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Diluted earnings per share for the first quarter of 2015 were $0.59 compared to $0.77 in the first quarter of 2014. First quarter 2015 earnings were impacted by approximately $0.15 per share from a combination of foreign currency translation effects of $0.05 per share, expected reductions in non-core jewelry scrapping and payday lending earnings of $0.06 per share and incremental interest expense of $0.04 per share. Additionally, the comparable first quarter 2014 earnings per share results included a non-recurring tax benefit of $0.12.

•	EBITDA (earnings before interest, taxes, depreciation and amortization) for the trailing twelve months ended March 31, 2015 totaled $145.3 million, an increase of 6% compared to the prior year or a 10% increase on a constant currency basis. Net income was $79.3 million for the trailing twelve month period. A reconciliation of EBITDA to net income is provided elsewhere in this release.

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Revenue from core pawn activities (retail merchandise sales and pawn service fees) increased 16%, or $23.4 million, during the first quarter of 2015 compared to the first quarter of 2014. Total revenue increased 10%, or $16.9 million, reflecting the strong growth in core revenues partially offset by the expected 28%, or $6.4 million, decline in total non-core payday lending and jewelry scrapping revenues.

•	Retail merchandise sales growth from pawn operations was particularly strong, up 24% in Mexico, 14% in the U.S. and 19% overall compared to the prior-year period. Pawn fee revenue grew 9% in total, with increases of 13% and 4% in Mexico and the U.S., respectively.

•	Same-store revenue growth from pawn store operations (excluding jewelry scrapping) was up 9% in Mexico and 3% overall compared to the prior-year period. The overall results included a 4% decrease in U.S. same-store revenues, reflecting the expected weakness in U.S. pawn receivables due in part to lower gasoline prices.

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Revenue from non-core wholesale scrap jewelry operations decreased 32% in the first quarter of 2015 compared to the first quarter of 2014. Gross profits from scrap jewelry operations in the first quarter of 2015 totaled $1.3 million, accounting for only 1% of net revenue for the quarter, compared to $2.6 million, or 3% of net revenue, in the first quarter of 2014. The gross margin for scrap jewelry sales was 14% in the first quarter of 2015 compared to 19% in the prior year period, reflecting a 6% decrease in the market price of gold.

•	Non-core short-term loan and credit services revenue (collectively, payday and title lending operations) decreased 22% in the first quarter of 2015 compared to the first quarter of 2014. The anticipated decline in revenues reflected the Company’s on-going strategic downsizing of these operations as the Company’s U.S. payday and title loan business now comprises only 4% of total revenue.

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Pawn loans outstanding (receivable from customers) at quarter end increased by 11% in Mexico, 6% in the U.S. and 8% in total over the prior-year period. On a same-store basis, pawn loans increased 1% in Mexico, as loan growth remained strong in the interior markets, partially offset by uneven consumer demand across more mature markets. Although same-store pawn loans were down 3% in the U.S., this represented an improvement over the prior sequential quarter when same-store loans were down 5%.

•	The average monthly pawn loan portfolio yield was unchanged at 14% for both the first quarter of this year and last year, reflecting consistent pawn redemption trends.

•	The consolidated gross margin on retail merchandise sales remained solid at 38% during the first quarter of 2015 despite the continued shift in the Company's consolidated retail product mix toward general merchandise inventory that carries slightly lower margins than retail jewelry items.

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Consolidated annualized inventory turns for the trailing twelve months ended March 31, 2015 remained strong at 3.6 times per year. Aged inventories (items held for over a year) accounted for approximately 6% of total inventories, which slightly exceeded the Company’s historical average due primarily to aged inventories in recently acquired stores. Excluding inventories in the stores acquired during the past twelve months, aged inventories represented only 4% of total inventories.

•	Total inventories at March 31, 2015 increased 23% over the prior-year period, in-line with store growth and largely driven by acquisitions.

•	In total, the Company added 17 large format pawn store locations during the first quarter of 2015, composed of 15 new store openings in Mexico and two acquired U.S. stores.

•	During the twelve months ended March 31, 2015, the Company has added 116 large format pawn stores, representing a 14% increase in the total number of large format pawn stores.

•	As of March 31, 2015, First Cash had 1,011 stores composed of 686 stores in Mexico, of which 643 are large format, full-service pawn stores and 325 stores in the U.S., of which 256 are large format, full-service pawn stores.

•	The Company closed seven consumer (payday) loan stores in Texas during the first quarter of 2015. These stores’ operating losses and wind down costs accounted for approximately $200,000 of pre-tax earnings drag during the first quarter of 2015.

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Despite continued revenue declines from non-core payday lending and wholesale scrap jewelry operations, operating efficiency remained strong with store-level pre-tax operating margins of 26% for both the trailing twelve months ended March 31, 2015 and 2014. While the number of stores increased 10%, total operating and administrative expenses increased only 7% during the first quarter of 2015 compared to the same period last year.

•	The EBITDA margin was 20% for the trailing twelve months ended March 31, 2015. The calculation of EBITDA margin is provided elsewhere in this release.

•	Consolidated net operating margin (pre-tax income) was 16% for the trailing twelve months ended March 31, 2015.

•	The Company’s return on equity for the trailing twelve months ended March 31, 2015 was 18%, while return on assets was 11% for the same period.

•	Cash provided by operating activities was $100 million for the trailing twelve months ended March 31, 2015, while free cash flow totaled $77 million. Free cash flow is defined in the detailed reconciliation of non-GAAP financial measures provided elsewhere in this release.

•	As of March 31, 2015, the Company had $76 million in cash on its balance sheet and $156 million of availability under its $170 million of revolving bank credit facilities.

•	The leverage ratio at March 31, 2015 (outstanding indebtedness divided by trailing twelve months EBITDA) was 1.5:1. Net debt, defined as funded debt less invested cash, was $158 million at March 31, 2015. The leverage ratio of EBITDA to net debt was 0.9:1 and the ratio of net debt to equity was 0.4:1.

•	In March 2015, the Company added an additional $10 million revolving credit facility with a bank in Mexico. This new credit facility bears interest at the prevailing 30-day LIBOR rate plus a fixed spread of 2.0% and matures in December 2017. At March 31, 2015, the Company had no amount outstanding on this facility.

•	During the first quarter of 2015, the Company repurchased 336,000 shares of its common stock at an average price of $50.58 per share and total aggregate cost of $17 million.

•	For the trailing twelve months ended March 31, 2015, the Company invested $56 million in acquisitions, $23 million in capital expenditures and $61 million in stock repurchases, funded primarily with operating cash flow and a nominal $29 million increase in net debt.

•	The Company continues to expect fiscal 2015 constant currency EBITDA growth of 8% to 13%, reflecting continued revenue and earnings growth from existing pawn operations and de novo store openings.

•	The Company is reiterating its fiscal full-year 2015 earnings guidance to be within its previously announced range of $2.75 to $2.90 per diluted share, although the value of the Mexican peso has continued to decline relative to the U.S. dollar.

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When the Company initiated fiscal 2015 guidance in January, it assumed approximately $0.20 to $0.23 of earnings per share reductions for fiscal 2015 based on an assumed exchange rate of 14.6 Mexican pesos / U.S. dollar, as compared to the actual rate of 13.3 in 2014. Based upon a revised exchange rate assumption of 15.0 Mexican pesos / U.S. dollar, the full year 2015 foreign exchange impact is now estimated to be $0.25 to $0.28 per share.

◦	As previously reported, full year earnings per share expectations are also impacted by approximately $0.18 to $0.21 per share in additional income tax expense in 2015 due to an expected increase in the effective tax rate to a normalized range of 31% to 32% for fiscal 2015, compared to 27% in 2014.

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◦	Fiscal 2015 earnings estimates are further tempered by an expected year-over-year decline in earnings from payday/title lending operations of approximately $0.06 per share, net of tax, as compared to our previously estimated decline of $0.04 per share.

◦	Given the continued volatility of the Mexican peso and the impact of lower gas prices on U.S. pawn loan demand, the Company expects second quarter earnings to be in the range of $0.48 to $0.52 per share.

•	The Company expects to add approximately 75 to 90 new stores in 2015. A majority of the additions are expected to be de novo large format pawn stores in Mexico, but may include 15 to 20 new builds and/or small acquisitions in the U.S.

•	Revenue growth in 2015 is expected to be generated exclusively from core pawn operations that will be partially offset by the continued de-emphasis of payday lending operations. Approximately 96% of projected 2015 revenues are expected to be derived from the continued growth and focus on pawn operations.

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•	changes in regional, national or international economic conditions, including inflation rates, unemployment rates and energy prices;

•	changes in foreign currency exchange rates and the U.S. dollar to Mexican peso exchange rate in particular;

•	changes in consumer demand, including purchasing, borrowing and repayment behaviors;

•	changes in pawn forfeiture rates and credit loss provisions;

•	changes in the market value of pawn collateral and merchandise inventories, including gold prices and the value of consumer electronics and other products;

•	changes or increases in competition;

•	the ability to locate, open and staff new stores and successfully integrate acquisitions;

•	the availability or access to sources of used merchandise inventory;

•	changes in credit markets, interest rates and the ability to establish, renew and/or extend the Company’s debt financing;

•	the ability to maintain banking relationships for treasury services and processing of certain consumer lending transactions;

•	the ability to hire and retain key management personnel;

•	new federal, state or local legislative initiatives or governmental regulations (or changes to existing laws and regulations) affecting pawn businesses, consumer loan businesses and credit services organizations (in both the United States and Mexico), including administrative or legal interpretations thereto;

•	risks and uncertainties related to foreign operations in Mexico;

•	changes in import/export regulations and tariffs or duties;

•	changes in banking, anti-money laundering or gun control regulations;

•	unforeseen litigation;

•	changes in tax rates or policies in the U.S. and Mexico;

•	inclement weather, natural disasters and public health issues;

•	security breaches, cyber attacks or fraudulent activity;

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•	a prolonged interruption in the Company’s operations of its facilities, systems, and business functions, including its information technology and other business systems;

•	the implementation of new, or changes in the interpretation of existing, accounting principles or financial reporting requirements; and

•	future business decisions.

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(1)	The large format locations include retail showrooms and accept a broad array of pawn collateral including consumer electronics, appliances, power tools, jewelry and other general merchandise items. At March 31, 2015, 128 of the U.S. large format pawn stores, which are primarily located in Texas, also offered consumer loans or credit services products.

(2)	The small format locations typically have limited retail operations and primarily accept jewelry and small electronic items as pawn collateral and also offer consumer loans or credit services products.

(3)	The Company’s U.S. free-standing, small format consumer loan locations offer a credit services product and are all located in Texas. The Mexico locations offer small, short-term consumer loans. The Company’s credit services operations also include an internet distribution channel for customers residing in the state of Texas.

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(1)	Wholesale scrap jewelry revenue during the three months ended March 31, 2015 consisted primarily of gold sales, of which approximately 6,500 ounces were sold at an average price of $1,199 per ounce, compared to approximately 8,900 ounces of gold sold at $1,304 per ounce in the prior-year period.

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(1)	CSO amounts outstanding are composed of the principal portion of active CSO extensions of credit by an independent third-party lender, which are not included on the Company’s balance sheet, net of the Company’s estimated fair value of its liability under the letters of credit guaranteeing the extensions of credit.

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(1)	Decline in average outstanding pawn loan is primarily due to the decline in the Mexican peso to U.S. dollar exchange rate in 2015.

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