v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company organizes its operations into four reportable segments as follows:

•U.S. pawn
•Latin America pawn
•U.K. pawn
•Retail POS payment solutions (American First Finance or “AFF”)

Operating expenses of the three pawn segments include salary and benefit expenses of store-level employees, occupancy costs, bank and other treasury fees, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Operating expenses of the AFF segment include salary and benefit expenses of operations-focused departments, payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs and other operational costs incurred by AFF.

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, loss (gain) on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated between the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.

The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom, on August 14, 2025, the date on which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results.
The following tables present reportable segment information for the three and six month periods ended June 30, 2026 and 2025, as well as certain segment assets (in thousands):

Three Months Ended June 30, 2026
 U.S.
Pawn
Latin
America
Pawn
U.K.
Pawn
Retail POS
Payment
Solutions
Corporate/
Intersegment
Eliminations
Consolidated
Revenue:   
Retail merchandise sales$275,676 $174,316 $21,467 $— $(196)$471,263 
Pawn loan fees150,062 79,572 28,807 — — 258,441 
Leased merchandise income— — — 115,499 — 115,499 
Interest and fees on retail finance products
— — — 73,962 — 73,962 
Wholesale scrap jewelry sales72,334 38,154 41,644 — — 152,132 
Other revenue— — 3,391 — — 3,391 
Total revenue498,072 292,042 95,309 189,461 (196)1,074,688 
Cost of revenue:    
Cost of retail merchandise sold156,453 113,763 15,507 — (104)285,619 
Depreciation of leased merchandise— — — 71,701 (51)71,650 
Provision for lease losses— — — 24,516 (77)24,439 
Provision for loan losses— — — 39,930 — 39,930 
Cost of wholesale scrap jewelry sold60,962 32,947 25,160 — — 119,069 
Other cost of revenue— — 312 — — 312 
Total cost of revenue217,415 146,710 40,979 136,147 (232)541,019 
Net revenue280,657 145,332 54,330 53,314 36 533,669 
Expenses and other income:    
Operating expenses142,367 82,181 19,344 23,846 — 267,738 
Administrative expenses— — — — 66,825 66,825 
Depreciation and amortization9,074 5,002 1,349 730 16,285 32,440 
Interest expense— — — — 35,702 35,702 
Interest income— — — — (417)(417)
Loss on foreign exchange
— — — — 1,738 1,738 
Merger and acquisition expenses— — — — 6,358 6,358 
Other income, net
— — — — (3,717)(3,717)
Total expenses and other income151,441 87,183 20,693 24,576 122,774 406,667 
Income (loss) before income taxes$129,216 $58,149 $33,637 $28,738 $(122,738)$127,002 
Six Months Ended June 30, 2026
U.S.
Pawn
Latin
America
Pawn
U.K.
Pawn
Retail POS
Payment
Solutions		Corporate/
Intersegment
Eliminations		Consolidated
Revenue:   
Retail merchandise sales$559,505 $334,157 $43,312 $— $(877)$936,097 
Pawn loan fees307,870 156,218 61,051 — — 525,139 
Leased merchandise income— — — 245,686 — 245,686 
Interest and fees on retail finance products— — — 148,297 — 148,297 
Wholesale scrap jewelry sales119,703 58,786 86,124 — — 264,613 
Other revenue— — 6,507 — — 6,507 
Total revenue987,078 549,161 196,994 393,983 (877)2,126,339 
Cost of revenue:   
Cost of retail merchandise sold315,409 217,829 30,886 — (456)563,668 
Depreciation of leased merchandise— — — 153,053 (344)152,709 
Provision for lease losses— — — 54,447 (264)54,183 
Provision for loan losses— — — 82,774 — 82,774 
Cost of wholesale scrap jewelry sold97,059 49,807 48,930 — — 195,796 
Other cost of revenue— — 1,158 — — 1,158 
Total cost of revenue412,468 267,636 80,974 290,274 (1,064)1,050,288 
Net revenue574,610 281,525 116,020 103,709 187 1,076,051 
Expenses and other income:    
Operating expenses286,224 162,908 40,433 47,602 — 537,167 
Administrative expenses— — — — 132,603 132,603 
Depreciation and amortization17,770 9,587 2,796 1,450 32,353 63,956 
Interest expense— — — — 70,230 70,230 
Interest income— — — — (644)(644)
Loss on foreign exchange
— — — — 636 636 
Merger and acquisition expenses— — — — 7,223 7,223 
Other income, net
— — — — (7,250)(7,250)
Total expenses and other income303,994 172,495 43,229 49,052 235,151 803,921 
Income (loss) before income taxes$270,616 $109,030 $72,791 $54,657 $(234,964)$272,130 

As of June 30, 2026
U.S.
Pawn
Latin
America
Pawn
U.K.
Pawn
Retail POS
Payment
Solutions
Corporate/
Intersegment
Eliminations
Consolidated
Pawn loans$481,850 $198,347 $217,358 $— $— $897,555 
Finance receivables, net— — — 131,002 — 131,002 
Inventories324,120 161,013 85,360 — — 570,493 
Leased merchandise, net— — — 84,579 (10)84,569 
Goodwill1,251,683 153,557 139,118 486,205 — 2,030,563 
Total assets3,057,656 820,365 587,911 799,263 220,378 5,485,573 
Three Months Ended June 30, 2025
 U.S.
Pawn		Latin
America
Pawn		U.K.
Pawn		Retail POS
Payment
Solutions
Corporate/
Intersegment
Eliminations
Consolidated
Revenue:   
Retail merchandise sales$249,918 $135,956 $— $— $(749)$385,125 
Pawn loan fees130,948 59,874 — — — 190,822 
Leased merchandise income— — — 139,784 — 139,784 
Interest and fees on retail finance products
— — — 76,075 — 76,075 
Wholesale scrap jewelry sales28,740 10,076 — — — 38,816 
Total revenue409,606 205,906 — 215,859 (749)830,622 
Cost of revenue:   
Cost of retail merchandise sold143,149 87,579 — — (402)230,326 
Depreciation of leased merchandise— — — 78,529 (257)78,272 
Provision for lease losses— — — 32,667 (124)32,543 
Provision for loan losses— — — 41,761 — 41,761 
Cost of wholesale scrap jewelry sold26,265 8,639 — — — 34,904 
Total cost of revenue169,414 96,218 — 152,957 (783)417,806 
Net revenue240,192 109,688 — 62,902 34 412,816 
Expenses and other income:    
Operating expenses133,815 64,414 — 24,264 — 222,493 
Administrative expenses— — — — 59,263 59,263 
Depreciation and amortization8,091 4,294 — 699 12,780 25,864 
Interest expense— — — — 26,337 26,337 
Interest income— — — — (527)(527)
Gain on foreign exchange
— — — — (1,271)(1,271)
Merger and acquisition expenses— — — — 2,777 2,777 
Other income, net
— — — — (3,199)(3,199)
Total expenses and other income141,906 68,708 — 24,963 96,160 331,737 
Income (loss) before income taxes$98,286 $40,980 $— $37,939 $(96,126)$81,079 
Six Months Ended June 30, 2025
U.S.
Pawn
Latin
America
Pawn
U.K.
Pawn
Retail POS
Payment
Solutions		Corporate/
Intersegment
Eliminations		Consolidated
Revenue:   
Retail merchandise sales$501,143 $256,488 $— $— $(1,450)$756,181 
Pawn loan fees268,896 113,797 — — — 382,693 
Leased merchandise income— — — 296,702 — 296,702 
Interest and fees on retail finance products— — — 149,488 — 149,488 
Wholesale scrap jewelry sales62,232 19,749 — — — 81,981 
Total revenue832,271 390,034 — 446,190 (1,450)1,667,045 
Cost of revenue:   
Cost of retail merchandise sold288,907 166,318 — — (775)454,450 
Depreciation of leased merchandise— — — 167,672 (581)167,091 
Provision for lease losses— — — 60,271 (166)60,105 
Provision for loan losses— — — 78,121 — 78,121 
Cost of wholesale scrap jewelry sold53,489 16,770 — — — 70,259 
Total cost of revenue342,396 183,088 — 306,064 (1,522)830,026 
Net revenue489,875 206,946 — 140,126 72 837,019 
Expenses and other income:    
Operating expenses262,766 125,831 — 48,482 — 437,079 
Administrative expenses— — — — 107,786 107,786 
Depreciation and amortization15,691 8,730 — 1,404 25,541 51,366 
Interest expense— — — — 53,808 53,808 
Interest income— — — — (1,756)(1,756)
Gain on foreign exchange
— — — — (1,285)(1,285)
Merger and acquisition expenses— — — — 3,239 3,239 
Other income, net
— — — — (5,514)(5,514)
Total expenses and other income278,457 134,561 — 49,886 181,819 644,723 
Income (loss) before income taxes$211,418 $72,385 $— $90,240 $(181,747)$192,296 

As of June 30, 2025
U.S.
Pawn
Latin
America
Pawn
U.K.
Pawn
Retail POS
Payment
Solutions
Corporate/
Intersegment
Eliminations
Consolidated
Pawn loans$400,143$150,575$— $—$—$550,718
Finance receivables, net——— 154,518—154,518
Inventories252,885102,848— ——355,733
Leased merchandise, net——— 100,852(163)100,689
Goodwill1,154,790 185,189 — 486,205 — 1,826,184 
Total assets2,746,362 722,882 — 901,034 143,971 4,514,249