Market Overview

FirstCash Reports Record Second Quarter Results; Announces 62 Store Acquisition in Mexico, Opens 16 New LatAm Stores; Completes Share Repurchases, Adds New $100 Million Repurchase Authorization; Declares Quarterly Dividend of $0.22 Per Share

Share:

FirstCash, Inc. (the "Company") (NYSE:FCFS), the leading international
operator of 2,290 retail pawn stores in the U.S. and Latin America,
today announced record revenue, net income and earnings per share for
the three and six month periods ended June 30, 2018. In addition, the
Company announced that it has completed its previously authorized share
buyback program and that the Board of Directors authorized an additional
$100 million for future share repurchases. Also, the Company announced
that the Board of Directors declared a $0.22 per share quarterly cash
dividend.

Mr. Rick Wessel, chief executive officer, stated, "Our record second
quarter results reflect continued and substantial earnings growth in our
core pawn operations, driven by strong revenue growth in Latin America,
solid margin improvements in our domestic pawn operations and the lower
U.S. corporate tax rate.

"We continued to expand our highly successful Latin American operations
and are pleased to announce another notable acquisition, the latest
being an established and profitable chain of 62 stores in Mexico. In
addition, we opened 16 de novo locations, including new stores in
Colombia and Guatemala, during the second quarter. Year-to-date, we have
now added 215 locations in three countries in Latin America, which
represents 52% of our store base that is rapidly approaching 2,300 total
locations.

"In our more mature U.S. operations, we posted a 6% increase in segment
profitability for the quarter, driven primarily by strong retail margin
expansion and improved operating efficiencies. We have already completed
the integration of the previously announced 12-store acquisition in
Tennessee and Georgia and announced three additional single-store
acquisitions during the quarter," Mr. Wessel concluded.

This release contains adjusted earnings measures, which exclude,
among other things, merger and other acquisition expenses and are
non-GAAP financial measures. Please refer to the descriptions and
reconciliations to GAAP of these and other non-GAAP financial measures
at the end of this release.

     
Three Months Ended June 30,
2018     2017
As Reported     Adjusted As Reported     Adjusted
In thousands, except per share amounts (GAAP) (Non-GAAP) * (GAAP) (Non-GAAP) *
Revenue $ 419,972 $ 419,972 $ 416,629 $ 416,629
Net income $ 30,171 $ 31,683 $ 15,239 $ 25,130
Diluted earnings per share $ 0.67 $ 0.70 $ 0.32 $ 0.52
EBITDA (non-GAAP measure) * $ 59,012 $ 61,125 $ 41,349 $ 57,049
Weighted average diluted shares 45,043 45,043 48,289 48,289
 
* See the detailed reconciliation of non-GAAP financial measures
provided at the end of this release.
     
Six Months Ended June 30,
2018     2017
As Reported     Adjusted As Reported     Adjusted
In thousands, except per share amounts (GAAP) (Non-GAAP) * (GAAP) (Non-GAAP) *
Revenue $ 869,772 $ 869,772 $ 864,205 $ 864,205
Net income $ 71,806 $ 73,502 $ 47,884 $ 58,183
Diluted earnings per share $ 1.57 $ 1.61 $ 0.99 $ 1.20
EBITDA (non-GAAP measure) * $ 131,291 $ 133,643 $ 113,620 $ 129,967
Weighted average diluted shares 45,757 45,757 48,345
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