[8-K] Enovix Corporation Warrant Reports Material Event
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FirstCash Holdings (FCFS) Q2-25 10-Q highlights:
- Total revenue was essentially flat YoY at $830.6 M (H1 25: $1.67 B). A 6% increase in pawn-related sales & fees offset a 28% drop in leased-merchandise income.
- Net revenue rose 4% to $412.8 M as lower lease depreciation/provisions improved gross margin 260 bp to 49.7%.
- Net income increased 22% to $59.8 M; diluted EPS $1.34 vs $1.08. H1 EPS up 32% to $3.21.
- Segment drivers: U.S. pawn generated 59% of consolidated pretax profit; Latin America pawn 24%; Retail POS (AFF) 17%. Pawn loans outstanding grew 12% YoY to $550.7 M, supporting higher pawn fee income.
- Liquidity & leverage: Operating cash flow $243.5 M; cash balance fell to $101.5 M after $60.5 M share buybacks, $33.8 M dividends and $174.2 M capex/loan growth. Net debt ~2.5脳 adj. EBITDA, within covenant.
- Major events: 鈥� Signed 拢291 M ($396 M) cash deal to acquire U.K. pawn leader H&T; shareholder approval obtained, closing expected Q3 25. 鈥� Amended $700 M revolver and lined up 拢299 M bridge loan to fund the deal. 鈥� Recorded $11 M charge to settle CFPB Military Lending Act matter.
- Balance sheet: Assets $4.51 B (+4% vs 12/24). Goodwill $1.83 B. Senior notes unchanged at $1.53 B; revolver draw $152 M.
- Capital return: Q2 dividend $0.38/share; 525 K shares repurchased YTD.
Overall, core pawn momentum and margin expansion drove double-digit EPS growth, partially offset by ongoing pressure in the lease-to-own portfolio and higher administrative spend ahead of the H&T acquisition.
FirstCash Holdings (FCFS) evidenze del 10-Q del secondo trimestre 25:
- Ricavi totali sostanzialmente stabili su base annua a 830,6 M$ (H1 25: 1,67 Mld$). Un aumento del 6% delle vendite e commissioni legate al pegno ha compensato un calo del 28% dei ricavi da merce in leasing.
- Ricavi netti aumentati del 4% a 412,8 M$, grazie a una riduzione delle svalutazioni/provvigioni sui leasing che ha migliorato il margine lordo di 260 punti base al 49,7%.
- Utile netto cresciuto del 22% a 59,8 M$; utile per azione diluito di 1,34$ rispetto a 1,08$. L鈥檜tile per azione del primo semestre 猫 salito del 32% a 3,21$.
- Driver dei segmenti: Il pegno USA ha generato il 59% dell鈥檜tile ante imposte consolidato; il pegno in America Latina il 24%; il Retail POS (AFF) il 17%. I prestiti su pegno in essere sono cresciuti del 12% su base annua a 550,7 M$, sostenendo ricavi pi霉 elevati da commissioni su pegno.
- Liquidit脿 e leva finanziaria: Flusso di cassa operativo di 243,5 M$; liquidit脿 scesa a 101,5 M$ dopo riacquisti azionari per 60,5 M$, dividendi per 33,8 M$ e investimenti/crescita prestiti per 174,2 M$. Debito netto circa 2,5 volte l鈥橢BITDA rettificato, entro i limiti del covenant.
- Eventi principali: 鈥� Accordo in contanti da 291 milioni di sterline (396 M$) per acquisire il leader del pegno UK H&T; approvazione degli azionisti ottenuta, chiusura prevista nel terzo trimestre 25. 鈥� Rifinanziamento della linea revolving da 700 M$ e predisposizione di un prestito ponte da 299 milioni di sterline per finanziare l鈥檕perazione. 鈥� Accantonamento di 11 M$ per la risoluzione della questione legata al Military Lending Act del CFPB.
- Bilancio: Attivit脿 per 4,51 Mld$ (+4% rispetto a 12/24). Avviamento pari a 1,83 Mld$. Note senior invariate a 1,53 Mld$; utilizzo della linea revolving 152 M$.
- Ritorno al capitale: Dividendo Q2 di 0,38$/azione; 525.000 azioni riacquistate da inizio anno.
In generale, la crescita della domanda nel core pegno e l鈥檈spansione dei margini hanno sostenuto una crescita a doppia cifra dell鈥檜tile per azione, parzialmente compensata dalla pressione continua sul portafoglio lease-to-own e da maggiori spese amministrative in vista dell鈥檃cquisizione di H&T.
Aspectos destacados del 10-Q del segundo trimestre 25 de FirstCash Holdings (FCFS):
- Ingresos totales pr谩cticamente estables interanualmente en 830,6 M$ (H1 25: 1,67 B$). Un aumento del 6% en ventas y comisiones relacionadas con empe帽os compens贸 una ca铆da del 28% en ingresos por mercanc铆a arrendada.
- Ingresos netos crecieron un 4% hasta 412,8 M$, debido a menores depreciaciones/provisiones de arrendamiento que mejoraron el margen bruto en 260 puntos b谩sicos hasta 49,7%.
- Ingreso neto aument贸 un 22% a 59,8 M$; EPS diluido de 1,34$ frente a 1,08$. EPS del primer semestre subi贸 un 32% a 3,21$.
- Impulsores por segmento: El empe帽o en EE.UU. gener贸 el 59% de la ganancia consolidada antes de impuestos; el empe帽o en Latinoam茅rica, 24%; Retail POS (AFF), 17%. Los pr茅stamos de empe帽o pendientes crecieron un 12% interanual a 550,7 M$, apoyando mayores ingresos por comisiones de empe帽o.
- Liquidez y apalancamiento: Flujo de caja operativo de 243,5 M$; saldo de efectivo disminuy贸 a 101,5 M$ tras recompras de acciones por 60,5 M$, dividendos por 33,8 M$ e inversiones/crecimiento de pr茅stamos por 174,2 M$. Deuda neta aproximadamente 2,5脳 EBITDA ajustado, dentro del convenio.
- Eventos principales: 鈥� Acuerdo en efectivo de 拢291 M (396 M$) para adquirir al l铆der de empe帽os del Reino Unido H&T; aprobaci贸n de accionistas obtenida, cierre esperado en el tercer trimestre 25. 鈥� Modificaci贸n de la l铆nea revolvente de 700 M$ y disposici贸n de un pr茅stamo puente de 拢299 M para financiar la operaci贸n. 鈥� Cargo de 11 M$ para resolver asunto del Military Lending Act del CFPB.
- Balance: Activos de 4,51 B$ (+4% vs 12/24). Goodwill de 1,83 B$. Notas senior sin cambios en 1,53 B$; uso de l铆nea revolvente de 152 M$.
- Retorno de capital: Dividendo del Q2 de 0,38$/acci贸n; 525 K acciones recompradas en el a帽o.
En conjunto, el impulso del negocio principal de empe帽os y la expansi贸n de m谩rgenes impulsaron un crecimiento de dos d铆gitos en el EPS, parcialmente compensado por la presi贸n continua en la cartera de lease-to-own y mayores gastos administrativos previos a la adquisici贸n de H&T.
FirstCash Holdings (FCFS) 25雲� 2攵勱赴 10-Q 欤检殧 雮挫毄:
- 齑濎垬鞚�鞚� 鞝勲厔 霃欔赴 雽�牍� 瓯办潣 氤�霃� 鞐嗢澊 8鞏� 3,060毵� 雼煬 (25雲� 靸侂皹旮�: 16鞏� 7觳滊 雼煬)毳� 旮半頄堨姷雼堧嫟. 鞝勲嫻 甏�霠� 韺愲Г 氚� 靾橃垬耄岅皜 6% 歃濌皜頃� 氚橂┐, 鞛勲寑 靸來拡 靾橃澋鞚� 28% 臧愳唽頄堨姷雼堧嫟.
- 靾涤垬鞚�鞚� 4% 歃濌皜頃� 4鞏� 1,280毵� 雼煬搿�, 鞛勲寑 臧愱皜靸侁皝 氚� 於╇嫻旮� 臧愳唽搿� 鞚疙暣 齑� 毵堨鞚� 260bp 臧滌劆霅橃柎 49.7%毳� 旮半頄堨姷雼堧嫟.
- 靾涤澊鞚�鞚� 22% 歃濌皜頃� 5,980毵� 雼煬; 頋劃 欤茧嫻靾涤澊鞚�(EPS)鞚� 1.34雼煬搿� 鞝勲厔 1.08雼煬 雽�牍� 靸侅姽. 靸侂皹旮� EPS電� 32% 歃濌皜頃� 3.21雼煬.
- 攵�氍鸽硠 霃欖澑: 氙戈淡 鞝勲嫻鞐呾潃 韱淀暕 靹胳爠 鞚挫澋鞚� 59%毳� 彀; 霛柬嫶 鞎勲⿺毽勾 鞝勲嫻鞐� 24%; 靻岆Г POS(AFF) 17%. 鞝勲嫻 雽�於� 鞛旍暋鞚� 鞝勲厔 雽�牍� 12% 歃濌皜頃� 5鞏� 5,070毵� 雼煬搿�, 鞝勲嫻 靾橃垬耄� 靾橃澋 歃濌皜毳� 歆�鞗愴枅鞀惦媹雼�.
- 鞙犽彊靹� 氚� 霠堧矂毽: 鞓侅梾順勱笀頋愲 2鞏� 4,350毵� 雼煬; 欤检嫕 頇橂Г 6,050毵� 雼煬, 氚半嫻旮� 3,380毵� 雼煬, 鞛愲掣鞝� 歆�於� 氚� 雽�於� 歃濌皜 1鞏� 7,420毵� 雼煬 靷毄 頉� 順勱笀 鞛旍暋鞚� 1鞏� 1,150毵� 雼煬搿� 臧愳唽. 靾滊秬毂勲姅 臁办爼 EBITDA鞚� 鞎� 2.5氚半, 瓿勳暯 臁瓣贝 雮挫棎 鞛堨潓.
- 欤检殧 鞚措菠韸�: 鈥� 鞓侁淡 鞝勲嫻鞐呹硠 靹犽憪鞐呾泊 H&T 鞚胳垬毳� 鞙勴暅 2鞏� 9,100毵� 韺岇毚霌�(3鞏� 9,600毵� 雼煬) 順勱笀 瓯半灅 觳搓舶; 欤检＜ 鞀轨澑 鞕勲, 25雲� 3攵勱赴 膦呺 鞓堨爼. 鈥� 7鞏� 雼煬 須岇爠 鞁犾毄 頃滊弰 臧滌爼 氚� 瓯半灅 鞛愱笀 臁半嫭鞚� 鞙勴暅 2鞏� 9,900毵� 韺岇毚霌� 敫岆Μ歆� 搿� 毵堧牗. 鈥� CFPB 甑办偓 雽�於滊矔 甏�霠� 氍胳牅 頃搓舶鞚� 鞙勴暅 1,100毵� 雼煬 牍勳毄 觳橂Μ.
- 雽赌彀寑臁绊憸: 鞛愳偘 45鞏� 1觳滊 雼煬(12/24 雽�牍� 4% 歃濌皜). 鞓侅梾甓� 18鞏� 3觳滊 雼煬. 靹犾垳鞙� 毂勱秾 15鞏� 3觳滊 雼煬搿� 氤�霃� 鞐嗢潓; 須岇爠 鞁犾毄 頃滊弰 靷毄鞎� 1鞏� 5,200毵� 雼煬.
- 鞛愲掣 頇橃洂: 2攵勱赴 氚半嫻旮� 欤茧嫻 0.38雼煬; 鞐办磮 鞚错泟 52毵� 5觳� 欤� 鞛Г鞛�.
鞝勲皹鞝侅溂搿� 頃奠嫭 鞝勲嫻 靷梾鞚� 靹膘灔 氇韰�瓿� 毵堨 頇曤寑臧� 霊� 鞛愲靾� EPS 靹膘灔鞚� 瓴澑頄堨溂氅�, 鞛勲寑 頉� 靻岇湢 韽姼韽措Μ鞓れ潣 歆�靻嶌爜鞚� 鞎曤皶瓿� H&T 鞚胳垬毳� 鞎炿憯 甏�毽� 牍勳毄 歃濌皜鞐� 鞚橅暣 鞚茧秬 靸侅噭霅橃棃鞀惦媹雼�.
Points cl茅s du 10-Q du T2-25 de FirstCash Holdings (FCFS) :
- Revenu total pratiquement stable en glissement annuel 脿 830,6 M$ (S1 25 : 1,67 Md$). Une hausse de 6 % des ventes et frais li茅s au gage a compens茅 une baisse de 28 % des revenus de marchandises lou茅es.
- Revenu net en hausse de 4 % 脿 412,8 M$, gr芒ce 脿 une r茅duction des amortissements/provisions sur les locations qui a am茅lior茅 la marge brute de 260 points de base 脿 49,7 %.
- R茅sultat net en hausse de 22 % 脿 59,8 M$ ; BPA dilu茅 de 1,34$ contre 1,08$. BPA du premier semestre en hausse de 32 % 脿 3,21$.
- Moteurs par segment : Le pr锚t sur gage aux 脡tats-Unis a g茅n茅r茅 59 % du b茅n茅fice consolid茅 avant imp么ts ; le pr锚t sur gage en Am茅rique latine 24 % ; Retail POS (AFF) 17 %. Les pr锚ts sur gage en cours ont augment茅 de 12 % en glissement annuel 脿 550,7 M$, soutenant des revenus plus 茅lev茅s de frais sur gage.
- Liquidit茅 et levier : Flux de tr茅sorerie op茅rationnel de 243,5 M$ ; solde de tr茅sorerie en baisse 脿 101,5 M$ apr猫s rachats d鈥檃ctions de 60,5 M$, dividendes de 33,8 M$ et d茅penses d鈥檌nvestissement/croissance des pr锚ts de 174,2 M$. Dette nette d鈥檈nviron 2,5脳 l鈥橢BITDA ajust茅, dans les limites des engagements.
- 脡v茅nements majeurs : 鈥� Signature d鈥檜n accord en esp猫ces de 291 M拢 (396 M$) pour acqu茅rir le leader britannique du gage H&T ; approbation des actionnaires obtenue, cl么ture pr茅vue au T3 25. 鈥� Modification de la ligne de cr茅dit renouvelable de 700 M$ et mise en place d鈥檜n pr锚t relais de 299 M拢 pour financer l鈥檕p茅ration. 鈥� Enregistrement d鈥檜ne charge de 11 M$ pour r茅gler l鈥檃ffaire du Military Lending Act du CFPB.
- Bilan : Actifs de 4,51 Md$ (+4 % par rapport 脿 12/24). Goodwill de 1,83 Md$. Notes senior inchang茅es 脿 1,53 Md$ ; utilisation de la ligne renouvelable 脿 152 M$.
- Retour sur capital : Dividende T2 de 0,38$/action ; 525 K actions rachet茅es depuis le d茅but de l鈥檃nn茅e.
Dans l鈥檈nsemble, la dynamique du c艙ur de m茅tier du pr锚t sur gage et l鈥檈xpansion des marges ont entra卯n茅 une croissance 脿 deux chiffres du BPA, partiellement compens茅e par la pression continue sur le portefeuille lease-to-own et des d茅penses administratives accrues avant l鈥檃cquisition de H&T.
FirstCash Holdings (FCFS) Q2-25 10-Q Highlights:
- 骋别蝉补尘迟别谤濒枚蝉别 blieben im Jahresvergleich nahezu unver盲ndert bei 830,6 Mio. $ (H1 25: 1,67 Mrd. $). Ein 6%iger Anstieg bei pfandbezogenen Verk盲ufen und Geb眉hren kompensierte einen 28%igen R眉ckgang der Einnahmen aus geleasten Waren.
- Nettoumsatz stieg um 4 % auf 412,8 Mio. $, da geringere Abschreibungen/R眉ckstellungen auf Leasing den Bruttomarge um 260 Basispunkte auf 49,7 % verbesserten.
- Nettoeinkommen stieg um 22 % auf 59,8 Mio. $; verw盲ssertes Ergebnis je Aktie (EPS) 1,34 $ gegen眉ber 1,08 $. H1 EPS stieg um 32 % auf 3,21 $.
- Segmenttreiber: US-Pfandgesch盲ft generierte 59 % des konsolidierten Vorsteuergewinns; Lateinamerika-Pfand 24 %; Retail POS (AFF) 17 %. Ausstehende Pfanddarlehen wuchsen um 12 % auf 550,7 Mio. $, was h枚here Pfandgeb眉hrenerl枚se unterst眉tzte.
- Liquidit盲t & Verschuldung: Operativer Cashflow 243,5 Mio. $; Kassenbestand sank auf 101,5 Mio. $ nach Aktienr眉ckk盲ufen von 60,5 Mio. $, Dividenden von 33,8 Mio. $ und Investitionen/Kreditwachstum von 174,2 Mio. $. Nettoverschuldung etwa 2,5脳 bereinigtes EBITDA, innerhalb der Covenants.
- Wesentliche Ereignisse: 鈥� Unterzeichnete Bar-脺bernahmevereinbarung 眉ber 拢291 Mio. (396 Mio. $) zur 脺bernahme des britischen Pfandleaders H&T; Aktion盲rszustimmung erhalten, Abschluss erwartet im Q3 25. 鈥� 脺berarbeitung der revolvierenden Kreditlinie 眉ber 700 Mio. $ und Bereitstellung eines Br眉ckendarlehens 眉ber 拢299 Mio. zur Finanzierung der Transaktion. 鈥� Erfasste 11 Mio. $ Aufwand zur Beilegung der CFPB Military Lending Act Angelegenheit.
- Bilanz: Verm枚genswerte 4,51 Mrd. $ (+4 % gegen眉ber 12/24). Gesch盲fts- oder Firmenwert 1,83 Mrd. $. Senior Notes unver盲ndert bei 1,53 Mrd. $; Revolver-Ausnutzung 152 Mio. $.
- 碍补辫颈迟补濒谤眉肠办蹿眉丑谤耻苍驳: Quartalsdividende Q2 0,38 $/Aktie; 525.000 Aktien im Jahresverlauf zur眉ckgekauft.
Insgesamt trieben das Kern-Pfandgesch盲ft und die Margenausweitung ein zweistelliges EPS-Wachstum, teilweise ausgeglichen durch anhaltenden Druck im Lease-to-Own-Portfolio und h枚here Verwaltungskosten im Vorfeld der H&T-脺bernahme.
Positive
- 22% YoY increase in Q2 diluted EPS driven by higher pawn margins and expense control
- 12% growth in pawn loan portfolio supports continued fee expansion
- H&T acquisition adds 285 U.K. stores and geographic diversification, approved by target shareholders
- Operating cash flow $243 M comfortably funds dividends and buybacks while maintaining 2.5脳 leverage
- CFPB lawsuit settled, removing legal uncertainty at modest $11 M cost
Negative
- Leased-merchandise income fell 28% YoY, evidencing ongoing softness in AFF segment
- Cash balance down 42% since year-end after buybacks, dividends and capex
- Upcoming H&T deal likely to push leverage higher and requires FCA approval
- Military Lending Act scrutiny may signal broader regulatory headwinds
- Exposure to currency swings (MXN, GBP) could create earnings volatility
Insights
TL;DR 鈥� Pawn strength and margin gains fuel 22% EPS growth; H&T deal adds strategic scale but raises leverage.
The quarter underscores FCFS鈥檚 resilience in high-margin pawn lending: pawn fees +6%, inventory turns healthy, and consolidated gross margin neared 50%. Retail POS continues to normalize, with lease income 鈥�28% but associated loss provisions down 32%, cushioning net revenue. Management kept opex disciplined (operating expenses 鈥�3%), lifting operating leverage.
Cash generation funded $94 M of shareholder returns while net debt/EBITDA held at 2.5脳, below note baskets. The 拢291 M H&T acquisition will expand store count 9% and give FCFS entry to the U.K.; integration risk appears manageable, yet the bridge financing could push leverage toward ~3.3脳 until synergies materialize.
Accrued $11 M for CFPB settlement removes a headline overhang, though it highlights ongoing regulatory scrutiny of military lending. Overall bias is positive given stable pawn fundamentals and accretive M&A pipeline.
TL;DR 鈥� Regulatory settlement resolved, but LTO contraction and FX exposure temper outlook.
Resolution of the CFPB action limits financial impact (<$0.15/share) and eliminates worst-case penalties. However, the Military Lending Act focus signals tighter oversight ahead. The lease-to-own portfolio shrank YoY and still carries a 39% allowance ratio; any reversal of credit normalization could pressure margins. Latin American operations add peso volatility鈥擰2 translation gain masked prior-year losses. The pending U.K. purchase introduces FCA approval risk and foreign regulatory complexity. Combined with higher floating-rate revolver usage, execution missteps could elevate leverage beyond covenant headroom. Risk profile therefore remains moderate.
FirstCash Holdings (FCFS) evidenze del 10-Q del secondo trimestre 25:
- Ricavi totali sostanzialmente stabili su base annua a 830,6 M$ (H1 25: 1,67 Mld$). Un aumento del 6% delle vendite e commissioni legate al pegno ha compensato un calo del 28% dei ricavi da merce in leasing.
- Ricavi netti aumentati del 4% a 412,8 M$, grazie a una riduzione delle svalutazioni/provvigioni sui leasing che ha migliorato il margine lordo di 260 punti base al 49,7%.
- Utile netto cresciuto del 22% a 59,8 M$; utile per azione diluito di 1,34$ rispetto a 1,08$. L鈥檜tile per azione del primo semestre 猫 salito del 32% a 3,21$.
- Driver dei segmenti: Il pegno USA ha generato il 59% dell鈥檜tile ante imposte consolidato; il pegno in America Latina il 24%; il Retail POS (AFF) il 17%. I prestiti su pegno in essere sono cresciuti del 12% su base annua a 550,7 M$, sostenendo ricavi pi霉 elevati da commissioni su pegno.
- Liquidit脿 e leva finanziaria: Flusso di cassa operativo di 243,5 M$; liquidit脿 scesa a 101,5 M$ dopo riacquisti azionari per 60,5 M$, dividendi per 33,8 M$ e investimenti/crescita prestiti per 174,2 M$. Debito netto circa 2,5 volte l鈥橢BITDA rettificato, entro i limiti del covenant.
- Eventi principali: 鈥� Accordo in contanti da 291 milioni di sterline (396 M$) per acquisire il leader del pegno UK H&T; approvazione degli azionisti ottenuta, chiusura prevista nel terzo trimestre 25. 鈥� Rifinanziamento della linea revolving da 700 M$ e predisposizione di un prestito ponte da 299 milioni di sterline per finanziare l鈥檕perazione. 鈥� Accantonamento di 11 M$ per la risoluzione della questione legata al Military Lending Act del CFPB.
- Bilancio: Attivit脿 per 4,51 Mld$ (+4% rispetto a 12/24). Avviamento pari a 1,83 Mld$. Note senior invariate a 1,53 Mld$; utilizzo della linea revolving 152 M$.
- Ritorno al capitale: Dividendo Q2 di 0,38$/azione; 525.000 azioni riacquistate da inizio anno.
In generale, la crescita della domanda nel core pegno e l鈥檈spansione dei margini hanno sostenuto una crescita a doppia cifra dell鈥檜tile per azione, parzialmente compensata dalla pressione continua sul portafoglio lease-to-own e da maggiori spese amministrative in vista dell鈥檃cquisizione di H&T.
Aspectos destacados del 10-Q del segundo trimestre 25 de FirstCash Holdings (FCFS):
- Ingresos totales pr谩cticamente estables interanualmente en 830,6 M$ (H1 25: 1,67 B$). Un aumento del 6% en ventas y comisiones relacionadas con empe帽os compens贸 una ca铆da del 28% en ingresos por mercanc铆a arrendada.
- Ingresos netos crecieron un 4% hasta 412,8 M$, debido a menores depreciaciones/provisiones de arrendamiento que mejoraron el margen bruto en 260 puntos b谩sicos hasta 49,7%.
- Ingreso neto aument贸 un 22% a 59,8 M$; EPS diluido de 1,34$ frente a 1,08$. EPS del primer semestre subi贸 un 32% a 3,21$.
- Impulsores por segmento: El empe帽o en EE.UU. gener贸 el 59% de la ganancia consolidada antes de impuestos; el empe帽o en Latinoam茅rica, 24%; Retail POS (AFF), 17%. Los pr茅stamos de empe帽o pendientes crecieron un 12% interanual a 550,7 M$, apoyando mayores ingresos por comisiones de empe帽o.
- Liquidez y apalancamiento: Flujo de caja operativo de 243,5 M$; saldo de efectivo disminuy贸 a 101,5 M$ tras recompras de acciones por 60,5 M$, dividendos por 33,8 M$ e inversiones/crecimiento de pr茅stamos por 174,2 M$. Deuda neta aproximadamente 2,5脳 EBITDA ajustado, dentro del convenio.
- Eventos principales: 鈥� Acuerdo en efectivo de 拢291 M (396 M$) para adquirir al l铆der de empe帽os del Reino Unido H&T; aprobaci贸n de accionistas obtenida, cierre esperado en el tercer trimestre 25. 鈥� Modificaci贸n de la l铆nea revolvente de 700 M$ y disposici贸n de un pr茅stamo puente de 拢299 M para financiar la operaci贸n. 鈥� Cargo de 11 M$ para resolver asunto del Military Lending Act del CFPB.
- Balance: Activos de 4,51 B$ (+4% vs 12/24). Goodwill de 1,83 B$. Notas senior sin cambios en 1,53 B$; uso de l铆nea revolvente de 152 M$.
- Retorno de capital: Dividendo del Q2 de 0,38$/acci贸n; 525 K acciones recompradas en el a帽o.
En conjunto, el impulso del negocio principal de empe帽os y la expansi贸n de m谩rgenes impulsaron un crecimiento de dos d铆gitos en el EPS, parcialmente compensado por la presi贸n continua en la cartera de lease-to-own y mayores gastos administrativos previos a la adquisici贸n de H&T.
FirstCash Holdings (FCFS) 25雲� 2攵勱赴 10-Q 欤检殧 雮挫毄:
- 齑濎垬鞚�鞚� 鞝勲厔 霃欔赴 雽�牍� 瓯办潣 氤�霃� 鞐嗢澊 8鞏� 3,060毵� 雼煬 (25雲� 靸侂皹旮�: 16鞏� 7觳滊 雼煬)毳� 旮半頄堨姷雼堧嫟. 鞝勲嫻 甏�霠� 韺愲Г 氚� 靾橃垬耄岅皜 6% 歃濌皜頃� 氚橂┐, 鞛勲寑 靸來拡 靾橃澋鞚� 28% 臧愳唽頄堨姷雼堧嫟.
- 靾涤垬鞚�鞚� 4% 歃濌皜頃� 4鞏� 1,280毵� 雼煬搿�, 鞛勲寑 臧愱皜靸侁皝 氚� 於╇嫻旮� 臧愳唽搿� 鞚疙暣 齑� 毵堨鞚� 260bp 臧滌劆霅橃柎 49.7%毳� 旮半頄堨姷雼堧嫟.
- 靾涤澊鞚�鞚� 22% 歃濌皜頃� 5,980毵� 雼煬; 頋劃 欤茧嫻靾涤澊鞚�(EPS)鞚� 1.34雼煬搿� 鞝勲厔 1.08雼煬 雽�牍� 靸侅姽. 靸侂皹旮� EPS電� 32% 歃濌皜頃� 3.21雼煬.
- 攵�氍鸽硠 霃欖澑: 氙戈淡 鞝勲嫻鞐呾潃 韱淀暕 靹胳爠 鞚挫澋鞚� 59%毳� 彀; 霛柬嫶 鞎勲⿺毽勾 鞝勲嫻鞐� 24%; 靻岆Г POS(AFF) 17%. 鞝勲嫻 雽�於� 鞛旍暋鞚� 鞝勲厔 雽�牍� 12% 歃濌皜頃� 5鞏� 5,070毵� 雼煬搿�, 鞝勲嫻 靾橃垬耄� 靾橃澋 歃濌皜毳� 歆�鞗愴枅鞀惦媹雼�.
- 鞙犽彊靹� 氚� 霠堧矂毽: 鞓侅梾順勱笀頋愲 2鞏� 4,350毵� 雼煬; 欤检嫕 頇橂Г 6,050毵� 雼煬, 氚半嫻旮� 3,380毵� 雼煬, 鞛愲掣鞝� 歆�於� 氚� 雽�於� 歃濌皜 1鞏� 7,420毵� 雼煬 靷毄 頉� 順勱笀 鞛旍暋鞚� 1鞏� 1,150毵� 雼煬搿� 臧愳唽. 靾滊秬毂勲姅 臁办爼 EBITDA鞚� 鞎� 2.5氚半, 瓿勳暯 臁瓣贝 雮挫棎 鞛堨潓.
- 欤检殧 鞚措菠韸�: 鈥� 鞓侁淡 鞝勲嫻鞐呹硠 靹犽憪鞐呾泊 H&T 鞚胳垬毳� 鞙勴暅 2鞏� 9,100毵� 韺岇毚霌�(3鞏� 9,600毵� 雼煬) 順勱笀 瓯半灅 觳搓舶; 欤检＜ 鞀轨澑 鞕勲, 25雲� 3攵勱赴 膦呺 鞓堨爼. 鈥� 7鞏� 雼煬 須岇爠 鞁犾毄 頃滊弰 臧滌爼 氚� 瓯半灅 鞛愱笀 臁半嫭鞚� 鞙勴暅 2鞏� 9,900毵� 韺岇毚霌� 敫岆Μ歆� 搿� 毵堧牗. 鈥� CFPB 甑办偓 雽�於滊矔 甏�霠� 氍胳牅 頃搓舶鞚� 鞙勴暅 1,100毵� 雼煬 牍勳毄 觳橂Μ.
- 雽赌彀寑臁绊憸: 鞛愳偘 45鞏� 1觳滊 雼煬(12/24 雽�牍� 4% 歃濌皜). 鞓侅梾甓� 18鞏� 3觳滊 雼煬. 靹犾垳鞙� 毂勱秾 15鞏� 3觳滊 雼煬搿� 氤�霃� 鞐嗢潓; 須岇爠 鞁犾毄 頃滊弰 靷毄鞎� 1鞏� 5,200毵� 雼煬.
- 鞛愲掣 頇橃洂: 2攵勱赴 氚半嫻旮� 欤茧嫻 0.38雼煬; 鞐办磮 鞚错泟 52毵� 5觳� 欤� 鞛Г鞛�.
鞝勲皹鞝侅溂搿� 頃奠嫭 鞝勲嫻 靷梾鞚� 靹膘灔 氇韰�瓿� 毵堨 頇曤寑臧� 霊� 鞛愲靾� EPS 靹膘灔鞚� 瓴澑頄堨溂氅�, 鞛勲寑 頉� 靻岇湢 韽姼韽措Μ鞓れ潣 歆�靻嶌爜鞚� 鞎曤皶瓿� H&T 鞚胳垬毳� 鞎炿憯 甏�毽� 牍勳毄 歃濌皜鞐� 鞚橅暣 鞚茧秬 靸侅噭霅橃棃鞀惦媹雼�.
Points cl茅s du 10-Q du T2-25 de FirstCash Holdings (FCFS) :
- Revenu total pratiquement stable en glissement annuel 脿 830,6 M$ (S1 25 : 1,67 Md$). Une hausse de 6 % des ventes et frais li茅s au gage a compens茅 une baisse de 28 % des revenus de marchandises lou茅es.
- Revenu net en hausse de 4 % 脿 412,8 M$, gr芒ce 脿 une r茅duction des amortissements/provisions sur les locations qui a am茅lior茅 la marge brute de 260 points de base 脿 49,7 %.
- R茅sultat net en hausse de 22 % 脿 59,8 M$ ; BPA dilu茅 de 1,34$ contre 1,08$. BPA du premier semestre en hausse de 32 % 脿 3,21$.
- Moteurs par segment : Le pr锚t sur gage aux 脡tats-Unis a g茅n茅r茅 59 % du b茅n茅fice consolid茅 avant imp么ts ; le pr锚t sur gage en Am茅rique latine 24 % ; Retail POS (AFF) 17 %. Les pr锚ts sur gage en cours ont augment茅 de 12 % en glissement annuel 脿 550,7 M$, soutenant des revenus plus 茅lev茅s de frais sur gage.
- Liquidit茅 et levier : Flux de tr茅sorerie op茅rationnel de 243,5 M$ ; solde de tr茅sorerie en baisse 脿 101,5 M$ apr猫s rachats d鈥檃ctions de 60,5 M$, dividendes de 33,8 M$ et d茅penses d鈥檌nvestissement/croissance des pr锚ts de 174,2 M$. Dette nette d鈥檈nviron 2,5脳 l鈥橢BITDA ajust茅, dans les limites des engagements.
- 脡v茅nements majeurs : 鈥� Signature d鈥檜n accord en esp猫ces de 291 M拢 (396 M$) pour acqu茅rir le leader britannique du gage H&T ; approbation des actionnaires obtenue, cl么ture pr茅vue au T3 25. 鈥� Modification de la ligne de cr茅dit renouvelable de 700 M$ et mise en place d鈥檜n pr锚t relais de 299 M拢 pour financer l鈥檕p茅ration. 鈥� Enregistrement d鈥檜ne charge de 11 M$ pour r茅gler l鈥檃ffaire du Military Lending Act du CFPB.
- Bilan : Actifs de 4,51 Md$ (+4 % par rapport 脿 12/24). Goodwill de 1,83 Md$. Notes senior inchang茅es 脿 1,53 Md$ ; utilisation de la ligne renouvelable 脿 152 M$.
- Retour sur capital : Dividende T2 de 0,38$/action ; 525 K actions rachet茅es depuis le d茅but de l鈥檃nn茅e.
Dans l鈥檈nsemble, la dynamique du c艙ur de m茅tier du pr锚t sur gage et l鈥檈xpansion des marges ont entra卯n茅 une croissance 脿 deux chiffres du BPA, partiellement compens茅e par la pression continue sur le portefeuille lease-to-own et des d茅penses administratives accrues avant l鈥檃cquisition de H&T.
FirstCash Holdings (FCFS) Q2-25 10-Q Highlights:
- 骋别蝉补尘迟别谤濒枚蝉别 blieben im Jahresvergleich nahezu unver盲ndert bei 830,6 Mio. $ (H1 25: 1,67 Mrd. $). Ein 6%iger Anstieg bei pfandbezogenen Verk盲ufen und Geb眉hren kompensierte einen 28%igen R眉ckgang der Einnahmen aus geleasten Waren.
- Nettoumsatz stieg um 4 % auf 412,8 Mio. $, da geringere Abschreibungen/R眉ckstellungen auf Leasing den Bruttomarge um 260 Basispunkte auf 49,7 % verbesserten.
- Nettoeinkommen stieg um 22 % auf 59,8 Mio. $; verw盲ssertes Ergebnis je Aktie (EPS) 1,34 $ gegen眉ber 1,08 $. H1 EPS stieg um 32 % auf 3,21 $.
- Segmenttreiber: US-Pfandgesch盲ft generierte 59 % des konsolidierten Vorsteuergewinns; Lateinamerika-Pfand 24 %; Retail POS (AFF) 17 %. Ausstehende Pfanddarlehen wuchsen um 12 % auf 550,7 Mio. $, was h枚here Pfandgeb眉hrenerl枚se unterst眉tzte.
- Liquidit盲t & Verschuldung: Operativer Cashflow 243,5 Mio. $; Kassenbestand sank auf 101,5 Mio. $ nach Aktienr眉ckk盲ufen von 60,5 Mio. $, Dividenden von 33,8 Mio. $ und Investitionen/Kreditwachstum von 174,2 Mio. $. Nettoverschuldung etwa 2,5脳 bereinigtes EBITDA, innerhalb der Covenants.
- Wesentliche Ereignisse: 鈥� Unterzeichnete Bar-脺bernahmevereinbarung 眉ber 拢291 Mio. (396 Mio. $) zur 脺bernahme des britischen Pfandleaders H&T; Aktion盲rszustimmung erhalten, Abschluss erwartet im Q3 25. 鈥� 脺berarbeitung der revolvierenden Kreditlinie 眉ber 700 Mio. $ und Bereitstellung eines Br眉ckendarlehens 眉ber 拢299 Mio. zur Finanzierung der Transaktion. 鈥� Erfasste 11 Mio. $ Aufwand zur Beilegung der CFPB Military Lending Act Angelegenheit.
- Bilanz: Verm枚genswerte 4,51 Mrd. $ (+4 % gegen眉ber 12/24). Gesch盲fts- oder Firmenwert 1,83 Mrd. $. Senior Notes unver盲ndert bei 1,53 Mrd. $; Revolver-Ausnutzung 152 Mio. $.
- 碍补辫颈迟补濒谤眉肠办蹿眉丑谤耻苍驳: Quartalsdividende Q2 0,38 $/Aktie; 525.000 Aktien im Jahresverlauf zur眉ckgekauft.
Insgesamt trieben das Kern-Pfandgesch盲ft und die Margenausweitung ein zweistelliges EPS-Wachstum, teilweise ausgeglichen durch anhaltenden Druck im Lease-to-Own-Portfolio und h枚here Verwaltungskosten im Vorfeld der H&T-脺bernahme.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 28, 2025
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: (510 ) 695-2350
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Warrants, each exercisable for one share of Common Stock at an exercise price of $8.75 per share | ENVXW | The Nasdaq Stock Market LLC | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On July 28, 2025, Enovix Corporation, a Delaware corporation (the “Company”), issued a press release announcing that the price of its common stock had exceeded $10.50 for five trading days and that it was reserving the right to set an Alternate Expiration Date (defined in the Warrant Agreement) for the warrants. The warrants were distributed by the Company on July 21, 2025 (the “Warrants”) pursuant to the terms of the previously announced warrant dividend distribution and the Warrant Agreement dated July 21, 2025 between the Company and Computershare Trust Company, N.A. as Warrant Agent (the “Warrant Agreement”).
The foregoing description is only a summary and is qualified in its entirety by reference to the press release, which is filed as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number | Description | |||||||
| 99.1 | Press Release dated July 28, 2025 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Enovix Corporation | |||||||||||
| Date: | July 28, 2025 | By: | /s/ Arthi Chakravarthy | ||||||||
Arthi Chakravarthy Chief Legal Officer and Head of Corporate Development | |||||||||||
Source:
FAQ
What were FirstCash (FCFS) Q2 2025 earnings per share?
Diluted EPS was $1.34, up 24% from $1.08 in Q2 2024.
How did total revenue change for FCFS in Q2 2025?
Revenue was $830.6 million, essentially flat versus $831.0 million last year.
What is the status of FirstCash鈥檚 acquisition of H&T Group plc?
Shareholders approved the 拢291 million cash deal on 2 Jul 25; closing is expected in Q3 2025 pending FCA approval.
Why did leased-merchandise income decline?
AFF鈥檚 lease-to-own portfolio contracted, leading to a 28% YoY drop in lease income, though related loss provisions also fell.
What is FirstCash鈥檚 current leverage ratio?
Net debt/adjusted EBITDA is about 2.5脳, within both credit-facility and bond covenants.
How much did FCFS return to shareholders in Q2 2025?
The company paid $16.9 M in dividends and repurchased $60.2 M of stock.
What was the financial impact of the CFPB settlement?
FCFS recorded an $11 M charge for redress and penalties related to Military Lending Act allegations.
Enovix Corporation
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