0001104659-25-112518
SEC filingQ3营收增36.4%至$150.8M，Conn's收购驱动增长，但利润率下滑。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $150.8M | $110.6M | +36.4% |
| Gross Profit | $150.8M | $110.6M | +36.4% |
| Gross Margin | 100.0% | 100.0% | — |
| Operating Income | $70.0M | $59.4M | +17.8% |
| Operating Margin | 46.4% | 53.7% | -730 bps |
| Net Income | $38.4M | $36.9M | +4.0% |
| Diluted EPS | $0.59 | — | — |
| Operating Cash Flow | $193.6M | $90.9M | +113.1% |
| Free Cash Flow | $72.2M | — | — |
Q3营收增长36.4%至$150.8M，主要受Conn's Portfolio Purchase驱动，该收购贡献了$16.5M的Net Operating Income。但增长质量值得关注：Operating Margin从53.7%大幅下滑至46.4%，主要因$8.8M的IPO相关股权激励费用、Conn's整合成本及诉讼费用增加。
盈利质量方面，Net Income仅增长4.0%，远低于营收增速，主要受一次性费用拖累。剔除$8.8M股权激励、$2.4M并购费用及$0.1M Canaccede退出激励后，Adjusted Net Income为$47.7M，同比增长20.1%，显示核心盈利能力仍强。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| United States | $111.3M | +49.7% | $50.4M | 45.3% | Conn's收购驱动，但margin下滑 |
| United Kingdom | $13.4M | -8.8% | $2.7M | 20.2% | 部署减少，margin大幅下滑 |
| Canada | $16.9M | +30.9% | $11.8M | 69.6% | 部署增长，margin提升 |
| Latin America | $9.3M | +6.8% | $5.2M | 55.8% | 收入增长，但margin下滑 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $42.3M | +$6.8M |
| Total Debt | $1,182.6M | -$12.1M |
| Net Debt | $1,157.7M | +$213.9M |
| Investments in receivables | $1,640.8M | +$143.1M |
| Operating Cash Flow | $193.6M | +$102.8M |
| Capex | $0.6M | +$0.2M |
| Free Cash Flow | $72.2M | — |
Net Debt/Adjusted Cash EBITDA为1.54x，较去年同期的2.52x显著改善，杠杆水平健康。
资本配置：Q3派息$0.24/股，11月再宣布$0.24/股股息。10月完成$302.8M Bluestem收购，并修订信贷协议，额度增至$1.0B，利率下调50bps。
前瞻指引：公司未提供具体财务指引，但管理层表示将继续投资增长，并预期Conn's收购将贡献更多收益。
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