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v3.22.4

Leases | 3 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | NOTE 4: LEASES We determine if a contract contains a lease at inception. Our lease portfolio consists primarily of operating leases for pawn store locations and corporate offices with lease terms ranging from three to ten years. The table below presents balances of our lease assets and liabilities and their balance sheet locations for both operating and financing leases:
(in thousands) | Balance Sheet Location | December 31, 2022 |  | December 31, 2021 |  | September 30, 2022 |  |
Lease assets: |  |  |  |  |  |  |  |
Operating lease right-of-use assets | Right-of-use assets, net | $ | 229,991 |  |  | $ | 201,527 |  |  | $ | 221,405 |  |  |
Financing lease assets | Right-of-use assets, net | 563 |  |  | — |  |  | 181 |  |  |
Total lease assets |  | $ | 230,554 |  |  | $ | 201,527 |  |  | $ | 221,586 |  |  |
Lease liabilities: |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Operating lease liabilities | Operating lease liabilities, current | $ | 52,799 |  |  | $ | 51,843 |  |  | $ | 52,334 |  |  |
Financing lease liabilities | Accounts payable, accrued expenses and other current liabilities | 121 |  |  | — |  |  | 37 |  |  |
Total current lease liabilities |  | $ | 52,920 |  |  | $ | 51,843 |  |  | $ | 52,371 |  |  |
Non-current: |  |  |  |  |  |  |  |
Operating lease liabilities | Operating lease liabilities | $ | 188,730 |  |  | $ | 161,841 |  |  | $ | 180,756 |  |  |
Financing lease liabilities | Other long-term liabilities | 447 |  |  | — |  |  | 148 |  |  |
Total non-current lease liabilities |  | $ | 189,177 |  |  | $ | 161,841 |  |  | $ | 180,904 |  |  |
Total lease liabilities |  | $ | 242,097 |  |  | $ | 213,684 |  |  | $ | 233,275 |  |  |
The table below provides major components of our lease costs:
| Three Months Ended December 31, |  |
(in thousands) | 2022 |  | 2021 |  |  |  |
Operating lease cost: |  |  |  |  |  |  |
Operating lease cost * | $ | 17,495 |  |  | $ | 16,362 |  |  |  |  |
Variable lease cost | 3,852 |  |  | 3,542 |  |  |  |  |
Total operating lease cost | $ | 21,347 |  |  | $ | 19,904 |  |  |  |  |
Financing lease cost: |  |  |  |  |  |  |
Amortization of financing lease assets | $ | 19 |  |  | $ | — |  |  |  |  |
Interest on financing lease liabilities | 11 |  |  | — |  |  |  |  |
Total financing lease cost | $ | 30 |  |  | $ | — |  |  |  |  |
Total lease cost | $ | 21,377 |  |  | $ | 19,904 |  |  |  |  |
* Includes a reduction for sublease rental income of $0.8 million and $0.8 million for the quarters ended December 31, 2022 and 2021, respectively. Lease expense is recognized on a straight-line basis over the lease term with variable lease expense recognized in the period in which the costs are incurred. The components of lease expense are included in "Store" and "General and Administrative" expense, based on the underlying lease use. Cash paid for operating leases are $21.4 million and $19.9 million for the quarters ended December 31, 2022 and 2021, respectively. The weighted-average term and discount rates for leases are as follows:
| Three Months Ended December 31,
| 2022 |  | 2021
Weighted-average remaining lease term (years): |  |  |
Operating leases | 5.21 |  | 5.05
Financing leases | 4.03 |  | N/A
Weighted-average discount rate: |  |  |
Operating leases | 8.36 | % |  | 8.10 | %
Financing leases | 11.14 | % |  | N/A
As of December 31, 2022, maturities of lease liabilities under ASC 842 by fiscal year were as follows:
(in thousands) | Operating Leases |  | Financing Leases
Remaining 2023 | $ | 53,547 |  |  | $ | 176 |
Fiscal 2024 | 64,242 |  |  | 177 |
Fiscal 2025 | 54,470 |  |  | 177 |
Fiscal 2026 | 44,077 |  |  | 166 |
Fiscal 2027 | 31,338 |  |  | 12 |
Thereafter | 50,420 |  |  | — |
Total lease liabilities | $ | 298,094 |  |  | $ | 708 |
Less: portion representing imputed interest | 56,565 |  |  | 140 |
Total net lease liabilities | $ | 241,529 |  |  | $ | 568 |
Less: current portion | 52,799 |  |  | 121 |
Total long term net lease liabilities | $ | 188,730 |  |  | $ | 447 |
We recorded $20.5 million and $14.3 million in non-cash additions to our right-of-use assets and lease liabilities for the three months ended December 31, 2022 and December 31, 2021, respectively.
Leases | NOTE 4: LEASES We determine if a contract contains a lease at inception. Our lease portfolio consists primarily of operating leases for pawn store locations and corporate offices with lease terms ranging from three to ten years. The table below presents balances of our lease assets and liabilities and their balance sheet locations for both operating and financing leases:
(in thousands) | Balance Sheet Location | December 31, 2022 |  | December 31, 2021 |  | September 30, 2022 |  |
Lease assets: |  |  |  |  |  |  |  |
Operating lease right-of-use assets | Right-of-use assets, net | $ | 229,991 |  |  | $ | 201,527 |  |  | $ | 221,405 |  |  |
Financing lease assets | Right-of-use assets, net | 563 |  |  | — |  |  | 181 |  |  |
Total lease assets |  | $ | 230,554 |  |  | $ | 201,527 |  |  | $ | 221,586 |  |  |
Lease liabilities: |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Operating lease liabilities | Operating lease liabilities, current | $ | 52,799 |  |  | $ | 51,843 |  |  | $ | 52,334 |  |  |
Financing lease liabilities | Accounts payable, accrued expenses and other current liabilities | 121 |  |  | — |  |  | 37 |  |  |
Total current lease liabilities |  | $ | 52,920 |  |  | $ | 51,843 |  |  | $ | 52,371 |  |  |
Non-current: |  |  |  |  |  |  |  |
Operating lease liabilities | Operating lease liabilities | $ | 188,730 |  |  | $ | 161,841 |  |  | $ | 180,756 |  |  |
Financing lease liabilities | Other long-term liabilities | 447 |  |  | — |  |  | 148 |  |  |
Total non-current lease liabilities |  | $ | 189,177 |  |  | $ | 161,841 |  |  | $ | 180,904 |  |  |
Total lease liabilities |  | $ | 242,097 |  |  | $ | 213,684 |  |  | $ | 233,275 |  |  |
The table below provides major components of our lease costs:
| Three Months Ended December 31, |  |
(in thousands) | 2022 |  | 2021 |  |  |  |
Operating lease cost: |  |  |  |  |  |  |
Operating lease cost * | $ | 17,495 |  |  | $ | 16,362 |  |  |  |  |
Variable lease cost | 3,852 |  |  | 3,542 |  |  |  |  |
Total operating lease cost | $ | 21,347 |  |  | $ | 19,904 |  |  |  |  |
Financing lease cost: |  |  |  |  |  |  |
Amortization of financing lease assets | $ | 19 |  |  | $ | — |  |  |  |  |
Interest on financing lease liabilities | 11 |  |  | — |  |  |  |  |
Total financing lease cost | $ | 30 |  |  | $ | — |  |  |  |  |
Total lease cost | $ | 21,377 |  |  | $ | 19,904 |  |  |  |  |
* Includes a reduction for sublease rental income of $0.8 million and $0.8 million for the quarters ended December 31, 2022 and 2021, respectively. Lease expense is recognized on a straight-line basis over the lease term with variable lease expense recognized in the period in which the costs are incurred. The components of lease expense are included in "Store" and "General and Administrative" expense, based on the underlying lease use. Cash paid for operating leases are $21.4 million and $19.9 million for the quarters ended December 31, 2022 and 2021, respectively. The weighted-average term and discount rates for leases are as follows:
| Three Months Ended December 31,
| 2022 |  | 2021
Weighted-average remaining lease term (years): |  |  |
Operating leases | 5.21 |  | 5.05
Financing leases | 4.03 |  | N/A
Weighted-average discount rate: |  |  |
Operating leases | 8.36 | % |  | 8.10 | %
Financing leases | 11.14 | % |  | N/A
As of December 31, 2022, maturities of lease liabilities under ASC 842 by fiscal year were as follows:
(in thousands) | Operating Leases |  | Financing Leases
Remaining 2023 | $ | 53,547 |  |  | $ | 176 |
Fiscal 2024 | 64,242 |  |  | 177 |
Fiscal 2025 | 54,470 |  |  | 177 |
Fiscal 2026 | 44,077 |  |  | 166 |
Fiscal 2027 | 31,338 |  |  | 12 |
Thereafter | 50,420 |  |  | — |
Total lease liabilities | $ | 298,094 |  |  | $ | 708 |
Less: portion representing imputed interest | 56,565 |  |  | 140 |
Total net lease liabilities | $ | 241,529 |  |  | $ | 568 |
Less: current portion | 52,799 |  |  | 121 |
Total long term net lease liabilities | $ | 188,730 |  |  | $ | 447 |
We recorded $20.5 million and $14.3 million in non-cash additions to our right-of-use assets and lease liabilities for the three months ended December 31, 2022 and December 31, 2021, respectively.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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