EZCORP, Inc. (NASDAQ:EZPW) today announced results for its fourth
quarter and fiscal year ended September 30, 2017.
All amounts in this release are from EZCORP continuing
operations and conform with U.S. generally accepted accounting
principles (GAAP) unless otherwise noted. Comparisons are made to
the same period in the prior year unless otherwise noted.
FOURTH QUARTER HIGHLIGHTS
- Seventh consecutive quarter of year-over-year (YOY) earnings
and profit growth. Earnings per share improved $0.52 to $0.21 in
the fourth quarter and grew $0.77 to $0.62 in the full fiscal
year.
- Net income from continuing operations improved $27.6 million to
$10.1 million in the fourth quarter, and grew $41.0 million to
$32.0 million in the full fiscal year. Adjusted EBITDA1 improved
$19.1 million to $22.1 million in the fourth quarter, and grew 39%,
or $24.6 million, to $88.5 million in the full fiscal year.
- Continue to lead the U.S. market in same store pawn loans
outstanding (PLO) YOY growth. PLO increased 19% in Mexico (11% on a
constant currency basis2).
- Operating contribution from the Mexico Pawn segment improved
significantly — up 153% to $5.8 million. Highest growth segment now
20% of company’s total pawn profit contribution.
- Cash balance at September 30 up 150% to $164.4 million.
- Successfully completed $143.8 million offering of convertible
notes, improving liquidity with an attractive coupon rate of 2.875%
and seven-year term.
- Favorable restructuring of the notes receivable repayment
arrangement with AlphaCredit improved the return and risk profile
and increases future cash flow and profit.
In October 2017, the company significantly expanded its
footprint in the emerging Latin American pawn market by acquiring
112 pawn stores in Guatemala, El Salvador, Honduras and Peru for
$60 million cash, with an additional $2.25 million earn-out
possible based on post-acquisition performance. This acquisition
will be accretive to earnings starting the first quarter of fiscal
2018 and provides a platform for further growth and expansion in
the high growth rate region.
CEO COMMENTARY AND OUTLOOK
Chief Executive Officer Stuart Grimshaw said, “Even though our
results were somewhat impacted by the hurricane activity in Texas
and Florida, we are proud of our operating performance during the
fourth quarter, which capped off a fiscal year that showed a
dramatic turnaround on the bottom line. We delivered significant
earnings growth in both the U.S and Mexico pawn segments during the
quarter and the year, driven by continued execution on our
strategic initiatives to create long-term profitable growth.
“First, we continue the diversification of our revenue base and
operations, increasing our mix of business from Latin America. Our
Mexico Pawn segment is our fastest growing business and is now
providing 20% of our total pawn operating contribution. We added 10
new stores in Mexico during the year and see plenty of opportunity
to open and acquire more. And we are increasing our presence in
Latin America beyond Mexico. The recent acquisition of 112 pawn
stores in four new countries expands our Latin American store base,
which now comprises 41% of our total pawn stores. It provides
compelling opportunities for further growth through the expansion
of general merchandise pawn loan and retail activities, the opening
of new stores in attractive and under-penetrated markets, and the
pursuit of complementary acquisitions in the region.
“Second, we are improving the experience customers have in our
stores,” Grimshaw continued. “Our customers represent a large,
underserved market. We are updating our technology, better training
our field staff and refreshing our stores to meet their needs and
exceed their expectations.
“Third, we’re strengthening our balance sheet and liquidity,
reducing our corporate expenses, better analyzing and acting on
customer data and process improvements, and optimizing loan values
and merchandise pricing. These actions are expected to further
increase our market share and profitability and provide us with the
ability to continue to capitalize on attractive growth
opportunities.”
1EBITDA is earnings before interest, taxes, depreciation and
amortization. “Adjusted EBITDA” includes EBITDA attributable to
continuing operations, further adjusted to exclude the estimated
impact of the hurricanes that affected the Texas Gulf Coast and
Florida in the fourth quarter, as well as certain other discrete
items. See "Non-GAAP Financial Information" at the end of this
release.
2In addition to the financial information prepared in conformity
with U.S. generally accepted accounting principles (GAAP), we
provide financial information on a “constant currency” and
"adjusted EBITDA" basis, which excludes the impact of foreign
currency exchange rate fluctuations, and provides a different way
to view the operational results of our business, respectively. For
additional information about the constant currency calculations, as
well as a reconciliation of the constant currency financial
measures to the comparable GAAP financial measures and calculation
of our adjusted EBITDA, see “Non-GAAP Financial Information” at the
end of this release.
CONSOLIDATED RESULTS
Temporary Impact of U.S. Hurricanes
During the fourth quarter, the U.S. Pawn segment was affected by
Hurricanes Harvey and Irma resulting in the temporary closure of
stores in the affected areas, all of which have since reopened. In
addition to the loss of inventory and loan collateral and the
damage to physical facilities, all totaling $1.0 million, the
company estimates that the effects of the hurricanes include a
reduction in U.S. pawn loan balances of $5.0 million as of
September 30, 2017, with a resulting reduction in pawn service
charge (PSC) revenues and merchandise sales gross profit. The
company expects pawn loan demand to return to normal levels after
the annual tax refund season in the U.S.
Three Months Ended September 30, 2017
Results
- Despite the impacts of the hurricanes, net revenue improved 1%
to $108.1 million (flat at $107.4 million on a constant currency
basis), due largely to a 4% increase in PSC revenue (up 3% on a
constant currency basis). Same store PLO was down 1% in the U.S.
(up 3% in stores unaffected by the hurricanes). Same store PLO rose
19% in Mexico (up 11% in Mexico on a constant currency basis).
Merchandise sales gross margins held at 35%, within the 35-38%
target range.
- Continued discipline in cost control reduced operations
expenses 2% to $78.3 million (down 3% to $77.8 million on a
constant currency basis) and reduced corporate expenses 34% to
$11.9 million.
- The company restructured the repayment of the remaining $60.9
million of principal from AlphaCredit, improving its risk and
return profile, as well as significantly increasing future cash
flow and profit. Under the restructured arrangement, the company
expects to collect $32.6 million of principal in fiscal 2018 and
$28.3 million in fiscal 2019. The restructured arrangement includes
a higher interest rate and an incremental deferred compensation fee
of up to $14.0 million to be received in 2019 and 2020.
- Interest expense includes a $5.3 million debt extinguishment
charge offset by a $3.0 million pre-tax benefit from the
restructuring of the AlphaCredit notes. The AlphaCredit note
restructuring drove an additional one-time income tax benefit of
$3.0 million in the quarter.
- Improvements in net revenues and cost discipline have increased
operating leverage and the resulting bottom line. Earnings per
share increased YOY for the seventh-consecutive quarter. EPS from
continuing operations is $0.21, up from a loss of $0.31 a year
ago.
Fiscal Year Ended September 30, 2017
- The continued focus on investment in customer experience
increased net revenue 2% to $435.5 million (up 3% to $439.3 million
on a constant currency basis), driven primarily by a 4% rise in PSC
revenue (up 5% on a constant currency basis). Merchandise sales
gross margins were down slightly to 36%, but within the 35-38%
target range.
- Corporate expenses were down 22% to $53.3 million. The
company remains on track to reduce corporate expenses to no more
than $50 million in FY18.
- During the year and prior to the note restructuring, EZCORP
collected a total of $34 million from AlphaCredit ($29.5 million in
principal and $4.5 million in interest).
- Earnings per share from continuing operations reached $0.62, a
significant turnaround from the loss of ($0.15) in the prior year.
The strategic transformation initiatives achieved during fiscal
2017 set the stage for further success in fiscal 2018 and
beyond.
PAWN RESULTS
U.S. Pawn Segment
Three Months Ended September 30, 2017
- PLO was down 1% in total and on a same store basis, to $148.1
million (up 3% in stores unaffected by the hurricanes). Changes in
PLO resulted in PSC increasing 1% in total and 2% on a same-store
basis to $61.0 million.
- The merchandise sales gross margin of 36% was consistent with
the prior-year quarter and within the target range of 35-38%.
Inventory aged over one year improved to 10% from 11%.
- Operations expenses decreased 3% to $65.5 million driven by
cost control initiatives and lower variable compensation.
- Segment contribution increased 7% to $22.8 million. Initiatives
are underway to continue improving long-term net revenue and
profitability. These include investing in upgrading the POS system,
enhancing product and customer data analytics, and enhancing the
customer experience by refreshing stores.
Fiscal Year Ended September 30, 2017
- Driven by the impact of PLO outlined above, PSC rose 4% in
total and on a same store basis to $238.4 million.
- Merchandise sales increased 1% in total and on a same store
basis. The merchandise sales gross margin of 36% is within the
35-38% U.S. target.
- Operations expenses grew 2% to $260.0 million as a result of
investment in customer facing labor and higher benefit claims.
- Segment contribution was up 3% to $103.5 million.
Mexico Pawn Segment
Three Months Ended September 30, 2017
- The company continues to experience significant growth in the
Mexico Pawn segment, taking advantage of market opportunities
primarily from its existing store footprint. PLO expanded 20%
to $21.1 million (up 13% to $19.8 million on a constant currency
basis), which drove a 22% increase in PSC to $10.1 million
(up 16% to $9.7 million on a constant currency
basis).
- Merchandise sales increased 10% in total and 7% on a same store
basis (up 4% in total and 1% in same stores on a constant currency
basis). The 30% merchandise sales gross margin was slightly above
the prior-year quarter, while aged inventory balances decreased to
2% from 6% in the fiscal 2017 third quarter.
- Segment contribution increased 153% to $5.8 million (up 140% to
$5.5 million on a constant currency basis) driven by an 18%
improvement in net revenue, with only a 3% increase in operations
expense due to continued discipline in cost control.
- The company opened four new stores in the fourth quarter, for a
total of 10 in fiscal 2017. There is a significant runway for
continued store openings and acquisitions, in addition to the
growth potential of the existing store base.
Fiscal Year Ended September 30, 2017
- The PLO changes described above drove a 9% increase in PSC
to $34.6 million (up 15% to $36.8 million on a
constant currency basis).
- Merchandise sales grew 4% in total and 3% on a same store basis
(up 12% in total and 10% in same stores on a constant currency
basis). Merchandise margin was 32%, consistent with the prior
year.
- Segment contribution yielded a 119% increase to $18.7
million (up 130% to $19.6 million on a constant currency
basis) as a result of a 7% net revenue expansion while operations
expenses dropped 6%.
CONFERENCE CALL
EZCORP will host a conference call on Thursday, November 16,
2017, at 7:30 a.m. Central Time to discuss fourth quarter and
fiscal year-end results. Analysts and institutional investors may
participate by dialing (877) 201-0168, Conference ID: 8074459,
international dialing (647) 788-4901. The call will be webcast
simultaneously to the public through this link:
http://investors.ezcorp.com/. A replay will be available online at
http://investors.ezcorp.com/ shortly after the call.
ABOUT EZCORP
EZCORP is a leading provider of pawn loans in the United States
and Latin America. It also sells merchandise, primarily collateral
forfeited from pawn lending operations, and used merchandise
purchased from customers. EZCORP is a member of the Russell
2000 Index, S&P SmallCap 600 Index, S&P 1000 Index and
Nasdaq Composite Index.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements on the
company’s strategy, initiatives and expected performance. These
statements are based on management’s current expectations on the
outcome and timing of future events. All statements other than
historical facts-including those on the company's strategy,
initiatives and future performance, which address activities or
results that the company plans, expects, believes, projects,
estimates or anticipates, will, should or may occur in the future,
including future financial or operating results-are forward-looking
statements. Actual results for future periods may differ materially
from those expressed or implied here, due to a number of
uncertainties and other factors. These include operating risks,
liquidity risks, legislative or regulatory developments, market
factors, or current or future litigation. For a discussion of these
and other factors affecting the company’s business and prospects,
see EZCORP’s annual, quarterly and other reports filed with the
Securities and Exchange Commission. The company undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time.
Contact:Jeff ChristensenVice President,
Investor RelationsEmail: jeff_christensen@ezcorp.comPhone: (512)
437-3545
| EZCORP, Inc.CONSOLIDATED
STATEMENTS OF OPERATIONS |
| |
| |
Three Months Ended September 30, |
|
Fiscal Year Ended September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
| |
(Unaudited) |
|
|
|
|
| |
(in thousands, except per share amounts) |
| Revenues: |
|
Merchandise sales |
$ |
95,166 |
|
|
$ |
97,166 |
|
|
$ |
414,838 |
|
|
$ |
409,107 |
|
| Jewelry
scrapping sales |
13,531 |
|
|
16,482 |
|
|
51,189 |
|
|
50,113 |
|
| Pawn
service charges |
71,097 |
|
|
68,603 |
|
|
273,080 |
|
|
261,800 |
|
| Other
revenues |
2,275 |
|
|
2,334 |
|
|
8,847 |
|
|
9,485 |
|
| Total
revenues |
182,069 |
|
|
184,585 |
|
|
747,954 |
|
|
730,505 |
|
| Merchandise cost of
goods sold |
61,685 |
|
|
63,540 |
|
|
266,525 |
|
|
258,271 |
|
| Jewelry scrapping cost
of goods sold |
11,736 |
|
|
13,768 |
|
|
43,931 |
|
|
42,039 |
|
| Other cost of
revenues |
555 |
|
|
416 |
|
|
1,988 |
|
|
1,965 |
|
| Net
revenues |
108,093 |
|
|
106,861 |
|
|
435,510 |
|
|
428,230 |
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
Operations |
78,284 |
|
|
79,941 |
|
|
304,636 |
|
|
301,387 |
|
|
Administrative |
11,949 |
|
|
18,016 |
|
|
53,254 |
|
|
68,101 |
|
|
Depreciation and amortization |
5,415 |
|
|
6,120 |
|
|
23,661 |
|
|
26,542 |
|
| Loss on
sale or disposal of assets |
348 |
|
|
465 |
|
|
359 |
|
|
1,106 |
|
|
Restructuring |
— |
|
|
11 |
|
|
— |
|
|
1,921 |
|
| Total
operating expenses |
95,996 |
|
|
104,553 |
|
|
381,910 |
|
|
399,057 |
|
| Operating
income |
12,097 |
|
|
2,308 |
|
|
53,600 |
|
|
29,173 |
|
| Interest expense |
10,956 |
|
|
4,463 |
|
|
27,803 |
|
|
16,477 |
|
| Interest income |
(5,194 |
) |
|
(15 |
) |
|
(12,103 |
) |
|
(81 |
) |
| Equity in net (income)
loss of unconsolidated affiliate |
(1,148 |
) |
|
5,881 |
|
|
(4,916 |
) |
|
255 |
|
| Impairment of
investments |
— |
|
|
10,957 |
|
|
— |
|
|
10,957 |
|
| Other (income)
expense |
(129 |
) |
|
387 |
|
|
(423 |
) |
|
1,202 |
|
| Income (loss) from
continuing operations before income taxes |
7,612 |
|
|
(19,365 |
) |
|
43,239 |
|
|
363 |
|
| Income tax (benefit)
expense |
(2,457 |
) |
|
(1,863 |
) |
|
11,206 |
|
|
9,361 |
|
| Income (loss) from
continuing operations, net of tax |
10,069 |
|
|
(17,502 |
) |
|
32,033 |
|
|
(8,998 |
) |
| Income (loss) from
discontinued operations, net of tax |
43 |
|
|
19,636 |
|
|
(1,825 |
) |
|
(79,432 |
) |
| Net income (loss) |
10,112 |
|
|
2,134 |
|
|
30,208 |
|
|
(88,430 |
) |
| Net loss attributable
to noncontrolling interest |
(1,298 |
) |
|
(1,097 |
) |
|
(1,650 |
) |
|
(7,686 |
) |
| Net income (loss)
attributable to EZCORP, Inc. |
$ |
11,410 |
|
|
$ |
3,231 |
|
|
$ |
31,858 |
|
|
$ |
(80,744 |
) |
| |
|
|
|
|
|
|
|
| Basic earnings per
share attributable to EZCORP, Inc. — continuing operations |
$ |
0.21 |
|
|
$ |
(0.31 |
) |
|
$ |
0.62 |
|
|
$ |
(0.15 |
) |
| Diluted earnings per
share attributable to EZCORP, Inc. — continuing operations |
$ |
0.21 |
|
|
$ |
(0.31 |
) |
|
$ |
0.62 |
|
|
$ |
(0.15 |
) |
| |
|
|
|
|
|
|
|
| Weighted-average basic
shares outstanding |
54,298 |
|
|
53,991 |
|
|
54,260 |
|
|
54,427 |
|
| Weighted-average
diluted shares outstanding |
54,428 |
|
|
53,991 |
|
|
54,368 |
|
|
54,427 |
|
| EZCORP, Inc.CONSOLIDATED
BALANCE SHEETS(in thousands, except share and per share
amounts) |
| |
September 30, 2017 |
|
September 30, 2016 |
| |
| |
|
|
|
Assets: |
|
|
|
| Current assets: |
|
|
|
| Cash and cash equivalents |
$ |
164,393 |
|
|
$ |
65,737 |
|
| Pawn loans |
169,242 |
|
|
167,329 |
|
| Pawn service charges receivable, net |
31,548 |
|
|
31,062 |
|
| Inventory, net |
154,411 |
|
|
140,224 |
|
| Notes receivable, net |
32,598 |
|
|
41,946 |
|
| Prepaid expenses and other current assets |
28,765 |
|
|
35,845 |
|
| Total current assets |
580,957 |
|
|
482,143 |
|
| Investment in unconsolidated affiliate |
43,319 |
|
|
37,128 |
|
| Property and equipment, net |
57,959 |
|
|
58,455 |
|
| Goodwill |
254,760 |
|
|
253,976 |
|
| Intangible assets, net |
32,420 |
|
|
30,681 |
|
| Notes receivable, net |
28,377 |
|
|
41,119 |
|
| Deferred tax asset, net |
16,856 |
|
|
35,303 |
|
| Other assets, net |
9,715 |
|
|
44,439 |
|
| Total
assets |
$ |
1,024,363 |
|
|
$ |
983,244 |
|
| |
|
|
|
| Liabilities
and equity: |
|
|
|
| Current liabilities: |
|
|
|
| Accounts payable, accrued expenses and other current
liabilities |
$ |
61,543 |
|
|
$ |
84,285 |
|
| Customer layaway deposits |
11,032 |
|
|
10,693 |
|
| Total current liabilities |
72,575 |
|
|
94,978 |
|
| Long-term debt, net |
284,807 |
|
|
283,611 |
|
| Other long-term liabilities |
7,055 |
|
|
10,450 |
|
| Total liabilities |
364,437 |
|
|
389,039 |
|
| Stockholders’ equity: |
|
|
|
| Class A Non-Voting Common Stock, par value $.01 per share;
shares authorized: 100 million; issuedand outstanding:
51,427,832 as of September 30, 2017 and 51,129,144 as of September
30, 2016 |
514 |
|
|
511 |
|
| Class B Voting Common Stock, convertible, par value $.01
per share; shares authorized: 3 million;issued and
outstanding: 2,970,171 |
30 |
|
|
30 |
|
| Additional paid-in capital |
348,532 |
|
|
318,723 |
|
| Retained earnings |
351,666 |
|
|
319,808 |
|
| Accumulated other comprehensive loss |
(38,367 |
) |
|
(44,089 |
) |
| EZCORP, Inc. stockholders’ equity |
662,375 |
|
|
594,983 |
|
| Noncontrolling interest |
(2,449 |
) |
|
(778 |
) |
| Total equity |
659,926 |
|
|
594,205 |
|
| Total
liabilities and equity |
$ |
1,024,363 |
|
|
$ |
983,244 |
|
| EZCORP, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
| |
Fiscal Year Ended September 30, |
| |
2017 |
|
|
2016 |
| |
|
|
|
|
|
|
|
| |
(in thousands) |
| |
|
|
|
|
|
|
|
| Operating
activities: |
|
|
|
|
|
|
|
| Net income (loss) |
$ |
30,208 |
|
|
$ |
(88,430 |
) |
| Adjustments to reconcile net income (loss) to net cash flows
from operating activities: |
|
|
|
|
|
|
|
| Depreciation and amortization |
23,661 |
|
|
28,651 |
|
| Amortization of debt discount and deferred financing costs |
12,303 |
|
|
12,375 |
|
| Amortization of prepaid commissions |
— |
|
|
13,083 |
|
| Accretion of notes receivable discount |
(3,788 |
) |
|
— |
|
| Consumer loan loss provision |
1,988 |
|
|
27,917 |
|
| Deferred income taxes |
6,046 |
|
|
2,674 |
|
| Impairment of goodwill |
— |
|
|
73,244 |
|
| Other adjustments |
17 |
|
|
7,289 |
|
| Gain on restructured notes receivable |
(3,048 |
) |
|
— |
|
| Gain on disposition of Grupo Finmart, net of loss on
extinguishment |
— |
|
|
(32,172 |
) |
| Loss on extinguishment of debt and other |
5,250 |
|
|
— |
|
| Loss on sale or disposal of assets |
359 |
|
|
1,106 |
|
| Stock compensation expense |
5,866 |
|
|
5,346 |
|
| Income from investment in unconsolidated affiliate |
(4,916 |
) |
|
255 |
|
| Impairment of investments in unconsolidated affiliate |
— |
|
|
10,957 |
|
| Changes in operating assets and liabilities: |
|
|
|
| Service charges and fees receivable |
(224 |
) |
|
7,677 |
|
| Inventory |
721 |
|
|
(3,735 |
) |
| Prepaid expenses, other current assets and other assets |
5,166 |
|
|
(15,397 |
) |
| Accounts payable, accrued expenses and other liabilities |
(31,041 |
) |
|
(26,297 |
) |
| Customer layaway deposits |
241 |
|
|
329 |
|
| Income taxes, net of excess tax benefit from stock
compensation |
3,027 |
|
|
37,334 |
|
| Dividends from unconsolidated affiliate |
— |
|
|
2,197 |
|
| Net cash provided by operating activities |
51,836 |
|
|
64,403 |
|
| Investing
activities: |
|
|
|
| Loans made |
(646,625 |
) |
|
(676,375 |
) |
| Loans repaid |
386,383 |
|
|
428,196 |
|
| Recovery of pawn loan principal through sale of forfeited
collateral |
244,632 |
|
|
235,168 |
|
| Additions to property and equipment |
(18,853 |
) |
|
(9,550 |
) |
| Acquisitions, net of cash acquired |
(2,250 |
) |
|
(6,000 |
) |
| Proceeds from disposition of Grupo Finmart, net of cash
disposed |
— |
|
|
35,277 |
|
| Principal collections on notes receivable |
29,458 |
|
|
— |
|
| Net cash (used in) provided by investing activities |
(7,255 |
) |
|
6,716 |
|
| Financing
activities: |
|
|
|
| Taxes paid related to net share settlement of equity
awards |
(767 |
) |
|
(172 |
) |
| Payout of deferred consideration |
— |
|
|
(15,000 |
) |
| Proceeds from settlement of forward currency contracts |
— |
|
|
3,557 |
|
| Change in restricted cash |
— |
|
|
8,199 |
|
| Proceeds from borrowings, net of issuance costs |
139,506 |
|
|
64,133 |
|
| Payments on borrowings |
(85,388 |
) |
|
(112,123 |
) |
| Repurchase of common stock |
— |
|
|
(11,750 |
) |
| Net cash provided by (used in) financing activities |
53,351 |
|
|
(63,156 |
) |
| Effect of
exchange rate changes on cash and cash equivalents |
724 |
|
|
(1,350 |
) |
| Net
increase in cash and cash equivalents |
98,656 |
|
|
6,613 |
|
| Cash and
cash equivalents at beginning of period |
65,737 |
|
|
59,124 |
|
| Cash and
cash equivalents at end of period |
$ |
164,393 |
|
|
$ |
65,737 |
|
| Non-cash
investing and financing activities: |
|
|
|
| Pawn loans forfeited and transferred to inventory |
$ |
257,388 |
|
|
$ |
249,316 |
|
| Dividend reinvestment acquisition of additional ownership in
unconsolidated affiliate |
1,153 |
|
|
— |
|
| EZCORP, Inc. |
| OPERATING SEGMENT RESULTS
(UNAUDITED) |
| |
|
|
Three Months Ended September 30,
2017 |
|
|
U.S. Pawn |
|
MexicoPawn |
|
OtherInternational |
|
TotalSegments |
|
CorporateItems |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise sales |
$ |
78,753 |
|
|
$ |
16,410 |
|
|
$ |
3 |
|
|
$ |
95,166 |
|
|
$ |
— |
|
|
$ |
95,166 |
|
| Jewelry
scrapping sales |
13,045 |
|
|
486 |
|
|
— |
|
|
13,531 |
|
|
— |
|
|
13,531 |
|
| Pawn
service charges |
60,957 |
|
|
10,140 |
|
|
— |
|
|
71,097 |
|
|
— |
|
|
71,097 |
|
| Other
revenues |
62 |
|
|
188 |
|
|
2,025 |
|
|
2,275 |
|
|
— |
|
|
2,275 |
|
| Total
revenues |
152,817 |
|
|
27,224 |
|
|
2,028 |
|
|
182,069 |
|
|
— |
|
|
182,069 |
|
| Merchandise cost of
goods sold |
50,240 |
|
|
11,445 |
|
|
— |
|
|
61,685 |
|
|
— |
|
|
61,685 |
|
| Jewelry scrapping cost
of goods sold |
11,320 |
|
|
416 |
|
|
— |
|
|
11,736 |
|
|
— |
|
|
11,736 |
|
| Other cost of
revenues |
— |
|
|
— |
|
|
555 |
|
|
555 |
|
|
— |
|
|
555 |
|
| Net
revenues |
91,257 |
|
|
15,363 |
|
|
1,473 |
|
|
108,093 |
|
|
— |
|
|
108,093 |
|
| Segment and corporate
expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Operations |
65,478 |
|
|
9,772 |
|
|
3,034 |
|
|
78,284 |
|
|
— |
|
|
78,284 |
|
|
Administrative |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11,949 |
|
|
11,949 |
|
|
Depreciation and amortization |
2,684 |
|
|
765 |
|
|
47 |
|
|
3,496 |
|
|
1,919 |
|
|
5,415 |
|
| Loss on
sale or disposal of assets |
252 |
|
|
69 |
|
|
— |
|
|
321 |
|
|
27 |
|
|
348 |
|
| Interest
expense |
— |
|
|
2 |
|
|
— |
|
|
2 |
|
|
10,954 |
|
|
10,956 |
|
| Interest
income |
— |
|
|
(1,041 |
) |
|
— |
|
|
(1,041 |
) |
|
(4,153 |
) |
|
(5,194 |
) |
| Equity in
net income of unconsolidated affiliate |
— |
|
|
— |
|
|
(1,148 |
) |
|
(1,148 |
) |
|
— |
|
|
(1,148 |
) |
| Other
income |
(5 |
) |
|
(8 |
) |
|
(68 |
) |
|
(81 |
) |
|
(48 |
) |
|
(129 |
) |
| Segment contribution
(loss) |
$ |
22,848 |
|
|
$ |
5,804 |
|
|
$ |
(392 |
) |
|
$ |
28,260 |
|
|
|
|
|
| Income from continuing
operations before income taxes |
|
|
|
|
|
|
$ |
28,260 |
|
|
$ |
(20,648 |
) |
|
$ |
7,612 |
|
| EZCORP, Inc. |
| OPERATING SEGMENT RESULTS |
|
|
|
|
|
Twelve Months Ended September 30,
2017 |
|
|
U.S. Pawn |
|
MexicoPawn |
|
OtherInternational |
|
TotalSegments |
|
CorporateItems |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise sales |
$ |
351,878 |
|
|
$ |
62,957 |
|
|
$ |
3 |
|
|
$ |
414,838 |
|
|
$ |
— |
|
|
$ |
414,838 |
|
| Jewelry
scrapping sales |
48,203 |
|
|
2,986 |
|
|
— |
|
|
51,189 |
|
|
— |
|
|
51,189 |
|
| Pawn
service charges |
238,437 |
|
|
34,643 |
|
|
— |
|
|
273,080 |
|
|
— |
|
|
273,080 |
|
| Other
revenues |
219 |
|
|
645 |
|
|
7,983 |
|
|
8,847 |
|
|
— |
|
|
8,847 |
|
| Total
revenues |
638,737 |
|
|
101,231 |
|
|
7,986 |
|
|
747,954 |
|
|
— |
|
|
747,954 |
|
| Merchandise cost of
goods sold |
223,475 |
|
|
43,050 |
|
|
— |
|
|
266,525 |
|
|
— |
|
|
266,525 |
|
| Jewelry scrapping cost
of goods sold |
41,434 |
|
|
2,497 |
|
|
— |
|
|
43,931 |
|
|
— |
|
|
43,931 |
|
| Other cost of
revenues |
— |
|
|
— |
|
|
1,988 |
|
|
1,988 |
|
|
— |
|
|
1,988 |
|
| Net
revenues |
373,828 |
|
|
55,684 |
|
|
5,998 |
|
|
435,510 |
|
|
— |
|
|
435,510 |
|
| Segment and corporate
expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Operations |
259,977 |
|
|
36,211 |
|
|
8,448 |
|
|
304,636 |
|
|
— |
|
|
304,636 |
|
|
Administrative |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
53,254 |
|
|
53,254 |
|
|
Depreciation and amortization |
10,171 |
|
|
2,675 |
|
|
191 |
|
|
13,037 |
|
|
10,624 |
|
|
23,661 |
|
| Loss on
sale or disposal of assets |
198 |
|
|
134 |
|
|
— |
|
|
332 |
|
|
27 |
|
|
359 |
|
| Interest
expense |
— |
|
|
9 |
|
|
— |
|
|
9 |
|
|
27,794 |
|
|
27,803 |
|
| Interest
income |
— |
|
|
(1,930 |
) |
|
— |
|
|
(1,930 |
) |
|
(10,173 |
) |
|
(12,103 |
) |
| Equity in
net income of unconsolidated affiliate |
— |
|
|
— |
|
|
(4,916 |
) |
|
(4,916 |
) |
|
— |
|
|
(4,916 |
) |
| Other
income |
(19 |
) |
|
(69 |
) |
|
(96 |
) |
|
(184 |
) |
|
(239 |
) |
|
(423 |
) |
| Segment
contribution |
$ |
103,501 |
|
|
$ |
18,654 |
|
|
$ |
2,371 |
|
|
$ |
124,526 |
|
|
|
|
|
| Income from continuing
operations before income taxes |
|
|
|
|
|
|
$ |
124,526 |
|
|
$ |
(81,287 |
) |
|
$ |
43,239 |
|
| EZCORP, Inc. |
| OPERATING SEGMENT RESULTS
(UNAUDITED) |
|
|
|
|
|
Three Months Ended September 30,
2016 |
|
|
U.S. Pawn |
|
MexicoPawn |
|
OtherInternational |
|
TotalSegments |
|
CorporateItems |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise sales |
$ |
82,211 |
|
|
$ |
14,955 |
|
|
$ |
— |
|
|
$ |
97,166 |
|
|
$ |
— |
|
|
$ |
97,166 |
|
| Jewelry
scrapping sales |
15,693 |
|
|
789 |
|
|
— |
|
|
16,482 |
|
|
— |
|
|
16,482 |
|
| Pawn
service charges |
60,263 |
|
|
8,340 |
|
|
— |
|
|
68,603 |
|
|
— |
|
|
68,603 |
|
| Other
revenues |
50 |
|
|
154 |
|
|
2,130 |
|
|
2,334 |
|
|
— |
|
|
2,334 |
|
| Total
revenues |
158,217 |
|
|
24,238 |
|
|
2,130 |
|
|
184,585 |
|
|
— |
|
|
184,585 |
|
| Merchandise cost of
goods sold |
52,980 |
|
|
10,560 |
|
|
— |
|
|
63,540 |
|
|
— |
|
|
63,540 |
|
| Jewelry scrapping cost
of goods sold |
13,105 |
|
|
663 |
|
|
— |
|
|
13,768 |
|
|
— |
|
|
13,768 |
|
| Other cost of
revenues |
— |
|
|
— |
|
|
416 |
|
|
416 |
|
|
— |
|
|
416 |
|
| Net
revenues |
92,132 |
|
|
13,015 |
|
|
1,714 |
|
|
106,861 |
|
|
— |
|
|
106,861 |
|
| Segment and corporate
expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Operations |
67,803 |
|
|
9,520 |
|
|
2,618 |
|
|
79,941 |
|
|
— |
|
|
79,941 |
|
|
Administrative |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
18,016 |
|
|
18,016 |
|
|
Depreciation and amortization |
2,753 |
|
|
680 |
|
|
55 |
|
|
3,488 |
|
|
2,632 |
|
|
6,120 |
|
| Loss on
sale or disposal of assets |
162 |
|
|
53 |
|
|
4 |
|
|
219 |
|
|
246 |
|
|
465 |
|
|
Restructuring |
11 |
|
|
— |
|
|
— |
|
|
11 |
|
|
— |
|
|
11 |
|
| Interest
expense |
— |
|
|
6 |
|
|
— |
|
|
6 |
|
|
4,457 |
|
|
4,463 |
|
| Interest
income |
— |
|
|
(7 |
) |
|
— |
|
|
(7 |
) |
|
(8 |
) |
|
(15 |
) |
| Equity in
net loss of unconsolidated affiliate |
— |
|
|
— |
|
|
5,881 |
|
|
5,881 |
|
|
— |
|
|
5,881 |
|
|
Impairment of investments |
— |
|
|
— |
|
|
10,957 |
|
|
10,957 |
|
|
— |
|
|
10,957 |
|
| Other
expense (income) |
— |
|
|
465 |
|
|
(1 |
) |
|
464 |
|
|
(77 |
) |
|
387 |
|
| Segment contribution
(loss) |
$ |
21,403 |
|
|
$ |
2,298 |
|
|
$ |
(17,800 |
) |
|
$ |
5,901 |
|
|
|
|
|
| Loss from continuing
operations before income taxes |
|
|
|
|
|
|
$ |
5,901 |
|
|
$ |
(25,266 |
) |
|
$ |
(19,365 |
) |
| EZCORP, Inc. |
| OPERATING SEGMENT RESULTS |
|
|
|
|
|
Twelve Months Ended September 30,
2016 |
|
|
U.S. Pawn |
|
MexicoPawn |
|
OtherInternational |
|
TotalSegments |
|
CorporateItems |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise sales |
$ |
348,771 |
|
|
$ |
60,331 |
|
|
$ |
5 |
|
|
$ |
409,107 |
|
|
$ |
— |
|
|
$ |
409,107 |
|
| Jewelry
scrapping sales |
47,810 |
|
|
2,282 |
|
|
21 |
|
|
50,113 |
|
|
— |
|
|
50,113 |
|
| Pawn
service charges |
229,893 |
|
|
31,907 |
|
|
— |
|
|
261,800 |
|
|
— |
|
|
261,800 |
|
| Other
revenues |
331 |
|
|
385 |
|
|
8,769 |
|
|
9,485 |
|
|
— |
|
|
9,485 |
|
| Total
revenues |
626,805 |
|
|
94,905 |
|
|
8,795 |
|
|
730,505 |
|
|
— |
|
|
730,505 |
|
| Merchandise cost of
goods sold |
217,268 |
|
|
41,002 |
|
|
1 |
|
|
258,271 |
|
|
— |
|
|
258,271 |
|
| Jewelry scrapping cost
of goods sold |
40,138 |
|
|
1,885 |
|
|
16 |
|
|
42,039 |
|
|
— |
|
|
42,039 |
|
| Other cost of
revenues |
— |
|
|
— |
|
|
1,965 |
|
|
1,965 |
|
|
— |
|
|
1,965 |
|
| Net
revenues |
369,399 |
|
|
52,018 |
|
|
6,813 |
|
|
428,230 |
|
|
— |
|
|
428,230 |
|
| Segment and corporate
expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Operations |
255,321 |
|
|
38,481 |
|
|
7,585 |
|
|
301,387 |
|
|
— |
|
|
301,387 |
|
|
Administrative |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
68,101 |
|
|
68,101 |
|
|
Depreciation and amortization |
12,242 |
|
|
2,965 |
|
|
218 |
|
|
15,425 |
|
|
11,117 |
|
|
26,542 |
|
| Loss on
sale or disposal of assets |
664 |
|
|
169 |
|
|
4 |
|
|
837 |
|
|
269 |
|
|
1,106 |
|
|
Restructuring |
993 |
|
|
543 |
|
|
202 |
|
|
1,738 |
|
|
183 |
|
|
1,921 |
|
| Interest
expense |
125 |
|
|
109 |
|
|
— |
|
|
234 |
|
|
16,243 |
|
|
16,477 |
|
| Interest
income |
(2 |
) |
|
(30 |
) |
|
— |
|
|
(32 |
) |
|
(49 |
) |
|
(81 |
) |
| Equity in
net income of unconsolidated affiliate |
— |
|
|
— |
|
|
255 |
|
|
255 |
|
|
— |
|
|
255 |
|
|
Impairment of investments |
— |
|
|
— |
|
|
10,957 |
|
|
10,957 |
|
|
— |
|
|
10,957 |
|
| Other
expense (income) |
— |
|
|
1,273 |
|
|
2 |
|
|
1,275 |
|
|
(73 |
) |
|
1,202 |
|
| Segment contribution
(loss) |
$ |
100,056 |
|
|
$ |
8,508 |
|
|
$ |
(12,410 |
) |
|
$ |
96,154 |
|
|
|
|
|
| Income from continuing
operations before income taxes |
|
|
|
|
|
|
$ |
96,154 |
|
|
$ |
(95,791 |
) |
|
$ |
363 |
|
| EZCORP, Inc. |
| STORE COUNT ACTIVITY (UNAUDITED) |
|
|
| |
Three Months Ended September 30,
2017 |
| |
U.S. Pawn |
|
Mexico Pawn |
|
OtherInternational |
|
Consolidated |
| |
|
|
|
|
|
|
|
| As of June 30,
2017 |
515 |
|
|
244 |
|
|
27 |
|
|
786 |
|
| New
locations opened |
— |
|
|
4 |
|
|
— |
|
|
4 |
|
| Locations
acquired |
2 |
|
|
— |
|
|
— |
|
|
2 |
|
| Locations
sold, combined or closed |
(4 |
) |
|
(2 |
) |
|
— |
|
|
(6 |
) |
| As of September 30,
2017 |
513 |
|
|
246 |
|
|
27 |
|
|
786 |
|
| |
Three Months Ended September 30,
2016 |
| |
U.S. Pawn |
|
Mexico Pawn |
|
OtherInternational |
|
Consolidated |
| |
|
|
|
|
|
|
|
| As of June 30,
2016 |
522 |
|
|
238 |
|
|
27 |
|
|
787 |
|
| New
locations opened |
— |
|
|
2 |
|
|
— |
|
|
2 |
|
| Locations
acquired |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Locations
sold, combined or closed |
(2 |
) |
|
(1 |
) |
|
— |
|
|
(3 |
) |
| As of September 30,
2016 |
520 |
|
|
239 |
|
|
27 |
|
|
786 |
|
| |
Twelve Months Ended September 30,
2017 |
| |
U.S. Pawn |
|
Mexico Pawn |
|
OtherInternational |
|
Consolidated |
| |
|
|
|
|
|
|
|
| As of September 30,
2016 |
520 |
|
|
239 |
|
|
27 |
|
|
786 |
|
| New
locations opened |
— |
|
|
10 |
|
|
— |
|
|
10 |
|
| Locations
acquired |
2 |
|
|
— |
|
|
— |
|
|
2 |
|
| Locations
sold, combined or closed |
(9 |
) |
|
(3 |
) |
|
— |
|
|
(12 |
) |
| As of September 30,
2017 |
513 |
|
|
246 |
|
|
27 |
|
|
786 |
|
| |
Twelve Months Ended September 30,
2016 |
| |
U.S. Pawn |
|
Mexico Pawn |
|
OtherInternational |
|
Consolidated |
| |
|
|
|
|
|
|
|
| As of September 30,
2015 |
522 |
|
|
237 |
|
|
27 |
|
|
786 |
|
| New
locations opened |
— |
|
|
3 |
|
|
— |
|
|
3 |
|
| Locations
sold, combined or closed |
(8 |
) |
|
(1 |
) |
|
— |
|
|
(9 |
) |
| As of September 30,
2016 |
520 |
|
|
239 |
|
|
27 |
|
|
786 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity
with generally accepted accounting principles in the United States
of America (GAAP), we provide certain other non-GAAP financial
information, including adjusted EBITDA and “constant currency”
results solely for our Mexico Pawn operations. We use adjusted
EBITDA to evaluate the operating and financial performance of the
company and period-over-period growth. We derive the financial
calculations of adjusted EBITDA, primarily by excluding from a
comparable GAAP measure certain items we do not consider to be
representative of our actual operating performance. We use constant
currency and ongoing segment contribution results to evaluate
results of our Mexico Pawn operations, which are denominated in
Mexican pesos. We believe presenting constant currency results is
meaningful and useful in understanding our Mexico Pawn operations,
activities and business metrics. We provide non-GAAP financial data
for informational purposes and to enhance understanding of our GAAP
consolidated financial statements. We use non-GAAP information to
evaluate and compare operating results across accounting
periods. Readers should consider the information in addition
to-not instead of or superior to-our GAAP financial statements.
This non-GAAP financial information may be determined or calculated
differently by other companies, limiting the usefulness of those
measures for comparative purposes.
Constant currency results reported here are calculated by
translating consolidated balance sheet and consolidated statement
of operations items denominated in Mexican pesos to U.S. dollars.
We use the exchange rate from the prior-year comparable period, as
opposed to the current period, to exclude the effects of foreign
currency rate fluctuations. We use the end-of-period rate for
balance sheet items, and the average closing daily exchange rate on
a monthly basis, during the appropriate period for statement of
operations items. The end-of-period exchange rate
for September 30, 2017 and 2016 was 18.2 to 1 and 19.4 to
1, respectively. The approximate average exchange rate for the
years ended September 30, 2017, 2016 and 2015 was 19.1 to 1,
17.9 to 1, and 15.1, respectively. However, our statement of
operations constant currency results reflect the impact of monthly
effects of exchange rates, so can’t be directly calculated from the
above rates. Constant currency results also exclude the foreign
currency gain or loss, and the related foreign currency derivative
gain or loss impact. There has been a prolonged weakening of the
Mexican peso to the U.S. dollar. We may continue to experience
further weakening in future reporting periods, which may adversely
affect our operating results when stated on a GAAP basis.
The following information reconciles certain non-GAAP financial
measures presented in this news release to the most directly
comparable financial measures calculated and presented in
accordance with GAAP, for the three and 12 months ended
September 30, 2017.
| Adjusted EBITDA (Unaudited) |
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Fiscal Year EndedSeptember
30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
| Income (loss) from
continuing operations, net of tax |
$ |
10.1 |
|
|
$ |
(17.5 |
) |
|
$ |
32.0 |
|
|
$ |
(9.0 |
) |
| Interest
expense |
11.0 |
|
|
4.5 |
|
|
27.8 |
|
|
16.5 |
|
| Interest
income |
(5.2 |
) |
|
— |
|
|
(12.1 |
) |
|
(0.1 |
) |
| Income
taxes |
(2.5 |
) |
|
(1.9 |
) |
|
11.2 |
|
|
9.4 |
|
|
Depreciation and amortization |
5.4 |
|
|
6.1 |
|
|
23.7 |
|
|
26.5 |
|
| Estimated
impact of natural disasters |
2.9 |
|
|
— |
|
|
2.9 |
|
|
— |
|
|
Acquisition costs |
0.8 |
|
|
— |
|
|
1.2 |
|
|
— |
|
|
Impairment of investments |
— |
|
|
11.0 |
|
|
— |
|
|
11.0 |
|
|
Restatement related costs |
— |
|
|
— |
|
|
— |
|
|
6.2 |
|
| Mexico
buy/sell stores |
— |
|
|
0.9 |
|
|
— |
|
|
4.2 |
|
|
Other* |
(0.4 |
) |
|
(0.1 |
) |
|
1.8 |
|
|
(0.8 |
) |
| Adjusted EBITDA |
$ |
22.1 |
|
|
$ |
3.0 |
|
|
$ |
88.5 |
|
|
$ |
63.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Other items include foreign currency impacts and strategic
plan costs as well as a one-time legal credit in fiscal 2016.
|
Other Miscellaneous Non-GAAP Financial Measures
(Unaudited) |
|
|
| |
U.S. DollarAmount |
|
PercentageChange YOY |
| |
|
|
|
| |
(in millions) |
|
|
| Mexico Pawn same store
PLO |
$ |
20.7 |
|
|
19 |
% |
| Currency exchange rate
fluctuations |
(1.3 |
) |
|
|
| Constant
currency Mexico Pawn same store PLO |
$ |
19.4 |
|
|
11 |
% |
| |
|
|
|
| Mexico Pawn segment
profit before tax (three months ended September 30, 2017) |
$ |
5.8 |
|
|
153 |
% |
| Currency exchange rate
fluctuations (three months ended September 30, 2017) |
(0.3 |
) |
|
|
| Constant
currency Mexico Pawn segment profit before tax (three months ended
September 30, 2017) |
$ |
5.5 |
|
|
140 |
% |
| |
|
|
|
| Consolidated net
revenue (three months ended September 30, 2017) |
$ |
108.1 |
|
|
1 |
% |
| Currency exchange rate
fluctuations |
(0.7 |
) |
|
|
| Constant
currency consolidated net revenue (three months ended September 30,
2017) |
$ |
107.4 |
|
|
— |
% |
| |
|
|
|
| Consolidated PSC
revenue (three months ended September 30, 2017) |
$ |
71.1 |
|
|
4 |
% |
| Currency exchange rate
fluctuations |
(0.5 |
) |
|
|
| Constant
currency consolidated PSC revenue (three months ended September 30,
2017) |
$ |
70.6 |
|
|
3 |
% |
| |
|
|
|
| Consolidated operations
expenses (three months ended September 30, 2017) |
$ |
78.3 |
|
|
(2 |
)% |
| Currency exchange rate
fluctuations (three months ended September 30, 2017) |
(0.5 |
) |
|
|
| Constant
currency consolidated operations expenses (three months ended
September 30, 2017) |
$ |
77.8 |
|
|
3 |
% |
| |
|
|
|
| Consolidated net
revenue (twelve months ended September 30, 2017) |
$ |
435.5 |
|
|
2 |
% |
| Currency exchange rate
fluctuations |
3.8 |
|
|
|
| Constant
currency consolidated net revenue (twelve months ended September
30, 2017) |
$ |
439.3 |
|
|
3 |
% |
| |
|
|
|
| Consolidated PSC
revenue (twelve months ended September 30, 2017) |
$ |
273.1 |
|
|
4 |
% |
| Currency exchange rate
fluctuations |
2.2 |
|
|
|
| Constant
currency consolidated PSC revenue (twelve months ended September
30, 2017) |
$ |
275.3 |
|
|
5 |
% |
| |
|
|
|
| Mexico Pawn PLO |
$ |
21.1 |
|
|
20 |
% |
| Currency exchange rate
fluctuations |
(1.3 |
) |
|
|
| Constant
currency Mexico Pawn PLO |
$ |
19.8 |
|
|
13 |
% |
| |
|
|
|
| Mexico Pawn PSC revenue
(three months ended September 30, 2017) |
$ |
10.1 |
|
|
22 |
% |
| Currency exchange rate
fluctuations (three months ended September 30, 2017) |
(0.4 |
) |
|
|
| Constant
currency Mexico Pawn PSC revenue (three months ended September 30,
2017) |
$ |
9.7 |
|
|
16 |
% |
|
|
|
|
|
| Mexico Pawn merchandise
sales (three months ended September 30, 2017) |
$ |
16.4 |
|
|
10 |
% |
| Currency exchange rate
fluctuations (three months ended September 30, 2017) |
(0.8 |
) |
|
|
| Constant
currency Mexico Pawn merchandise sales (three months ended
September 30, 2017) |
$ |
15.6 |
|
|
4 |
% |
|
|
|
|
|
| Mexico Pawn same store
merchandise sales (three months ended September 30, 2017) |
$ |
15.9 |
|
|
7 |
% |
| Currency exchange rate
fluctuations (three months ended September 30, 2017) |
(0.8 |
) |
|
|
| Constant
currency Mexico Pawn same store merchandise sales (three months
ended September 30, 2017) |
$ |
15.1 |
|
|
1 |
% |
|
|
|
|
|
| Mexico Pawn PSC revenue
(twelve months ended September 30, 2017) |
$ |
34.6 |
|
|
9 |
% |
| Currency exchange rate
fluctuations (twelve months ended September 30, 2017) |
2.2 |
|
|
|
| Constant
currency Mexico Pawn PSC revenue (twelve months ended September 30,
2017) |
$ |
36.8 |
|
|
15 |
% |
| |
|
|
|
| Mexico Pawn merchandise
sales (twelve months ended September 30, 2017) |
$ |
63.0 |
|
|
4 |
% |
| Currency exchange rate
fluctuations (twelve months ended September 30, 2017) |
4.6 |
|
|
|
| Constant
currency Mexico Pawn merchandise sales (twelve months ended
September 30, 2017) |
$ |
67.6 |
|
|
12 |
% |
| |
|
|
|
| Mexico Pawn same store
merchandise sales (twelve months ended September 30, 2017) |
$ |
61.0 |
|
|
3 |
% |
| Currency exchange rate
fluctuations (twelve months ended September 30, 2017) |
4.6 |
|
|
|
| Constant
currency Mexico Pawn same store merchandise sales (twelve months
ended September 30, 2017) |
$ |
65.6 |
|
|
10 |
% |
| |
|
|
|
| Mexico Pawn segment
profit before tax (twelve months ended September 30, 2017) |
$ |
18.7 |
|
|
119 |
% |
| Currency exchange rate
fluctuations (twelve months ended September 30, 2017) |
0.9 |
|
|
|
| Constant
currency Mexico Pawn segment profit before tax (twelve months ended
September 30, 2017) |
$ |
19.6 |
|
|
130 |
% |
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