[8-K] Procter & Gamble Company Reports Material Event
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FirstCash Holdings (FCFS) Q2-25 10-Q highlights:
- Total revenue was essentially flat YoY at $830.6 M (H1 25: $1.67 B). A 6% increase in pawn-related sales & fees offset a 28% drop in leased-merchandise income.
- Net revenue rose 4% to $412.8 M as lower lease depreciation/provisions improved gross margin 260 bp to 49.7%.
- Net income increased 22% to $59.8 M; diluted EPS $1.34 vs $1.08. H1 EPS up 32% to $3.21.
- Segment drivers: U.S. pawn generated 59% of consolidated pretax profit; Latin America pawn 24%; Retail POS (AFF) 17%. Pawn loans outstanding grew 12% YoY to $550.7 M, supporting higher pawn fee income.
- Liquidity & leverage: Operating cash flow $243.5 M; cash balance fell to $101.5 M after $60.5 M share buybacks, $33.8 M dividends and $174.2 M capex/loan growth. Net debt ~2.5× adj. EBITDA, within covenant.
- Major events: • Signed £291 M ($396 M) cash deal to acquire U.K. pawn leader H&T; shareholder approval obtained, closing expected Q3 25. • Amended $700 M revolver and lined up £299 M bridge loan to fund the deal. • Recorded $11 M charge to settle CFPB Military Lending Act matter.
- Balance sheet: Assets $4.51 B (+4% vs 12/24). Goodwill $1.83 B. Senior notes unchanged at $1.53 B; revolver draw $152 M.
- Capital return: Q2 dividend $0.38/share; 525 K shares repurchased YTD.
Overall, core pawn momentum and margin expansion drove double-digit EPS growth, partially offset by ongoing pressure in the lease-to-own portfolio and higher administrative spend ahead of the H&T acquisition.
Principali dati del 10-Q del secondo trimestre 2025 di FirstCash Holdings (FCFS):
- Ricavi totali sostanzialmente stabili su base annua a 830,6 milioni di dollari (H1 25: 1,67 miliardi di dollari). Un aumento del 6% delle vendite e commissioni relative al pegno ha compensato un calo del 28% dei ricavi da merce in leasing.
- Ricavi netti aumentati del 4% a 412,8 milioni di dollari grazie a una riduzione delle svalutazioni/provisioni sui leasing che ha migliorato il margine lordo di 260 punti base, portandolo al 49,7%.
- Utile netto cresciuto del 22% a 59,8 milioni di dollari; EPS diluito di 1,34 dollari rispetto a 1,08 dollari. L’EPS del primo semestre è aumentato del 32% a 3,21 dollari.
- Driver di segmento: Il pegno negli Stati Uniti ha generato il 59% dell’utile ante imposte consolidato; il pegno in America Latina il 24%; il Retail POS (AFF) il 17%. I prestiti su pegno in essere sono cresciuti del 12% su base annua a 550,7 milioni di dollari, sostenendo maggiori entrate da commissioni sul pegno.
- Liquidità e leva finanziaria: Flusso di cassa operativo di 243,5 milioni di dollari; la liquidità è scesa a 101,5 milioni di dollari dopo riacquisti di azioni per 60,5 milioni, dividendi per 33,8 milioni e investimenti/crescita prestiti per 174,2 milioni. Debito netto circa 2,5 volte l’EBITDA rettificato, entro i limiti del covenant.
- Eventi principali: • Accordo in contanti da 291 milioni di sterline (396 milioni di dollari) per acquisire il leader britannico del pegno H&T; approvazione degli azionisti ottenuta, chiusura prevista nel terzo trimestre 2025. • Rinegoziato un revolver da 700 milioni di dollari e attivato un prestito ponte da 299 milioni di sterline per finanziare l’operazione. • Registrata una svalutazione di 11 milioni di dollari per la risoluzione della questione relativa al Military Lending Act del CFPB.
- Bilancio: Attività per 4,51 miliardi di dollari (+4% rispetto a dicembre 2024). Avviamento di 1,83 miliardi di dollari. Senior notes invariati a 1,53 miliardi; revolver utilizzato per 152 milioni.
- Ritorno al capitale: Dividendo del secondo trimestre di 0,38 dollari per azione; 525 mila azioni riacquistate da inizio anno.
In generale, la crescita del core business del pegno e l’espansione del margine hanno guidato una crescita a doppia cifra dell’EPS, parzialmente compensata dalla pressione continua sul portafoglio lease-to-own e da maggiori spese amministrative in vista dell’acquisizione di H&T.
Aspectos destacados del 10-Q del segundo trimestre 2025 de FirstCash Holdings (FCFS):
- Ingresos totales prácticamente planos interanualmente en 830,6 millones de dólares (H1 25: 1,67 mil millones de dólares). Un aumento del 6% en ventas y comisiones relacionadas con empeños compensó una caída del 28% en ingresos por mercancía arrendada.
- Ingresos netos aumentaron un 4% a 412,8 millones de dólares, ya que menores depreciaciones/provisiones en arrendamientos mejoraron el margen bruto en 260 puntos básicos hasta el 49,7%.
- Ingreso neto creció un 22% a 59,8 millones de dólares; EPS diluido de 1,34 dólares frente a 1,08 dólares. El EPS del primer semestre subió un 32% a 3,21 dólares.
- Factores por segmento: El empeño en EE.UU. generó el 59% de la ganancia antes de impuestos consolidada; el empeño en América Latina el 24%; Retail POS (AFF) el 17%. Los préstamos de empeño pendientes crecieron un 12% interanual a 550,7 millones de dólares, apoyando mayores ingresos por comisiones de empeño.
- Liquidez y apalancamiento: Flujo de caja operativo de 243,5 millones de dólares; el saldo de efectivo cayó a 101,5 millones tras recompras de acciones por 60,5 millones, dividendos por 33,8 millones e inversiones/crecimiento de préstamos por 174,2 millones. Deuda neta ~2,5× EBITDA ajustado, dentro del covenant.
- Eventos importantes: • Firmado acuerdo en efectivo de £291 millones (396 millones de dólares) para adquirir al líder de empeños en Reino Unido H&T; aprobación de accionistas obtenida, cierre esperado en el tercer trimestre de 2025. • Modificado revolver de 700 millones de dólares y asegurado préstamo puente de £299 millones para financiar la operación. • Registrado cargo de 11 millones de dólares para resolver asunto del Military Lending Act del CFPB.
- Balance general: Activos por 4,51 mil millones de dólares (+4% vs 12/24). Plusvalía de 1,83 mil millones. Notas senior sin cambios en 1,53 mil millones; revolver utilizado por 152 millones.
- Retorno de capital: Dividendo del segundo trimestre de 0,38 dólares por acción; 525 mil acciones recompradas en el año.
En conjunto, el impulso del negocio principal de empeños y la expansión del margen impulsaron un crecimiento de doble dígito en el EPS, parcialmente compensado por la presión continua en la cartera de lease-to-own y mayores gastos administrativos antes de la adquisición de H&T.
FirstCash Holdings (FCFS) 2025년 2분기 10-Q 주요 내용:
- 총매출은 전년 대비 거의 변동 없이 8억 3,060만 달러(2025년 상반기: 16억 7천만 달러)를 기록했습니다. 전당포 관련 매출 및 수수료가 6% 증가한 반면, 임대 상품 수익은 28% 감소했습니다.
- 순매출은 4% 증가한 4억 1,280만 달러로, 임대 감가상각 및 충당금 감소로 총이익률이 260bp 개선되어 49.7%를 기록했습니다.
- 순이익은 22% 증가한 5,980만 달러; 희석 주당순이익(EPS)은 1.34달러로 전년 1.08달러 대비 상승. 상반기 EPS는 32% 증가한 3.21달러.
- 부문별 주요 동인: 미국 전당포가 통합 세전 이익의 59%를 차지했으며, 라틴 아메리카 전당포는 24%, 소매 POS(AFF)는 17%를 차지했습니다. 전당포 대출 잔액은 전년 대비 12% 증가한 5억 5,070만 달러로 전당포 수수료 수익 증가를 지원했습니다.
- 유동성 및 레버리지: 영업 현금 흐름 2억 4,350만 달러; 주식 환매 6,050만 달러, 배당금 3,380만 달러, 자본 지출 및 대출 증가 1억 7,420만 달러로 현금 잔액은 1억 1,500만 달러로 감소. 순부채는 조정 EBITDA의 약 2.5배로 계약 조건 내 유지.
- 주요 이벤트: • 영국 전당포 선두업체 H&T를 인수하기 위해 2억 9,100만 파운드(3억 9,600만 달러) 현금 거래 체결; 주주 승인 완료, 2025년 3분기 마감 예정. • 7억 달러 규모의 리볼버 개정 및 거래 자금 조달을 위한 2억 9,900만 파운드 브릿지론 확보. • CFPB 군사대출법 관련 문제 해결을 위해 1,100만 달러 비용 처리.
- 대차대조표: 자산 45억 1천만 달러(2024년 12월 대비 4% 증가). 영업권 18억 3천만 달러. 선순위 채권 15억 3천만 달러로 변동 없음; 리볼버 사용액 1억 5,200만 달러.
- 자본 환원: 2분기 배당금 주당 0.38달러; 연초 이후 52만 5천 주 매입 완료.
전반적으로 핵심 전당포 사업의 성장 모멘텀과 마진 확장이 두 자릿수 EPS 성장을 견인했으며, 임대-소유 포트폴리오의 지속적인 압박과 H&T 인수에 따른 관리비 증가가 일부 상쇄했습니다.
Faits saillants du 10-Q du deuxième trimestre 2025 de FirstCash Holdings (FCFS) :
- Revenus totaux pratiquement stables en glissement annuel à 830,6 M$ (S1 25 : 1,67 Md$). Une augmentation de 6 % des ventes et frais liés au prêt sur gage a compensé une baisse de 28 % des revenus de marchandises louées.
- Revenus nets en hausse de 4 % à 412,8 M$, grâce à une baisse des dépréciations/provisions sur les locations qui a amélioré la marge brute de 260 points de base à 49,7 %.
- Résultat net en hausse de 22 % à 59,8 M$ ; BPA dilué de 1,34 $ contre 1,08 $. Le BPA du premier semestre a augmenté de 32 % à 3,21 $.
- Facteurs par segment : Le prêt sur gage aux États-Unis a généré 59 % du bénéfice avant impôts consolidé ; le prêt en Amérique latine 24 % ; le point de vente au détail (AFF) 17 %. Les prêts sur gage en cours ont augmenté de 12 % en glissement annuel à 550,7 M$, soutenant des revenus de frais plus élevés.
- Liquidité et endettement : Flux de trésorerie opérationnel de 243,5 M$ ; le solde de trésorerie est tombé à 101,5 M$ après rachats d’actions de 60,5 M$, dividendes de 33,8 M$ et dépenses d’investissement/croissance des prêts de 174,2 M$. Dette nette d’environ 2,5× l’EBITDA ajusté, dans les limites des engagements.
- Événements majeurs : • Signature d’un accord en espèces de 291 M£ (396 M$) pour acquérir le leader britannique du prêt sur gage H&T ; approbation des actionnaires obtenue, clôture prévue au T3 25. • Modification d’une ligne de crédit renouvelable de 700 M$ et mise en place d’un prêt relais de 299 M£ pour financer l’opération. • Enregistrement d’une charge de 11 M$ pour régler une affaire liée au Military Lending Act du CFPB.
- Bilan : Actifs de 4,51 Md$ (+4 % par rapport à 12/24). Goodwill de 1,83 Md$. Notes senior inchangées à 1,53 Md$ ; utilisation de la ligne renouvelable de 152 M$.
- Retour sur capital : Dividende du T2 de 0,38 $/action ; 525 K actions rachetées depuis le début de l’année.
Dans l’ensemble, la dynamique du prêt sur gage principal et l’expansion des marges ont entraîné une croissance à deux chiffres du BPA, partiellement compensée par la pression continue sur le portefeuille location-vente et des dépenses administratives accrues avant l’acquisition de H&T.
FirstCash Holdings (FCFS) Q2-25 10-Q Highlights:
- Gesamtumsatz im Jahresvergleich nahezu unverändert bei 830,6 Mio. USD (H1 25: 1,67 Mrd. USD). Ein 6%iger Anstieg bei Pfandverkaufs- und Gebühren kompensierte einen 28%igen Rückgang bei den Einnahmen aus vermieteter Ware.
- Nettoumsatz stieg um 4 % auf 412,8 Mio. USD, da geringere Leasing-Abschreibungen/-Rückstellungen die Bruttomarge um 260 Basispunkte auf 49,7 % verbesserten.
- Nettoeinkommen stieg um 22 % auf 59,8 Mio. USD; verwässertes Ergebnis je Aktie (EPS) 1,34 USD gegenüber 1,08 USD. H1 EPS stieg um 32 % auf 3,21 USD.
- Segmenttreiber: US-Pfandgeschäft erzielte 59 % des konsolidierten Vorsteuergewinns; Lateinamerika-Pfand 24 %; Einzelhandel POS (AFF) 17 %. Ausstehende Pfandkredite wuchsen um 12 % gegenüber dem Vorjahr auf 550,7 Mio. USD, was höhere Pfandgebührenerlöse unterstützte.
- Liquidität & Verschuldung: Operativer Cashflow 243,5 Mio. USD; Bargeldbestand sank auf 101,5 Mio. USD nach Aktienrückkäufen von 60,5 Mio., Dividenden von 33,8 Mio. und Investitionen/Kreditwachstum von 174,2 Mio. Nettoverschuldung ca. 2,5× bereinigtes EBITDA, innerhalb der Covenants.
- Wichtige Ereignisse: • Abschluss eines Bar-Deals in Höhe von £291 Mio. (396 Mio. USD) zur Übernahme des britischen Pfandleaders H&T; Aktionärszustimmung erhalten, Abschluss im Q3 25 erwartet. • Überarbeitung der revolvierenden Kreditlinie über 700 Mio. USD und Bereitstellung eines £299 Mio. Brückendarlehens zur Finanzierung des Deals. • Verbuchung einer Belastung von 11 Mio. USD zur Beilegung der CFPB Military Lending Act Angelegenheit.
- Bilanz: Vermögenswerte 4,51 Mrd. USD (+4 % gegenüber 12/24). Firmenwert 1,83 Mrd. USD. Senior Notes unverändert bei 1,53 Mrd. USD; revolvierende Kreditlinie mit 152 Mio. USD in Anspruch genommen.
- Kapitalrückführung: Dividende im Q2 von 0,38 USD je Aktie; bisher 525.000 Aktien zurückgekauft.
Insgesamt trieben das Wachstum im Kerngeschäft Pfand und die Margenausweitung ein zweistelliges EPS-Wachstum, teilweise ausgeglichen durch anhaltenden Druck im Mietkauf-Portfolio und höhere Verwaltungskosten vor der H&T-Übernahme.
Positive
- 22% YoY increase in Q2 diluted EPS driven by higher pawn margins and expense control
- 12% growth in pawn loan portfolio supports continued fee expansion
- H&T acquisition adds 285 U.K. stores and geographic diversification, approved by target shareholders
- Operating cash flow $243 M comfortably funds dividends and buybacks while maintaining 2.5× leverage
- CFPB lawsuit settled, removing legal uncertainty at modest $11 M cost
Negative
- Leased-merchandise income fell 28% YoY, evidencing ongoing softness in AFF segment
- Cash balance down 42% since year-end after buybacks, dividends and capex
- Upcoming H&T deal likely to push leverage higher and requires FCA approval
- Military Lending Act scrutiny may signal broader regulatory headwinds
- Exposure to currency swings (MXN, GBP) could create earnings volatility
Insights
TL;DR – Pawn strength and margin gains fuel 22% EPS growth; H&T deal adds strategic scale but raises leverage.
The quarter underscores FCFS’s resilience in high-margin pawn lending: pawn fees +6%, inventory turns healthy, and consolidated gross margin neared 50%. Retail POS continues to normalize, with lease income –28% but associated loss provisions down 32%, cushioning net revenue. Management kept opex disciplined (operating expenses –3%), lifting operating leverage.
Cash generation funded $94 M of shareholder returns while net debt/EBITDA held at 2.5×, below note baskets. The £291 M H&T acquisition will expand store count 9% and give FCFS entry to the U.K.; integration risk appears manageable, yet the bridge financing could push leverage toward ~3.3× until synergies materialize.
Accrued $11 M for CFPB settlement removes a headline overhang, though it highlights ongoing regulatory scrutiny of military lending. Overall bias is positive given stable pawn fundamentals and accretive M&A pipeline.
TL;DR – Regulatory settlement resolved, but LTO contraction and FX exposure temper outlook.
Resolution of the CFPB action limits financial impact (<$0.15/share) and eliminates worst-case penalties. However, the Military Lending Act focus signals tighter oversight ahead. The lease-to-own portfolio shrank YoY and still carries a 39% allowance ratio; any reversal of credit normalization could pressure margins. Latin American operations add peso volatility—Q2 translation gain masked prior-year losses. The pending U.K. purchase introduces FCA approval risk and foreign regulatory complexity. Combined with higher floating-rate revolver usage, execution missteps could elevate leverage beyond covenant headroom. Risk profile therefore remains moderate.
Principali dati del 10-Q del secondo trimestre 2025 di FirstCash Holdings (FCFS):
- Ricavi totali sostanzialmente stabili su base annua a 830,6 milioni di dollari (H1 25: 1,67 miliardi di dollari). Un aumento del 6% delle vendite e commissioni relative al pegno ha compensato un calo del 28% dei ricavi da merce in leasing.
- Ricavi netti aumentati del 4% a 412,8 milioni di dollari grazie a una riduzione delle svalutazioni/provisioni sui leasing che ha migliorato il margine lordo di 260 punti base, portandolo al 49,7%.
- Utile netto cresciuto del 22% a 59,8 milioni di dollari; EPS diluito di 1,34 dollari rispetto a 1,08 dollari. L’EPS del primo semestre è aumentato del 32% a 3,21 dollari.
- Driver di segmento: Il pegno negli Stati Uniti ha generato il 59% dell’utile ante imposte consolidato; il pegno in America Latina il 24%; il Retail POS (AFF) il 17%. I prestiti su pegno in essere sono cresciuti del 12% su base annua a 550,7 milioni di dollari, sostenendo maggiori entrate da commissioni sul pegno.
- Liquidità e leva finanziaria: Flusso di cassa operativo di 243,5 milioni di dollari; la liquidità è scesa a 101,5 milioni di dollari dopo riacquisti di azioni per 60,5 milioni, dividendi per 33,8 milioni e investimenti/crescita prestiti per 174,2 milioni. Debito netto circa 2,5 volte l’EBITDA rettificato, entro i limiti del covenant.
- Eventi principali: • Accordo in contanti da 291 milioni di sterline (396 milioni di dollari) per acquisire il leader britannico del pegno H&T; approvazione degli azionisti ottenuta, chiusura prevista nel terzo trimestre 2025. • Rinegoziato un revolver da 700 milioni di dollari e attivato un prestito ponte da 299 milioni di sterline per finanziare l’operazione. • Registrata una svalutazione di 11 milioni di dollari per la risoluzione della questione relativa al Military Lending Act del CFPB.
- Bilancio: Attività per 4,51 miliardi di dollari (+4% rispetto a dicembre 2024). Avviamento di 1,83 miliardi di dollari. Senior notes invariati a 1,53 miliardi; revolver utilizzato per 152 milioni.
- Ritorno al capitale: Dividendo del secondo trimestre di 0,38 dollari per azione; 525 mila azioni riacquistate da inizio anno.
In generale, la crescita del core business del pegno e l’espansione del margine hanno guidato una crescita a doppia cifra dell’EPS, parzialmente compensata dalla pressione continua sul portafoglio lease-to-own e da maggiori spese amministrative in vista dell’acquisizione di H&T.
Aspectos destacados del 10-Q del segundo trimestre 2025 de FirstCash Holdings (FCFS):
- Ingresos totales prácticamente planos interanualmente en 830,6 millones de dólares (H1 25: 1,67 mil millones de dólares). Un aumento del 6% en ventas y comisiones relacionadas con empeños compensó una caída del 28% en ingresos por mercancía arrendada.
- Ingresos netos aumentaron un 4% a 412,8 millones de dólares, ya que menores depreciaciones/provisiones en arrendamientos mejoraron el margen bruto en 260 puntos básicos hasta el 49,7%.
- Ingreso neto creció un 22% a 59,8 millones de dólares; EPS diluido de 1,34 dólares frente a 1,08 dólares. El EPS del primer semestre subió un 32% a 3,21 dólares.
- Factores por segmento: El empeño en EE.UU. generó el 59% de la ganancia antes de impuestos consolidada; el empeño en América Latina el 24%; Retail POS (AFF) el 17%. Los préstamos de empeño pendientes crecieron un 12% interanual a 550,7 millones de dólares, apoyando mayores ingresos por comisiones de empeño.
- Liquidez y apalancamiento: Flujo de caja operativo de 243,5 millones de dólares; el saldo de efectivo cayó a 101,5 millones tras recompras de acciones por 60,5 millones, dividendos por 33,8 millones e inversiones/crecimiento de préstamos por 174,2 millones. Deuda neta ~2,5× EBITDA ajustado, dentro del covenant.
- Eventos importantes: • Firmado acuerdo en efectivo de £291 millones (396 millones de dólares) para adquirir al líder de empeños en Reino Unido H&T; aprobación de accionistas obtenida, cierre esperado en el tercer trimestre de 2025. • Modificado revolver de 700 millones de dólares y asegurado préstamo puente de £299 millones para financiar la operación. • Registrado cargo de 11 millones de dólares para resolver asunto del Military Lending Act del CFPB.
- Balance general: Activos por 4,51 mil millones de dólares (+4% vs 12/24). Plusvalía de 1,83 mil millones. Notas senior sin cambios en 1,53 mil millones; revolver utilizado por 152 millones.
- Retorno de capital: Dividendo del segundo trimestre de 0,38 dólares por acción; 525 mil acciones recompradas en el año.
En conjunto, el impulso del negocio principal de empeños y la expansión del margen impulsaron un crecimiento de doble dígito en el EPS, parcialmente compensado por la presión continua en la cartera de lease-to-own y mayores gastos administrativos antes de la adquisición de H&T.
FirstCash Holdings (FCFS) 2025년 2분기 10-Q 주요 내용:
- 총매출은 전년 대비 거의 변동 없이 8억 3,060만 달러(2025년 상반기: 16억 7천만 달러)를 기록했습니다. 전당포 관련 매출 및 수수료가 6% 증가한 반면, 임대 상품 수익은 28% 감소했습니다.
- 순매출은 4% 증가한 4억 1,280만 달러로, 임대 감가상각 및 충당금 감소로 총이익률이 260bp 개선되어 49.7%를 기록했습니다.
- 순이익은 22% 증가한 5,980만 달러; 희석 주당순이익(EPS)은 1.34달러로 전년 1.08달러 대비 상승. 상반기 EPS는 32% 증가한 3.21달러.
- 부문별 주요 동인: 미국 전당포가 통합 세전 이익의 59%를 차지했으며, 라틴 아메리카 전당포는 24%, 소매 POS(AFF)는 17%를 차지했습니다. 전당포 대출 잔액은 전년 대비 12% 증가한 5억 5,070만 달러로 전당포 수수료 수익 증가를 지원했습니다.
- 유동성 및 레버리지: 영업 현금 흐름 2억 4,350만 달러; 주식 환매 6,050만 달러, 배당금 3,380만 달러, 자본 지출 및 대출 증가 1억 7,420만 달러로 현금 잔액은 1억 1,500만 달러로 감소. 순부채는 조정 EBITDA의 약 2.5배로 계약 조건 내 유지.
- 주요 이벤트: • 영국 전당포 선두업체 H&T를 인수하기 위해 2억 9,100만 파운드(3억 9,600만 달러) 현금 거래 체결; 주주 승인 완료, 2025년 3분기 마감 예정. • 7억 달러 규모의 리볼버 개정 및 거래 자금 조달을 위한 2억 9,900만 파운드 브릿지론 확보. • CFPB 군사대출법 관련 문제 해결을 위해 1,100만 달러 비용 처리.
- 대차대조표: 자산 45억 1천만 달러(2024년 12월 대비 4% 증가). 영업권 18억 3천만 달러. 선순위 채권 15억 3천만 달러로 변동 없음; 리볼버 사용액 1억 5,200만 달러.
- 자본 환원: 2분기 배당금 주당 0.38달러; 연초 이후 52만 5천 주 매입 완료.
전반적으로 핵심 전당포 사업의 성장 모멘텀과 마진 확장이 두 자릿수 EPS 성장을 견인했으며, 임대-소유 포트폴리오의 지속적인 압박과 H&T 인수에 따른 관리비 증가가 일부 상쇄했습니다.
Faits saillants du 10-Q du deuxième trimestre 2025 de FirstCash Holdings (FCFS) :
- Revenus totaux pratiquement stables en glissement annuel à 830,6 M$ (S1 25 : 1,67 Md$). Une augmentation de 6 % des ventes et frais liés au prêt sur gage a compensé une baisse de 28 % des revenus de marchandises louées.
- Revenus nets en hausse de 4 % à 412,8 M$, grâce à une baisse des dépréciations/provisions sur les locations qui a amélioré la marge brute de 260 points de base à 49,7 %.
- Résultat net en hausse de 22 % à 59,8 M$ ; BPA dilué de 1,34 $ contre 1,08 $. Le BPA du premier semestre a augmenté de 32 % à 3,21 $.
- Facteurs par segment : Le prêt sur gage aux États-Unis a généré 59 % du bénéfice avant impôts consolidé ; le prêt en Amérique latine 24 % ; le point de vente au détail (AFF) 17 %. Les prêts sur gage en cours ont augmenté de 12 % en glissement annuel à 550,7 M$, soutenant des revenus de frais plus élevés.
- Liquidité et endettement : Flux de trésorerie opérationnel de 243,5 M$ ; le solde de trésorerie est tombé à 101,5 M$ après rachats d’actions de 60,5 M$, dividendes de 33,8 M$ et dépenses d’investissement/croissance des prêts de 174,2 M$. Dette nette d’environ 2,5× l’EBITDA ajusté, dans les limites des engagements.
- Événements majeurs : • Signature d’un accord en espèces de 291 M£ (396 M$) pour acquérir le leader britannique du prêt sur gage H&T ; approbation des actionnaires obtenue, clôture prévue au T3 25. • Modification d’une ligne de crédit renouvelable de 700 M$ et mise en place d’un prêt relais de 299 M£ pour financer l’opération. • Enregistrement d’une charge de 11 M$ pour régler une affaire liée au Military Lending Act du CFPB.
- Bilan : Actifs de 4,51 Md$ (+4 % par rapport à 12/24). Goodwill de 1,83 Md$. Notes senior inchangées à 1,53 Md$ ; utilisation de la ligne renouvelable de 152 M$.
- Retour sur capital : Dividende du T2 de 0,38 $/action ; 525 K actions rachetées depuis le début de l’année.
Dans l’ensemble, la dynamique du prêt sur gage principal et l’expansion des marges ont entraîné une croissance à deux chiffres du BPA, partiellement compensée par la pression continue sur le portefeuille location-vente et des dépenses administratives accrues avant l’acquisition de H&T.
FirstCash Holdings (FCFS) Q2-25 10-Q Highlights:
- Gesamtumsatz im Jahresvergleich nahezu unverändert bei 830,6 Mio. USD (H1 25: 1,67 Mrd. USD). Ein 6%iger Anstieg bei Pfandverkaufs- und Gebühren kompensierte einen 28%igen Rückgang bei den Einnahmen aus vermieteter Ware.
- Nettoumsatz stieg um 4 % auf 412,8 Mio. USD, da geringere Leasing-Abschreibungen/-Rückstellungen die Bruttomarge um 260 Basispunkte auf 49,7 % verbesserten.
- Nettoeinkommen stieg um 22 % auf 59,8 Mio. USD; verwässertes Ergebnis je Aktie (EPS) 1,34 USD gegenüber 1,08 USD. H1 EPS stieg um 32 % auf 3,21 USD.
- Segmenttreiber: US-Pfandgeschäft erzielte 59 % des konsolidierten Vorsteuergewinns; Lateinamerika-Pfand 24 %; Einzelhandel POS (AFF) 17 %. Ausstehende Pfandkredite wuchsen um 12 % gegenüber dem Vorjahr auf 550,7 Mio. USD, was höhere Pfandgebührenerlöse unterstützte.
- Liquidität & Verschuldung: Operativer Cashflow 243,5 Mio. USD; Bargeldbestand sank auf 101,5 Mio. USD nach Aktienrückkäufen von 60,5 Mio., Dividenden von 33,8 Mio. und Investitionen/Kreditwachstum von 174,2 Mio. Nettoverschuldung ca. 2,5× bereinigtes EBITDA, innerhalb der Covenants.
- Wichtige Ereignisse: • Abschluss eines Bar-Deals in Höhe von £291 Mio. (396 Mio. USD) zur Übernahme des britischen Pfandleaders H&T; Aktionärszustimmung erhalten, Abschluss im Q3 25 erwartet. • Überarbeitung der revolvierenden Kreditlinie über 700 Mio. USD und Bereitstellung eines £299 Mio. Brückendarlehens zur Finanzierung des Deals. • Verbuchung einer Belastung von 11 Mio. USD zur Beilegung der CFPB Military Lending Act Angelegenheit.
- Bilanz: Vermögenswerte 4,51 Mrd. USD (+4 % gegenüber 12/24). Firmenwert 1,83 Mrd. USD. Senior Notes unverändert bei 1,53 Mrd. USD; revolvierende Kreditlinie mit 152 Mio. USD in Anspruch genommen.
- Kapitalrückführung: Dividende im Q2 von 0,38 USD je Aktie; bisher 525.000 Aktien zurückgekauft.
Insgesamt trieben das Wachstum im Kerngeschäft Pfand und die Margenausweitung ein zweistelliges EPS-Wachstum, teilweise ausgeglichen durch anhaltenden Druck im Mietkauf-Portfolio und höhere Verwaltungskosten vor der H&T-Übernahme.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 28, 2025
(Exact Name of Registrant as Specified in Its Charter)
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number) |
(I.R.S. Employer Identification No.)
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(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
(Former name or former
address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS.
On July 28, 2025, The Procter & Gamble Company (the "Company") announced the following executive changes:
Jon Moeller, Chairman of the Board, President and Chief Executive Officer, will transition into the role of Executive Chairman of the Board, effective January
1, 2026, to serve at the pleasure of the Board of Directors.
Shailesh Jejurikar (age 58), currently Chief Operating Officer, has been elected President and Chief Executive Officer, effective January 1, 2026, to serve at
the pleasure of the Board of Directors. The Board has also nominated Mr. Jejurikar to stand for election to the Board at the Company’s annual shareholder meeting in October 2025, to be effective upon conclusion of the annual
meeting.
Mr. Jejurikar joined the Company in 1989 and has held positions of increasing responsibility since that time. Most recently, he has served as Chief Operating
Officer (2021 – present). Previously, he served as Chief Executive Officer, Global Fabric and Home Care, and Executive Sponsor, Global Sustainability (2019 – 2021).
Effective January 1, 2026, Mr. Jejurikar will receive an annual base salary of U.S. $1.6 million and will participate in the Company's annual incentive
program with a target award equal to 200% of base salary. In relation to his election and in connection with the Company’s annual equity grant cycle, the Board of Directors approved a long-term incentive award valued at $14
million, with approximately 50% of the long-term incentive value in the Company’s Performance Stock Program and 50% in the Long-Term Incentive Program. Going forward, Mr. Jejurikar will continue to receive equity grants
under the Company's long-term incentive program commensurate with his position and on the same timing as other executive officers and will participate in all other elements of the Company's executive compensation and benefit
programs (including as a vested participant in the Company's retirement program). Those programs are outlined in the Company's definitive proxy statement dated August 23, 2024. If elected to the Board by shareholders in
October 2025, Mr. Jejurikar will not receive any fees for his service on the Board of Directors.
Effective January 1, 2026, Mr. Moeller will receive an annual base salary of U.S. $1.2 million and will participate in the Company's annual incentive program
with a target award equal to 150% of base salary. In relation to his election and in connection with the Company’s annual equity grant cycle, the Board of Directors approved a long-term incentive award valued at $15 million,
with approximately 50% of the long-term incentive value in the Company’s Performance Stock Program and 50% in the Long-Term Incentive Program. Going forward, Mr. Moeller will continue to receive equity grants under the
Company's long-term incentive program commensurate with his position and on the same timing as other executive officers and will participate in all other elements of the Company's executive compensation and benefit programs
(including as a vested participant in the Company's retirement program). Those programs are outlined in the Company's definitive proxy statement dated August 23, 2024.
The Company is filing the information under this item pursuant to Item 5.02, "Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers."
ITEM 7.01 REGULATION FD DISCLOSURE
The Company issued a news release on July 28, 2025, announcing the election of Mr. Jejurikar and the changes to Mr. Moeller’s role. A copy of this news release is furnished as
Exhibit 99.1
The Company is furnishing the information under this item, including Exhibit 99.1, pursuant to Item 7.01, "Regulation FD Disclosure."
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ITEM 9.01 FINANCIAL
STATEMENTS AND EXHIBITS
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(d) Exhibits
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Exhibit Number
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Description
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99.1
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Executive Changes Press Release by The Procter & Gamble Company dated July 28, 2025
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| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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THE PROCTER & GAMBLE COMPANY
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BY: /s/ Sandra T. Lane |
| Sandra T. Lane |
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| Assistant Secretary |
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| July 28, 2025 |
INDEX TO EXHIBIT(S)
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Exhibit Number
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Description
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99.1
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Executive Changes Press Release by The Procter & Gamble Company dated July 28,
2025.
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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.
Procter & Gamble
NYSE:PG
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Household & Personal Products
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United States
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