Company: FCFS
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000840489-25-000032
Chunk: 14

Company: FirstCash Holdings, Inc.
Filing Date: 2025-02-03
Form: 10-K
Item: Item 7
Chunk 14
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 stores that are eliminated upon consolidation. Excluding these intersegment sales, consolidated U.S. retail merchandise sales during 2024 and 2023 totaled $965.3 million and $847.7 million, respectively.

(2)Includes $2.2 million and $3.5 million of cost of retail merchandise sold from intersegment transactions during 2024 and 2023, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold during 2024 and 2023 totaled $558.8 million and $487.1 million, respectively.

47

The following table details earning assets, which consist of pawn loans and inventories as well as other earning asset metrics of the U.S. pawn segment, as of December 31, 2024 as compared to December 31, 2023 (dollars in thousands, except as otherwise noted): 

As of December 31, 20242023IncreaseU.S. Pawn Segment   Earning assets:Pawn loans$396,667 $344,152 15 %Inventories245,492 221,843 11 %$642,159 $565,995 13 %Average outstanding pawn loan amount (in ones)$283 $258 10 %Composition of pawn collateral:General merchandise28 %30 %Jewelry72 %70 % 100 %100 %Composition of inventories:General merchandise41 %43 %Jewelry59 %57 %100 %100 %Percentage of inventory aged greater than one year1 %1 %Inventory turnover (trailing twelve months cost of merchandise sales divided by average inventories)2.8 times2.8 timesStore count1,200 1,183 1 %Average store count1,195 1,135 5 %

Retail Merchandise Sales Operations

U.S. retail merchandise sales increased 13% to $969.4 million during 2024 compared to $854.2 million for 2023. Same-store retail sales increased 6% during 2024 compared to 2023. The increase in total retail sales was primarily due to incremental sales contributions from acquired stores and an increase in same-store sales. During 2024, the gross profit margin on retail merchandise sales in the U.S. was