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Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Segment and Geographic Information | SEGMENT AND GEOGRAPHIC INFORMATION Segment Information The Company organizes its operations into three reportable segments as follows: •U.S. pawn •Latin America pawn •Retail POS payment solutions (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, gain on revaluation of contingent acquisition consideration, and other expenses (income), net, are presented on a consolidated basis and are not allocated between the U.S. pawn segment, Latin America pawn segment or retail POS payment solutions segment. Intersegment transactions relate to the Company offering AFF’s LTO payment solution as a payment option in its U.S. pawn stores and are eliminated to arrive at consolidated totals. The following tables present reportable segment information for the years ended December 31, 2022, 2021 and 2020 as well as separately identified segment assets (in thousands):
|  | Year Ended December 31, 2022
|  | U.S. Pawn |  | Latin America Pawn |  | Retail POS Payment Solutions |  | Corporate/ Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | 818,548 |  |  | $ | 447,523 |  |  | $ | — |  |  | $ | (4,935) |  | (1) | $ | 1,261,136 |
Pawn loan fees |  | 373,416 |  |  | 187,974 |  |  | — |  |  | — |  |  | 561,390 |
Leased merchandise income |  | — |  |  | — |  |  | 622,163 |  |  | — |  |  | 622,163 |
Interest and fees on finance receivables |  | — |  |  | — |  |  | 181,280 |  |  | — |  |  | 181,280 |
Wholesale scrap jewelry sales |  | 63,004 |  |  | 39,969 |  |  | — |  |  | — |  |  | 102,973 |
Total revenue |  | 1,254,968 |  |  | 675,466 |  |  | 803,443 |  |  | (4,935) |  |  | 2,728,942 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | 478,718 |  |  | 288,449 |  |  | — |  |  | (2,614) |  | (1) | 764,553 |
Depreciation of leased merchandise |  | — |  |  | — |  |  | 354,104 |  |  | (609) |  | (1) | 353,495 |
Provision for lease losses |  | — |  |  | — |  |  | 140,118 |  |  | (616) |  | (1) | 139,502 |
Provision for loan losses |  | — |  |  | — |  |  | 118,502 |  |  | — |  |  | 118,502 |
Cost of wholesale scrap jewelry sold |  | 54,893 |  |  | 33,411 |  |  | — |  |  | — |  |  | 88,304 |
Total cost of revenue |  | 533,611 |  |  | 321,860 |  |  | 612,724 |  |  | (3,839) |  |  | 1,464,356 |
Net revenue (loss) |  | 721,357 |  |  | 353,606 |  |  | 190,719 |  |  | (1,096) |  | (1) | 1,264,586 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 407,039 |  |  | 193,254 |  |  | 128,616 |  |  | — |  |  | 728,909 |
Administrative expenses |  | — |  |  | — |  |  | — |  |  | 147,943 |  |  | 147,943 |
Depreciation and amortization |  | 23,205 |  |  | 18,325 |  |  | 2,912 |  |  | 59,390 |  |  | 103,832 |
Interest expense |  | — |  |  | — |  |  | — |  |  | 70,708 |  |  | 70,708 |
Interest income |  | — |  |  | — |  |  | — |  |  | (1,313) |  |  | (1,313) |
Gain on foreign exchange |  | — |  |  | — |  |  | — |  |  | (585) |  |  | (585) |
Merger and acquisition expenses |  | — |  |  | — |  |  | — |  |  | 3,739 |  |  | 3,739 |
Gain on revaluation of contingent acquisition consideration |  | — |  |  | — |  |  | — |  |  | (109,549) |  |  | (109,549) |
Other expenses (income), net |  | — |  |  | — |  |  | — |  |  | (2,731) |  |  | (2,731) |
Total expenses and other income |  | 430,244 |  |  | 211,579 |  |  | 131,528 |  |  | 167,602 |  |  | 940,953 |
Income (loss) before income taxes |  | $ | 291,113 |  |  | $ | 142,027 |  |  | $ | 59,191 |  |  | $ | (168,698) |  |  | $ | 323,633 |
|  | As of December 31, 2022
|  | U.S. Pawn |  | Latin America Pawn |  | Retail POS Payment Solutions |  | Corporate/ Eliminations |  | Consolidated
Pawn loans |  | $ | 282,089 |  |  | $ | 108,528 |  |  | $ | — |  |  | $ | — |  |  | $ | 390,617 |
Finance receivables, net |  | — |  |  | — |  |  | 103,494 |  |  | — |  |  | 103,494 |
Inventories |  | 202,594 |  |  | 85,745 |  |  | — |  |  | — |  |  | 288,339 |
Leased merchandise, net |  | — |  |  | — |  |  | 154,398 |  |  | (1,096) |  | (1) | 153,302 |
Goodwill |  | 916,048 |  |  | 179,128 |  |  | 486,205 |  |  | — |  |  | 1,581,381 |
Total assets |  | 2,108,157 |  |  | 619,839 |  |  | 1,047,814 |  |  | 129,057 |  |  | 3,904,867 |
(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution as a payment option in its U.S. pawn stores.
|  | Year Ended December 31, 2021
|  | U.S. Pawn |  | Latin America Pawn |  | Retail POS Payment Solutions |  | Corporate/ Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | 742,374 |  |  | $ | 391,875 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,134,249 |
Pawn loan fees |  | 305,350 |  |  | 170,432 |  |  | — |  |  | — |  |  | 475,782 |
Leased merchandise income |  | — |  |  | — |  |  | 22,720 |  |  | — |  |  | 22,720 |
Interest and fees on finance receivables |  | — |  |  | — |  |  | 9,024 |  |  | — |  |  | 9,024 |
Wholesale scrap jewelry sales |  | 27,163 |  |  | 30,027 |  |  | — |  |  | — |  |  | 57,190 |
Total revenue |  | 1,074,887 |  |  | 592,334 |  |  | 31,744 |  |  | — |  |  | 1,698,965 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | 416,039 |  |  | 247,425 |  |  | — |  |  | — |  |  | 663,464 |
Depreciation of leased merchandise |  | — |  |  | — |  |  | 12,826 |  |  | — |  |  | 12,826 |
Provision for lease losses |  | — |  |  | — |  |  | 5,442 |  |  | — |  |  | 5,442 |
Provision for loan losses |  | — |  |  | — |  |  | 48,952 |  |  | — |  |  | 48,952 |
Cost of wholesale scrap jewelry sold |  | 22,886 |  |  | 26,243 |  |  | — |  |  | — |  |  | 49,129 |
Total cost of revenue |  | 438,925 |  |  | 273,668 |  |  | 67,220 |  |  | — |  |  | 779,813 |
Net revenue (loss) |  | 635,962 |  |  | 318,666 |  |  | (35,476) |  |  | — |  |  | 919,152 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 380,895 |  |  | 179,020 |  |  | 4,917 |  |  | — |  |  | 564,832 |
Administrative expenses |  | — |  |  | — |  |  | — |  |  | 111,259 |  |  | 111,259 |
Depreciation and amortization |  | 22,234 |  |  | 17,834 |  |  | 122 |  |  | 5,716 |  |  | 45,906 |
Interest expense |  | — |  |  | — |  |  | — |  |  | 32,386 |  |  | 32,386 |
Interest income |  | — |  |  | — |  |  | — |  |  | (696) |  |  | (696) |
Loss on foreign exchange |  | — |  |  | — |  |  | — |  |  | 436 |  |  | 436 |
Merger and acquisition expenses |  | — |  |  | — |  |  | — |  |  | 15,449 |  |  | 15,449 |
Gain on revaluation of contingent acquisition consideration |  | — |  |  | — |  |  | — |  |  | (17,871) |  |  | (17,871) |
Other expenses (income), net |  | — |  |  | — |  |  | — |  |  | 949 |  |  | 949 |
Total expenses and other income |  | 403,129 |  |  | 196,854 |  |  | 5,039 |  |  | 147,628 |  |  | 752,650 |
Income (loss) before income taxes |  | $ | 232,833 |  |  | $ | 121,812 |  |  | $ | (40,515) |  |  | $ | (147,628) |  |  | $ | 166,502 |
|  | As of December 31, 2021
|  | U.S. Pawn |  | Latin America Pawn |  | Retail POS Payment Solutions |  | Corporate/ Eliminations |  | Consolidated
Pawn loans |  | $ | 256,311 |  |  | $ | 91,662 |  |  | $ | — |  |  | $ | — |  |  | $ | 347,973 |
Finance receivables, net |  | — |  |  | — |  |  | 181,021 |  |  | — |  |  | 181,021 |
Inventories |  | 197,486 |  |  | 65,825 |  |  | — |  |  | — |  |  | 263,311 |
Leased merchandise, net |  | — |  |  | — |  |  | 143,944 |  |  | — |  |  | 143,944 |
Goodwill |  | 861,793 |  |  | 171,279 |  |  | 503,106 |  |  | — |  |  | 1,536,178 |
Total assets |  | 1,944,487 |  |  | 562,661 |  |  | 1,178,729 |  |  | 150,575 |  |  | 3,836,452 |
|  | Year Ended December 31, 2020
|  | U.S. Pawn |  | Latin America Pawn |  |  |  | Corporate/ Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | 720,281 |  |  | $ | 355,237 |  |  |  |  | $ | — |  |  | $ | 1,075,518 |
Pawn loan fees |  | 310,437 |  |  | 147,080 |  |  |  |  | — |  |  | 457,517 |
Interest and fees on finance receivables (1) |  | 2,016 |  |  | — |  |  |  |  | — |  |  | 2,016 |
Wholesale scrap jewelry sales |  | 45,405 |  |  | 50,828 |  |  |  |  | — |  |  | 96,233 |
Total revenue |  | 1,078,139 |  |  | 553,145 |  |  |  |  | — |  |  | 1,631,284 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | 415,938 |  |  | 225,149 |  |  |  |  | — |  |  | 641,087 |
Provision for loan losses (1) |  | (488) |  |  | — |  |  |  |  | — |  |  | (488) |
Cost of wholesale scrap jewelry sold |  | 39,584 |  |  | 39,962 |  |  |  |  | — |  |  | 79,546 |
Total cost of revenue |  | 455,034 |  |  | 265,111 |  |  |  |  | — |  |  | 720,145 |
Net revenue |  | 623,105 |  |  | 288,034 |  |  |  |  | — |  |  | 911,139 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 396,627 |  |  | 165,531 |  |  |  |  | — |  |  | 562,158 |
Administrative expenses |  | — |  |  | — |  |  |  |  | 110,931 |  |  | 110,931 |
Depreciation and amortization |  | 21,743 |  |  | 15,816 |  |  |  |  | 4,546 |  |  | 42,105 |
Interest expense |  | — |  |  | — |  |  |  |  | 29,344 |  |  | 29,344 |
Interest income |  | — |  |  | — |  |  |  |  | (1,540) |  |  | (1,540) |
Loss on foreign exchange |  | — |  |  | — |  |  |  |  | 884 |  |  | 884 |
Merger and acquisition expenses |  | — |  |  | — |  |  |  |  | 1,316 |  |  | 1,316 |
Other expenses (income), net |  | — |  |  | — |  |  |  |  | 10,505 |  |  | 10,505 |
Loss on extinguishment of debt |  | — |  |  | — |  |  |  |  | 11,737 |  |  | 11,737 |
Total expenses and other income |  | 418,370 |  |  | 181,347 |  |  |  |  | 167,723 |  |  | 767,440 |
Income (loss) before income taxes |  | $ | 204,735 |  |  | $ | 106,687 |  |  |  |  | $ | (167,723) |  |  | $ | 143,699 |
|  | As of December 31, 2020
|  | U.S. Pawn |  | Latin America Pawn |  |  |  | Corporate/ Eliminations |  | Consolidated
Pawn loans |  | $ | 220,391 |  |  | $ | 87,840 |  |  |  |  | $ | — |  |  | $ | 308,231 |
Inventories |  | 136,109 |  |  | 54,243 |  |  |  |  | — |  |  | 190,352 |
Goodwill |  | 802,148 |  |  | 175,233 |  |  |  |  | — |  |  | 977,381 |
Total assets |  | 1,718,975 |  |  | 540,473 |  |  |  |  | 112,749 |  |  | 2,372,197 |
(1)Effective June 30, 2020, the Company’s U.S. pawn segment ceased offering an unsecured consumer loan product in the U.S. Geographic Information The following table shows revenue and long-lived assets (all non-current assets except operating lease right of use asset, goodwill, intangibles, net and deferred tax assets, net) by geographic area (in thousands):
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Revenue: |  |  |  |  |  |
U.S. |  | $ | 2,053,476 |  |  | $ | 1,106,631 |  |  | $ | 1,078,139 |
Mexico |  | 639,199 |  |  | 562,493 |  |  | 530,462 |
Other Latin America |  | 36,267 |  |  | 29,841 |  |  | 22,683 |
|  | $ | 2,728,942 |  |  | $ | 1,698,965 |  |  | $ | 1,631,284 |
Long-lived assets: |  |  |  |  |  |
U.S. |  | $ | 449,201 |  |  | $ | 373,218 |  |  | $ | 286,079 |
Mexico |  | 88,233 |  |  | 84,648 |  |  | 82,438 |
Other Latin America |  | 10,662 |  |  | 13,191 |  |  | 14,968 |
|  | $ | 548,096 |  |  | $ | 471,057 |  |  | $ | 383,485 |

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