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Fair Value of Financial Instruments (Tables)

3 Months Ended

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

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.

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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-Name Accounting Standards Codification
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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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