0000840489-26-000049
SEC filingQ1 营收与净利双位数增长，H&T 收购贡献显著，但 AFF 分部利润大幅下滑拖累整体。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,051,651K | $836,423K | +26% |
| Gross Profit (Net revenue) | $542,382K | $424,203K | +28% |
| Gross Margin | 51.6% | 50.7% | +90 bps |
| Operating Income (Income before income taxes) | $145,128K | $111,217K | +30% |
| Operating Margin | 13.8% | 13.3% | +50 bps |
| Net Income | $107,702K | $83,591K | +29% |
| Diluted EPS | $2.43 | $1.87 | +30% |
| Operating Cash Flow | $153,628K | $126,640K | +21% |
| Free Cash Flow | $72,007K | $112,600K | -36% |
本季度营收增长主要由 H&T 收购（U.K. Pawn 分部贡献 $101.7M）和 Latin America Pawn 分部强劲增长（+40%，恒定汇率 +23%）驱动。U.S. Pawn 分部也实现 16% 增长，同店零售销售 +9%。毛利率提升 90 bps 至 51.6%，主要受益于 U.S. Pawn 零售毛利率提升（44% vs 42%）及 scrap jewelry 毛利率改善。
盈利质量方面，Net Income 增长 29% 至 $107.7M，但 Free Cash Flow 大幅下降 36% 至 $72.0M，主要因 pawn loans 和 inventories 投资增加（Pawn loans 净增 $46.6M，Inventories 增加 $32.5M）。此外，Retail POS Payment Solutions 分部利润同比 -50%，因 leased merchandise 收入下降及信贷损失拨备增加（含 $7.6M OBS Loans 拨备），需关注其持续盈利能力。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| U.S. Pawn | $489,006K | +16% | $141,400K | 29% | 零售销售和 pawn loan fees 增长，利润率提升 |
| Latin America Pawn | $257,119K | +40% | $50,881K | 20% | 恒定汇率增长 23%，受益于比索升值 |
| U.K. Pawn | $101,685K | N/A (H&T 收购) | $39,154K | 39% | H&T 收购贡献，利润率最高 |
| Retail POS Payment Solutions | $204,522K | -11% | $25,919K | 13% | leased merchandise 收入下降，信贷损失拨备增加 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $130,739K | +$5,542K |
| Pawn loans | $851,125K | +$351,415K |
| Inventories | $538,791K | +$204,091K |
| Finance receivables, net | $139,296K | -$5,783K |
| Total debt | $2,254,120K | +$547,021K |
| Operating Cash Flow | $153,628K | +$26,988K |
| Capex (FF&E + real property) | $50,663K | +$30,870K |
| Free Cash Flow | $72,007K | -$40,593K |
Total debt 增加主要因 H&T 收购相关借款及 Mexico Credit Facility 借款。公司杠杆率（consolidated total debt ratio）为 2.6x，低于 covenant 限制。
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