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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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

The Company’s financial assets and liabilities as of March 31, 2023, March 31, 2022 and December 31, 2022 that are measured at fair value on a recurring basis are as follows (in thousands):

			Estimated Fair Value
			Fair Value Measurements Using
			Level 1						Level 2						Level 3
Financial liabilities:
Contingent consideration as of March 31, 2023			$	—					$	—					$	—
Contingent consideration as of March 31, 2022 (1)			—						—						112,119
Contingent consideration as of December 31, 2022			—						—						—

(1)The current portion of $98.2 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 sheet as of March 31, 2022.

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 months ended March 31, 2023 and March 31, 2022 are as follows (in thousands):

			Three Months Ended
			March 31,
			2023						2022
Contingent consideration at beginning of the period			$	—					$	109,549
Change in fair value (1)			—						2,570
Contingent consideration at end of the period			$	—					$	112,119

(1)The Company recognized a loss of $2.6 million during the three months ended March 31, 2022 as a result of the change in fair value of the contingent consideration, which is included in loss 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 March 31, 2023, March 31, 2022 and December 31, 2022 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):

						Carrying Value						Estimated Fair Value
						March 31,						March 31,						Fair Value Measurements Using
						2023						2023						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	100,795					$	100,795					$	100,795					$	—					$	—
Accounts receivable, net						56,357						56,357						—						—						56,357
Pawn loans						377,697						377,697						—						—						377,697
Finance receivables, net (1)						102,093						214,206						—						—						214,206
						$	636,942					$	749,055					$	100,795					$	—					$	648,260
Financial liabilities:
Revolving unsecured credit facility						$	308,000					$	308,000					$	—					$	308,000					$	—
Senior unsecured notes (outstanding principal)						1,050,000						950,000						—						950,000						—
						$	1,358,000					$	1,258,000					$	—					$	1,258,000					$	—

(1)Finance receivables, gross as of March 31, 2023 was $201.3 million. See Note 5.

						Carrying Value						Estimated Fair Value
						March 31,						March 31,						Fair Value Measurements Using
						2022						2022						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	113,317					$	113,317					$	113,317					$	—					$	—
Accounts receivable, net						52,017						52,017						—						—						52,017
Pawn loans						344,101						344,101						—						—						344,101
Finance receivables, net (1)						140,481						180,819						—						—						180,819
						$	649,916					$	690,254					$	113,317					$	—					$	576,937
Financial liabilities:
Revolving unsecured credit facilities						$	218,000					$	218,000					$	—					$	218,000					$	—
Senior unsecured notes (outstanding principal)						1,050,000						992,000						—						992,000						—
						$	1,268,000					$	1,210,000					$	—					$	1,210,000					$	—

(1)Finance receivables, gross as of March 31, 2022 was $191.8 million. See Note 5.

						Carrying Value						Estimated Fair Value
						December 31,						December 31,						Fair Value Measurements Using
						2022						2022						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	117,330					$	117,330					$	117,330					$	—					$	—
Accounts receivable, net						57,792						57,792						—						—						57,792
Pawn loans						390,617						390,617						—						—						390,617
Finance receivables, net (1)						103,494						201,895						—						—						201,895
						$	669,233					$	767,634					$	117,330					$	—					$	650,304
Financial liabilities:
Revolving unsecured credit facilities						$	339,000					$	339,000					$	—					$	339,000					$	—
Senior unsecured notes (outstanding principal)						1,050,000						932,000						—						932,000						—
						$	1,389,000					$	1,271,000					$	—					$	1,271,000					$	—

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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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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 https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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