[8-K] Procter & Gamble Company Reports Material Event
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8-K
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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.
Principali dati del 10-Q del secondo trimestre 2025 di FirstCash Holdings (FCFS):
- Ricavi totali sostanzialmente stabili su base annua a 830,6 milioni di dollari (H1 25: 1,67 miliardi di dollari). Un aumento del 6% delle vendite e commissioni relative al pegno ha compensato un calo del 28% dei ricavi da merce in leasing.
- Ricavi netti aumentati del 4% a 412,8 milioni di dollari grazie a una riduzione delle svalutazioni/provisioni sui leasing che ha migliorato il margine lordo di 260 punti base, portandolo al 49,7%.
- Utile netto cresciuto del 22% a 59,8 milioni di dollari; EPS diluito di 1,34 dollari rispetto a 1,08 dollari. L鈥橢PS del primo semestre 猫 aumentato del 32% a 3,21 dollari.
- Driver di segmento: Il pegno negli Stati Uniti 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 milioni di dollari, sostenendo maggiori entrate da commissioni sul pegno.
- Liquidit脿 e leva finanziaria: Flusso di cassa operativo di 243,5 milioni di dollari; la liquidit脿 猫 scesa a 101,5 milioni di dollari dopo riacquisti di azioni per 60,5 milioni, dividendi per 33,8 milioni e investimenti/crescita prestiti per 174,2 milioni. 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 milioni di dollari) per acquisire il leader britannico del pegno H&T; approvazione degli azionisti ottenuta, chiusura prevista nel terzo trimestre 2025. 鈥� Rinegoziato un revolver da 700 milioni di dollari e attivato un prestito ponte da 299 milioni di sterline per finanziare l鈥檕perazione. 鈥� Registrata una svalutazione di 11 milioni di dollari per la risoluzione della questione relativa al Military Lending Act del CFPB.
- Bilancio: Attivit脿 per 4,51 miliardi di dollari (+4% rispetto a dicembre 2024). Avviamento di 1,83 miliardi di dollari. Senior notes invariati a 1,53 miliardi; revolver utilizzato per 152 milioni.
- Ritorno al capitale: Dividendo del secondo trimestre di 0,38 dollari per azione; 525 mila azioni riacquistate da inizio anno.
In generale, la crescita del core business del pegno e l鈥檈spansione del margine hanno guidato una crescita a doppia cifra dell鈥橢PS, 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 2025 de FirstCash Holdings (FCFS):
- Ingresos totales pr谩cticamente planos interanualmente en 830,6 millones de d贸lares (H1 25: 1,67 mil millones de d贸lares). 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 aumentaron un 4% a 412,8 millones de d贸lares, ya que menores depreciaciones/provisiones en arrendamientos mejoraron el margen bruto en 260 puntos b谩sicos hasta el 49,7%.
- Ingreso neto creci贸 un 22% a 59,8 millones de d贸lares; EPS diluido de 1,34 d贸lares frente a 1,08 d贸lares. El EPS del primer semestre subi贸 un 32% a 3,21 d贸lares.
- Factores por segmento: El empe帽o en EE.UU. gener贸 el 59% de la ganancia antes de impuestos consolidada; el empe帽o en Am茅rica Latina el 24%; Retail POS (AFF) el 17%. Los pr茅stamos de empe帽o pendientes crecieron un 12% interanual a 550,7 millones de d贸lares, apoyando mayores ingresos por comisiones de empe帽o.
- Liquidez y apalancamiento: Flujo de caja operativo de 243,5 millones de d贸lares; el saldo de efectivo cay贸 a 101,5 millones tras recompras de acciones por 60,5 millones, dividendos por 33,8 millones e inversiones/crecimiento de pr茅stamos por 174,2 millones. Deuda neta ~2,5脳 EBITDA ajustado, dentro del covenant.
- Eventos importantes: 鈥� Firmado acuerdo en efectivo de 拢291 millones (396 millones de d贸lares) para adquirir al l铆der de empe帽os en Reino Unido H&T; aprobaci贸n de accionistas obtenida, cierre esperado en el tercer trimestre de 2025. 鈥� Modificado revolver de 700 millones de d贸lares y asegurado pr茅stamo puente de 拢299 millones para financiar la operaci贸n. 鈥� Registrado cargo de 11 millones de d贸lares para resolver asunto del Military Lending Act del CFPB.
- Balance general: Activos por 4,51 mil millones de d贸lares (+4% vs 12/24). Plusval铆a de 1,83 mil millones. Notas senior sin cambios en 1,53 mil millones; revolver utilizado por 152 millones.
- Retorno de capital: Dividendo del segundo trimestre de 0,38 d贸lares por acci贸n; 525 mil acciones recompradas en el a帽o.
En conjunto, el impulso del negocio principal de empe帽os y la expansi贸n del margen impulsaron un crecimiento de doble d铆gito en el EPS, parcialmente compensado por la presi贸n continua en la cartera de lease-to-own y mayores gastos administrativos antes de la adquisici贸n de H&T.
FirstCash Holdings (FCFS) 2025雲� 2攵勱赴 10-Q 欤检殧 雮挫毄:
- 齑濍Г於�鞚� 鞝勲厔 雽�牍� 瓯办潣 氤�霃� 鞐嗢澊 8鞏� 3,060毵� 雼煬(2025雲� 靸侂皹旮�: 16鞏� 7觳滊 雼煬)毳� 旮半頄堨姷雼堧嫟. 鞝勲嫻韽� 甏�霠� 毵れ稖 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.
- 靾滊Г於�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� 齑濎澊鞚惦鞚� 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 欤检殧 霃欖澑: 氙戈淡 鞝勲嫻韽皜 韱淀暕 靹胳爠 鞚挫澋鞚� 59%毳� 彀頄堨溂氅�, 霛柬嫶 鞎勲⿺毽勾 鞝勲嫻韽姅 24%, 靻岆Г POS(AFF)電� 17%毳� 彀頄堨姷雼堧嫟. 鞝勲嫻韽� 雽�於� 鞛旍暋鞚� 鞝勲厔 雽�牍� 12% 歃濌皜頃� 5鞏� 5,070毵� 雼煬搿� 鞝勲嫻韽� 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 歆�於� 氚� 雽�於� 歃濌皜 1鞏� 7,420毵� 雼煬搿� 順勱笀 鞛旍暋鞚� 1鞏� 1,500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� 鞙犾.
- 欤检殧 鞚措菠韸�: 鈥� 鞓侁淡 鞝勲嫻韽� 靹犽憪鞐呾泊 H&T毳� 鞚胳垬頃橁赴 鞙勴暣 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, 2025雲� 3攵勱赴 毵堦皭 鞓堨爼. 鈥� 7鞏� 雼煬 攴滊鞚� 毽臣氩� 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� 敫岆歆�搿� 頇曤炒. 鈥� CFPB 甑办偓雽�於滊矔 甏�霠� 氍胳牅 頃搓舶鞚� 鞙勴暣 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(2024雲� 12鞗� 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; 毽臣氩� 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� 毵れ瀰 鞕勲.
鞝勲皹鞝侅溂搿� 頃奠嫭 鞝勲嫻韽� 靷梾鞚� 靹膘灔 氇韰�瓿� 毵堨 頇曥灔鞚� 霊� 鞛愲靾� EPS 靹膘灔鞚� 瓴澑頄堨溂氅�, 鞛勲寑-靻岇湢 韽姼韽措Μ鞓れ潣 歆�靻嶌爜鞚� 鞎曤皶瓿� H&T 鞚胳垬鞐� 霐半ジ 甏�毽箘 歃濌皜臧� 鞚茧秬 靸侅噭頄堨姷雼堧嫟.
Faits saillants du 10-Q du deuxi猫me trimestre 2025 de FirstCash Holdings (FCFS) :
- Revenus totaux pratiquement stables en glissement annuel 脿 830,6 M$ (S1 25 : 1,67 Md$). Une augmentation de 6 % des ventes et frais li茅s au pr锚t sur gage a compens茅 une baisse de 28 % des revenus de marchandises lou茅es.
- Revenus nets en hausse de 4 % 脿 412,8 M$, gr芒ce 脿 une baisse des d茅pr茅ciations/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 $. Le BPA du premier semestre a augment茅 de 32 % 脿 3,21 $.
- Facteurs par segment : Le pr锚t sur gage aux 脡tats-Unis a g茅n茅r茅 59 % du b茅n茅fice avant imp么ts consolid茅 ; le pr锚t en Am茅rique latine 24 % ; le point de vente au d茅tail (AFF) 17 %. Les pr锚ts sur gage en cours ont augment茅 de 12 % en glissement annuel 脿 550,7 M$, soutenant des revenus de frais plus 茅lev茅s.
- Liquidit茅 et endettement : Flux de tr茅sorerie op茅rationnel de 243,5 M$ ; le solde de tr茅sorerie est tomb茅 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 pr锚t sur gage H&T ; approbation des actionnaires obtenue, cl么ture pr茅vue au T3 25. 鈥� Modification d鈥檜ne 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 une affaire li茅e au 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 de 152 M$.
- Retour sur capital : Dividende du 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 pr锚t sur gage principal 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 location-vente et des d茅penses administratives accrues avant l鈥檃cquisition de H&T.
FirstCash Holdings (FCFS) Q2-25 10-Q Highlights:
- Gesamtumsatz im Jahresvergleich nahezu unver盲ndert bei 830,6 Mio. USD (H1 25: 1,67 Mrd. USD). Ein 6%iger Anstieg bei Pfandverkaufs- und Geb眉hren kompensierte einen 28%igen R眉ckgang bei den Einnahmen aus vermieteter Ware.
- Nettoumsatz stieg um 4 % auf 412,8 Mio. USD, da geringere Leasing-Abschreibungen/-R眉ckstellungen die Bruttomarge um 260 Basispunkte auf 49,7 % verbesserten.
- Nettoeinkommen stieg um 22 % auf 59,8 Mio. USD; verw盲ssertes Ergebnis je Aktie (EPS) 1,34 USD gegen眉ber 1,08 USD. H1 EPS stieg um 32 % auf 3,21 USD.
- Segmenttreiber: US-Pfandgesch盲ft erzielte 59 % des konsolidierten Vorsteuergewinns; Lateinamerika-Pfand 24 %; Einzelhandel POS (AFF) 17 %. Ausstehende Pfandkredite wuchsen um 12 % gegen眉ber dem Vorjahr auf 550,7 Mio. USD, was h枚here Pfandgeb眉hrenerl枚se unterst眉tzte.
- Liquidit盲t & Verschuldung: Operativer Cashflow 243,5 Mio. USD; Bargeldbestand sank auf 101,5 Mio. USD nach Aktienr眉ckk盲ufen von 60,5 Mio., Dividenden von 33,8 Mio. und Investitionen/Kreditwachstum von 174,2 Mio. Nettoverschuldung ca. 2,5脳 bereinigtes EBITDA, innerhalb der Covenants.
- Wichtige Ereignisse: 鈥� Abschluss eines Bar-Deals in H枚he von 拢291 Mio. (396 Mio. USD) zur 脺bernahme des britischen Pfandleaders H&T; Aktion盲rszustimmung erhalten, Abschluss im Q3 25 erwartet. 鈥� 脺berarbeitung der revolvierenden Kreditlinie 眉ber 700 Mio. USD und Bereitstellung eines 拢299 Mio. Br眉ckendarlehens zur Finanzierung des Deals. 鈥� Verbuchung einer Belastung von 11 Mio. USD zur Beilegung der CFPB Military Lending Act Angelegenheit.
- Bilanz: Verm枚genswerte 4,51 Mrd. USD (+4 % gegen眉ber 12/24). Firmenwert 1,83 Mrd. USD. Senior Notes unver盲ndert bei 1,53 Mrd. USD; revolvierende Kreditlinie mit 152 Mio. USD in Anspruch genommen.
- 碍补辫颈迟补濒谤眉肠办蹿眉丑谤耻苍驳: Dividende im Q2 von 0,38 USD je Aktie; bisher 525.000 Aktien zur眉ckgekauft.
Insgesamt trieben das Wachstum im Kerngesch盲ft Pfand und die Margenausweitung ein zweistelliges EPS-Wachstum, teilweise ausgeglichen durch anhaltenden Druck im Mietkauf-Portfolio und h枚here Verwaltungskosten vor 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.
Principali dati del 10-Q del secondo trimestre 2025 di FirstCash Holdings (FCFS):
- Ricavi totali sostanzialmente stabili su base annua a 830,6 milioni di dollari (H1 25: 1,67 miliardi di dollari). Un aumento del 6% delle vendite e commissioni relative al pegno ha compensato un calo del 28% dei ricavi da merce in leasing.
- Ricavi netti aumentati del 4% a 412,8 milioni di dollari grazie a una riduzione delle svalutazioni/provisioni sui leasing che ha migliorato il margine lordo di 260 punti base, portandolo al 49,7%.
- Utile netto cresciuto del 22% a 59,8 milioni di dollari; EPS diluito di 1,34 dollari rispetto a 1,08 dollari. L鈥橢PS del primo semestre 猫 aumentato del 32% a 3,21 dollari.
- Driver di segmento: Il pegno negli Stati Uniti 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 milioni di dollari, sostenendo maggiori entrate da commissioni sul pegno.
- Liquidit脿 e leva finanziaria: Flusso di cassa operativo di 243,5 milioni di dollari; la liquidit脿 猫 scesa a 101,5 milioni di dollari dopo riacquisti di azioni per 60,5 milioni, dividendi per 33,8 milioni e investimenti/crescita prestiti per 174,2 milioni. 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 milioni di dollari) per acquisire il leader britannico del pegno H&T; approvazione degli azionisti ottenuta, chiusura prevista nel terzo trimestre 2025. 鈥� Rinegoziato un revolver da 700 milioni di dollari e attivato un prestito ponte da 299 milioni di sterline per finanziare l鈥檕perazione. 鈥� Registrata una svalutazione di 11 milioni di dollari per la risoluzione della questione relativa al Military Lending Act del CFPB.
- Bilancio: Attivit脿 per 4,51 miliardi di dollari (+4% rispetto a dicembre 2024). Avviamento di 1,83 miliardi di dollari. Senior notes invariati a 1,53 miliardi; revolver utilizzato per 152 milioni.
- Ritorno al capitale: Dividendo del secondo trimestre di 0,38 dollari per azione; 525 mila azioni riacquistate da inizio anno.
In generale, la crescita del core business del pegno e l鈥檈spansione del margine hanno guidato una crescita a doppia cifra dell鈥橢PS, 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 2025 de FirstCash Holdings (FCFS):
- Ingresos totales pr谩cticamente planos interanualmente en 830,6 millones de d贸lares (H1 25: 1,67 mil millones de d贸lares). 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 aumentaron un 4% a 412,8 millones de d贸lares, ya que menores depreciaciones/provisiones en arrendamientos mejoraron el margen bruto en 260 puntos b谩sicos hasta el 49,7%.
- Ingreso neto creci贸 un 22% a 59,8 millones de d贸lares; EPS diluido de 1,34 d贸lares frente a 1,08 d贸lares. El EPS del primer semestre subi贸 un 32% a 3,21 d贸lares.
- Factores por segmento: El empe帽o en EE.UU. gener贸 el 59% de la ganancia antes de impuestos consolidada; el empe帽o en Am茅rica Latina el 24%; Retail POS (AFF) el 17%. Los pr茅stamos de empe帽o pendientes crecieron un 12% interanual a 550,7 millones de d贸lares, apoyando mayores ingresos por comisiones de empe帽o.
- Liquidez y apalancamiento: Flujo de caja operativo de 243,5 millones de d贸lares; el saldo de efectivo cay贸 a 101,5 millones tras recompras de acciones por 60,5 millones, dividendos por 33,8 millones e inversiones/crecimiento de pr茅stamos por 174,2 millones. Deuda neta ~2,5脳 EBITDA ajustado, dentro del covenant.
- Eventos importantes: 鈥� Firmado acuerdo en efectivo de 拢291 millones (396 millones de d贸lares) para adquirir al l铆der de empe帽os en Reino Unido H&T; aprobaci贸n de accionistas obtenida, cierre esperado en el tercer trimestre de 2025. 鈥� Modificado revolver de 700 millones de d贸lares y asegurado pr茅stamo puente de 拢299 millones para financiar la operaci贸n. 鈥� Registrado cargo de 11 millones de d贸lares para resolver asunto del Military Lending Act del CFPB.
- Balance general: Activos por 4,51 mil millones de d贸lares (+4% vs 12/24). Plusval铆a de 1,83 mil millones. Notas senior sin cambios en 1,53 mil millones; revolver utilizado por 152 millones.
- Retorno de capital: Dividendo del segundo trimestre de 0,38 d贸lares por acci贸n; 525 mil acciones recompradas en el a帽o.
En conjunto, el impulso del negocio principal de empe帽os y la expansi贸n del margen impulsaron un crecimiento de doble d铆gito en el EPS, parcialmente compensado por la presi贸n continua en la cartera de lease-to-own y mayores gastos administrativos antes de la adquisici贸n de H&T.
FirstCash Holdings (FCFS) 2025雲� 2攵勱赴 10-Q 欤检殧 雮挫毄:
- 齑濍Г於�鞚� 鞝勲厔 雽�牍� 瓯办潣 氤�霃� 鞐嗢澊 8鞏� 3,060毵� 雼煬(2025雲� 靸侂皹旮�: 16鞏� 7觳滊 雼煬)毳� 旮半頄堨姷雼堧嫟. 鞝勲嫻韽� 甏�霠� 毵れ稖 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.
- 靾滊Г於�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� 齑濎澊鞚惦鞚� 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 欤检殧 霃欖澑: 氙戈淡 鞝勲嫻韽皜 韱淀暕 靹胳爠 鞚挫澋鞚� 59%毳� 彀頄堨溂氅�, 霛柬嫶 鞎勲⿺毽勾 鞝勲嫻韽姅 24%, 靻岆Г POS(AFF)電� 17%毳� 彀頄堨姷雼堧嫟. 鞝勲嫻韽� 雽�於� 鞛旍暋鞚� 鞝勲厔 雽�牍� 12% 歃濌皜頃� 5鞏� 5,070毵� 雼煬搿� 鞝勲嫻韽� 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 歆�於� 氚� 雽�於� 歃濌皜 1鞏� 7,420毵� 雼煬搿� 順勱笀 鞛旍暋鞚� 1鞏� 1,500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� 鞙犾.
- 欤检殧 鞚措菠韸�: 鈥� 鞓侁淡 鞝勲嫻韽� 靹犽憪鞐呾泊 H&T毳� 鞚胳垬頃橁赴 鞙勴暣 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, 2025雲� 3攵勱赴 毵堦皭 鞓堨爼. 鈥� 7鞏� 雼煬 攴滊鞚� 毽臣氩� 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� 敫岆歆�搿� 頇曤炒. 鈥� CFPB 甑办偓雽�於滊矔 甏�霠� 氍胳牅 頃搓舶鞚� 鞙勴暣 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(2024雲� 12鞗� 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; 毽臣氩� 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� 毵れ瀰 鞕勲.
鞝勲皹鞝侅溂搿� 頃奠嫭 鞝勲嫻韽� 靷梾鞚� 靹膘灔 氇韰�瓿� 毵堨 頇曥灔鞚� 霊� 鞛愲靾� EPS 靹膘灔鞚� 瓴澑頄堨溂氅�, 鞛勲寑-靻岇湢 韽姼韽措Μ鞓れ潣 歆�靻嶌爜鞚� 鞎曤皶瓿� H&T 鞚胳垬鞐� 霐半ジ 甏�毽箘 歃濌皜臧� 鞚茧秬 靸侅噭頄堨姷雼堧嫟.
Faits saillants du 10-Q du deuxi猫me trimestre 2025 de FirstCash Holdings (FCFS) :
- Revenus totaux pratiquement stables en glissement annuel 脿 830,6 M$ (S1 25 : 1,67 Md$). Une augmentation de 6 % des ventes et frais li茅s au pr锚t sur gage a compens茅 une baisse de 28 % des revenus de marchandises lou茅es.
- Revenus nets en hausse de 4 % 脿 412,8 M$, gr芒ce 脿 une baisse des d茅pr茅ciations/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 $. Le BPA du premier semestre a augment茅 de 32 % 脿 3,21 $.
- Facteurs par segment : Le pr锚t sur gage aux 脡tats-Unis a g茅n茅r茅 59 % du b茅n茅fice avant imp么ts consolid茅 ; le pr锚t en Am茅rique latine 24 % ; le point de vente au d茅tail (AFF) 17 %. Les pr锚ts sur gage en cours ont augment茅 de 12 % en glissement annuel 脿 550,7 M$, soutenant des revenus de frais plus 茅lev茅s.
- Liquidit茅 et endettement : Flux de tr茅sorerie op茅rationnel de 243,5 M$ ; le solde de tr茅sorerie est tomb茅 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 pr锚t sur gage H&T ; approbation des actionnaires obtenue, cl么ture pr茅vue au T3 25. 鈥� Modification d鈥檜ne 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 une affaire li茅e au 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 de 152 M$.
- Retour sur capital : Dividende du 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 pr锚t sur gage principal 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 location-vente et des d茅penses administratives accrues avant l鈥檃cquisition de H&T.
FirstCash Holdings (FCFS) Q2-25 10-Q Highlights:
- Gesamtumsatz im Jahresvergleich nahezu unver盲ndert bei 830,6 Mio. USD (H1 25: 1,67 Mrd. USD). Ein 6%iger Anstieg bei Pfandverkaufs- und Geb眉hren kompensierte einen 28%igen R眉ckgang bei den Einnahmen aus vermieteter Ware.
- Nettoumsatz stieg um 4 % auf 412,8 Mio. USD, da geringere Leasing-Abschreibungen/-R眉ckstellungen die Bruttomarge um 260 Basispunkte auf 49,7 % verbesserten.
- Nettoeinkommen stieg um 22 % auf 59,8 Mio. USD; verw盲ssertes Ergebnis je Aktie (EPS) 1,34 USD gegen眉ber 1,08 USD. H1 EPS stieg um 32 % auf 3,21 USD.
- Segmenttreiber: US-Pfandgesch盲ft erzielte 59 % des konsolidierten Vorsteuergewinns; Lateinamerika-Pfand 24 %; Einzelhandel POS (AFF) 17 %. Ausstehende Pfandkredite wuchsen um 12 % gegen眉ber dem Vorjahr auf 550,7 Mio. USD, was h枚here Pfandgeb眉hrenerl枚se unterst眉tzte.
- Liquidit盲t & Verschuldung: Operativer Cashflow 243,5 Mio. USD; Bargeldbestand sank auf 101,5 Mio. USD nach Aktienr眉ckk盲ufen von 60,5 Mio., Dividenden von 33,8 Mio. und Investitionen/Kreditwachstum von 174,2 Mio. Nettoverschuldung ca. 2,5脳 bereinigtes EBITDA, innerhalb der Covenants.
- Wichtige Ereignisse: 鈥� Abschluss eines Bar-Deals in H枚he von 拢291 Mio. (396 Mio. USD) zur 脺bernahme des britischen Pfandleaders H&T; Aktion盲rszustimmung erhalten, Abschluss im Q3 25 erwartet. 鈥� 脺berarbeitung der revolvierenden Kreditlinie 眉ber 700 Mio. USD und Bereitstellung eines 拢299 Mio. Br眉ckendarlehens zur Finanzierung des Deals. 鈥� Verbuchung einer Belastung von 11 Mio. USD zur Beilegung der CFPB Military Lending Act Angelegenheit.
- Bilanz: Verm枚genswerte 4,51 Mrd. USD (+4 % gegen眉ber 12/24). Firmenwert 1,83 Mrd. USD. Senior Notes unver盲ndert bei 1,53 Mrd. USD; revolvierende Kreditlinie mit 152 Mio. USD in Anspruch genommen.
- 碍补辫颈迟补濒谤眉肠办蹿眉丑谤耻苍驳: Dividende im Q2 von 0,38 USD je Aktie; bisher 525.000 Aktien zur眉ckgekauft.
Insgesamt trieben das Wachstum im Kerngesch盲ft Pfand und die Margenausweitung ein zweistelliges EPS-Wachstum, teilweise ausgeglichen durch anhaltenden Druck im Mietkauf-Portfolio und h枚here Verwaltungskosten vor 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)
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number) |
(I.R.S. Employer Identification No.)
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(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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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).
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Emerging growth company
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ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS.
On July 28, 2025, The Procter & Gamble Company (the "Company") announced the following executive changes:
Jon Moeller, Chairman of the Board, President and Chief Executive Officer, will transition into the role of Executive Chairman of the Board, effective January
1, 2026, to serve at the pleasure of the Board of Directors.
Shailesh Jejurikar (age 58), currently Chief Operating Officer, has been elected President and Chief Executive Officer, effective January 1, 2026, to serve at
the pleasure of the Board of Directors. The Board has also nominated Mr. Jejurikar to stand for election to the Board at the Company’s annual shareholder meeting in October 2025, to be effective upon conclusion of the annual
meeting.
Mr. Jejurikar joined the Company in 1989 and has held positions of increasing responsibility since that time. Most recently, he has served as Chief Operating
Officer (2021 – present). Previously, he served as Chief Executive Officer, Global Fabric and Home Care, and Executive Sponsor, Global Sustainability (2019 – 2021).
Effective January 1, 2026, Mr. Jejurikar will receive an annual base salary of U.S. $1.6 million and will participate in the Company's annual incentive
program with a target award equal to 200% of base salary. In relation to his election and in connection with the Company’s annual equity grant cycle, the Board of Directors approved a long-term incentive award valued at $14
million, with approximately 50% of the long-term incentive value in the Company’s Performance Stock Program and 50% in the Long-Term Incentive Program. Going forward, Mr. Jejurikar will continue to receive equity grants
under the Company's long-term incentive program commensurate with his position and on the same timing as other executive officers and will participate in all other elements of the Company's executive compensation and benefit
programs (including as a vested participant in the Company's retirement program). Those programs are outlined in the Company's definitive proxy statement dated August 23, 2024. If elected to the Board by shareholders in
October 2025, Mr. Jejurikar will not receive any fees for his service on the Board of Directors.
Effective January 1, 2026, Mr. Moeller will receive an annual base salary of U.S. $1.2 million and will participate in the Company's annual incentive program
with a target award equal to 150% of base salary. In relation to his election and in connection with the Company’s annual equity grant cycle, the Board of Directors approved a long-term incentive award valued at $15 million,
with approximately 50% of the long-term incentive value in the Company’s Performance Stock Program and 50% in the Long-Term Incentive Program. Going forward, Mr. Moeller will continue to receive equity grants under the
Company's long-term incentive program commensurate with his position and on the same timing as other executive officers and will participate in all other elements of the Company's executive compensation and benefit programs
(including as a vested participant in the Company's retirement program). Those programs are outlined in the Company's definitive proxy statement dated August 23, 2024.
The Company is filing the information under this item pursuant to Item 5.02, "Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers."
ITEM 7.01 REGULATION FD DISCLOSURE
The Company issued a news release on July 28, 2025, announcing the election of Mr. Jejurikar and the changes to Mr. Moeller’s role. A copy of this news release is furnished as
Exhibit 99.1
The Company is furnishing the information under this item, including Exhibit 99.1, pursuant to Item 7.01, "Regulation FD Disclosure."
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ITEM 9.01 FINANCIAL
STATEMENTS AND EXHIBITS
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(d) Exhibits
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Exhibit Number
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Description
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99.1
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Executive Changes Press Release by The Procter & Gamble Company dated July 28, 2025
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| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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 hereunto duly authorized.
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THE PROCTER & GAMBLE COMPANY
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BY: /s/ Sandra T. Lane |
| Sandra T. Lane |
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| Assistant Secretary |
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| July 28, 2025 |
INDEX TO EXHIBIT(S)
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Exhibit Number
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Description
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99.1
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Executive Changes Press Release by The Procter & Gamble Company dated July 28,
2025.
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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.
Procter & Gamble
NYSE:PG
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Household & Personal Products
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United States
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