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    Bill Armstrong

    Research Analyst at C.L. King & Associates

    Bill Armstrong is a Senior Vice President and Senior Equity Analyst who specialized in the consumer and retail sectors, with a strong focus on automotive retail, during his tenure at C.L. King & Associates from 2001 to 2017. Throughout his career, Armstrong covered prominent companies such as FirstCash Holdings, KAR Auction Services, and Group 1 Automotive, demonstrating in-depth sector analysis through frequent participation in earnings calls and industry discussions. He began his research career with positions at Fahnestock & Co., Salomon Brothers, and American Appraisal Associates before advancing to SVP roles at PMG Capital and C.L. King & Associates, and later joined John G. Ullman & Associates as a Senior Securities Analyst in 2019. Armstrong holds the CFA designation, an MBA in Finance from NYU Stern, a BS in Business Administration from Montclair State University, and has been a FINRA-registered research analyst.

    Bill Armstrong's questions to FirstCash Holdings (FCFS) leadership

    Bill Armstrong's questions to FirstCash Holdings (FCFS) leadership • Q1 2016

    Question

    Bill Armstrong of C.L. King & Associates inquired if synergy plans included closing one of the two corporate headquarters. He also asked about the potential for store closures due to overlap, particularly in Texas, and the rationale for the significant increase in the combined company's dividend.

    Answer

    Chairman and CEO Rick Wessel and Cash America CEO Brent Stuart confirmed the combined company will use Cash America's owned building in Fort Worth as its headquarters. Brent Stuart reiterated that the merger is complementary with minimal store overlap, so no closures are anticipated. Executive Chairman Dan Feehan explained the higher dividend reflects the combined entity's financial strength and robust cash flows, with Latin American operations funding their own growth and U.S. operations supporting shareholder returns.

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    Bill Armstrong's questions to FirstCash Holdings (FCFS) leadership • Q1 2016

    Question

    Bill Armstrong from C.L. King & Associates asked if synergies included consolidating headquarters, questioned the potential for store closures due to overlap in Texas, and inquired about the rationale for the significant dividend increase.

    Answer

    Chairman and CEO Rick Wessel confirmed the plan is to consolidate into Cash America's owned headquarters. President and CEO Brent Stuart stated that even in Texas, there is very little overlap and no store closures are expected. Executive Chairman Dan Feehan explained the dividend increase reflects strong confidence in the combined entity's robust cash flows, which can support both Latin American growth and shareholder returns.

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