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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

The Company did not have any financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023. The Company’s financial assets and liabilities as of September 30, 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 (1):
Contingent consideration as of September 30, 2022			$	—					$	—					$	26,760
Contingent consideration as of December 31, 2022			—						—						—

(1)Under the American First Finance (“AFF”) purchase agreement, the seller parties had the right to receive up to $50.0 million of additional consideration if AFF achieved certain adjusted EBITDA targets for the first half of 2023. AFF did not achieve the threshold adjusted EBITDA target for the first half of 2023 and, therefore, the $50.0 million of additional consideration was not earned by the seller parties. As of June 30, 2023, there was no remaining contingent consideration available to the seller parties. The contingent consideration related to the AFF acquisition is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheet as of September 30, 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 and nine months ended September 30, 2023 and September 30, 2022 are as follows (in thousands):

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2023						2022						2023						2022
Contingent consideration at beginning of the period			$	—					$	46,560					$	—					$	109,549
Change in fair value (1)			—						(19,800)						—						(82,789)
Contingent consideration at end of the period			$	—					$	26,760					$	—					$	26,760

(1)The Company recognized a gain of $19.8 million and $82.8 million during the three and nine months ended September 30, 2022, respectively, as a result of the change in fair value of the contingent consideration, 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 September 30, 2023, September 30, 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
						September 30,						September 30,						Fair Value Measurements Using
						2023						2023						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	86,547					$	86,547					$	86,547					$	—					$	—
Accounts receivable, net						72,336						72,336						—						—						72,336
Pawn loans						483,785						483,785						—						—						483,785
Finance receivables, net (1)						113,307						230,357						—						—						230,357
						$	755,975					$	873,025					$	86,547					$	—					$	786,478
Financial liabilities:
Revolving unsecured credit facilities						$	560,229					$	560,229					$	—					$	560,229					$	—
Senior unsecured notes (outstanding principal)						1,050,000						938,000						—						938,000						—
						$	1,610,229					$	1,498,229					$	—					$	1,498,229					$	—

(1)Finance receivables, gross as of September 30, 2023 was $224.6 million. See Note 6.

						Carrying Value						Estimated Fair Value
						September 30,						September 30,						Fair Value Measurements Using
						2022						2022						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	100,620					$	100,620					$	100,620					$	—					$	—
Accounts receivable, net						58,435						58,435						—						—						58,435
Pawn loans						404,227						404,227						—						—						404,227
Finance receivables, net (1)						111,945						193,750						—						—						193,750
						$	675,227					$	757,032					$	100,620					$	—					$	656,412
Financial liabilities:
Revolving unsecured credit facilities						$	338,000					$	338,000					$	—					$	338,000					$	—
Senior unsecured notes (outstanding principal)						1,050,000						887,000						—						887,000						—
						$	1,388,000					$	1,225,000					$	—					$	1,225,000					$	—

(1)Finance receivables, gross as of September 30, 2022 was $188.9 million. See Note 6.

						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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Name Accounting Standards Codification
-Topic 825
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-Section 50
-Paragraph 11
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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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