Company: FCFS
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0000840489-25-000061
Chunk: 91

Company: FirstCash Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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, 2024 (dollars in thousands):

Three Months EndedMarch 31,Increase / 20252024(Decrease)Consolidated Results of OperationsSegment pre-tax operating income:U.S. pawn$113,132 $96,602 17 %Latin America pawn31,405 31,904 (2)%Retail POS payment solutions52,301 33,149 58 %Intersegment elimination (1)38 210 (82)%Consolidated segment pre-tax operating income196,876 161,865 22 %Corporate expenses and other income:  Administrative expenses48,523 44,018 10 %Depreciation and amortization12,761 13,188 (3)%Interest expense27,471 25,418 8 %Interest income(1,229)(743)65 %Gain on foreign exchange(14)(186)(92)%Merger and acquisition expenses462 597 (23)%Other income, net(2,315)(2,312)— %Total corporate expenses and other income85,659 79,980 7 %Income before income taxes111,217 81,885 36 %Provision for income taxes27,626 20,517 35 %  Net income$83,591 $61,368 36 %

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores. For further detail, see Note 9 of Notes to Consolidated Financial Statements.

Corporate Expenses and Taxes

Administrative expenses increased 10% to $48.5 million during the first quarter of 2025 compared to $44.0 million in the first quarter of 2024, primarily due to the increase in the pawn store count and general inflationary impacts, partially offset by a 20% change in the average value of the Mexican peso resulting in lower U.S. dollar translated administrative expenses in Latin America. As a percentage of revenue, administrative expenses were 6% in the first quarter of 2025 compared to 5% during the first quarter of 2024.

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Depreciation and amortization decreased 3% to $12.8 million during the first quarter of 2025 compared to $13.2 million in the first quarter of 2024, primarily due to a scheduled $0.4 million decrease in amortization of acquired AFF int