Bilateral Partnership between Sweden and Colombia launched

MIL-OSI Global: ‘We painted our fear, hope and dreams’ − examining the art and artists of Guantánamo Bay

Source: The Conversation – USA – By Alexandra Moore, Professor of Human Rights in Literary and Cultural Studies, Binghamton University, State University of New York

Sailing ships are a common feature of Moath al-Alwi’s art. Moath al-Alwi, 2016, CC BY-SA

When Moath al-Alwi left Guantánamo Bay for resettlement in Oman, accompanying him on his journey was a cache of artwork he created during more than two decades of detention.

Al-Alwi was detainee number “028” – an indication that he was one of the first to arrive at the U.S. military prison off Cuba after it opened in January 2002. His departure from the detention center on Jan. 6, 2025, along with 10 fellow inmates, was part of an effort to reduce the prison’s population before the end of President Joe Biden’s term.

For al-Alwi, it meant freedom not only for himself, but also for his artwork. While not all detainees shared his passion, creating art was not an uncommon pursuit inside Guantánamo – indeed it has been a feature, formally and informally, of the detention center since its opening more than 20 years ago.

As editors of the recently published book “The Guantánamo Artwork and Testimony of Moath al-Alwi: Deaf Walls Speak,” we found that art-making in Guantánamo was more than self-expression; it became a testament to detainees’ emotions and experiences and influenced relationships inside the detention center. Examining the art offers unique ways of understanding conditions inside the facility.

Art from tea bags and toilet paper

Detained without charge or trial for 23 years, al-Alwi was first cleared for release in December 2021. Due to unstable conditions in his home country of Yemen, however, his transfer was subject to finding another country for resettlement. Scheduled for release in early October 2023, he and 10 other Yemeni detainees were further delayed when the Biden administration canceled the flight due to concerns over the political climate after the Oct. 7 attacks in Israel.

Sabri Mohammad Ibrahim Al Qurashi depicted Lady Liberty with a cage at her base.
Sabri Mohammad Ibrahim Al Qurashi, CC BY-SA

During his detention, al-Alwi suffered abuse and ill treatment, including forced feedings. Making art was a way for him, and others, to survive and assert their humanity, he said. Along with fellow former detainees Sabri al-Qurashi, Ahmed Rabbani, Muhammad Ansi and Khalid Qasim, among others, al-Alwi became an accomplished artist while being held. His work was featured in several art shows and in a New York Times opinion documentary short

During the detention center’s early years, these men used whatever materials were at hand to create artwork – the edge of a tea bag to write on toilet paper, an apple stem to imprint floral and geometric patterns and poems onto Styrofoam cups, which the authorities would destroy after each meal.

In 2010, the Obama administration began offering art classes at Guantánamo in an attempt to show the world they were treating prisoners humanely and helping them occupy their time.

However, those attending were given only rudimentary supplies. And they were subjected to invasive body searches to and from class and initially shackled to the floor, with one hand chained to the table, throughout each session. Furthermore, the subject matter for their art was restricted – detainees were forbidden from representing certain aspects of their detention, and all artwork was subject to approval and risked being destroyed.

Despite this, many detainees participated in the classes for camaraderie and the opportunity to engage in some form of creative expression.

A window to freedom

Making art served many purposes. Mansoor Adayfi, a former Guantánamo Bay detainee and author of “Don’t Forget Us Here: Lost and Found at Guantanamo,” wrote in his contribution to the book on al-Alwi that initially, “we painted what we missed: the beautiful blue sky, the sea, stars. We painted our fear, hope and dreams.”

Those who have been transferred from Guantánamo describe the art as a way to express their appreciation for culture, the natural world and their families while imprisoned by a regime that consistently characterized them as violent and inhuman.

The Statue of Liberty became a frequent motif Guantánamo artists deployed to communicate the betrayal of U.S. laws and ideals. Often, Lady Liberty was depicted in distress – drowning, shackled or hooded. For Sabri al-Qurashi, the symbol of freedom under duress represented his own condition when he painted it. “I am in prison, not free, and without any rights,” he told us.

Sabri Mohammad Ibrahim Al Qurashi painting of the Statue of Liberty.
Sabri Mohammad Ibrahim Al Qurashi, 2012, CC BY-SA

Other times, the artwork responded directly to the men’s day-to-day conditions of confinement.

One of al-Alwi’s early pieces was a model of a three-dimensional window. Approximately 40 x 55 inches, the window was filled in with images carefully torn from nature and travel magazines, and layered to create depth, so that it appeared to look out on an island with a house with palm and coconut trees made from twisted pieces of rope and soap.

Al-Alwi was initially allowed to keep it in his windowless cell, and fellow detainees and guards would visit to “look out” the window.

But, as far as we know, it was eventually lost or destroyed in a prison raid.

Art as representation and respite

In another example of how artwork can be an expression of what former detainees call their “brotherhood,” Khalid Qasim, who was imprisoned at the age of 23 and held for more than two decades before being transferred alongside al-Alwi, mixed coffee grounds and coarse sand to create a series of nine textured, evocative paintings to memorialize each of the nine men who died while held at Guantánamo.

Especially in periods when camp rules allowed detainees to create artwork in their cells, the artists’ use of prison detritus and found objects made the artwork more than simply a depiction of what the men lacked, desired or imagined. Artwork helped create an alternative forum for the men’s experiences, especially for those artists who, along with the vast majority of Guantánamo’s 779 detainees, never faced charge or trial.

The pieces served as symbols and metaphors of the detainees’ experiences. For example, al-Alwi describes his 2015 large model ship, The Ark, as fighting against the waves of an imagined, threatening sea. In creating it, he wrote, “I felt I was rescuing myself.”

Moath al-Alwi used found items to create his model ships.
Moath al-Alwi, 2017, CC BY-SA

Constructed out of the materials of his imprisonment, the work also points to the conditions of his daily life in Guantánamo. Made from the strands of mops, unraveled prayer cap and T-shirt threads, bottle caps, bits of sponges and cardboard from meal packaging, al-Alwi’s ships – he went on to create at least seven – reveal both his artistic ingenuity and his circumstances.

Guantánamo artists talk about the artwork as being imprisoned like them and subjected to the same restrictions and seemingly arbitrary processes of approval or disappearance.

The transfer to Oman of al-Alwi and his artwork releases both from those processes. It also creates an opportunity to inform the public about what Guantánamo meant to those who were held there, and to the 15 men who remain.

The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. ‘We painted our fear, hope and dreams’ − examining the art and artists of Guantánamo Bay – https://theconversation.com/we-painted-our-fear-hope-and-dreams-examining-the-art-and-artists-of-guantanamo-bay-246964

MIL OSI – Global Reports –

January 31, 2025

MIL-OSI Europe: Bilateral Partnership between Sweden and Colombia launched

Source: Government of Sweden

Bilateral Partnership between Sweden and Colombia launched – Government.se

Published 30 January 2025

At the invitation of Colombia’s Minister of Foreign Affairs Luis Gilberto Murillo, Minister for Foreign Affairs Maria Malmer Stenergard took part in the launch of the Colombia-Sweden Bilateral Partnership at a High-Level Dialogue in Bogotá on 28 January.

The bilateral partnership agreement was signed in June 2024 by Prime Minister Ulf Kristersson and President of Colombia Gustavo Petro, and aims to further strengthen cooperation between the countries in four main areas:

political dialogue and cooperation in multilateral forums;
trade and development cooperation;
climate, environment, green and digital transition; and
peace and security.

Two thematic working groups have been instituted to advance priority areas within the Bilateral Partnership. The first group is focusing on cooperation for peace, human rights, human security and strengthening institutions. The second is focusing on economic opportunities, science, innovation and sustainable development.

At the high-level dialogue, Ms Malmer Stenergard and Acting Minister of Foreign Affairs Paola Vásquez received reports from the groups, which presented several results in the areas of peace, gender equality, climate and sustainable development. Sweden and Colombia celebrated 150 years of diplomatic relations in 2024. The launch of the Bilateral Partnership demonstrates the breadth of cooperation between the two countries.

Press contact

More about the visit

MIL OSI Europe News –

January 31, 2025

MIL-OSI Europe: AMERICA/COLOMBIA – Catatumbo: Humanitarian aid corridor established and state of emergency declared

Source: Agenzia Fides – MIL OSI

Thursday, 30 January 2025

Caritas Colombia

Tibú (Agenzia Fides) – The wave of violence, mainly due to the control of international cocaine trafficking in the Catatumbo region, has led President Gustavo Petro to declare a state of emergency and deploy the army.As reported by the National Coordinator for Disaster Risk Management of Caritas Colombia, among the victims of this serious crisis, the worst since 2002, are civilians, minors, pregnant women, people with disabilities and members of indigenous communities.In about 10 days, the clashes between the guerrillas of the National Liberation Army (ELN) and the fighters of the “Frente 33” of the former Revolutionary Armed Forces of Colombia (FARC) have left more than a hundred dead, thousands of internally displaced people have had to flee their homes and just as many are isolated and unable to move due to the violent clashes. Meanwhile, many people continue to flee to areas considered safe.To help the many innocent victims, a humanitarian aid corridor has been set up to provide additional support by delivering products, drinks, food for immediate consumption and tools. In the affected areas, thousands of people have sought refuge in the parishes and seminaries of the Catholic Church in Tibú, Ocaña, Gabarra and Tabo. Thanks to the collaboration of the dioceses of Cúcuta, Ocaña and Tibú with the “Asociación Nacional de Empresarios de Colombia” (ANDI), “Bancos de Alimentos de Colombia” (ÁBACO) and through monetary donations, 23,622 kilos of food and essential goods have already been provided.According to the Ministry of Defense, to date more than 47,000 displaced people have fled to the towns of Tibú (10,482 displaced), Ocaña (10,719), Cúcuta (16,663) and other municipalities (11,699). It is also estimated that more than 23,000 people are trapped in the region.The Front Comuneros del Sur, a dissident group of the ENL, is one of the causes of the crisis between the armed group and the government after officially joining the peace process initiated in 2016, which was sealed with the peace agreement signed between the Colombian government and the then FARC guerrillas. “We are evacuating the leaders and signatories from Catatumbo who are being persecuted by the ELN; a first contingent of 400 men is said to have already arrived in the region,” said Defense Minister Iván Velásquez. (AP) (Agenzia Fides, 30/1/2025)
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MIL OSI Europe News –

January 31, 2025

MIL-OSI Video: DR Congo, Palestine & other topics – Daily Press Briefing (29 January)

Source: United Nations (Video News)

Noon briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

Highlights:
Senior Personnel Appointment
Democratic Republic of the Congo/Peacekeeping
Democratic Republic of the Congo/Security Council
Democratic Republic of the Congo/Humanitarian
Occupied Palestinian Territory
Syria
Peace Operations
Ukraine
Myanmar
Lunar New Year

SENIOR PERSONNEL APPOINTMENT
Yesterday, the Secretary-General appointed Lt. Gen. Ulisses De Mesquita Gomes of Brazil as the new Force Commander for the UN Peacekeeping Mission in the Democratic Republic of the Congo (MONUSCO).

DEMOCRATIC REPUBLIC OF THE CONGO / PEACEKEEPING
The peacekeeping mission in the Democratic Republic of the Congo – MONUSCO- say that the situation in Goma remains tense today, but it is also calmer. But there is, however, continued sporadic shooting but an overall reduction in exchanges of fire within the city.
Continued clashes have been reported in surrounding areas, including in Sake, Northwest of Goma.
The Mission’s priority right now remains the protection of its personnel, its assets and the many civilians sheltering within UN premises. UN peacekeepers are planning on sending patrols today in Goma to assess the situation, to conduct resupplies and assess routes.
In the capital, Kinshasa, the situation is also calm today despite calls for protests that we have seen. The main roads are reported to be empty, and supermarkets are closed due to high risk of looting. That is what the peacekeeping mission is reporting.
You will also remember that a few days ago, we paid tribute to three UN peacekeepers who were killed in the last few days. We are now able to share their names : They were Private Rodolpho Cipriano Alverez Suarez from Uruguay, who was 39; Private Mokote Joseph Mobe, aged 33, and Private Andries Tshidiso Mabele, aged 30. The latter two were from South Africa. We send our deepest condolences to their families, their friends, governments and to all members of the peacekeeping mission.
The total number of UN peacekeepers injured since the most recent assault by the M23 now stands at 22. We reiterate that attacks against UN peacekeepers are not only unacceptable but may also constitute a war crime.

DEMOCRATIC REPUBLIC OF THE CONGO / SECURITY COUNCIL
Yesterday afternoon, the Deputy Special Representative for Protection and Operations for the Peacekeeping Mission in Goma in the Democratic Republic of the Congo – MONUSCO, Vivian van de Perre, briefed Council members.
She reiterated that the violence in the eastern part of the country has resulted in massive displacement and worsened an already dire humanitarian and protection situation. The degree of suffering that the population in Goma and neighbouring areas is enduring is truly unimaginable, she said.
In the past few days, Ms. Van de Perre told Council members that the peacekeeping mission has received a large number of people seeking refuge.
She called on all parties to prioritize the protection of civilians, open humanitarian corridors, and work towards a sustainable and peaceful resolution to this conflict.
Resuming the Luanda Process is of the utmost urgency to ensure a path toward de-escalation and to avert the looming threat of a third Congo war, she added. Military action cannot resolve this conflict, she told council members

Full Highlights: https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=29+January+2025

https://www.youtube.com/watch?v=HIIzMCZYkkw

MIL OSI Video –

January 31, 2025

MIL-OSI: FirstCash Reports Record Fourth Quarter and Full-Year Operating Results; Accelerating Pawn Demand Drives Record Revenue & Earnings; Declares Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, Jan. 30, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale (“POS”) payment solutions, today announced operating results for the fourth quarter and full-year ended December 31, 2024. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.38 per share, which will be paid on February 28, 2025.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash posted record fourth quarter and full year revenues and earnings primarily fueled by exceptionally strong pawn operating results. Same-store pawn receivables increased 12% in both the U.S. and Latin America (local currency basis) compared to last year. This marked the sixth consecutive quarter of double digit same-store pawn receivable growth in the U.S. The POS payment solutions segment (“AFF”) had solid profitability as well, and posted growth in transaction volumes and door counts for the quarter and year-to-date periods.

“A total of 16 pawn stores were added in the fourth quarter, including an acquisition of 10 stores coupled with six new store openings. For the full year, 99 pawn stores were opened or acquired, boosting the total store base to 3,026 locations. FirstCash’s cash flows and balance sheet remain strong and we believe that we are well positioned to fund further anticipated store growth in 2025 along with dividends and potential share buybacks.”

This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

	Three Months Ended December 31,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2024		2023		2024		2023
Revenue	$	883,811	$	852,134	$	883,811	$	852,134
Net income	$	83,547	$	69,589	$	95,415	$	92,846
Diluted earnings per share	$	1.86	$	1.53	$	2.12	$	2.04
EBITDA (non-GAAP measure)	$	162,636	$	145,493	$	165,685	$	161,704
Weighted-average diluted shares		45,038		45,425		45,038		45,425

	Twelve Months Ended December 31,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2024		2023		2024		2023
Revenue	$	3,388,514	$	3,151,796	$	3,388,514	$	3,151,796
Net income	$	258,815	$	219,301	$	302,680	$	276,874
Diluted earnings per share	$	5.73	$	4.80	$	6.70	$	6.06
EBITDA (non-GAAP measure)	$	551,008	$	493,784	$	558,437	$	511,732
Weighted-average diluted shares		45,168		45,693		45,168		45,693

Consolidated Operating Highlights

Gross revenues totaled a record $3.4 billion in 2024, an increase of 8% on both a GAAP and constant currency basis compared to last year. Revenues totaled $884 million in the fourth quarter, an increase of 4% on a GAAP basis and 7% on a constant currency basis compared to the prior-year quarter.
Diluted earnings per share for 2024 increased 19% over last year on a GAAP basis while adjusted diluted earnings per share increased 11% compared to the prior year. For the fourth quarter, diluted earnings per share increased 22% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 4% compared to the prior-year quarter. These results were even more impressive in light of lower foreign currency exchange rates, which reduced 2024 earnings per share by approximately $0.06 for the fourth quarter and $0.04 for the full year compared to the prior-year periods.
Record net income for 2024 totaled $259 million on a GAAP basis while adjusted net income was a record $303 million, which represented increases of 18% and 9%, respectively, over the prior year.
Adjusted EBITDA for the full year was $558 million, an increase of $47 million, or 9%, compared to the prior year.

Store Base and Platform Growth

Pawn Stores – 16 pawn locations were added in Mexico during the fourth quarter, consisting of ten acquired stores and six de novo stores. For the full year, a total of 99 pawn locations were added, including 29 stores in the U.S. and 70 stores in Latin America.
As of December 31, 2024, the Company had 3,026 locations, comprised of 1,200 U.S. locations and 1,826 locations in Latin America.

Retail POS Payment Solutions (AFF) Merchant Partnerships – As of December 31, 2024, there were approximately 13,600 active retail and e-commerce merchant partner locations, representing a 17% increase in the number of active merchant locations compared to a year ago. Excluding certain furniture locations closed due to bankruptcies, the number of active doors increased over 25%.

U.S. Pawn Segment Operating Results

Fourth quarter 2024 segment pre-tax operating income was $112 million, an increase of $13 million, or 14%, compared to the prior-year quarter. The resulting segment pre-tax operating margin remained strong at 26% for the quarter.
Full year 2024 segment pre-tax operating income was $397 million, an increase of $61 million, or 18%, compared to the prior year. The resulting segment pre-tax operating margin was 25% for the full year, which equaled the prior year.
Pawn receivables grew significantly over the course of the fourth quarter, totaling almost $400 million by year end and increasing 15% compared to the prior year. The increase in total pawn receivables was driven by a 5% increase in the year-to-date weighted-average store count coupled with an impressive 12% same-store increase. On a two-year stacked basis, same-store pawn receivables were up 26%.
Pawn loan fees increased 11% for the fourth quarter and 16% for the full year, while on a same-store basis, pawn loan fee revenue increased 9% and 11% compared to both of the respective prior-year periods.
Retail merchandise sales increased 10% in the fourth quarter and 13% for the full year compared to the respective prior-year periods. Same-store retail sales increased 6% for both the quarter and full year compared to the respective prior-year periods, as the Company saw continued retail demand from value-conscious consumers.
Retail sales margins improved to a robust 43% in the fourth quarter compared to 42% in the prior-year quarter. Full year retail margins were 42% in 2024 compared to 43% in 2023.
Annualized inventory turnover was consistent at 2.8 times for both 2024 and 2023. Inventories aged greater than one year at December 31, 2024 remained extremely low at 1% of total inventories.
Operating expenses for the fourth quarter and full year increased 10% and 12%, respectively, as compared to the prior-year periods, primarily due to store additions and increased labor and variable compensation expenses. On a same-store basis, expenses increased 7% for the quarter and 5% for the full year compared to the respective prior-year periods.

Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the fourth quarter of 2024 was 20.1 pesos / dollar, an unfavorable change of 14% versus the comparable prior-year period, and for the twelve-month period ended December 31, 2024 was 18.3 pesos / dollar, an unfavorable change of 3% versus the prior-year period.

While fourth quarter segment pre-tax operating income decreased 4% on a U.S. dollar basis compared to last year, it increased 7% on a constant currency basis. The resulting segment pre-tax operating margin was 20% for both the fourth quarter of 2024 and 2023.
For the full year of 2024, segment pre-tax operating income decreased 4% on a U.S. dollar basis compared to the prior year and decreased 2% on a constant currency basis. The resulting segment pre-tax operating margin was 19%, equaling the prior year.
While pawn receivables at December 31, 2024 decreased 5% on a U.S. dollar basis, they increased 13% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables decreased 6% on a U.S. dollar basis but increased 12% on a constant currency basis compared to the prior year.
While total and same-store pawn loan fees in the fourth quarter decreased 3% in U.S. dollars, they increased 10% on a constant currency basis compared to the prior-year quarter. For the full year, both total and same-store pawn loan fees increased 4%, or 7% on a constant currency basis, compared to the prior year.
Although retail merchandise sales in the fourth quarter of 2024 decreased 5% compared to the prior-year quarter, they increased 7% on a constant currency basis. Same-store retail merchandise sales in the fourth quarter of 2024 decreased 6% on a U.S. dollar basis while increasing 7% on a constant currency basis compared to the prior-year quarter. For the full year, retail merchandise sales increased 2%, or 4% on a constant currency basis, compared to the prior year, while same-store retail merchandise sales increased 1%, or 4% on a constant currency basis, compared to the prior year.
Retail margins were 34% for the fourth quarter of 2024 and 35% for the full year, both similar to prior-period results. Annualized inventory turnover was 4.2 times in 2024 versus 4.4 times in 2023, while inventories aged greater than one year at December 31, 2024 remained extremely low at 1%.
Operating expenses for the fourth quarter of 2024 decreased 5% in total but increased 7% on a constant currency basis compared to the prior-year quarter while full year operating expenses increased 7%, or 9% on a constant currency basis compared to last year. The increase in constant currency expenses from all stores reflected increased store counts and higher labor costs (due primarily to further increases in the federal minimum wage and other mandated benefit programs), along with other inflationary impacts.

American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

Fourth quarter segment pre-tax operating income totaled $39 million, a decrease of 10% compared to the prior-year quarter. The anticipated decline in earnings was reflective of lower net revenue from its furniture vertical, partially offset by strong growth in non-furniture net revenues.
For the full year, segment pre-tax operating income remained strong at $129 million, a nominal decrease of 3% over the prior year.
Segment revenues for the quarter, comprised of lease-to-own (“LTO”) fees and interest and fees on finance receivables, decreased 1% compared to the prior-year quarter. Revenues for the full year increased 3% compared to the prior year.
Gross transaction volume of lease and loan originations during the fourth quarter increased $12 million, or 4%, compared to last year, driven primarily by the 17% increase in active merchant door counts and continued growth in non-furniture verticals. Excluding furniture, fourth quarter origination volume increased approximately 36%. For the full year, overall gross transaction volume increased 5% over the prior year and was up 27%, excluding furniture.
Combined gross leased merchandise and finance receivables outstanding at December 31, 2024 decreased 1% compared to the December 31, 2023 balances.
The combined lease and loan loss provision as a percentage of the total gross transaction volume originated was 29% for both 2024 and 2023. The resulting allowance on combined leased merchandise and finance receivables at December 31, 2024 was 42% compared to 40% in the prior year.
The average monthly net charge-off (“NCO”) rate for combined leased merchandise and finance receivable products for the full year 2024 was 5.3% compared to the prior-year rate of 5.0%, and was in line with the Company’s targeted range for NCO’s.

Cash Flow and Liquidity

Each of the Company’s three business segments generated significant operating cash flows in 2024. Consolidated operating cash flows for the full year grew 30% and totaled $540 million compared to $416 million in 2023.
Adjusted free cash flows (a non-GAAP measure) increased 24% to $262 million in 2024, compared to $212 million in the prior year.
The operating cash flows helped fund significant growth in earning assets and continued investments in the pawn store platform with a nominal increase in net debt. Key investments made in 2024 included:
- Pawn earning assets (pawn receivables and inventories) increased $69 million.
- A total of 38 pawn stores were acquired for a combined cash purchase price of $76 million.
- 61 new, or de novo, pawn stores were added for a total investment of $19 million in fixed assets and working capital.
- Real estate purchases totaling $86 million as the Company purchased the underlying real estate at 58 of its existing pawn stores, bringing the number of Company-owned properties to 400 locations.
Net debt at December 31, 2024 was $1.6 billion, a modest 5% increase over the prior year. Over $1.5 billion of the Company’s long-term financing remains fixed rate debt with favorable interest rates ranging from 4.625% to 6.875% and maturity dates that do not begin until 2028 and continue into 2032.
The Company’s net debt to adjusted EBITDA ratio was 2.8x at December 31, 2024.

Shareholder Returns

The Board of Directors declared a $0.38 per share first quarter cash dividend, which will be paid on February 28, 2025 to stockholders of record as of February 14, 2025. This represents an annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
During 2024, FirstCash repurchased $85 million of its common stock. The Company has $115 million available under the $200 million share repurchase program authorized in July 2023. Future share repurchases are subject to expected liquidity, acquisitions and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
Combined shareholder payouts in the form of cash dividends and stock repurchases were over $150 million in 2024 and have totaled almost $800 million over the last five years.
The Company generated a 13% return on equity and a 6% return on assets in 2024. Using adjusted net income for 2024, the adjusted return on equity was 15% while the adjusted return on assets was 7%.

2025 Outlook

The Company’s outlook for 2025 is highly positive given the continued growth in pawn receivables and expectations for further pawn store additions and AFF merchant partner growth. Anticipated conditions and trends for 2025 include the following:

Pawn Operations:

Pawn operations will continue to be the primary earnings driver, as the Company expects the contribution from the combined U.S. and Latin America pawn segments to be approximately 85% of total segment level pre-tax income for 2025.
The Company expects further growth in the pawn store base in 2025 through a combination of new store openings and potential acquisitions. Over the last five years, the Company has added an average of 115 new and acquired stores per year. The guidance presented below does not assume any material acquisition activity.

U.S. Pawn

U.S. Pawn is anticipated to contribute approximately 65% of total segment level pre-tax income for 2025.
Same-store pawn loans began 2025 up 12% compared to a year ago, with January balances to date up similarly. Given the strength of the 2024 same-store results, growth rates are expected to moderate slightly over the course of the year, but still result in strong pawn fee growth that is expected to be in a range of 8% to 11% for the full year.
Similar retail sales growth is projected for 2025, with retail margins expected to be in a normalized range targeted at approximately 42%.
Given the strong revenue momentum coupled with modest expense growth, the Company anticipates solid double-digit segment earnings growth in 2025 from this, its largest segment.

Latin America Pawn

LatAm Pawn is anticipated to contribute approximately 20% of total segment level pre-tax income for 2025.
U.S. dollar-reported results for Latin America in 2025 are expected to be impacted by the lower exchange rate for the Mexican peso, which has most recently been in a range 20 to 21 pesos per U.S. dollar compared to the average exchange rate of 18.3 to 1 in 2024.
Same-store pawn receivables began 2025 down 6% on a U.S. dollar basis but up 12% on a constant currency basis. Full year pawn fee growth is expected to remain in a range of 8% to 11% on a local currency basis while it is projected to be down in a range of 2% to 5% on a U.S. dollar basis, given the current exchange rate.
Retail sales in Latin America are also expected to track similarly to pawn fees in 2025 with consistent retail margins.
While operating expenses are expected to increase by 6% to 9% in Latin America on a local currency basis (given the enacted 10% increase in the Mexico minimum wage for 2025), expenses are anticipated to decline in a range of 3% to 6% on a U.S. dollar basis, which should dampen the overall currency impact on dollar-denominated segment earnings.

Retail POS Payment Solutions (AFF) Operations:

AFF is anticipated to contribute approximately 15% of total segment level pre-tax income for 2025.
As a result of recent merchant partner bankruptcies in the furniture sector (Conn’s HomePlus and American Freight), the Company anticipates first half 2025 origination volume being down to the prior year, given lower expected furniture originations, which are more seasonally weighted to the income tax refund season. Despite this headwind, full year origination volume for 2025 is expected to increase in a low single digit range compared to 2024, given continued growth in door counts and originations from new and other existing merchants. Excluding originations from Conn’s HomePlus and American Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024.
While full year 2025 net revenues are forecast to decline in a range of 10% to 15% compared to the prior year due to lower LTO balances and first half originations, reduced operating expenses related to the changes in product mix and other expense reduction initiatives are expected to offset much of the decrease in net revenue. Resulting full year segment pre-tax income is expected to be flat to down only slightly compared to the prior year.

Tax Rates and Currency:

The full year 2025 effective income tax rate under current tax codes in the U.S. and Latin America is expected to range from 24% to 25%.
Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 per share.

Additional Commentary and Analysis

Mr. Wessel further commented on FirstCash’s 2024 operating results and the outlook for 2025, “Our core pawn segments continue to see exceptional growth in pawn receivables, pawn fees and retail sales. Strong sequential acceleration in same-store pawn receivable growth rates during the fourth quarter resulted in end of year increases in pawn receivables of 15% in the U.S. and 13% (constant currency basis) in Latin America compared to last year. We believe this growth continues to be driven by inflationary impacts and credit tightening for consumers with small, immediate cash needs. Furthermore, we saw excellent retail sales results in the fourth quarter, with same-store sales up 6% in the U.S. and 7% in LatAm (constant currency) compared to the prior-year quarter while maintaining strong gross margins, which we attribute to our deep value retail pricing, attractive interest-free layaway programs and excellent customer service.

“Our industry-leading pawn operations were further expanded in 2024 as we added almost 100 locations through new store openings across all markets, coupled with strategic acquisitions in the U.S. and Mexico. Over the last five years, we have opened or acquired more than 550 pawn locations and we began 2025 with a strong pipeline of new store openings already in process. While most of our new store openings will continue to be in Latin America, we currently have three store openings slated for growth markets in the U.S. Additionally, we continue to see accretive acquisition opportunities in multiple markets which can be funded from available cash and credit facilities.

“While a smaller component of FirstCash’s consolidated operations, AFF posted solid results in 2024 by contributing almost $130 million in segment earnings and generating meaningful cash flow. Although this was a difficult year in the retail furniture industry, given weak sales volumes and store closings at several retailers of size, AFF posted overall origination growth in 2024, driven by successful expansion in other vertical categories and its strong field sales channel.

“We began 2025 in a strong position to again deliver meaningful earnings growth with the current momentum in our core pawn business in both the U.S. and Latin America and opportunities for additional growth through pawnshop acquisitions and de novo store openings. AFF’s prospects remain positive as well, as it continues to grow and diversify its merchant base. On a consolidated basis, our strong cash flows and balance sheet position us well to support this growth, and combined with ongoing cash dividends and potential share repurchases, are expected to drive further shareholder returns,” concluded Mr. Wessel.

About FirstCash

FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

Forward-Looking Information

This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2025. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future, including the Consumer Financial Protection Bureau (the “CFPB”) lawsuit filed against the Company; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products, labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and higher gas prices, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail POS payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Revenue:
Retail merchandise sales	$	413,671		$	397,412		$	1,507,096		$	1,381,272
Pawn loan fees		189,984			178,238			737,126			658,536
Leased merchandise income		177,440			190,057			766,241			752,682
Interest and fees on finance receivables		70,507			59,571			245,891			233,818
Wholesale scrap jewelry sales		32,209			26,856			132,160			125,488
Total revenue		883,811			852,134			3,388,514			3,151,796

Cost of revenue:
Cost of retail merchandise sold		249,831			241,402			909,685			832,393
Depreciation of leased merchandise		97,937			103,631			433,306			411,455
Provision for lease losses		33,561			34,184			163,395			175,858
Provision for loan losses		41,736			32,459			143,827			123,030
Cost of wholesale scrap jewelry sold		27,058			22,809			108,769			101,821
Total cost of revenue		450,123			434,485			1,758,982			1,644,557

Net revenue		433,688			417,649			1,629,532			1,507,239

Expenses and other income:
Operating expenses		226,547			216,783			900,978			832,149
Administrative expenses		43,636			51,887			173,199			176,315
Depreciation and amortization		26,434			27,635			104,941			109,161
Interest expense		27,197			26,586			105,226			93,243
Interest income		(528	)		(216	)		(1,935	)		(1,469	)
Loss (gain) on foreign exchange		508			376			2,641			(1,529	)
Merger and acquisition expenses		42			4,252			2,228			7,922
Other expenses (income), net		319			(1,142	)		(522	)		(1,402	)
Total expenses and other income		324,155			326,161			1,286,756			1,214,390

Income before income taxes		109,533			91,488			342,776			292,849

Provision for income taxes		25,986			21,899			83,961			73,548

Net income	$	83,547		$	69,589		$	258,815		$	219,301

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

	December 31,
	2024			2023
ASSETS
Cash and cash equivalents	$	175,095		$	127,018
Accounts receivable, net		73,325			71,922
Pawn loans		517,867			471,846
Finance receivables, net		147,501			113,901
Inventories		334,580			312,089
Leased merchandise, net		128,437			171,191
Prepaid expenses and other current assets		26,943			38,634
Total current assets		1,403,748			1,306,601

Property and equipment, net		717,916			632,724
Operating lease right of use asset		324,646			328,458
Goodwill		1,787,172			1,727,652
Intangible assets, net		228,858			277,724
Other assets		9,934			10,242
Deferred tax assets, net		4,712			6,514
Total assets	$	4,476,986		$	4,289,915

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	171,540		$	163,050
Customer deposits and prepayments		72,703			70,580
Lease liability, current		95,161			101,962
Total current liabilities		339,404			335,592

Revolving unsecured credit facilities		198,000			568,000
Senior unsecured notes		1,531,346			1,037,647
Deferred tax liabilities, net		128,574			136,773
Lease liability, non-current		225,498			215,485
Total liabilities		2,422,822			2,293,497

Stockholders’ equity:
Common stock		575			573
Additional paid-in capital		1,767,569			1,741,046
Retained earnings		1,411,083			1,218,029
Accumulated other comprehensive loss		(129,596	)		(43,037	)
Common stock held in treasury, at cost		(995,467	)		(920,193	)
Total stockholders’ equity		2,054,164			1,996,418
Total liabilities and stockholders’ equity	$	4,476,986		$	4,289,915

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS
(UNAUDITED)

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Three Months Ended
	December 31,
	2024			2023			Increase
Revenue:
Retail merchandise sales	$	267,251		$	243,697			10	%
Pawn loan fees		133,563			120,083			11	%
Wholesale scrap jewelry sales		23,201			17,463			33	%
Total revenue		424,015			381,243			11	%

Cost of revenue:
Cost of retail merchandise sold		153,641			141,406			9	%
Cost of wholesale scrap jewelry sold		19,755			14,941			32	%
Total cost of revenue		173,396			156,347			11	%

Net revenue		250,619			224,896			11	%

Segment expenses:
Operating expenses		131,439			119,627			10	%
Depreciation and amortization		7,371			6,799			8	%
Total segment expenses		138,810			126,426			10	%

Segment pre-tax operating income	$	111,809		$	98,470			14	%

Operating metrics:
Retail merchandise sales margin	43		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	26		%	26		%

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
	December 31,
	2024			2023			Increase
Revenue:
Retail merchandise sales	$	969,371		$	854,190			13	%
Pawn loan fees		505,262			435,762			16	%
Wholesale scrap jewelry sales		93,923			78,571			20	%
Total revenue		1,568,556			1,368,523			15	%

Cost of revenue:
Cost of retail merchandise sold		560,970			490,544			14	%
Cost of wholesale scrap jewelry sold		77,683			64,545			20	%
Total cost of revenue		638,653			555,089			15	%

Net revenue		929,903			813,434			14	%

Segment expenses:
Operating expenses		503,630			451,543			12	%
Depreciation and amortization		28,980			25,585			13	%
Total segment expenses		532,610			477,128			12	%

Segment pre-tax operating income	$	397,293		$	336,306			18	%

Operating metrics:
Retail merchandise sales margin	42		%	43		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	25		%	25		%

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

	As of December 31,
	2024			2023			Increase
Earning assets:
Pawn loans	$	396,667		$	344,152			15	%
Inventories		245,492			221,843			11	%
	$	642,159		$	565,995			13	%

Average outstanding pawn loan amount (in ones)	$	283		$	258			10	%

Composition of pawn collateral:
General merchandise	28		%	30		%
Jewelry	72		%	70		%
	100		%	100		%

Composition of inventories:
General merchandise	41		%	43		%
Jewelry	59		%	57		%
	100		%	100		%

Percentage of inventory aged greater than one year	1		%	1		%

Inventory turnover (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times			2.8 times

FIRSTCASH HOLDINGS, INC.
LATIN AMERICA PAWN SEGMENT RESULTS
(UNAUDITED)

Latin America Pawn Segment Results

Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results.

Latin America Pawn Operating Results and Margins (dollars in thousands)

											Constant Currency Basis
											Three Months
											Ended
	Three Months Ended										December 31,			Increase /
	December 31,										2024			(Decrease)
	2024			2023			(Decrease)				(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales	$	147,412		$	155,310			(5)	%		$	166,927			7	%
Pawn loan fees		56,421			58,155			(3)	%			63,893			10	%
Wholesale scrap jewelry sales		9,008			9,393			(4)	%			9,008			(4)	%
Total revenue		212,841			222,858			(4)	%			239,828			8	%

Cost of revenue:
Cost of retail merchandise sold		96,718			100,870			(4)	%			109,445			9	%
Cost of wholesale scrap jewelry sold		7,303			7,868			(7)	%			8,278			5	%
Total cost of revenue		104,021			108,738			(4)	%			117,723			8	%

Net revenue		108,820			114,120			(5)	%			122,105			7	%

Segment expenses:
Operating expenses		60,918			63,976			(5)	%			68,628			7	%
Depreciation and amortization		5,170			5,466			(5)	%			5,754			5	%
Total segment expenses		66,088			69,442			(5)	%			74,382			7	%

Segment pre-tax operating income	$	42,732		$	44,678			(4)	%		$	47,723			7	%

Operating metrics:
Retail merchandise sales margin	34		%	35		%				34			%
Net revenue margin	51		%	51		%				51			%
Segment pre-tax operating margin	20		%	20		%				20			%

FIRSTCASH HOLDINGS, INC.
LATIN AMERICA PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

										Constant Currency Basis
										Twelve Months
										Ended
	Twelve Months Ended									December 31,			Increase /
	December 31,						Increase /			2024			(Decrease)
	2024			2023			(Decrease)			(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales	$	541,787		$	533,612			2	%	$	556,686			4	%
Pawn loan fees		231,864			222,774			4	%		238,305			7	%
Wholesale scrap jewelry sales		38,237			46,917			(19)	%		38,237			(19)	%
Total revenue		811,888			803,303			1	%		833,228			4	%

Cost of revenue:
Cost of retail merchandise sold		350,906			345,309			2	%		360,452			4	%
Cost of wholesale scrap jewelry sold		31,086			37,276			(17)	%		31,977			(14)	%
Total cost of revenue		381,992			382,585			—	%		392,429			3	%

Net revenue		429,896			420,718			2	%		440,799			5	%

Segment expenses:
Operating expenses		259,307			243,146			7	%		266,102			9	%
Depreciation and amortization		20,369			21,350			(5)	%		20,855			(2)	%
Total segment expenses		279,676			264,496			6	%		286,957			8	%

Segment pre-tax operating income	$	150,220		$	156,222			(4)	%	$	153,842			(2)	%

Operating metrics:
Retail merchandise sales margin	35		%	35		%				35		%
Net revenue margin	53		%	52		%				53		%
Segment pre-tax operating margin	19		%	19		%				18		%

FIRSTCASH HOLDINGS, INC.
LATIN AMERICA PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

										Constant Currency Basis
										As of
										December 31,
	As of December 31,									2024		Increase
	2024			2023			(Decrease)			(Non-GAAP)		(Non-GAAP)
Earning assets:
Pawn loans	$	121,200		$	127,694			(5)	%	$	143,805		13	%
Inventories		89,088			90,246			(1)	%		105,686		17	%
	$	210,288		$	217,940			(4)	%	$	249,491		14	%

Average outstanding pawn loan amount (in ones)	$	87		$	95			(8)	%	$	103		8	%

Composition of pawn collateral:
General merchandise	58		%	63		%
Jewelry	42		%	37		%
	100		%	100		%

Composition of inventories:
General merchandise	65		%	67		%
Jewelry	35		%	33		%
	100		%	100		%

Percentage of inventory aged greater than one year	1		%	1		%

Inventory turnover (trailing twelve months cost of merchandise sales divided by average inventories)	4.2 times			4.4 times

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS
(UNAUDITED)

Retail POS Payment Solutions Operating Results (dollars in thousands)

	Three Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Revenue:
Leased merchandise income	$	177,440	$	190,057		(7)	%
Interest and fees on finance receivables		70,507		59,571		18	%
Total revenue		247,947		249,628		(1)	%

Cost of revenue:
Depreciation of leased merchandise		98,266		104,114		(6)	%
Provision for lease losses		33,665		35,564		(5)	%
Provision for loan losses		41,736		32,459		29	%
Total cost of revenue		173,667		172,137		1	%

Net revenue		74,280		77,491		(4)	%

Segment expenses:
Operating expenses		34,190		33,180		3	%
Depreciation and amortization		705		772		(9)	%
Total segment expenses		34,895		33,952		3	%

Segment pre-tax operating income	$	39,385	$	43,539		(10)	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Revenue:
Leased merchandise income	$	766,241	$	752,682		2	%
Interest and fees on finance receivables		245,891		233,818		5	%
Total revenue		1,012,132		986,500		3	%

Cost of revenue:
Depreciation of leased merchandise		434,915		413,546		5	%
Provision for lease losses		163,937		177,418		(8)	%
Provision for loan losses		143,827		123,030		17	%
Total cost of revenue		742,679		713,994		4	%

Net revenue		269,453		272,506		(1)	%

Segment expenses:
Operating expenses		138,041		137,460		—	%
Depreciation and amortization		2,783		3,030		(8)	%
Total segment expenses		140,824		140,490		—	%

Segment pre-tax operating income	$	128,629	$	132,016		(3)	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)

	Three Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Leased merchandise	$	124,590	$	170,278		(27)	%
Finance receivables		159,898		102,279		56	%
Total gross transaction volume	$	284,488	$	272,557		4	%

	Twelve Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Leased merchandise	$	568,635	$	623,069		(9)	%
Finance receivables		510,231		405,765		26	%
Total gross transaction volume	$	1,078,866	$	1,028,834		5	%

Retail POS Payment Solutions Earning Assets (dollars in thousands)

	As of December 31,						Increase /
	2024			2023			(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	209,333		$	267,458			(22)	%
Less allowance for lease losses		(80,661	)		(95,752	)		(16)	%
Leased merchandise, net	$	128,672		$	171,706			(25)	%

Finance receivables, net:
Finance receivables, before allowance for loan losses	$	264,506		$	210,355			26	%
Less allowance for loan losses		(117,005	)		(96,454	)		21	%
Finance receivables, net	$	147,501		$	113,901			29	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Allowance for Lease and Loan Losses and Other Portfolio Metrics (dollars in thousands)

	Three Months Ended
	December 31,						Increase /
	2024			2023			(Decrease)
Allowance for lease losses:
Balance at beginning of period	$	93,823		$	105,472		(11)	%
Provision for lease losses		33,665			35,564		(5)	%
Charge-offs		(48,607	)		(46,986	)	3	%
Recoveries		1,780			1,702		5	%
Balance at end of period	$	80,661		$	95,752		(16)	%

Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	27		%	21		%
Average monthly net charge-off rate ⁽²⁾	7.1		%	5.8		%
Delinquency rate ⁽³⁾	24.4		%	21.7		%

Allowance for loan losses:
Balance at beginning of period	$	109,197		$	96,684		13	%
Provision for loan losses		41,736			32,459		29	%
Charge-offs		(35,751	)		(34,680	)	3	%
Recoveries		1,823			1,991		(8)	%
Balance at end of period	$	117,005		$	96,454		21	%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	26		%	32		%
Average monthly net charge-off rate ⁽²⁾	4.5		%	5.2		%
Delinquency rate ⁽³⁾	20.0		%	21.8		%

⁽¹⁾ Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

⁽²⁾ Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

⁽³⁾ Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
		December 31,						Increase /
		2024			2023			(Decrease)
Allowance for lease losses:
Balance at beginning of period		$	95,752		$	79,576			20	%
Provision for lease losses			163,937			177,418			(8)	%
Charge-offs			(186,123	)		(167,952	)		11	%
Recoveries			7,095			6,710			6	%
Balance at end of period		$	80,661		$	95,752			(16)	%

Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	29			%	28		%
Average monthly net charge-off rate ⁽²⁾	6.3			%	5.4		%
Delinquency rate ⁽³⁾	24.4			%	21.7		%

Allowance for loan losses:
Balance at beginning of period		$	96,454		$	84,833			14	%
Provision for loan losses			143,827			123,030			17	%
Charge-offs			(130,812	)		(117,961	)		11	%
Recoveries			7,536			6,552			15	%
Balance at end of period		$	117,005		$	96,454			21	%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	28			%	30		%
Average monthly net charge-off rate ⁽²⁾	4.3			%	4.7		%
Delinquency rate ⁽³⁾	20.0			%	21.8		%

⁽¹⁾ Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

⁽²⁾ Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

⁽³⁾ Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

FIRSTCASH HOLDINGS, INC.
PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS

Pawn Operations

As of December 31, 2024, the Company operated 3,026 pawn store locations comprised of 1,200 stores in 29 U.S. states and the District of Columbia, 1,725 stores in 32 states in Mexico, 72 stores in Guatemala, 17 stores in El Salvador and 12 stores in Colombia.

The following tables detail pawn store count activity for the three and twelve months ended December 31, 2024:

	Three Months Ended December 31, 2024
	U.S.		Latin America		Total
Total locations, beginning of period	1,201		1,824		3,025
New locations opened	—		6		6
Locations acquired	—		10		10
Consolidation of existing pawn locations ⁽¹⁾	(1	)	(14	)	(15	)
Total locations, end of period	1,200		1,826		3,026


	Twelve Months Ended December 31, 2024
	U.S.		Latin America		Total
Total locations, beginning of period	1,183		1,814		2,997
New locations opened	1		60		61
Locations acquired	28		10		38
Consolidation of existing pawn locations ^{(1) (2)}	(12	)	(58	)	(70	)
Total locations, end of period	1,200		1,826		3,026

⁽¹⁾ Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.

⁽²⁾ Includes 10 pawnshops located in Acapulco, Mexico that were severely damaged by a hurricane in the fall of 2023, which the Company elected to consolidate with other stores in this market. The Company expects to replace certain of these locations in this market over time as the city’s infrastructure recovers.

Retail POS Payment Solutions

As of December 31, 2024, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 13,600 active retail merchant partner locations, which is net of the closing of approximately 1,000 Conn’s HomePlus and American Freight locations due to bankruptcy during the fourth quarter of 2024. This compares to the active door count of approximately 11,600 locations at December 31, 2023.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(UNAUDITED)

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

While acquisitions are an important part of the Company’s overall strategy, the Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses and amortization of acquired AFF intangible assets. The Company does not consider these items to be related to the organic operations of the acquired businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the acquired businesses. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

The Company has certain leases in Mexico which are denominated in U.S. dollars. The lease liability of these U.S. dollar-denominated leases, which is considered a monetary liability, is remeasured into Mexican pesos using current period exchange rates, resulting in the recognition of foreign currency exchange gains or losses. The Company has adjusted the applicable financial measures to exclude these remeasurement gains or losses (1) because they are non-cash, non-operating items that could create volatility in the Company’s consolidated results of operations due to the magnitude of the end of period lease liability being remeasured and (2) to improve comparability of current periods presented with prior periods.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following table provides a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

	Three Months Ended December 31,										Twelve Months Ended December 31,
	2024		2023			2024		2023			2024		2023			2024		2023
	In Thousands		In Thousands			Per Share		Per Share			In Thousands		In Thousands			Per Share		Per Share
Net income and diluted earnings per share, as reported	$	83,547	$	69,589		$	1.86	$	1.53		$	258,815	$	219,301		$	5.73	$	4.80
Adjustments, net of tax:
Merger and acquisition expenses		31		3,271			—		0.07			1,706		6,089			0.04		0.13
Non-cash foreign currency loss (gain) related to lease liability		504		(607	)		0.01		(0.01	)		2,627		(1,778	)		0.06		(0.04	)
AFF purchase accounting and other adjustments		9,572		21,472			0.21		0.47			38,289		54,341			0.85		1.19
Other expenses (income), net		1,761		(879	)		0.04		(0.02	)		1,243		(1,079	)		0.02		(0.02	)
Adjusted net income and diluted earnings per share	$	95,415	$	92,846		$	2.12	$	2.04		$	302,680	$	276,874		$	6.70	$	6.06

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Net income	$	83,547		$	69,589		$	258,815		$	219,301
Income taxes		25,986			21,899			83,961			73,548
Depreciation and amortization		26,434			27,635			104,941			109,161
Interest expense		27,197			26,586			105,226			93,243
Interest income		(528	)		(216	)		(1,935	)		(1,469	)
EBITDA		162,636			145,493			551,008			493,784
Adjustments:
Merger and acquisition expenses		42			4,252			2,228			7,922
Non-cash foreign currency loss (gain) related to lease liability		720			(867	)		3,755			(2,540	)
AFF purchase accounting and other adjustments ⁽¹⁾		—			13,968			—			13,968
Other expenses (income), net		2,287			(1,142	)		1,446			(1,402	)
Adjusted EBITDA	$	165,685		$	161,704		$	558,437		$	511,732

⁽¹⁾ For the three and twelve months ended December 31, 2023, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash, generated by business operations, that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Cash flow from operating activities	$	198,149		$	99,105		$	539,958		$	416,142
Cash flow from investing activities:
Pawn loans, net ⁽¹⁾		(2,276	)		24,448			(71,999	)		(34,978	)
Finance receivables, net		(53,128	)		(27,448	)		(139,314	)		(115,442	)
Purchases of furniture, fixtures, equipment and improvements		(12,213	)		(13,425	)		(68,245	)		(60,148	)
Free cash flow		130,532			82,680			260,400			205,574
Merger and acquisition expenses paid, net of tax benefit		31			3,271			1,706			6,089
Adjusted free cash flow	$	130,563		$	85,951		$	262,106		$	211,663

⁽¹⁾ Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Return on Equity and Adjusted Return on Assets

Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):

	Twelve Months Ended
	December 31, 2024
Adjusted net income ⁽¹⁾	$	302,680

Average stockholders’ equity (average of five most recent quarter-end balances)	$	2,014,721
Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)	15		%

Average total assets (average of five most recent quarter-end balances)	$	4,345,922
Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)	7		%

⁽¹⁾ See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables elsewhere in this release for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso

	December 31,		Favorable /
	2024	2023	(Unfavorable)
Mexican peso / U.S. dollar exchange rate:
End-of-period	20.3	16.9		(20)	%
Three months ended	20.1	17.6		(14)	%
Twelve months ended	18.3	17.8		(3)	%

Guatemalan quetzal / U.S. dollar exchange rate:
End-of-period	7.7	7.8		1	%
Three months ended	7.7	7.8		1	%
Twelve months ended	7.8	7.8		—	%

Colombian peso / U.S. dollar exchange rate:
End-of-period	4,409	3,822		(15)	%
Three months ended	4,348	4,070		(7)	%
Twelve months ended	4,071	4,328		6	%

FIRSTCASH HOLDINGS, INC.
INTERSEGMENT TRANSACTIONS
(UNAUDITED)

Intersegment transactions relate to the Company offering AFF’s LTO payment solution in its U.S. pawn stores and are eliminated to arrive at consolidated totals. For the three months ended December 31, 2024 and 2023, these intersegment amounts are as follows:

U.S. pawn retail merchandise sales includes $1.0 million and $1.6 million, respectively. Excluding these intersegment sales, consolidated U.S. retail merchandise sales totaled $266.3 million and $242.1 million, respectively.
U.S. pawn cost of retail merchandise sold includes $0.5 million and $0.9 million, respectively. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold totaled $153.1 million and $140.5 million, respectively.
Retail POS payment solutions depreciation of leased merchandise includes $0.3 million and $0.5 million, respectively. Excluding these intersegment transactions, consolidated depreciation of leased merchandise totaled $97.9 million and $103.6 million, respectively.
Retail POS payment solutions provision for lease losses includes $0.1 million and $1.4 million, respectively. Excluding these intersegment transactions, consolidated provision for lease losses totaled $33.6 million and $34.2 million, respectively.

For the twelve months ended December 31, 2024 and 2023, these intersegment amounts are as follows:

U.S. pawn retail merchandise sales includes $4.1 million and $6.5 million, respectively. Excluding these intersegment sales, consolidated U.S. retail merchandise sales totaled $965.3 million and $847.7 million, respectively.
U.S. pawn cost of retail merchandise sold includes $2.2 million and $3.5 million, respectively. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold totaled $558.8 million and $487.1 million, respectively.
Retail POS payment solutions depreciation of leased merchandise includes $1.6 million and $2.1 million, respectively. Excluding these intersegment transactions, consolidated depreciation of leased merchandise totaled $433.3 million and $411.5 million, respectively.
Retail POS payment solutions provision for lease losses includes $0.5 million and $1.6 million, respectively. Excluding these intersegment transactions, consolidated provision for lease losses totaled $163.4 million and $175.9 million, respectively.

As of December 31, 2024 and 2023, these intersegment amounts are as follows:

Retail POS payment solutions leased merchandise, net includes $0.2 million and $0.5 million, respectively. Excluding these intersegment transactions, consolidated net leased merchandise totaled $128.4 million and $171.2 million, respectively.

For further information, please contact:
Gar Jackson
Global IR Group
Phone: (817) 886-6998
Email: gar@globalirgroup.com

Doug Orr, Executive Vice President and Chief Financial Officer
Phone:    (817) 258-2650
Email:     investorrelations@firstcash.com
Website:  investors.firstcash.com

The MIL Network –

January 31, 2025

MIL-OSI Africa: Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last

Source: The Conversation – Africa – By Alan Hirsch, Research Fellow New South Institute, Emeritus Professor at The Nelson Mandela School of Public Governance, University of Cape Town

Donald Trump, America’s new president, has cut back massively on US commitments to asylum seekers, blocked all asylum processes and started to remove irregular immigrants.

Trump’s new measures are far reaching. They include the suspension of the US refugee admissions programme. Flights booked for refugees to the US have been cancelled. Arrests and deportations have begun.

Strongly anti-immigrant policies were also pursued under the Biden administration, though Trump’s dramatic steps take them much further. Other countries in the global north have also introduced tougher policies. The 2024 EU Pact on Migration and Asylum sets out tougher border controls, quicker assessment of asylum seekers and swifter removal of those who did not qualify. In the UK, Labour prime minister Keir Starmer has promised to bring down the net migration rate and treat people-smugglers like terrorists.

Based on my research into migration over the past 30 years I believe that these measures are unlikely to last. There are two linked trends that make closing the borders of the global north impractical and destined for revision.

The first is that populations in most of the global north are ageing fast (on average) and the fertility rate, or natural population growth rate, has plummeted. There are many more older people as a percentage of the population.

Secondly, with a workforce shrinking and the dependency ratio (the proportion of non-working to working people) rising rapidly, closing borders to potential labourers from other countries, without any other change, would lead to declining living standards in the global north. Economic growth and government revenues would slow or stagnate, undermining infrastructure maintenance and social service provision.

There are several possible strategies that could be alternatives to anti-immigration measures. Some older people could migrate south, robots and AI could do more work, workers in the global south could perform remote work for the north, and arrangements could be made to allow migrants into the north either permanently or as circulating migrants.

All these strategies are already in use, if modestly. Their application would have to expand considerably.

Misplaced panic

The responses of governments in the global north are exaggerated. Governments putting in place tough anti-immigrant measures have done so on the back of a narrative that there’s been a significant rise in the number of migrants worldwide.

This isn’t true. Some countries, such as the US, Germany and Colombia, have seen a spike in refugees and other migrants. But for the rest of the world the picture remains much the same as it has done for decades.

Foreign-born residents (the most widely used definition of migrants) rose as a proportion of residents worldwide from 2.3% in 1970 to 3.6% in 2020. But in 1960 the number was over 3%, and in the late 1800s migrants made up somewhere between 3% and 5% of the global population.

So, 3.6% is nothing new.

As for refugees, in 2023 there were about 38 million, of whom 69% sought refuge in neighbouring countries and 75% in middle- and low-income countries.

In general, therefore, rich countries have not been carrying the greatest burden.

The real reason behind these tougher measures is that living standards have stagnated in many countries in the Organization for Economic Cooperation and Development. The cost and availability of housing have worsened; inequality has grown since the 1980s; the quality and availability of public services have deteriorated since the global financial crisis of 2008 and COVID-19; and the quality of employment has shifted to precarious work and poorly paid service sector occupations.

This has contributed to the rise of populism, including anti-foreigner sentiment and even xenophobia.

Trump’s actions are the most extreme yet. They include an order to block “aliens involved in the invasion” using “appropriate measures” that give the security forces further powers. The prohibition of southern border asylum hearings in the US and the instruction to “remain in Mexico” means that prospective asylum seekers from third countries may not cross the border to make their applications at the port of entry. They must apply remotely.

Trump has also ordered that birthright citizenship must be limited to the children of certain categories of residents, essentially citizens or those with residence rights in the form of a “green card”. This move has been temporarily blocked in some states by judges as unconstitutional.

In addition, the acting head of the Homeland Security Department gave Immigration and Customs Enforcement officials the power to deport migrants admitted temporarily into the US under several programmes of the Biden administration, targeting refugees from Cuba, Nicaragua, Venezuela and Haiti, and possibly Afghan and Ukrainian refugees too.

The very first bill to receive final approval from the US Congress under Trump’s second term, the Laken-Riley Act, would require the detention and deportation of migrants who enter the country without authorisation and are charged with certain crimes. This bill was passed with 263 votes and 156 votes against, meaning that 46 House Democrats supported the Republican bill.

In contrast, in the global south, as I have discussed elsewhere, the trend has been in the opposite direction. South American regional communities liberalised migration most extensively in recent decades, but African regional communities have made progress too, as has the Association of Southeast Asian Nations.

The way forward

Some alternative strategies are leading the way.

In Canada, the Temporary Foreign Worker programme has expanded steadily since 1973, increasingly including long-term circulating migrating lower-skilled workers for key occupations like catering, care, construction and agriculture. Though it is currently under political scrutiny because of the panic in the north over migration, and because of housing shortages in Canada, it is likely to survive and evolve. Similar systems are emerging across the global north.

In the EU, Talent Partnerships are now encouraged. Germany, for example, has talent partnerships with Kenya and Morocco, where they train health workers and IT technicians in those countries to work and live in Germany. Spain has various partnerships in Latin America and Africa. Prime minister Pedro Sanchez has chosen to be upfront on the choices. In October last year he told the Spanish people:

Spain needs to choose between being an open and prosperous country or a closed off poor country.

The current fashion for population protectionism in the global north is increasingly nasty, but it is unlikely to stand the test of time. Several constructive responses to the rising dependency ratio are feasible, but being open to more migration, possibly in new forms and through new channels. is an inevitable part of the solution.

New formal pathways for working migrants and reasonable systems for asylum seekers, along with full enforcement of rules against irregular migrants, could be the combination that works politically and economically.

– Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last
– https://theconversation.com/anti-immigration-policies-why-harsh-new-rules-put-in-place-by-trump-and-other-rich-countries-wont-last-248359

MIL OSI Africa –

January 31, 2025

MIL-OSI Global: Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last