text:
(Date of Report - Date of Earliest Event Reported)
FIRSTCASH, INC.
(Address of principal executive offices, including zip code)
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Trading Symbol(s)
Common Stock, par value $.01 per share
Item 2.02 Results of Operations and Financial Condition.
On October 23, 2019, FirstCash, Inc. (the "Company") issued a press release announcing its financial results for the three and nine month periods ended September 30, 2019 and the Board of Directors' declaration of a fourth quarter cash dividend of $0.27 per common share (the "Earnings Release"). The Earnings Release is attached hereto as Exhibit 99.1 and is incorporated by reference in its entirety into this Item 2.02.
The information provided in this Item 2.02, including the Earnings Release, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by the specific reference in such filing.
(d) Exhibits:
Press release, dated October 23, 2019, announcing the Company's financial results for the three and nine month periods ended September 30, 2019 and declaration of cash dividend
101.INS
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document
The cover page from this Current Report on Form 8-K, formatted as Inline XBRL
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: October 23, 2019
(Registrant)
/s/ R. DOUGLAS ORR
R. Douglas Orr
(As Principal Financial and Accounting Officer)
FirstCash Reports Record Third Quarter Earnings Results;
Store Count Now at 2,665 Locations with 258 Units Added Year-to-Date;
Increases Quarterly Dividend by 8% to $0.27 per Share
Fort Worth, Texas (October 23, 2019) -- FirstCash, Inc. (the "Company") (Nasdaq: FCFS), the leading international operator of over 2,600 retail pawn stores in the U.S. and Latin America, today announced operating results, including record revenues and earnings per share, for the three and nine month periods ended September 30, 2019.
Mr. Rick Wessel, chief executive officer, stated, "We had outstanding third quarter results driven by the strength of revenue growth and earnings from core pawn operations. Latin American revenues grew 19% for the quarter and 21% on a constant currency basis, while U.S. results continued to realize growth in retail sales and margins, pawn fees and segment income from pawn operations. The Company continued to add store locations during the third quarter, with year-to-date acquisitions now totaling 183 stores, primarily in Mexico, and 75 additions through de novo store openings in Mexico, Guatemala and Colombia."
In addition, the Board of Directors declared a $0.27 per share quarterly cash dividend, an increase of 8% compared to the previous quarterly dividend of $0.25 per share. "Utilizing our strong balance sheet and cash flows, year-to-date, FirstCash has opened or acquired 258 locations, repurchased $67 million of common stock and has increased the annualized dividend to $1.08 per share," Mr. Wessel concluded.
This release contains adjusted earnings measures, which exclude merger and other acquisition expenses, certain non-cash foreign currency exchange gains and losses and non-recurring consumer lending wind-down costs, which 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.
As Reported (GAAP)
Adjusted (Non-GAAP)
EBITDA (non-GAAP measure)
Weighted-average diluted shares
Diluted earnings per share increased 7% on a GAAP basis and 4% on a non-GAAP adjusted basis in the third quarter of 2019 compared to the prior-year quarter. For the nine month year-to-date period, diluted earnings per share increased 9% on both a GAAP and adjusted non-GAAP basis.
Year-over-year comparative earnings per share growth was negatively impacted by several notable, non-core or non-operational items including:
◦
Expected contraction in non-core consumer lending operations and costs associated with the wind-down of the Company's consumer lending operations in Ohio reduced third quarter 2019 earnings per share by approximately $0.07 on a GAAP basis and $0.06 on an adjusted non-GAAP basis, compared to the same prior-year period, and on a year-to-date basis reduced GAAP and adjusted non-GAAP earnings per share by approximately $0.19 and $0.13, respectively. See the "Consumer Lending Contraction and Ohio Wind-Down Costs" section below.
The impact of weaker foreign currency translation and a net foreign exchange loss represented an earnings headwind of $0.03 per share in both the third quarter and year-to-date period compared to the respective prior-year periods.
An increase in the consolidated effective income tax rate negatively impacted comparative earnings by approximately $0.05 per share for the third quarter and $0.06 per share for the full year compared to the respective prior-year periods.
The sum of these impacts on earnings per share were approximately $0.15 for the quarter and $0.28 year-to-date on a GAAP basis, and $0.14 for the quarter and $0.22 year-to-date on a non-GAAP adjusted basis.
Segment earnings in Latin America increased 12% on a U.S. dollar basis and 14% on a constant currency basis for the third quarter compared to the prior-year quarter.
U.S. segment earnings increased 2% for the third quarter on a GAAP basis. Excluding the reduction in earnings from non-core consumer lending operations and wind-down costs in Ohio (a non-GAAP measure), U.S. segment earnings increased 8% for the quarter compared to the prior-year quarter.
Consolidated retail sales margins increased to 37% for both the three and nine months ended September 30, 2019 compared to 36% in the respective prior-year periods.
For the trailing twelve months ended September 30, 2019, consolidated revenues totaled $1.8 billion, net income was $159 million and adjusted EBITDA totaled $299 million.
Growth in EBITDA and adjusted EBITDA during 2019 outpaced growth in net income and adjusted net income, increasing 9% and 7%, respectively, in the third quarter of 2019 compared to the prior-year quarter. These increases would have been even greater except for the impact from the contraction in non-core consumer lending operations as described above.
Cash flow from operating activities for the trailing twelve months ended September 30, 2019 totaled $233 million, while adjusted free cash flow, a non-GAAP financial measure, was $213 million for the twelve months ended September 30, 2019.
Acquisitions and Store Opening Highlights
A total of 16 de novo locations were opened during the third quarter, all in Latin America. Year-to-date, a total of 75 new stores have been opened in Latin America, which compares to 43 new stores opened at the same point a year ago. The 75 store openings this year include 58 in Mexico, 13 in Guatemala and four in Colombia.
The Company acquired a total of five franchised Prendamex locations in Mexico during the third quarter of 2019. Year-to-date, a total of 183 stores have been acquired, including 163 stores in Latin America and 20 stores in the U.S.
Over the trailing twelve-month period ended September 30, 2019, the Company has added a total of 300 locations, representing a 10% increase in the number of pawn stores. Over 90% of the stores added in the last twelve months are located in Latin America where the number of pawn stores has increased by 20% over the same twelve-month period.
As of September 30, 2019, the Company operated 2,665 stores, with 1,612 stores in Latin America, representing 60% of the total store base, and 1,053 stores in the U.S. The Latin American locations include 1,539 stores in Mexico, 52 stores in Guatemala, 13 stores in El Salvador and eight stores in Colombia, while the U.S. stores are located in 24 states and the District of Columbia.
Note: Certain growth rates in "Latin America Operations" below are calculated on a constant currency basis, a non-GAAP financial measure defined at the end of this release and reconciled to the most comparable GAAP measures in the financial statements in this release. The average Mexican peso to U.S. dollar exchange rate for the three-month period ended September 30, 2019 was 19.4 pesos / dollar, an unfavorable change of 2% versus the comparable prior-year period, and for the nine-month period ended September 30, 2019 was 19.3 pesos / dollar, an unfavorable change of 2% versus the prior-year period.
Latin America Operations
LatAm segment pre-tax operating income for the quarter increased 12%, or 14% on a constant currency basis, compared to the third quarter of 2018. The year-to-date segment pre-tax operating income increased 18%, or 19% on a constant currency basis.
Driven by store additions and same-store revenue growth, total Latin America revenues for the third quarter of 2019 were a record $168 million, an increase of 19% on a U.S. dollar basis and 21% on a constant currency basis, as compared to the third quarter of 2018. Year-to-date, total Latin America revenues increased 23% on a U.S. dollar basis and 24% on a constant currency basis, as compared to the prior-year period.
The strong revenue growth included a 20% increase in retail sales and a 16% increase in pawn fees compared to the prior-year quarter. On a constant currency basis, retail sales and pawn fees increased 23% and 18%, respectively, as compared to the prior-year quarter.
Same-store core pawn revenues increased 4% on a U.S. dollar translated basis and 6% on a constant currency basis, which represented the third sequential quarterly increase in this number. By component, same-store retail sales increased 5% on a U.S. dollar basis and 8% on a constant currency basis compared to the prior-year quarter. While same-store pawn fees were flat on a U.S. dollar basis, they were up 2% on a constant currency basis.
Pawn loans outstanding totaled a record $115 million at September 30, 2019, increasing 6% on a U.S. dollar translated basis and 10% on a constant currency basis versus the prior year. Same-store pawn loans at quarter end decreased 2% on a U.S. dollar translated basis, while they increased 2% on a constant currency basis, compared to the prior year.
Segment retail margins were 34% in the third quarter and 35% year-to-date compared to 35% in both prior-year periods. The slight third quarter margin compression was experienced primarily in the first half of the quarter with margins improving in September and thus far in October.
Inventory turns in Latin America for the trailing twelve months ended September 30, 2019 remained strong at 3.7 times, while inventories aged greater than one year as of September 30, 2019 remained low at 1%.
Store operating expenses increased 20% for the quarter, or 23% on a constant currency basis, driven primarily by the 20% increase in the number of stores in Latin America over the past twelve months. Same-store operating expenses increased 1% in the third quarter of 2019, or 3% on a constant currency basis.
U.S. Operations
U.S. segment pre-tax operating income for the quarter increased 2% compared to the third quarter of 2018, which included the significant impact of the accelerated contraction in non-core consumer lending operations in 2019 (see the "Consumer Lending Contraction and Ohio Wind-Down Costs" section below). Excluding the contribution from non-core consumer lending and Ohio wind-down costs, the adjusted U.S. segment pre-tax operating income (a non-GAAP measure) for the quarter increased 8% compared to the prior-year quarter, primarily due to improved retail margins and pawn loan yields. Year-to-date, the segment pre-tax operating income increased 1% while increasing 7% on an adjusted non-GAAP basis.
Total revenues for the third quarter were $284 million, a decrease of 1% compared to the third quarter of 2018, which reflected an anticipated 82% decline, or $12 million, in non-core consumer loan and credit services fees. Core revenues from pawn fees and retail sales increased 3% for the quarter and 2% year-to-date.
Net revenue (or gross profit), which was also impacted by the declines in non-core consumer lending operations in 2019, increased 1% for the third quarter of 2019. More importantly, net revenue from core pawn operations increased 4% compared to the prior-year quarter as a result of the continued improvements in both retail sales margins and pawn yields as highlighted below.
Despite continued growth of online retailing in general, the Company's retail sales, which are almost exclusively generated from brick and mortar locations, increased 4% in total and 3% on a same-store basis compared to the prior-year quarter. In addition to the top-line retail sales growth, the Company was able to increase retail sales margins to 38% for both the three and nine month periods ended September 30, 2019 compared to 37% and 36% in the respective prior-year periods.
Total pawn fees increased 2% and same-store pawn fees increased 1% in the third quarter compared to the prior-year quarter as pawn yields improved by 5% quarter-over-quarter.
Pawn loans outstanding at September 30, 2019 totaled $271 million, a decrease of 3% in total and on a same-store basis. While same-store pawn balances improved slightly sequentially, the overall decrease was due primarily to the continued focus on increasing the volume of direct purchases of goods from customers in the legacy Cash America stores not interested in a pawn loan, which resulted in a 22% increase in the percentage of such direct purchase transactions for the quarter as compared to the prior-year quarter. Additionally, purchased inventory typically turns faster and has higher margins than forfeited items.
Inventories at September 30, 2019 declined $15 million, or 8%, primarily from further strategic reductions in overall inventory levels. As of September 30, 2019, U.S. inventories aged greater than one year were 3% compared to 4% aged inventories a year ago.
Inventory turns in the U.S. increased to 2.8 times for the trailing twelve month period ended September 30, 2019 compared to 2.7 times for the twelve month period ended September 30, 2018. Inventory turns in the U.S. are slower than in Latin America due to the larger jewelry component in the U.S. compared to a greater general merchandise inventory component in Latin America.
Consumer Lending Contraction and Ohio Wind-Down Costs
As previously disclosed, the Company ceased offering unsecured consumer lending products in all of its Ohio locations, effective April 26, 2019, in response to state-level regulatory changes impacting such products. As a result, 52 of the Company's Ohio Cashland locations, whose revenue was derived primarily from such unsecured consumer lending products, were closed during the second quarter. Despite the loss of consumer lending revenues, the remaining 67 locations in Ohio are expected to have sufficient pawn revenues to continue operating profitably as full-service pawnshops.
As a result of the wind-down of the Ohio consumer lending business, the Company incurred non-recurring exit costs of approximately $0.6 million and $2.5 million, net of tax, for the quarter and year-to-date periods ended September 30, 2019, respectively, which have been excluded from adjusted net income and adjusted earnings per share. These charges include increased loan loss provisions, employee severance costs, lease termination costs and other exit costs.
In addition, the Company closed two other stand-alone consumer loan stores and ceased offering unsecured consumer loans and/or credit services as ancillary products in 78 of its pawnshops located in Texas, Louisiana and Kentucky during the first nine months of 2019. The Company currently offers unsecured consumer loans and/or credit services in only 81 U.S. locations, of which 75 are full-service pawnshops offering such services as ancillary products. The Company expects to further reduce locations offering such products in the future.
Driven by the Ohio store closings and the Company's continued de-emphasis on consumer lending operations, U.S. consumer lending revenues declined $12 million in the third quarter, or 82%, and $24 million for the year-to-date period, or 57%, compared to the respective prior-year periods.
Cash Dividend and Stock Repurchases
The Board of Directors declared a $0.27 per share fourth quarter cash dividend on common shares outstanding, which will be paid on November 29, 2019 to stockholders of record as of November 15, 2019. On an annualized basis, the dividend is now $1.08 per share, representing an 8% increase in the annualized payout. Any future dividends are subject to approval by the Company's Board of Directors.
During the third quarter, the Company repurchased 80,000 shares at an aggregate cost of $8 million and an average per share cost of $93.30. Year-to-date, the Company has repurchased 751,000 shares for an aggregate price of $67 million at an average price of $89.13 per share.
Since the merger with Cash America in September 2016 and through the third quarter of 2019, the Company has repurchased a total of 5,710,000 shares, or 28% of the shares issued as a result of the merger, at an average repurchase price of $76.09 per share, resulting in a 12% reduction in the total number of shares outstanding immediately following the merger.
Subsequent to quarter end and through October 22, 2019, the Company repurchased an additional 203,000 shares at an aggregate cost of $18 million and an average cost of $90.66 per share, leaving $57 million available for future repurchases under the current share repurchase program. Future share repurchases are subject to expected liquidity, debt covenant restrictions and other relevant factors.
Liquidity and Return Metrics
The Company generated $233 million of cash flow from operations and $213 million in adjusted free cash flow during the twelve months ended September 30, 2019 compared to $246 million of cash flow from operations and $244 million of adjusted free cash flow during the same prior-year period. Current period free cash flow includes the impact of accelerated store expansion activities in Latin America, while the prior-year comparative amount included a $21 million cash inflow from a non-recurring tax refund related to the merger and larger than normal cash inflows related to the liquidation of excess inventories in the legacy Cash America stores.
The Company continues to maintain excellent liquidity ratios while funding share repurchases totaling $84 million, dividends of $43 million and acquisitions of $58 million during the trailing twelve months ended September 30, 2019. The net debt ratio, which is calculated using a non-GAAP financial measure, for the trailing twelve months ended September 30, 2019 was 1.9 to 1.
Return on assets for the trailing twelve months ended September 30, 2019 was 7% while return on tangible assets was 15% for the same period, which compared to 8% and 15% returns, respectively, for the comparable prior-year period. The return on assets for the trailing twelve months ended September 30, 2019 was negatively impacted by the first-time inclusion of the operating lease right of use asset, arising from the implementation of the Financial Accounting Standards Board's new lease accounting standard, which was not included on the balance sheet prior to January 1, 2019. Return on tangible assets is a non-GAAP financial measure and is calculated by excluding goodwill, intangible assets, net and the operating lease right of use asset from the respective return calculations.
Return on equity was 12% for the trailing twelve months ended September 30, 2019 while return on tangible equity was 51%. This compares to returns of 12% and 38%, respectively, for the comparable prior-year period. Return on tangible equity is a non-GAAP financial measure and is calculated by excluding goodwill and intangible assets, net from the respective return calculations.
Adjusted non-GAAP diluted earnings per share for 2019 is expected to remain within the range of $3.85 to $4.00. The full-year 2019 guidance range represents an increase of 9% to 13% over the prior-year adjusted earnings per share of $3.53. As described below, the guidance for 2019 includes the impact of an expected net reduction in U.S. segment earnings from unsecured consumer lending operations of approximately $0.25 to $0.27 per share, negative foreign currency headwinds of approximately $0.04 to $0.06 per share and a $0.07 to $0.11 per share impact from a higher blended effective income tax rate. Excluding these impacts at their midpoint estimates, estimated earnings per share in 2019 would increase in a range of 20% to 25% compared to 2018.
The earnings guidance for full-year 2019 is presented on a non-GAAP basis, as it does not include merger and other acquisition expenses, certain non-cash foreign currency exchange gains and losses and non-recurring consumer lending wind-down costs. Given the difficulty in predicting the amount and timing of these amounts, the Company cannot reasonably provide a full reconciliation of adjusted guidance to GAAP guidance. However, based on expenses incurred year-to-date, the Company expects estimated GAAP basis full-year 2019 diluted earnings per share to be within the range of $3.77 to $3.92, compared to the prior-year GAAP basis diluted earnings per share of $3.41.
The estimate of expected adjusted non-GAAP diluted earnings per share for 2019 includes the following assumptions:
An anticipated earnings drag of approximately $0.25 to $0.27 per share during 2019, primarily due to the wind-down of unsecured consumer loan products in Ohio and further strategic reductions in consumer lending operations outside of Ohio. The Company is currently modeling total consumer lending revenues for 2019 to be approximately $20 million, which represents an estimated 65% reduction compared to 2018 consumer lending revenues. The Company expects revenues from unsecured consumer lending products in the fourth quarter of 2019 to be less than $2 million, which accounts for less than 0.5% of estimated total fourth quarter revenues.
On a full-year basis, the impact of foreign currency represents an expected earnings headwind of approximately $0.04 to $0.06 per share for 2019 when compared to 2018 results, which includes an estimated net foreign exchange loss of $0.02 per share and expected headwinds from the decrease in the average value of the Mexican peso in 2019 of $0.02 to $0.04 per share. Each full Mexican peso change in the exchange rate to the U.S. dollar represents approximately $0.10 to $0.12 per share of annualized earnings impact. Given continued volatility, the Company continues to use an estimated average foreign currency exchange rate of 20.0 Mexican pesos / U.S. dollar for the fourth quarter of 2019.
The effective income tax rate is expected to range from 27.5% to 28.0% for 2019, which is an increase over the 2018 effective rate of 26.1% (adjusted for the $1.5 million non-recurring tax benefit recognized in 2018 as a result of the Tax Cuts and Jobs Act) and represents an earnings headwind of approximately $0.07 to $0.11 per share as compared to 2018 results. The increased rate is due in part to the increasing share of earnings from Latin America, where corporate tax rates are higher, an expected reduction in a foreign permanent tax benefit related to an inflation index adjustment allowed under Mexico tax law due to an anticipated lower inflation rate in Mexico compared to the prior year and an increase in certain non-deductible expenses resulting from the Tax Cuts and Jobs Act.
Plans to open 85 or more new full-service pawn stores in 2019 in Latin America, which includes targeted openings of 68 stores in Mexico, 13 stores in Guatemala and four stores in Colombia. The increased number of projected store openings in 2019 combined with the first half front-loading of new store openings will cause an expected additional drag to earnings of approximately $0.02 to $0.03 per share compared to last year.
Additional Commentary and Analysis
Mr. Wessel further commented, "FirstCash had another strong quarter, posting record third quarter revenues, adjusted net income and adjusted EBITDA. We continue to successfully execute on our growth strategy and have added 258 stores during the first nine months of the year. Additionally, we believe there are further revenue and expense synergies to be realized out of the 529 stores that we have acquired in Mexico since 2018 that have started to roll into the same-store comparable base.
"In Latin America, revenue growth for the quarter continued at an impressive rate of 21% on a constant currency basis and stands at 24% growth on a constant currency basis for the year-to-date period. Retail sales growth was especially strong as we continued the integration of the Prendamex acquisitions with a significant emphasis on improving retail operations. There are now 184 Prendamex stores in the same-store comp base, which represents approximately one-third of the total Prendamex stores acquired, and the revenues from these stores increased approximately 30% in the third quarter compared to the same quarter last year, driven largely by 63% growth in same-store retail sales.
"Pawn loan fees in Latin America increased 18% over last year on a local currency basis. Same-store fees grew as well, but at a slower rate, which the Company attributes in part to increased governmental support for social welfare programs for lower income consumers under the new federal administration in Mexico. However, our past experience with these types of programs leads us to believe that it will have a limited long-term impact on pawn demand.
"Our focus on further long-term growth in Latin America continues to be supported by our strategic acquisitions and store opening activities. We have acquired 163 Latin American locations year-to-date and are on pace to open at least 85 new locations. While the record level of store opening activities are a slight drag on current year earnings, these locations are expected to be additive to earnings next year and beyond.
"U.S. pawn results were impressive as well, primarily driven by further improvements in retail margins and increased yields on pawn receivables. As a result, net revenue from pawn fees and retail sales grew 4% and the combined yield on earnings assets (pawn loans and inventories) has improved from 134% to 146% comparing the trailing twelve months of this year to the prior-year period. Combined with continued expense discipline, the segment contribution from pawn operations increased 8%, which is an impressive number for our very mature U.S. store base.
"Our balance sheet and cash flows remain strong, as does our access to favorable long-term credit facilities. Our first priority is to continue deploying capital to support store additions from opening new stores and making strategic acquisitions. We have ample cash flows and capital to also support our dividend and stock buyback programs. Since the merger with Cash America, we have repurchased 5.7 million shares and paid out dividends totaling $119 million through quarter end. Today, we are pleased to announce the increased dividend, which represents the fourth consecutive year that we have increased our dividend.
"Our guidance for full year 2019 earnings remains unchanged from last quarter. While core pawn results in the U.S. are running ahead of our previous forecast, we are slightly more cautious about pawn loan demand in Mexico for the time being and the non-operational impacts of foreign currency headwind and slightly higher effective income tax rates as we enter the fourth quarter.
"We remain committed as always to creating long-term shareholder value through revenue and earnings growth coupled with significant additional returns through dividends and stock repurchases. Our trailing twelve month adjusted EBITDA reached $299 million, another record that we believe will continue to grow as we execute on our objectives," concluded Mr. Wessel, chief executive officer.
About FirstCash
FirstCash is the leading international operator of pawn stores with more than 2,600 retail pawn locations and more than 21,000 employees in 24 U.S. states, the District of Columbia and in Latin America. The Company currently operates in Mexico and the countries of Guatemala, El Salvador and Colombia. FirstCash focuses on serving cash and credit constrained consumers through its retail pawn locations, which buy and sell a wide variety of jewelry, consumer electronics, tools, household appliances, sporting goods, musical instruments and other merchandise, and make small consumer pawn loans secured by pledged personal property.
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.cashamerica.com.
This release contains forward-looking statements about the business, financial condition and prospects of FirstCash, Inc. and its wholly owned subsidiaries (together, the "Company"). 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 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 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 may include, without limitation, the risks, uncertainties and regulatory developments discussed and described in the Company's 2018 annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 5, 2019, including the risks described in Part 1, Item 1A, "Risk Factors" thereof, and other reports filed subsequently by the Company 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.
(unaudited, in thousands, except per share amounts)
Nine Months Ended
Retail merchandise sales
Pawn loan fees
Wholesale scrap jewelry sales
Consumer loan and credit services fees
Cost of retail merchandise sold
Cost of wholesale scrap jewelry sold
Consumer loan and credit services loss provision
Total cost of revenue
Expenses and other income:
Store operating expenses (1)
Administrative expenses
Merger and other acquisition expenses
Loss (gain) on foreign exchange (1)
Total expenses and other income
Earnings per share:
Weighted-average shares outstanding:
Dividends declared per common share
The loss on foreign exchange of $35,000 and gain on foreign exchange of $0.2 million for the three and nine months ended September 30, 2018, respectively, was reclassified on the consolidated statements of income in order to conform with the presentation for the three and nine months ended September 30, 2019. The loss (gain) on foreign exchange was reclassified from store operating expenses and reported separately on the consolidated statements of income.
(unaudited, in thousands)
Fees and service charges receivable
Pawn loans
Consumer loans, net
Income taxes receivable
Operating lease right of use asset (1)
Deferred tax assets
Accounts payable and accrued liabilities
Customer deposits
Lease liability, current (1)
Revolving unsecured credit facility
Senior unsecured notes
Lease liability, non-current (1)
Common stock held in treasury, at cost
The Company adopted ASC 842 prospectively as of January 1, 2019, using the transition method that required prospective application from the adoption date. As a result of the transition method used, ASC 842 was not applied to periods prior to adoption and the adoption of ASC 842 had no impact on the Company's comparative prior periods presented.
OPERATING INFORMATION
The Company's reportable segments are as follows:
Latin America operations - Includes all pawn and consumer loan operations in Latin America, which includes operations in Mexico, Guatemala, El Salvador and Colombia.
U.S. operations - Includes all pawn and consumer loan operations in the U.S.
The Company provides revenues, cost of revenues, store operating expenses, pre-tax operating income and earning assets by segment. Store operating expenses include salary and benefit expense of store-level employees, occupancy costs, bank charges, security, insurance, utilities, supplies and other costs incurred by the stores.
Latin America Operations Segment Results
The Company's management reviews and analyzes certain operating results in Latin America on a constant currency basis because the Company believes this better represents the Company's underlying business trends. 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. The scrap jewelry generated in Latin America is sold and settled in U.S. dollars, and therefore wholesale scrap jewelry sales revenue is not affected by foreign currency translation. A small percentage of the operating and administrative expenses in Latin America are also billed and paid in U.S. dollars, which are not affected by foreign currency translation. Amounts presented on a constant currency basis are denoted as such. See the "Constant Currency Results" section below for additional discussion of constant currency results.
OPERATING INFORMATION (CONTINUED)
The following table details earning assets, which consist of pawn loans and inventories as well as other earning asset metrics of the Latin America operations segment as of September 30, 2019 as compared to September 30, 2018 (dollars in thousands, except as otherwise noted):
Constant Currency Basis
As of September 30,
Increase /
(Decrease)
(Non-GAAP)
Latin America Operations Segment
Earning assets:
Average outstanding pawn loan amount (in ones)
Composition of pawn collateral:
Composition of inventories:
Percentage of inventory aged greater than one year
The following table presents segment pre-tax operating income of the Latin America operations segment for the three months ended September 30, 2019 as compared to the three months ended September 30, 2018 (dollars in thousands):
Consumer loan fees (1)
Consumer loan loss provision (1)
Segment expenses:
Total segment expenses
Segment pre-tax operating income
The Company discontinued offering an unsecured consumer loan product in Latin America, effective June 30, 2018.
The loss on foreign exchange for the Latin America operations segment of $35,000 for the three months ended September 30, 2018 was reclassified on the consolidated statements of income in order to conform with the presentation for the three months ended September 30, 2019. The loss on foreign exchange was reclassified from store operating expenses and reported separately on the consolidated statements of income.
The following table presents segment pre-tax operating income of the Latin America operations segment for the nine months ended September 30, 2019 as compared to the nine months ended September 30, 2018 (dollars in thousands):
The gain on foreign exchange for the Latin America operations segment of $0.2 million for the nine months ended September 30, 2018 was reclassified on the consolidated statements of income in order to conform with the presentation for the nine months ended September 30, 2019. The gain on foreign exchange was reclassified from store operating expenses and reported separately on the consolidated statements of income.
U.S. Operations Segment Results
The following table details earning assets, which consist of pawn loans, inventories and consumer loans, net as well as other earning asset metrics of the U.S. operations segment as of September 30, 2019 as compared to September 30, 2018 (dollars in thousands, except as otherwise noted):
U.S. Operations Segment
Consumer loans, net (1)
The Company ceased offering unsecured consumer lending and credit services products in all its Ohio locations on April 26, 2019 and closed 52 Ohio locations during the second quarter of 2019. See "Consumer Lending Contraction and Ohio Wind-Down Costs" for further discussion.
The following table presents segment pre-tax operating income of the U.S. operations segment for the three months ended September 30, 2019 as compared to the three months ended September 30, 2018 (dollars in thousands):
Store operating expenses
The following table presents segment pre-tax operating income of the U.S. operations segment for the nine months ended September 30, 2019 as compared to the nine months ended September 30, 2018 (dollars in thousands):
Consolidated Results of Operations
The following table reconciles pre-tax operating income of the Company's Latin America operations segment and U.S. operations segment discussed above to consolidated net income (in thousands):
Segment pre-tax operating income:
Latin America operations segment pre-tax operating income (1)
U.S. operations segment pre-tax operating income
Consolidated segment pre-tax operating income
Corporate expenses and other income:
Total corporate expenses and other income
The loss on foreign exchange of $35,000 and gain on foreign exchange of $0.2 million for the Latin America operations segment for the three and nine months ended September 30, 2018, respectively, was reclassified on the consolidated statements of income in order to conform with the presentation for the three and nine months ended September 30, 2019. The loss (gain) on foreign exchange was reclassified from store operating expenses and reported separately on the consolidated statements of income.
STORE COUNT ACTIVITY
The following table details store count activity for the three months ended September 30, 2019:
Latin America operations segment:
Total locations, beginning of period
New locations opened
Locations acquired
Locations closed or consolidated
Total locations, end of period
U.S. operations segment:
At September 30, 2019, 75 of the U.S. pawn stores, primarily located in Texas, also offered consumer loans and/or credit services primarily as an ancillary product. This compares to 302 U.S. pawn locations which offered such products as of September 30, 2018.
STORE COUNT ACTIVITY (CONTINUED)
The following table details store count activity for the nine months ended September 30, 2019:
Locations closed or consolidated (2)
Includes the closing of 52 Ohio locations and two other locations outside of Ohio primarily focused on consumer lending products. See "Consumer Lending Contraction and Ohio Wind-Down Costs" for additional discussion of these store closings.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
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, constant currency results, return on tangible assets, return on tangible equity and adjusted segment pre-tax operating income 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 in 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 because management believes they 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 other acquisition expenses to allow more accurate comparisons of the financial results to prior periods and because the Company does not consider these merger and other acquisition expenses to be related to the organic operations of the acquired businesses or its continuing operations and such expenses are generally not relevant to assessing or estimating the long-term performance of the acquired businesses. The Company believes that providing adjusted non-GAAP measures, which exclude these and other items, allows management and investors to consider the ongoing operations of the business both with, and without, such expenses. Merger and other 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 which results in the recognition of foreign currency exchange gains or losses. The Company has adjusted the applicable financial measures to exclude these unrealized remeasurement gains or losses 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 to improve comparability of current periods presented with prior periods due to the adoption of ASC 842 on January 1, 2019.
TO GAAP FINANCIAL MEASURES (CONTINUED)
Adjusted Net Income, Adjusted Diluted Earnings Per Share, Return on Tangible Assets, Return on Tangible Equity and Adjusted Segment Pre-Tax Operating Income
Management believes the presentation of adjusted net income, adjusted diluted earnings per share, return on tangible assets, return on tangible equity and adjusted segment pre-tax operating income 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 not representative of the Company's core operating performance of its continuing operations. 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):
Net income and diluted earnings per share, as reported
Adjustments, net of tax:


text:
package com.mayinews.mv.discovery.bean;

/**
 * Created by gary on 2017/6/24 0024.
 * 微信:GH-12-10
 * QQ:1683701403
 */

public class HotAuthorItemBean {

    private String imageUrl;
    private String authorName;
    private String authorSign;

    public HotAuthorItemBean(String imageUrl, String authorName, String authorSign) {
        this.imageUrl = imageUrl;
        this.authorName = authorName;
        this.authorSign = authorSign;
    }

    public String getImageUrl() {
        return imageUrl;
    }

    public void setImageUrl(String imageUrl) {
        this.imageUrl = imageUrl;
    }

    public String getAuthorName() {
        return authorName;
    }

    public void setAuthorName(String authorName) {
        this.authorName = authorName;
    }

    public String getAuthorSign() {
        return authorSign;
    }

    public void setAuthorSign(String authorSign) {
        this.authorSign = authorSign;
    }
}

redpajama_set_name: RedPajamaGithub


Ireland is known globally for its significant reputation as a financial centre for international banking, funds and insurance. It comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pension funds, mutual funds and many other small financial entities.
Banking includes core banking activities, retail, private, corporate, investment and credit cards. Financial Service includes stock-broking, mutual funds, International Financial Services and the significant aircraft leasing sector that has developed in Ireland. Career opportunities in this sector are widely available for graduates especially in areas such as, ICT, engineering, mathematics, data analytics, business and law and will continue to be in demand for the next five to ten years.
With millions of transactions taking place in Ireland every day, it is no wonder that around 90,000 people are employed in this sector. The importance of the sector to the Irish economy has been evidenced in recent years by the banking crisis. The recovery process is likely to last a few years, but the banking sector will be one of the first to reap the rewards of such a recovery with employment becoming increasingly available.
Retail Banking – This provides services to smaller business and deals with the everyday financial transaction. They provide the public with such things as mortgages, savings accounts, loans, currency exchange and credit card facilities.
Corporate Banking – This is a service provided to larger businesses. They deal with advice, lending, investing deposits and specialist products for companies with large turnovers.
This would be the area many young graduates would gain employment or even people with their Leaving cert can gain a career here and follow up on their degrees at a later stage. Most banks seek people who have good communication skills, enjoy public contact and feel comfortable handling large amounts of cash.
Irish banks have their own professional banking exams which you must be prepared to undertake if you wish to progress through the ranks. The amount of experience and the level of responsibility involved in the particular job influence associated salary levels.
Investment Banking – All of the large Banks in Ireland have their own investment banks. They also put their customer's money to use in order to make a larger profit. This is done by investing in foreign exchange, bonds, gilts and on the stock market.
If you were to operate this end of the banking you would be known as a trader or dealer. Your job would be to buy a commodity at one price and sell it off at a higher one.
There is also an investment manager and their main function is to help their company find money to operate and grow the business, make acquisitions, plan for its financial future and manage any cash on hand. Responsibility can come fast and your problem-solving skills will be put to work quickly in corporate finance.
Ireland is internationally recognised as a centre for financial services and our industry includes over 430 companies which employ over 38,000 people. Under a new strategy for the sector, the government aims to create an additional 10,000 jobs in this sector in the next five years.
With half of the top 50 banks in the world located here in Ireland, the financial services often attract energetic and ambitious people to employ.
The most common career paths that branch out of the industry are: financial planning, insurance, public accounting and hedge funds. Careers such as financial analyst, trader, regulatory compliance officer or quantitative analyst are on offer in these areas.
If you like lots of responsibility and the pressure that goes with it, then this may be the right career for you to consider.
It usually takes at least 2 years on the job training before you gain enough experience and expertise to be given the authority and freedom to trade on behalf of your Bank or Corporation.
In 2012 the IFSC celebrated its 25th year as one of the world's leading financial services centres. The importance of the International Financial Services Centre to the Irish economy is indisputable. It has become one of the leading hedge fund service centres in Europe, and many of the world's most important financial institutions have a presence here.
There has been dramatic changes in the composition of the international financial services industry with a shift in employment patterns, a loss in banking jobs but gains in fund administration, insurance, aircraft leasing and payments. Total employment in the IFSC stands at over 38,000 (a growth of 7.4% in 2015) with 10,000 people employed outside Dublin and pay over €1 billion in corporate taxes each year, with a further €1 billion going to the exchequer in payroll taxes.
The Irish credit union movement was founded as a result of the efforts of three dynamic, pioneering and entrepreneurial people, namely Nora Herlihy, from Ballydesmond, a teacher based in Dublin; Sean Forde, an employee of Peter Kennedy Bakers, Dublin; and Séamus P. MacEoin, from Kilkenny, a Civil Servant working in Dublin.
In Dublin in the 1950's, they witnessed the effects of high unemployment: sickness, malnutrition, money-lending, hunger, poor clothing, poor housing, and inevitably, emigration of one parent or of the whole family. In addition, state unemployment benefits were low and did not last indefinitely leaving many families in abject poverty.
The founders recognised the root of the problem as lying in the scare availability and poor management of money and resolved to identify a system that would allow people to gain more control over their finances.


text:
Vitas Gerulaitis defeated John Lloyd in the final, 6–3, 7–6, 5–7, 3–6, 6–2 to win the men's singles tennis title at the December 1977 Australian Open.

Roscoe Tanner was the defending champion, but lost in the first round to Chris Lewis.

Seeds
The seeded players are listed below. Vitas Gerulaitis is the champion; others show the round in which they were eliminated.

   Vitas Gerulaitis (champion)
   Roscoe Tanner (first round)
   Tony Roche (first round)
   Ken Rosewall (quarterfinals)
   Phil Dent (second round)
   John Alexander (semifinals)
   Stan Smith (third round)
   Tim Gullikson (third round)

Qualifying

Draw

Key
 Q = Qualifier
 WC = Wild card
 LL = Lucky loser
 r = Retired

Final eight

Section 1

Section 2

Section 3

Section 4

External links
 Australian Open (December 1977) on ATPWorldTour.com
 1977 Australian Open (December) – Men's draws and results at the International Tennis Federation

Mens singles
Australian Open (tennis) by year – Men's singles

redpajama_set_name: RedPajamaWikipedia


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The Kesho Trust believes in empowerment through partnerships. Partnering local community based organizations is a critical factor in the success of grass-roots development initiatives. The intention of our partnerships is to strengthen and expand the capacity of local organizations over the longer term and by doing so not only enable them to sustain their development initiatives into the future but also enable us to learn and share from them their experiences and skills.
The Kesho Trust has two different types of partnerships: long term relationships with organizations who share our values and approach and with whom we can grow and develop together; and project partnerships where specific contributions to project outcomes are blended to strengthen our development interventions.
The Kesho Trust also supports a few selected organizations because although their work is not directly linked to our mission we believe they are important community development agents. We facilitate links to such groups with interested international supporters.


text:
Which complication of shock has the highest mortality rate?
[10][11] Septic shock has a mortality rate between 40% and 50%. Cardiogenic shock has a mortality rate ranging from 50% to 75%, an improvement over prior mortality rates. Hypovolemic and obstructive shock generally have much lower mortality and respond better to timely treatment.
Which type of shock has the highest mortality rate?
Septic shock causes highest rates of mortality (40–60%), compared to other types of shock.
Takedown request | View complete answer on intechopen.com
What are 4 stages of shock?
They include the initial stage, the compensatory stage, the progressive stage, and the refractory stage.
Which condition places a patient at the highest risk for distributive shock?
The most common causes of distributive shock in the emergency department are sepsis and anaphylaxis. In cases of trauma, neurogenic shock should also be on the differential. Other less common causes of distributive shock include adrenal insufficiency and capillary leak syndrome.
How is cardiogenic shock different from hypovolemic shock?
Hypovolemic shock relates to the blood and fluids compartment while distributive shock relates to the vascular system; cardiogenic shock arises from primary cardiac dysfunction; and obstructive shock arises from a blockage of the circulation.
Complications of MI (Ali Rizvi, MD)
What is the most common cause of death in cardiogenic shock?
Abstract. Background: In cardiogenic shock, causes of death usually are cardiac. However, a systemic inflammatory response syndrome may influence outcome.
What is the most common cardiogenic shock?
Most often the cause of cardiogenic shock is a serious heart attack. Other health problems that may lead to cardiogenic shock include heart failure, which happens when the heart can't pump enough blood to meet the body's needs; chest injuries; and blood clots in the lungs.
Takedown request | View complete answer on nhlbi.nih.gov
What is the most serious complication of shock?
Shock may result from trauma, heatstroke, blood loss, an allergic reaction, severe infection, poisoning, severe burns or other causes. When a person is in shock, his or her organs aren't getting enough blood or oxygen. If untreated, this can lead to permanent organ damage or even death.
Which is the most severe stage of shock?
Phase 3 – Irreversible Shock
Irreversible shock is the terminal phase of shock and once the patient progresses into this phase it is the point of no return because there is a rapid deterioration of the cardiovascular system and the patient's compensatory mechanisms have failed.
Takedown request | View complete answer on distancecme.com
Which client is at highest risk for septic shock?
People with weakened immune systems. People with chronic medical conditions, such as diabetes, lung disease, cancer, and kidney disease. People with recent severe illness or hospitalization, including due to severe COVID-19. People who survived sepsis.
What are the 3 types of shock?
The main types of shock include: Cardiogenic shock (due to heart problems) Hypovolemic shock (caused by too little blood volume) Anaphylactic shock (caused by allergic reaction)
Takedown request | View complete answer on medlineplus.gov
What happens in Stage 3 of shock?
In Stage III of shock, the length of time that poor perfusion has existed begins to take a permanent toll on the body's organs and tissues. The heart's functioning continues to spiral downward, and the kidneys usually shut down completely.
Takedown request | View complete answer on ems1.com
What is Stage 4 shock noted?
Class 4 shock is the most severe case with acute blood loss of over 2000 mL (or over 40% total blood volume). The patient's heart rate will be tachycardic, over 140 bpm, with nonpalpable or thready peripheral pulses.
Does cardiogenic shock have a high mortality rate?
The condition is most often caused by a severe heart attack, but not everyone who has a heart attack has cardiogenic shock. Cardiogenic shock is rare. It's often deadly if not treated immediately. When treated immediately, about half the people who develop the condition survive.
Does septic shock have a high mortality rate?
Hospital mortality of patients with septic shock is more than 40% (2). Sepsis is widely recognized as a highly life-threatening condition associated with a high rate of patient deaths during intensive care unit (ICU) stay in the whole world (3).
Takedown request | View complete answer on frontiersin.org
What is the mortality rate for sepsis shock?
A diagnosis of septic shock is associated with hospital mortality rates greater than 40% [Singer, 2016].
Takedown request | View complete answer on cks.nice.org.uk
What type of shock is a potentially fatal medical condition?
Septic shock is a life-threatening condition that happens when your blood pressure drops to a dangerously low level after an infection. Any type of bacteria can cause the infection. Fungi such as candida and viruses can also be a cause, although this is rare. At first the infection can lead to a reaction called sepsis.
Takedown request | View complete answer on nhsinform.scot
What is the most common of shock?
Septic shock, a form of distributive shock, is the most common form of shock among patients admitted to the intensive care unit, followed by cardiogenic and hypovolemic shock; obstructive shock is rare [1,2].
Takedown request | View complete answer on uptodate.com
What is the hypovolemic shock?
Hypovolemic shock is an emergency condition in which severe blood or other fluid loss makes the heart unable to pump enough blood to the body. This type of shock can cause many organs to stop working.
What are the complication of shock?
Shock can lead to unconsciousness, breathing problems, and even cardiac arrest: If you suspect that you're experiencing shock, get medical help immediately. If you suspect that someone else has gone into shock, call 911 and provide first aid treatment until professional help arrives.
What is the most common cause of shock in the injured patient?
In the setting of trauma, loss of circulating blood volume from hemorrhage is the most common cause of shock.
What are the complications of obstructive shock?
If obstructive shock is not treated quickly, it can keep your major organs from getting the oxygen and nutrients they need. This can lead to organ damage and can be fatal. Quick treatment is very important to limit the damage that a lack of oxygen can cause.
Takedown request | View complete answer on my.clevelandclinic.org
What is MI and cardiogenic shock?
Abstract. Cardiogenic shock (CS) is a state of critical end-organ hypoperfusion primarily due to cardiac dysfunction. This condition is the most common cause of death in patients affected by acute myocardial infarction (AMI).
Takedown request | View complete answer on journals.lww.com
What is meant by cardiogenic shock?
Cardiogenic shock occurs when the heart is unable to pump as much blood as the body needs. It can happen even if there hasn't been a heart attack if one of these problems occurs and your heart function drops suddenly.
How common is cardiogenic shock?
Cardiogenic shock (CS) occurs in ≈5% to 8% of patients hospitalized with ST-elevation myocardial infarction (STEMI).
Takedown request | View complete answer on ahajournals.org
How do you prevent head pressure when flying?
How do you know if your kidneys are good?
How do you emotionally break free from a narcissist?
What is B12 not good for?
How do I make God talk to us?
What preys on grizzly bears?
Why do people turn on vanish?
Do dogs feel heartbreak?
Does working out make your face look older?
Who is the queens personal maid?
What do horses dislike?
Is telling someone to calm down gaslighting?
How long can you live off 2 million dollars?
What does the Bible say about being troubled on every side?
How do I know if my anxiety is crippling?
Why do coffins go in feet first?
Is periodontal disease forever?
What is the punishment for doing zina?
How long does it hurt after shaving pubes?
Does a brain tumor affect appetite?
How long should a dentist guarantee a crown?
Is Aaron Rodgers a vegan?

redpajama_set_name: RedPajamaCommonCrawl


Not my normal style, but still well received by the audience. Hope you like it.
The topic is Willpower vs. Imagination, and the final point just might surprise a few folks.
In this talk, I covered a few ways that we can deal with negative situations and shift our thinking towards the positive. I even shared some ideas on how to turn a bad situation into something positive.
It's about 20 minutes long, and in this video, I describe a few exercises that have helped me open up my psychic abilities. Hope you like it.


text:
Insurgency Affects Livestock Supplies To Southern States
By By MIKE MBONYE
MALAM Nuhu Sanusi is a 33-year-old Fulani herdsman who supplies cows, goats and sheep to some abattoirs in Rivers State.
Sanusi claims that in 2014, herdsmen lost more than 8,000 cows to insurgents who have been ravaging the northeastern part of the country.
"Fellow Fulani herdsmen who were bringing cows, goats and sheep from Niger, Chad and Cameroon were intercepted by gunmen, who carted away some of their livestock.
"By our estimation, more than 8,000 cows and an uncountable number of goats and sheep were forcibly removed from our members by armed gunmen, suspected to be Boko Haram insurgents.
"We were warned to comply or get hurt, so we had no other option than to part with our livestock,'' he says.
Alhaji Semiu Ajulo, the Chairman of the Butchers Association in Egbelu, Obio/Akpor Local Government Area of Rivers State, also comments on the development.
His words: "We get our supplies from Sanusi and other suppliers from the North and prior to the insurgency, we slaughtered an average of 30 cows at our abattoir every day.
"But today, we manage to kill about 8 or 9, cows, depending on the supplies we get from the North.''
Besides, Ajulo expresses concern that the cost of transporting cattle from the northern part of the country has risen astronomically.
"Before the insurgency, we spent about N150,000 to bring 30 cows from the North but we now spend roughly N600,000 to transport the same number of cows to Rivers State,'' he says.
Sharing similar sentiments, Alhaji Kabiru Bello, a member of Trans-Amadi Slaughter Association in Port Harcourt, cattle supplies have gone down considerably in recent times.
"I must confess that it has not been easy for us since the insurgency began; some of our suppliers cannot meet our daily requirements.
"For now, a big cow in Port Harcourt costs about N200,000, unlike the situation in the past when a cow of the same size sold for between N120,000 and N130,000.
"Customers who have festive occasions now settle for cows with the N150,000 price tag apiece; cows of smaller sizes,'' he says.
The development has somewhat affected the feeding costs of many households. For instance, Mrs Abiye Kuro, a housewife and a mother of four children, insists that the cost of beef has doubled in recent times.
"I used to spend N2,000 to buy beef for our soup and stew. For now, if I must cook stew and soup, I spend N4,000 to buy enough beef,'' she says.
"Also, I need to spend another N1,000 to buy fish to complement the beef,'' she adds.
Mr Musi Olalekan, a member of Egbelu Butchers Association, concedes that customers have been finding it difficult to buy beef because of the increase in its price.
"Hoteliers and housewives are not happy with the situation of things. Hoteliers, who always buy beef, appear to be worst hit.
"They often complain that the quantity of beef is not enough to meet their customers' needs but we try our best to satisfy them, so that they can come back another day,'' he says.
Malam Nasir Buba, who sells "Suya'', a spicy shish kebab, says that the inadequate supply of cows has consequently affected meat sales at the abattoir.
"I visit the slaughterhouse every day to buy meat and I can confirm that the cost of beef has risen dramatically, when compared to its price when there were normal supplies from the North.
"The situation is no longer the same these days. We, however, hope that things will get better one day,'' Buba adds.
Ajulo says that members of his association have been fervently praying for an end to the insurgency in the North to enable their business to bounce back.
"It is our hope that things will soon get better. Presently, we cannot meet the needs of our customers; we sell beef to those customers who come early to the abattoir and then prepare for the next day's work,'' he says.
Echoing a similar viewpoint, Sanusi believes that things will soon normalise to enable herdsmen continue their business without any problems.
"I believe by God's grace that normalcy will soon be restored to enable our members to bring in more cows, goats and sheep into the country,'' he says.
Corroborating such views, analysts maintain that whenever normalcy is restored in the northeastern part of the country, the booming livestock business, particularly supplies to Rivers State and other southern states, will resume.


Creative designer Patso Dimitrov, PVTSO, has already shown his love of the relationship between rap and the NBA in his Yeezy Season 1 NBA Jerseys. But, this time around he decided to take things even further by blending some of his favorite rap albums into concepts for NBA team jerseys.
While he covered everyone from J. Cole to Drake even Freddie Gibbs has an inspired unit, we hope to see more of these roll out as the season progresses but this is a nice starting 5. The two worlds of hip hop and hoops will forever be tied to each other (even recently Cavalier guard Iman Shumpert dropped a music video) so it's always dope to see creatives paint their version of rap being a sport.
Check out the jerseys below and be sure to hit us on Twitter (@SwaysUniverse) to let us know which one you're feeling most.
Monica Has A New Single Out!


Does Alvin Leung or his restaurant Bo Innovation need any introduction? Well if he/it does, I'm not going to do it here. Just Google him or something.
Despite being one of Hong Kong's most famous chefs (especially on the international stage), it wasn't till recently that I mustered up the courage to throw some good money at one of his meals. I'd read enough about his molecular doo-da and frankly, was ambivalent. But of course I was curious.
Pretty snazzy sauce station, hey?
This post is from my trip to Taichung, so it's way way way overdue, but I have to get it up because it's one of those things that no-one's really heard of but I think everyone needs to try.
Mala, the numbing spices common in Sichuan and central China, and loved in Taiwan, is pretty common in hotpots. You've probably had it before. But mala hotpot with medicinal herbs? That's definitely news to me. So when we saw it on the menu at this super sleek hotpot restaurant, Hassen (or in Mandarin, Ba Qian), we just had to try it.
Right after my previous post on municipal cooked food centres (where I kind of tell you to forget dai pai dongs for a second), guess what I'm going to talk about? Yep. Dai pai dongs. It just so happens that as I was asked earlier today about when the Central dai pai dongs (currently closed as the area is under refurbishment) would reopen, I came across this pretty good TV documentary on the revitalisation of dai pai dongs and hawker centres in public housing estates (another semi-alfresco HK dining phenomenon). Unfortunately it's all in Cantonese (with subtitles in Traditional Chinese), but here are some interesting 'did you knows'.


A bunch of initiatives on the Isle of Wight to help tackle local priorities in preventing offending, protecting the vulnerable and supporting victims have been given a boost thanks to grants from the Police and Crime Commissioner, Michael Lane.
Eleven projects have been announced (see below) with varying levels of grants from the PCC to help tackle crime on the Isle of Wight.
positive and healthy choices in all area of their lives.
whilst raising awareness across the wider workforce.
"Reducing offending, supporting victims and protecting the vulnerable, are an absolute priority and sit appropriately alongside enabling effective operational policing.
4 Comments on "Grants handed out to eleven projects to help tackle crime on the Isle of Wight"
This sum of money equals the salary costs of between 6 and 10 police officers, perhaps this is where the police budget ought to be focused, with these worthy causes financed by other agencies?
Whilst it is excellent these worthy causes are supported, should this really be being financed from the policing budget?
Surely this role should be more the responsibility of Central and Local Government, with the stretched policing budget going on policing.
No Tasers for the Costa Coffee Vigilantes then?


Behind a pretty white picket fence, lies an impressively spacious and wonderfully low maintenance villa, with no strata levies in sight! The updated flowing living space has a lovely contemporary feel while the high ceilings featured throughout the home, accentuate its already light-filled interiors. Situated in a highly sought-after pocket near Bardwell Valley golf course, you will be only minutes to local lifestyle and transport amenities, Sydney airport and the M5 motorway.
In Conjunction with Chris Skarlatos from Laing + Simmons 0411 402 656.


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Photos by Ed Panar See also: america · american photographers · documentary approach · identity of place · landscape photography · photobooks · projects · site specific
In the Vicinity — Ed Panar Roams Around California's Heartland of Cannabis Cultivation
In the Vicinity by 41 year-old American photographer Ed Panar is a series of images (also available as a photobook—buy your copy) shot "in a particular hidden corner of The Emerald Triangle, which is known as the heartland of outdoor cannabis cultivation in Northern California due to its ideal growing conditions and low population density," Ed explains. "At the end of every dirt road and locked gate you could be sure to find a grow operation. The photographs were made during what now appears to be the waning years of its 'Wild West' moment, as growers have transitioned from hidden mountain gardens to more relatively open, regulated and inspected operations. I was struck by the combination of extraordinary scenic beauty of this remote landscape combined with the presence of a certain outlaw mentality that seemed to embody the modern mythology of the self-sufficient individualism of the West. The cannabis plant was not only the main event, but actually appeared to be the driving force behind it all, calling the shots and ultimately directing much of the activity and economy of the region. There was a sense of raw capitalism, as black market forces combined with the gray market of pseudo-legality, which is now entering a new phase as numerous layers of state and county regulations come into effect even as it remains prohibited and illegal by the federal government. It all added up to a rather complex situation hidden under the guise of rugged rural simplicity."
For most of his previous projects Ed worked in urban settings. "In the Vicinity was an opportunity to spend time exploring how to convey the hidden complexities of a rural locale. Interestingly, there is more overlap than you might expect. Cities are so layered that it's no surprise that mysteries abound, but the same case could be made for less populated areas as well. The complexity was of a different kind, but not at all less.
I also wanted to try to convey a sense of landing in the middle of this strange world, and what it felt like in this hybrid zone between legality, botany and hidden capitalism, under the backdrop of snow capped mountains, forest fires, foggy winter mornings and endless summer sunshine. In my photography I'm generally interested in how we can look at things in an oblique way and somehow get a sense of something larger. In fact, I believe that this kind of oblique way of looking makes sense with how we actually encounter the world: more things are hidden than not most of the time, and the things that are not readily visible may be having more of an impact than the things that are in plain sight."
In the Vicinity includes no direct images of cannabis cultivations. "At first, I didn't take such images because making those kinds of photographs felt taboo. I was often there working during the spring planting and fall harvests, and as much as I wanted to photograph some of those moments, it was more important to me to respect the privacy and secrecy of the specific situations I found myself in. Also, the more I think of it the more it feels obvious that none of the photographs I made would have been possible if there was no cultivation happening, so in a way many of the photographs are of the effects of cultivation in this area. Ultimately the project is about the plant itself, which remains hidden from view because it is calling the shots from behind the curtain as well. Although there are a few photographs from inside the gardens that you will find in the hidden book in the back of the book."
"Most of my projects involve an accumulation of images over time," Ed says about his photographic approach. "Projects slowly emerge from a slow accretion of ideas and images and I can't predict ahead of time what, if anything, will come of it until closer to the end. Individually I'm responding to the moments as they are happening, and while editing and sifting through things new ideas and inspirations often emerge. For this project I was interested in the clandestine nature of this world and tried to make photographs that would convey a sense of something just beyond the frame. Only after photographing in the area for several years did certain themes and motifs emerge that seemed to fit these ideas: fence lines, the edges of private property, fog obscured mornings in the valley and hills, strange arrangements of discarded objects, and the occasional non-human observing from the fringes. All of these things together, somehow, seemed to speak of this hybrid space and experience."
Ideally, Ed hopes that viewers will experience In the Vicinity as "a pleasurable journey in some way, although it may be an acquired taste. I always strive to make photobooks that allow room for the viewer to roam without much overbearing. I like work that encourages unexpected free association within a specific framework that might change slightly each time you visit. And for those who enjoy this plant, it's an opportunity to peek behind the curtain and have a close up visit to one of its primary origin points in this part of the world."
Ed's main interest as a photographer is "the strange way photography appears to intermingle with what we think of as reality, and all of the questions and paradoxes that can arise from this seemingly obvious relationship that is anything but obvious." In general Ed is drawn to "photography projects (and books in particular) that can transport us to places without explaining too much, where mystery and uncertainty is a primary feature and the viewer is invited to investigate the scene by themselves." His early influences include "any genre of obscure 'underground' music, John Cage, western interpretations of Zen Buddhism," while more recently "Speculative Realism and Object-Oriented Ontology (OOO) philosophy have lit my brain on fire with new strategies to navigate and imagine the complicated realm of things of which human-world relations are just one of a seemingly infinite number of relations that the world consists of." Some of his favorite contemporary photographers are Paul Graham, Susan Lipper, Koji Onaka and Jason Fulford. The last photobooks he bought were Dragonfly by Koji Onaka and Peak Oil by Geert Goiris.
Ed's #threewordsforphotography are:
Ambient. Non-human. Uncertainty.
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