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FirstCash FirstCash Reports First Quarter Results ; Adds 26 Stores During Quarter ; Increases Quarterly Dividend to $ 0.30 per Share April 21 , 2021 FORT WORTH , Texas , April 21 , 2021 ( GLOBE NEWSWIRE ) -- FirstCash , Inc. ( the “ Company " ) ( Nasdaq : FCFS ) , the leading international operator of over 2,770 retail pawn stores in the U.S. and Latin America , today announced operating results for the three month period ended March 31 , 2021 , and an update on the impact of COVID - 19 on its business . In addition , the Board of Directors declared a $ 0.30 per share quarterly cash dividend , an increase of 11 % compared to the previous quarterly dividend of $ 0.27 per share , to be paid in May 2021 . Mr. Rick Wessel , chief executive officer , stated , " We are pleased to report strong first quarter earnings results and cash flows which exceeded our internal expectations . These rapidly improving results highlight the diversity of FirstCash's business model and continued profitability despite the impacts of COVID - 19 . More importantly , our dedicated and experienced team of front line associates and store managers have consistently performed at an incredibly high level to support our customers through challenging and rapidly evolving circumstances over the past twelve months . " The strength of first quarter sales volumes and margins in the U.S. drove a year - over - year increase in domestic retail gross profit as our stores benefited from improved inventory levels and the impact of additional federal stimulus payments to consumers . In Latin America , we continued to see a recovery in pawn lending demand as total loan balances reached near pre - pandemic levels . The Company's operations in Latin America also realized robust retail margins and strong inventory turns . Additionally , our disciplined focus on expense control contributed to further operating margin recovery in both markets . " Our strategic growth initiatives resulted in 24 new first quarter stores in three Latin American countries and the acquisition of two U.S. stores in Texas . With robust first quarter cash flows , we were able to significantly reduce revolving debt and we believe that we are well positioned for continued investments in growth and shareholder returns , including the increased quarterly dividend . " This release contains adjusted earnings measures , which exclude certain extraordinary and / or non - cash expenses , which are non - GAAP financial measures . Please refer to the descriptions and reconciliations to GAAP of these and other non - GAAP financial measures at the end of this release . Three Months Ended March 31 , As Reported ( GAAP ) 2021 2020 407,939 $ 466,490 $ 33,715 $ 32,918 $ 0.82 $ 0.78 $ 63,955 $ 64,624 $ 41,056 42,007 $ $ $ $ Adjusted ( Non - GAAP ) 2021 407,939 $ 34,928 $ 0.85 $ 65,601 $ 41,056 In thousands , except per share amounts Revenue Net income Diluted earnings per share EBITDA ( non - GAAP measure ) Weighted - average diluted shares Consolidated Earnings Highlights • Diluted earnings per share for the first quarter increased 5 % on a GAAP basis and decreased 11 % on an adjusted non - GAAP basis compared to the prior - year quarter , reflecting the strongest comparative quarter since the beginning of the pandemic . 2020 466,490 40,295 0.96 74,606 42,007 • Earnings results reflected expected revenue declines of 13 % in the first quarter , which primarily related to the impacts of COVID - 19 on pawn lending and inventory levels . The revenue contraction for the quarter was the smallest since the second quarter of last year , and the Company saw significant improvement in many key operating metrics during the first quarter : • Retail results were stronger than anticipated and drove a 3 % increase in first quarter merchandise gross profit compared to the first quarter of 2020. The increase was driven by a smaller than expected decline in U.S. retail sales of only 3 % and continued margin improvements in both the U.S. and Latin America . • Retail sales gross margins of 42 % in the first quarter remained at record levels and were a significant improvement over the 38 % gross gins in the first quarter of last year . • Improving pawn loan demand in Latin America was offset by lower demand in the U.S. that was impacted by two rounds of stimulus payments to most of the Company's customers . Pawn fees declined 19 % on a consolidated basis for the quarter compared to the prior - year quarter . • Inventory levels remained stable , decreasing only 3 % sequentially compared to the fourth quarter of 2020 despite the larger than expected first quarter retail sales volumes . • Increased inventory turns and margins resulted in a record return on earning assets ( trailing twelve months net