Core Insights - FirstCash Holdings, Inc. reported record first quarter results for 2025, with net income increasing by 36% on a GAAP basis and 32% on an adjusted basis, driven by growth in core pawn operations and strong margins in the AFF POS payment solutions segment [2][9][30] Financial Performance - Total revenue for the first quarter was $836 million, flat on a U.S. dollar basis but up 4% on a constant currency basis compared to the prior year [9] - Net income for the first quarter was $83.6 million on a GAAP basis and $92.8 million on an adjusted basis, reflecting a 36% and 32% increase respectively compared to the prior year [6][9] - Diluted earnings per share increased by 39% on a GAAP basis to $1.87 and by 34% on an adjusted basis to $2.07 compared to the prior year [9] Segment Performance - The U.S. pawn segment saw a 13% increase in same-store pawn receivables, marking seven consecutive quarters of double-digit growth, contributing to a 17% increase in earnings from this segment [3][25] - In Latin America, same-store pawn receivables increased by 14% on a local currency basis, despite a 20% unfavorable change in the average exchange rate of the Mexican peso [11][25] - The AFF segment reported a record pre-tax operating income of $52 million, a 58% increase compared to the prior year, driven by gross margin improvement and reduced operating expenses [17][28] Cash Flow and Investments - Strong cash flows allowed the company to fund the addition of 12 pawn locations, real estate purchases, and $60 million in stock repurchases during the first quarter [5][29] - Consolidated operating cash flows for the trailing twelve months ended March 31, 2025, grew by 27% to $544 million compared to the prior year [17][29] Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.38 per share, representing an annualized dividend of $1.52 per share, to be paid in May 2025 [21] - Over the past twelve months, the company repurchased 1,246,000 shares at a total cost of $145 million, with a payout ratio of approximately 75% of net income [21][29] 2025 Outlook - The company expects continued growth in income driven by the demand for pawn loans and the expansion of the pawn store base through new openings and acquisitions [18][22] - Full year pawn fee growth is estimated to be in the range of 9% to 11%, 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].