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FirstCash Holdings, Inc. (symbol: FCFS) is a renowned specialty retailer and provider of consumer financial services, founded in 1988. The company operates over 800 stores across twelve U.S. states and 24 states in Mexico, comprising a significant presence in both the United States and Latin America. FirstCash primarily offers small pawn loans secured by personal property and engages in the retail of a wide variety of merchandise including jewelry, electronics, and tools.
The company operates through three reportable segments: U.S. pawn, Latin America pawn, and Retail POS payment solutions (AFF). A major portion of the company's revenue is derived from the U.S. Pawn segment. Nearly 30% of its revenue comes from interest earned on pawn loans, while approximately 70% comes from reselling forfeited items in its retail outlets. These pawn services give borrowers the option to either repay the loans with interest or forfeit the collateral without further penalty.
In addition to pawn shops, FirstCash's short-term loan locations offer a variety of financial services such as short-term loans, check cashing, and credit services. This diversified business model enables the company to cater to a broad customer base with varying financial needs.
The company's common stock is traded on the Nasdaq Global Select Market under the ticker symbol
FirstCash Holdings reported record third quarter results with notable achievements across segments. The company saw a 6% increase in gross revenues to $837 million and a 14% rise in diluted earnings per share. U.S. pawn segment showed strong performance with a 12% growth in pawn receivables and 13% increase in pawn loan fees. The Latin America segment demonstrated growth in local currency metrics, while AFF recorded a 14% increase in third quarter gross origination volumes. The company expanded its retail presence by adding 16 new pawn stores in Q3 and 83 stores year-to-date. The Board declared a quarterly cash dividend of $0.38 per share.
FirstCash Holdings (Nasdaq: FCFS) has amended its unsecured bank credit facility, increasing the commitment from $640 million to $700 million and extending the maturity date from August 2027 to August 2029. The amendment also allows for an increased permitted leverage ratio of up to 3.25 times adjusted EBITDA for the full term. This expansion provides FirstCash with five years of significant long-term committed capital to support growth in the U.S. and Latin America, as well as ongoing shareholder payouts through dividends and share repurchases.
FirstCash operates over 3,000 pawn stores internationally and offers retail POS payment solutions. The company's pawn segments account for about 80% of segment earnings, with the remainder from its subsidiary AFF, providing lease-to-own and retail finance payment solutions.
FirstCash (Nasdaq: FCFS) announced its second quarter 2024 results, highlighting significant growth in its U.S. pawn segment. U.S. pawn fee revenue grew by 22%, driving a 25% increase in segment earnings. The company added 47 pawn locations through acquisitions and new store openings.
Total revenue for Q2 reached $831 million, an 11% increase from the prior-year quarter. Net income rose 9% to $49 million, with adjusted net income at $61.9 million. Year-to-date revenue totaled $1.7 billion, up 10% from last year.
Adjusted EBITDA increased by 13% to $117.7 million. Operating cash flows for the past 12 months were $439 million.
The company repurchased $85 million in stock and increased its quarterly dividend by 9% to $0.38 per share. FirstCash's outlook for 2024 remains positive, anticipating further growth driven by pawn operations and recent store additions.
FirstCash Holdings, Inc. (Nasdaq: FCFS) reported strong Q1 2023 results with consolidated revenues of $762.7 million, a 16% increase year-over-year. The company's net income surged by 69% to $47.4 million, and diluted EPS reached $1.02, reflecting a 76% increase. The U.S. and Latin America segments each reported a 15% growth in pawn fees. The retail POS payment solutions segment also saw significant growth, with revenues increasing by 24%. The board declared a cash dividend of $0.33 per share to be paid in May 2023. FirstCash continues to expand, adding 17 pawn locations and repurchasing $71 million in stock. With robust cash flows of $460 million and an improved debt-to-EBITDA ratio of 2.8x, FirstCash maintains a positive outlook for 2023, expecting continued revenue and earnings growth across all segments.
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