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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. The Company’s financial assets and liabilities as of March 31, 2023 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 March 31, 2023 | $ | — |  |  | $ | — |  |  | $ | — |
(1)As of March 31, 2023, 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. The Company revalues this contingent consideration to fair value at the end of each reporting period. The estimate of the fair value of contingent consideration is determined by applying a Monte Carlo simulation, which includes inputs not observable in the market, such as the risk-free rate, risk-adjusted discount rate, the volatility of the underlying financial metrics and projected financial forecast of AFF over the earn-out period, and therefore represents a Level 3 measurement. Significant increases or decreases in these inputs could result in a significantly lower or higher fair value measurement of the contingent consideration.
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 are as follows (in thousands):
| Three Months Ended |  |
| March 31, 2023 |  |
Contingent consideration at beginning of the period | $ | — |  |  |
Change in fair value | — |  |  |
Contingent consideration at end of the period | $ | — |  |  |
Schedule of Fair Value by Balance Sheet Grouping | The Company’s financial assets and liabilities as of March 31, 2024, March 31, 2023 and December 31, 2023 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
|  | 2024 |  | 2024 |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 135,070 |  |  | $ | 135,070 |  |  | $ | 135,070 |  |  | $ | — |  |  | $ | — |
Accounts receivable, net |  | 69,703 |  |  | 69,703 |  |  | — |  |  | — |  |  | 69,703 |
Pawn loans |  | 456,079 |  |  | 456,079 |  |  | — |  |  | — |  |  | 456,079 |
Finance receivables, net (1) |  | 105,653 |  |  | 227,922 |  |  | — |  |  | — |  |  | 227,922 |
|  | $ | 766,505 |  |  | $ | 888,774 |  |  | $ | 135,070 |  |  | $ | — |  |  | $ | 753,704 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Revolving unsecured credit facilities |  | $ | 15,000 |  |  | $ | 15,000 |  |  | $ | — |  |  | $ | 15,000 |  |  | $ | — |
Senior unsecured notes (outstanding principal) |  | 1,550,000 |  |  | 1,489,000 |  |  | — |  |  | 1,489,000 |  |  | — |
|  | $ | 1,565,000 |  |  | $ | 1,504,000 |  |  | $ | — |  |  | $ | 1,504,000 |  |  | $ | — |
(1)Finance receivables, gross as of March 31, 2024 was $222.1 million. See Note 5.
|  | 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 facilities |  | $ | 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
|  | December 31, |  | December 31, |  | Fair Value Measurements Using
|  | 2023 |  | 2023 |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 127,018 |  |  | $ | 127,018 |  |  | $ | 127,018 |  |  | $ | — |  |  | $ | — |
Accounts receivable, net |  | 71,922 |  |  | 71,922 |  |  | — |  |  | — |  |  | 71,922 |
Pawn loans |  | 471,846 |  |  | 471,846 |  |  | — |  |  | — |  |  | 471,846 |
Finance receivables, net (1) |  | 113,901 |  |  | 227,732 |  |  | — |  |  | — |  |  | 227,732 |
|  | $ | 784,687 |  |  | $ | 898,518 |  |  | $ | 127,018 |  |  | $ | — |  |  | $ | 771,500 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Revolving unsecured credit facilities |  | $ | 568,000 |  |  | $ | 568,000 |  |  | $ | — |  |  | $ | 568,000 |  |  | $ | — |
Senior unsecured notes (outstanding principal) |  | 1,050,000 |  |  | 987,000 |  |  | — |  |  | 987,000 |  |  | — |
|  | $ | 1,618,000 |  |  | $ | 1,555,000 |  |  | $ | — |  |  | $ | 1,555,000 |  |  | $ | — |

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- Definition 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 + Details
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