[10-Q] FirstCash Holdings, Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

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.

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

Equity Research Analyst

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.

Risk & Regulatory Analyst

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.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

Commission file number 001-10960

FIRSTCASH HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

87-3920732

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1600 West 7th Street, Fort Worth, Texas 76102

(Address of principal executive offices) (Zip code)

(817) 335-1100

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $.01 per share			FCFS			The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒ Yes   ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒ Yes   ☐ No

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.

☒			Large accelerated filer			☐			Accelerated filer
☐			Non-accelerated filer			☐			Smaller reporting company
						☐			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 Securities Exchange Act of 1934. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).     ☐ Yes  ☒ No

As of July 23, 2025, there were 44,364,566 shares of common stock outstanding.

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FIRSTCASH HOLDINGS, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025

INDEX

PART I.			FINANCIAL INFORMATION
Item 1.			Financial Statements (Unaudited)			1
			Consolidated Balance Sheets			1
			Consolidated Statements of Income			2
			Consolidated Statements of Comprehensive Income			3
			Consolidated Statements of Changes in Stockholders’ Equity			4
			Consolidated Statements of Cash Flows			6
			Notes to Consolidated Financial Statements			8
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			25
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			54
Item 4.			Controls and Procedures			54
PART II.			OTHER INFORMATION
Item 1.			Legal Proceedings			55
Item 1A.			Risk Factors			55
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			55
Item 3.			Defaults Upon Senior Securities			55
Item 4.			Mine Safety Disclosures			55
Item 5.			Other Information			56
Item 6.			Exhibits			57
SIGNATURES						58

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CAUTIONARY STATEMENT REGARDING RISKS AND UNCERTAINTIES THAT MAY AFFECT FUTURE RESULTS

Forward-Looking Information

This quarterly report contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”) and the Company’s previously announced acquisition of H&T Group plc (“H&T”). Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this quarterly report. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the current regulatory environment under the current presidential administration; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; risks related to the acquisition of H&T, in particular, the ability to obtain the necessary regulatory approvals from the United Kingdom Financial Conduct Authority (“FCA”) and to satisfy the other closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the acquisition of H&T; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this quarterly report speak only as of the date of this quarterly report, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
						June 30,												December 31,
						2025						2024						2024
ASSETS
Cash and cash equivalents						$	101,467					$	113,693					$	175,095
Accounts receivable, net						76,062						72,158						73,325
Pawn loans						550,718						491,731						517,867
Finance receivables, net						154,518						105,401						147,501
Inventories						355,733						315,424						334,580
Leased merchandise, net						100,689						142,935						128,437
Prepaid expenses and other current assets						35,667						31,923						26,943
Total current assets						1,374,854						1,273,265						1,403,748
Property and equipment, net						750,862						661,005						717,916
Operating lease right of use asset						342,859						324,651						324,646
Goodwill						1,826,184						1,794,957						1,787,172
Intangible assets, net						204,643						253,910						228,858
Other assets						9,805						9,606						9,934
Deferred tax assets, net						5,042						5,014						4,712
Total assets						$	4,514,249					$	4,322,408					$	4,476,986
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities						$	145,035					$	141,314					$	171,540
Customer deposits and prepayments						80,848						76,452						72,703
Lease liability, current						100,845						97,809						95,161
Total current liabilities						326,728						315,575						339,404
Revolving unsecured credit facilities						152,000						150,000						198,000
Senior unsecured notes						1,532,865						1,529,870						1,531,346
Deferred tax liabilities, net						125,290						129,060						128,574
Lease liability, non-current						237,198						219,454						225,498
Total liabilities						2,374,081						2,343,959						2,422,822
Stockholders’ equity:
Common stock						575						575						575
Additional paid-in capital						1,760,179						1,760,986						1,767,569
Retained earnings						1,520,677						1,296,721						1,411,083
Accumulated other comprehensive loss						(96,267)						(84,366)						(129,596)
Common stock held in treasury, at cost						(1,044,996)						(995,467)						(995,467)
Total stockholders’ equity						2,140,168						1,978,449						2,054,164
Total liabilities and stockholders’ equity						$	4,514,249					$	4,322,408					$	4,476,986
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share amounts)
			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2025						2024						2025						2024
Revenue:
Retail merchandise sales			$	385,125					$	363,463					$	756,181					$	730,284
Pawn loan fees			190,822						181,046						382,693						360,581
Leased merchandise income			139,784						194,570						296,702						400,241
Interest and fees on finance receivables			76,075						56,799						149,488						114,186
Wholesale scrap jewelry sales			38,816						35,134						81,981						62,090
Total revenue			830,622						831,012						1,667,045						1,667,382
Cost of revenue:
Cost of retail merchandise sold			230,326						218,147						454,450						441,676
Depreciation of leased merchandise			78,272						110,157						167,091						230,441
Provision for lease losses			32,543						47,653						60,105						90,663
Provision for loan losses			41,761						31,116						78,121						61,534
Cost of wholesale scrap jewelry sold			34,904						28,542						70,259						51,831
Total cost of revenue			417,806						435,615						830,026						876,145
Net revenue			412,816						395,397						837,019						791,237
Expenses and other income:
Operating expenses			222,493						228,369						437,079						449,505
Administrative expenses			59,263						46,602						107,786						90,620
Depreciation and amortization			25,864						26,547						51,366						52,574
Interest expense			26,337						25,187						53,808						50,605
Interest income			(527)						(261)						(1,756)						(1,004)
(Gain) loss on foreign exchange			(1,271)						1,437						(1,285)						1,251
Merger and acquisition expenses			2,777						1,364						3,239						1,961
Other income, net			(3,199)						(26)						(5,514)						(2,338)
Total expenses and other income			331,737						329,219						644,723						643,174
Income before income taxes			81,079						66,178						192,296						148,063
Provision for income taxes			21,274						17,105						48,900						37,622
Net income			$	59,805					$	49,073					$	143,396					$	110,441
Earnings per share:
Basic			$	1.35					$	1.09					$	3.22					$	2.44
Diluted			$	1.34					$	1.08					$	3.21					$	2.44
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2025						2024						2025						2024
Net income			$	59,805					$	49,073					$	143,396					$	110,441
Other comprehensive income (loss):
Currency translation adjustment			34,273						(47,664)						33,329						(41,329)
Comprehensive income			$	94,078					$	1,409					$	176,725					$	69,112
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited, in thousands, except per share amounts)
Six Months Ended June 30, 2025
									Common Stock												Additional Paid-In Capital						Retained Earnings						Accum- ulated Other Compre- hensive Loss						Common Stock Held in Treasury												Total Stock- holders’ Equity
															Shares						Amount																								Shares						Amount
As of 12/31/2024															57,547						$	575					$	1,767,569					$	1,411,083					$	(129,596)					12,795						$	(995,467)					$	2,054,164
Shares issued under share-based compensation plan, net of 52 shares net-settled															—						—						(16,440)						—						—						(137)						10,676						(5,764)
Share-based compensation expense															—						—						4,462						—						—						—						—						4,462
Net income															—						—						—						83,591						—						—						—						83,591
Cash dividends ($0.38 per share)															—						—						—						(16,944)						—						—						—						(16,944)
Currency translation adjustment															—						—						—						—						(944)						—						—						(944)
Purchases of treasury stock, including excise tax															—						—						—						—						—						525						(60,205)						(60,205)
As of 3/31/2025															57,547						$	575					$	1,755,591					$	1,477,730					$	(130,540)					13,183						$	(1,044,996)					$	2,058,360
Share-based compensation expense															—						—						4,588						—						—						—						—						4,588
Net income															—						—						—						59,805						—						—						—						59,805
Cash dividends ($0.38 per share)															—						—						—						(16,858)						—						—						—						(16,858)
Currency translation adjustment															—						—						—						—						34,273						—						—						34,273
As of 6/30/2025															57,547						$	575					$	1,760,179					$	1,520,677					$	(96,267)					13,183						$	(1,044,996)					$	2,140,168
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
CONTINUED
(unaudited, in thousands, except per share amounts)
Six Months Ended June 30, 2024
									Common Stock												Additional Paid-In Capital						Retained Earnings						Accum- ulated Other Compre- hensive Loss						Common Stock Held in Treasury												Total Stock- holders’ Equity
															Shares						Amount																								Shares						Amount
As of 12/31/2023															57,322						$	573					$	1,741,046					$	1,218,029					$	(43,037)					12,214						$	(920,193)					$	1,996,418
Shares issued under share-based compensation plan, net of 59 shares net-settled															—						—						(17,583)						—						—						(140)						10,576						(7,007)
Share-based compensation expense															—						—						4,101						—						—						—						—						4,101
Net income															—						—						—						61,368						—						—						—						61,368
Cash dividends ($0.35 per share)															—						—						—						(15,833)						—						—						—						(15,833)
Currency translation adjustment															—						—						—						—						6,335						—						—						6,335
As of 3/31/2024															57,322						$	573					$	1,727,564					$	1,263,564					$	(36,702)					12,074						$	(909,617)					$	2,045,382
Shares issued upon acquisition of pawn stores															225						2						29,320						—						—						—						—						29,322
Share-based compensation expense															—						—						4,102						—						—						—						—						4,102
Net income															—						—						—						49,073						—						—						—						49,073
Cash dividends ($0.35 per share)															—						—						—						(15,916)						—						—						—						(15,916)
Currency translation adjustment															—						—						—						—						(47,664)						—						—						(47,664)
Purchases of treasury stock, including excise tax															—						—						—						—						—						721						(85,850)						(85,850)
As of 6/30/2024															57,547						$	575					$	1,760,986					$	1,296,721					$	(84,366)					12,795						$	(995,467)					$	1,978,449
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
						Six Months Ended
						June 30,
						2025						2024
Cash flow from operating activities:
Net income						$	143,396					$	110,441
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation of leased merchandise						167,091						230,441
Provision for lease losses						60,105						90,663
Provision for loan losses						78,121						61,534
Share-based compensation expense						9,050						8,203
Depreciation and amortization expense						51,366						52,574
Amortization of debt issuance costs						1,971						1,763
Net amortization of premiums, discounts and unearned origination fees on finance receivables						(29,161)						(15,471)
Impairments and dispositions of certain other assets						—						1,461
Deferred income taxes, net						(3,282)						(6,668)
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable, net						(1,410)						(965)
Inventories purchased directly from customers, wholesalers or manufacturers						(4,125)						(777)
Leased merchandise, net						(199,448)						(292,848)
Prepaid expenses and other assets						(7,201)						(1,654)
Accounts payable, accrued liabilities and other liabilities						(21,963)						(16,185)
Income taxes						(1,016)						6,207
Net cash flow provided by operating activities						243,494						228,719
Cash flow from investing activities:
Pawn loans, net (1)						(30,592)						(20,887)
Finance receivables, net						(55,977)						(37,563)
Purchases of furniture, fixtures, equipment and improvements						(25,866)						(42,664)
Purchases of store real property						(28,126)						(21,100)
Acquisitions of pawn stores, net of cash acquired						(33,649)						(65,650)
Net cash flow used in investing activities						(174,210)						(187,864)
Cash flow from financing activities:
Borrowings from unsecured credit facilities						172,000						300,000
Repayments of unsecured credit facilities						(218,000)						(718,000)
Issuance of senior unsecured notes						—						500,000
Debt issuance costs paid						—						(9,094)
Purchases of treasury stock						(60,459)						(85,000)
Payment of withholding taxes on net share settlements of restricted stock unit awards						(5,764)						(7,007)
Dividends paid						(33,802)						(31,749)
Net cash flow used in financing activities						(146,025)						(50,850)

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONTINUED
(unaudited, in thousands)
						Six Months Ended
						June 30,
						2025						2024
Effect of exchange rates on cash						3,113						(3,330)
Change in cash and cash equivalents						(73,628)						(13,325)
Cash and cash equivalents at beginning of the period						175,095						127,018
Cash and cash equivalents at end of the period						$	101,467					$	113,693

(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.    

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FIRSTCASH HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Note 1 - General

Basis of Presentation

The accompanying consolidated balance sheet as of December 31, 2024, which is derived from audited consolidated financial statements, and the unaudited consolidated financial statements, including the notes thereto, includes the accounts of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the “Company”). The Company regularly makes acquisitions, and the results of operations for the acquisitions have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated.

These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. These interim period financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 3, 2025. The consolidated financial statements as of June 30, 2025 and 2024, and for the three month and six month periods ended June 30, 2025 and 2024, are unaudited, but in management’s opinion include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flow for such interim periods. Operating results for the periods ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year.

The Company has pawn operations in Latin America, where in Mexico, Guatemala and Colombia, the functional currency is the Mexican peso, Guatemalan quetzal and Colombian peso. Accordingly, the assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity. Revenues and expenses are translated at the average exchange rates occurring during the respective period. The Company also has pawn operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

Use of Estimates

The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and related revenue and expenses, and the disclosure of gain and loss contingencies at the date of the financial statements. Such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from the Company’s estimates.

Reclassification

For purposes of comparability, certain prior period amounts in the consolidated statements of income have been reclassified in order to conform to the current period presentation.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 expands disclosures in the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 should be applied prospectively; however, retrospective application is permitted. The Company does not expect ASU 2023-09 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” (“ASU 2025-01”), which clarifies the effective date of ASU 2024-03. ASU 2024-03 is effective for fiscal years

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beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied either prospectively or retrospectively for all prior periods presented. The Company is currently evaluating the impact of adopting this guidance on the Company's current financial position, results of operations or financial statement disclosures.

Note 2 - Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2025						2024						2025						2024
Numerator:
Net income			$	59,805					$	49,073					$	143,396					$	110,441
Denominator:
Weighted-average common shares for calculating basic earnings per share			44,365						45,122						44,506						45,183
Effect of dilutive securities:
Restricted stock unit awards			187						167						164						155
Weighted-average common shares for calculating diluted earnings per share			44,552						45,289						44,670						45,338
Earnings per share:
Basic			$	1.35					$	1.09					$	3.22					$	2.44
Diluted			$	1.34					$	1.08					$	3.21					$	2.44

Note 3 - Acquisitions

Pending H&T Acquisition

On May 14, 2025, the Company agreed on final terms of the acquisition of H&T, the leading pawn operator in the United Kingdom with 285 store locations. The Company will acquire the entire issued and to be issued share capital of H&T by means of a court-sanctioned scheme of arrangement under Part 26 of the United Kingdom Companies Act 2006, as amended (“H&T Acquisition”). Under the terms of the H&T Acquisition, H&T shareholders will be entitled to receive 650 pence per share in cash. The total equity value for the H&T Acquisition, including cash consideration for the shares, is approximately £291.4 million ($396.3 million USD using GBP/USD exchange rate of 1.36) and H&T had outstanding indebtedness of approximately £72.6 million as of June 30, 2025 ($98.7 million USD using GBP/USD exchange rate of 1.36), which the Company expects will remain outstanding following the closing of the acquisition.

On July 2, 2025, the H&T shareholders approved the H&T Acquisition, which is expected to be consummated in the third quarter of 2025, subject to the satisfaction of the remaining closing conditions, including, but not limited to, receipt of the required approvals by the FCA.

U.S. Pawn Acquisitions

Consistent with the Company’s strategy to continue its expansion of pawn stores in strategic markets, during the six months ended June 30, 2025, the Company acquired four pawn stores in the U.S. in two separate transactions. The aggregate purchase price for these acquisitions totaled $33.0 million, net of cash acquired and subject to future post-closing adjustments. The aggregate purchase price was composed of $31.3 million in cash paid during the six months ended June 30, 2025 and remaining short-term amounts payable to certain of the sellers of $1.7 million. During the six months ended June 30, 2025, the Company also paid $2.3 million of purchase price amounts payable related to prior-year pawn acquisitions.

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The purchase price of each of the 2025 acquisitions was allocated to assets acquired and liabilities assumed based upon the estimated fair values at the date of acquisition. The excess purchase price over the estimated fair value of the net assets acquired has been recorded as goodwill. The goodwill arising from these acquisitions consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired. These acquisitions were not material individually or in the aggregate to the Company’s consolidated financial statements.

Note 4 - Operating Leases

Lessor

For information about the Company’s revenue-generating activities as a lessor, refer to the “Leased merchandise and revenue recognition” section of Note 2 to the consolidated financial statements included in the Company’s 2024 Annual Report on Form 10-K. All of the Company’s lease agreements are considered operating leases.

Lessee

The Company leases the majority of its pawnshop locations and certain administrative offices under operating leases and determines if an arrangement is or contains a lease at inception. Many leases include both lease and non-lease components for which the Company accounts separately. Lease components include rent, taxes and insurance costs while non-lease components include common area or other maintenance costs. Operating leases are included in operating lease right of use assets, lease liability, current and lease liability, non-current in the consolidated balance sheets. The Company does not have any finance leases.

Leased facilities are generally leased for a term of three to five years with one or more options to renew for an additional three to five years, typically at the Company’s sole discretion. In addition, the majority of these leases can be terminated early upon an adverse change in law which negatively affects the store’s profitability. The Company regularly evaluates renewal and termination options to determine if the Company is reasonably certain to exercise the option, and excludes these options from the lease term included in the recognition of the operating lease right of use asset and lease liability until such certainty exists. The weighted-average remaining lease term for operating leases was 4.2 years as of June 30, 2025 and 4.1 years as of June 30, 2024.

The operating lease right of use asset and lease liability is recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company’s leases do not provide an implicit rate, and therefore, it uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The Company utilizes a portfolio approach for determining the incremental borrowing rate to apply to groups of leases with similar characteristics. The weighted-average discount rate used to measure the lease liability as of June 30, 2025 and 2024 was 8.5% and 8.3%, respectively.

The Company has certain operating leases in Mexico which are denominated in U.S. dollars. The liability related to these leases is considered a monetary liability and requires remeasurement each reporting period into the functional currency (Mexican pesos) using reporting date exchange rates. The remeasurement results in the recognition of foreign currency exchange gains or losses each reporting period, which can produce a certain level of earnings volatility. The Company recognized a foreign currency gain of $1.6 million and a loss of $1.9 million during the three months ended June 30, 2025 and 2024, respectively, related to the remeasurement of these U.S. dollar-denominated operating leases, which is included in (gain) loss on foreign exchange in the accompanying consolidated statements of income. During the six months ended June 30, 2025 and 2024, the Company recognized a foreign currency gain of $1.5 million and a loss of $1.6 million, respectively, related to these U.S. dollar denominated leases.

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Lease expense is recognized on a straight-line basis over the lease term, with variable lease expense recognized in the period such payments are incurred. The following table details the components of lease expense included in operating expenses in the consolidated statements of income during the three and six months ended June 30, 2025 and 2024 (in thousands):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2025						2024						2025						2024
Operating lease expense			$	36,588					$	37,553					$	71,217					$	74,472
Variable lease expense (1)			4,913						5,007						9,717						10,028
Total operating lease expense			$	41,501					$	42,560					$	80,934					$	84,500

(1)Variable lease costs consist primarily of taxes, insurance and common area or other maintenance costs paid based on actual costs incurred by the lessor and can therefore vary over the lease term.

The following table details the maturity of lease liabilities for all operating leases as of June 30, 2025 (in thousands):

Six months ending December 31, 2025			$	64,679
2026			113,917
2027			86,104
2028			62,821
2029			37,494
Thereafter			35,870
Total			$	400,885
Less amount of lease payments representing interest			(62,842)
Total present value of lease payments			$	338,043

The following table details supplemental cash flow information related to operating leases for the six months ended June 30, 2025 and 2024 (in thousands):

			Six Months Ended
			June 30,
			2025						2024
Cash paid for amounts included in the measurement of operating lease liabilities			$	64,927					$	67,055
Leased assets obtained in exchange for new operating lease liabilities			$	61,208					$	65,019

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Note 5 - Fair Value of Financial Instruments

The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The three fair value levels are (from highest to lowest):

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

Recurring Fair Value Measurements

The Company did not have any financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025, June 30, 2024 and December 31, 2024.

Fair Value Measurements on a Non-Recurring Basis

The Company measures non-financial assets and liabilities, such as property and equipment and intangible assets, at fair value on a non-recurring basis, or when events or circumstances indicate that the carrying amount of the assets may be impaired. There were no such events or conditions identified during the six months ended June 30, 2025.

Financial Assets and Liabilities Not Measured at Fair Value, But for Which Fair Value is Disclosed

The Company’s financial assets and liabilities as of June 30, 2025, June 30, 2024 and December 31, 2024 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):

						Carrying Value						Estimated Fair Value
						June 30,						June 30,						Fair Value Measurements Using
						2025						2025						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	101,467					$	101,467					$	101,467					$	—					$	—
Accounts receivable, net						76,062						76,062						—						—						76,062
Pawn loans						550,718						550,718						—						—						550,718
Finance receivables, net (1)						154,518						313,281						—						—						313,281
						$	882,765					$	1,041,528					$	101,467					$	—					$	940,061
Financial liabilities:
Revolving unsecured credit facilities						$	152,000					$	152,000					$	—					$	152,000					$	—
Senior unsecured notes (outstanding principal)						1,550,000						1,548,000						—						1,548,000						—
						$	1,702,000					$	1,700,000					$	—					$	1,700,000					$	—

(1)Finance receivables, gross as of June 30, 2025 was $311.4 million. See Note 6.

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						Carrying Value						Estimated Fair Value
						June 30,						June 30,						Fair Value Measurements Using
						2024						2024						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	113,693					$	113,693					$	113,693					$	—					$	—
Accounts receivable, net						72,158						72,158						—						—						72,158
Pawn loans						491,731						491,731						—						—						491,731
Finance receivables, net (1)						105,401						231,587						—						—						231,587
						$	782,983					$	909,169					$	113,693					$	—					$	795,476
Financial liabilities:
Revolving unsecured credit facilities						$	150,000					$	150,000					$	—					$	150,000					$	—
Senior unsecured notes (outstanding principal)						1,550,000						1,484,000						—						1,484,000						—
						$	1,700,000					$	1,634,000					$	—					$	1,634,000					$	—

(1)Finance receivables, gross as of June 30, 2024 was $227.7 million. See Note 6.

						Carrying Value						Estimated Fair Value
						December 31,						December 31,						Fair Value Measurements Using
						2024						2024						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	175,095					$	175,095					$	175,095					$	—					$	—
Accounts receivable, net						73,325						73,325						—						—						73,325
Pawn loans						517,867						517,867						—						—						517,867
Finance receivables, net (1)						147,501						296,526						—						—						296,526
						$	913,788					$	1,062,813					$	175,095					$	—					$	887,718
Financial liabilities:
Revolving unsecured credit facilities						$	198,000					$	198,000					$	—					$	198,000					$	—
Senior unsecured notes (outstanding principal)						1,550,000						1,503,000						—						1,503,000						—
						$	1,748,000					$	1,701,000					$	—					$	1,701,000					$	—

(1)Finance receivables, gross as of December 31, 2024 were $294.2 million. See Note 6.

As cash and cash equivalents have maturities of less than three months, the carrying value of cash and cash equivalents approximates fair value. Due to their short-term maturities, the carrying value of pawn loans and accounts receivable, net approximate fair value.

Finance receivables are measured at amortized cost, net of an allowance for loan losses on the consolidated balance sheets. In estimating fair value for finance receivables, the Company utilized a discounted cash flow methodology. The Company used various unobservable inputs reflecting its own assumptions, such as contractual future principal and interest cash flows, future charge-off rates and discount rates (which consider current interest rates and are adjusted for credit risk, among other factors).

The carrying value of the unsecured credit facilities approximates fair value as of June 30, 2025, June 30, 2024 and December 31, 2024. The fair value of the unsecured credit facilities is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms. In addition, the unsecured credit facilities have a variable interest rate based on the prevailing secured overnight financing rate (“SOFR”) or the Mexican Central Bank’s interbank equilibrium rate (“TIIE”) and reprice with any changes in SOFR or TIIE. The fair value of the senior unsecured notes is estimated based on quoted prices in markets that are not active.

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Note 6 - Finance Receivables, Net

Finance receivables, net, which include retail installment sales agreements and bank-originated loans, consist of the following (in thousands):

			As of June 30,												As of December 31,
			2025						2024						2024
Finance receivables, gross			$	311,424					$	227,694					$	294,166
Merchant partner discounts and premiums, net			(27,946)						(16,935)						(22,833)
Unearned origination fees			(6,086)						(5,397)						(6,827)
Finance receivables, amortized cost			277,392						205,362						264,506
Less allowance for loan losses			(122,874)						(99,961)						(117,005)
Finance receivables, net			$	154,518					$	105,401					$	147,501

The following table details the changes in the allowance for loan losses (in thousands):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2025						2024						2025						2024
Balance at beginning of period			$	118,342					$	96,020					$	117,005					$	96,454
Provision for loan losses			41,761						31,116						78,121						61,534
Charge-offs			(40,078)						(28,813)						(78,497)						(62,092)
Recoveries			2,849						1,638						6,245						4,065
Balance at end of period			$	122,874					$	99,961					$	122,874					$	99,961

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The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of June 30, 2025 and 2024, by origination year (in thousands):

			Origination Year
			2025						2024						2023						Total
As of June 30, 2025
Delinquency:
1 to 30 days past due			$	17,683					$	9,968					$	489					$	28,140
31 to 60 days past due			9,946						6,998						348						17,292
61 to 89 days past due (1)			6,189						5,853						321						12,363
Total past due finance receivables			33,818						22,819						1,158						57,795
Current finance receivables			143,543						72,667						3,387						219,597
Finance receivables, amortized cost			$	177,361					$	95,486					$	4,545					$	277,392
			Origination Year
			2024						2023						2022						Total
As of June 30, 2024
Delinquency:
1 to 30 days past due			$	12,057					$	8,377					$	519					$	20,953
31 to 60 days past due			6,054						4,883						364						11,301
61 to 89 days past due (1)			4,089						4,754						342						9,185
Total past due finance receivables			22,200						18,014						1,225						41,439
Current finance receivables			103,684						56,747						3,492						163,923
Finance receivables, amortized cost			$	125,884					$	74,761					$	4,717					$	205,362

(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due.

The following table details the gross charge-offs of finance receivables for the six months ended June 30, 2025 and 2024, by origination year (in thousands):

			Origination Year
			2025						2024						2023						2022						Total
Finance receivables gross charge-offs:
Gross charge-offs during the six months ended June 30, 2025			$	9,902					$	63,060					$	5,535					$	—					$	78,497
Gross charge-offs during the six months ended June 30, 2024			—						6,589						50,049						5,454						62,092

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Note 7 - Leased Merchandise, Net

Leased merchandise, net consists of the following (in thousands):

			As of June 30,												As of December 31,
			2025						2024						2024
Leased merchandise			$	260,373					$	364,831					$	319,444
Processing fees			(2,229)						(3,824)						(2,960)
Merchant partner (discounts) and premiums, net			(34)						1,851						493
Accumulated depreciation			(87,754)						(117,145)						(108,283)
Leased merchandise, before allowance for lease losses			170,356						245,713						208,694
Less allowance for lease losses			(69,667)						(102,778)						(80,257)
Leased merchandise, net			$	100,689					$	142,935					$	128,437

The following table details the changes in the allowance for lease losses (in thousands):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2025						2024						2025						2024
Balance at beginning of period			$	68,785					$	95,127					$	80,257					$	95,127
Provision for lease losses			32,543						47,653						60,105						90,663
Charge-offs			(33,633)						(41,666)						(75,007)						(86,679)
Recoveries			1,972						1,664						4,312						3,667
Balance at end of period			$	69,667					$	102,778					$	69,667					$	102,778

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Note 8 - Long-Term Debt

The following table details the Company’s long-term debt at the respective principal amounts, net of unamortized debt issuance costs on the senior unsecured notes (in thousands):

			As of June 30,												As of December 31,
			2025						2024						2024
Revolving unsecured credit facilities:
Revolving unsecured credit facility, maturing 2029 (1)			$	152,000					$	150,000					$	198,000
Revolving unsecured uncommitted credit facility, maturing 2027 (1)			—						—						—
Total revolving unsecured credit facilities			152,000						150,000						198,000
Senior unsecured notes:
4.625% senior unsecured notes due 2028 (2)			496,135						495,031						495,577
5.625% senior unsecured notes due 2030 (3)			544,643						543,632						544,130
6.875% senior unsecured notes due 2032 (4)			492,087						491,207						491,639
Total senior unsecured notes			1,532,865						1,529,870						1,531,346
Total long-term debt			$	1,684,865					$	1,679,870					$	1,729,346

(1)Debt issuance costs related to the Company’s revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets.

(2)As of June 30, 2025, June 30, 2024 and December 31, 2024, deferred debt issuance costs of $3.9 million, $5.0 million and $4.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2028 in the accompanying consolidated balance sheets.

(3)As of June 30, 2025, June 30, 2024 and December 31, 2024, deferred debt issuance costs of $5.4 million, $6.4 million and $5.9 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2030 in the accompanying consolidated balance sheets.

(4)As of June 30, 2025, June 30, 2024 and December 31, 2024, deferred debt issuance costs of $7.9 million, $8.8 million and $8.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2032 in the accompanying consolidated balance sheets.

Revolving Unsecured Credit Facility

As of June 30, 2025, the Company maintained an unsecured line of credit with a group of U.S.-based commercial lenders (the “Credit Facility”) in the amount of $700.0 million. The Credit Facility matures on August 8, 2029.

On May 13, 2025, the Credit Facility was amended (the “2025 Amendment”) in order to modify certain financial covenants in anticipation of the H&T Acquisition. Under the 2025 Amendment, the non-loan party investment basket was increased from 20% of consolidated net worth to 25% of consolidated net worth and the permitted consolidated leverage ratio was increased to 3.75 times adjusted EBITDA through December 31, 2025 and then it decreases to 3.50 times adjusted EBITDA through December 31, 2026. The consolidated leverage ratio will revert to 3.25 times adjusted EBITDA effective January 1, 2027. The 2025 Amendment also includes additional limits to certain restricted payments when the consolidated leverage ratio is equal to or greater than 3.0 times adjusted EBITDA, which are more fully described in the 2025 Amendment. The 2025 Amendment becomes effective only after a loan party makes an investment in a non-loan party, including a foreign subsidiary, in excess of $200.0 million. The consummation of the H&T Acquisition would involve an investment in a non-loan party in excess of $200.0 million and cause the 2025 Amendment to become effective.

As of June 30, 2025, the Company had $152.0 million in outstanding borrowings and $2.7 million in outstanding letters of credit under the Credit Facility, leaving $545.3 million available for future borrowings, subject to certain financial covenants. The Credit Facility bears interest at the Company’s option of either (1) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5% or (2) the prevailing prime or base rate plus a fixed spread of 1.5%. The agreement has a SOFR floor of 0%. Additionally, the Company is required to pay an annual commitment fee of

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0.325% on the average daily unused portion of the Credit Facility commitment. The weighted-average interest rate on amounts outstanding under the Credit Facility at June 30, 2025 was 6.82% based on 1-month SOFR. Under the terms of the Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Credit Facility also contains customary restrictions on the Company’s ability to incur additional debt, grant liens, make investments, consummate acquisitions and similar negative covenants with customary carve-outs and baskets. The Company was in compliance with the covenants of the Credit Facility as of June 30, 2025. During the six months ended June 30, 2025, the Company made net payments of $46.0 million pursuant to the Credit Facility.

Acquisition Bridge Credit Agreement

In connection with the anticipated H&T Acquisition, the Company entered into a Bridge Term Loan Credit Agreement (“Bridge Facility”), dated as of May 14, 2025, with Jefferies Finance LLC (as administrative agent and lender) providing the Company certain borrowings in an aggregate amount of up to £299.0 million. The Bridge Facility provides a backstop for the anticipated financing of the H&T Acquisition and satisfies the “certain funds” requirements under the United Kingdom City Code on Takeovers and Mergers. The availability of borrowings under the Bridge Facility is subject to the satisfaction of certain customary conditions, including, but not limited to, the consummation of the H&T Acquisition contemporaneously with the initial funding of the Bridge Facility. The Company expects to replace the Bridge Facility prior to the closing date of the H&T Acquisition by borrowing on its existing Credit Facility to finance the H&T Acquisition and to pay related fees and expenses.

Revolving Unsecured Uncommitted Credit Facility

As of June 30, 2025, the Company’s primary subsidiary in Mexico, First Cash S.A. de C.V., maintained an unsecured and uncommitted line of credit guaranteed by FirstCash, Inc. with a bank in Mexico (the “Mexico Credit Facility”) in the amount of $600.0 million Mexican pesos. The Mexico Credit Facility bears interest at TIIE plus a fixed spread of 2.25% and matures on August 24, 2027. Under the terms of the Mexico Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Company was in compliance with the covenants of the Mexico Credit Facility as of June 30, 2025. As of June 30, 2025, the Company had no amount outstanding under the Mexico Credit Facility and $31.8 million ($600.0 million pesos) available for future borrowings.

Senior Unsecured Notes Due 2028

On August 26, 2020, the Company issued $500.0 million of 4.625% senior unsecured notes due on September 1, 2028 (the “2028 Notes”), all of which are currently outstanding. Interest on the 2028 Notes is payable semi-annually in arrears on March 1 and September 1. The 2028 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2028 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 2.75 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2028 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of June 30, 2025, the Company’s consolidated total debt ratio was 2.5 to 1. While the 2028 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 2.75 to 1, restricted payments are allowable within certain permitted baskets, which currently provide the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 2.75 to 1.

Senior Unsecured Notes Due 2030

On December 13, 2021, the Company issued $550.0 million of 5.625% senior unsecured notes due on January 1, 2030 (the “2030 Notes”), all of which are currently outstanding. Interest on the 2030 Notes is payable semi-annually in arrears on January 1 and July 1. The 2030 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2030 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2030 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of June 30, 2025, the Company’s consolidated total debt ratio was 2.5 to 1. While the 2030 Notes generally limit the Company’s ability to make

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restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.

Senior Unsecured Notes Due 2032

On February 21, 2024, the Company issued $500.0 million of 6.875% senior unsecured notes due on March 1, 2032 (the “2032 Notes”), all of which are currently outstanding. Interest on the 2032 Notes is payable semi-annually in arrears on March 1 and September 1. The 2032 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2032 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2032 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of June 30, 2025, the Company’s consolidated total debt ratio was 2.5 to 1. While the 2032 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.

Note 9 - Commitments and Contingencies

Litigation

The Company, in the ordinary course of business, is a party to various legal and regulatory proceedings and other general claims. Although no assurances can be given, in management’s opinion, such outstanding proceedings are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

The Company believes it has meritorious defenses to all of the claims and intends to vigorously defend itself against such claims. However, legal and regulatory proceedings involve an inherent level of uncertainty and no assurances can be given regarding the ultimate outcome of any such matters or whether an adverse outcome would not have a material adverse impact on the Company’s financial position, results of operations, or cash flows. Other than as described below, the Company is unable to determine whether a future loss will be incurred for any of its material outstanding legal and regulatory proceedings or to estimate a range of loss with respect to such proceeding, if any, and accordingly, no material amounts have been accrued in the Company’s financial statements for legal and regulatory proceedings.

On November 12, 2021, the Consumer Financial Protection Bureau (“CFPB”) initiated a civil action in the United States District Court for the Northern District of Texas (the “District Court”) against FirstCash, Inc. and Cash America West, Inc., and later amended the complaint to include numerous Company subsidiaries as defendants. The CFPB’s lawsuit alleged violations of the Military Lending Act in connection with pawn transactions. The CFPB sought an injunction, redress for affected borrowers and a civil monetary penalty. On July 11, 2025, with the District Court’s approval and without admitting or denying the allegations, the Company and the CFPB agreed to settle and resolve all matters in dispute. As part of the settlement, the Company has agreed to offer a new pawn lending product for covered members of the U.S. military and their immediate families and dependents. Additionally, the Company will pay consumer redress in fees or principal returned to affected customers, which is estimated by the Company to be no more than $7.0 million, and a $4.0 million fine to the CFPB victims' relief fund. As a result, the Company accrued $11.0 million during the three months ended June 30, 2025 to reflect the settlement, which is included in administrative expenses in the consolidated statements of income.

Pending H&T Acquisition

Under the terms of the pending H&T Acquisition, H&T shareholders will be entitled to receive 650 pence per share in cash. The total equity value for the H&T Acquisition, including cash consideration for the shares, is approximately £291.4 million ($396.3 million USD using GBP/USD exchange rate of 1.36) and H&T had outstanding indebtedness of approximately £72.6 million as of June 30, 2025 ($98.7 million USD using GBP/USD exchange rate of 1.36), which the Company expects will remain outstanding following the closing of the H&T Acquisition. The Company intends to borrow on its Credit Facility to finance the H&T Acquisition, which may include the repayment of H&T’s outstanding indebtedness if such debt does not remain outstanding following the closing of the H&T Acquisition, and to pay related fees and expenses. The Company also entered into the Bridge Facility, which provides a backstop for the anticipated financing of the H&T Acquisition and satisfies

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the “certain funds” requirements under the United Kingdom City Code on Takeovers and Mergers. The H&T Acquisition is expected to be consummated in the third quarter of 2025, subject to the satisfaction of the remaining closing conditions, including, but not limited to, receipt of the required approvals by the FCA.

Gold Forward Sales Contracts

As of June 30, 2025, the Company had contractual commitments to deliver a total of 72,500 gold ounces between July 2025 and June 2027 at a weighted-average price of $2,826 per ounce. The ounces required to be delivered over this time period are less than the historical volume of scrap gold normally produced, and the Company expects to have the required gold ounces to meet the commitments as they come due.

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Note 10 - Segment Information

The Company organizes its operations into three reportable segments as follows:

•U.S. pawn

•Latin America pawn

•Retail POS payment solutions (American First Finance “AFF”)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, (gain) loss on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated between the U.S. pawn segment, Latin America pawn segment or retail POS payment solutions segment. Intersegment transactions relate to the Company offering AFF’s LTO payment solution in its U.S. pawn stores and are eliminated to arrive at consolidated totals.

The following tables present reportable segment information for the three and six month periods ended June 30, 2025 and 2024 as well as certain segment assets (in thousands):

						Three Months Ended June 30, 2025
						U.S. Pawn						Latin America Pawn						Retail POS Payment Solutions						Corporate/ Eliminations						Consolidated
Revenue:
Retail merchandise sales						$	249,918					$	135,956					$	—					$	(749)		(1)			$	385,125
Pawn loan fees						130,948						59,874						—						—						190,822
Leased merchandise income						—						—						139,784						—						139,784
Interest and fees on finance receivables						—						—						76,075						—						76,075
Wholesale scrap jewelry sales						28,740						10,076						—						—						38,816
Total revenue						409,606						205,906						215,859						(749)						830,622
Cost of revenue:
Cost of retail merchandise sold						143,149						87,579						—						(402)			(1)			230,326
Depreciation of leased merchandise						—						—						78,529						(257)			(1)			78,272
Provision for lease losses						—						—						32,667						(124)			(1)			32,543
Provision for loan losses						—						—						41,761						—						41,761
Cost of wholesale scrap jewelry sold						26,265						8,639						—						—						34,904
Total cost of revenue						169,414						96,218						152,957						(783)						417,806
Net revenue						240,192						109,688						62,902						34						412,816
Expenses and other income:
Operating expenses						133,815						64,414						24,264						—						222,493
Administrative expenses						—						—						—						59,263						59,263
Depreciation and amortization						8,091						4,294						699						12,780						25,864
Interest expense						—						—						—						26,337						26,337
Interest income						—						—						—						(527)						(527)
Gain on foreign exchange						—						—						—						(1,271)						(1,271)
Merger and acquisition expenses						—						—						—						2,777						2,777
Other income, net						—						—						—						(3,199)						(3,199)
Total expenses and other income						141,906						68,708						24,963						96,160						331,737
Income (loss) before income taxes						$	98,286					$	40,980					$	37,939					$	(96,126)					$	81,079

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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						Six Months Ended June 30, 2025
						U.S. Pawn						Latin America Pawn						Retail POS Payment Solutions						Corporate/ Eliminations						Consolidated
Revenue:
Retail merchandise sales						$	501,143					$	256,488					$	—					$	(1,450)		(1)			$	756,181
Pawn loan fees						268,896						113,797						—						—						382,693
Leased merchandise income						—						—						296,702						—						296,702
Interest and fees on finance receivables						—						—						149,488						—						149,488
Wholesale scrap jewelry sales						62,232						19,749						—						—						81,981
Total revenue						832,271						390,034						446,190						(1,450)						1,667,045
Cost of revenue:
Cost of retail merchandise sold						288,907						166,318						—						(775)			(1)			454,450
Depreciation of leased merchandise						—						—						167,672						(581)			(1)			167,091
Provision for lease losses						—						—						60,271						(166)			(1)			60,105
Provision for loan losses						—						—						78,121						—						78,121
Cost of wholesale scrap jewelry sold						53,489						16,770						—						—						70,259
Total cost of revenue						342,396						183,088						306,064						(1,522)						830,026
Net revenue						489,875						206,946						140,126						72						837,019
Expenses and other income:
Operating expenses						262,766						125,831						48,482						—						437,079
Administrative expenses						—						—						—						107,786						107,786
Depreciation and amortization						15,691						8,730						1,404						25,541						51,366
Interest expense						—						—						—						53,808						53,808
Interest income						—						—						—						(1,756)						(1,756)
Gain on foreign exchange						—						—						—						(1,285)						(1,285)
Merger and acquisition expenses						—						—						—						3,239						3,239
Other income, net						—						—						—						(5,514)						(5,514)
Total expenses and other income						278,457						134,561						49,886						181,819						644,723
Income (loss) before income taxes						$	211,418					$	72,385					$	90,240					$	(181,747)					$	192,296

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

						As of June 30, 2025
						U.S. Pawn						Latin America Pawn						Retail POS Payment Solutions						Corporate/ Eliminations						Consolidated
Pawn loans						$	400,143					$	150,575					$	—					$	—					$	550,718
Finance receivables, net						—						—						154,518						—						154,518
Inventories						252,885						102,848						—						—						355,733
Leased merchandise, net						—						—						100,852						(163)			(1)			100,689
Goodwill						1,154,790						185,189						486,205						—						1,826,184
Total assets						2,746,362						722,882						901,034						143,971						4,514,249

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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						Three Months Ended June 30, 2024
						U.S. Pawn						Latin America Pawn						Retail POS Payment Solutions						Corporate/ Eliminations						Consolidated
Revenue:
Retail merchandise sales						$	230,093					$	134,445					$	—					$	(1,075)		(1)			$	363,463
Pawn loan fees						120,332						60,714						—						—						181,046
Leased merchandise income						—						—						194,570						—						194,570
Interest and fees on finance receivables						—						—						56,799						—						56,799
Wholesale scrap jewelry sales						26,311						8,823						—						—						35,134
Total revenue						376,736						203,982						251,369						(1,075)						831,012
Cost of revenue:
Cost of retail merchandise sold						132,449						86,276						—						(578)			(1)			218,147
Depreciation of leased merchandise						—						—						110,567						(410)			(1)			110,157
Provision for lease losses						—						—						47,824						(171)			(1)			47,653
Provision for loan losses						—						—						31,116						—						31,116
Cost of wholesale scrap jewelry sold						21,269						7,273						—						—						28,542
Total cost of revenue						153,718						93,549						189,507						(1,159)						435,615
Net revenue						223,018						110,433						61,862						84						395,397
Expenses and other income:
Operating expenses						125,192						67,902						35,275						—						228,369
Administrative expenses						—						—						—						46,602						46,602
Depreciation and amortization						7,231						5,418						678						13,220						26,547
Interest expense						—						—						—						25,187						25,187
Interest income						—						—						—						(261)						(261)
Loss on foreign exchange						—						—						—						1,437						1,437
Merger and acquisition expenses						—						—						—						1,364						1,364
Other income, net						—						—						—						(26)						(26)
Total expenses and other income						132,423						73,320						35,953						87,523						329,219
Income (loss) before income taxes						$	90,595					$	37,113					$	25,909					$	(87,439)					$	66,178

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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						Six Months Ended June 30, 2024
						U.S. Pawn						Latin America Pawn						Retail POS Payment Solutions						Corporate/ Eliminations						Consolidated
Revenue:
Retail merchandise sales						$	467,083					$	265,294					$	—					$	(2,093)		(1)			$	730,284
Pawn loan fees						243,306						117,275						—						—						360,581
Leased merchandise income						—						—						400,241						—						400,241
Interest and fees on finance receivables						—						—						114,186						—						114,186
Wholesale scrap jewelry sales						44,037						18,053						—						—						62,090
Total revenue						754,426						400,622						514,427						(2,093)						1,667,382
Cost of revenue:
Cost of retail merchandise sold						272,363						170,459						—						(1,146)			(1)			441,676
Depreciation of leased merchandise						—						—						231,341						(900)			(1)			230,441
Provision for lease losses						—						—						91,004						(341)			(1)			90,663
Provision for loan losses						—						—						61,534						—						61,534
Cost of wholesale scrap jewelry sold						36,535						15,296						—						—						51,831
Total cost of revenue						308,898						185,755						383,879						(2,387)						876,145
Net revenue						445,528						214,867						130,548						294						791,237
Expenses and other income:
Operating expenses						244,087						135,327						70,091						—						449,505
Administrative expenses						—						—						—						90,620						90,620
Depreciation and amortization						14,244						10,523						1,399						26,408						52,574
Interest expense						—						—						—						50,605						50,605
Interest income						—						—						—						(1,004)						(1,004)
Loss on foreign exchange						—						—						—						1,251						1,251
Merger and acquisition expenses						—						—						—						1,961						1,961
Other income, net						—						—						—						(2,338)						(2,338)
Total expenses and other income						258,331						145,850						71,490						167,503						643,174
Income (loss) before income taxes						$	187,197					$	69,017					$	59,058					$	(167,209)					$	148,063

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

						As of June 30, 2024
						U.S. Pawn						Latin America Pawn						Retail POS Payment Solutions						Corporate/ Eliminations						Consolidated
Pawn loans						$	356,342					$	135,389					$	—					$	—					$	491,731
Finance receivables, net						—						—						105,401						—						105,401
Inventories						223,428						91,996						—						—						315,424
Leased merchandise, net						—						—						143,156						(221)			(1)			142,935
Goodwill						1,122,465						186,287						486,205						—						1,794,957
Total assets						2,550,290						677,107						957,028						137,983						4,322,408

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of financial condition, results of operations, liquidity and capital resources of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the “Company”) should be read in conjunction with the Company’s consolidated financial statements and accompanying notes included under Part I, Item 1 of this quarterly report on Form 10-Q, as well as with the audited consolidated financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

GENERAL

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. and Latin America. 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 typical 30-day 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.

The Company is also a leading provider of technology-driven, retail POS payment solutions focused on serving credit-constrained consumers. 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. and Puerto Rico. 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.

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

On May 14, 2025, the Company agreed on final terms of the acquisition of H&T, the leading pawn operator in the United Kingdom with 285 store locations. The Company will acquire the entire issued and to be issued share capital of H&T by means of a court-sanctioned scheme of arrangement under Part 26 of the United Kingdom Companies Act 2006, as amended. On July 2, 2025, the H&T shareholders approved the H&T Acquisition, which is expected to be consummated in the third quarter of 2025, subject to the satisfaction of the remaining closing conditions, including, but not limited to, receipt of the required approvals by the FCA.

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OPERATIONS AND LOCATIONS

Pawn Operations

As of June 30, 2025, the Company operated 3,027 pawn store locations composed of 1,194 stores in 29 U.S. states and the District of Columbia, 1,731 stores in 32 states in Mexico, 72 stores in Guatemala, 18 stores in El Salvador and 12 stores in Colombia.

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

			Three Months Ended June 30, 2025
			U.S.						Latin America						Total
Total locations, beginning of period			1,197						1,826						3,023
New locations opened			1						9						10
Locations acquired			3						—						3
Consolidation of existing pawn locations (1)			(7)						(2)						(9)
Total locations, end of period			1,194						1,833						3,027
			Six Months Ended June 30, 2025
			U.S.						Latin America						Total
Total locations, beginning of period			1,200						1,826						3,026
New locations opened			2						19						21
Locations acquired			4						—						4
Consolidation of existing pawn locations (1)			(12)						(12)						(24)
Total locations, end of period			1,194						1,833						3,027

(1)Store consolidations, which include certain acquired locations that have been combined with overlapping stores, represent closings for which the Company expects to maintain a significant portion of the customer base in the consolidated location.

POS Payment Solutions

As of June 30, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 15,300 active retail merchant partner locations located in all 50 U.S. states, the District of Columbia and Puerto Rico. This compares to the active door count of approximately 12,800 locations at June 30, 2024.

CRITICAL ACCOUNTING ESTIMATES

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 six months ended June 30, 2025.

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RESULTS OF OPERATIONS (unaudited)

Operating Results for the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

U.S. Pawn Segment

The following table presents segment pre-tax operating income and other operating metrics of the U.S. pawn segment for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 (dollars in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees, occupancy costs, bank charges, security, insurance, utilities, supplies and other costs incurred by the pawn stores.

			Three Months Ended
			June 30,
			2025									2024									Increase
U.S. Pawn Segment
Revenue:
Retail merchandise sales (1)			$			249,918						$			230,093									9		%
Pawn loan fees						130,948									120,332									9		%
Wholesale scrap jewelry sales						28,740									26,311									9		%
Total revenue						409,606									376,736									9		%
Cost of revenue:
Cost of retail merchandise sold (2)						143,149									132,449									8		%
Cost of wholesale scrap jewelry sold						26,265									21,269									23		%
Total cost of revenue						169,414									153,718									10		%
Net revenue						240,192									223,018									8		%
Segment expenses:
Operating expenses						133,815									125,192									7		%
Depreciation and amortization						8,091									7,231									12		%
Total segment expenses						141,906									132,423									7		%
Segment pre-tax operating income			$			98,286						$			90,595									8		%
Operating metrics:
Retail merchandise sales margin			43					%				42					%
Net revenue margin			59					%				59					%
Segment pre-tax operating margin			24					%				24					%

(1)Includes $0.7 million and $1.1 million of retail merchandise sales from intersegment transactions for the three months ended June 30, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment sales, consolidated U.S. retail merchandise sales for the three months ended June 30, 2025 and 2024 totaled $249.2 million and $229.0 million, respectively.

(2)Includes $0.4 million and $0.6 million of cost of retail merchandise sold from intersegment transactions for the three months ended June 30, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold for the three months ended June 30, 2025 and 2024 totaled $142.7 million and $131.9 million, respectively.

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The following table details earning assets, which consist of pawn loans and inventories as well as other earning asset metrics of the U.S. pawn segment, as of June 30, 2025 compared to June 30, 2024 (dollars in thousands, except as otherwise noted):

			As of June 30,
			2025									2024									Increase
U.S. Pawn Segment
Earning assets:
Pawn loans			$			400,143						$			356,342									12		%
Inventories						252,885									223,428									13		%
			$			653,028						$			579,770									13		%
Average outstanding pawn loan amount (in ones)			$			286						$			260									10		%
Composition of pawn collateral:
General merchandise			28					%				30					%
Jewelry			72					%				70					%
			100					%				100					%
Composition of inventories:
General merchandise			39					%				43					%
Jewelry			61					%				57					%
			100					%				100					%
Percentage of inventory aged greater than one year			1.9					%				1.3					%
Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)			2.8 times									2.8 times
Store count						1,194									1,201									(1)		%
Weighted-average store count for the three months ended June 30						1,196									1,199									—		%
Weighted-average store count for the six months ended June 30						1,198									1,190									1		%

Retail Merchandise Sales Operations

U.S. retail merchandise sales increased 9% to $249.9 million during the second quarter of 2025 compared to $230.1 million for the second quarter of 2024. Same-store retail sales increased 7% in the second quarter of 2025 compared to the second 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 second quarter of 2025 compared to the second quarter of 2024. The gross profit margin on retail merchandise sales in the U.S. was 43% during the second quarter of 2025 compared to 42% during the second quarter of 2024.

U.S. inventories increased 13% to $252.9 million at June 30, 2025 compared to $223.4 million at June 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 June 30, 2025 compared to 1.3% at June 30, 2024.

Pawn Lending Operations

U.S. pawn loan receivables as of June 30, 2025 increased 12% in total and 13% on a same-store basis compared to June 30, 2024. The Company believes the increase in same-store pawn receivables was primarily due to higher gold prices, which increased customers’ collateral value to borrow against.

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U.S. pawn loan fees increased 9% to $130.9 million during the second quarter of 2025 compared to $120.3 million for the second quarter of 2024. Same-store pawn loan fees also increased 9% in the second quarter of 2025 compared to the second quarter of 2024. The increase in total and same-store pawn loan fees was primarily due to the higher pawn loan balances.

Segment Expenses

U.S. operating expenses increased 7% to $133.8 million during the second quarter of 2025 compared to $125.2 million during the second quarter of 2024 while same-store operating expenses increased 6% compared with the prior-year period. The increase in operating expenses was primarily due to increased labor and variable compensation expenses.

Segment Pre-Tax Operating Income

The U.S. segment pre-tax operating income for the second quarter of 2025 was $98.3 million, which generated a pre-tax segment operating margin of 24% compared to $90.6 million and 24% in the prior year, respectively. The increase in the segment pre-tax operating income reflected increased net revenue, partially offset by an increase in segment expenses.

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Latin America Pawn Segment

Latin American segment pre-tax operating income for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was impacted by a 13% unfavorable 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 June 30, 2025 compared to June 30, 2024 was also impacted by a 3% unfavorable 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.

The following table presents segment pre-tax operating income and other operating metrics of the Latin America pawn segment for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 (dollars in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees, occupancy costs, bank charges, security, insurance, utilities, supplies and other costs incurred by the pawn stores.

																																	Constant Currency Basis
																																	Three Months
																																	Ended
						Three Months Ended																											June 30,						Increase /
						June 30,															Increase /												2025						(Decrease)
						2025									2024						(Decrease)												(Non-GAAP)						(Non-GAAP)
Latin America Pawn Segment
Revenue:
Retail merchandise sales						$	135,956								$	134,445								1		%							$	153,234								14		%
Pawn loan fees						59,874									60,714									(1)		%							67,497									11		%
Wholesale scrap jewelry sales						10,076									8,823									14		%							10,076									14		%
Total revenue						205,906									203,982									1		%							230,807									13		%
Cost of revenue:
Cost of retail merchandise sold						87,579									86,276									2		%							98,641									14		%
Cost of wholesale scrap jewelry sold						8,639									7,273									19		%							9,811									35		%
Total cost of revenue						96,218									93,549									3		%							108,452									16		%
Net revenue						109,688									110,433									(1)		%							122,355									11		%
Segment expenses:
Operating expenses						64,414									67,902									(5)		%							72,340									7		%
Depreciation and amortization						4,294									5,418									(21)		%							4,804									(11)		%
Total segment expenses						68,708									73,320									(6)		%							77,144									5		%
Segment pre-tax operating income						$	40,980								$	37,113								10		%							$	45,211								22		%
Operating metrics:
Retail merchandise sales margin			36					%				36					%													36					%
Net revenue margin			53					%				54					%													53					%
Segment pre-tax operating margin			20					%				18					%													20					%

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The following table details earning assets, which consist of pawn loans and inventories as well as other earning asset metrics of the Latin America pawn segment, as of June 30, 2025 compared to June 30, 2024 (dollars in thousands, except as otherwise noted):

																																	Constant Currency Basis
																																	As of
																																	June 30,
			As of June 30,																														2025						Increase
			2025									2024									Increase												(Non-GAAP)						(Non-GAAP)
Latin America Pawn Segment
Earning assets:
Pawn loans			$			150,575						$			135,389									11		%							$	154,466								14		%
Inventories						102,848									91,996									12		%							105,501									15		%
			$			253,423						$			227,385									11		%							$	259,967								14		%
Average outstanding pawn loan amount (in ones)			$			96						$			89									8		%							$	98								10		%
Composition of pawn collateral:
General merchandise			57					%				63					%
Jewelry			43					%				37					%
			100					%				100					%
Composition of inventories:
General merchandise			59					%				69					%
Jewelry			41					%				31					%
			100					%				100					%
Percentage of inventory aged greater than one year			1.5					%				1.2					%
Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)			4.1 times									4.3 times
Store count						1,833									1,817									1		%
Weighted-average store count for the three months ended June 30						1,830									1,814									1		%
Weighted-average store count for the six months ended June 30						1,828									1,819									—		%

Retail Merchandise Sales Operations

Latin America retail merchandise sales increased 1% (14% on a constant currency basis) to $136.0 million during the second quarter of 2025 compared to $134.4 million for the second quarter of 2024. Same-store retail sales were flat (13% increase on a constant currency basis) during the second quarter of 2025 compared to the second 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 second quarter of 2025 compared to the second quarter of 2024. The gross profit margin on retail merchandise sales was 36% during both the second quarter of 2025 and 2024.

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Latin America inventories increased 12% (15% on a constant currency basis) to $102.8 million at June 30, 2025 compared to $92.0 million at June 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 1.5% at both June 30, 2025 and 2024.

Pawn Lending Operations

Latin America pawn loan receivables increased 11% (14% increase on a constant currency basis) as of June 30, 2025 compared to June 30, 2024. On a same-store basis, pawn loan receivables increased 10% (13% increase on a constant currency basis) as of June 30, 2025 compared to June 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.

Latin America pawn loan fees decreased 1% (11% increase on a constant currency basis), totaling $59.9 million during the second quarter of 2025 compared to $60.7 million for the second quarter of 2024. Same-store pawn fees decreased 2% (11% increase on a constant currency basis) in the second quarter of 2025 compared to the second quarter of 2024. The constant currency increase in total and same-store pawn loan fees was primarily due to increased constant currency pawn receivables.

Segment Expenses

Operating expenses decreased 5% (7% increase on a constant currency basis) to $64.4 million during the second quarter of 2025 compared to $67.9 million during the second quarter of 2024. Same-store operating expenses also decreased 5% (7% increase 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 slightly increased store counts, general inflationary impacts and continued increases in the federally mandated minimum wage.

Segment Pre-Tax Operating Income

The segment pre-tax operating income for the second quarter of 2025 was $41.0 million, which generated a pre-tax segment operating margin of 20% compared to $37.1 million and 18% in the prior year, respectively. The increase in the segment pre-tax operating income and margin was primarily due to a decrease in operating expenses.

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Retail POS Payment Solutions Segment

Retail POS Payment Solutions Operating Results

The following table presents segment pre-tax operating income of the retail POS payment solutions segment for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 (dollars in thousands). Operating expenses include salary and benefit expenses of certain operations-focused departments, merchant partner incentives, bank and other payment processing charges, credit reporting costs, information technology costs, advertising costs and other operational costs incurred by AFF. Administrative expenses and amortization expense of intangible assets related to the purchase of AFF are not included in the segment pre-tax operating income.

			Three Months Ended
			June 30,												Increase /
			2025						2024						(Decrease)
Retail POS Payment Solutions Segment
Revenue:
Leased merchandise income			$	139,784					$	194,570								(28)		%
Interest and fees on finance receivables			76,075						56,799									34		%
Total revenue			215,859						251,369									(14)		%
Cost of revenue:
Depreciation of leased merchandise (1)			78,529						110,567									(29)		%
Provision for lease losses (2)			32,667						47,824									(32)		%
Provision for loan losses			41,761						31,116									34		%
Total cost of revenue			152,957						189,507									(19)		%
Net revenue			62,902						61,862									2		%
Segment expenses:
Operating expenses			24,264						35,275									(31)		%
Depreciation and amortization			699						678									3		%
Total segment expenses			24,963						35,953									(31)		%
Segment pre-tax operating income			$	37,939					$	25,909								46		%

(1)Includes $0.3 million and $0.4 million of depreciation of leased merchandise from intersegment transactions for the three months ended June 30, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment transactions, consolidated depreciation of leased merchandise for the three months ended June 30, 2025 and 2024 totaled $78.3 million and $110.2 million, respectively.

(2)Includes $0.1 million and $0.2 million of provision for lease losses from intersegment transactions for the three months ended June 30, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment transactions, consolidated provision for lease losses for the three months ended June 30, 2025 and 2024 totaled $32.5 million and $47.7 million, respectively.

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The following table provides a detail of gross transaction volumes originated during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 (dollars in thousands):

			Three Months Ended
			June 30,												Increase /
			2025						2024						(Decrease)
Leased merchandise			$	110,516					$	146,778								(25)		%
Finance receivables			149,943						105,258									42		%
Total gross transaction volume			$	260,459					$	252,036								3		%

The following table details retail POS payment solutions earning assets as of June 30, 2025 as compared to June 30, 2024 (dollars in thousands):

			As of June 30,												Increase /
			2025						2024						(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses			$	170,824					$	246,457								(31)		%
Less allowance for lease losses			(69,972)						(103,301)									(32)		%
Leased merchandise, net (1)			$	100,852					$	143,156								(30)		%
Finance receivables, net:
Finance receivables, before allowance for loan losses			$	277,392					$	205,362								35		%
Less allowance for loan losses			(122,874)						(99,961)									23		%
Finance receivables, net			$	154,518					$	105,401								47		%

(1)Includes $0.2 million of intersegment transactions as of both June 30, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment transactions, consolidated net leased merchandise as of June 30, 2025 and 2024 totaled $100.7 million and $142.9 million, respectively.

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The following table details the changes in the allowance for lease and loan losses and other portfolio metrics for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 (dollars in thousands):

			Three Months Ended
			June 30,																		Increase /
						2025									2024						(Decrease)
Allowance for lease losses:
Balance at beginning of period						$	69,077								$	95,786								(28)		%
Provision for lease losses (1)						32,667									47,824									(32)		%
Charge-offs						(33,744)									(41,973)									(20)		%
Recoveries						1,972									1,664									19		%
Balance at end of period						$	69,972								$	103,301								(32)		%
Leased merchandise portfolio metrics:
Provision rate (2)			30					%				33					%
Average monthly net charge-off rate (3)			6.2					%				5.4					%
Delinquency rate (4)			23.2					%				23.0					%
Allowance for loan losses:
Balance at beginning of period						$	118,342								$	96,020								23		%
Provision for loan losses						41,761									31,116									34		%
Charge-offs						(40,078)									(28,813)									39		%
Recoveries						2,849									1,638									74		%
Balance at end of period						$	122,874								$	99,961								23		%
Finance receivables portfolio metrics:
Provision rate (2)			28					%				30					%
Average monthly net charge-off rate (3)			4.6					%				4.5					%
Delinquency rate (4)			20.6					%				20.0					%

(1)Includes $0.1 million and $0.2 million of provision for lease losses from intersegment transactions for the three months ended June 30, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment transactions, consolidated provision for lease losses for the three months ended June 30, 2025 and 2024 totaled $32.5 million and $47.7 million, respectively.

(2)Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

(3)Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

(4)Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

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LTO Operations

Leased merchandise, before allowance for lease losses, decreased 31% to $170.8 million as of June 30, 2025 compared to $246.5 million as of June 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 Warehouse (“A-Freight”) and Conn’s Home Plus (“Conn’s”).

The allowance for lease losses decreased 32% to $70.0 million as of June 30, 2025 compared to $103.3 million as of June 30, 2024, which was primarily due to the decrease in leased merchandise and lower lease loss provisioning rates used during the second quarter of 2025 as compared to second quarter of 2024. As a percentage of lease merchandise, the allowance was 41% at June 30, 2025 and 42% at June 30, 2024.

Leased merchandise income decreased 28% to $139.8 million during the second quarter of 2025 compared to $194.6 million during the second quarter of 2024, which was primarily due to lower average leased merchandise balances outstanding during the second quarter of 2025 compared to the second quarter of 2024.

Depreciation of leased merchandise decreased 29% to $78.5 million during the second quarter of 2025 compared to $110.6 million during the second quarter of 2024, primarily due to the decrease in leased merchandise balances outstanding. As a percentage of leased merchandise income, depreciation of leased merchandise decreased slightly to 56% during the second quarter of 2025 from 57% during the second quarter of 2024.

Provision for lease losses decreased 32% to $32.7 million during the second quarter of 2025 compared to $47.8 million during the second quarter of 2024, which was primarily due to the 25% decrease in gross transaction volumes and a decrease in the net provisioning rates used during the second quarter of 2025. As a percentage of gross transaction volume, the provision for lease losses decreased to 30% during the second quarter of 2025 compared to 33% during the second quarter of 2024.

Retail Finance Operations

Finance receivables, before allowance for loan losses, increased 35% as of June 30, 2025 compared to June 30, 2024. The increase was primarily due to increased gross transaction volumes in certain non-furniture industry verticals.

The allowance for loan losses increased 23% to $122.9 million as of June 30, 2025 compared to $100.0 million as of June 30, 2024, which was primarily due to the increase in finance receivables, partially offset by lower loan loss provisioning rates used during the second quarter of 2025 compared to the second quarter of 2024. As a percentage of finance receivables, the allowance was 44% at June 30, 2025 compared to 49% at June 30, 2024.

Interest and fees on finance receivables increased 34% to $76.1 million during the second quarter of 2025 compared to $56.8 million during the second quarter of 2024. The increase was primarily due to the higher year-over-year finance receivable balances, 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 during the second quarter of 2025, some of which are provided at lower interest rates.

Provision for loan losses increased 34% to $41.8 million during the second quarter of 2025 compared to $31.1 million during the second quarter of 2024, which was primarily due to the 42% increase in gross transaction volume, partially offset by a decrease in the net provisioning rates used during the second quarter of 2025 based on lower than expected charge-off rates on older vintages. As a percentage of gross transaction volume, the provision for loan losses decreased to 28% during the second quarter of 2025 from 30% during the second quarter of 2024.

Segment Expenses

Operating expenses decreased 31% to $24.3 million during the second quarter of 2025 compared to $35.3 million during the second quarter of 2024. The decrease was primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships along with continued realization of operating synergies, primarily in technology and development infrastructure, coupled with other cost reduction initiatives. As a percentage of segment revenues, operating expenses decreased to 11% during the second quarter of 2025 compared to 14% during the second quarter of 2024.

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Segment Pre-Tax Operating Income

The retail POS payment solutions segment pre-tax operating income for the second quarter of 2025 was $37.9 million compared to $25.9 million in the second quarter of 2024. The increase was primarily the result of the increase in segment net revenue and a decrease in operating expenses.

Consolidated Results of Operations

The following table reconciles pre-tax operating income of the Company’s U.S. pawn segment, Latin America pawn segment and retail POS payment solutions segment, discussed above, to consolidated net income for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 (dollars in thousands):

			Three Months Ended
			June 30,
			2025						2024
Consolidated Results of Operations
Segment pre-tax operating income:
U.S. pawn			$	98,286					$	90,595
Latin America pawn			40,980						37,113
Retail POS payment solutions			37,939						25,909
Intersegment elimination (1)			34						84
Consolidated segment pre-tax operating income			177,239						153,701
Corporate expenses and other income:
Administrative expenses			59,263						46,602
Depreciation and amortization			12,780						13,220
Interest expense			26,337						25,187
Interest income			(527)						(261)
(Gain) loss on foreign exchange			(1,271)						1,437
Merger and acquisition expenses			2,777						1,364
Other income, net			(3,199)						(26)
Total corporate expenses and other income			96,160						87,523
Income before income taxes			81,079						66,178
Provision for income taxes			21,274						17,105
Net income			$	59,805					$	49,073

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. For further detail, see Note 10 of Notes to Consolidated Financial Statements.

Corporate Expenses and Taxes

Administrative expenses increased 27% to $59.3 million during the second quarter of 2025 compared to $46.6 million in the second quarter of 2024, primarily due to the $11.0 million CFPB litigation settlement accrued for in the second quarter of 2025, a slight increase in the pawn store count and general inflationary impacts, partially offset by a 13% change in the average value of the Mexican peso resulting in lower U.S. dollar translated administrative expenses in Latin America. As a percentage of revenue, administrative expenses were 7% in the second quarter of 2025 compared to 6% during the second quarter of 2024.

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Depreciation and amortization decreased 3% to $12.8 million during the second quarter of 2025 compared to $13.2 million in the second quarter of 2024, primarily due to a scheduled $0.4 million decrease in amortization of acquired AFF intangible assets.

Interest expense increased 5% to $26.3 million during the second quarter of 2025 compared to $25.2 million in the second 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.”

Merger and acquisition expenses increased 104% to $2.8 million during the second quarter of 2025 compared to $1.4 million in the second quarter of 2024, due primarily to expenses associated with the H&T Acquisition.

Consolidated effective income tax rates for the second quarter of 2025 and 2024 were 26.2% and 25.8%, respectively. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”), which includes a broad range of tax reform provisions, was signed into law in the United States. The Company is currently evaluating the impact on future periods but does not expect the OBBBA to have a material impact on its effective tax rate in 2025.

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Operating Results for the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

U.S. Pawn Segment

The following table presents segment pre-tax operating income and other operating metrics of the U.S. pawn segment for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 (dollars in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees, occupancy costs, bank charges, security, insurance, utilities, supplies and other costs incurred by the pawn stores.

			Six Months Ended
			June 30,
			2025									2024									Increase
U.S. Pawn Segment
Revenue:
Retail merchandise sales (1)			$			501,143						$			467,083									7		%
Pawn loan fees						268,896									243,306									11		%
Wholesale scrap jewelry sales						62,232									44,037									41		%
Total revenue						832,271									754,426									10		%
Cost of revenue:
Cost of retail merchandise sold (2)						288,907									272,363									6		%
Cost of wholesale scrap jewelry sold						53,489									36,535									46		%
Total cost of revenue						342,396									308,898									11		%
Net revenue						489,875									445,528									10		%
Segment expenses:
Operating expenses						262,766									244,087									8		%
Depreciation and amortization						15,691									14,244									10		%
Total segment expenses						278,457									258,331									8		%
Segment pre-tax operating income			$			211,418						$			187,197									13		%
Operating metrics:
Retail merchandise sales margin			42					%				42					%
Net revenue margin			59					%				59					%
Segment pre-tax operating margin			25					%				25					%

(1)Includes $1.5 million and $2.1 million of retail merchandise sales from intersegment transactions for the six months ended June 30, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment sales, consolidated U.S. retail merchandise sales for the six months ended June 30, 2025 and 2024 totaled $499.7 million and $465.0 million, respectively.

(2)Includes $0.8 million and $1.1 million of cost of retail merchandise sold from intersegment transactions for the six months ended June 30, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold for the six months ended June 30, 2025 and 2024 totaled $288.1 million and $271.2 million, respectively.

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Retail Merchandise Sales Operations

U.S. retail merchandise sales increased 7% to $501.1 million during the six months ended June 30, 2025 compared to $467.1 million for the six months ended June 30, 2024. Same-store retail sales increased 5% during the six months ended June 30, 2025 compared to the six months ended June 30, 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 six months ended June 30, 2025 compared to the six months ended June 30, 2024. The gross profit margin on retail merchandise sales in the U.S. was 42% during both the six months ended June 30, 2025 and 2024.

Pawn Lending Operations

U.S. pawn loan fees increased 11% to $268.9 million during the six months ended June 30, 2025 compared to $243.3 million for the six months ended June 30, 2024. Same-store pawn loan fees increased 9% during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase in total and same-store pawn loan fees was primarily due to the higher pawn loan balances.

Segment Expenses

U.S. operating expenses increased 8% to $262.8 million during the six months ended June 30, 2025 compared to $244.1 million during the six months ended June 30, 2024 while same-store operating expenses increased 6% compared with the prior-year period. The increase in operating expenses was primarily due to increased labor and variable compensation expenses.

Segment Pre-Tax Operating Income

The U.S. segment pre-tax operating income for the six months ended June 30, 2025 was $211.4 million, which generated a pre-tax segment operating margin of 25% compared to $187.2 million and 25% in the prior year, respectively. The increase in the segment pre-tax operating income reflected increased net revenue, partially offset by an increase in segment expenses.

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Latin America Pawn Segment

Latin American segment pre-tax operating income for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was impacted by a 17% unfavorable change in the average value of the Mexican peso compared to the U.S. dollar.

The following table presents segment pre-tax operating income and other operating metrics of the Latin America pawn segment for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 (dollars in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees, occupancy costs, bank charges, security, insurance, utilities, supplies and other costs incurred by the pawn stores.

																																	Constant Currency Basis
																																	Six Months
																																	Ended
						Six Months Ended																											June 30,						Increase /
						June 30,															Increase /												2025						(Decrease)
						2025									2024						(Decrease)												(Non-GAAP)						(Non-GAAP)
Latin America Pawn Segment
Revenue:
Retail merchandise sales						$	256,488								$	265,294								(3)		%							$	296,887								12		%
Pawn loan fees						113,797									117,275									(3)		%							131,755									12		%
Wholesale scrap jewelry sales						19,749									18,053									9		%							19,749									9		%
Total revenue						390,034									400,622									(3)		%							448,391									12		%
Cost of revenue:
Cost of retail merchandise sold						166,318									170,459									(2)		%							192,333									13		%
Cost of wholesale scrap jewelry sold						16,770									15,296									10		%							19,491									27		%
Total cost of revenue						183,088									185,755									(1)		%							211,824									14		%
Net revenue						206,946									214,867									(4)		%							236,567									10		%
Segment expenses:
Operating expenses						125,831									135,327									(7)		%							144,841									7		%
Depreciation and amortization						8,730									10,523									(17)		%							10,008									(5)		%
Total segment expenses						134,561									145,850									(8)		%							154,849									6		%
Segment pre-tax operating income						$	72,385								$	69,017								5		%							$	81,718								18		%
Operating metrics:
Retail merchandise sales margin			35					%				36					%													35					%
Net revenue margin			53					%				54					%													53					%
Segment pre-tax operating margin			19					%				17					%													18					%

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Retail Merchandise Sales Operations

Latin America retail merchandise sales decreased 3% (12% increase on a constant currency basis) to $256.5 million during the six months ended June 30, 2025 compared to $265.3 million for the six months ended June 30, 2024. Same-store retail sales decreased 4% (11% increase on a constant currency basis) during the six months ended June 30, 2025 compared to the six months ended June 30, 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 six months ended June 30, 2025 compared to six months ended June 30, 2024. The gross profit margin on retail merchandise sales was 35% during the six months ended June 30, 2025 and 36% during the six months ended June 30, 2024.

Pawn Lending Operations

Latin America pawn loan fees decreased 3% (12% increase on a constant currency basis) totaling $113.8 million during the six months ended June 30, 2025 compared to $117.3 million for the six months ended June 30, 2024. Same-store pawn fees decreased 4% (12% increase on a constant currency basis) during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The constant currency increase in total and same-store pawn loan fees was primarily due to increased constant currency pawn receivables.

Segment Expenses

Operating expenses decreased 7% (7% increase on a constant currency basis) to $125.8 million during the six months ended June 30, 2025 compared to $135.3 million during the six months ended June 30, 2024. Same-store operating expenses also decreased 7% (8% increase 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 slightly increased store counts, general inflationary impacts and the increased federal minimum wage for 2025.

Segment Pre-Tax Operating Income

The segment pre-tax operating income for the six months ended June 30, 2025 was $72.4 million, which generated a pre-tax segment operating margin of 19% compared to $69.0 million and 17% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected the decrease in operating expenses.

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Retail POS Payment Solutions Segment

Retail POS Payment Solutions Operating Results

The following table presents segment pre-tax operating income of the retail POS payment solutions segment for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 (dollars in thousands). Operating expenses include salary and benefit expenses of certain operations-focused departments, merchant partner incentives, bank and other payment processing charges, credit reporting costs, information technology costs, advertising costs and other operational costs incurred by AFF. Administrative expenses and amortization expense of intangible assets related to the purchase of AFF are not included in the segment pre-tax operating income.

			Six Months Ended
			June 30,												Increase /
			2025						2024						(Decrease)
Retail POS Payment Solutions Segment
Revenue:
Leased merchandise income			$	296,702					$	400,241								(26)		%
Interest and fees on finance receivables			149,488						114,186									31		%
Total revenue			446,190						514,427									(13)		%
Cost of revenue:
Depreciation of leased merchandise (1)			167,672						231,341									(28)		%
Provision for lease losses (2)			60,271						91,004									(34)		%
Provision for loan losses			78,121						61,534									27		%
Total cost of revenue			306,064						383,879									(20)		%
Net revenue			140,126						130,548									7		%
Segment expenses:
Operating expenses			48,482						70,091									(31)		%
Depreciation and amortization			1,404						1,399									—		%
Total segment expenses			49,886						71,490									(30)		%
Segment pre-tax operating income			$	90,240					$	59,058								53		%

(1)Includes $0.6 million and $0.9 million of depreciation of leased merchandise from intersegment transactions for the six months ended June 30, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment transactions, consolidated depreciation of leased merchandise for the six months ended June 30, 2025 and 2024 totaled $167.1 million and $230.4 million, respectively.

(2)Includes $0.2 million and $0.3 million of provision for lease losses from intersegment transactions for the six months ended June 30, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment transactions, consolidated provision for lease losses for the six months ended June 30, 2025 and 2024 totaled $60.1 million and $90.7 million, respectively.

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The following table provides a detail of gross transaction volumes originated during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 (dollars in thousands):

			Six Months Ended
			June 30,												Increase /
			2025						2024						(Decrease)
Leased merchandise			$	204,822					$	300,899								(32)		%
Finance receivables			291,205						207,422									40		%
Total gross transaction volume			$	496,027					$	508,321								(2)		%

The following table details the changes in the allowance for lease and loan losses and other portfolio metrics for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 (dollars in thousands):

			Six Months Ended
			June 30,																		Increase /
						2025									2024						(Decrease)
Allowance for lease losses:
Balance at beginning of period						$	80,661								$	95,752								(16)		%
Provision for lease losses (1)						60,271									91,004									(34)		%
Charge-offs						(75,272)									(87,122)									(14)		%
Recoveries						4,312									3,667									18		%
Balance at end of period						$	69,972								$	103,301								(32)		%
Leased merchandise portfolio metrics:
Provision rate (2)			29					%				30					%
Average monthly net charge-off rate (3)			6.2					%				5.4					%
Delinquency rate (4)			23.2					%				23.0					%
Allowance for loan losses:
Balance at beginning of period						$	117,005								$	96,454								21		%
Provision for loan losses						78,121									61,534									27		%
Charge-offs						(78,497)									(62,092)									26		%
Recoveries						6,245									4,065									54		%
Balance at end of period						$	122,874								$	99,961								23		%
Finance receivables portfolio metrics:
Provision rate (2)			27					%				30					%
Average monthly net charge-off rate (3)			4.4					%				4.7					%
Delinquency rate (4)			20.6					%				20.0					%

(1)Includes $0.2 million and $0.3 million of provision for lease losses from intersegment transactions for the six months ended June 30, 2025 and 2024, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment transactions, consolidated provision for lease losses for the six months ended June 30, 2025 and 2024 totaled $60.1 million and $90.7 million, respectively.

(2)Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

(3)Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

(4)Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

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LTO Operations

Leased merchandise income decreased 26% to $296.7 million during the six months ended June 30, 2025 compared to $400.2 million for the six months ended June 30, 2024, which was primarily due to lower average leased merchandise balances outstanding during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Depreciation of leased merchandise decreased 28% to $167.7 million during the six months ended June 30, 2025 compared to $231.3 million during the six months ended June 30, 2024, primarily due to the decrease in leased merchandise balances outstanding. As a percentage of leased merchandise income, depreciation of leased merchandise decreased slightly to 57% during the six months ended June 30, 2025 from 58% during the six months ended June 30, 2024.

Provision for lease losses decreased 34% to $60.3 million during the six months ended June 30, 2025 compared to $91.0 million for the six months ended June 30, 2024, which was primarily due to the 32% decrease in gross transaction volumes and slightly lower lease loss provisioning rates used during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. As a percentage of gross transaction volume, the provision for lease losses decreased slightly to 29% during the six months ended June 30, 2025 compared to 30% during the six months ended June 30, 2024.

Retail Finance Operations

Interest and fees on finance receivables increased 31% to $149.5 million during the six months ended June 30, 2025 compared to $114.2 million for the six months ended June 30, 2024. The increase was primarily due to the higher year-over-year finance receivable balances, 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 in the six months ended June 30, 2025, some of which are provided at lower interest rates.

Provision for loan losses increased 27% to $78.1 million during the six months ended June 30, 2025 compared to $61.5 million for the six months ended June 30, 2024, which was primarily due to the 40% increase in gross transaction volume, partially offset by a decrease in the net provisioning rates used during the six months ended June 30, 2025 based on lower than expected charge-off rates on older vintages. As a percentage of gross transaction volume, the provision for loan losses decreased to 27% during the six months ended June 30, 2025 from 30% during the six months ended June 30, 2024.

Segment Expenses

Operating expenses decreased 31% to $48.5 million during the six months ended June 30, 2025 compared to $70.1 million during the six months ended June 30, 2024. The decrease was primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships along with continued realization of operating synergies, primarily in technology and development infrastructure, coupled with other cost reduction initiatives. As a percentage of segment revenues, operating expenses decreased to 11% during the six months ended June 30, 2025 from 14% during the six months ended June 30, 2024.

Segment Pre-Tax Operating Income

The retail POS payment solutions segment pre-tax operating income for the six months ended June 30, 2025 was $90.2 million compared to $59.1 million in the six months ended June 30, 2024. The increase was primarily the result of the increase in segment net revenue and a decrease in operating expenses.

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Consolidated Results of Operations

The following table reconciles pre-tax operating income of the Company’s U.S. pawn segment, Latin America pawn segment and retail POS payment solutions segment, discussed above, to consolidated net income for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 (dollars in thousands):

			Six Months Ended
			June 30,
			2025						2024
Consolidated Results of Operations
Segment pre-tax operating income:
U.S. operations			$	211,418					$	187,197
Latin America pawn			72,385						69,017
Retail POS payment solutions			90,240						59,058
Intersegment eliminations (1)			72						294
Consolidated segment pre-tax operating income			374,115						315,566
Corporate expenses and other income:
Administrative expenses			107,786						90,620
Depreciation and amortization			25,541						26,408
Interest expense			53,808						50,605
Interest income			(1,756)						(1,004)
(Gain) loss on foreign exchange			(1,285)						1,251
Merger and acquisition expenses			3,239						1,961
Other income, net			(5,514)						(2,338)
Total corporate expenses and other income			181,819						167,503
Income before income taxes			192,296						148,063
Provision for income taxes			48,900						37,622
Net income			$	143,396					$	110,441

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. For further detail, see Note 10 of Notes to Consolidated Financial Statements.

Corporate Expenses and Taxes

Administrative expenses increased 19% to $107.8 million during the six months ended June 30, 2025 compared to $90.6 million during the six months ended June 30, 2024, primarily due to the $11.0 million CFPB litigation settlement accrued for in the second quarter of 2025, a slight increase in pawn store count and general inflationary impacts, partially offset by a 17% change in the average value of the Mexican peso resulting in lower U.S. dollar translated administrative expenses in Latin America. As a percentage of revenue, administrative expenses were 6% during the six months ended June 30, 2025 compared to 5% during the six months ended June 30, 2024.

Depreciation and amortization decreased 3% to $25.5 million during the six months ended June 30, 2025 compared to $26.4 million in the six months ended June 30, 2024, primarily due to a scheduled $0.8 million decrease in amortization of acquired AFF intangible assets.

Interest expense increased 6% to $53.8 million during the six months ended June 30, 2025 compared to $50.6 million for the six months ended June 30, 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.”

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Merger and acquisition expenses increased 65% to $3.2 million during the six months ended June 30, 2025 compared to $2.0 million in the six months ended June 30, 2024, due primarily to expenses associated with the H&T Acquisition.

Consolidated effective income tax rates for both the six months ended June 30, 2025 and 2024 were 25.4%. The Company is currently evaluating the impact of the OBBBA on future periods but does not expect it to have a material impact on its effective tax rate in 2025.

LIQUIDITY AND CAPITAL RESOURCES

Material Capital Requirements

The Company’s primary capital requirements include the:

•Expansion of pawn operations through growth of pawn receivables and inventories in existing stores, new store openings, strategic acquisitions of pawn stores and purchases of underlying real estate at existing locations;

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

•Return of capital to shareholders through dividends and stock repurchases.

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 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.

Expand Pawn Operations

The Company intends to continue expansion of its pawn operations through growth of pawn receivables and inventories in existing stores along with new store openings and acquisitions.

During the six months ended June 30, 2025, the Company acquired four pawn stores in the U.S. for a cumulative purchase price of $33.0 million, net of cash acquired and subject to future post-closing adjustments. The Company evaluates potential acquisitions based upon growth potential, purchase price, available liquidity, strategic fit and quality of management personnel, among other factors. During the six months ended June 30, 2025, the Company also opened 19 new stores in Latin America and two new stores in the U.S.

In connection with the pending H&T Acquisition, the Company expects to acquire the entire issued and to be issued share capital of H&T during the third quarter by paying H&T shareholders 650 pence per share in cash. The total equity value for the H&T Acquisition, including cash consideration for the shares, is approximately £291.4 million ($396.3 million USD using GBP/USD exchange rate of 1.36) and H&T had outstanding indebtedness of approximately £72.6 million as of June 30, 2025 ($98.7 million USD using GBP/USD exchange rate of 1.36), which the Company expects will remain outstanding following the closing of the H&T Acquisition. The Company has also incurred, and expects to incur additional costs, expenses and fees for professional services, financing and other transaction 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, including costs relating to integration planning. The Company plans to finance the H&T Acquisition, which may include repayment of H&T’s outstanding indebtedness if such debt does not remain outstanding following the closing of the H&T Acquisition, and other costs with available funds under the Credit Facility and believes it has adequate capacity to borrow the necessary funds under the most restrictive covenants under its credit agreements.

Other than the proposed H&T Acquisition, 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.

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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 21 store locations, primarily from landlords at existing stores, for a cumulative purchase price of $28.1 million during the six months ended June 30, 2025.

Expand Retail POS Payment Solutions Operations

AFF expects to expand its business primarily by promoting and expanding relationships with both new and existing customers and retail merchant partners. In addition, AFF has made, and intends to continue to make, investments in its customer and merchant support operations and facilities, its technology platforms and its proprietary decisioning platforms and processes. In addition to utilizing cash flows generated from its own operations to fund expected 2025 growth, AFF has access to the additional sources of liquidity described below if needed to fund further expansion activities.

Return of Capital to Shareholders

In July 2025, the Company’s Board of Directors declared a $0.42 per share third quarter cash dividend on common shares outstanding, or an aggregate of $18.6 million based on the June 30, 2025 share count, to be paid on August 29, 2025 to stockholders of record as of August 15, 2025. While the Company currently expects to continue the payment of quarterly cash dividends, the amount, declaration and payment of cash dividends in the future (quarterly or otherwise) will be made by the Board of Directors, from time to time, subject to the Company’s financial condition, results of operations, business requirements, compliance with legal requirements, debt covenant restrictions and other relevant factors.

During the six months ended June 30, 2025, the Company repurchased a total of 525,000 shares of common stock at an aggregate cost of $59.6 million and an average cost per share of $113.54. During the six months ended June 30, 2024, the Company repurchased 721,000 shares of common stock at an aggregate cost of $85.0 million and an average cost per share of $117.90. The aggregate cost and average cost per share do not include the effect of the 1% excise tax on certain share repurchases enacted under the Inflation Reduction Act of 2022. The Company incurred $0.6 million and $0.9 million of excise taxes during the six months ended June 30, 2025 and 2024, respectively.

In July 2023, the Company’s Board of Directors authorized a common stock repurchase program for up to $200.0 million of the Company’s outstanding common stock, of which $55.4 million is currently remaining. The Company intends to continue repurchases under its active share repurchase program, including through open market transactions under trading plans in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), subject to a variety of factors, including, but not limited to, the level of cash balances, liquidity needs, credit availability, debt covenant restrictions, general business and economic conditions, regulatory requirements, the market price of the Company’s stock, the Company’s dividend policy and the availability of acquisitions or other alternative investment opportunities.

Sources of Liquidity

The Company regularly evaluates opportunities to optimize its capital structure, including through consideration of the issuance of debt or equity, to refinance existing debt and to enter into interest rate hedge transactions, such as interest rate swap agreements. As of June 30, 2025, the Company’s primary sources of liquidity were $101.5 million in cash and cash equivalents and $577.1 million of available and unused funds under the Company’s revolving unsecured credit facilities, subject to certain financial covenants (see Note 8 of Notes to Consolidated Financial Statements). The Company had working capital of $1,048.1 million as of June 30, 2025.

The Company’s cash and cash equivalents as of June 30, 2025 included $25.9 million held by its foreign subsidiaries. These cash balances, which are primarily held in Mexican pesos, are associated with foreign earnings the Company has asserted are indefinitely reinvested and which the Company plans to use to support its continued growth plans outside the U.S. through funding of capital expenditures, acquisitions, operating expenses or other similar cash needs of the Company’s foreign operations.

The Company’s liquidity is affected by a number of factors, including changes in general customer traffic and demand, pawn loan balances, loan-to-value ratios, collection of pawn fees, merchandise sales, inventory levels, LTO merchandise, finance receivable balances, collection of lease and finance receivable payments, seasonality, operating expenses, administrative expenses, expenses related to merger and acquisition activities, litigation-related expenses, tax rates, gold prices, foreign currency exchange rates and the pace of new pawn store expansion and acquisitions, including the pending H&T Acquisition. Additionally, a prolonged reduction in earnings and EBITDA could limit the Company’s future ability to fully borrow on its

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credit facilities under current leverage covenants. Regulatory developments affecting the Company’s operations may also impact profitability and liquidity. See “Governmental Regulation Update.”

If needed, the Company could seek to raise additional funds from a variety of sources, including, but not limited to, repatriation of excess cash held in Latin America, the sale of assets, reductions in operating expenses, capital expenditures and dividends, the forbearance or deferral of operating expenses, the issuance of debt or equity securities, utilizing other structured financing arrangements, the leveraging of currently unencumbered real estate owned by the Company and/or changes to its management of current assets. The characteristics of the Company’s current assets, specifically the ability to rapidly liquidate gold jewelry inventory, which accounts for 55% of total inventory, give the Company flexibility to quickly increase cash flow if necessary.

Cash Flows and Liquidity Metrics

The following tables set forth certain historical information with respect to the Company’s sources and uses of cash and other key indicators of liquidity (dollars in thousands):

						Six Months Ended June 30,
						2025						2024
Cash flow provided by operating activities						$	243,494					$	228,719
Cash flow used in investing activities						$	(174,210)					$	(187,864)
Cash flow used in financing activities						$	(146,025)					$	(50,850)

						As of June 30,
						2025						2024
Working capital						$	1,048,126					$	957,690
Current ratio			4.2:1						4.0:1

Cash Flow Provided by Operating Activities

Net cash provided by operating activities increased $14.8 million, or 6%, from $228.7 million for the six months ended June 30, 2024 to $243.5 million for the six months ended June 30, 2025 due to net changes in certain non-cash adjustments to reconcile net income to operating cash flow and net changes in other operating assets and liabilities (as detailed in the consolidated statements of cash flows) and an increase in net income of $33.0 million.

Cash Flow Used in Investing Activities

Net cash used in investing activities decreased $13.7 million, or 7%, from $187.9 million for the six months ended June 30, 2024 to $174.2 million for the six months ended June 30, 2025. Cash flows from investing activities are utilized primarily to fund pawn store acquisitions, purchase furniture, fixtures, equipment and improvements, which includes capital expenditures for improvements to existing stores and for new pawn store openings and other corporate assets, and discretionary purchases of store real property. In addition, cash flows related to 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 and changes in net finance receivables, are included in investing activities. The Company paid $25.9 million for furniture, fixtures, equipment and improvements and $28.1 million for discretionary pawn store real property purchases during the six months ended June 30, 2025 compared to $42.7 million and $21.1 million in the prior-year period, respectively. The Company paid $33.6 million in cash related to pawn store acquisitions during the six months ended June 30, 2025 compared to $65.7 million during the six months ended June 30, 2024. The Company funded a net increase in pawn loans of $30.6 million during the six months ended June 30, 2025 and $20.9 million during the six months ended June 30, 2024. The Company funded a net increase in finance receivables of $56.0 million during the six months ended June 30, 2025 and $37.6 million during the six months ended June 30, 2024.

Cash Flow Used in Financing Activities

Net cash used in financing activities increased $95.2 million, or 187%, from $50.9 million for the six months ended June 30, 2024 to $146.0 million for the six months ended June 30, 2025. Net payments on the credit facilities were $46.0 million during the six months ended June 30, 2025 compared to net payments of $418.0 million during the six months ended June 30, 2024. During the six months ended June 30, 2024, the Company received $500.0 million in proceeds from the private offering of senior unsecured notes which was used to repay a portion of the outstanding balance on the Credit Facility, after payment of

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fees and expenses related to the offering. The Company paid debt issuance costs of $9.1 million during the six months ended June 30, 2024. The Company funded $60.5 million of share repurchases during the six months ended June 30, 2025 compared to $85.0 million during the six months ended June 30, 2024. The Company paid dividends of $33.8 million during the six months ended June 30, 2025 compared to $31.7 million during the six months ended June 30, 2024. In addition, the Company paid withholding taxes of $5.8 million on net share settlements of restricted stock awards during the six months ended June 30, 2025 compared to $7.0 million during the six months ended June 30, 2024.

GOVERNMENTAL REGULATION UPDATE   

The Company’s pawn and retail POS payment solutions businesses are subject to significant regulation in all of the jurisdictions in which it operates. Existing regulations and regulatory developments are further and more completely described under “Governmental Regulation” in Part I, Item 1 of the Company’s 2024 Annual Report on Form 10-K filed with the SEC on February 3, 2025 and in subsequent documents filed with the SEC. Other than as described below, there have been no changes to the significant regulation that the Company’s businesses are subject to that the Company believes would have a material impact on its businesses or results of operation from those described in the Annual Report on Form 10-K for the year ended December 31, 2024.

Actions of the current administration could result in changes in federal policy with significant impacts on the legal and regulatory framework affecting the industries in which the related consumers are involved. These changes, including restructuring and widespread personnel changes at the applicable regulatory agencies, may alter the nature and scope of oversight affecting such industries. The nature, timing and economic and political effects of potential changes affecting such industries generally remains uncertain and it is possible that such uncertainty may adversely affect the Company.

On October 6, 2017, the CFPB issued its small-dollar lending rule (the “SDL Rule”), which was subsequently revised on July 7, 2020. The SDL Rule imposes certain obligations and limitations associated with the origination and servicing of covered transactions. Traditional possessory, non-recourse pawn loans are not covered under the SDL Rule but some of the RISA transactions that AFF purchases and some of the bank loans that AFF sub-services are covered under the rule. After resolution of some challenges to the SDL Rule itself and the constitutionality of the CFPB, on July 3, 2024, trade groups filed a petition for a rehearing with the Fifth Circuit en banc. The Fifth Circuit did not grant the petition and the SDL Rule went into effect on March 30, 2025. However, on March 28, 2025, the CFPB announced that enforcement of the SDL Rule will not be a priority and that the agency may seek new rulemaking to narrow its scope. At this time, the Company does not believe that the implementation of the SDL Rule will have a material impact on the Company’s future results of operations or financial condition.

In addition, the United States, China, Canada, Mexico, European Union and other countries have imposed, or threatened to impose, new or enhanced tariffs, quotas, trade barriers and other restrictions on imports into their respective territories. Numerous trade restrictions are currently in effect and such restrictions, coupled with the risk of retaliatory steps taken in response to such restrictions, could potentially serve to depress economic activity generally in the United States, adversely affecting consumers and contributing to general market volatility.

NON-GAAP FINANCIAL INFORMATION

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than GAAP, primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

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The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired AFF intangible assets, the CFPB litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following table provides a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

			Three Months Ended June 30,																								Six Months Ended June 30,
			2025						2024						2025						2024						2025						2024						2025						2024
			In Thousands						In Thousands						Per Share						Per Share						In Thousands						In Thousands						Per Share						Per Share
Net income and diluted earnings per share, as reported			$	59,805					$	49,073					$	1.34					$	1.08					$	143,396					$	110,441					$	3.21					$	2.44
Adjustments, net of tax:
Merger and acquisition expenses			2,134						1,047						0.05						0.03						2,488						1,504						0.06						0.03
Amortization of acquired AFF intangible assets			9,258						9,572						0.21						0.21						18,516						19,145						0.41						0.42
CFPB litigation settlement			9,390						—						0.21						—						9,390						—						0.21						—
Other (income) expenses, net			(967)						2,206						(0.02)						0.05						(1,391)						997						(0.03)						0.02
Adjusted net income and diluted earnings per share			$	79,620					$	61,898					$	1.79					$	1.37					$	172,399					$	132,087					$	3.86					$	2.91

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Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

																																										Trailing Twelve
						Three Months Ended																		Six Months Ended																		Months Ended
						June 30,																		June 30,																		June 30,
						2025									2024									2025									2024									2025									2024
Net income						$			59,805						$			49,073						$			143,396						$			110,441						$			291,770						$			237,174
Income taxes									21,274									17,105									48,900									37,622									95,239									80,001
Depreciation and amortization (1)									25,864									26,547									51,366									52,574									103,733									107,574
Interest expense									26,337									25,187									53,808									50,605									108,429									101,880
Interest income									(527)									(261)									(1,756)									(1,004)									(2,687)									(1,548)
EBITDA									132,753									117,651									295,714									250,238									596,484									525,081
Adjustments:
Merger and acquisition expenses									2,777									1,364									3,239									1,961									3,506									9,600
AFF purchase accounting and other adjustments (2)									—									—									—									—									—									13,968
CFPB litigation settlement									11,000									—									11,000									—									11,000									—
Other (income) expenses, net									(1,401)									2,867									(1,944)									1,275									1,982									(486)
Adjusted EBITDA						$			145,129						$			121,882						$			308,009						$			253,474						$			612,972						$			548,163

(1)Includes $12.0 million, $24.0 million and $48.9 million of amortization expense related to identifiable intangible assets as a result of the AFF acquisition for the three months, six months and trailing twelve months ended June 30, 2025, respectively. Includes $12.4 million, $24.9 million and $52.9 million of amortization expense related to identifiable intangible assets as a result of the AFF acquisition for the three months, six months and trailing twelve months ended June 30, 2024, respectively.

(2)For the twelve months ended June 30, 2024, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.

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Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

																														Trailing Twelve
						Three Months Ended												Six Months Ended												Months Ended
						June 30,												June 30,												June 30,
						2025						2024						2025						2024						2025						2024
Cash flow from operating activities						$	116,854					$	106,187					$	243,494					$	228,719					$	554,733					$	439,192
Cash flow from certain investing activities:
Pawn loans, net (1)						(50,032)						(46,036)						(30,592)						(20,887)						(81,704)						(56,053)
Finance receivables, net						(35,411)						(22,252)						(55,977)						(37,563)						(157,728)						(95,880)
Purchases of furniture, fixtures, equipment and improvements						(12,952)						(16,237)						(25,866)						(42,664)						(51,447)						(74,464)
Free cash flow						18,459						21,662						131,059						127,605						263,854						212,795
Merger and acquisition expenses paid, net of tax benefit						2,134						1,047						2,488						1,504						2,690						7,380
Adjusted free cash flow						$	20,593					$	22,709					$	133,547					$	129,109					$	266,544					$	220,175

(1)Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this report are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables in “Results of Operations” above for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

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The following table provides exchange rates for the Mexican peso, Guatemalan quetzal and Colombian peso for the current and prior-year periods:  

						June 30,												Favorable /
						2025						2024						(Unfavorable)
Mexican peso / U.S. dollar exchange rate:
End-of-period						18.9						18.4									(3)		%
Three months ended						19.5						17.2									(13)		%
Six months ended						20.0						17.1									(17)		%
Guatemalan quetzal / U.S. dollar exchange rate:
End-of-period						7.7						7.8									1		%
Three months ended						7.7						7.8									1		%
Six months ended						7.7						7.8									1		%
Colombian peso / U.S. dollar exchange rate:
End-of-period						4,070						4,148									2		%
Three months ended						4,199						3,927									(7)		%
Six months ended						4,195						3,921									(7)		%

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risks relating to the Company’s operations result primarily from changes in interest rates, gold prices and foreign currency exchange rates and are described in detail in the Company’s 2024 Annual Report on Form 10-K. The impact of current-year fluctuations in foreign currency exchange rates, in particular, are further discussed in Part I, Item 2 herein. The Company does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes. There have been no material changes to the Company’s exposure to market risks since December 31, 2024.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). In designing and evaluating the disclosure controls and procedures, the Company’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective.

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2025, the Company’s disclosure controls and procedures were designed at a reasonable assurance level and were effective.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 9 - Commitments and Contingencies of Notes to Consolidated Financial Statements contained in Part I, Item 1 of this report which is incorporated to this Part II, Item 1 by reference.

ITEM 1A. RISK FACTORS

Important risk factors that could materially affect the Company’s business, financial condition or results of operations in future periods are described in Part I, Item 1A, “Risk Factors” of the Company’s 2024 Annual Report on Form 10-K. These factors are supplemented by those discussed under “Management’s Discussion And Analysis Of Financial Condition And Results Of Operations” and “Governmental Regulation Update” in Part I, Item 2 of this quarterly report and in “Governmental Regulation” in Part I, Item 1 of the Company’s 2024 Annual Report on Form 10-K. There have been no material changes in the Company’s risk factors from those in Part I, Item 1A, “Risk Factors” of the Company’s 2024 Annual Report on Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table provides information about purchases made by the Company of shares of its common stock during the three months ended June 30, 2025 (dollars in thousands, except per share amounts):

						Total Number Of Shares Purchased						Average Price Paid Per Share						Total Number Of Shares Purchased As Part Of Publicly Announced Plans												Approximate Dollar Value Of Shares That May Yet Be Purchased Under The Plans (1)
April 1 through April 30, 2025						—						$	—					—												$	55,391
May 1 through May 31, 2025						—						—						—												55,391
June 1 through June 30, 2025						—						—						—												55,391
Total						—						—						—

(1)In July 2023, the Company’s Board of Directors authorized a common stock repurchase program for up to $200.0 million of the Company’s outstanding common stock, of which $55.4 million is currently remaining.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

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ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans and Other Non-Rule 10b5-1 Trading Plans

None of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined under Item 408(a) of Regulation S-K, during the three months ended June 30, 2025, except as follows:

On June 2, 2025, R. Douglas Orr, Executive Vice President and Chief Financial Officer, adopted a written plan for the sale of up to 44,000 shares of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan will expire on June 16, 2027 or on any earlier date on which all of the shares have been sold.

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ITEM 6. EXHIBITS

Incorporated by Reference

Exhibit No.

Exhibit Description

Form

File No.

Exhibit

Filing Date

Filed Herewith

2.1

Rule 2.7 Announcement

8-K

001-10960

2.1

05/14/2025

2.2

Co-operation Agreement

8-K

001-10960

2.2

05/14/2025

3.1

Amended and Restated Certificate of Incorporation of FirstCash Holdings, Inc., dated December 16, 2021

8-K12B

001-10960

3.1

12/16/2021

3.2

Amended and Restated Bylaws of FirstCash Holdings, Inc., dated December 16, 2021

8-K12B

001-10960

3.2

12/16/2021

10.1

Ninth Amendment to Amended and Restated Credit Agreement

X

31.1

Certification Pursuant to Exchange Act Section 13(a)-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act, provided by Rick L. Wessel, Chief Executive Officer

X

31.2

Certification Pursuant to Exchange Act Section 13(a)-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act, provided by R. Douglas Orr, Chief Financial Officer

X

32.1

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, provided by Rick L. Wessel, Chief Executive Officer

X

32.2

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, provided by R. Douglas Orr, Chief Financial Officer

X

101.INS

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

X

101.SCH

Inline XBRL Taxonomy Extension Schema Document

X

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

X

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

X

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

X

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

X

104

Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101)

X

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SIGNATURES

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.

Dated: July 28, 2025			FIRSTCASH HOLDINGS, INC.
			(Registrant)
			/s/ RICK L. WESSEL
			Rick L. Wessel
			Chief Executive Officer
			(On behalf of the Registrant)
			/s/ R. DOUGLAS ORR
			R. Douglas Orr
			Executive Vice President and Chief Financial Officer
			(As Principal Financial Officer and Principal Accounting Officer)

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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.