FirstCash Holdings, Inc.

Previous wording

The Company’s primary line of business is the operation of retail pawn stores, also known as “pawnshops,” which focus on serving cash- and credit-constrained consumers. The Company is the leading operator of pawn stores in the U.S., Latin America and the U.K. Pawn stores help customers meet small short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers. Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the term of the loan. Pawn stores also generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers.

Current wording

The Company’s primary line of business is the operation of retail pawn stores, also known as “pawnshops,” which focus on serving cash- and credit-constrained consumers. The Company is the leading international operator of pawn stores with locations in the U.S., Latin America and the U.K. Pawn stores help customers meet small short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers. Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the term of the loan. Pawn stores also generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers.

Previous wording

The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results. For further detail, see Note 3 of Notes to Consolidated Financial Statements.

Current wording

The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results.

Previous wording

The Company is also a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services. The Company’s retail POS payment solutions business line consists solely of the operations of AFF, which focuses on LTO products and facilitating other retail financing payment options across a large network of traditional and e-commerce merchant partners in the U.S. AFF’s retail partners provide consumer goods and services to their customers and use AFF’s LTO and retail finance solutions to facilitate payments on such transactions.

Current wording

The Company is also a leading provider of customer payment solutions at the POS for retailers of consumer goods and services, which it conducts solely through its subsidiary, AFF. The Company’s customer payment solutions business line focuses on LTO products and facilitating other retail financing payment options across a large network of traditional and e-commerce merchant partners in the U.S. AFF’s retail partners provide consumer goods and services to their customers and use AFF’s LTO and retail finance solutions to facilitate payments on such transactions.

Previous wording

The Company’s two business lines are organized into four reportable segments. The U.S. pawn segment consists of pawn operations in the U.S., the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia and the U.K. pawn segment consists of pawn operations in the U.K. The retail POS payment solutions segment consists of the operations of AFF in the U.S.

Current wording

The Company’s two business lines are organized into four reportable segments. The U.S. pawn segment consists of pawn operations in the U.S.; the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia; and the U.K. pawn segment consists of pawn operations in England, Scotland and Wales. The retail POS payment solutions segment consists of the operations of AFF in the U.S.

Previous wording

As of September 30, 2025, the Company operated 3,311 pawn store locations composed of 1,193 stores in 29 U.S. states and the District of Columbia, 1,729 stores in 32 states in Mexico, 73 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 286 stores in the U.K.

Current wording

As of March 31, 2026, the Company operated 3,334 pawn store locations composed of 1,207 stores in 29 U.S. states and the District of Columbia, 1,733 stores in 32 states in Mexico, 75 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 289 stores in the U.K.

Previous wording

The following tables detail pawn store count activity for the three and nine months ended September 30, 2025:

Current wording

The following table details pawn store count activity for the three months ended March 31, 2026:

Previous wording

As of September 30, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 15,800 active retail merchant partner locations located in all 50 U.S. states and the District of Columbia. This compares to the active door count of approximately 13,500 locations at September 30, 2024.

Current wording

As of March 31, 2026, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 16,600 active retail merchant partner locations located in all 50 U.S. states and the District of Columbia, up from approximately 14,500 locations at March 31, 2025.

Previous wording

The financial statements have been prepared in accordance with GAAP. The significant accounting policies and estimates that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results have been reported in the Company’s 2024 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies for the nine months ended September 30, 2025.

Current wording

The financial statements have been prepared in accordance with GAAP. The significant accounting policies and estimates that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results have been reported in the Company’s 2025 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies for the three months ended March 31, 2026.

Previous wording

The following tables present segment information for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 (in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees and certain of AFF’s operations-focused departments, occupancy costs, bank and other payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs, security, insurance, utilities, supplies, other costs incurred by the pawn stores and other operational costs incurred by AFF. Administrative expenses and amortization expense of acquired intangible assets are not included in the segment pre-tax operating income.

Current wording

Operating expenses of the three pawn segments include salary and benefit expenses of store-level employees, occupancy costs, bank and other treasury fees, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Operating expenses of the AFF segment include salary and benefit expenses of operations-focused departments, payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs and other operational costs incurred by AFF.

Previous wording

U.S. retail merchandise sales increased 8% to $253.0 million during the third quarter of 2025 compared to $235.0 million for the third quarter of 2024. Same-store retail sales increased 7% in the third quarter of 2025 compared to the third quarter of 2024. The increase in total and same-store retail sales was primarily due to continued strong demand for value priced merchandise and increased inventory levels during the third quarter of 2025 compared to the third quarter of 2024. The gross profit margin on retail merchandise sales in the U.S. was 43% during both the third quarter of 2025 and 2024.

Current wording

U.S. retail merchandise sales increased 13% to $283.8 million during the first quarter of 2026 compared to $251.2 million for the first quarter of 2025. Same-store retail sales increased 9% in the first quarter of 2026 compared to the first quarter of 2025. The increase in total and same-store retail sales was primarily due to continued strong demand for value priced merchandise and increased inventory levels during the first quarter of 2026 compared to the first quarter of 2025. The gross profit margin on retail merchandise sales in the U.S. increased to 44% during the first quarter of 2026 compared to 42% during the first quarter of 2025.

Previous wording

U.S. inventories increased 12% to $266.5 million at September 30, 2025 compared to $238.7 million at September 30, 2024. The increase was primarily due to increases in pawn loan receivable balances creating more forfeited inventory. Inventories aged greater than one year in the U.S. were 1.9% at September 30, 2025 compared to 1.5% at September 30, 2024.

Current wording

U.S. inventories increased 27% to $311.6 million at March 31, 2026 compared to $246.2 million at March 31, 2025. The increase was primarily due to increases in pawn lending activity over the past several quarters, which created more forfeited inventory available for sale. Inventories aged greater than one year in the U.S. were 1.7% at both March 31, 2026 and 2025.

Previous wording

U.S. pawn loan receivables as of September 30, 2025 increased 12% in total and 13% on a same-store basis compared to September 30, 2024. The Company believes the increase in same-store pawn receivables was primarily due to continued strong customer demand from a combination of more customer transactions and larger loan amounts requested by the Company’s customers.

Current wording

U.S. pawn loan receivables as of March 31, 2026 increased 21% in total and 19% on a same-store basis compared to March 31, 2025. The Company believes the increase in same-store pawn receivables was primarily due to continued strong customer demand from a combination of more customer transactions and an increase in the average loan amount requested by customers.

Previous wording

U.S. pawn loan fees increased 8% to $138.9 million during the third quarter of 2025 compared to $128.4 million for the third quarter of 2024. Same-store pawn loan fees increased 9% in the third quarter of 2025 compared to the third quarter of 2024. The increase in total and same-store pawn loan fees was due to the higher pawn loan balances.

Current wording

U.S. pawn loan fees increased 14% to $157.8 million during the first quarter of 2026 compared to $137.9 million for the first quarter of 2025. Same-store pawn loan fees increased 13% in the first quarter of 2026 compared to the first quarter of 2025. The increase in total and same-store pawn loan fees was due to the higher pawn receivable balances.

Previous wording

U.S. operating expenses increased 4% to $133.0 million during the third quarter of 2025 compared to $128.1 million during the third quarter of 2024 while same-store operating expenses also increased 4% compared with the prior-year period. The increase in operating expenses was primarily due to increased labor and variable compensation expenses.

Current wording

U.S. operating expenses increased 12% to $143.9 million during the first quarter of 2026 compared to $129.0 million during the first quarter of 2025 while same-store operating expenses increased 10% compared with the prior-year period. The increase in operating expenses was primarily due to increased labor and variable compensation expenses.

Previous wording

The U.S. segment pre-tax operating income for the third quarter of 2025 was $112.0 million, which generated a pre-tax segment operating margin of 26% compared to $98.3 million and 25% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected increased net revenue, partially offset by an increase in segment expenses.

Current wording

The U.S. segment pre-tax operating income for the first quarter of 2026 was $141.4 million, which generated a pre-tax segment operating margin of 29% compared to $113.1 million and 27% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected increased net revenue, partially offset by an increase in segment expenses.

Previous wording

Latin America segment pre-tax operating income for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 benefited from a 2% favorable change in the average value of the Mexican peso compared to the U.S. dollar. The translated value of Latin American earning assets as of September 30, 2025 compared to September 30, 2024 also benefited from a 6% favorable change in the end-of-period Mexican peso compared to the U.S. dollar. Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section in “Non-GAAP Financial Information” below for additional discussion of constant currency operating results.

Current wording

Latin America segment pre-tax operating income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 benefited from a 14% favorable change in the average value of the Mexican peso compared to the U.S. dollar. The translated value of Latin American earning assets as of March 31, 2026 compared to March 31, 2025 also benefited from an 11% favorable change in the end-of-period Mexican peso compared to the U.S. dollar. Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section in “Non-GAAP Financial Information” below for additional discussion of constant currency operating results.

Previous wording

Latin America retail merchandise sales increased 12% (10% on a constant currency basis) to $144.6 million during the third quarter of 2025 compared to $129.1 million for the third quarter of 2024. Same-store retail sales increased 11% (10% on a constant currency basis) during the third quarter of 2025 compared to the third quarter of 2024. The increase in constant currency total and same-store retail sales was primarily due to strong demand for value priced merchandise and increased inventory levels during the third quarter of 2025 compared to the third quarter of 2024. The gross profit margin on retail merchandise sales was 36% during the third quarter of 2025 compared to 35% during the third quarter of 2024.

Current wording

Latin America retail merchandise sales increased 33% (15% on a constant currency basis) to $159.8 million during the first quarter of 2026 compared to $120.5 million for the first quarter of 2025. Same-store retail sales also increased 33% (15% on a constant currency basis) during the first quarter of 2026 compared to the first quarter of 2025. The increase in constant currency total and same-store retail sales was primarily due to strong demand for value priced merchandise and increased inventory levels during the first quarter of 2026 compared to the first quarter of 2025. The gross profit margin on retail merchandise sales was 35% during both the first quarter of 2026 and 2025.

Previous wording

Latin America inventories increased 30% (22% on a constant currency basis) to $124.1 million at September 30, 2025 compared to $95.7 million at September 30, 2024. The increase in constant currency inventories was primarily due to increases in pawn loan receivable balances over the past several quarters creating more forfeited inventory and a slightly increased mix of higher value jewelry inventory. Inventories aged greater than one year in Latin America were 1.4% at September 30, 2025 compared to 1.2% at September 30, 2024.

Current wording

Latin America inventories increased 63% (46% on a constant currency basis) to $144.0 million at March 31, 2026 compared to $88.5 million at March 31, 2025. The increase in constant currency inventories was primarily due to increased pawn lending activity over the past several quarters, creating more forfeited inventory and a slightly increased mix of higher value jewelry inventory. Inventories aged greater than one year in Latin America were 1.3% at March 31, 2026 compared to 1.5% at March 31, 2025.

Previous wording

Latin America pawn loan receivables increased 27% (19% on a constant currency basis) as of September 30, 2025 compared to September 30, 2024. On a same-store basis, pawn loan receivables increased 25% (18% on a constant currency basis) as of September 30, 2025 compared to September 30, 2024. The increase in constant currency total and same-store pawn receivables is primarily due to increasing demand for pawn loans and larger loan sizes, driven in part by higher gold prices and a slightly increased mix of higher value jewelry loans.

Current wording

Latin America pawn loan receivables increased 45% (30% on a constant currency basis) as of March 31, 2026 compared to March 31, 2025. On a same-store basis, pawn loan receivables also increased 45% (30% on a constant currency basis) as of March 31, 2026 compared to March 31, 2025. The increase in constant currency total and same-store pawn receivables is primarily due to increased number of pawn loans and larger average loan sizes, driven in part by an increased mix of higher value jewelry loans.

Previous wording

Latin America pawn loan fees increased 16% (14% on a constant currency basis), totaling $67.2 million during the third quarter of 2025 compared to $58.2 million for the third quarter of 2024. Same-store pawn fees increased 15% (13% on a constant currency basis) in the third quarter of 2025 compared to the third quarter of 2024. The constant currency increase in total and same-store pawn loan fees was primarily due to increased constant currency pawn receivables.

Current wording

Latin America pawn loan fees increased 42% (23% on a constant currency basis), totaling $76.6 million during the first quarter of 2026 compared to $53.9 million for the first quarter of 2025. Same-store pawn fees also increased 42% (23% on a constant currency basis) in the first quarter of 2026 compared to the first quarter of 2025. The constant currency increase in total and same-store pawn loan fees was primarily due to increased constant currency pawn receivables.

Previous wording

Operating expenses increased 12% (10% on a constant currency basis) to $70.3 million during the third quarter of 2025 compared to $63.1 million during the third quarter of 2024. Same-store operating expenses also increased 12% (10% on a constant currency basis) compared to the prior-year period. The constant currency increase in total and same-store operating expenses was primarily driven by general inflationary impacts and continued increases in the federally mandated minimum wage.

Current wording

Operating expenses increased 31% (14% on a constant currency basis) to $80.7 million during the first quarter of 2026 compared to $61.4 million during the first quarter of 2025. Same-store operating expenses also increased 31% (14% on a constant currency basis) compared to the prior-year period. The constant currency increase in total and same-store operating expenses was primarily driven by general inflationary impacts and continued increases in the federally mandated minimum wage.

Previous wording

The segment pre-tax operating income for the third quarter of 2025 was $47.0 million, which generated a pre-tax segment operating margin of 20% compared to $38.5 million and 19% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected increased net revenue, partially offset by an increase in segment expenses.

Current wording

The segment pre-tax operating income for the first quarter of 2026 was $50.9 million, which generated a pre-tax segment operating margin of 20% compared to $31.4 million and 17% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected increased net revenue, partially offset by an increase in segment expenses.

Previous wording

The U.K. pawn segment contributed $55.0 million in revenue and $17.9 million in pre-tax segment operating income for the third quarter of 2025. The resulting pre-tax segment operating margin was 33%.

Current wording

The U.K. pawn segment contributed $101.7 million in revenue and $39.2 million in segment pre-tax operating income for the first quarter of 2026. The resulting segment pre-tax operating margin was 39%.

Previous wording

(1)Includes $0.2 million of intersegment transactions as of both September 30, 2025 and 2024 related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation.

Current wording

(1)Includes less than $0.1 million and $0.2 million of intersegment transactions as of March 31, 2026 and 2025, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation.

Previous wording

The following table details retail POS payment solutions changes in the allowance for lease and loan losses and other portfolio metrics for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024:

Current wording

The following table details certain retail POS payment solutions portfolio metrics for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025:

Previous wording

Leased merchandise, before allowance for lease losses, decreased 29% to $164.2 million as of September 30, 2025 compared to $231.8 million as of September 30, 2024. The decrease was primarily due to reduced originations resulting from the bankruptcy filings in late 2024 for two of AFF’s larger retail furniture merchant partners, American Freight (“A-Freight”) and Conn’s Home Plus (“Conn’s”).

Current wording

Leased merchandise, before allowance for lease losses, decreased 8% to $158.5 million as of March 31, 2026 compared to $172.9 million as of March 31, 2025. The decrease was primarily due to decreased gross transaction volumes originated throughout 2025 resulting from the bankruptcy filings in late 2024 for two of AFF’s larger retail furniture merchant partners.

Previous wording

The allowance for lease losses decreased 31% to $64.3 million as of September 30, 2025 compared to $93.8 million as of September 30, 2024, which was primarily due to the decrease in leased merchandise. As a percentage of lease merchandise, the allowance was 39% at September 30, 2025 and 40% at September 30, 2024.

Current wording

The allowance for lease losses decreased 11% to $61.2 million as of March 31, 2026 compared to $69.1 million as of March 31, 2025, which was primarily due to the decrease in leased merchandise balances outstanding. As a percentage of leased merchandise, the allowance was 39% at March 31, 2026 and 40% at March 31, 2025.

Previous wording

Leased merchandise income decreased 30% to $132.5 million during the third quarter of 2025 compared to $188.6 million during the third quarter of 2024, which was primarily due to lower average leased merchandise balances outstanding during the third quarter of 2025 compared to the third quarter of 2024.

Current wording

Leased merchandise income decreased 17% to $130.2 million during the first quarter of 2026 compared to $156.9 million during the first quarter of 2025, which was primarily due to lower average leased merchandise balances outstanding during the first quarter of 2026 compared to the first quarter of 2025.

Previous wording

Depreciation of leased merchandise decreased 28% to $76.3 million during the third quarter of 2025 compared to $105.3 million during the third quarter of 2024, primarily due to the decrease in leased merchandise balances outstanding. As a percentage of leased merchandise income, depreciation of leased merchandise increased slightly to 58% during the third quarter of 2025 from 56% during the third quarter of 2024.

Current wording

Depreciation of leased merchandise decreased 9% to $81.4 million during the first quarter of 2026 compared to $89.1 million during the first quarter of 2025, primarily due to the decrease in leased merchandise balances outstanding partially offset by increased early buyout activity resulting in an increase in accelerated depreciation during the first quarter of 2026 compared to the first quarter of 2025. As a percentage of leased merchandise income, depreciation of leased merchandise increased to 62% during the first quarter of 2026 from 57% during the first quarter of 2025.

Previous wording

The allowance for loan losses increased 6% to $115.7 million as of September 30, 2025 compared to $109.2 million as of September 30, 2024, which was primarily due to the increase in finance receivables, partially offset by lower loan loss provisioning rates used during the third quarter of 2025 compared to the third quarter of 2024. As a percentage of finance receivables, the allowance was 43% at September 30, 2025 compared to 47% at September 30, 2024.

Current wording

The allowance for loan losses decreased 12% to $104.6 million as of March 31, 2026 compared to $118.3 million as of March 31, 2025, which was primarily due to the decrease in finance receivables outstanding. As a percentage of finance receivables, the allowance was 43% at March 31, 2026 compared to 45% at March 31, 2025.

Previous wording

Interest and fees on finance receivables increased 33% to $81.7 million during the third quarter of 2025 compared to $61.2 million during the third quarter of 2024. The increase was primarily due to higher average finance receivable balances outstanding during the third quarter of 2025 compared to the third quarter of 2024, partially offset by a slight decline in portfolio yield primarily as a result of AFF expanding its offerings and merchant relationships in certain services sector verticals over the past twelve months, some of which are provided at lower interest rates.

Current wording

Interest and fees on retail finance products increased 1% to $74.3 million during the first quarter of 2026 compared to $73.4 million during the first quarter of 2025. The increase was primarily due to higher combined average finance receivable and OBS Loan balances outstanding during the first quarter of 2026 compared to the first quarter of 2025, partially offset by a slight decline in portfolio yield primarily as a result of AFF expanding its offerings and merchant relationships in certain services sector verticals over the past twelve months, some of which are provided at lower interest rates.

Previous wording

The retail POS payment solutions segment pre-tax operating income for the third quarter of 2025 was $46.0 million compared to $30.2 million in the third quarter of 2024. The increase was primarily the result of the increase in segment net revenue and a decrease in operating expenses.

Current wording

The retail POS payment solutions segment pre-tax operating income for the first quarter of 2026 was $25.9 million compared to $52.3 million in the first quarter of 2025. The decrease was primarily the result of the decrease in segment net revenue, partially offset by a decrease in operating expenses.

Previous wording

Administrative expenses increased 39% to $58.8 million during the third quarter of 2025 compared to $42.2 million in the third quarter of 2024, primarily due to the addition of administrative expenses of H&T, increased variable compensation, general inflationary impacts and a 2% change in the average value of the Mexican peso resulting in higher U.S. dollar translated administrative expenses in Latin America. As a percentage of revenue, administrative expenses were 6% in the third quarter of 2025 compared to 5% during the third quarter of 2024.

Current wording

Administrative expenses increased 36% to $65.8 million during the first quarter of 2026 compared to $48.5 million in the first quarter of 2025, primarily due to the addition of administrative expenses of H&T, increased variable compensation, general inflationary impacts and a 14% change in the average value of the Mexican peso resulting in higher U.S. dollar translated administrative expenses in Latin America. As a percentage of revenue, administrative expenses were 6% in both the first quarter of 2026 and 2025.

Previous wording

Depreciation and amortization increased 11% to $14.7 million during the third quarter of 2025 compared to $13.2 million in the third quarter of 2024, primarily due to the addition of depreciation and amortization expenses of H&T during the third quarter of 2025.

Current wording

Depreciation and amortization increased 26% to $16.1 million during the first quarter of 2026 compared to $12.8 million in the first quarter of 2025, primarily due to the addition of depreciation and amortization expenses of H&T during the first quarter of 2026.

Previous wording

Interest expense increased 17% to $32.2 million during the third quarter of 2025 compared to $27.4 million in the third quarter of 2024, primarily due to higher average total long-term debt balances outstanding. See Note 8 of Notes to Consolidated Financial Statements and “Liquidity and Capital Resources.”

Current wording

Interest expense increased 26% to $34.5 million during the first quarter of 2026 compared to $27.5 million in the first quarter of 2025, primarily due to increased outstanding long-term debt balances. See Note 7 of Notes to Consolidated Financial Statements and “Liquidity and Capital Resources.”

Previous wording

•Expansion of retail POS payment solutions operations through growth of the business generated from new and existing merchant partners; and

Current wording

•Growth of earning assets in the retail POS payment solutions operations through transaction volumes generated from new and existing merchant partners; and

Previous wording

Other material capital requirements include operating expenses (see Note 4 of Notes to Consolidated Financial Statements regarding operating lease commitments), maintenance capital expenditures related to its facilities, technology platforms, general corporate operating activities, income tax payments and debt service, among others. The Company believes that net cash provided by operating activities and available and unused funds under its revolving unsecured and secured credit facilities will be adequate to meet its liquidity and capital needs for these items over the next 12 months and also in the longer-term beyond the next 12 months.

Current wording

Other material capital requirements include operating expenses (see Note 3 of Notes to Consolidated Financial Statements regarding operating lease commitments), maintenance capital expenditures related to its facilities, technology platforms, general corporate operating activities, income tax payments and debt service, among others. The Company believes that net cash provided by operating activities and available and unused funds under its revolving credit facilities will be adequate to meet its liquidity and capital needs for these items over the next 12 months and also in the longer-term beyond the next 12 months.

Previous wording

The Company currently has no other contractual commitments for materially significant future acquisitions, business combinations or capital commitments. For the full year of 2025, the Company expects to continue adding store locations through new store openings and acquisitions. Future store openings and acquisitions are subject to the Company’s ability to identify acquisition opportunities and new location sites in markets with attractive demographics and favorable regulatory environments.

Current wording

During the three months ended March 31, 2026, the Company opened four new stores in Latin America, three new stores in the U.K. and acquired one pawn store in the U.S. The Company evaluates potential acquisitions based upon growth potential, purchase price, available liquidity, strategic fit and quality of management personnel, among other factors. Future store openings and acquisitions are subject to the Company’s ability to identify acquisition opportunities and new location sites in markets with attractive demographics and favorable regulatory environments. The Company currently has no other contractual commitments for materially significant future acquisitions, business combinations or capital commitments.

Previous wording

On August 14, 2025, the Company completed its previously announced acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations. Under the terms of the H&T Acquisition, H&T shareholders received 650 pence per share in cash. The total equity value for the H&T Acquisition, including cash consideration for the shares, was £289.1 million ($392.4 million USD using the August 13, 2025 closing GBP/USD exchange rate of 1.36). H&T had outstanding indebtedness of £79.6 million as of August 14, 2025 ($108.0 million USD using the August 13, 2025 closing GBP/USD exchange rate of 1.36), which the Company assumed upon closing. The Company also incurred, and expects to incur additional costs, expenses and fees for professional services, financing and other transaction and integration costs in connection with the H&T Acquisition. The substantial majority of these costs will be non-recurring expenses relating to the H&T Acquisition. The Company financed the H&T Acquisition and other costs with available funds under the Credit Facility.

Current wording

The Company also incurred, and expects to incur, additional costs, expenses and fees for professional services, financing and other transaction and integration costs in connection with the H&T Acquisition. The substantial majority of these costs will be non-recurring expenses relating to the H&T Acquisition. The Company financed the H&T Acquisition and other costs with available funds under the Credit Facility.

Previous wording

Although viewed by management as a discretionary expenditure not required to operate its pawn stores, the Company may continue to strategically purchase real estate from its landlords at existing stores or in conjunction with pawn store acquisitions as opportunities arise at reasonable valuations. The Company purchased the real estate at 33 store locations, primarily from landlords at existing stores, for a cumulative purchase price of $44.2 million during the nine months ended September 30, 2025.

Current wording

Although viewed by management as a discretionary expenditure not required to operate its pawn stores, the Company may continue to strategically purchase real estate from its landlords at existing stores or in conjunction with pawn store acquisitions as opportunities arise at reasonable valuations. During the three months ended March 31, 2026, the Company purchased the real estate at 15 store locations, primarily from landlords at existing stores, for a cumulative purchase price of $30.5 million. As of March 31, 2026, the Company owned the real estate at a total of 458 pawn locations, primarily in the U.S., along with its corporate headquarters building in Fort Worth, Texas.