v3.26.3
Segment Information
 9 Months Ended
Sep. 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, (gain) loss 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 U.K., on August 14, 2025, the date the balance sheet and operating results of H&T, as reported in the U.K. pawn segment, were included in the Company’s consolidated financial results.
The following tables present reportable segment information for the three and nine month periods ended September 30, 2026 and 2025, as well as certain segment assets (in thousands):

Three Months Ended September 30, 2026
U.S.
Pawn
Latin
America
Pawn
U.K.
Pawn
Retail POS
Payment
Solutions
Corporate/
Intersegment
Eliminations
Consolidated
Revenue:
Retail merchandise sales$278,937 $179,935 $22,527 $— $(418)$480,981 
Pawn loan fees155,939 83,103 28,248 — — 267,290 
Leased merchandise income— — — 103,057 — 103,057 
Interest and fees on retail finance products
— — — 73,749 — 73,749 
Wholesale scrap jewelry sales79,827 47,668 45,046 — — 172,541 
Other revenue— — 3,549 — — 3,549 
Total revenue514,703 310,706 99,370 176,806 (418)1,101,167 
Cost of revenue:
Cost of retail merchandise sold162,007 117,341 15,161 — (235)294,274 
Depreciation of leased merchandise— — — 63,256 (143)63,113 
Provision for lease losses— — — 17,015 6 17,021 
Provision for loan losses— — — 40,790 — 40,790 
Cost of wholesale scrap jewelry sold67,572 39,884 32,703 — — 140,159 
Other cost of revenue— — 267 — — 267 
Total cost of revenue229,579 157,225 48,131 121,061 (372)555,624 
Net revenue285,124 153,481 51,239 55,745 (46)545,543 
Expenses and other income:
Operating expenses142,399 84,341 20,529 21,837 — 269,106 
Administrative expenses— — — — 66,723 66,723 
Depreciation and amortization9,437 4,568 1,510 749 16,019 32,283 
Interest expense— — — — 37,678 37,678 
Interest income— — — — (434)(434)
Gain on foreign exchange
— — — — (435)(435)
Merger and acquisition expenses— — — — 3,760 3,760 
Other income, net
— — — — (1,805)(1,805)
Total expenses and other income151,836 88,909 22,039 22,586 121,506 406,876 
Income (loss) before income taxes$133,288 $64,572 $29,200 $33,159 $(121,552)$138,667 
Nine Months Ended September 30, 2026
U.S.
Pawn
Latin
America
Pawn
U.K.
Pawn
Retail POS
Payment
Solutions		Corporate/
Intersegment
Eliminations		Consolidated
Revenue:
Retail merchandise sales$838,442 $514,092 $65,839 $— $(1,295)$1,417,078 
Pawn loan fees463,809 239,321 89,299 — — 792,429 
Leased merchandise income— — — 348,743 — 348,743 
Interest and fees on retail finance products— — — 222,046 — 222,046 
Wholesale scrap jewelry sales199,530 106,454 131,170 — — 437,154 
Other revenue— — 10,056 — — 10,056 
Total revenue1,501,781 859,867 296,364 570,789 (1,295)3,227,506 
Cost of revenue:
Cost of retail merchandise sold477,416 335,170 46,047 — (691)857,942 
Depreciation of leased merchandise— — — 216,309 (487)215,822 
Provision for lease losses— — — 71,462 (258)71,204 
Provision for loan losses— — — 123,564 — 123,564 
Cost of wholesale scrap jewelry sold164,631 89,691 81,633 — — 335,955 
Other cost of revenue— — 1,425 — — 1,425 
Total cost of revenue642,047 424,861 129,105 411,335 (1,436)1,605,912 
Net revenue859,734 435,006 167,259 159,454 141 1,621,594 
Expenses and other income:
Operating expenses428,623 247,249 60,962 69,439 — 806,273 
Administrative expenses— — — — 199,326 199,326 
Depreciation and amortization27,207 14,155 4,306 2,199 48,372 96,239 
Interest expense— — — — 107,908 107,908 
Interest income— — — — (1,078)(1,078)
Loss on foreign exchange
— — — — 201 201 
Merger and acquisition expenses— — — — 10,983 10,983 
Other income, net
— — — — (9,055)(9,055)
Total expenses and other income455,830 261,404 65,268 71,638 356,657 1,210,797 
Income (loss) before income taxes$403,904 $173,602 $101,991 $87,816 $(356,516)$410,797 

As of September 30, 2026
U.S.
Pawn
Latin
America
Pawn
U.K.
Pawn
Retail POS
Payment
Solutions
Corporate/
Intersegment
Eliminations
Consolidated
Pawn loans$487,245 $205,484 $214,941 $— $— $907,670 
Finance receivables, net— — — 124,115 — 124,115 
Inventories336,233 155,690 106,628 — — 598,551 
Leased merchandise, net— — — 74,761 (56)74,705 
Goodwill1,215,044 193,404 140,546 486,205 — 2,035,199 
Total assets3,065,595 863,943 603,867 769,286 256,482 5,559,173 
Three Months Ended September 30, 2025
U.S.
Pawn		Latin
America
Pawn		U.K.
Pawn		Retail POS
Payment
Solutions
Corporate/
Intersegment
Eliminations
Consolidated
Revenue:
Retail merchandise sales$252,963 $144,644 $14,066 $— $(705)$410,968 
Pawn loan fees138,867 67,199 15,022 — — 221,088 
Leased merchandise income— — — 132,540 — 132,540 
Interest and fees on retail finance products
— — — 81,683 — 81,683 
Wholesale scrap jewelry sales45,607 17,831 23,272 — — 86,710 
Other revenue— — 2,590 — — 2,590 
Total revenue437,437 229,674 54,950 214,223 (705)935,579 
Cost of revenue:
Cost of retail merchandise sold145,411 92,931 10,755 — (374)248,723 
Depreciation of leased merchandise— — — 76,253 (225)76,028 
Provision for lease losses— — — 28,005 (85)27,920 
Provision for loan losses— — — 40,347 — 40,347 
Cost of wholesale scrap jewelry sold38,520 15,000 14,700 — — 68,220 
Other cost of revenue— — 634 — — 634 
Total cost of revenue183,931 107,931 26,089 144,605 (684)461,872 
Net revenue253,506 121,743 28,861 69,618 (21)473,707 
Expenses and other income:
Operating expenses133,024 70,327 10,225 22,952 — 236,528 
Administrative expenses— — — — 58,845 58,845 
Depreciation and amortization8,464 4,443 742 687 14,698 29,034 
Interest expense— — — — 32,216 32,216 
Interest income— — — — (908)(908)
Gain on foreign exchange
— — — — (219)(219)
Merger and acquisition expenses— — — — 9,472 9,472 
Other income, net
— — — — (3,740)(3,740)
Total expenses and other income141,488 74,770 10,967 23,639 110,364 361,228 
Income (loss) before income taxes$112,018 $46,973 $17,894 $45,979 $(110,385)$112,479 
Nine Months Ended September 30, 2025
U.S.
Pawn
Latin
America
Pawn
U.K.
Pawn
Retail POS
Payment
Solutions		Corporate/
Intersegment
Eliminations		Consolidated
Revenue:
Retail merchandise sales$754,106 $401,132 $14,066 $— $(2,155)$1,167,149 
Pawn loan fees407,763 180,996 15,022 — — 603,781 
Leased merchandise income— — — 429,242 — 429,242 
Interest and fees on retail finance products— — — 231,171 — 231,171 
Wholesale scrap jewelry sales107,839 37,580 23,272 — — 168,691 
Other revenue— — 2,590 — — 2,590 
Total revenue1,269,708 619,708 54,950 660,413 (2,155)2,602,624 
Cost of revenue:
Cost of retail merchandise sold434,318 259,249 10,755 — (1,149)703,173 
Depreciation of leased merchandise— — — 243,925 (806)243,119 
Provision for lease losses— — — 88,276 (251)88,025 
Provision for loan losses— — — 118,468 — 118,468 
Cost of wholesale scrap jewelry sold92,009 31,770 14,700 — — 138,479 
Other cost of revenue— — 634 — — 634 
Total cost of revenue526,327 291,019 26,089 450,669 (2,206)1,291,898 
Net revenue743,381 328,689 28,861 209,744 51 1,310,726 
Expenses and other income:
Operating expenses395,790 196,158 10,225 71,434 — 673,607 
Administrative expenses— — — — 166,631 166,631 
Depreciation and amortization24,155 13,173 742 2,091 40,239 80,400 
Interest expense— — — — 86,024 86,024 
Interest income— — — — (2,664)(2,664)
Gain on foreign exchange
— — — — (1,504)(1,504)
Merger and acquisition expenses— — — — 12,711 12,711 
Other income, net
— — — — (9,254)(9,254)
Total expenses and other income419,945 209,331 10,967 73,525 292,183 1,005,951 
Income (loss) before income taxes$323,436 $119,358 $17,894 $136,219 $(292,132)$304,775 

As of September 30, 2025
U.S.
Pawn
Latin
America
Pawn
U.K.
Pawn
Retail POS
Payment
Solutions
Corporate/
Intersegment
Eliminations
Consolidated
Pawn loans$426,288$173,203$188,639 $—$— $788,130 
Finance receivables, net——— 153,134— 153,134 
Inventories266,452124,08165,740 —— 456,273 
Leased merchandise, net——— 99,909(184)99,725 
Goodwill1,156,052 189,061 139,040 486,205 — 1,970,358 
Total assets2,800,729 780,099 546,739 887,899 166,850 5,182,316