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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company’s financial assets and liabilities as of June 30, 2022 and December 31, 2021 that are measured at fair value on a recurring basis are as follows (in thousands):

						Estimated Fair Value
						June 30,						Fair Value Measurements Using
						2022						Level 1						Level 2						Level 3
Financial liabilities:
Contingent AFF acquisition consideration (1)						$	46,560					$	—					$	—					$	46,560

(1)The contingent consideration related to the AFF Acquisition is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

						Estimated Fair Value
						December 31,						Fair Value Measurements Using
						2021						Level 1						Level 2						Level 3
Financial liabilities:
Contingent AFF acquisition consideration (1)						$	109,549					$	—					$	—					$	109,549

(1)The current portion of $95.6 million is included in accounts payable and accrued liabilities and the non-current portion of $14.0 million is included in other liabilities in the accompanying consolidated balance sheets.

Schedule of Fair Value, Changes in Assets and Liabilities Measured on Recurring Basis Level 3 Fair Value Measurement

The changes in financial assets and liabilities that are measured and recorded at fair value on a recurring basis using Level 3 fair value measurements for the three and six months ended June 30, 2022 are as follows (in thousands):

			Three Months Ended						Six Months Ended
			June 30, 2022						June 30, 2022
Contingent AFF acquisition consideration at beginning of the period			$	112,119					$	109,549
Change in fair value (1)			(65,559)						(62,989)
Contingent AFF acquisition consideration at end of the period			$	46,560					$	46,560

(1)    The Company recognized a gain of $65.6 million and $63.0 million during the three and six months ended June 30, 2022, respectively, as a result of the change in fair value of the contingent consideration related to the AFF Acquisition, which is included in gain on revaluation of contingent acquisition consideration in the accompanying consolidated statements of income.

Schedule of Fair Value by Balance Sheet Grouping

The Company’s financial assets and liabilities as of June 30, 2022, 2021 and December 31, 2021 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):

						Carrying Value						Estimated Fair Value
						June 30,						June 30,						Fair Value Measurements Using
						2022						2022						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	110,414					$	110,414					$	110,414					$	—					$	—
Accounts receivable, net						55,924						55,924						—						—						55,924
Pawn loans						385,708						385,708						—						—						385,708
Finance receivables, net (1)						125,619						196,210						—						—						196,210
						$	677,665					$	748,256					$	110,414					$	—					$	637,842
Financial liabilities:
Revolving unsecured credit facilities						$	274,000					$	274,000					$	—					$	274,000					$	—
Senior unsecured notes (outstanding principal)						1,050,000						900,000						—						900,000						—
						$	1,324,000					$	1,174,000					$	—					$	1,174,000					$	—

(1)Finance receivables, gross as of June 30, 2022 was $190.3 million. See Note 6.

						Carrying Value						Estimated Fair Value
						June 30,						June 30,						Fair Value Measurements Using
						2021						2021						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	50,061					$	50,061					$	50,061					$	—					$	—
Accounts receivable, net						40,183						40,183						—						—						40,183
Pawn loans						312,166						312,166						—						—						312,166
						$	402,410					$	402,410					$	50,061					$	—					$	352,349
Financial liabilities:
Revolving unsecured credit facilities						$	163,000					$	163,000					$	—					$	163,000					$	—
Senior unsecured notes (outstanding principal)						500,000						521,000						—						521,000						—
						$	663,000					$	684,000					$	—					$	684,000					$	—

						Carrying Value						Estimated Fair Value
						December 31,						December 31,						Fair Value Measurements Using
						2021						2021						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	120,046					$	120,046					$	120,046					$	—					$	—
Accounts receivable, net						55,356						55,356						—						—						55,356
Pawn loans						347,973						347,973						—						—						347,973
Finance receivables, net (1)						181,021						233,000						—						—						233,000
						$	704,396					$	756,375					$	120,046					$	—					$	636,329
Financial liabilities:
Revolving unsecured credit facilities						$	259,000					$	259,000					$	—					$	259,000					$	—
Senior unsecured notes (outstanding principal)						1,050,000						1,058,000						—						1,058,000						—
						$	1,309,000					$	1,317,000					$	—					$	1,317,000					$	—

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- Definition

Schedule of Fair Value, Changes in Assets and Liabilities Measured on Recurring Basis Level 3 Fair Value Measurement

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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