Doug Orr
Executive Vice President, Chief Financial Officer, Secretary and Treasurer at FCFS
Executive
About Doug Orr
R. Douglas Orr, age 64, is Executive Vice President, Chief Financial Officer, Treasurer and Secretary of FirstCash Holdings, Inc.; he joined FirstCash in 2002 (VP Finance), became CFO in January 2003, EVP in 2005, and added Secretary/Treasurer in 2006, giving him 22+ years with the company and over two decades as CFO . Company performance under his finance leadership in 2024 included revenue of $3.39B (+8% YoY), adjusted EBITDA of $558M (+9% YoY), adjusted EPS of $6.70 (+11% YoY), and operating cash flow of $540M (+30% YoY) . On long-term value creation, the 2022–2024 LTIP paid at the maximum 150% for both adjusted net income (exceeded maximum goal) and relative TSR (83rd percentile vs peers), evidencing strong multi-year operating and shareholder return outcomes . The company highlights strong relative TSR over 3- and 5-year horizons, consistent with the above LTIP outcome .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FirstCash Holdings, Inc. | EVP, CFO, Secretary & Treasurer | 2005–present (CFO since 2003; Secretary/Treasurer since 2006) | Long-tenured finance leadership during multi-year growth, acquisitions, and capital markets activities . |
| FirstCash Holdings, Inc. | VP Finance | 2002–2002 | Finance leadership ahead of promotion to CFO . |
| Ray & Berndtson (global executive search firm) | Senior executive and financial management roles | 14 years | Led finance/operations at a global firm; foundational leadership experience . |
| Price Waterhouse LLP | Professional roles | 4 years | Big Four training/experience in accounting/audit . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ray & Berndtson | Senior executive/financial management | 14 years | Managed finance at a global services firm; operating and financial discipline . |
| Price Waterhouse LLP | Professional roles | 4 years | Audit/accounting expertise foundational to CFO role . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 723,060 | 759,213 | 789,582 |
| Target Bonus (% of Salary) | 125% (unchanged vs 2023/2024) | 125% | 125% |
| Actual Annual Incentive Paid ($) | 1,317,325 | 1,472,699 | 998,080 |
| Perquisites/All Other Comp ($) | — (not disclosed) | 10,661 | 11,068 |
Notes:
- 2025 amended base salary: $807,773 effective Jan 1, 2025 per employment agreement amendment (term through Dec 31, 2026) .
- 2024 perquisites include 401(k) match $8,625 and reimbursement for business/athletic club dues $2,443 .
Performance Compensation
Annual Performance Incentive Plan (APIP) – 2024 design and outcomes
| Metric | Weight | 2023 Actual | 2024 Target | 2024 Actual | Outcome vs Target | CFO Payout (% salary) |
|---|---|---|---|---|---|---|
| Adjusted Diluted EPS | 37.5% | 6.06 | 6.70 | 6.70 | 100.0% | 126% (CFO total) |
| Adjusted EBITDA ($000s) | 37.5% | 511,732 | 558,000 | 558,437 | 100.1% | 126% (CFO total) |
| Net Revenue (Gross Profit) ($000s) | 25.0% | 1,507,239 | 1,624,000 | 1,629,532 | 100.3% | 126% (CFO total) |
| Total APIP payout | — | — | — | — | — | $998,080 (126% of salary) |
Design:
- CEO target 150% of salary; COO/CFO target 125%; ranges 0–200% for COO/CFO; no changes vs 2023 .
- Performance caps and floors mitigate risk; multi-metric approach; clawback policy in place .
Long-Term Incentive Plan (LTIP) – structure and 2024 grants (CFO)
| Component | Weight | Performance/Service Period | Target Shares | Threshold / Max Shares | Grant Date | Grant-date Fair Value ($) |
|---|---|---|---|---|---|---|
| Performance RSUs – Adjusted Net Income | 25% of LTIP | 2024–2026 (3-yr) | 5,745 | 1,436 / 8,619 | 1/31/2024 | Included below |
| Performance RSUs – Relative TSR (vs peer group) | 25% of LTIP | 2024–2026 (3-yr) | 5,746 | 2,873 / 8,618 | 1/31/2024 | Included below |
| Time-based RSUs (3-yr cliff) | 50% of LTIP | Vest 12/31/2026 | 11,491 | — | 1/31/2024 | 1,318,822 |
| Total Performance RSU grant (CFO) | — | — | 11,491 | 4,309 / 17,237 | 1/31/2024 | 1,295,754 |
Historical performance payout:
- 2022–2024 LTIP (CFO): Adjusted Net Income and Relative TSR both paid at 150% of target; 25,829 performance shares vested on 12/31/2024; separate 7,379 time-based shares also vested (3-year cliff from 2022 grant) .
- Value realized on vesting (2024): 33,208 shares vested; $3,440,349 realized; none sold; 10,161 withheld for taxes; 23,047 shares retained .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 155,275 shares as of April 17, 2025 (includes 42,234 via family limited partnership; 48,610 via spousal trust) . |
| Ownership % of Outstanding | Less than 1% (company disclosure) . |
| Pledged Shares | 139,607 shares pledged as collateral; line utilization ≈3% of the value of total shares held as of April 17, 2025 . |
| Stock Ownership Guidelines | Requirement: 3x salary; CFO current multiple 28.9x salary; all NEOs in compliance . |
| Hedging/Pledging Policy | Hedging prohibited; pledging generally prohibited but exceptions allowed case-by-case (CFO exception granted as described) . |
Unvested and unearned awards as of 12/31/2024 (CFO):
- Time-based unvested RSUs: 11,491 (vest 12/31/2026) and 12,487 (vest 12/31/2025) .
- Unearned performance RSUs: 4,309 (2024 grant, reflected at threshold) and 7,805 (2023 grant: adj. NI at threshold, TSR at target per SEC guidance) .
Stock awards vested in 2024 (retention signal):
- 33,208 shares vested; none sold; only shares withheld for taxes; remainder retained .
Employment Terms
| Term | Detail |
|---|---|
| Agreement | Employment agreements for CEO/COO/CFO/AFF President entered Feb 2022; amended Mar 3, 2025 to extend through Dec 31, 2026 and update salaries; CFO 2025 salary $807,773 . |
| Annual Incentive Target | Not less than 125% of salary (CFO) . |
| Long-term Equity | Eligible for equity grants under LTIP . |
| Severance (No CoC) | Lump sum = 50% of (salary + average bonuses over prior 3 years) + COBRA subsidy . |
| Severance (Within 12 months post-CoC; double-trigger) | Lump sum = 200% of (salary + average bonuses); pro rata annual bonus; accelerated vesting/payout of all equity (at “target” or higher at committee discretion); 24 months health benefit cash in lieu of COBRA subsidy . |
| Non-Compete/Non-Solicit | 36 months post-termination; non-solicit of customers and employees during the period . |
| Clawback | Updated Rule 10D-1/Nasdaq-compliant clawback policy effective Oct 25, 2023 . |
| Potential Payments (Illustrative, if terminated 12/31/2024) | Termination w/o Cause or for Good Reason: $1,049,909 total; CoC+termination: $6,924,409 total; Retirement: $1,259,327 value of unvested equity (assumes target for performance awards) . |
Compensation Structure Analysis
- High at-risk mix: CFO compensation includes APIP (multi-metric, capped) and LTIP (50% performance-based; 50% time-based) with 3-year performance and vesting periods; policies include floors/caps and clawback, mitigating risk .
- No single-trigger or excise tax gross-ups; change-in-control benefits require double-trigger; program does not provide supplemental retirement or nonqualified deferred comp .
- Targets and ranges stable YoY: APIP targets unchanged 2024 vs 2023; 2025 incentives to remain identical in structure to 2024 .
- Say-on-pay support: 97% approval in 2024 indicates broad shareholder endorsement of pay design/outcomes .
Performance & Track Record (selected highlights relevant to CFO remit)
- 2024 operating results: revenue $3.389B (+8% YoY); adjusted EBITDA $558M (+9% YoY); adjusted EPS $6.70 (+11% YoY); operating cash flow $540M (+30% YoY) .
- Capital markets and liquidity: increased U.S. bank revolver to $700M; issued $500M 6.875% senior unsecured notes due 2032 to support growth .
- Long-term value creation: 2022–2024 LTIP paid at 150% for adjusted NI and relative TSR (83rd percentile), with CEO/COO/CFO receiving max performance share payouts, reflecting strong multiyear execution .
Vesting Schedules and Potential Insider Selling Pressure
| Date | Instrument | Shares (CFO) | Notes |
|---|---|---|---|
| 12/31/2025 | Time-based RSUs (2023 grant) | 12,487 | Cliff vest if employed through 12/31/2025 . |
| 12/31/2025 | Performance RSUs (2023 grant) | up to 18,732 max | Reflected currently at mix of threshold/target; final payout based on 2023–2025 adj. NI and relative TSR . |
| 12/31/2026 | Time-based RSUs (2024 grant) | 11,491 | Cliff vest if employed through 12/31/2026 . |
| 12/31/2026 | Performance RSUs (2024 grant) | up to 17,237 max | Three-year 2024–2026 adj. NI and relative TSR; currently reflected at threshold . |
Context:
- 2024 vestings were retained net of tax withholding; no open-market sales reported in the proxy tables, reducing near-term selling signal .
- Pledging: 139,607 shares pledged; draw equals ~3% of value of pledged holdings, and policy allows pledging case-by-case; this is a governance consideration if loan covenants or market stress arise .
Equity Ownership & Alignment (detail table)
| Item | Amount |
|---|---|
| Shares owned (beneficial) | 155,275 (incl. 42,234 family LP; 48,610 spousal trust) |
| Unvested time-based RSUs (12/31/2024) | 11,491 (vest 12/31/2026); 12,487 (vest 12/31/2025) |
| Unearned performance RSUs (12/31/2024) | 4,309 (2024 grant; threshold display); 7,805 (2023 grant; mix of threshold/target display) |
| Shares pledged | 139,607; credit line draw ≈3% of value |
| Ownership guideline | 3x salary required; 28.9x salary actual; in compliance |
Employment Terms (key economics summary)
| Scenario | Key Economics |
|---|---|
| Termination without Cause / Good Reason (no CoC) | 50% of (salary + 3-yr avg bonus) cash; COBRA subsidy; 36-month non-compete/non-solicit . |
| Change-in-Control + Termination (within 12 months; double-trigger) | 200% of (salary + 3-yr avg bonus) cash; pro-rata bonus; accelerated equity at target (or higher at committee discretion); 24 months health benefits cash in lieu of COBRA . |
Governance and Shareholder Feedback
- Anti-hedging; pledging restricted but allowed via exception (CFO and CEO have approved pledges) .
- Robust clawback adopted Oct 25, 2023 per Nasdaq Rule 10D-1 .
- Say-on-pay approval 97% in 2024; no substantive investor concerns reported; 2025 compensation structure unchanged .
Investment Implications
- Alignment: High ownership (28.9x salary) and multi-year, capped, formulaic APIP/LTIP with clawback support pay-for-performance; 2022–2024 max LTIP results and 2024 record metrics reinforce execution quality .
- Retention and risk: 36-month non-compete and meaningful unvested equity through 2026 reduce near-term departure risk; however, substantial 2025–2026 vesting could create periodic liquidity events; 2024 vesting behavior (no discretionary sales) is a positive signal .
- Pledging: 139,607 pledged shares with modest line utilization (~3%) is a manageable but notable governance flag; company asserts sufficient capacity to avoid forced sales; monitor for changes in borrowings/pledge terms .
- Change-in-control economics: Double-trigger design with accelerated vesting at target and 2x cash multiple could incentivize neutrality in strategic alternatives while protecting continuity; not shareholder-unfriendly (no gross-ups/single-trigger) .
- Execution track record: Strength in capital markets (expanded revolver; 2032 notes) and operating growth across core pawn with resilient consolidated results despite AFF headwinds highlights sound financial stewardship under Orr’s tenure .