Market Overview

FirstCash Reports Strong Third Quarter Earnings Results Driven by Impressive LatAm Revenue Growth and Continued U.S. Improvement; Declares Increased Quarterly Cash Dividend of $0.20 per Share and Adds Additional $100 Million Share Repurchase Authorization

Share:

FirstCash, Inc. (the "Company") (NYSE:FCFS), the leading international
operator of over 2,100 retail pawn stores in the U.S. and Latin America,
today announced revenue, net income and earnings per share for the three
and nine month periods ended September 30, 2017. In addition, the
Company announced that the Board of Directors increased the annualized
dividend to $0.80 per share, or $0.20 per share quarterly, beginning
with the dividend to be paid on November 30, 2017 and authorized an
additional $100 million for future share repurchases.

Mr. Rick Wessel, chief executive officer, stated, "We posted strong
third quarter results, again driven by remarkable growth in Latin
America and continued realization of merger synergies. Our results in
Latin America saw same-store pawn loans grow 22%, or 14% on a constant
currency basis, compared to the prior-year quarter, while same-store
pawn lending fees and retail merchandise sales, collectively, "core pawn
revenues," grew 23%, or 17% on a constant currency basis, compared to
the prior-year quarter. Likewise, the U.S. also saw continued sequential
improvements with same-store pawn loans up 5% in the legacy First Cash
stores compared to the prior-year quarter.

Supported by our strong cash flows and balance sheet, the Board of
Directors has increased the dividend by 5%, to $0.80 per share on an
annualized basis. Additionally, we remain active in the market and have
repurchased 1,115,000 shares through October 25th under our current
repurchase authorization. The Board also announced an additional $100
million share repurchase authorization to become effective upon the
completion of the current plan that has approximately $35 million
remaining. It is expected that the current plan will be completed later
this year or very early in 2018," Mr. Wessel concluded.

Earnings Highlights

  • The Company reported the following consolidated results for the three
    and nine months ended September 30, 2017 (in thousands, except per
    share amounts):
    Three Months Ended September 30,
2017     2016
As Reported     Adjusted As Reported     Adjusted
(GAAP) * (Non-GAAP) (GAAP) * (Non-GAAP)
Revenue $ 435,412 $ 435,412 $ 261,153 $ 261,153
Net income (loss) $ 28,274 $ 28,861 $ (1,412 ) $ 20,126
Diluted earnings per share $ 0.59 $ 0.61 $ (0.04 ) $ 0.58
EBITDA (non-GAAP measure) $ 61,150 $ 62,081 $ 12,639 $ 42,290
Weighted avg diluted shares 47,668 47,668 34,631 34,631

* Other than EBITDA, which is a non-GAAP financial measure. See the
detailed reconciliation of non-GAAP financial measures provided
elsewhere in this release.

   
Nine Months Ended September 30,
2017     2016
As Reported     Adjusted As Reported     Adjusted
(GAAP) * (Non-GAAP) (GAAP) * (Non-GAAP)
Revenue $ 1,299,617 $ 1,299,617 $ 626,335 $ 626,335
Net income $ 76,158 $ 87,044 $ 23,435 $ 47,884
Diluted earnings per share $ 1.58 $ 1.81 $ 0.77 $ 1.58
EBITDA (non-GAAP measure) $ 174,770 $ 192,048 $ 67,718 $ 101,848
Weighted avg diluted shares 48,117 48,117 30,372 30,372

* Other than EBITDA, which is a non-GAAP financial measure. See the
detailed reconciliation of non-GAAP financial measures provided
elsewhere in this release.

  • Adjusted earnings measures exclude merger related expenses in both the
    2017 and 2016 periods, the loss on extinguishment of debt as a result
    of the senior notes refinancing in May of 2017 and certain other
    adjustments, which are further described in the detailed
    reconciliation of non-GAAP financial measures provided elsewhere in
    this release.
  • Results of operations for the three month and nine month periods ended
    September 30, 2017 include the results of operations for Cash America
    which merged with FirstCash on September 1, 2016 (the "Merger"). The
    comparable prior-year periods include the results of operations for
    Cash America for the period September 2, 2016 to September 30, 2016,
    affect
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