FirstCash Reports Record Fourth Quarter and Full-Year Operating Results; Accelerating Pawn Demand Drives Record Revenue & Earnings; Declares Quarterly Cash Dividend

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].