false000087652300008765232023-11-152023-11-15

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________ 
FORM 8-K
_______________________________________________________ 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 15, 2023 (November 14, 2023)
_______________________________________________ 
EZCORP, Inc.
(Exact name of registrant as specified in its charter)
 _______________________________________________________ 
Delaware 0-19424 74-2540145
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
2500 Bee Cave Road, Bldg One, Suite 200, Rollingwood, Texas 78746
(Address of principal executive offices) (zip code)
Registrant’s telephone number, including area code: (512) 314-3400
_______________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Non-voting Common Stock, par value $.01 per shareEZPWNASDAQ Stock Market (NASDAQ Global Select Market)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
  Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 — Results of Operations and Financial Condition
On November 15, 2023, EZCORP, Inc. ("EZCORP") issued a press release announcing its results of operations and financial condition for the full year and quarter ended September 30, 2023. A copy of that press release is attached as Exhibit 99.1.
In addition to the financial information prepared in conformity with accounting principles generally accepted in the United States ("GAAP"), we provide certain other non-GAAP financial information on a constant currency ("constant currency") and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.
Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
The information set forth under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference in any filing made by EZCORP under the Securities Act of 1933 or the Securities Exchange Act of 1934.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e)    On November 14, 2023, we entered into an Employment Contract with Lachlan P. Given, our Chief Executive Officer, who resides in London, England. The Employment Contract was entered into to comply with U.K. employment laws and is not intended to alter the fundamental elements of Mr. Given’s employment relationship, including the compensatory arrangements reflected in "Item 11 — Executive Compensation — Compensation Discussion and Analysis" in our Annual Report on Form 10-K for the year ended September 30, 2023 (the "Fiscal 2023 Form 10-K"). The terms of the Employment Contract mirror as close as possible the terms of Mr. Given’s pre-existing U.S. employment, although certain modifications were necessary to adapt to a U.K. employment environment, particularly with regards to healthcare and other benefits. All compensation received by Mr. Given under the Employment Contract is reflected in the "Summary Compensation Table," including the “All Other Compensation” column (which includes healthcare and other benefits) contained in "Item 11 — Executive Compensation" of the Fiscal 2023 Form 10-K.
The following is a summary of the principal terms and conditions of the Employment Contract:
•As noted above, the fundamental components of Mr. Given's compensation (including base salary, Short-Term Incentive Bonus and Long-Term Incentive Awards), as described in "Item 11 — Executive Compensation — Compensation Discussion and Analysis" in the Fiscal 2023 Form 10-K, are reflected in the terms of the Employment Contract.
•We have the right to terminate the Employment Contract with three months' notice, and may provide a payment of three months' base salary in lieu of such notice. If such termination is without cause, we will pay a severance payment of nine months' base salary. The combination of the payment in lieu of notice and the severance payment is equivalent to the one year's base salary that all other executive officers are entitled to upon termination without cause.
If the termination is for cause, then no notice or severance payments are required to be paid.
If the termination is one that is covered by the EZCORP Change in Control Severance Plan (as described in the Fiscal 2023 Form 10-K), then Mr. Given will be entitled to the severance benefits specified by that plan in lieu of any notice or severance payments under the Employment Contract.
•During the term of the Employment Contract, Mr. Given will continue to be subject to all the terms and provisions of the Restrictive Covenant Agreement currently in effect.
A copy of the Employment Contract is filed as Exhibit 10.8 to the Fiscal 2023 Form 10-K.


Item 7.01 — Regulation FD Disclosure
A copy of the presentation materials that management will review during the Company’s earnings conference call (to be held on November 16, 2023) will be posted in the Investor Relations section of the company’s website at www.ezcorp.com.
The information set forth, or referred to, in this Item 7.01 shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any registration statement or other filing made by EZCORP under the Securities Act of 1933 or the Securities Exchange Act of 1934, unless such subsequent filing specifically references this Item 7.01 of this Report.
Item 9.01 — Financial Statements and Exhibits
(d)Exhibits.
SIGNATURES
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 hereunto duly authorized.
  EZCORP, INC.
Date:November 15, 2023By: /s/ Timothy K. Jugmans
   Timothy K. Jugmans
   Chief Financial Officer


fy2014q1ezcorpa01a04a56a.jpg
EZCORP Reports Fourth Quarter and Full Year Fiscal 2023 Results
Strong Consumer Demand Driving Record Pawn Loans Outstanding and Revenue to Over $1 Billion for the Year
Austin, Texas (November 15, 2023) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its fourth quarter and full year ended September 30, 2023.
Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.
FOURTH QUARTER AND FULL YEAR HIGHLIGHTS
•Pawn loans outstanding (PLO) up 17% to $245.8 million.
•Total revenue increased 16% for the quarter and 18% for the full year, while gross profit1 increased 16% for the quarter and 15% for the full year.
•Merchandise sales gross margin remains within our targeted range at 36% for both the quarter and full year.
•Net income for the quarter was $10.3 million, an increase of $2.9 million. Net income for the year was $38.5 million, a decrease of $11.7 million. The majority of the decrease was driven by our $26.3 million (after tax) share of the one-time, non-cash goodwill impairment and other discrete adjustments recognized by Cash Converters International, which we primarily recorded in our second quarter.
•Diluted earnings per share was $0.15 for the quarter, up from $0.11 and for the year was $0.53 down from $0.70. On an adjusted basis1, diluted earnings per share for the quarter was $0.23, compared to $0.15, and for the year was $0.92, compared to $0.75.
•Return on earning assets (ROEA) remains strong at 157% for the quarter and 161% for the full year.
CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, “Due to our team's relentless focus on superior execution and operational excellence, we achieved another quarter of outstanding financial results. PLO, revenues, and merchandise sales all reached new records for the fourth quarter and for the year.
“We added 21 stores during the quarter, further expanding our store footprint. Two of the new stores were acquired in the U.S. and 19 were opened in Latin America. Ten of those were opened in Mexico, taking our store count there to 549; seven were in Guatemala, expanding our market leadership there to 117 stores; and the remaining 2, in Honduras. In October, we invested an additional $15 million into Simple Management Group through Founders LLC, as they acquired another 22 stores in Panama and Costa Rica. This business now operates 95 pawn stores in the US, Caribbean and Central America and continues to develop a significant industry presence.
“Our EZ+ Rewards loyalty program continues to grow rapidly, with 3.8 million members globally, a 15% increase over the previous quarter, and a 100% increase over prior year. The strategies we have implemented to win and retain customers and drive customer engagement have been extremely successful, and are important in achieving our strong store metrics.
“We embarked on our next three-year strategic plan in October, advancing our commitment to ‘People, Pawn and Passion,’ underpinned by a fundamental focus on operating excellence in every store every day. We will continue to invest in our people and technology to expand our customer base and their experiences with us, while ensuring that we employ the most passionate, productive, and tenured team in the industry. We offer a unique and essential service to address our customers' short-term cash needs and provide a wide variety of pre-owned goods for our expanding customer base of environmentally and cost-conscious consumers.
“We maintain a robust acquisition pipeline and our objective is to significantly grow our store footprint in an exciting global industry. We have a strong balance sheet and the liquidity to execute on that strategy.



“The EZCORP team worked hard on behalf of all stakeholders to deliver the prior three-year plan. The business has grown substantially and its operating and financial performance improved materially in that time. I am very excited about the future as we continue to drive value for all shareholders.”
CONSOLIDATED RESULTS
Three Months Ended September 30
As Reported
Adjusted1
in millions, except per share amounts2023202220232022
Total revenues$270.5 $233.4 $261.4 $233.4 
Gross profit$159.4 $137.6 $154.6 $137.6 
Income before tax$13.1 $13.2 $22.2 $13.1 
Net income$10.3 $7.3 $17.3 $10.7 
Diluted earnings per share $0.15 $0.11 $0.23 $0.15 
EBITDA (non-GAAP measure)$22.4 $24.8 $31.2 $24.8 

Twelve Months Ended September 30As Reported
Adjusted1
in millions, except per share amounts2023202220232022
Total revenues$1,049.0 $886.2 $1,026.3 $886.2 
Gross profit$609.8 $528.1 $598.0 $528.1 
Income before tax$51.6 $67.7 $92.5 $71.8 
Net income$38.5 $50.2 $69.8 $54.4 
Diluted earnings per share $0.53 $0.70 $0.92 $0.75 
EBITDA$92.8 $109.0 $129.3 $113.1 
•Diluted earnings per share was $0.15 for the fourth quarter, up from $0.11. On an adjusted basis, diluted earnings per share was $0.23, up from $0.15. The primary difference between GAAP and adjusted financial results is attributable to impairments of $6.9 million (after tax), unrelated to operations. For the full year, diluted earnings per share was $0.53, compared to $0.70. On an adjusted basis, diluted earnings per share for the year was $0.92, compared to $0.75. The primary difference between GAAP and adjusted financial results is attributable to our share of the one-time, non-cash goodwill impairment recognized by Cash Converters International, which we recorded in our second quarter.
•For the fourth quarter, income before taxes decreased to $13.1 million from $13.2 million, and adjusted EBITDA increased 26% to $31.2 million. For the full year, income before taxes decreased to $51.6 million from $67.7 million and adjusted EBITDA increased 14% to $129.3 million.
•PLO increased 17% to $245.8 million, up $35.8 million. On a same-store basis2, PLO increased 14% due to improved operational performance and continued strong pawn demand.
•In the fourth quarter, total revenues and gross profit increased 16%, reflecting improved pawn service charge (PSC) revenue, merchandise sales and merchandise sales gross profit. Similarly for the full year, total revenues increased 18% and gross profit increased 15%.
•PSC increased 19% in the fourth quarter and 20% for the full year as a result of higher average PLO and yields.
•Merchandise sales gross margin remains within our target range at 36%. Aged general merchandise was 1.3% of total general merchandise inventory. This is a 30 bps improvement over the third quarter. For the full year, merchandise sales gross profit margin was 36%, compared to 38%.
•Net inventory increased 10%, as expected with the growth in PLO. Inventory turnover increased to 2.7x for the quarter, from 2.6x and was flat at 2.8x for the year.
•For the fourth quarter, store expenses increased 17% (14% on a same-store basis2), primarily due to increased labor in-line with store activity, higher store count and, to a lesser extent, expenses related to our loyalty program. For the full year, store expenses


increased 17% (15% on a same-store basis2), primarily due to increased labor in-line with store activity, higher store count and, to a lesser extent, expenses related to our loyalty program.
•General and administrative expenses increased 4% in the fourth quarter, primarily due to an increase in costs related to insurance, our Workday implementation and incentive compensation. For the full year, general and administrative expenses increased 5%, primarily due to an increase in costs related to incentive compensation, insurance and our Workday implementation, partially offset by the litigation accrual charge of $2.0 million recorded in prior period.
•Cash and cash equivalents at the end of the quarter was $220.6 million, up 7% year-over-year. The increase was primarily due to cash inflows provided by operating activities and the net cash proceeds associated with the convertible debt refinancing offset by the increase in PLO and inventory, the acquisition of new stores, strategic investments and share repurchases.
SEGMENT RESULTS
U.S. Pawn
•PLO continued to increase, ending the year at $190.6 million, up 17% or 13% on a same store basis due to improved customer service and increased pawn demand.
•In the fourth quarter, total revenue was up 12% and gross profit increased 13%, primarily due to increased PSC. For the full year, total revenues increased 16% and gross profit increased 12%, primarily due to increased PSC.
•PSC increased 17% in the fourth quarter and increased 19% for the full year as a result of higher average PLO and yields.
•During the fourth quarter, merchandise sales gross margin decreased to 38% from 40%, within our target range. Aged general merchandise was 0.9% of total general merchandise inventory which is a 10 bps improvement over the third quarter. For the full year, merchandise sales gross profit margin decreased 300 bps to 38%, reflecting a return to normalized margins.
•Net inventory increased 12%, as expected with the growth in PLO. Inventory turnover decreased to 2.4x from 2.5x in the quarter and was flat at 2.6x for the full year.
•In the fourth quarter, store expenses increased 11% (9% on a same store basis), primarily due to increased labor in-line with store activity, higher store count and, to a lesser extent, expenses related to our loyalty program. Similarly for the full year, store expenses increased 12% (10% on a same store basis).
•Segment contribution increased 20% to $37.2 million in the fourth quarter and increased 14% to $146.5 million for the full year.
•Segment store count increased by 14 due to the acquisition of 12 stores, the addition of 3 de novo stores and the consolidation of 1 store during the full year.
Latin America Pawn
•PLO improved to $55.1 million, up 19% (7% on constant currency basis). On a same store basis, PLO increased 16% (4% on a constant currency basis) as consumer demand increased, reflecting recoveries from the third quarter.
•In the fourth quarter, total revenue was up 28% (13% on constant currency basis) and gross profit increased 24% (10% on a constant currency basis), primarily due to increased PSC, higher merchandise sales and improved gross profit. For the full year, total revenues were up 26% (16% on a constant currency basis), while gross profit increased by 25% (16% on a constant currency basis).
•PSC increased in the fourth quarter to $26.5 million, up 23% (9% on a constant currency basis) as a result of higher average PLO and yields. Similarly for the full year, PSC increased 22% (13% on a constant currency basis).
•Merchandise sales gross margin decreased in the fourth quarter from 31% to 30%, and for the full year it increased 100 bps to 31%. Aged general merchandise was 2.0% of total merchandise inventory which is a 40 bps improvement over the third quarter.
•Net inventory increased 2% (decreased 9% on a constant currency basis), driven by strong inventory turnover at 3.6x, up from 3.1x for the quarter. For the full year inventory turnover was 3.4x, down from 3.5x.



•In the fourth quarter, store expenses increased 34% (18% on a constant currency basis), primarily due to increases in minimum wage and headcount, higher store count and, to a lesser extent, expenses related to our loyalty program and rent. Same-store expenses increased $7.2 million or 30% (14% on a constant currency basis). For similar reasons, full year store expenses increased 31% (20% on a constant currency basis). Same-store expenses increased 26% (15% on a constant currency basis).
•For the fourth quarter, segment contribution decreased to $6.4 million, down 4% (13% on a constant currency basis). For the full year, segment contribution was up 32% to $31.7 million (24% on a constant currency basis). On an adjusted basis, segment contribution for the fourth quarter was down 12% to $5.9 million. On an adjusted basis, segment contribution for the full year was up 7% to $25.5 million, with the primary adjustment being the reversal of contingent consideration liability in connection with a previously completed acquisition.
•Segment store count increased by 42 due to the addition of 44 de novo stores and the consolidation of 2 stores during the full year.
FORM 10-K
EZCORP’s Annual Report on Form 10-K for the year ended September 30, 2023 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.
CONFERENCE CALL
EZCORP will host a conference call on Thursday, November 16, 2023, at 8:00 am Central Time to discuss Fourth Quarter Fiscal 2023 results. Analysts and institutional investors may participate on the conference call by registering online at: https://register.vevent.com/register/BI9b68b07fa36145dba75f47155a87dcab. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: http://investors.ezcorp.com. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 
ABOUT EZCORP
Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell merchandise, primarily collateral forfeited from pawn lending operations and pre-owned and recycled merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index. 
Follow us on social media:
Facebook EZPAWN Official https://www.facebook.com/EZPAWN/
EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/
EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/
FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements regarding the company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the company's strategy, initiatives and future performance, that 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 by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’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:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220
Note: Percentages are calculated from the underlying numbers in thousands and, as a result, may not agree to the percentages calculated from numbers in millions.
1“Adjusted” basis, which is a non-GAAP measure, excludes certain items. “Constant currency” basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. “Free cash flow”, which is a non-GAAP measure, includes certain adjustments to cash flow from operating activities. For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.
2“Same Store” basis, which is a financial measure, includes stores open the entirety of the comparable periods.

EZCORP, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
September 30,		Twelve Months Ended
September 30,
(in thousands, except per share amounts)2023202220232022
Revenues:
Merchandise sales$151,172 $133,276 $615,446 $532,886 
Jewelry scrapping sales14,888 12,231 49,528 32,033 
Pawn service charges104,330 87,866 383,772 320,865 
Other revenues89 34 295 441 
Total revenues270,479 233,407 1,049,041 886,225 
Merchandise cost of goods sold97,494 83,858 394,779 329,382 
Jewelry scrapping cost of goods sold13,611 11,949 44,424 28,696 
Gross profit159,374 137,600 609,838 528,147 
Operating expenses:
Store expenses111,570 95,473 418,574 357,417 
General and administrative18,568 17,855 67,529 64,342 
Impairment of other assets4,343 — 4,343 — 
Depreciation and amortization8,154 9,370 32,131 32,140 
Loss (gain) on sale or disposal of assets and other180 18 208 (674)
Other (income) expense— — (5,097)— 
Total operating expenses142,815 122,716 517,688 453,225 
Operating income16,559 14,884 92,150 74,922 
Interest expense3,462 2,321 16,456 9,972 
Interest income(2,324)(68)(7,470)(817)
Equity in net (income) loss of unconsolidated affiliates(935)(322)28,459 (1,779)
Other expense (income)3,231 (208)3,072 (167)
 Income before income taxes13,125 13,161 51,633 67,713 
Income tax expense2,872 5,824 13,170 17,553 
Net income $10,253 $7,337 $38,463 $50,160 
Basic earnings per share $0.19 $0.13 $0.69 $0.89 
Diluted earnings per share $0.15 $0.11 $0.53 $0.70 
Weighted-average basic shares outstanding55,020 56,598 55,586 56,498 
Weighted-average diluted shares outstanding87,154 82,539 80,865 82,400 




EZCORP, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)September 30,
2023		September 30,
2022
Assets:
Current assets:
Cash and cash equivalents$220,595 $206,028 
Restricted cash8,373 8,341 
Pawn loans245,766 210,009 
Pawn service charges receivable, net38,885 33,476 
Inventory, net166,477 151,615 
Prepaid expenses and other current assets39,623 34,694 
Total current assets719,719 644,163 
Investments in unconsolidated affiliates10,987 37,733 
Other investments36,220 24,220 
Property and equipment, net68,096 56,725 
Right-of-use assets, net234,388 221,405 
Goodwill302,372 286,828 
Intangible assets, net58,216 56,819 
Notes receivable, net— 1,215 
Deferred tax asset, net25,702 12,145 
Other assets, net12,011 6,625 
Total assets $1,467,711 $1,347,878 
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net $34,265 $— 
Accounts payable, accrued expenses and other current liabilities81,605 84,509 
Customer layaway deposits18,920 16,023 
Operating lease liabilities, current57,182 52,334 
Total current liabilities191,972 152,866 
Long-term debt, net325,847 312,903 
Deferred tax liability, net435 373 
Operating lease liabilities193,187 180,756 
Other long-term liabilities10,502 8,749 
Total liabilities721,943 655,647 
Commitments and Contingencies (Note 13)
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; 51,869,569 issued and outstanding as of September 30, 2023; and issued and outstanding of 53,454,885 as of September 30, 2022
519 534 
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 as of September 30, 2023 and 2022
30 30 
Additional paid-in capital346,181 345,330 
Retained earnings431,140 402,006 
Accumulated other comprehensive loss(32,102)(55,669)
Total equity745,768 692,231 
Total liabilities and equity$1,467,711 $1,347,878 



EZCORP, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Twelve Months Ended
September 30,
(in thousands)20232022
Operating activities:
Net income $38,463 $50,160 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization32,131 32,140 
Amortization of debt discount and deferred financing costs1,561 1,433 
Non-cash lease expense56,937 52,201 
Deferred income taxes(12,802)4,945 
Impairment of other assets4,343 — 
Other adjustments(2,890)2,511 
Provision for inventory reserve603 (2,253)
Stock compensation expense9,539 5,053 
Equity in net loss (income) from investment in unconsolidated affiliates28,459 (1,779)
Net loss on extinguishment of debt3,545 — 
Changes in operating assets and liabilities, net of business acquisitions:
Service charges and fees receivable(4,204)(4,572)
Inventory(4,810)(15,341)
Prepaid expenses, other current assets and other assets(1,814)3,238 
Accounts payable, accrued expenses and other liabilities(61,522)(65,141)
Customer layaway deposits1,376 3,359 
Income taxes12,919 (2,785)
Dividends from unconsolidated affiliates— 3,366 
Net cash provided by operating activities101,834 66,535 
Investing activities:
Loans made(821,725)(740,057)
Loans repaid458,854 410,523 
Recovery of pawn loan principal through sale of forfeited collateral336,349 274,423 
Capital expenditures, net(40,446)(31,895)
Acquisitions, net of cash acquired(14,874)(1,850)
Issuance of notes receivable(15,500)(1,000)
Investment in unconsolidated affiliate(2,133)(6,927)
Investment in other investments(15,000)(16,500)
Dividends from unconsolidated affiliates3,589 — 
Net cash used in investing activities(110,886)(113,283)
Financing activities:
Taxes paid related to net share settlement of equity awards(1,148)(792)
Proceeds from borrowings230,000 — 
Debt issuance cost(7,458)— 
Cash paid on extinguishment of debt(1,951)— 
Payments on assumed debt and other borrowings(178,488)— 
Purchase and retirement of treasury stock(16,988)(2,040)
Payments of finance leases(275)— 
Net cash provided by (used in) financing activities 23,692 (2,832)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(41)325 
Net increase (decrease) in cash, cash equivalents and restricted cash14,599 (49,255)
Cash and cash equivalents and restricted cash at beginning of period214,369 263,624 
Cash and cash equivalents and restricted cash at end of period$228,968 $214,369 
                                                                


EZCORP, Inc.
OPERATING SEGMENT RESULTS

Three Months Ended September 30, 2023
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$103,347 $47,825 $— $151,172 $— $151,172 
Jewelry scrapping sales13,217 1,671 — 14,888 — 14,888 
Pawn service charges77,874 26,456 — 104,330 — 104,330 
Other revenues35 46 8 89 — 89 
Total revenues194,473 75,998 8 270,479 — 270,479 
Merchandise cost of goods sold64,176 33,318 — 97,494 — 97,494 
Jewelry scrapping cost of goods sold11,842 1,769 — 13,611 — 13,611 
Gross profit118,455 40,911 8 159,374 — 159,374 
Segment and corporate expenses (income):
Store expenses78,680 32,890 — 111,570 — 111,570 
General and administrative— — — — 18,568 18,568 
Impairment of other assets— — — — 4,343 4,343 
Depreciation and amortization2,562 2,341 — 4,903 3,251 8,154 
Loss (gain) on sale or disposal of assets and other31 (233)— (202)382 180 
Interest expense— — — — 3,462 3,462 
Interest income— (416)(1,500)(1,916)(408)(2,324)
Equity in net income of unconsolidated affiliates— — (935)(935)— (935)
Other (income) expense— (90)11 (79)3,310 3,231 
Segment contribution$37,182 $6,419 $2,432 $46,033 
Income (loss) before income taxes$46,033 $(32,908)$13,125 





Three Months Ended September 30, 2022
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$95,811 $37,465 $— $133,276 $— $133,276 
Jewelry scrapping sales11,875 356 — 12,231 — 12,231 
Pawn service charges66,331 21,535 — 87,866 — 87,866 
Other revenues16 — 18 34 — 34 
Total revenues174,033 59,356 18 233,407 — 233,407 
Merchandise cost of goods sold57,911 25,947 — 83,858 — 83,858 
Jewelry scrapping cost of goods sold11,476 473 — 11,949 — 11,949 
Gross profit104,646 32,936 18 137,600 — 137,600 
Segment and corporate expenses (income):
Store expenses70,897 24,576 — 95,473 — 95,473 
General and administrative— — — — 17,855 17,855 
Depreciation and amortization2,685 2,055 — 4,740 4,630 9,370 
Gain on sale of disposal of assets and other51 (33)— 18 — 18 
Interest expense— — — — 2,321 2,321 
Interest income(1)(189)— (190)122 (68)
Equity in net income of unconsolidated affiliates— — (322)(322)— (322)
Other (income) expense— (185)37 (148)(60)(208)
Segment contribution $31,014 $6,712 $303 $38,029 
Income (loss) before income taxes$38,029 $(24,868)$13,161 





Twelve Months Ended September 30, 2023
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$432,578 $182,868 $— $615,446 $— $615,446 
Jewelry scrapping sales43,305 6,223 — 49,528 — 49,528 
Pawn service charges285,919 97,853 — 383,772 — 383,772 
Other revenues119 121 55 295 — 295 
Total revenues761,921 287,065 55 1,049,041 — 1,049,041 
Merchandise cost of goods sold267,874 126,905 — 394,779 — 394,779 
Jewelry scrapping cost of goods sold37,709 6,715 — 44,424 — 44,424 
Gross profit456,338 153,445 55 609,838 — 609,838 
Segment and corporate expenses (income):
Store expenses299,319 119,255 — 418,574 — 418,574 
General and administrative— (3)— (3)67,532 67,529 
Impairment of other assets— — — — 4,343 4,343 
Depreciation and amortization10,382 9,191 — 19,573 12,558 32,131 
Loss (gain) on sale or disposal of assets and other115 (289)— (174)382 208 
Other income— (5,097)— (5,097)— (5,097)
Interest expense— — — — 16,456 16,456 
Interest income(2)(1,139)(1,500)(2,641)(4,829)(7,470)
Equity in net loss of unconsolidated affiliates— — 28,459 28,459 — 28,459 
Other (income) expense— (131)31 (100)3,172 3,072 
Segment contribution146,524 31,658 $(26,935)$151,247 
Income (loss) before income taxes$151,247 $(99,614)$51,633 


Twelve Months Ended September 30, 2022
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$391,958 $140,928 $— $532,886 $— $532,886 
Jewelry scrapping sales25,739 6,294 — 32,033 — 32,033 
Pawn service charges240,982 79,883 — 320,865 — 320,865 
Other revenues83 247 111 441 — 441 
Total revenues658,762 227,352 111 886,225 — 886,225 
Merchandise cost of goods sold230,241 99,141 — 329,382 — 329,382 
Jewelry scrapping cost of goods sold22,755 5,941 — 28,696 — 28,696 
Gross profit405,766 122,270 111 528,147 — 528,147 
Segment and corporate expenses (income):
Store expenses266,114 91,303 — 357,417 — 357,417 
General and administrative— — — — 64,342 64,342 
Depreciation and amortization10,552 7,913 — 18,465 13,675 32,140 
Loss (gain) on sale or disposal of assets and other51 (37)— 14 (688)(674)
Interest expense— — — — 9,972 9,972 
Interest income(2)(815)— (817)— (817)
Equity in net income of unconsolidated affiliates— — (1,779)(1,779)— (1,779)
Other (income) expense— (148)52 (96)(71)(167)
Segment contribution $129,051 $24,054 $1,838 $154,943 
Income (loss) before income taxes$154,943 $(87,230)$67,713 


EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)
 
Three Months Ended September 30, 2023
 U.S. PawnLatin America PawnConsolidated
As of June 30, 2023
528 684 1,212 
New locations opened— 19 19 
Locations acquired2 — 2 
Locations sold, combined or closed(1)(1)(2)
As of September 30, 2023
529 702 1,231 
 
Three Months Ended September 30, 2022
 U.S. PawnLatin America PawnConsolidated
As of June 30, 2022
519 644 1,163 
New locations opened— 16 16 
Locations sold, combined or closed(4)— (4)
As of September 30, 2022
515 660 1,175 
 
Twelve Months Ended September 30, 2023
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2022515 660 1,175 
New locations opened3 44 47 
Locations acquired12 — 12 
Locations sold, combined or closed(1)(2)(3)
As of September 30, 2023529 702 1,231 
 
Twelve Months Ended September 30, 2022
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2021516 632 1,148 
New locations opened— 28 28 
Locations acquired3 — 3 
Locations sold, combined or closed(4)— (4)
As of September 30, 2022515 660 1,175 


Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity with accounting principles generally accepted in the United States ("GAAP"), we provide certain other non-GAAP financial information on a constant currency ("constant currency") and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.
Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. 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 herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used 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 and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and twelve months ended September 30, 2023 and 2022 were as follows:
September 30,
Three Months Ended
September 30,
Twelve Months Ended
September 30,
202320222023202220232022
Mexican peso17.4 20.1 17.1 20.2 18.3 20.4 
Guatemalan quetzal7.7 7.6 7.7 7.6 7.6 7.5 
Honduran lempira24.5 24.1 24.3 24.2 24.3 24.1 
Australian dollar1.6 1.6 1.5 1.5 1.5 1.4 
Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.
Miscellaneous Non-GAAP Financial Measures
Three Months Ended
September 30,
Twelve Months Ended
September 30,
(in millions)2023202220232022
Net income$10.3 $7.3 $38.5 $50.2 
Interest expense3.5 2.3 16.5 10.0 
Interest income(2.3)(0.1)(7.5)(0.8)
Income tax expense2.9 5.8 13.2 17.6 
Depreciation and amortization8.1 9.4 32.1 32.1 
EBITDA$22.4 $24.8 $92.8 $109.1 


Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2023 Q4 Reported
$270.5 $159.4 $13.1 $2.8 $10.3 $0.15 $22.4 
Corporate office impairment— — 5.5 1.3 4.2 0.05 5.5 
Investment impairment— — 3.5 0.8 2.7 0.03 3.5 
CCV discrete adjustments— — 0.4 0.1 0.3 — 0.4 
FX impact— — (0.1)— (0.1)— (0.1)
Constant currency impact(9.1)(4.8)(0.2)(0.1)(0.1)— (0.5)
2023 Q4 Adjusted
$261.4 $154.6 $22.2 $4.9 $17.3 $0.23 $31.2 
Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2023 Full Year Reported
$1,049.0 $609.8 $51.6 $13.1 $38.5 $0.53 $92.8 
CCV impairment and discrete adjustments— — 34.3 8.0 26.3 0.30 34.3 
Investment impairment— — 3.5 0.8 2.7 0.03 3.5 
Debt extinguishment— — 3.5 0.8 2.7 0.03 — 
Corporate office impairment— — 5.5 1.3 4.2 0.05 5.5 
Contingent consideration liability— — (5.1)(1.2)(3.9)(0.05)(5.1)
Effect of convertible debt dilution— — — — — 0.06 — 
FX impact— — 0.4 0.1 0.3 — 0.4 
Constant currency impact(22.7)(11.8)(1.2)(0.2)(1.0)(0.03)(2.1)
2023 Full Year Adjusted
$1,026.3 $598.0 $92.5 $22.7 $69.8 $0.92 $129.3 
Total RevenuesGross ProfitIncome Before TaxTax EffectNet
Income		Diluted EPSEBITDA
2022 Q4 Reported
$233.4 $137.6 $13.2 $5.9 $7.3 $0.11 $24.8 
Tax Impact$— $— $(0.1)$(3.5)$3.4 $0.04 $— 
2022 Q4 Adjusted
$233.4 $137.6 $13.1 $2.4 $10.7 $0.15 $24.8 
Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2022 Full Year Reported
$886.2 $528.1 $67.7 $17.5 $50.2 $0.70 $109.0 
Litigation Accrual— — 2.0 0.5 1.5 0.02 2.0 
CCV adjustment for impairment— — 2.1 0.5 1.6 0.02 2.1 
Tax impact— — — (1.1)1.1 0.01 — 
2022 Full Year Adjusted
$886.2 $528.1 $71.8 $17.4 $54.4 $0.75 $113.1 


Three Months Ended
September 30, 2023
Twelve Months Ended
September 30, 2023
(in millions)U.S. Dollar AmountPercentage Change YOYU.S. Dollar AmountPercentage Change YOY
Consolidated revenue $270.5 16 %$1,049.0 18 %
Currency exchange rate fluctuations(9.1)(22.8)
Constant currency consolidated revenue$261.4 12 %$1,026.2 16 %
Consolidated gross profit $159.4 16 %$609.8 15 %
Currency exchange rate fluctuations(4.8)(11.8)
Constant currency consolidated gross profit$154.6 12 %$598.0 13 %
Consolidated net inventory$166.5 10 %$166.5 10 %
Currency exchange rate fluctuations(4.2)(4.2)
Constant currency consolidated net inventory$162.3 7 %$162.3 7 %
Latin America Pawn gross profit $40.9 24 %$153.4 25 %
Currency exchange rate fluctuations(4.8)(11.8)
Constant currency Latin America Pawn gross profit $36.1 10 %$141.6 16 %
Latin America Pawn PLO$55.1 19 %$55.1 19 %
Currency exchange rate fluctuations(5.4)(5.4)
Constant currency Latin America Pawn PLO$49.7 7 %$49.7 7 %
Latin America Pawn PSC revenues $26.5 23 %$97.9 22 %
Currency exchange rate fluctuations(3.0)(7.2)
Constant currency Latin America Pawn PSC revenues $23.5 9 %$90.7 13 %
Latin America Pawn merchandise sales $47.8 28 %$182.9 30 %
Currency exchange rate fluctuations(5.9)(15.1)
Constant currency Latin America Pawn merchandise sales $41.9 12 %$167.8 19 %
Latin America Pawn segment profit before tax$6.4 (4)%$31.7 32 %
Currency exchange rate fluctuations(0.6)(1.5)
Constant currency Latin America Pawn segment profit before tax$5.8 (13)%$30.2 25 %
    

v3.23.3
Cover Page
Nov. 15, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 15, 2023
Entity Registrant Name EZCORP, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 0-19424
Entity Tax Identification Number 74-2540145
Entity Address, Address Line One 2500 Bee Cave Road
Entity Address, Address Line Two Bldg One
Entity Address, Address Line Three Suite 200
Entity Address, City or Town Rollingwood
Entity Address, State or Province TX
Entity Address, Postal Zip Code 78746
City Area Code 512
Local Phone Number 314-3400
Title of 12(b) Security Class A Non-voting Common Stock, par value $.01 per share
Trading Symbol EZPW
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000876523
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