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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, Inc. (Nasdaq: FCFS) reported record operating results for Q4 and the full year 2022, with revenue rising 61% to $2.7 billion. Net income increased 103% to $253 million, and diluted EPS grew by 76% to $5.36. The company declared a quarterly cash dividend of $0.33 per share, to be paid in February 2023. During Q4, FirstCash acquired 27 pawn locations in the U.S. and opened 17 in Latin America, bringing total store additions to 76 for the year. The strong performance in pawn operations and retail POS solutions, coupled with a robust balance sheet, positions FirstCash for continued growth in 2023.
FirstCash Holdings, Inc. (Nasdaq: FCFS) reported strong operating results for Q3 2022, with revenue reaching $672 million, a 68% increase year-over-year. Net income surged 78% to $59 million, driving diluted EPS up 54% to $1.26. The company's U.S. pawn operations saw a 35% income increase, while Latin America rose 14%. A quarterly cash dividend of $0.33 was declared, alongside a new $100 million share repurchase program. FirstCash anticipates continued growth in pawn operations and retail sales, with strong cash flows supporting both dividends and share buybacks.
FirstCash Holdings, Inc. (Nasdaq: FCFS) has amended its long-term, unsecured bank credit facility, increasing its commitment to $590 million and extending the maturity to August 2027. The amendment allows for an additional $200 million in potential borrowing and favorable changes in financial covenants, increasing consolidated leverage through 2024 and removing the domestic leverage ratio covenant. CEO Rick Wessel emphasized that this extension will support growth and shareholder payouts through dividends and share repurchases.
FirstCash Holdings reported strong Q2 2022 results, with revenues of $648 million, up 66% YoY. Adjusted EPS increased 52% to $1.08. The company attributed growth to a 20% rise in same-store pawn fees and a 10% increase in retail sales. U.S. pawn segment pre-tax income rose 36%, while Latin America grew 18%. A quarterly cash dividend was declared at $0.33, marking a 10% increase. The outlook for the second half of 2022 remains positive, driven by strong consumer demand and anticipated revenue growth from ongoing operations.
FirstCash Holdings, Inc. (Nasdaq: FCFS) reported strong Q1 2022 results with revenues of $660 million, a 62% increase year-over-year. Adjusted earnings per share rose 39% to $1.18. The company completed a $100 million share repurchase plan and authorized a new one for an equal amount. A quarterly dividend of $0.30 per share was declared. Notable growth in pawn receivables (+42%) signals future revenue potential. Cash flows improved significantly, allowing for debt reduction by $41 million. The positive outlook for 2022 anticipates further revenue and earnings growth.
FirstCash Holdings, Inc. (Nasdaq: FCFS) reported robust Q4 2021 results, with revenue of $501.8 million, up 28% year-over-year, and a net income of $29.4 million. The U.S. pawn segment saw a 43% income increase, while Latin America reported a 19% increase. The company declared a quarterly cash dividend of $0.30 per share. Significant growth in pawn receivables and inventories was noted, alongside the successful integration of American First Finance (AFF) following its acquisition. The outlook for 2022 indicates expected revenue and earnings growth, although uncertainties due to macroeconomic factors remain.
FirstCash Holdings, Inc. (Nasdaq: FCFS) has finalized its acquisition of American First Finance (AFF), marking its entry into the lease to own and point-of-sale payment sector. This strategic move aims to enhance revenue diversification and growth opportunities in both pawn and retail payment spaces. Additionally, FirstCash underwent a holding company reorganization, with shares of FirstCash, Inc. converting to FirstCash Holdings, Inc. Doug Rippel, former Chairman of AFF, joins the Board. The acquisition is positioned as a tax-free transaction for shareholders.
FirstCash, Inc. (Nasdaq: FCFS) has increased its private offering of senior notes to $550 million, up by $25 million, due in 2030. The notes, with a 5.625% interest rate payable semi-annually, are expected to close on December 13, 2021. Proceeds will finance the acquisition of American First Finance Inc. (AFF), cover AFF’s outstanding debt, and pay related expenses. Notably, if the acquisition is not completed by March 31, 2022, the notes will be subject to mandatory redemption.
FirstCash, Inc. (Nasdaq: FCFS) has announced a private placement offering of $525 million in senior notes due 2030. The proceeds will finance the cash consideration for the pending acquisition of American First Finance Inc. (AFF), repay AFF's debt, and cover related fees. The offering is not contingent on the acquisition's closing but includes a special redemption clause if the acquisition is not consummated by March 31, 2022. The notes will be offered solely to qualified institutional buyers under Rule 144A and Regulation S.
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