UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
November 2, 2017
(Date of Report - Date of Earliest Event Reported)
FIRSTCASH, INC.
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation) | 001-10960 (Commission File Number) | 75-2237318 (IRS Employer Identification No.) |
1600 West 7th Street, Fort Worth, Texas 76102
(Address of principal executive offices, including zip code)
(817) 335-1100
(Registrant’s telephone number, including area code)
NONE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
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. o
Item 7.01 Regulation FD Disclosure.
FirstCash, Inc. has made available on its corporate website (ir.firstcash.com) its most recent investor presentations. These presentations are included herein as Exhibits 99.1 and 99.2.
The information provided in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by the specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: November 2, 2017 | FIRSTCASH, INC. |
(Registrant) | |
/s/ R. DOUGLAS ORR | |
R. Douglas Orr | |
Executive Vice President and Chief Financial Officer | |
(As Principal Financial and Accounting Officer) | |
3
INVESTOR PRESENTATION
NOVEMBER 2017
EXHIBIT 99.1
FORWARD LOOKING STATEMENTS
2
“This release contains forward-looking statements about the business, financial condition and prospects of FirstCash, Inc. and its
wholly owned subsidiaries (together, the “Company”). Forward-looking statements, as that term is defined in the Private Securities
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 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.
These forward-looking statements are made to provide the public with management’s current assessment of the Company’s
business. Although 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 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 release. Such factors may include, without limitation, the risks, uncertainties and regulatory developments discussed
and described in (i) the Company’s 2016 annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”)
on March 1, 2017, including the risks described in Part 1, Item 1A, “Risk Factors” thereof, (ii) the Company’s quarterly report on Form
10-Q filed with the SEC on November 1, 2017, including the risks described in Part II, Item 1A, “Risk Factors” thereof, and (iii) the
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 release speak only as of the date of
this release, 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”
FIRSTCASH AT A GLANCE
3
$132
$180
$270
2015 2016 Q3 17 LTM
$705
$1,088
$1,762
2015 2016 Q3 17 LTM
Adjusted EBITDA(2)
Overview Revenue
1Merger with Cash America closed on September 1, 2016. Includes Cash America results for the last four months of 2016.
2 See “Non-GAAP disclaimer” and the Appendix hereto.
Source: Company filings.
($ in millions)• A leading pawn operator with over 2,100 store
locations in 26 U.S. states and Latin America,
including Mexico, Guatemala and El Salvador
• Retailer of pre-owned consumer products including:
– Consumer electronics & appliances
– Jewelry, diamonds & watches
– Power tools, musical instruments & sporting
goods
• Source of small, short-term pawn loans
– Fully collateralized
– No collections / credit reporting
• Attractive industry dynamics
– Steady demand across economic cycles –
recession resistant
– Customer base is underserved – most
lenders don’t offer loans of $150 or less
– Stable regulatory environment
($ in millions)
(1)
(1) (2)
LARGEST PAWN OPERATOR IN THE AMERICAS
Combined entity has over 2,100 stores
• 1,117 stores across 26 states in the U.S. with 989 stores in Latin America
Mexico operations – all statesU.S. operations – 26 states
Central America operations
33
11
27
6
35
7
415
18
25
25 36
119
26
43
40
27
448
77
25
2
30
1
6 28
3
Shared States
WA
ID
CA
NV
OR
AZ
CO
MT
NM
UT
WY
TX
KS
OK
IL IN
IA
MN
NE
ND
SD WI
MS
AL
AR
KY
LA
MO
FL
GA
NC
SC
VA
OH
CT
ME
MI
NH
NY
PA
VT
MA
NJ
MD
WV
RI
DE
TN
AK
DC
HI
Guatemala
33
El Salvador
13
Baja California
Baja California Sur
Sinaloa
Sonora Chihuahua Coahuila
Nuevo Leon
Tamaulipas
Quintana Roo
Yucatan
San Luis Potosi
Campeche
Chiapas
Tabasco
Oaxaca
Morelos
Estado de Mexico
Guerrero
Durango
Nayarit
Zacatecas
Aguascalientes
Jalisco
Colima
Michoacán
Guanajuato
Puebla
943
Estado de
Ciudad de
Mexico
Veracruz
Queretaro
Tlaxcala
Hidalgo
Note: As of 9-30-17
4
First Cash States Cash America States
PAWN TRANSACTION CYCLE
5
~20% ~80%
Customer Enters Store
Pawn Service Fees
Monthly Yield = 12%-13%
Customer Does Not
Repay
Customer Repays Loan
& Fee
~25% ~75%
Sells Asset to Company
Pawn Loan
(Collateralized with Asset)
Avg. Loan = $152 in U.S. $67 in LatAm
Retail Sales
Avg. Margin = 36%
Note: As of 9/30/2017
PRODUCT MIX
Last Twelve Months (LTM)
6
59%
29%
5%
7%
Total Revenue Net Revenue
39%
54%
6%
1%
Pawn Fees Consumer Loans / Credit Services FeesRetail Sales Scrap Jewelry Sales
$1.8 Billion $1.0 Billion
36% 7%73%100%
Gross Margin:
Note: As of 9/30/2017
LIMITED IMPACT FROM INTERNET COMPETITION
7
• Collateral requirements generally limit internet pawn lending to
high value jewelry items
• In addition, internet lending platforms require customer to have a bank
account
•Most of our retail sales are made to our core customer base in
their local markets
• Customers have limited access to credit to fund purchases of larger ticket
items such as electronics, jewelry and appliances
• Our in-store layaway programs are a significant draw for these
customers
• For many customers the lack of credit card/bank account makes it difficult
for them to buy from online retailers
• Internet fulfillment of unboxed merchandise is challenging for many large
items such as electronics and appliances
RECAP OF CASH AMERICA MERGER
8
• Enhanced scale and geographic reach: creates leading operator of
more than 2,100 retail pawn stores in the United States and Latin
America with operations in four countries
• Strong cash flow and financial flexibility
− Financial strength to enhance expansion plans in growing Latin
American market
− Leverage neutral transaction where synergies will significantly
improve the credit profile of the business
• Proven leadership team with successful integration track record
• Financially attractive transaction to both companies’ shareholdersCompelling
Financial Benefits
Transaction
Overview
(September 2016)
Compelling
Strategic Benefits
• 100% stock-for-stock tax free transaction, which creates $2.4bn
market capitalization pawn operator ($1.4bn for FCFS, $1.0bn
for CSH)
• 0.840x FCFS shares for each CSH share
• Merged company renamed FirstCash, Inc. and headquartered in
Fort Worth, Texas
INTEGRATION UPDATE
Corporate Office
– Completed headquarters consolidation of the First Cash Arlington, Texas operations
into Cash America owned building in Fort Worth, Texas in Q1 2017
– Expect to reduce existing footprint in Fort Worth office and increase leasable space
for income generating tenants
– Significant opportunities to consolidate corporate expenses and support functions
Stores
– Maintain existing large format footprints
– Maintain established First Cash and Cash America “brands” in local markets
– Integrate operations management over time
– Creates “tuck-in” acquisition opportunities in 25 states
Technology
– Standardize store operations on the FirstCash FirstPawn POS platform
– Complete integration of store POS systems expected by late 2017
– Consolidation of back office finance, HR and other support functions to follow
9
SIGNIFICANT SYNERGIES DRIVE ADDITIONAL ACCRETION
10
Annual
operating
cost synergies
Estimated Amounts Achieved to Date
• ~$45 million primarily from
technology, finance and other
administrative synergies achieved
by Mid 2018
• Minimal store closings
• Up to ~$28 million • $19 million incurred to date
• ~$17 – $20 million primarily from
technology platform synergies
• $12 million achieved
in 2016
• Expect to achieve $35 – $38
million in 2017
Annual
Operating
Cost Synergies
Annual
Depreciation and
Amortization
Savings
One-Time
Integration Costs
Expected Opportunities
• ~$45 million of run rate
synergies expected to be
achieved by Mid 2018
• Total costs expected to be
below $28 million
• To be completed by 2018
• $20 million (1)
1 Based on annualizing CSH’s D&A from Q3 2017 and comparing to full year 2015.
• Complete
FIRSTPAWN TECHNOLOGY PLATFORM
Proven, Propriety Pawn Store Operating System
Human Resources
• Scheduling
• Time Keeping
• Performance Management
• Incentive Comp
Financial Data
• Reporting & Analysis
• Internal Controls & Audit
Support
•Management Alerts
Retail Operations
• Retail POS
• Pricing
• Inventory Management
• Layaways
Pawn Transactions
• Collateral Valuation
• Pawn Contracts
• Customer Loan Disbursements
& Repayments
• Collateral Storage
• Compliance
Customers Merchandise
EmployeesTransactions
Core DatabasesCore Databases
11
TECHNOLOGY INTEGRATION PLAN
All Stores Will Standardize On The FirstCash FirstPawn System by Year-End
Benefits at the store
– Improved transaction times and system reliability
– Proprietary real-time pricing look-ups to determine optimum loan-to-value ratio
– Improved on-demand reporting of key performance indicators
– Reduced store-level costs for hardware and data networking
Corporate benefits
– Reduced support and maintenance costs
– Reduced development costs
– Streamlined back-office connectivity
Conversion of 673 or 84% of stores completed as of 9/30/2017
– South Carolina, North Carolina, Oklahoma, Missouri, Kentucky, Texas, Tennessee,
Indiana, Florida, Alabama, Nevada, Utah, Arizona, Washington, Alaska, Illinois,
Louisiana and Georgia successfully transitioned; Ohio in progress
– Remaining conversions expected to be completed by late 2017
12
LATIN AMERICA OPERATIONS
989 LATIN AMERICA LOCATIONS
14
62 60
31 38 41 32
29
8 47 32
179
5
61
91
68 78 70
220
37
0
50
100
150
200
250
2011 2012 2013 2014 2015 2016 YTD-Sep
2017
St
o
re
A
d
d
it
io
n
s
New Stores Acquired Stores
5 5 4 29
60 100
130 157
207
269
329
386
447
538
597
674
737
955 989
0
200
400
600
800
1,000
1,200
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD-Sep
2017
Acquired 47 Mexico
Cash America stores
Acquired 32 stores
in Guatemala
Acquired 166 stores in Mexico
and 13 stores in El Salvador
Latin American Store Additions by Year
Total Latin America Locations, End of Period
$101 $141
$175
$222
$281 $322
$363 $388 $368
$417
$462
$101
$143
$206
$250
$312
$378
$419
$468
$527
$688
$778
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 T12M
Q3-2017
Total Revenue, USD CC Revenue, 2007 MXN @ 10.94*
LATAM REVENUE GROWTH & CURRENCY IMPACT
($millions)
10 Year CAGR
23%
*Constant currency revenue is considered a non-GAAP measurement of financial performance
15
Q3 LATAM SEGMENT RESULTS
16
1 Year-over-year change % in same-store Core Revenue and Pawn Loan Balance
$129
$123
$103
23%
22%
17%
14%
10%
11%
0%
5%
10%
15%
20%
25%
$0
$20
$40
$60
$80
$100
$120
$140
Thou
sand
s
Current Year (CY) Constant Currency Prior Year (PY)
YoY CY CY YoY Constant Currency PY YoY Constant Currency
Total Revenue
($/millions)
Same-Store PLB1
Same-Store Core
Revenue1
17
LATAM SEGMENTS REPRESENT A SIGNIFICANT % OF FIRSTCASH’S
CONSOLIDATED OPERATIONS
8,001
49%
8,201
51%
Employee Count1
LatAm U.S.
1,117
53%
989
47%
1,848,003
58%
1,348,180
42%
Store Count2
Number of Pawn Loans
Outstanding 2
1 As of 12/31/2016
2 As of 9/30/2017
LATAM PAWN AND INVENTORY COMPOSITION
18
LatAm Operations Segment
18%
65%
11%
2%
2%
2%
Pawn Collateral
25%
61%
9%
1%
2%
2%
Pawn Inventory
Note: As of 9-30-17
Jewelry Electronics Tools Sporting Goods Musical Instruments Other
ONGOING GROWTH STRATEGY
Existing Latin American growth profile
remains in place
Substantial infrastructure and cash flows to
accomplish new acquisitions and de novo
expansion
Significant runway for continued store
openings and strategic acquisitions in
Mexico & Guatemala
First stores in Colombia scheduled to open in
early 2018
Look strategically for additional expansion
and acquisition opportunities in other Latin
American markets
• Latin America continues to be the primary store growth vehicle - significant untapped potential in the region
French Guiana
Suriname
Guyana
Panama
Costa Rica
Nicaragua
El Salvador
Honduras
Guatemala
Argentina
Bolivia
Brazil
Chile
Peru
Uruguay
Venezuela
Mexico
Paraguay
Belize
U.S.
growth strategy
Continued focus on growth in selected
markets with favorable demographics
U.S. growth will be driven by smaller
opportunistic acquisitions
Latin America
growth strategy
Existing country presence
Near-term expansion
opportunities
19
Colombia
Ecuador
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
Loans % of GDP
CREDIT PENETRATION OF SELECT COUNTRIES
20
1 Mexico ranks amongst the lowest within LatAm countries with 22.2% of GDP
Source: J.P. Morgan and Central Bank of Brazil
FINANCIAL INCLUSION IN SELECT LATAM COUNTRIES
21
1 According to the World Bank, Mexico has one of the lowest credit card penetration rates in LatAm, as only 14% of the
population has one.
Source: World Bank
0%
10%
20%
30%
40%
50%
60%
Mexico Brazil Chile Colombia Peru
% of Population with a Bank Account or Credit Product
Account at Financial Institution Credit Card Loan from a Financial Institution
1
NEW MARKET UPDATE
Rational for Colombia Expansion
22
FRENCH GUIANA
BRAZIL
ARGENTINA
CHILE
URUGUAY
VENEZUELA
COLOMBIA1
SURINAME
ECUADOR
PERU
BOLIVIA
PARAGUAY
GUYANA
Note: 1Early 2018 planned market entry
Population
mid-2017
(millions) mid-2030 mid-2050
Brazil 207.9 223.9 231.1
Colombia 49.3 55.4 61.5
Argentina 44.3 49.0 54.1
Peru 31.8 36.4 41.2
Venezuela 31.4 36.1 40.5
Chile 18.4 20.0 21.1
Ecuador 16.8 19.7 23.2
U.S. 325.4 357.7 396.8
Pop. Projections
0
50
100
150
200
250
300
350
400
1990 2000 2010 2016
Bil
lio
ns
Colombia GDP (Current US$)
PROVEN MEXICO NEW STORE OPENING PROCESS
Opened first stores in Mexico in 1999
Experienced real estate development team
Proven site selection strategy
Standardized store layouts, fixtures and equipment
State of the art security technology
Consistent process ensures the new stores are delivered on time and budget
Undeveloped Site
23
Same Site After Redevelopment
Picture #1 Picture #2
Year 1 Year 2 Year 3 Year 4 Year 5
Op Margin (3%) 18% 22% 25% 26%
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$0
$2,000
$4,000
$6,000
$8,000
$10,000
Year 1 Year 2 Year 3 Year 4 Year 5
St
o
re
-l
e
ve
l p
ro
fi
t M
X
N
$
(T
h
o
us
an
d
s)
R
e
ve
n
u
e
M
X
N
$
(T
h
o
u
sa
n
d
s)
Revenue Store-level Profit *
MEXICO NEW STORE PESO INVESTMENT –
PROVEN RAPID PAYBACK MODEL
Typical Mexico New Store Ramp
New Store Cash Flow
Store Investment (MXN $)
Cap Ex
- Leasehold improvements &
fixtures
- Computer & security
equipment
$3,200,000
Start-up Losses
- Pre-opening
- First six months of operation
$500,000
Total Store Investment $3,700,000
Working Capital (MXN $)
First Year for New Store
- Operating cash
- Loan funding
- Inventory
$2,100,000
Cumulative Break-Even Point = Approximately 3 Years
*Store-Level Operating Profit Before Administrative Expense & Taxes
*Data is Based on NSO From 2005-2016
`
24
($/MXN)
U.S. OVERVIEW
26
U.S. DOMESTIC LOCATIONS
Store Count at End of Period
475 485 486
641 682 697
748 829 820 801 792 783
95 94 94
97
135 157
211
252 266 296 293 290
295 304 248
96
88 86
83
40 39 21 20 20
86 99 102 103
74 67
65
57 65 42 25 24
951 982 930 937
979 1,007
1,107
1,178 1,190 1,160 1,130 1,117
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD-Sep
2017CSH – Pawn FCFS – Pawn CSH – Cons. Loan Only FCFS – Cons. Loan Only
Note: Excludes previously discontinued locations.
Acquisitions and Start-Ups
0
10
20
30
40
50
60
70
80
90
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD-Sep
2017CSH – Acquisitions CSH – De Novo FCFS – Acquisitions FCFS – De Novo
2015: Quick Cash (25)
2014: PHC (15)
2013: Valu + Pawn (19), Money Man (12)
2012: Mister Money (24)
First Cash – Domestic
2013: Top Dollar (41), Pawn Mart (34)
2012: Pawn & Bargains (25)
2010: Maxit and Pawn X-Change (39)
Cash America – Domestic
Fast Cash (16)
27
Q3 U.S. SEGMENT RESULTS
1 Year-over-year change % in same-store Core Revenue and Pawn Loan Balance
$307
$158
1%
5%
1%
-3% -4%
-2%
0%
2%
4%
6%
$0
$50
$100
$150
$200
$250
$300
$350
Th
ou
san
ds
Current Year (CY) Prior Year (PY) YoY CY YoY PY
Total Revenue
($/millions)
Same-Store PLB1
Same-Store Core
Revenue1
28
U.S. PAWN AND INVENTORY COMPOSITION
U.S. Operations Segment
Pawn Collateral Pawn Inventory
Note: As of 9-30-17
Jewelry Electronics Tools Sporting Goods Musical Instruments Other
57%
21%
8%
3%
8%
3%
64%
18%
6%
3%
6%
3%
$81
$33
$12
$8
$1
$17
$7
$4 $2
$4
186
119
111
74
83
0
20
40
60
80
100
120
140
160
180
200
$0
$20
$40
$60
$80
$100
$120
2012 2013 2014 2015 2016
CSH FCFS Total gold oz.
($ in millions, except gold prices)
LIMITED EXPOSURE TO GOLD PRICE MOVEMENT
29
Reduced Reliance on Scrap
Sc
ra
p
G
o
ld
O
u
n
ce
s
So
ld
Sc
ra
p
G
ro
ss
p
ro
fi
t
Note: Information refers to domestic operations.
• Lending values on gold can be
adjusted rapidly
– Loans are typically only 30 days in
duration
– Significant cushion provided by
conservative loan to value ratios
• Scrap gold buy and sell volumes are
down significantly from the peak
levels of 2012
– Gross Profit contribution from
selling scrap gold is now less than
1% of gross profit
STABLE REGULATORY CLIMATE FOR PAWN
30
• Pawn loans are different from traditional consumer loan products and
not subject to the CFPB Small Dollar Loan rules because they:
– Are non-recourse loans
– Have significantly smaller average loan sizes
– Do not involve credit checks, collection activities, ACH transactions or negative credit
reporting
• Regulations are primarily at the state level in the U.S. and the federal
level in Latin America
• No significant negative regulatory changes in the last 25 years
• States with a positive rate change include:
– Ohio (119 Stores): Enacted March 28, 2017
– Washington (33 Stores): Enacted July 24, 2015
– Arizona (35 Stores): Enacted July 24, 2015
– Nevada (27 Stores): Enacted October 1, 2011
LIMITED EXPOSURE TO NEW CFPB RULES FOR PAYDAY
LENDING
31
Target Revenue Mix (next 3-5 years)
95%
5%
98%
2%
Consumer Lending
Pawn Operations
Q3-2017 TTM
Revenue Mix is Primarily Pawn Related
• On October 5, 2017, the CFPB released its small-dollar loan rule (the “SDL Rule”), which is
scheduled to take effect in July 2019. If the SDL Rule takes effect, it will impact short-term
small dollar loan products such as payday loans, auto title loans and certain installment
loans. Importantly, the SDL Rule does not apply to non-recourse pawn loans.
– The proposed rules include, among other things:
– Additional underwriting requirements
– Cooling-off periods between certain loans
– Limitations to prevent the sustained use of certain loans such as capping the number of rollovers
– Restrictions on collection practices
• Traditional pawn loans are excluded from the scope of the new CFPB rules
FINANCIAL INFORMATION
REVENUE GROWTH
33
($/millions)
$363 $388 $368 $417 $462
$298 $325 $337
$671
$1,300
$661 $713 $705
$1,088
$1,762
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
2013 2014 2015 2016 TTM
9/30/17
Re
ven
ue
LatAm U.S.
Note: Merger with Cash America closed on September 1, 2016. Includes Cash America results for the last four months of 2016.
Source: Company filings.
ADJUSTED EBITDA GROWTH
34
($/millions)
1Adjusted EBITDA is a non-GAAP number. See appendix for reconciliation to Net Income.
2The guidance, announced on 10/26/2017, for fiscal 2017 is presented on a non-GAAP basis, as it does not include the impact of merger
and other acquisition expenses or the loss on extinguishment of debt. Given the difficulty in predicting the
amount and timing of future merger and other acquisition expenses, the Company cannot reasonably provide
a full reconciliation of adjusted guidance to GAAP guidance
$148
$132
$180
$270
$0
$50
$100
$150
$200
$250
$300
2014 2015 2016 TTM
9/30/17
*2017
Guidance
Ad
jus
ted
EB
ITD
A
Adj. EBITDA
1
2
Guidance Range:
$268-$275
ADJUSTED FREE CASH FLOW
35
($/millions)
$71 $68 $68
$195
$0
$25
$50
$75
$100
$125
$150
$175
$200
2014 2015 2016 TTM
9/30/2017
Adj. Free Cash Flow1
1Adjusted Free Cash Flow is a non-GAAP number. See appendix for reconciliation to Adjusted Free Cash Flow from Operating Activities.
FIRSTCASH 2017 GUIDANCE*
36
• Fiscal full-year 2017 guidance for adjusted earnings per
share, a non-GAAP measure that excludes merger related
expenses and the loss on extinguishment of debt, to be in the
range of $2.60 to $2.70
– 2017 adjusted net income, a non-GAAP measure, is projected to be in
the range of approximately $124 million to $129 million versus 2016
adjusted net income of $85 million.
– The 2017 earnings guidance range implies adjusted EBITDA, also a non-
GAAP measure, to be in the range of approximately $268 million to
$275 million for fiscal 2017. This compares to adjusted EBITDA of $180
million in fiscal 2016 and $132 million in fiscal 2015.
* The guidance, announced on 10/26/2017, for fiscal 2017 is presented on a non-GAAP basis, as it does not include the impact of merger
and other acquisition expenses or the loss on extinguishment of debt. Given the difficulty in predicting the
amount and timing of future merger and other acquisition expenses, the Company cannot reasonably provide
a full reconciliation of adjusted guidance to GAAP guidance.
BALANCE SHEET
($/millions)
37
Liabilities to Equity
Ratio 58.9%
Liabilities to Equity
Ratio 45.2%
$1,306 $1,201
$972
$931
$2,278
$2,132
$0
$500
$1,000
$1,500
$2,000
$2,500
Q3-2016
Assets
Q3-2017
Assets
Operating Assets Intangibles
$1,433 $1,468
$560 $440
$285
$224
$2,278
$2,132
$0
$500
$1,000
$1,500
$2,000
$2,500
Q3-2016
Liabilities and Equity
Q3-2017
Liabilities and Equity
Equity Interest Bearing Liabilities, Prin Outstanding Other Liabilities
Note: As of 9-30-17
LEVERAGE PROFILE
($/millions)
38
$200 $200 $200
$300 $300
$360
$260
$137
$97
$140
$560
$460
$337
$397
$440
$0
$100
$200
$300
$400
$500
$600
9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017
FCFS 2021 Sr. Notes FCFS 2024 Sr. Notes FCFS Line of Credit Net Debt
Net Debt Ratio (Net
Debt/TTM Adjusted EBITDA)
= 1.3 to 1
1Net Debt Ratio is a non-GAAP number. See Company Q3-2017 10-Q filing from November 1, 2017 for reconciliation to
Adjusted EBITDA from Net Income.
OVER $1.1 BILLION IN CUMULATIVE INVESTMENTS &
SHAREHOLDER PAYOUTS
39
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3-17
$
M
ill
io
ns
Stock Repurchases & Dividends Acquisitions Capital Expenditures Outstanding Debt
Cumulative Total
$ Millions
$450
$296
$414
Stock Repurchases & Dividends:
- 13,233,933 split-adjusted shares repurchased
- $47 million in cumulative dividends paid
Acquisitions Since 2004:
- 161 stores acquired in U.S.
- 316 stores acquired in Latin America
- 815 stores acquired in Cash America Merger
Capital Expenditures Since 2004:
- Includes 761 De Novo store openings
$440
TOP 10 SHAREHOLDERS AND SHAREHOLDERS BREAKDOWN
40
Shares (FCFS) % S/O (FCFS)
l BlackRock Fund Advisors (U.S.) 5,417,993 11.4 Index l
l The Vanguard Group, Inc. (U.S.) 4,199,210 8.8 Index l
l Fiduciary Management, Inc. (U.S.) 3,026,526 6.3 Value l
l Dimensional Fund Advisors, L.P. (U.S.) 2,160,845 4.5 Index l
l Genesis Investment Management, LLP (London) 2,074,817 4.3 Growth l
l William Blair & Company, LLC (U.S.) 1,903,076 4.0 Aggressive Growth l
l GIC Asset Management Pte., LTD (Singapore) 1,516,164 3.2 Value l
l EARNEST Partners, LLC (U.S.) 1,451,425 3.0 Value l
l FIAM, LLC (U.S.) 1,314,641 2.8 Growth l
l Wellington Management Company, LLP (U.S.) 1,249,551 2.6 Value l
Institution Name Dominant Style36%
12%
52%
Top 25 Shareholder Breakdown
Index
EM/INTL Focus
U.S. Focus
EM/INTL Focus represents 19% of
actively managed shareholders
Note: As of 8/31/2017
FIRSTCASH INVESTMENT RECAP
41
• International pawn-focused business model
⦁ Focused on small secured loans to underbanked consumers with limited
access to traditional credit products
⦁ Focus on large format, full-service model is a significant competitive
advantage
⦁ Strong margins & cash flows allow for dividend and share buybacks
• Proven growth strategy
⦁ Long runway for growth in Latin America where competition is limited
• Strong balance sheet to fund future growth, acquisitions, share
buybacks and pay dividends
APPENDIX
NON-GAAP FINANCIAL INFORMATION
43
The Company uses certain financial calculations, such as adjusted net income, adjusted
net income per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow
and constant currency results (collectively "Non-GAAP Measures"), which are not
considered measures of financial performance under U.S. generally accepted accounting
principles ("GAAP"). Items excluded from the calculation of Non-GAAP Measures are
significant components in understanding and assessing the Company’s financial
performance. Since Non-GAAP Measures are not measures determined in accordance
with GAAP and are thus susceptible to varying calculations, Non-GAAP Measures, as
presented, may not be comparable to other similarly titled measures of other
companies. Non-GAAP Measures should not be considered as alternatives to net
income, cash flow provided by or used in operating, investing or financing activities or
other financial statement data presented in the Company’s consolidated financial
statements as indicators of financial performance or liquidity. Non-GAAP Measures
should be evaluated in conjunction with, and are not a substitute for, GAAP financial
measures.
RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED
EBITDA
44
Year Ended December 31,
TTM 9/30/2017 2016 2015 2014
Net Income $112,850 $60,127 $60,710 $85,166
Income taxes 58,544 33,320 26,971 31,542
Depreciation and amortization(1) 57,504 31,865 17,446 17,476
Interest expense 24,288 20,320 16,887 13,527
Interest Income (1,253) (751) (1,566) (682)
EBITDA 251,933 144,881 120,448 147,029
Adjustments:
Merger related expenses 5,657 36,220 - -
Other acquisition expenses 300 450 2,875 998
Loss on extinguishment of debt 14,114 - - -
Restructuring expenses related to U.S.
consumer loan ops - - 8,878 -
Net gain on sale of common stock of
Enova (1,552) (1,299) - -
Adjusted EBITDA $270,452 $180,252 $132,201 $148,027
1For fiscal year 2015, excludes $493 of depreciation and amortization, which is included in the restructuring expenses related to U.S.
consumer loan operations
($/millions)
RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES TO
FREE CASH FLOW & ADJUSTED FREE CASH FLOW
45
($/millions)
2013 2014 2015 2016 2017 2016
Cash flow from operating activities $ 106,718 $ 97,679 $ 92,749 $ 96,854 $ 205,226 $ 68,101
Cash flow from investing activities:
Loan receivables, net of cash repayments (411) (2,470) (3,716) (16,072) 20,675 (12,903)
Purchases of property and equipment (26,672) (23,954) (21,073) (33,863) (37,032) (28,971)
Free cash flow 79,635 71,255 67,960 46,919 188,869 26,227
Merger related expenses paid, net of tax 0 0 0 20,939 5,667 19,715
Adjusted free cash flow $ 79,635 $ 71,255 $ 67,960 $ 67,858 $ 194,536 $ 45,942
Trailing Twelve
Months Ended
September 30,Year Ended December 31,
INVESTOR CONTACT INFORMATION
46
Investor Relations Gar Jackson
investorrelations@firstcash.com Global IR Group
ir.firstcash.com gar@globalirgroup.com
(817) 258-2650 (949) 873-2789
ANALYST AND BANKER DAY
NOVEMBER 2017
EXHIBIT 99.2
FORWARD LOOKING STATEMENTS
2
“This release contains forward-looking statements about the business, financial condition and prospects of FirstCash, Inc. and its
wholly owned subsidiaries (together, the “Company”). Forward-looking statements, as that term is defined in the Private Securities
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 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.
These forward-looking statements are made to provide the public with management’s current assessment of the Company’s
business. Although 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 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 release. Such factors may include, without limitation, the risks, uncertainties and regulatory developments discussed
and described in (i) the Company’s 2016 annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”)
on March 1, 2017, including the risks described in Part 1, Item 1A, “Risk Factors” thereof, (ii) the Company’s quarterly report on Form
10-Q filed with the SEC on November 1, 2017, including the risks described in Part II, Item 1A, “Risk Factors” thereof, and (iii) the
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 release speak only as of the date of
this release, 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”
UNITED STATES UPDATE
LOCATIONS IN 26 STATES
Q3 U.S. SEGMENT RESULTS
4
$307
$158
1%
5%
1%
-3% -4%
-2%
0%
2%
4%
6%
$0
$50
$100
$150
$200
$250
$300
$350
Th
ou
san
ds
Current Year (CY) Prior Year (PY) YoY CY YoY PY
Total Revenue
($/millions)
Same-Store PLB1
Same-Store Core
Revenue1
1 Year-over-year change % in same-store Core Revenue and Pawn Loan Balance
U.S. SAME-STORE CORE REVENUE
YEAR-OVER-YEAR GROWTH RATE
5
(3%)
1%
(6%)
(2%)
3%
(1%) (1%)
(1%)
0%
(8%)
(6%)
(4%)
(2%)
0%
2%
4%
6%
Core Revenue Pawn Fees Retail Sales
MERGER UPDATES
6
• POS conversion on schedule for completion in 2017
• Back-office financial and HRIS/Payroll systems
consolidated beginning January 2018
• Cost Synergies expected to meet or exceed target of $65
million
• Store level integration activities continue on track
• Adopt FirstCash incentive compensation plan in 2018 which will increase focus
on profitability metrics and quality of earnings
• Focus on operating improvements around inventory management and retail
strategies
CASH AMERICA IT CONVERSION UPDATE
7
Note: As of 9/30/2017
FOCUS ON REDUCING AGED INVENTORY LEVELS
8
14% 14%
11%
5% 5% 5%
1% 1% 1%
0%
2%
4%
6%
8%
10%
12%
14%
16%
Q1 2017 Q2 2017 Q3 2017
Aged Inventory (361+ Days) as a % of
Total Inventory
CSH Dom.
FCFS Dom.
LatAm
ADMIN SYNERGIES TRACKING (PRO FORMA TTM BASIS)
INCLUDES DEPRECIATION, AMORTIZATION
($/millions)
9
$161 $151 $140 $132 $124 $120
$66
$62
$60
$57
$57 $54
$227
$213
$200
$189
$181
$174
$239
$-
$25
$50
$75
$100
$125
$150
$175
$200
$225
$250
Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4-2017
Projected
Projected Full Run
Rate Synergies
Admin Expense Depreciation & Amortization Pre-Merger Run Rate
ADMINISTRATIVE HEADCOUNT REDUCTIONS
10
383
250 236 237 204
281
265
210 206
194
664
515
446 443
398
0
100
200
300
400
500
600
700
Apr. 30
2016
Dec. 31
2016
Jun. 30
2017
Sep.30
2017
Projected
Dec. 31 2017
Fort Worth Corporate Office Field Support
1Field Support includes internal audit, collections and jewelry processing.
Combined First Cash and Cash
America Headcounts Pre-Merger
LATIN AMERICA UPDATE
MEXICO, GUATEMALA, EL SALVADOR
AND COLOMBIA
Q3 LATAM SEGMENT RESULTS
12
$129
$123
$103
23%
22%
17%
14%
10%
11%
0%
5%
10%
15%
20%
25%
$0
$20
$40
$60
$80
$100
$120
$140
Thou
sand
s
Current Year (CY) Constant Currency Prior Year (PY)
YoY CY CY YoY Constant Currency PY YoY Constant Currency
Total Revenue
($/millions)
Same-Store PLB1
Same-Store Core
Revenue1
1 Year-over-year change % in Same-Store Core Revenue and Pawn Loan Balance
7%
17%
4%
10%
14%
9%
11%
19%
0%0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Core Revenue Pawn Fees Retail Sales
LATAM SAME-STORE CORE REVENUE
YEAR-OVER-YEAR GROWTH RATE, CONSTANT CURRENCY
13
ANTAD1 HISTORICAL SAME-STORE SALES GROWTH BY
RETAILER TYPE
14
1 ANTAD (Asociación Nacional de Tiendas de Autoservicio y Departamentales) is the National Retailers Association of Mexico.
Source: ANTAD
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2011 2012 2013 2014 2015 2016
YoY Retail Sales Growth %
Supermarkets Department Stores General Goods Total FC LatAm
LATIN AMERICA LOCATIONS
15
Latin America Locations Ratios
96% 3%
1%
Mexico
Guatemala
El Salvador
By Country
69%
31%
New Store
Opening
Acquisition
By Store Type
Note: As of 9/30/2017
LATIN AMERICA STORE GROWTH
16
597
674
737
955 989
0
200
400
600
800
1,000
1,200
2013 2014 2015 2016 YTD-Sep
2017
Latin American Locations, End of Period
MAXI PRENDA UPDATE
17
• Completed acquisition in early 2016
• Store counts at acquisition date
Mexico 166
Guatemala 32
El Salvador 13
3 stores closed since acquisition
• Most locations were smaller footprint stores than traditional
FirstCash model
• Q3 results (constant currency basis)
Same-Store Retail Sales +52%
Same-Store Pawn Fees +18%
Increase in Net Store Contribution +22%
LATAM STORE METRICS
18
1Results for the trailing 12 months ended 9/30/17
2As of 9/30/17
Maxi Prenda
Cash America
Mexico
First Cash
2012 Vintage
Revenue per Store1
(fx Rate: 1 USD = 19 MXN)
$370,000 $460,000 $480,000
YoY Loan Balance Growth Rate2 19% 11% 13%
Retail Sales Margin1 34% 36% 37%
MEXICAN PAWN INDUSTRY OVERVIEW
(BASED ON PROFECO REGISTRATION DATA)
19
• Approximately 7,000 total registered stores
• First Cash has the most locations (989) representing
approximately 15% of the total
• Non-profit foundations such as Monte de Piedad, Luz Savinon
and Donde have approximately 850 locations
• There are 9 other large operators (75 stores or more) that
represent approximately 25% of the market
• Smaller operators (less than 75 stores) control 50% of the market
NEW MARKET UPDATE
RATIONAL FOR COLOMBIA EXPANSION
20
FRENCH GUIANA
BRAZIL
ARGENTINA
CHILE
URUGUAY
VENEZUELA
COLOMBIA1
SURINAME
ECUADOR
PERU
BOLIVIA
PARAGUAY
GUYANA
Note: 1Early 2018 planned market entry
Population
mid-2017
(millions) mid-2030 mid-2050
Brazil 207.9 223.9 231.1
Colombia 49.3 55.4 61.5
Argentina 44.3 49.0 54.1
Peru 31.8 36.4 41.2
Venezuela 31.4 36.1 40.5
Chile 18.4 20.0 21.1
Ecuador 16.8 19.7 23.2
U.S. 325.4 357.7 396.8
Pop. Projections
0
50
100
150
200
250
300
350
400
1990 2000 2010 2016
Bil
lio
ns
Colombia GDP (Current US$)
Source: 2World Bank
CASH FLOW AND CREDIT
METRICS
ADJUSTED FREE CASH FLOW
($/millions)
22
$71 $68 $68
$195
$0
$25
$50
$75
$100
$125
$150
$175
$200
2014 2015 2016 TTM
9/30/2017
Adj. Free Cash Flow1
1Adjusted Free Cash Flow is a non-GAAP number. See appendix for reconciliation to Adjusted Free Cash Flow from Operating Activities.
LEVERAGE PROFILE
($/millions)
23
$200 $200 $200
$300 $300
$360
$260
$137
$97
$140
$560
$460
$337
$397
$440
$0
$100
$200
$300
$400
$500
$600
9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017
FCFS 2021 Sr. Notes FCFS 2024 Sr. Notes FCFS Line of Credit Net Debt
Net Debt Ratio (Net
Debt/TTM Adjusted EBITDA)
= 1.3 to 1
1Net Debt Ratio is a non-GAAP number. See Company Q3-2017 10-Q filing from November 1, 2017 for reconciliation to
Adjusted EBITDA from Net Income.
FINANCIAL COVENANTS – LINE OF CREDIT
24
1.67
1.78 1.79
1.91 1.89
1.25
0.00
0.50
1.00
1.50
2.00
2.50
Fixed Charge Coverage Ratio
Fixed Charge Ratio No Less Than
2.15
1.75
1.24
1.44
1.61
2.75
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Total Leverage Ratio
TTL Leverage Ratio No Greater Than
2.93
2.36
1.60
1.89
2.28
3.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Domestic Leverage Ratio
Dom. Leverage Ratio No Greater Than
SHAREHOLDER PAYOUT AS % OF NET INCOME
($/millions)
71%
76%
46%
52%
66%
33%
90%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
20,000
40,000
60,000
80,000
100,000
120,000
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 TTM
Sep-17
Net Income (GAAP) Shareholder Payout Payout Ratio
25
OVER $1.1 BILLION IN CUMULATIVE INVESTMENTS &
SHAREHOLDER PAYOUTS
26
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3-17
$
M
ill
io
ns
Stock Repurchases & Dividends Acquisitions Capital Expenditures Outstanding Debt
Cumulative Total
$ Millions
$450
$296
$414
Stock Repurchases & Dividends:
- 13,233,933 split-adjusted shares repurchased
- $47 million in cumulative dividends paid
Acquisitions Since 2004:
- 161 stores acquired in U.S.
- 316 stores acquired in Latin America
- 815 stores acquired in Cash America Merger
Capital Expenditures Since 2004:
- Includes 761 De Novo store openings
$440
APPENDIX
NON-GAAP FINANCIAL INFORMATION
28
The Company uses certain financial calculations, such as adjusted net income, adjusted net
income per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow and
constant currency results (collectively "Non-GAAP Measures"), which are not considered
measures of financial performance under U.S. generally accepted accounting principles
("GAAP"). Items excluded from the calculation of Non-GAAP Measures are significant
components in understanding and assessing the Company’s financial performance. Since
Non-GAAP Measures are not measures determined in accordance with GAAP and are thus
susceptible to varying calculations, Non-GAAP Measures, as presented, may not be
comparable to other similarly titled measures of other companies. Non-GAAP Measures
should not be considered as alternatives to net income, cash flow provided by or used in
operating, investing or financing activities or other financial statement data presented in
the Company’s consolidated financial statements as indicators of financial performance or
liquidity. Non-GAAP Measures should be evaluated in conjunction with, and are not a
substitute for, GAAP financial measures.
RECONCILIATION OF NET INCOME TO EBITDA AND
ADJUSTED EBITDA
($/MILLIONS)
29
Year Ended December 31,
TTM 9/30/2017 2016 2015 2014
Net Income $112,850 $60,127 $60,710 $85,166
Income taxes 58,544 33,320 26,971 31,542
Depreciation and amortization(1) 57,504 31,865 17,446 17,476
Interest expense 24,288 20,320 16,887 13,527
Interest Income (1,253) (751) (1,566) (682)
EBITDA 251,933 144,881 120,448 147,029
Adjustments:
Merger related expenses 5,657 36,220 - -
Other acquisition expenses 300 450 2,875 998
Loss on extinguishment of debt 14,114 - - -
Restructuring expenses related to U.S.
consumer loan ops - - 8,878 -
Net gain on sale of common stock of
Enova (1,552) (1,299) - -
Adjusted EBITDA $270,452 $180,252 $132,201 $148,027
1For fiscal year 2015, excludes $493 of depreciation and amortization, which is included in the restructuring expenses related to U.S.
consumer loan operations
RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES
TO FREE CASH FLOW & ADJUSTED FREE CASH FLOW
($/millions)
30
2013 2014 2015 2016 2017 2016
Cash flow from operating activities $ 106,718 $ 97,679 $ 92,749 $ 96,854 $ 205,226 $ 68,101
ash flow from investing activities:
Loan receivables, net of cash repayments (411) (2,470) (3,716) (16,072) 20,675 (12,903)
Purchases of property and equipment (26,672) (23,954) (21,073) (33,863) (37,032) (28,971)
Free cash flow 79,635 71,255 67,960 46,919 188,869 26,227
Merger related expenses paid, net of tax 0 0 0 20,939 5,667 19,715
Adjusted free cash flow $ 79,635 $ 71,255 $ 67,960 $ 67,858 $ 194,536 $ 45,942
Trailing Twelve
Months Ended
September 30,Year Ended December 31,