsecured notes500,000  
Debt issuance costs paid(9,094) 
Purchases of treasury stock (67,227)
Payment of withholding taxes on net share settlements of restricted stock unit awards(7,007)(2,463)
Dividends paid(15,833)(15,294)
Net cash flow used in financing activities
(84,934)(115,984)
6


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONTINUED
(unaudited, in thousands)
Three Months Ended
March 31,
20242023
Effect of exchange rates on cash88 2,094 
Change in cash and cash equivalents8,052 (16,535)
Cash and cash equivalents at beginning of the period127,018 117,330 
Cash and cash equivalents at end of the period$135,070 $100,795 

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

The accompanying notes are an integral part of these consolidated financial statements.    

7


FIRSTCASH HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Note 1 - General

Basis of Presentation

The accompanying consolidated balance sheet as of December 31, 2023, which is derived from audited consolidated financial statements, and the unaudited consolidated financial statements, including the notes thereto, includes the accounts of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the “Company”). The Company regularly makes acquisitions, and the results of operations for the acquisitions 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 audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 5, 2024. The consolidated financial statements as of March 31, 2024 and 2023, and for the three month periods ended March 31, 2024 and 2023, 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 period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year.

The Company has pawn 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 pawn 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.

Recent Accounting Pronouncements

In October 2023, the FASB issued ASU No 2023-06, “Disclosure Agreements – Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”). ASU 2023-06 will align the disclosure and presentation requirements in the FASB Accounting Standards Codification with the SEC’s regulations. The amendments in ASU 2023-06 will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As the Company is currently subject to these SEC requirements, ASU 2023-06 is not expected to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

In November 2023, the FASB issued ASU No 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 should be applied retrospectively to all prior periods presented in the financial statements. The Company does not expect ASU 2023-07 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

8


In December 2023, the FASB issued ASU No 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 expands disclosures in the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 should be applied prospectively; however, retrospective application is permitted. The Company does not expect ASU 2023-09 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

In March 2024, the FASB issued ASU No 2024-02, “Codification Improvements - Amendments to Remove References to the Concepts Statements” (“ASU 2024-02”). ASU 2024-02 removes references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. ASU 2024-02 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2024-02 can be applied prospectively or retrospectively. The Company adopted ASU 2024-02 effective January 1, 2024 on a prospective basis. The adoption of ASU 2024-02 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

Note 2 - 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
March 31,
 20242023
Numerator:  
Net income$61,368 $47,388 
Denominator:  
Weighted-average common shares for calculating basic earnings per share45,244 46,147 
Effect of dilutive securities:  
Restricted stock unit awards143 165 
Weighted-average common shares for calculating diluted earnings per share45,387 46,312 
Earnings per share:  
Basic$1.36 $1.03 
Diluted$1.35 $1.02 


9


Note 3 - Operating Leases

Lessor

For information about the Company’s revenue-generating activities as a lessor, refer to the “Leased merchandise and revenue recognition” section of Note 2 to the consolidated financial statements included in the Company’s 2023 Annual Report on Form 10-K. All of the Company’s lease agreements are considered operating leases.

Lessee

The Company leases the majority of its pawnshop locations and certain administrative offices under operating leases and determines if an arrangement is or contains a lease at inception. Many leases include both lease and non-lease components for which the Company accounts 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 was 3.9 years as of March 31, 2024 and 4.0 years as of March 31, 2023.

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 March 31, 2024 and 2023 was 8.2% and 6.9%, 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 $0.2 million and $1.2 million during the three months ended March 31, 2024 and 2023, respectively, related to the remeasurement of these U.S. dollar-denominated operating leases, which is included in gain on foreign exchange in the accompanying consolidated statements of income.

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 operating expenses in the consolidated statements of income during the three months ended March 31, 2024 and 2023 (in thousands):

Three Months Ended
March 31,
20242023
Operating lease expense$36,919 $33,540 
Variable lease expense (1)
5,021 4,472 
Total operating lease expense$41,940 $38,012 

(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.


10


The following table details the maturity of lease liabilities for all operating leases as of March 31, 2024 (in thousands):

Nine months ending December 31, 2024
$94,112 
202598,976 
202674,162 
202746,168 
202823,853 
Thereafter24,406 
Total$361,677 
Less amount of lease payments representing interest(51,595)
Total present value of lease payments$310,082 

The following table details supplemental cash flow information related to operating leases for the three months ended March 31, 2024 and 2023 (in thousands):

Three Months Ended
March 31,
20242023
Cash paid for amounts included in the measurement of operating lease liabilities$33,439 $30,146 
Leased assets obtained in exchange for new operating lease liabilities$19,924 $19,734 


11


Note 4 - 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

The Company did not have any financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. The Company’s financial assets and liabilities as of March 31, 2023 that are measured at fair value on a recurring basis are as follows (in thousands):

Estimated Fair Value
Fair Value Measurements Using
Level 1Level 2Level 3
Financial liabilities (1):
Contingent consideration as of March 31, 2023
$ $ $ 

(1)As of March 31, 2023, under the American First Finance (“AFF”) purchase agreement, the seller parties had the right to receive up to $50.0 million of additional consideration if AFF achieved certain adjusted EBITDA targets for the first half of 2023. The Company revalues this contingent consideration to fair value at the end of each reporting period. The estimate of the fair value of contingent consideration is determined by applying a Monte Carlo simulation, which includes inputs not observable in the market, such as the risk-free rate, risk-adjusted discount rate, the volatility of the underlying financial metrics and projected financial forecast of AFF over the earn-out period, and therefore represents a Level 3 measurement. Significant increases or decreases in these inputs could result in a significantly lower or higher fair value measurement of the contingent consideration.

The changes in financial assets and liabilities that are measured and recorded at fair value on a recurring basis using Level 3 fair value measurements for the three months ended March 31, 2023 are as follows (in thousands):

Three Months Ended
March 31, 2023
Contingent consideration at beginning of the period$ 
Change in fair value
 
Contingent consideration at end of the period$ 


There were no transfers in or out of Level 1, 2 or 3 during the three months ended March 31, 2023.


12


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. There were no such events or conditions identified during the three months ended March 31, 2024 and 2023.

Financial Assets and Liabilities Not Measured at Fair Value, But for Which Fair Value is Disclosed

The Company’s financial assets and liabilities as of March 31, 2024, March 31, 2023 and December 31, 2023 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):

Carrying ValueEstimated Fair Value
March 31,March 31,Fair Value Measurements Using
20242024Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$135,070 $135,070 $135,070 $ $ 
Accounts receivable, net69,703 69,703   69,703 
Pawn loans456,079 456,079   456,079 
Finance receivables, net (1)
105,653 227,922   227,922 
$766,505 $888,774 $135,070 $ $753,704 
Financial liabilities:
Revolving unsecured credit facilities
$15,000 $15,000 $ $15,000 $ 
Senior unsecured notes (outstanding principal)1,550,000 1,489,000  1,489,000  
$1,565,000 $1,504,000 $ $1,504,000 $ 

(1)Finance receivables, gross as of March 31, 2024 was $222.1 million. See Note 5.

Carrying ValueEstimated Fair Value
March 31,March 31,Fair Value Measurements Using
20232023Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$100,795 $100,795 $100,795 $ $ 
Accounts receivable, net56,357 56,357   56,357 
Pawn loans377,697 377,697   377,697 
Finance receivables, net (1)
102,093 214,206   214,206 
$636,942 $749,055 $100,795 $ $648,260 
Financial liabilities:
Revolving unsecured credit facilities$308,000 $308,000 $ $308,000 $ 
Senior unsecured notes (outstanding principal)1,050,000 950,000  950,000  
$1,358,000 $1,258,000 $ $1,258,000 $ 

(1)Finance receivables, gross as of March 31, 2023 was $201.3 million. See Note 5.

13


Carrying ValueEstimated Fair Value
December 31,December 31,Fair Value Measurements Using
20232023Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$127,018 $127,018 $127,018 $ $ 
Accounts receivable, net71,922 71,922   71,922 
Pawn loans471,846 471,846   471,846 
Finance receivables, net (1)
113,901 227,732   227,732 
$784,687 $898,518 $127,018 $ $771,500 
Financial liabilities:
Revolving unsecured credit facilities$568,000 $568,000 $ $568,000 $ 
Senior unsecured notes (outstanding principal)1,050,000 987,000  987,000  
$1,618,000 $1,555,000 $ $1,555,000 $ 

(1)Finance receivables, gross as of December 31, 2023 were $227.5 million. See Note 5.

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 accounts receivable, net approximate fair value.

Finance receivables are measured at amortized cost, net of an allowance for loan losses on the consolidated balance sheets. In estimating fair value for finance receivables, the Company utilized a discounted cash flow methodology. The Company used various unobservable inputs reflecting its own assumptions, such as contractual future principal and interest cash flows, future charge-off rates and discount rates (which consider current interest rates and are adjusted for credit risk, among other factors).

The carrying value of the unsecured credit facilities approximates fair value as of March 31, 2024, March 31, 2023 and December 31, 2023. 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 the prevailing secured overnight financing rate (“SOFR”) or the Mexican Central Bank’s interbank equilibrium rate (“TIIE”) and reprice with any changes in SOFR or TIIE. The fair value of the senior unsecured notes is estimated based on quoted prices in markets that are not active.

Note 5 - Finance Receivables, Net

Finance receivables, net, which include retail installment sales agreements and bank-originated loans, consist of the following (in thousands):

As of March 31,As of
December 31,
202420232023
Finance receivables, gross$222,087 $201,288 $227,474 
Merchant partner discounts and premiums, net(15,221)(6,328)(11,907)
Unearned origination fees(5,193)(4,257)(5,212)
Finance receivables, amortized cost201,673 190,703 210,355 
Less allowance for loan losses(96,020)(88,610)(96,454)
Finance receivables, net$105,653 $102,093 $113,901 

14


The following table details the changes in the allowance for loan losses (in thousands):

Three Months Ended
March 31,
20242023
Balance at beginning of period$96,454 $84,833 
Provision for loan losses30,418 29,285 
Charge-offs(33,279)(27,117)
Recoveries2,427 1,609 
Balance at end of period$96,020 $88,610 

The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of March 31, 2024 and 2023, by origination year (in thousands):
Origination Year
202420232022Total
As of March 31, 2024
Delinquency:
1 to 30 days past due$6,215 $12,594 $1,304 $20,113 
31 to 60 days past due1,950 7,526 704 10,180 
61 to 89 days past due (1)
453 7,584 697 8,734 
Total past due finance receivables8,618 27,704 2,705 39,027 
Current finance receivables66,804 87,360 8,482 162,646 
Finance receivables, amortized cost$75,422 $115,064 $11,187 $201,673 
Origination Year
202320222021Total
As of March 31, 2023
Delinquency:
1 to 30 days past due$5,509 $9,822 $1,408 $16,739 
31 to 60 days past due1,632 6,163 870 8,665 
61 to 89 days past due (1)
419 6,507 858 7,784 
Total past due finance receivables7,560 22,492 3,136 33,188 
Current finance receivables
68,791 78,123 10,601 157,515 
Finance receivables, amortized cost$76,351 $100,615 $13,737 $190,703 

(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due.

The following table details the gross charge-offs of finance receivables for the three months ended March 31, 2024 and 2023, by origination year (in thousands):

Origination Year
2024202320222021Total
Finance receivables gross charge-offs:
Gross charge-offs during the three months ended March 31, 2024
$131 $29,270 $3,878 $ $33,279 
Gross charge-offs during the three months ended March 31, 2023
 187 22,444 4,486 27,117 

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Note 6 - Leased Merchandise, Net

Leased merchandise, net consists of the following (in thousands):

As of March 31,As of
December 31,
202420232023
Leased merchandise$369,298 $349,648 $384,129 
Processing fees(4,022)(4,341)(4,348)
Merchant partner discounts and premiums, net2,203 2,693 2,501 
Accumulated depreciation(114,431)(105,997)(115,964)
Leased merchandise, before allowance for lease losses253,048 242,003 266,318 
Less allowance for lease losses(95,263)(93,149)(95,127)
Leased merchandise, net$157,785 $148,854 $171,191 

The following table details the changes in the allowance for lease losses (in thousands):

Three Months Ended
March 31,
 20242023
Balance at beginning of period$95,127 $79,189 
Provision for lease losses43,010 49,065 
Charge-offs(44,877)(36,778)
Recoveries2,003 1,673 
Balance at end of period$95,263 $93,149 


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Note 7 - 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 March 31,As of
December 31,
202420232023
Revolving unsecured credit facilities:
Revolving unsecured credit facility, maturing 2027 (1)
$15,000 $308,000 $568,000 
Revolving unsecured uncommitted credit facility, maturing 2027 (1)
   
Total revolving unsecured credit facilities
15,000 308,000 568,000 
Senior unsecured notes:
4.625% senior unsecured notes due 2028 (2)
494,763 493,727 494,499 
5.625% senior unsecured notes due 2030 (3)
543,388 542,449 543,148 
6.875% senior unsecured notes due 2032 (4)
490,996   
Total senior unsecured notes1,529,147 1,036,176 1,037,647 
Total long-term debt$1,544,147 $1,344,176 $1,605,647 

(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 March 31, 2024, March 31, 2023 and December 31, 2023, deferred debt issuance costs of $5.2 million, $6.3 million and $5.5 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.

(3)As of March 31, 2024, March 31, 2023 and December 31, 2023, deferred debt issuance costs of $6.6 million, $7.6 million and $6.9 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2030 in the accompanying consolidated balance sheets.

(4)As of March 31, 2024, deferred debt issuance costs of $9.0 million are included as a direct deduction from the carrying amount of the senior unsecured notes due 2032 in the accompanying consolidated balance sheets.

Revolving Unsecured Credit Facility

As of March 31, 2024, the Company maintained an unsecured line of credit with a group of U.S.-based commercial lenders (the “Credit Facility”) in the amount of $640.0 million. The Credit Facility matures on August 30, 2027. As of March 31, 2024, the Company had $15.0 million in outstanding borrowings and $2.8 million in outstanding letters of credit under the Credit Facility, leaving $622.2 million available for future borrowings, subject to certain financial covenants. The Credit Facility bears interest at the Company’s option of either (i) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5% and a fixed SOFR adjustment of 0.1% or (ii) the prevailing prime or base rate plus a fixed spread of 1.5%. The agreement has an interest rate 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 March 31, 2024 was 7.92% based on 1-month SOFR. 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 March 31, 2024. During the three months ended March 31, 2024, the Company made net payments of $553.0 million pursuant to the Credit Facility.


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Revolving Unsecured Uncommitted Credit Facility

As of March 31, 2024, 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 TIIE plus a fixed spread of 2.25% and matures on August 24, 2027. 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 March 31, 2024. At March 31, 2024, the Company had no amount outstanding under the Mexico Credit Facility and $36.0 million ($600.0 million pesos) available for future 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 “2028 Notes”), all of which are currently outstanding. Interest on the 2028 Notes is payable semi-annually in arrears on March 1 and September 1. The 2028 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 2028 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 is less than 2.75 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2028 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. As of March 31, 2024, the Company’s consolidated total debt ratio was 2.5 to 1. While the 2028 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 2.75 to 1, restricted payments are allowable within certain permitted baskets, which currently provide the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 2.75 to 1.

Senior Unsecured Notes Due 2030

On December 13, 2021, the Company issued $550.0 million of 5.625% senior unsecured notes due on January 1, 2030 (the “2030 Notes”), all of which are currently outstanding. Interest on the 2030 Notes is payable semi-annually in arrears on January 1 and July 1. The 2030 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 2030 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 is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2030 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. As of March 31, 2024, the Company’s consolidated total debt ratio was 2.5 to 1. While the 2030 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.

Senior Unsecured Notes Due 2032

On February 21, 2024, the Company issued $500.0 million of 6.875% senior unsecured notes due on March 1, 2032 (the “2032 Notes”), all of which are currently outstanding. Interest on the 2032 Notes is payable semi-annually in arrears on March 1 and September 1, commencing on September 1, 2024. The 2032 Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act. The Company used the net proceeds from the offering to repay a portion of the outstanding balance on the Credit Facility, after payment of fees and expenses related to the offering. The Company capitalized $9.1 million in debt issuance costs, which consisted primarily of the initial purchaser’s discount and fees and legal and other professional expenses. The debt issuance costs are being amortized over the life of the 2032 Notes as a component of interest expense and are carried as a direct deduction from the carrying amount of the 2032 Notes in the accompanying consolidated balance sheets.


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The 2032 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 2032 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 is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2032 Notes (the “2032 Notes Indenture”) 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. As of March 31, 2024, the Company’s consolidated total debt ratio was 2.5 to 1. While the 2032 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.

The Company may redeem some or all of the 2032 Notes at any time on or after March 1, 2027, at the redemption prices set forth in the 2032 Notes Indenture, plus accrued and unpaid interest, if any. In addition, prior to March 1, 2027, the Company may redeem some or all of the 2032 Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus a “make-whole” premium set forth in the 2032 Notes Indenture. The Company may redeem up to 40% of the 2032 Notes on or prior to March 1, 2027 with the proceeds of certain equity offerings at the redemption prices set forth in the 2032 Notes Indenture. If the Company or any of its restricted subsidiaries sells certain assets or if the Company consummates certain change in control transactions, the Company will be required to make an offer to repurchase the 2032 Notes.

Note 8 - Commitments and Contingencies

Litigation

The Company, in the ordinary course of business, is a party to various legal and regulatory proceedings and other general claims. Although no assurances can be given, in management’s opinion, such outstanding proceedings are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

The Company believes it has meritorious defenses to all of the claims described below and intends to vigorously defend itself against such claims. However, legal and regulatory proceedings involve an inherent level of uncertainty and no assurances can be given regarding the ultimate outcome of any such matters or whether an adverse outcome would not have a material adverse impact on the Company’s financial position, results of operations, or cash flows. At this stage, the Company is unable to determine whether a future loss will be incurred for any of its material outstanding legal and regulatory proceedings or to estimate a range of loss with respect to such proceeding, if any, and accordingly, no material amounts have been accrued in the Company’s financial statements for legal and regulatory proceedings.

On November 12, 2021, the CFPB initiated a civil action in the United States District Court for the Northern District of Texas against FirstCash, Inc. and Cash America West, Inc., two of the Company’s subsidiaries, alleging violations of the Military Lending Act (“MLA”) in connection with pawn transactions. The CFPB also alleges that these same alleged violations of the MLA constitute breaches of a 2013 CFPB consent order entered into by its predecessor company that, among other things, allegedly required the company and its successors to cease and desist from further MLA violations. The CFPB is seeking an injunction, redress for affected borrowers and a civil monetary penalty. On March 28, 2022, the CFPB filed a motion to strike certain affirmative defenses of the Company. The Company responded by filing a motion for partial summary judgment. On October 24, 2022, the Company filed a motion to dismiss the lawsuit on the basis that the funding structure of the CFPB is unconstitutional. This motion to dismiss follows the decision in another case by the Fifth Circuit Court of Appeals which found that the CFPB is unconstitutionally structured. The Fifth Circuit’s decisions govern the law applied in the jurisdiction in which the CFPB action is pending against the Company. In light of the CFPB's stated intent to seek Supreme Court review of that decision, the parties stipulated to a stay of the action against the Company, which the Court entered on November 4, 2022. The Supreme Court is currently reviewing the Fifth Circuit's decision, with oral arguments having been completed on October 3, 2023. The stay of the CFPB’s action against the Company will remain in effect until the Supreme Court issues its decision with respect to the appeal. If the Supreme Court decides in favor of the CFPB, the stay will be lifted and the Company and the CFPB will continue to litigate the civil action brought against the Company by the CFPB.


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Gold Forward Sales Contracts

As of March 31, 2024, the Company had contractual commitments to deliver a total of 83,000 gold ounces during the months of April 2024 and February 2026 at a weighted-average price of $2,110 per ounce. The ounces required to be delivered over this time period are within historical scrap gold volumes, and the Company expects to have the required gold ounces to meet the commitments as they come due.

Note 9 - Segment Information

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

U.S. pawn
Latin America pawn
Retail POS payment solutions (AFF)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, gain on foreign exchange, merger and acquisition expenses, and other expenses (income), net, are presented on a consolidated basis and are not allocated between the U.S. pawn segment, Latin America pawn segment or retail POS payment solutions segment. Intersegment transactions relate to the Company offering AFF’s LTO payment solution in its U.S. pawn stores and are eliminated to arrive at consolidated totals.
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The following tables present reportable segment information for the three month period ended March 31, 2024 and 2023 as well as segment earning assets (in thousands):

Three Months Ended March 31, 2024
 U.S.
Pawn
Latin America
Pawn
Retail POS
Payment
Solutions
Corporate/
Eliminations
Consolidated
Revenue:   
Retail merchandise sales$236,990 $130,849 $ $(1,018)
(1)
$366,821 
Pawn loan fees122,974 56,561   179,535 
Leased merchandise income  205,671  205,671 
Interest and fees on finance receivables  57,387  57,387 
Wholesale scrap jewelry sales17,726 9,230   26,956 
Total revenue377,690 196,640 263,058 (1,018)836,370 
Cost of revenue:    
Cost of retail merchandise sold139,914 84,183  (568)
(1)
223,529 
Depreciation of leased merchandise  120,774 (490)
(1)
120,284 
Provision for lease losses  43,180 (170)
(1)
43,010 
Provision for loan losses  30,418  30,418 
Cost of wholesale scrap jewelry sold15,266 8,023   23,289 
Total cost of revenue155,180 92,206 194,372 (1,228)440,530 
Net revenue
222,510 104,434 68,686 210 395,840 
Expenses and other income:    
Operating expenses118,895 67,425 34,816  221,136 
Administrative expenses   43,057 43,057 
Depreciation and amortization7,013 5,105 721 13,188 26,027 
Interest expense   25,418 25,418 
Interest income   (743)(743)
Gain on foreign exchange
   (186)(186)
Merger and acquisition expenses   597 597 
Other expenses (income), net   (1,351)(1,351)
Total expenses and other income125,908 72,530 35,537 79,980 313,955 
Income (loss) before income taxes$96,602 $31,904 $33,149 $(79,770)$81,885 

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

As of March 31, 2024
U.S.
Pawn
Latin America
Pawn
Retail POS
Payment
Solutions
Corporate/
Eliminations
Consolidated
Earning assets:
Pawn loans$315,792 $140,287 $ $ $456,079 
Finance receivables, net  105,653  105,653 
Inventories216,762 85,623   302,385 
Leased merchandise, net  158,090 (305)
(1)
157,785 

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.
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