[8-K] Enovix Corporation Warrant Reports Material Event
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FirstCash Holdings (FCFS) Q2-25 10-Q highlights:
- Total revenue was essentially flat YoY at $830.6 M (H1 25: $1.67 B). A 6% increase in pawn-related sales & fees offset a 28% drop in leased-merchandise income.
- Net revenue rose 4% to $412.8 M as lower lease depreciation/provisions improved gross margin 260 bp to 49.7%.
- Net income increased 22% to $59.8 M; diluted EPS $1.34 vs $1.08. H1 EPS up 32% to $3.21.
- Segment drivers: U.S. pawn generated 59% of consolidated pretax profit; Latin America pawn 24%; Retail POS (AFF) 17%. Pawn loans outstanding grew 12% YoY to $550.7 M, supporting higher pawn fee income.
- Liquidity & leverage: Operating cash flow $243.5 M; cash balance fell to $101.5 M after $60.5 M share buybacks, $33.8 M dividends and $174.2 M capex/loan growth. Net debt ~2.5× adj. EBITDA, within covenant.
- Major events: • Signed £291 M ($396 M) cash deal to acquire U.K. pawn leader H&T; shareholder approval obtained, closing expected Q3 25. • Amended $700 M revolver and lined up £299 M bridge loan to fund the deal. • Recorded $11 M charge to settle CFPB Military Lending Act matter.
- Balance sheet: Assets $4.51 B (+4% vs 12/24). Goodwill $1.83 B. Senior notes unchanged at $1.53 B; revolver draw $152 M.
- Capital return: Q2 dividend $0.38/share; 525 K shares repurchased YTD.
Overall, core pawn momentum and margin expansion drove double-digit EPS growth, partially offset by ongoing pressure in the lease-to-own portfolio and higher administrative spend ahead of the H&T acquisition.
FirstCash Holdings (FCFS) evidenze del 10-Q del secondo trimestre 25:
- Ricavi totali sostanzialmente stabili su base annua a 830,6 M$ (H1 25: 1,67 Mld$). Un aumento del 6% delle vendite e commissioni legate al pegno ha compensato un calo del 28% dei ricavi da merce in leasing.
- Ricavi netti aumentati del 4% a 412,8 M$, grazie a una riduzione delle svalutazioni/provvigioni sui leasing che ha migliorato il margine lordo di 260 punti base al 49,7%.
- Utile netto cresciuto del 22% a 59,8 M$; utile per azione diluito di 1,34$ rispetto a 1,08$. L’utile per azione del primo semestre è salito del 32% a 3,21$.
- Driver dei segmenti: Il pegno USA ha generato il 59% dell’utile ante imposte consolidato; il pegno in America Latina il 24%; il Retail POS (AFF) il 17%. I prestiti su pegno in essere sono cresciuti del 12% su base annua a 550,7 M$, sostenendo ricavi più elevati da commissioni su pegno.
- Liquidità e leva finanziaria: Flusso di cassa operativo di 243,5 M$; liquidità scesa a 101,5 M$ dopo riacquisti azionari per 60,5 M$, dividendi per 33,8 M$ e investimenti/crescita prestiti per 174,2 M$. Debito netto circa 2,5 volte l’EBITDA rettificato, entro i limiti del covenant.
- Eventi principali: • Accordo in contanti da 291 milioni di sterline (396 M$) per acquisire il leader del pegno UK H&T; approvazione degli azionisti ottenuta, chiusura prevista nel terzo trimestre 25. • Rifinanziamento della linea revolving da 700 M$ e predisposizione di un prestito ponte da 299 milioni di sterline per finanziare l’operazione. • Accantonamento di 11 M$ per la risoluzione della questione legata al Military Lending Act del CFPB.
- Bilancio: Attività per 4,51 Mld$ (+4% rispetto a 12/24). Avviamento pari a 1,83 Mld$. Note senior invariate a 1,53 Mld$; utilizzo della linea revolving 152 M$.
- Ritorno al capitale: Dividendo Q2 di 0,38$/azione; 525.000 azioni riacquistate da inizio anno.
In generale, la crescita della domanda nel core pegno e l’espansione dei margini hanno sostenuto una crescita a doppia cifra dell’utile per azione, parzialmente compensata dalla pressione continua sul portafoglio lease-to-own e da maggiori spese amministrative in vista dell’acquisizione di H&T.
Aspectos destacados del 10-Q del segundo trimestre 25 de FirstCash Holdings (FCFS):
- Ingresos totales prácticamente estables interanualmente en 830,6 M$ (H1 25: 1,67 B$). Un aumento del 6% en ventas y comisiones relacionadas con empeños compensó una caída del 28% en ingresos por mercancía arrendada.
- Ingresos netos crecieron un 4% hasta 412,8 M$, debido a menores depreciaciones/provisiones de arrendamiento que mejoraron el margen bruto en 260 puntos básicos hasta 49,7%.
- Ingreso neto aumentó un 22% a 59,8 M$; EPS diluido de 1,34$ frente a 1,08$. EPS del primer semestre subió un 32% a 3,21$.
- Impulsores por segmento: El empeño en EE.UU. generó el 59% de la ganancia consolidada antes de impuestos; el empeño en Latinoamérica, 24%; Retail POS (AFF), 17%. Los préstamos de empeño pendientes crecieron un 12% interanual a 550,7 M$, apoyando mayores ingresos por comisiones de empeño.
- Liquidez y apalancamiento: Flujo de caja operativo de 243,5 M$; saldo de efectivo disminuyó a 101,5 M$ tras recompras de acciones por 60,5 M$, dividendos por 33,8 M$ e inversiones/crecimiento de préstamos por 174,2 M$. Deuda neta aproximadamente 2,5× EBITDA ajustado, dentro del convenio.
- Eventos principales: • Acuerdo en efectivo de £291 M (396 M$) para adquirir al líder de empeños del Reino Unido H&T; aprobación de accionistas obtenida, cierre esperado en el tercer trimestre 25. • Modificación de la línea revolvente de 700 M$ y disposición de un préstamo puente de £299 M para financiar la operación. • Cargo de 11 M$ para resolver asunto del Military Lending Act del CFPB.
- Balance: Activos de 4,51 B$ (+4% vs 12/24). Goodwill de 1,83 B$. Notas senior sin cambios en 1,53 B$; uso de línea revolvente de 152 M$.
- Retorno de capital: Dividendo del Q2 de 0,38$/acción; 525 K acciones recompradas en el año.
En conjunto, el impulso del negocio principal de empeños y la expansión de márgenes impulsaron un crecimiento de dos dígitos en el EPS, parcialmente compensado por la presión continua en la cartera de lease-to-own y mayores gastos administrativos previos a la adquisición de H&T.
FirstCash Holdings (FCFS) 25년 2분기 10-Q 주요 내용:
- 총수익은 전년 동기 대비 거의 변동 없이 8억 3,060만 달러 (25년 상반기: 16억 7천만 달러)를 기록했습니다. 전당 관련 판매 및 수수료가 6% 증가한 반면, 임대 상품 수익은 28% 감소했습니다.
- 순수익은 4% 증가한 4억 1,280만 달러로, 임대 감가상각 및 충당금 감소로 인해 총 마진이 260bp 개선되어 49.7%를 기록했습니다.
- 순이익은 22% 증가한 5,980만 달러; 희석 주당순이익(EPS)은 1.34달러로 전년 1.08달러 대비 상승. 상반기 EPS는 32% 증가한 3.21달러.
- 부문별 동인: 미국 전당업은 통합 세전 이익의 59%를 차지; 라틴 아메리카 전당업 24%; 소매 POS(AFF) 17%. 전당 대출 잔액은 전년 대비 12% 증가한 5억 5,070만 달러로, 전당 수수료 수익 증가를 지원했습니다.
- 유동성 및 레버리지: 영업현금흐름 2억 4,350만 달러; 주식 환매 6,050만 달러, 배당금 3,380만 달러, 자본적 지출 및 대출 증가 1억 7,420만 달러 사용 후 현금 잔액은 1억 1,150만 달러로 감소. 순부채는 조정 EBITDA의 약 2.5배로, 계약 조건 내에 있음.
- 주요 이벤트: • 영국 전당업계 선두업체 H&T 인수를 위한 2억 9,100만 파운드(3억 9,600만 달러) 현금 거래 체결; 주주 승인 완료, 25년 3분기 종료 예정. • 7억 달러 회전 신용 한도 개정 및 거래 자금 조달을 위한 2억 9,900만 파운드 브리지 론 마련. • CFPB 군사 대출법 관련 문제 해결을 위한 1,100만 달러 비용 처리.
- 대차대조표: 자산 45억 1천만 달러(12/24 대비 4% 증가). 영업권 18억 3천만 달러. 선순위 채권 15억 3천만 달러로 변동 없음; 회전 신용 한도 사용액 1억 5,200만 달러.
- 자본 환원: 2분기 배당금 주당 0.38달러; 연초 이후 52만 5천 주 재매입.
전반적으로 핵심 전당 사업의 성장 모멘텀과 마진 확대가 두 자릿수 EPS 성장을 견인했으며, 임대 후 소유 포트폴리오의 지속적인 압박과 H&T 인수를 앞둔 관리 비용 증가에 의해 일부 상쇄되었습니다.
Points clés du 10-Q du T2-25 de FirstCash Holdings (FCFS) :
- Revenu total pratiquement stable en glissement annuel à 830,6 M$ (S1 25 : 1,67 Md$). Une hausse de 6 % des ventes et frais liés au gage a compensé une baisse de 28 % des revenus de marchandises louées.
- Revenu net en hausse de 4 % à 412,8 M$, grâce à une réduction des amortissements/provisions sur les locations qui a amélioré la marge brute de 260 points de base à 49,7 %.
- Résultat net en hausse de 22 % à 59,8 M$ ; BPA dilué de 1,34$ contre 1,08$. BPA du premier semestre en hausse de 32 % à 3,21$.
- Moteurs par segment : Le prêt sur gage aux États-Unis a généré 59 % du bénéfice consolidé avant impôts ; le prêt sur gage en Amérique latine 24 % ; Retail POS (AFF) 17 %. Les prêts sur gage en cours ont augmenté de 12 % en glissement annuel à 550,7 M$, soutenant des revenus plus élevés de frais sur gage.
- Liquidité et levier : Flux de trésorerie opérationnel de 243,5 M$ ; solde de trésorerie en baisse à 101,5 M$ après rachats d’actions de 60,5 M$, dividendes de 33,8 M$ et dépenses d’investissement/croissance des prêts de 174,2 M$. Dette nette d’environ 2,5× l’EBITDA ajusté, dans les limites des engagements.
- Événements majeurs : • Signature d’un accord en espèces de 291 M£ (396 M$) pour acquérir le leader britannique du gage H&T ; approbation des actionnaires obtenue, clôture prévue au T3 25. • Modification de la ligne de crédit renouvelable de 700 M$ et mise en place d’un prêt relais de 299 M£ pour financer l’opération. • Enregistrement d’une charge de 11 M$ pour régler l’affaire du Military Lending Act du CFPB.
- Bilan : Actifs de 4,51 Md$ (+4 % par rapport à 12/24). Goodwill de 1,83 Md$. Notes senior inchangées à 1,53 Md$ ; utilisation de la ligne renouvelable à 152 M$.
- Retour sur capital : Dividende T2 de 0,38$/action ; 525 K actions rachetées depuis le début de l’année.
Dans l’ensemble, la dynamique du cœur de métier du prêt sur gage et l’expansion des marges ont entraîné une croissance à deux chiffres du BPA, partiellement compensée par la pression continue sur le portefeuille lease-to-own et des dépenses administratives accrues avant l’acquisition de H&T.
FirstCash Holdings (FCFS) Q2-25 10-Q Highlights:
- Gesamterlöse blieben im Jahresvergleich nahezu unverändert bei 830,6 Mio. $ (H1 25: 1,67 Mrd. $). Ein 6%iger Anstieg bei pfandbezogenen Verkäufen und Gebühren kompensierte einen 28%igen Rückgang der Einnahmen aus geleasten Waren.
- Nettoumsatz stieg um 4 % auf 412,8 Mio. $, da geringere Abschreibungen/Rückstellungen auf Leasing den Bruttomarge um 260 Basispunkte auf 49,7 % verbesserten.
- Nettoeinkommen stieg um 22 % auf 59,8 Mio. $; verwässertes Ergebnis je Aktie (EPS) 1,34 $ gegenüber 1,08 $. H1 EPS stieg um 32 % auf 3,21 $.
- Segmenttreiber: US-Pfandgeschäft generierte 59 % des konsolidierten Vorsteuergewinns; Lateinamerika-Pfand 24 %; Retail POS (AFF) 17 %. Ausstehende Pfanddarlehen wuchsen um 12 % auf 550,7 Mio. $, was höhere Pfandgebührenerlöse unterstützte.
- Liquidität & Verschuldung: Operativer Cashflow 243,5 Mio. $; Kassenbestand sank auf 101,5 Mio. $ nach Aktienrückkäufen von 60,5 Mio. $, Dividenden von 33,8 Mio. $ und Investitionen/Kreditwachstum von 174,2 Mio. $. Nettoverschuldung etwa 2,5× bereinigtes EBITDA, innerhalb der Covenants.
- Wesentliche Ereignisse: • Unterzeichnete Bar-Übernahmevereinbarung über £291 Mio. (396 Mio. $) zur Übernahme des britischen Pfandleaders H&T; Aktionärszustimmung erhalten, Abschluss erwartet im Q3 25. • Überarbeitung der revolvierenden Kreditlinie über 700 Mio. $ und Bereitstellung eines Brückendarlehens über £299 Mio. zur Finanzierung der Transaktion. • Erfasste 11 Mio. $ Aufwand zur Beilegung der CFPB Military Lending Act Angelegenheit.
- Bilanz: Vermögenswerte 4,51 Mrd. $ (+4 % gegenüber 12/24). Geschäfts- oder Firmenwert 1,83 Mrd. $. Senior Notes unverändert bei 1,53 Mrd. $; Revolver-Ausnutzung 152 Mio. $.
- Kapitalrückführung: Quartalsdividende Q2 0,38 $/Aktie; 525.000 Aktien im Jahresverlauf zurückgekauft.
Insgesamt trieben das Kern-Pfandgeschäft und die Margenausweitung ein zweistelliges EPS-Wachstum, teilweise ausgeglichen durch anhaltenden Druck im Lease-to-Own-Portfolio und höhere Verwaltungskosten im Vorfeld der H&T-Übernahme.
Positive
- 22% YoY increase in Q2 diluted EPS driven by higher pawn margins and expense control
- 12% growth in pawn loan portfolio supports continued fee expansion
- H&T acquisition adds 285 U.K. stores and geographic diversification, approved by target shareholders
- Operating cash flow $243 M comfortably funds dividends and buybacks while maintaining 2.5× leverage
- CFPB lawsuit settled, removing legal uncertainty at modest $11 M cost
Negative
- Leased-merchandise income fell 28% YoY, evidencing ongoing softness in AFF segment
- Cash balance down 42% since year-end after buybacks, dividends and capex
- Upcoming H&T deal likely to push leverage higher and requires FCA approval
- Military Lending Act scrutiny may signal broader regulatory headwinds
- Exposure to currency swings (MXN, GBP) could create earnings volatility
Insights
TL;DR – Pawn strength and margin gains fuel 22% EPS growth; H&T deal adds strategic scale but raises leverage.
The quarter underscores FCFS’s resilience in high-margin pawn lending: pawn fees +6%, inventory turns healthy, and consolidated gross margin neared 50%. Retail POS continues to normalize, with lease income –28% but associated loss provisions down 32%, cushioning net revenue. Management kept opex disciplined (operating expenses –3%), lifting operating leverage.
Cash generation funded $94 M of shareholder returns while net debt/EBITDA held at 2.5×, below note baskets. The £291 M H&T acquisition will expand store count 9% and give FCFS entry to the U.K.; integration risk appears manageable, yet the bridge financing could push leverage toward ~3.3× until synergies materialize.
Accrued $11 M for CFPB settlement removes a headline overhang, though it highlights ongoing regulatory scrutiny of military lending. Overall bias is positive given stable pawn fundamentals and accretive M&A pipeline.
TL;DR – Regulatory settlement resolved, but LTO contraction and FX exposure temper outlook.
Resolution of the CFPB action limits financial impact (<$0.15/share) and eliminates worst-case penalties. However, the Military Lending Act focus signals tighter oversight ahead. The lease-to-own portfolio shrank YoY and still carries a 39% allowance ratio; any reversal of credit normalization could pressure margins. Latin American operations add peso volatility—Q2 translation gain masked prior-year losses. The pending U.K. purchase introduces FCA approval risk and foreign regulatory complexity. Combined with higher floating-rate revolver usage, execution missteps could elevate leverage beyond covenant headroom. Risk profile therefore remains moderate.
FirstCash Holdings (FCFS) evidenze del 10-Q del secondo trimestre 25:
- Ricavi totali sostanzialmente stabili su base annua a 830,6 M$ (H1 25: 1,67 Mld$). Un aumento del 6% delle vendite e commissioni legate al pegno ha compensato un calo del 28% dei ricavi da merce in leasing.
- Ricavi netti aumentati del 4% a 412,8 M$, grazie a una riduzione delle svalutazioni/provvigioni sui leasing che ha migliorato il margine lordo di 260 punti base al 49,7%.
- Utile netto cresciuto del 22% a 59,8 M$; utile per azione diluito di 1,34$ rispetto a 1,08$. L’utile per azione del primo semestre è salito del 32% a 3,21$.
- Driver dei segmenti: Il pegno USA ha generato il 59% dell’utile ante imposte consolidato; il pegno in America Latina il 24%; il Retail POS (AFF) il 17%. I prestiti su pegno in essere sono cresciuti del 12% su base annua a 550,7 M$, sostenendo ricavi più elevati da commissioni su pegno.
- Liquidità e leva finanziaria: Flusso di cassa operativo di 243,5 M$; liquidità scesa a 101,5 M$ dopo riacquisti azionari per 60,5 M$, dividendi per 33,8 M$ e investimenti/crescita prestiti per 174,2 M$. Debito netto circa 2,5 volte l’EBITDA rettificato, entro i limiti del covenant.
- Eventi principali: • Accordo in contanti da 291 milioni di sterline (396 M$) per acquisire il leader del pegno UK H&T; approvazione degli azionisti ottenuta, chiusura prevista nel terzo trimestre 25. • Rifinanziamento della linea revolving da 700 M$ e predisposizione di un prestito ponte da 299 milioni di sterline per finanziare l’operazione. • Accantonamento di 11 M$ per la risoluzione della questione legata al Military Lending Act del CFPB.
- Bilancio: Attività per 4,51 Mld$ (+4% rispetto a 12/24). Avviamento pari a 1,83 Mld$. Note senior invariate a 1,53 Mld$; utilizzo della linea revolving 152 M$.
- Ritorno al capitale: Dividendo Q2 di 0,38$/azione; 525.000 azioni riacquistate da inizio anno.
In generale, la crescita della domanda nel core pegno e l’espansione dei margini hanno sostenuto una crescita a doppia cifra dell’utile per azione, parzialmente compensata dalla pressione continua sul portafoglio lease-to-own e da maggiori spese amministrative in vista dell’acquisizione di H&T.
Aspectos destacados del 10-Q del segundo trimestre 25 de FirstCash Holdings (FCFS):
- Ingresos totales prácticamente estables interanualmente en 830,6 M$ (H1 25: 1,67 B$). Un aumento del 6% en ventas y comisiones relacionadas con empeños compensó una caída del 28% en ingresos por mercancía arrendada.
- Ingresos netos crecieron un 4% hasta 412,8 M$, debido a menores depreciaciones/provisiones de arrendamiento que mejoraron el margen bruto en 260 puntos básicos hasta 49,7%.
- Ingreso neto aumentó un 22% a 59,8 M$; EPS diluido de 1,34$ frente a 1,08$. EPS del primer semestre subió un 32% a 3,21$.
- Impulsores por segmento: El empeño en EE.UU. generó el 59% de la ganancia consolidada antes de impuestos; el empeño en Latinoamérica, 24%; Retail POS (AFF), 17%. Los préstamos de empeño pendientes crecieron un 12% interanual a 550,7 M$, apoyando mayores ingresos por comisiones de empeño.
- Liquidez y apalancamiento: Flujo de caja operativo de 243,5 M$; saldo de efectivo disminuyó a 101,5 M$ tras recompras de acciones por 60,5 M$, dividendos por 33,8 M$ e inversiones/crecimiento de préstamos por 174,2 M$. Deuda neta aproximadamente 2,5× EBITDA ajustado, dentro del convenio.
- Eventos principales: • Acuerdo en efectivo de £291 M (396 M$) para adquirir al líder de empeños del Reino Unido H&T; aprobación de accionistas obtenida, cierre esperado en el tercer trimestre 25. • Modificación de la línea revolvente de 700 M$ y disposición de un préstamo puente de £299 M para financiar la operación. • Cargo de 11 M$ para resolver asunto del Military Lending Act del CFPB.
- Balance: Activos de 4,51 B$ (+4% vs 12/24). Goodwill de 1,83 B$. Notas senior sin cambios en 1,53 B$; uso de línea revolvente de 152 M$.
- Retorno de capital: Dividendo del Q2 de 0,38$/acción; 525 K acciones recompradas en el año.
En conjunto, el impulso del negocio principal de empeños y la expansión de márgenes impulsaron un crecimiento de dos dígitos en el EPS, parcialmente compensado por la presión continua en la cartera de lease-to-own y mayores gastos administrativos previos a la adquisición de H&T.
FirstCash Holdings (FCFS) 25년 2분기 10-Q 주요 내용:
- 총수익은 전년 동기 대비 거의 변동 없이 8억 3,060만 달러 (25년 상반기: 16억 7천만 달러)를 기록했습니다. 전당 관련 판매 및 수수료가 6% 증가한 반면, 임대 상품 수익은 28% 감소했습니다.
- 순수익은 4% 증가한 4억 1,280만 달러로, 임대 감가상각 및 충당금 감소로 인해 총 마진이 260bp 개선되어 49.7%를 기록했습니다.
- 순이익은 22% 증가한 5,980만 달러; 희석 주당순이익(EPS)은 1.34달러로 전년 1.08달러 대비 상승. 상반기 EPS는 32% 증가한 3.21달러.
- 부문별 동인: 미국 전당업은 통합 세전 이익의 59%를 차지; 라틴 아메리카 전당업 24%; 소매 POS(AFF) 17%. 전당 대출 잔액은 전년 대비 12% 증가한 5억 5,070만 달러로, 전당 수수료 수익 증가를 지원했습니다.
- 유동성 및 레버리지: 영업현금흐름 2억 4,350만 달러; 주식 환매 6,050만 달러, 배당금 3,380만 달러, 자본적 지출 및 대출 증가 1억 7,420만 달러 사용 후 현금 잔액은 1억 1,150만 달러로 감소. 순부채는 조정 EBITDA의 약 2.5배로, 계약 조건 내에 있음.
- 주요 이벤트: • 영국 전당업계 선두업체 H&T 인수를 위한 2억 9,100만 파운드(3억 9,600만 달러) 현금 거래 체결; 주주 승인 완료, 25년 3분기 종료 예정. • 7억 달러 회전 신용 한도 개정 및 거래 자금 조달을 위한 2억 9,900만 파운드 브리지 론 마련. • CFPB 군사 대출법 관련 문제 해결을 위한 1,100만 달러 비용 처리.
- 대차대조표: 자산 45억 1천만 달러(12/24 대비 4% 증가). 영업권 18억 3천만 달러. 선순위 채권 15억 3천만 달러로 변동 없음; 회전 신용 한도 사용액 1억 5,200만 달러.
- 자본 환원: 2분기 배당금 주당 0.38달러; 연초 이후 52만 5천 주 재매입.
전반적으로 핵심 전당 사업의 성장 모멘텀과 마진 확대가 두 자릿수 EPS 성장을 견인했으며, 임대 후 소유 포트폴리오의 지속적인 압박과 H&T 인수를 앞둔 관리 비용 증가에 의해 일부 상쇄되었습니다.
Points clés du 10-Q du T2-25 de FirstCash Holdings (FCFS) :
- Revenu total pratiquement stable en glissement annuel à 830,6 M$ (S1 25 : 1,67 Md$). Une hausse de 6 % des ventes et frais liés au gage a compensé une baisse de 28 % des revenus de marchandises louées.
- Revenu net en hausse de 4 % à 412,8 M$, grâce à une réduction des amortissements/provisions sur les locations qui a amélioré la marge brute de 260 points de base à 49,7 %.
- Résultat net en hausse de 22 % à 59,8 M$ ; BPA dilué de 1,34$ contre 1,08$. BPA du premier semestre en hausse de 32 % à 3,21$.
- Moteurs par segment : Le prêt sur gage aux États-Unis a généré 59 % du bénéfice consolidé avant impôts ; le prêt sur gage en Amérique latine 24 % ; Retail POS (AFF) 17 %. Les prêts sur gage en cours ont augmenté de 12 % en glissement annuel à 550,7 M$, soutenant des revenus plus élevés de frais sur gage.
- Liquidité et levier : Flux de trésorerie opérationnel de 243,5 M$ ; solde de trésorerie en baisse à 101,5 M$ après rachats d’actions de 60,5 M$, dividendes de 33,8 M$ et dépenses d’investissement/croissance des prêts de 174,2 M$. Dette nette d’environ 2,5× l’EBITDA ajusté, dans les limites des engagements.
- Événements majeurs : • Signature d’un accord en espèces de 291 M£ (396 M$) pour acquérir le leader britannique du gage H&T ; approbation des actionnaires obtenue, clôture prévue au T3 25. • Modification de la ligne de crédit renouvelable de 700 M$ et mise en place d’un prêt relais de 299 M£ pour financer l’opération. • Enregistrement d’une charge de 11 M$ pour régler l’affaire du Military Lending Act du CFPB.
- Bilan : Actifs de 4,51 Md$ (+4 % par rapport à 12/24). Goodwill de 1,83 Md$. Notes senior inchangées à 1,53 Md$ ; utilisation de la ligne renouvelable à 152 M$.
- Retour sur capital : Dividende T2 de 0,38$/action ; 525 K actions rachetées depuis le début de l’année.
Dans l’ensemble, la dynamique du cœur de métier du prêt sur gage et l’expansion des marges ont entraîné une croissance à deux chiffres du BPA, partiellement compensée par la pression continue sur le portefeuille lease-to-own et des dépenses administratives accrues avant l’acquisition de H&T.
FirstCash Holdings (FCFS) Q2-25 10-Q Highlights:
- Gesamterlöse blieben im Jahresvergleich nahezu unverändert bei 830,6 Mio. $ (H1 25: 1,67 Mrd. $). Ein 6%iger Anstieg bei pfandbezogenen Verkäufen und Gebühren kompensierte einen 28%igen Rückgang der Einnahmen aus geleasten Waren.
- Nettoumsatz stieg um 4 % auf 412,8 Mio. $, da geringere Abschreibungen/Rückstellungen auf Leasing den Bruttomarge um 260 Basispunkte auf 49,7 % verbesserten.
- Nettoeinkommen stieg um 22 % auf 59,8 Mio. $; verwässertes Ergebnis je Aktie (EPS) 1,34 $ gegenüber 1,08 $. H1 EPS stieg um 32 % auf 3,21 $.
- Segmenttreiber: US-Pfandgeschäft generierte 59 % des konsolidierten Vorsteuergewinns; Lateinamerika-Pfand 24 %; Retail POS (AFF) 17 %. Ausstehende Pfanddarlehen wuchsen um 12 % auf 550,7 Mio. $, was höhere Pfandgebührenerlöse unterstützte.
- Liquidität & Verschuldung: Operativer Cashflow 243,5 Mio. $; Kassenbestand sank auf 101,5 Mio. $ nach Aktienrückkäufen von 60,5 Mio. $, Dividenden von 33,8 Mio. $ und Investitionen/Kreditwachstum von 174,2 Mio. $. Nettoverschuldung etwa 2,5× bereinigtes EBITDA, innerhalb der Covenants.
- Wesentliche Ereignisse: • Unterzeichnete Bar-Übernahmevereinbarung über £291 Mio. (396 Mio. $) zur Übernahme des britischen Pfandleaders H&T; Aktionärszustimmung erhalten, Abschluss erwartet im Q3 25. • Überarbeitung der revolvierenden Kreditlinie über 700 Mio. $ und Bereitstellung eines Brückendarlehens über £299 Mio. zur Finanzierung der Transaktion. • Erfasste 11 Mio. $ Aufwand zur Beilegung der CFPB Military Lending Act Angelegenheit.
- Bilanz: Vermögenswerte 4,51 Mrd. $ (+4 % gegenüber 12/24). Geschäfts- oder Firmenwert 1,83 Mrd. $. Senior Notes unverändert bei 1,53 Mrd. $; Revolver-Ausnutzung 152 Mio. $.
- Kapitalrückführung: Quartalsdividende Q2 0,38 $/Aktie; 525.000 Aktien im Jahresverlauf zurückgekauft.
Insgesamt trieben das Kern-Pfandgeschäft und die Margenausweitung ein zweistelliges EPS-Wachstum, teilweise ausgeglichen durch anhaltenden Druck im Lease-to-Own-Portfolio und höhere Verwaltungskosten im Vorfeld der H&T-Übernahme.
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
Date of Report (Date of earliest event reported): July 28, 2025
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: (510 ) 695-2350
Not Applicable
(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:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Warrants, each exercisable for one share of Common Stock at an exercise price of $8.75 per share | ENVXW | The Nasdaq Stock Market LLC | ||||||||||||
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 ☐
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. ☐
Item 8.01 Other Events.
On July 28, 2025, Enovix Corporation, a Delaware corporation (the “Company”), issued a press release announcing that the price of its common stock had exceeded $10.50 for five trading days and that it was reserving the right to set an Alternate Expiration Date (defined in the Warrant Agreement) for the warrants. The warrants were distributed by the Company on July 21, 2025 (the “Warrants”) pursuant to the terms of the previously announced warrant dividend distribution and the Warrant Agreement dated July 21, 2025 between the Company and Computershare Trust Company, N.A. as Warrant Agent (the “Warrant Agreement”).
The foregoing description is only a summary and is qualified in its entirety by reference to the press release, which is filed as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number | Description | |||||||
| 99.1 | Press Release dated July 28, 2025 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
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.
| Enovix Corporation | |||||||||||
| Date: | July 28, 2025 | By: | /s/ Arthi Chakravarthy | ||||||||
Arthi Chakravarthy Chief Legal Officer and Head of Corporate Development | |||||||||||
FAQ
What were FirstCash (FCFS) Q2 2025 earnings per share?
Diluted EPS was $1.34, up 24% from $1.08 in Q2 2024.
How did total revenue change for FCFS in Q2 2025?
Revenue was $830.6 million, essentially flat versus $831.0 million last year.
What is the status of FirstCash’s acquisition of H&T Group plc?
Shareholders approved the £291 million cash deal on 2 Jul 25; closing is expected in Q3 2025 pending FCA approval.
Why did leased-merchandise income decline?
AFF’s lease-to-own portfolio contracted, leading to a 28% YoY drop in lease income, though related loss provisions also fell.
What is FirstCash’s current leverage ratio?
Net debt/adjusted EBITDA is about 2.5×, within both credit-facility and bond covenants.
How much did FCFS return to shareholders in Q2 2025?
The company paid $16.9 M in dividends and repurchased $60.2 M of stock.
What was the financial impact of the CFPB settlement?
FCFS recorded an $11 M charge for redress and penalties related to Military Lending Act allegations.
Enovix Corporation
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