FirstCash Holdings Inc
For the period ended Mar 31, 2024. Filed Apr 29, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 29, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
Table of Contents
| FIRSTCASH HOLDINGS, INC. | ||
|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (unaudited, in thousands) | ||
| Three Months Ended | ||
| March 31, | ||
| 2024 | 2023 | |
| 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 merchandise | 120,284 | 101,605 |
| Provision for lease losses | 43,010 | 49,065 |
| Provision for loan losses | 30,418 | 29,285 |
| Share-based compensation expense | 4,101 | 3,375 |
| Depreciation and amortization expense | 26,027 | 27,111 |
| Amortization of debt issuance costs | 819 | 692 |
| Net amortization of premiums, discounts and unearned origination fees on finance receivables | (6,859) | (3,344) |
| Impairments and dispositions of certain other assets | 461 | 45 |
| Deferred income taxes, net | (2,421) | (5,732) |
| Changes in operating assets and liabilities, net of business combinations: | ||
| Accounts receivable, net | 2,491 | 2,484 |
| Inventories purchased directly from customers, wholesalers or manufacturers | 3,912 | 12,819 |
| Leased merchandise, net | (149,888) | (146,222) |
| Prepaid expenses and other assets | 1,935 | (2,138) |
| Accounts payable, accrued liabilities and other liabilities | (31,722) | (20,992) |
| Income taxes | 18,596 | 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 facilities | 50,000 | 73,000 |
| Repayments of unsecured credit facilities | (603,000) | (104,000) |
| Issuance of senior unsecured notes | 500,000 | — |
| 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) |
Table of Contents
| FIRSTCASH HOLDINGS, INC. | ||
|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| CONTINUED | ||
| (unaudited, in thousands) | ||
| Three Months Ended | ||
| March 31, | ||
| 2024 | 2023 | |
| Effect of exchange rates on cash | 88 | 2,094 |
| Change in cash and cash equivalents | 8,052 | (16,535) |
| Cash and cash equivalents at beginning of the period | 127,018 | 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.