Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

The following table summarizes the consideration transferred in connection with the AFF Acquisition, net of cash acquired (in thousands except share and per share amounts):


	AFF Acquisition
Shares of FirstCash Holdings, Inc. common stock issued	8,046,252
Closing common stock price per share at December 16, 2021	$	62.83
Stock consideration	$	505,546
Cash consideration paid to AFF shareholders at closing	253,087
Cash consideration paid to extinguish AFF pre-existing debt	257,278
Present value of deferred consideration payable to AFF shareholders on December 31, 2022	23,873
Estimated fair value of Contingent Consideration (see Note 6)	127,420
Less cash acquired	(48,263)
Aggregate purchase consideration	$	1,118,941

Schedule of Preliminary Allocations of Purchase Price

The preliminary allocation of the aggregate purchase price for these individually immaterial pawn store acquisitions during 2022 (the “2022 Pawn Acquisitions”) is as follows (in thousands):


	2022 Pawn Acquisitions
Pawn loans	$	7,291
Accounts receivable, net	426

Inventories	11,523

Property and equipment	300
Goodwill (1)	55,455
Intangible assets	310

Current liabilities	(2,329)


Aggregate purchase price	$	72,976

(1)Substantially all of the goodwill is expected to be deductible for income tax purposes.

The following table details the preliminary purchase price allocation as of December 31, 2021, the measurement period adjustments made during the twelve months ended December 31, 2022 and the final purchase price allocation as of December 31, 2022 (in thousands):


	December 31,		2022		December 31,
	2021		Adjustments		2022
Accounts receivable	$	11,660	$	—	$	11,660
Finance receivables	225,261		—		225,261
Leased merchandise	139,649		—		139,649
Prepaid expenses and other current assets	4,474		(188)		4,286
Property and equipment	11,670		(9)		11,661
Operating lease right of use asset	491		—		491
Goodwill	503,106		(16,901)		486,205
Intangible assets	305,100		—		305,100
Accounts payable and accrued liabilities	(28,357)		(1,116)		(29,473)
Customer deposits and prepayments	(11,014)		—		(11,014)
Lease liability, current	(10)		—		(10)
Deferred tax liabilities (1)	(42,608)		18,214		(24,394)
Lease liability, non-current	(481)		—		(481)
Purchase price	$	1,118,941	$	—	$	1,118,941

(1)Measurement period adjustment is primarily a result of the seller finalizing the ending tax basis in the assets and liabilities acquired, which carried over to the Company.

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the AFF Acquisition and the 2021 Pawn Acquisitions had occurred on January 1, 2020, after giving effect to certain adjustments (in thousands, except per share amounts):


	Year Ended				Year Ended
	December 31, 2021				December 31, 2020
	As Reported		Pro Forma		As Reported		Pro Forma
Total revenue	$	1,698,965	$	2,305,860	$	1,631,284	$	2,024,055
Net income	124,909		156,257		106,579		60,059

Net income per share:
Basic	$	3.05	$	3.21	$	2.57	$	1.21
Diluted	3.04		3.20		2.56		1.21