NASDAQ$FCFS
FirstCash Holdings Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported strong revenue and earnings growth driven by record pawn receivables and new store growth.
FirstCash reported impressive Q4 and full-year 2023 results, driven by record pawn receivables and new store growth. Consolidated revenues increased by 14% to $852 million. Adjusted diluted earnings per share increased by 24%. The company added 157 pawn stores in 2023 and saw growth in its Retail POS Payment Solutions segment, with gross transaction volumes up 14%.
- Consolidated revenues totaled $852 million, an increase of 14% on a GAAP basis.
- Adjusted diluted earnings per share increased 24% in the fourth quarter.
- A total of 157 pawn locations were added in 2023, bringing the store count to 2,997.
- AFF reported a 26% increase in the number of active merchant locations as of December 31, 2023, compared to the prior year.
Headline financials
Revenue & EPS history
FirstCash · Revenue · Quarterly
$852M
Revenue by segment
FirstCash · $786M total across 5 segments · Q3 2023
- Retail Merchandise Sales$335M+11.4%42.6%
- Leased Merchandise Income$189M+19.8%24.1%
- Pawn Loan Fees$175M+19.8%22.2%
- Interest and Fees on Finance Receivables$61.4M+25.7%7.8%
- Wholesale Scrap Jewelry Sales$25.9M+39.2%3.3%
Forward guidance
The Company’s outlook for 2024 is highly positive, with expected year-over-year growth in revenue and earnings in all segments driven by the continued growth in earning asset balances coupled with recent store additions.
Tailwinds
- Pawn operations are expected to remain the primary earnings driver in 2024.
- U.S. pawn operations are expected to benefit in 2024 from full year revenue and earnings from the 79 stores acquired in August 2023 and seven stores acquired in late November of 2023.
- Gross transaction volumes originated in 2024 are expected to increase in a range of 10% to 15% for the full year as compared to 2023.
- Resulting revenues are forecast to grow in a range of 7% to 9% in the first quarter and 10% to 12% for the full year as compared to the respective prior-year periods.
- The Company expects AFF's estimated lease and loan loss provisioning rates for 2024 will continue to reflect a consistent provisioning methodology with 100% of estimated lifetime losses being provided for (expensed) upon origination of the lease or loan.
Headwinds
- U.S. pawn receivables growth rates in the second half of 2024 will moderate as the Company laps the significant 2023 pawn acquisition activity.
- Latin America pawn growth is currently up approximately 6% and full year 2024 growth is anticipated to remain in a mid-single digit range assuming foreign exchange rates remain steady.
- Retail sales are also expected to grow in both markets although at a slower rate than pawn loan fee growth given current inventory levels which remain below historical levels as a percentage of pawn receivables.
- Store operating expenses are expected to rise in a range of 7% to 9% for the full year in both the U.S. and Latin America in 2024 due to increased store counts along with continued inflationary impacts (primarily related to further minimum wage increases in Latin America).
- Net interest expense is expected to increase for full year 2024 compared to 2023, with most of the increase expected in the first half of the year due to higher year-over-year interest rates for the comparative periods.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.1%
Avg return
Earnings day
+1.7%
Avg return
5 days after
+2.3%
Avg return
30 days after
52%
34 / 65 earnings
Positive
+14.8%
Q1 2022
Best reaction
-13.0%
Q4 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.4% | +4.1% | +10.6% | |
| Q4 2025 | +3.3% | +5.7% | +10.7% | |
| Q3 2025 | +7.2% | +8.0% | +7.0% | |
| Q1 2025 | +9.1% | +10.6% | +5.6% | |
| Q4 2024 | +0.4% | +0.6% | +0.3% | |
| Q3 2024 | -4.2% | -3.9% | -5.2% | |
| Q2 2024 | +1.6% | +1.7% | +7.7% | |
| Q1 2024 | -12.4% | -14.4% | -10.1% | |
| Q4 2023 | +1.2% | +0.9% | +0.2% | |
| Q3 2023 | +5.6% | +7.4% | +10.6% | |
| Q2 2023 | -2.0% | +0.3% | -8.2% | |
| Q1 2023 | +8.1% | +6.9% | +1.8% | |
| Q4 2022 | -2.4% | -1.8% | -1.9% | |
| Q3 2022 | +9.9% | +11.9% | +7.8% | |
| Q2 2022 | +12.2% | +9.7% | +19.2% | |
| Q1 2022 | +14.8% | +9.1% | +6.1% | |
| Q4 2021 | +7.6% | +4.4% | -8.5% | |
| Q3 2021 | +1.4% | +4.5% | -23.7% | |
| Q2 2021 | +2.9% | +4.1% | +12.3% | |
| Q1 2021 | -0.3% | +5.6% | +17.6% | |
| Q4 2020 | +5.7% | +3.8% | +13.7% | |
| Q3 2020 | -4.8% | -9.7% | +8.4% | |
| Q2 2020 | +2.1% | -6.5% | -5.2% | |
| Q1 2020 | -5.9% | -0.6% | -1.0% | |
| Q4 2019 | +3.0% | +1.9% | -9.4% | |
| Q3 2019 | -10.3% | -8.9% | -17.1% | |
| Q2 2019 | -2.9% | -1.4% | -7.0% | |
| Q1 2019 | +8.2% | +8.3% | +4.9% | |
| Q4 2018 | -4.5% | -5.1% | +4.8% | |
| Q3 2018 | +1.8% | +5.7% | +13.9% | |
| Q2 2018 | -12.2% | -13.4% | -12.8% | |
| Q1 2018 | +4.6% | +8.7% | +11.6% | |
| Q4 2017 | +1.2% | +0.1% | +2.1% | |
| Q3 2017 | +6.7% | +5.7% | +10.4% | |
| Q2 2017 | +0.9% | +0.5% | +1.6% | |
| Q1 2017 | +1.0% | +3.1% | +4.5% | |
| Q4 2016 | +1.9% | +1.8% | +3.4% | |
| Q3 2016 | -0.6% | -0.8% | +0.8% | |
| Q2 2016 | +0.1% | -1.2% | +1.1% | |
| Q1 2016 | -6.1% | — | — | |
| Q4 2015 | -5.7% | — | — | |
| Q3 2015 | -10.2% | — | — | |
| Q2 2015 | -12.3% | — | — | |
| Q1 2015 | +0.3% | — | — | |
| Q4 2014 | -13.0% | — | — | |
| Q3 2014 | -1.4% | — | — | |
| Q2 2014 | +0.6% | — | — | |
| Q1 2014 | -2.8% | — | — | |
| Q4 2013 | -11.2% | — | — | |
| Q3 2013 | +4.6% | — | — | |
| Q2 2013 | +0.6% | — | — | |
| Q1 2013 | -0.3% | — | — | |
| Q4 2012 | +3.3% | — | — | |
| Q3 2012 | -3.0% | — | — | |
| Q2 2012 | +1.6% | — | — | |
| Q1 2011 | -0.3% | — | — | |
| Q1 2012 | +1.3% | — | — | |
| Q4 2009 | -0.4% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2010 | -1.4% | — | — | |
| Q3 2011 | -1.4% | — | — | |
| Q4 2010 | -0.1% | — | — | |
| Q2 2011 | -0.1% | — | — | |
| Q2 2010 | -0.1% | — | — | |
| Q1 2010 | -1.0% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro