Core Insights - FirstCash Holdings, Inc. reported record first quarter results for the period ending March 31, 2025, with significant growth in revenue and net income driven by strong performance in core pawn operations and retail point-of-sale payment solutions [2][18][24] Financial Performance - First quarter net income increased by 36% on a GAAP basis and 32% on an adjusted basis, with diluted earnings per share rising by 39% and 34% respectively compared to the prior year [9][21] - Gross revenues for the first quarter totaled $836 million, remaining flat on a U.S. dollar basis but up 4% on a constant currency basis compared to the previous year [9][36] - For the trailing twelve months ended March 31, 2025, revenues reached a record $3.4 billion, with net income of $281 million on a GAAP basis and adjusted net income of $325 million [9][36] Pawn Operations - Demand for pawn loans was robust, with same-store pawn receivables increasing by 13% in the U.S. and 14% in Latin America on a local currency basis, marking seven consecutive quarters of double-digit growth in the U.S. [3][25] - The U.S. pawn segment saw a 17% increase in earnings, driven by a 19% increase in merchant locations and diversification outside the furniture vertical [4][25] - Total outstanding pawn loans at the end of the quarter were up 16% in the U.S. and 15% in Latin America on a local currency basis [25][22] Retail POS Payment Solutions (AFF) - The AFF segment reported a record pre-tax operating income of $52 million, an increase of 58% compared to the prior year, despite a 12% decrease in gross revenues [17][28] - The number of active retail and e-commerce merchant partner locations increased by 19% year-over-year, with a 29% increase when excluding closed furniture locations [4][12] Cash Flow and Shareholder Returns - Strong cash flows allowed the company to fund the addition of 12 pawn locations, real estate purchases, and $60 million in stock repurchases, alongside a quarterly cash dividend of $0.38 per share [5][21] - Over the past twelve months, the company repurchased 1,246,000 shares at a total cost of $145 million, representing a payout ratio of approximately 75% of net income [21][29] 2025 Outlook - The outlook for 2025 remains positive, with expected year-over-year growth in income driven by continued growth in earning asset balances and store additions [18][22] - The company anticipates same-store pawn fee growth in the range of 9% to 11% for the full year, with retail sales expected to grow in the mid-single digits [22][31]

Core Insights - FirstCash Holdings (FCFS) has a strong track record of exceeding earnings estimates, particularly in the last two quarters, with an average surprise of 5.32% [1][2] Earnings Performance - In the last reported quarter, FirstCash achieved earnings of $2.12 per share, surpassing the Zacks Consensus Estimate of $2.02 per share, resulting in a surprise of 4.95% [2] - In the previous quarter, the company was expected to earn $1.58 per share but delivered $1.67 per share, yielding a surprise of 5.70% [2] Earnings Estimates and Predictions - Estimates for FirstCash have been trending upward, influenced by its history of earnings surprises [4] - The stock currently has a positive Zacks Earnings ESP of +2.86%, indicating increased analyst optimism regarding its near-term earnings potential [7] - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a high likelihood of another earnings beat in the upcoming report [7] Earnings ESP Insights - Stocks with a positive Earnings ESP and a Zacks Rank of 3 or better have a nearly 70% chance of delivering a positive surprise [5] - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [6]

Financial Performance - The company's revenue for the year ended December 31, 2024, was $3,388,514, an increase of 7.5% compared to $3,151,796 in 2023[265]. - Net income rose to $258,815 in 2024, up from $219,301 in 2023, reflecting a growth of 18%[265]. - Diluted earnings per share increased to $5.73 in 2024, compared to $4.80 in 2023, representing a 19.4% rise[265]. - EBITDA for 2024 was reported at $551,008, a 11.6% increase from $493,784 in 2023[265]. - Consolidated net income for 2024 increased by 18% to $258.8 million compared to $219.3 million in 2023[306]. - Adjusted net income for 2024 was $302,680,000, compared to $276,874,000 in 2023, resulting in adjusted diluted earnings per share of $6.70, up from $6.06[332]. - EBITDA for 2024 was $551,008,000, an increase from $493,784,000 in 2023, while adjusted EBITDA rose to $558,437,000 from $511,732,000[334]. - Free cash flow for 2024 was $260,400,000, compared to $205,574,000 in 2023, with adjusted free cash flow at $262,106,000, up from $211,663,000[337]. - Total revenue for 2024 was $3,388,514,000, an increase from $3,151,796,000 in 2023, while total net revenue rose to $1,629,532,000 from $1,507,239,000[339]. U.S. Operations - U.S. total revenue increased by 15% to $1,568.6 million in 2024 compared to $1,368.5 million in 2023[271]. - U.S. pawn loan fees rose by 16% to $505.3 million in 2024, with same-store fees increasing by 11%[276]. - U.S. retail merchandise sales grew by 13% to $969.4 million, with same-store sales up by 6%[273]. - U.S. segment pre-tax operating income increased by 18% to $397.3 million, maintaining a pre-tax operating margin of 25%[278]. - U.S. inventories increased by 11% to $245.5 million, driven by acquired stores and higher pawn loan balances[274]. - U.S. average outstanding pawn loan amount increased by 10% to $283[272]. - U.S. store operating expenses rose by 12% to $503.6 million, primarily due to an increase in average store count[277]. - U.S. pawn segment pre-tax operating income rose by 18% to $397.3 million[306]. Latin America Operations - Latin America total revenue increased by 1% to $811.9 million, with retail merchandise sales up by 2%[281]. - Latin America pawn loans decreased by 5% to $121.2 million, while constant currency results showed a 13% increase[282]. - Latin America segment pre-tax operating income decreased by 4% to $150.2 million, impacted by currency fluctuations[280]. - Latin America pawn loan receivables decreased 5% to $X million, but increased 13% on a constant currency basis as of December 31, 2024 compared to December 31, 2023[285]. - Latin America pawn loan fees increased 4% to $231.9 million during 2024 compared to $222.8 million for 2023, with a 7% increase on a constant currency basis[286]. Financial Services and Partnerships - The company operates pawn stores primarily in the U.S. and Latin America, focusing on cash- and credit-constrained consumers[244]. - The retail POS payment solutions segment, operated by AFF, facilitates payment options for consumers through a network of traditional and e-commerce partners[245]. - The company has a partnership with a Utah state-chartered bank for purchasing and servicing retail finance receivables, enhancing its financial service offerings[255]. - The company maintains an allowance for loan losses based on historical loss information and economic conditions, ensuring financial stability[259]. - The allowance for loan losses increased 21% to $117.0 million as of December 31, 2024 compared to $96.5 million in the prior year[301]. - Interest and fees on finance receivables increased 5% to $245.9 million during 2024 compared to $233.8 million during 2023[302]. - Provision for loan losses increased 17% to $143.8 million during 2024 compared to $123.0 million during 2023, with a decrease in the provision rate to 28%[303]. Acquisitions and Expansion - The Company acquired 28 pawn stores in the U.S. and 10 in Mexico for a total purchase price of $107.6 million during 2024[312]. - The Company opened 60 new locations in Latin America and one in the U.S. with a combined investment of $19.3 million[312]. - The Company expects to continue expanding its pawn operations through new store openings and acquisitions in 2025[313]. Economic and Market Conditions - The current economic environment has increased demand for pawn loans in the U.S., but tighter decisioning has adversely affected merchant sales volumes in certain categories[202]. - The Company is exposed to local economies and politics due to the geographic concentration of its pawn stores and merchant partners, which could materially affect revenues and profitability[203]. - Changes in domestic or foreign tax laws could negatively impact the Company's operating results, including potential increases in statutory tax rates[199]. - The Company's financial results may be adversely affected by fluctuations in commodity market prices, particularly for gold and other precious metals[198]. - Economic factors such as job loss and inflation could negatively affect AFF's ability to collect payments on leases and loans, impacting revenue and profitability[217]. Risks and Compliance - The Company maintains an allowance for lease and loan losses, which is highly dependent on the reasonableness of its assumptions and could significantly affect its results of operations[196]. - The inability to renew or extend store operating leases could adversely affect the Company's results of operations, especially in regions with rising real estate prices[208]. - AFF's transaction volume is dependent on sales at its merchant partners, and declines in such sales could materially impact AFF's results of operations[209]. - The Company faces risks related to compliance with indirect tax provisions, which could result in substantial tax liabilities if not adhered to[200]. - The reliance on external data providers poses a risk; any loss of access or increased costs could materially impact AFF's operations[215]. Inventory and Collateral - As of December 31, 2024, the company held approximately $174.0 million in jewelry inventories, primarily gold, representing 52% of total inventory[347]. - Approximately $336.6 million, or 65%, of total pawn loans were collateralized by jewelry, primarily gold[347]. - The average market price of gold increased by 23% from $1,942 to $2,385 per ounce during 2024[347].

Financial Performance - FirstCash reported record revenue of $3.4 billion for 2024, an 8% increase compared to the previous year, with Q4 revenue reaching $884 million, up 4% year-over-year[9] - Net income for 2024 was $259 million on a GAAP basis, an 18% increase from the prior year, while adjusted net income reached a record $303 million, up 9%[9] - Adjusted EBITDA for 2024 was $558 million, a 9% increase compared to the previous year[9] - For the three months ended December 31, 2024, the company reported net income of $83.5 million, an increase from $69.6 million in the same period of 2023, representing a growth of approximately 20%[69] - Adjusted diluted earnings per share for the twelve months ended December 31, 2024, was $6.70, compared to $6.06 for the previous year, reflecting an increase of about 10.6%[69] - EBITDA for the twelve months ended December 31, 2024, was $551.0 million, up from $493.8 million in 2023, indicating a year-over-year growth of approximately 11.6%[72] - Adjusted free cash flow for the twelve months ended December 31, 2024, reached $262,106,000, compared to $211,663,000 in 2023, reflecting a 23.7% increase[76] Store Growth and Operations - The company added 16 pawn stores in Q4 2024, including 10 acquisitions and 6 new openings, bringing the total store count to 3,026 locations[3] - The Company added nearly 100 new locations in 2024 and has a strong pipeline for new store openings in 2025, primarily in Latin America[24] - As of December 31, 2024, the company operated a total of 3,026 pawn store locations, with 1,200 in the U.S. and 1,826 in Latin America[60] - The company opened 61 new locations and acquired 38 locations over the twelve months ended December 31, 2024[60] Revenue and Sales Performance - Same-store pawn receivables increased by 12% in both the U.S. and Latin America, marking the sixth consecutive quarter of double-digit growth in the U.S.[2] - Pawn loan fees increased by 11% in Q4 and 16% for the full year, with same-store pawn loan fee revenue up 9% and 11% respectively[10] - Same-store sales in the U.S. and Latin America were up 6% and 7% respectively in the fourth quarter of 2024, maintaining strong gross margins[23] - Total revenue for the U.S. Pawn segment increased by 11% to $424,015,000 in Q4 2024, compared to $381,243,000 in Q4 2023[39] - Retail merchandise sales in the U.S. Pawn segment rose by 10% to $267,251,000 in Q4 2024, up from $243,697,000 in Q4 2023[39] - Total revenue for the Latin America Pawn segment decreased by 4% to $212,841,000 in Q4 2024, down from $222,858,000 in Q4 2023[48] - Retail merchandise sales in Latin America fell by 5% to $147,412,000 in Q4 2024, compared to $155,310,000 in Q4 2023[48] - U.S. pawn retail merchandise sales for the twelve months ended December 31, 2024, totaled $965.3 million, compared to $847.7 million in 2023, marking a 13.9% increase[86] Cash Flow and Dividends - Operating cash flows grew 30% in 2024, totaling $540 million compared to $416 million in 2023[17] - Cash flow from operating activities for the three months ended December 31, 2024, was $198,149,000, compared to $99,105,000 for the same period in 2023, representing a 100% increase[76] - Free cash flow for the twelve months ended December 31, 2024, was $260,400,000, up from $205,574,000 in 2023, indicating a 26.6% growth[76] - The company declared a quarterly cash dividend of $0.38 per share, representing an annualized dividend of $1.52 per share[17] Future Outlook - The company anticipates continued growth in pawn receivables and further store additions in 2025, indicating a positive outlook[18] - The Company expects the combined U.S. and Latin America pawn segments to contribute approximately 85% of total segment level pre-tax income for 2025[5] - Same-store pawn loans increased by 12% at the start of 2025 compared to the previous year, with full-year pawn fee growth projected to be between 8% and 11%[5] - The Company anticipates solid double-digit segment earnings growth in 2025 from its largest segment, driven by strong revenue momentum and modest expense growth[5] Asset and Liability Management - Total assets increased to $4,476,986,000 in 2024, up from $4,289,915,000 in 2023, reflecting a growth of 4%[37] - Total liabilities increased to $2,422,822,000 in 2024, up from $2,293,497,000 in 2023, marking a growth of 6%[37] - Total stockholders' equity rose to $2,054,164,000 in 2024, up from $1,996,418,000 in 2023, reflecting a growth of 3%[37] Loan and Finance Metrics - The average outstanding pawn loan amount increased by 10% to $283 in 2024, compared to $258 in 2023[44] - Pawn loans decreased by 5% to $121,200, while inventories decreased by 1% to $89,088 as of December 31, 2024[52] - Interest and fees on finance receivables increased by 18% to $70,507 for the three months ended December 31, 2024[54] - Provision for loan losses increased by 29% to $41,736 for the three months ended December 31, 2024[58] - The delinquency rate for finance receivables was 20.0%, down from 21.8%[58] - The allowance for loan losses increased by 21% to $117,005 as of December 31, 2024[59] Currency Exchange Impact - The Mexican peso to U.S. dollar exchange rate at the end of December 31, 2024, was 20.3, a 20% unfavorable change compared to 16.9 in 2023[83] - The Colombian peso to U.S. dollar exchange rate at the end of December 31, 2024, was 4,409, which is a 15% unfavorable change from 3,822 in 2023[83] Other Notable Events - The company expects to replace certain pawn locations in Acapulco, Mexico, that were damaged by a hurricane, as the city's infrastructure recovers[60] - The company closed approximately 1,000 Conn's HomePlus and American Freight locations due to bankruptcy during the fourth quarter of 2024[61] - The company’s management uses constant currency results to evaluate performance in Latin America, which helps exclude the effects of foreign currency fluctuations[80]

Core Insights - FirstCash Holdings reported revenue of $883.81 million for the quarter ended December 2024, reflecting a year-over-year increase of 3.7% [1] - The company's EPS was $2.12, up from $2.04 in the same quarter last year, indicating a positive trend in earnings [1] - Revenue fell short of the Zacks Consensus Estimate of $901.91 million, resulting in a surprise of -2.01%, while the EPS exceeded expectations by 4.95% [1] Revenue Breakdown - Leased merchandise income was reported at $177.44 million, which is a decrease of 6.6% year over year and below the average estimate of $188.44 million [4] - Pawn loan fees amounted to $189.98 million, showing a year-over-year increase of 6.6% and surpassing the average estimate of $183.64 million [4] - Retail merchandise sales were $413.67 million, falling short of the estimated $439.69 million [4] - Interest and fees on finance receivables reached $70.51 million, exceeding the average estimate of $61.58 million, with a significant year-over-year increase of 18.4% [4] Stock Performance - Over the past month, FirstCash shares have returned +8.1%, outperforming the Zacks S&P 500 composite's +1.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - FirstCash Holdings (FCFS) reported quarterly earnings of $2.12 per share, exceeding the Zacks Consensus Estimate of $2.02 per share, and showing an increase from $2.04 per share a year ago, representing an earnings surprise of 4.95% [1] - The company posted revenues of $883.81 million for the quarter ended December 2024, which was below the Zacks Consensus Estimate by 2.01%, but an increase from $852.13 million year-over-year [2] - FirstCash has surpassed consensus EPS estimates in all four of the last quarters, but has only topped revenue estimates once during the same period [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.86 on revenues of $859.46 million, and for the current fiscal year, it is $7.79 on revenues of $3.57 billion [7] - The estimate revisions trend for FirstCash is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Financial Transaction Services industry, to which FirstCash belongs, is currently ranked in the top 34% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - FirstCash Holdings, Inc. reported record revenues and earnings for the fourth quarter and full year ended December 31, 2024, driven by strong pawn operating results and a solid performance in the retail POS payment solutions segment [2][8][12]. Financial Performance - Fourth quarter revenue reached $883.8 million, a 4% increase year-over-year, while full-year revenue totaled $3.39 billion, an 8% increase [5][7][8]. - Net income for the fourth quarter was $83.5 million, up 20% from $69.6 million in the prior year, and full-year net income was $258.8 million, an 18% increase [5][12]. - Diluted earnings per share for the fourth quarter increased to $1.86, a 22% rise, while for the full year, it reached $5.73, a 19% increase [5][7][8]. Pawn Operations - Same-store pawn receivables grew by 12% in both the U.S. and Latin America, marking the sixth consecutive quarter of double-digit growth in the U.S. [2][12]. - The company added 16 pawn stores in the fourth quarter, bringing the total to 3,026 locations, with 99 stores added throughout 2024 [3][12]. - Pawn loan fees increased by 11% in the fourth quarter and 16% for the full year, while retail merchandise sales rose by 10% in the fourth quarter and 13% for the full year [12][16]. Retail POS Payment Solutions - The retail POS payment solutions segment (AFF) reported a pre-tax operating income of $112 million for the fourth quarter, a 14% increase year-over-year, and $397 million for the full year, an 18% increase [12][26]. - The number of active retail and e-commerce merchant partner locations increased by 17% year-over-year, totaling approximately 13,600 [12][26]. Cash Flow and Shareholder Returns - Consolidated operating cash flows grew by 30% to $540 million in 2024, while adjusted free cash flows increased by 24% to $262 million [12][26]. - The company declared a quarterly cash dividend of $0.38 per share, with total shareholder payouts exceeding $150 million in 2024 [12][21]. 2025 Outlook - The company anticipates continued growth in pawn receivables and expects to add more pawn stores in 2025, projecting same-store pawn loan growth of 8% to 11% for the full year [18][22]. - The U.S. pawn segment is expected to contribute approximately 65% of total segment-level pre-tax income for 2025, while Latin America pawn is projected to contribute around 20% [22][27].

Core Viewpoint - FirstCash Holdings, Inc. reported record revenues and earnings for the fourth quarter and full year of 2024, driven by strong pawn operating results and growth in the retail point-of-sale payment solutions segment [2][9][27]. Financial Performance - Fourth quarter revenue reached $883.8 million, a 4% increase year-over-year, while full-year revenue totaled $3.39 billion, an 8% increase [4][9]. - Net income for the fourth quarter was $83.5 million, up 20% from the previous year, and for the full year, net income was $258.8 million, an 18% increase [4][9]. - Diluted earnings per share for the fourth quarter increased to $1.86, a 22% rise, while for the full year, it reached $5.73, a 19% increase [4][9]. Pawn Operations - Same-store pawn receivables grew by 12% in both the U.S. and Latin America, marking the sixth consecutive quarter of double-digit growth in the U.S. [2][10]. - The total pawn receivables at year-end approached $400 million, reflecting a 15% increase year-over-year [10]. - The company added 16 pawn stores in the fourth quarter, bringing the total to 3,026 locations, with 99 stores added throughout 2024 [3][6]. Retail POS Payment Solutions - The retail POS payment solutions segment (AFF) showed solid profitability, with growth in transaction volumes and active merchant partnerships increasing by 17% year-over-year to approximately 13,600 locations [6][12]. - Despite challenges in the furniture sector, AFF contributed nearly $130 million in segment earnings for 2024 [26]. Cash Flow and Shareholder Returns - Consolidated operating cash flows grew by 30% to $540 million in 2024, while adjusted free cash flows increased by 24% to $262 million [18][14]. - The Board declared a quarterly cash dividend of $0.38 per share, representing an annualized dividend of $1.52 per share [3][14]. - The company repurchased $85 million of its common stock in 2024, with $115 million remaining under the share repurchase program [14][15]. 2025 Outlook - The company anticipates continued growth in pawn receivables and expects to add more pawn stores in 2025, projecting same-store pawn loan growth of 8% to 11% for the full year [19][20]. - The U.S. pawn segment is expected to contribute approximately 65% of total segment-level pre-tax income for 2025 [19][20]. - The AFF segment is projected to contribute around 15% of total segment-level pre-tax income, with origination volumes expected to increase by 20% to 25% excluding furniture [24][22].

Company Analysis - FirstCash (NASDAQ: FCFS) faced challenges in its Latin American pawn and U.S. point-of-sale (POS) financing operations during the summer of 2024 [2] - The U.S. pawn business has shown improvement since the summer of 2024 [2] Industry Analysis - The pawn and POS financing industry experienced challenges in Latin America and the U.S. during the summer of 2024 [2] - The U.S. pawn business has demonstrated resilience and improvement in the latter part of 2024 [2]

Store Operations - As of September 30, 2024, the company operated 3,025 pawn store locations, including 1,201 in the U.S. and 1,824 in Latin America[100]. - The Company opened 55 new stores through September 30, 2024, and expects to add approximately 60 new locations for the full year[194]. U.S. Segment Performance - Total revenue for the U.S. pawn segment increased by 16% to $390.1 million for the three months ended September 30, 2024, compared to $334.9 million for the same period in 2023[106]. - U.S. pawn loan fees rose by 13% to $128.4 million during the third quarter of 2024, driven by store growth and increased demand for pawn loans[112]. - The average outstanding pawn loan amount increased by 8% to $264 as of September 30, 2024, compared to $245 a year earlier[108]. - Retail merchandise sales in the U.S. increased by 15% to $235.0 million during the third quarter of 2024, with same-store sales up by 7%[109]. - The company's U.S. operating expenses increased by 12% to $128.1 million during the third quarter of 2024, primarily due to store growth[113]. - U.S. pawn segment pre-tax operating income increased by 16% to $98.3 million for the third quarter of 2024, compared to $84.4 million in the third quarter of 2023[147]. - U.S. segment pre-tax operating income for the nine months ended September 30, 2024, was $285.5 million, reflecting a 20% increase from $237.8 million in the prior year[160]. - U.S. operating expenses increased by 12% to $372.2 million during the nine months ended September 30, 2024, primarily due to store growth[159]. - The gross profit margin on U.S. retail merchandise sales was 42% for the nine months ended September 30, 2024, down from 43% in the prior year[157]. Latin America Segment Performance - Latin American segment pre-tax operating income was impacted by an 11% unfavorable change in the average value of the Mexican peso compared to the U.S. dollar[115]. - Latin America pawn segment revenue decreased by 4% to $198.4 million in Q3 2024 compared to $202.0 million in Q3 2023, with a 7% increase on a constant currency basis[117]. - Pawn loan fees decreased by 4% to $58.2 million in Q3 2024 from $60.5 million in Q3 2023, with a 6% increase on a constant currency basis[123]. - Retail merchandise sales decreased by 3% to $129.1 million in Q3 2024, with a 7% increase on a constant currency basis[120]. - Latin America retail merchandise sales increased by 4% to $394.4 million during the nine months ended September 30, 2024, with same-store sales also up by 4%[166]. - Latin America pawn loan fees rose by 7% to $175.4 million during the nine months ended September 30, 2024, with same-store fees increasing by 6%[167]. - Latin America segment pre-tax operating income decreased by 4% to $107.5 million for the nine months ended September 30, 2024, compared to $111.5 million in the prior year[169]. Financial Performance - Net income increased by 13% to $64.8 million for the three months ended September 30, 2024, compared to $57.1 million for the same period in 2023[147]. - Consolidated segment pre-tax operating income increased by 10% to $482.5 million for the nine months ended September 30, 2024, compared to $437.3 million in 2023[185]. - Net income rose by 17% to $175.3 million for the nine months ended September 30, 2024, compared to $149.7 million in the same period last year[185]. - Adjusted net income for the three months ended September 30, 2024, was $75,179,000, compared to $70,775,000 for the same period in 2023, reflecting an increase of approximately 5.9%[215]. - Adjusted diluted earnings per share for the three months ended September 30, 2024, was $1.67, up from $1.56 in the same period of 2023, representing a growth of 7.1%[215]. - EBITDA for the three months ended September 30, 2024, was $138,134,000, compared to $129,350,000 for the same period in 2023, indicating an increase of about 6.0%[218]. - Adjusted EBITDA for the three months ended September 30, 2024, was $139,278,000, compared to $132,985,000 in the same period of 2023, marking a rise of approximately 4.7%[218]. Cash Flow and Capital Management - Net cash provided by operating activities increased by $24.8 million, or 8%, from $317.0 million in 2023 to $341.8 million in 2024[205]. - Net cash used in investing activities decreased by $73.7 million, or 18%, from $409.2 million in 2023 to $335.5 million in 2024[206]. - The Company repurchased 721,000 shares of common stock at an aggregate cost of $85.0 million during the nine months ended September 30, 2024[198]. - The Company plans to continue its share repurchase program, with $115.0 million remaining from the authorized $200.0 million[199]. - Working capital increased to $1,020.9 million as of September 30, 2024, compared to $917.3 million in 2023[204]. Expenses and Loss Provisions - Provision for loan losses increased by 23% to $40.6 million during the third quarter of 2024, compared to $33.1 million during the third quarter of 2023[145]. - Interest expense increased by 11% to $27.4 million during the third quarter of 2024, compared to $24.7 million during the third quarter of 2023[150]. - Administrative expenses decreased by 9% to $40.9 million during the third quarter of 2024, compared to $45.1 million during the third quarter of 2023[148]. - Provision for lease losses decreased by 8% to $130.3 million during the nine months ended September 30, 2024, compared to $141.9 million in the previous year[180]. - Provision for loan losses increased by 13% to $102.1 million for the nine months ended September 30, 2024, compared to $90.6 million in 2023[182]. Market Risks and Currency Impact - The end-of-period exchange rate for the Mexican peso was 19.6 per U.S. dollar, a depreciation of 11% compared to 17.6 in the prior year[225]. - The Colombian peso showed a favorable exchange rate change, with a 10% improvement for the nine months ended September 30, 2024, at 3,979 compared to 4,413 in the previous year[225]. - The constant currency results are used to evaluate performance in Latin America, excluding the effects of foreign currency fluctuations[224]. - The company does not engage in speculative or leveraged transactions, maintaining a stable approach to market risks[226]. - There have been no material changes to the company's exposure to market risks since December 31, 2023[226].