FirstCash (FCFS) Q4 2024 earnings summary

Executive summary

• Achieved record fourth quarter and full-year revenues and earnings, driven by strong pawn demand and growth in both U.S. and Latin America segments.

• Same-store pawn receivables rose 12% in both U.S. and Latin America (local currency) year-over-year, marking six consecutive quarters of double-digit growth in the U.S.

• Added 99 pawn stores in 2024, bringing the total to 3,026 locations; AFF segment expanded merchant partnerships by 17%.

• Declared a quarterly cash dividend of $0.38 per share and repurchased $85 million in stock during 2024.

Financial highlights

• 2024 revenue reached $3.39 billion, up 8% year-over-year; Q4 revenue was $884 million, up 4% (GAAP) and 7% (constant currency).

• Net income for 2024 was $259 million (GAAP), up 18%; adjusted net income was $303 million, up 9%.

• Diluted EPS for 2024 increased 19% to $5.73 (GAAP); adjusted EPS rose 11% to $6.70.

• Adjusted EBITDA for 2024 was $558 million, up 9% year-over-year.

• Operating cash flow grew 30% to $540 million; adjusted free cash flow rose 24% to $262 million.

Outlook and guidance

• 2025 outlook is highly positive, with pawn operations expected to contribute ~85% of segment pre-tax income.

• U.S. Pawn projected to deliver 8–11% pawn fee growth and similar retail sales growth, with retail margins around 42%.

• Latin America Pawn expected to see 8–11% pawn fee growth (local currency), but a 2–5% decline in U.S. dollar terms due to FX headwinds.

• AFF segment anticipates full-year origination volume up low single digits, with net revenues down 10–15% but segment pre-tax income flat to slightly down.

• Effective tax rate for 2025 expected at 24–25%; each peso/USD point change impacts EPS by ~$0.10.