Company: FCFS
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0000840489-25-000061
Chunk: 120

Company: FirstCash Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 2
Chunk 120
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 U.S. pawn segment, Latin America pawn segment and retail POS payment solutions segment, discussed above, to consolidated net income for the three months ended March 31, 2025 compared to the three months ended March 31, 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