EZCORP, Inc. (NASDAQ: EZPW), a leading
provider of pawn transactions in the United States and Latin
America, today announced results for its second quarter ended
March 31, 2024.
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.
SECOND QUARTER HIGHLIGHTS
- Net income of $21.5 million, up from a
net loss of $6.8 million. In the prior-year we recorded our share
of the one-time, non-cash goodwill impairment and discrete
adjustments recognized by Cash Converters International of $25.6
million. On an adjusted basis1, net income increased $3.6 million
or 21%.
- Diluted earnings per share of
$0.29, up from diluted loss per share of $0.12. On an adjusted
basis, diluted earnings per share of $0.28, compared to
$0.23.
- Total revenues increased 11%, and gross
profit increased 12%.
- Merchandise sales gross margin remains
within our targeted range at 35%.
- Pawn loans outstanding (PLO) up 14% to
$235.8 million.
- Return on earning assets (ROEA) remains
strong at 165%.
CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, “We achieved
record second quarter revenue and PLO, driven by strong consumer
demand and excellent customer service. The challenging
macro-economic environment continues to fuel robust customer demand
for short-term cash and pre-owned and recycled goods.
“During the second quarter, we opened nine de novo stores in
Latin America and acquired six stores in the U.S. We also
consolidated six stores, five in Latin America and one in the U.S.,
which netted an additional nine stores. We now have a total of
1,246 stores across the organization and over 7,800 team members.
Our strong balance sheet allows us to continue to build scale, both
organically and by acquiring new stores. In addition, we continue
to return capital to our shareholders, having repurchased
$3.0 million worth of EZCORP shares during the quarter.
“We have 4.6 million EZ+ Rewards members, an increase of
61% over the second quarter of 2023 and 10% over last quarter.
Online payments continue to gain traction with customers, and we
collected $21.8 million in the U.S., up 72%, and have expanded
online payments to our stores in Mexico. These initiatives to
increase customer loyalty and engagement and provide a more
convenient customer experience are an integral part of our growth
in the local neighborhoods in which we operate.
“Thank you to our exceptional EZCORP team members for delivering
another outstanding quarter of excellent operating and financial
results for our shareholders. We will continue to invest in our
team and our stores, focusing on recruitment and retention, while
also investing in technology and other initiatives to enhance the
customer experience. This focus and investment continues to enhance
value for all of our shareholders,” concluded Given.
CONSOLIDATED RESULTS
Three Months
Ended March 31 |
As Reported |
|
Adjusted1 |
in millions, except per share
amounts |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
Total revenues |
$ |
285.6 |
|
$ |
258.4 |
|
|
$ |
280.2 |
|
$ |
258.4 |
Gross profit |
$ |
167.6 |
|
$ |
149.2 |
|
|
$ |
164.6 |
|
$ |
149.2 |
Income (loss) before tax |
$ |
28.7 |
|
$ |
(7.3 |
) |
|
$ |
27.6 |
|
$ |
24.3 |
Net income (loss) |
$ |
21.5 |
|
$ |
(6.8 |
) |
|
$ |
20.7 |
|
$ |
17.1 |
Diluted earnings (loss) per
share |
$ |
0.29 |
|
$ |
(0.12 |
) |
|
$ |
0.28 |
|
$ |
0.23 |
EBITDA (non-GAAP measure) |
$ |
37.4 |
|
|
$ |
2.1 |
|
|
$ |
36.2 |
|
$ |
33.8 |
- Diluted earnings per share of $0.29, up from diluted loss
per share of $0.12. On an adjusted basis,
diluted earnings per share of $0.28, up from $0.23. The
primary difference between GAAP and Adjusted financial results is
attributable to our share of the previously announced prior year
one-time, non-cash goodwill impairment recognized by Cash
Converters International.
- Income before taxes was
$28.7 million, up from loss before taxes of $7.3 million,
and adjusted EBITDA increased 7% to $36.2 million.
- PLO increased 14% to $235.8 million, up
$29.7 million. On a same-store basis2, PLO increased 12% due
to improved operational performance and continued strong pawn
demand.
- Total revenues increased 11%, and gross
profit increased 12%, reflecting improved pawn service charge (PSC)
revenues, merchandise sales and merchandise sales gross
profit.
- PSC increased 15% as a result of higher
average PLO.
- Merchandise sales gross margin remains
within our target range at 35%. Aged general merchandise was 2.3%
of total general merchandise inventory.
- Net inventory increased 9%, as
expected with the growth in PLO. Inventory turnover increased to
2.9x, from 2.8x.
- Store expenses increased 13%, primarily
due to increased labor, in-line with store activity, higher store
count and, to a lesser extent, expenses related to our loyalty
program. On a same-store basis, store expenses increased 11%.
- General and administrative expenses
increased 17%, primarily due to labor driven by incentive
compensation related to an increase in share price and, to a lesser
extent, costs related to the implementation of Workday.
- Cash and cash equivalents at
the end of the quarter was $229.1 million, down 6% year-over-year.
The decrease was due to the increase in PLO and inventory,
strategic investments, share repurchases, and the acquisition of
new stores, partially offset by cash inflows provided by operating
activities.
SEGMENT RESULTS
U.S. Pawn
- PLO ended the quarter at $173.7
million, up 11% or 9% on a same store basis.
- Total revenue and gross profit was up
10%, reflecting increased PSC and higher merchandise sales.
- PSC increased 14% as a result
of higher average PLO.
- Merchandise sales increased 6%, and
gross margin decreased to 37% from 38%. Aged general merchandise
increased to 3.0% of total general merchandise inventory, primarily
driven by luxury handbags in our Max Pawn stores.
- Net inventory increased 9%, as
expected with the growth in PLO. Inventory turnover remained flat
at 2.6x.
- Store expenses increased 12%, primarily
due to salaries and benefits as we continue to support our team
members as a part of People, Pawn and Passion focus, higher store
count and, to a lesser extent, expenses related to our loyalty
program.
- Segment contribution increased 8%
to $40.7 million.
- During the quarter, net store count
increased by five due to the acquisition of six stores and the
consolidation of one store.
Latin America Pawn
- PLO improved to $62.0 million, up
26% (19% on constant currency basis). On a same store basis, PLO
increased 22% (15% on a constant currency basis) due to improved
operational performance and continued strong pawn demand.
- Total revenues was up 12% (4% on
constant currency basis), and gross profit increased 18% (10% on a
constant currency basis), reflecting increased PSC, higher
merchandise sales and improved merchandise sales gross profit.
- PSC increased 18% (10% on a constant
currency basis) as a result of higher average PLO.
- Merchandise sales gross margin
increased to 33% from 32%. Aged general merchandise was 1.4% of
total merchandise inventory.
- Net inventory increased 9% (2% on
a constant currency basis). Inventory turnover increased to 3.6x
from 3.5x.
- Store expenses increased 15% (7% on a
constant currency basis), primarily due to higher store count.
Same-store expenses increased 10% (2% on a constant currency
basis).
- Segment contribution increased 2%
(decreased 3% on a constant currency basis). On an adjusted basis,
segment contribution was up 38% to $7.7 million, with the primary
adjustment being the prior year reversal of contingent
consideration liability of $2.5 million in connection with a
previously completed acquisition.
- During the quarter, net store count
increased by four due to the opening of nine de novo stores and the
consolidation of five stores.
FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2024 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.
CONFERENCE CALLEZCORP will host a conference
call on Thursday, May 2, 2024, at 8:00 am Central Time to
discuss Second Quarter Fiscal 2024 results. Analysts and
institutional investors may participate on the conference call by
registering online at:
https://register.vevent.com/register/BIc16d26b733bc44b7aecc33d2d530fef4.
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
pre-owned and recycled merchandise, primarily collateral forfeited
from pawn lending operations and 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/
EZCORP Instagram Official
https://www.instagram.com/ezcorp_official/
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.comPhone: (512) 314-2220
EZCORP, Inc.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(Unaudited) |
|
|
Three Months EndedMarch 31, |
|
Six Months EndedMarch 31, |
(in thousands, except per
share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
Merchandise sales |
$ |
164,687 |
|
|
$ |
152,507 |
|
|
$ |
344,090 |
|
|
$ |
316,294 |
|
Jewelry scrapping sales |
|
13,714 |
|
|
|
12,825 |
|
|
|
27,796 |
|
|
|
20,709 |
|
Pawn service charges |
|
107,163 |
|
|
|
93,030 |
|
|
|
213,612 |
|
|
|
185,623 |
|
Other revenues |
|
75 |
|
|
|
61 |
|
|
|
132 |
|
|
|
124 |
|
Total revenues |
|
285,639 |
|
|
|
258,423 |
|
|
|
585,630 |
|
|
|
522,750 |
|
Merchandise cost of goods
sold |
|
106,259 |
|
|
|
97,339 |
|
|
|
221,469 |
|
|
|
202,216 |
|
Jewelry scrapping cost of
goods sold |
|
11,788 |
|
|
|
11,902 |
|
|
|
23,996 |
|
|
|
18,855 |
|
Gross profit |
|
167,592 |
|
|
|
149,182 |
|
|
|
340,165 |
|
|
|
301,679 |
|
Operating expenses: |
|
|
|
|
|
|
|
Store expenses |
|
114,582 |
|
|
|
101,269 |
|
|
|
225,137 |
|
|
|
202,072 |
|
General and administrative |
|
18,266 |
|
|
|
15,609 |
|
|
|
34,809 |
|
|
|
31,085 |
|
Depreciation and amortization |
|
8,219 |
|
|
|
7,963 |
|
|
|
16,784 |
|
|
|
15,951 |
|
Loss (gain) on sale or disposal of assets and other |
|
3 |
|
|
|
73 |
|
|
|
(169 |
) |
|
|
57 |
|
Other income |
|
(765 |
) |
|
|
(2,465 |
) |
|
|
(765 |
) |
|
|
(2,465 |
) |
Total operating expenses |
|
140,305 |
|
|
|
122,449 |
|
|
|
275,796 |
|
|
|
246,700 |
|
Operating income |
|
27,287 |
|
|
|
26,733 |
|
|
|
64,369 |
|
|
|
54,979 |
|
Interest expense |
|
3,402 |
|
|
|
3,390 |
|
|
|
6,842 |
|
|
|
9,580 |
|
Interest income |
|
(2,882 |
) |
|
|
(1,898 |
) |
|
|
(5,521 |
) |
|
|
(2,562 |
) |
Equity in net (income) loss of
unconsolidated affiliates |
|
(1,719 |
) |
|
|
32,501 |
|
|
|
(2,872 |
) |
|
|
30,917 |
|
Other (income) expense |
|
(165 |
) |
|
|
80 |
|
|
|
(436 |
) |
|
|
(154 |
) |
Income (loss) before income taxes |
|
28,651 |
|
|
|
(7,340 |
) |
|
|
66,356 |
|
|
|
17,198 |
|
Income
tax expense (benefit) |
|
7,172 |
|
|
|
(550 |
) |
|
|
16,407 |
|
|
|
7,210 |
|
Net income (loss) |
$ |
21,479 |
|
|
$ |
(6,790 |
) |
|
$ |
49,949 |
|
|
$ |
9,988 |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
share |
$ |
0.39 |
|
|
$ |
(0.12 |
) |
|
$ |
0.91 |
|
|
$ |
0.18 |
|
Diluted earnings (loss) per
share |
$ |
0.29 |
|
|
$ |
(0.12 |
) |
|
$ |
0.65 |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
Weighted-average basic shares
outstanding |
|
55,093 |
|
|
|
55,648 |
|
|
|
55,084 |
|
|
|
55,981 |
|
Weighted-average diluted
shares outstanding |
|
83,045 |
|
|
|
55,648 |
|
|
|
84,948 |
|
|
|
65,269 |
|
EZCORP, Inc.CONDENSED CONSOLIDATED
BALANCE SHEETS(Unaudited) |
(in thousands, except share
and per share amounts) |
March 31,2024 |
|
March 31,2023 |
|
September 30,2023 |
|
|
|
|
|
|
Assets: |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
229,111 |
|
|
$ |
243,128 |
|
|
$ |
220,595 |
|
Restricted cash |
|
8,581 |
|
|
|
8,451 |
|
|
|
8,373 |
|
Pawn loans |
|
235,773 |
|
|
|
206,096 |
|
|
|
245,766 |
|
Pawn service charges receivable, net |
|
38,268 |
|
|
|
33,116 |
|
|
|
38,885 |
|
Inventory, net |
|
163,429 |
|
|
|
150,297 |
|
|
|
166,477 |
|
Prepaid expenses and other current assets |
|
47,142 |
|
|
|
45,564 |
|
|
|
39,623 |
|
Total current assets |
|
722,304 |
|
|
|
686,652 |
|
|
|
719,719 |
|
Investments in unconsolidated affiliates |
|
13,162 |
|
|
|
10,681 |
|
|
|
10,987 |
|
Other investments |
|
51,220 |
|
|
|
39,220 |
|
|
|
36,220 |
|
Property and equipment, net |
|
63,306 |
|
|
|
59,775 |
|
|
|
68,096 |
|
Right-of-use assets, net |
|
243,752 |
|
|
|
234,287 |
|
|
|
234,388 |
|
Goodwill |
|
310,658 |
|
|
|
300,078 |
|
|
|
302,372 |
|
Intangible assets, net |
|
61,714 |
|
|
|
59,620 |
|
|
|
58,216 |
|
Notes receivable, net |
|
— |
|
|
|
1,233 |
|
|
|
— |
|
Deferred tax asset, net |
|
26,247 |
|
|
|
19,127 |
|
|
|
25,702 |
|
Other assets, net |
|
15,779 |
|
|
|
9,859 |
|
|
|
12,011 |
|
Total assets |
$ |
1,508,142 |
|
|
$ |
1,420,532 |
|
|
$ |
1,467,711 |
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Current maturities of long-term debt, net |
$ |
34,347 |
|
|
$ |
— |
|
|
$ |
34,265 |
|
Accounts payable, accrued expenses and other current
liabilities |
|
62,838 |
|
|
|
72,695 |
|
|
$ |
81,605 |
|
Customer layaway deposits |
|
20,352 |
|
|
|
18,761 |
|
|
|
18,920 |
|
Operating lease liabilities, current |
|
55,658 |
|
|
|
53,921 |
|
|
|
57,182 |
|
Total current liabilities |
|
173,195 |
|
|
|
145,377 |
|
|
|
191,972 |
|
Long-term debt, net |
|
326,573 |
|
|
|
359,287 |
|
|
|
325,847 |
|
Deferred tax liability, net |
|
465 |
|
|
|
368 |
|
|
|
435 |
|
Operating lease liabilities |
|
197,285 |
|
|
|
191,874 |
|
|
|
193,187 |
|
Other long-term liabilities |
|
10,228 |
|
|
|
11,038 |
|
|
|
10,502 |
|
Total liabilities |
|
707,746 |
|
|
|
707,944 |
|
|
|
721,943 |
|
Commitments and contingencies (Note 9) |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Class A Non-voting Common Stock, par value $0.01 per share;
shares authorized: 100 million; issued and outstanding : 52,057,309
as of March 31, 2024; 52,561,071 as of March 31, 2023;
and 51,869,569 as of September 30, 2023 |
|
521 |
|
|
|
526 |
|
|
|
519 |
|
Class B Voting Common Stock, convertible, par value $0.01 per
share; shares authorized: 3 million; issued and outstanding:
2,970,171 |
|
30 |
|
|
|
30 |
|
|
|
30 |
|
Additional paid-in capital |
|
345,174 |
|
|
|
343,088 |
|
|
|
346,181 |
|
Retained earnings |
|
477,683 |
|
|
|
405,961 |
|
|
|
431,140 |
|
Accumulated other comprehensive loss |
|
(23,012 |
) |
|
|
(37,017 |
) |
|
|
(32,102 |
) |
Total equity |
|
800,396 |
|
|
|
712,588 |
|
|
|
745,768 |
|
Total liabilities and equity |
$ |
1,508,142 |
|
|
$ |
1,420,532 |
|
|
$ |
1,467,711 |
|
EZCORP, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited) |
|
Six Months EndedMarch
31, |
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
Operating activities: |
|
|
|
Net income |
$ |
49,949 |
|
|
$ |
9,988 |
|
Adjustments to reconcile net income to net cash flows from
operating activities: |
|
|
|
Depreciation and amortization |
|
16,784 |
|
|
|
15,951 |
|
Amortization of debt discount and deferred financing costs |
|
807 |
|
|
|
736 |
|
Non-cash lease expense |
|
29,514 |
|
|
|
27,546 |
|
Deferred income taxes |
|
515 |
|
|
|
(6,987 |
) |
Other adjustments |
|
(1,429 |
) |
|
|
(2,386 |
) |
Provision for inventory reserve |
|
183 |
|
|
|
280 |
|
Stock compensation expense |
|
4,844 |
|
|
|
3,741 |
|
Equity in net (income) loss from investment in unconsolidated
affiliates |
|
(2,872 |
) |
|
|
30,917 |
|
Net loss on extinguishment of debt |
|
— |
|
|
|
3,545 |
|
Changes in operating assets and liabilities, net of business
acquisitions: |
|
|
|
Pawn service charges receivable |
|
1,071 |
|
|
|
1,357 |
|
Inventory |
|
1,617 |
|
|
|
(2,306 |
) |
Prepaid expenses, other current assets and other assets |
|
(8,699 |
) |
|
|
(3,639 |
) |
Accounts payable, accrued expenses and other liabilities |
|
(57,531 |
) |
|
|
(43,969 |
) |
Customer layaway deposits |
|
886 |
|
|
|
1,426 |
|
Income taxes |
|
909 |
|
|
|
8,852 |
|
Dividends from unconsolidated affiliates |
|
— |
|
|
|
1,775 |
|
Net cash provided by operating activities |
|
36,548 |
|
|
|
46,827 |
|
Investing activities: |
|
|
|
Loans made |
|
(433,194 |
) |
|
|
(378,717 |
) |
Loans repaid |
|
262,970 |
|
|
|
230,604 |
|
Recovery of pawn loan principal through sale of forfeited
collateral |
|
188,351 |
|
|
|
171,504 |
|
Capital expenditures, net |
|
(13,654 |
) |
|
|
(18,439 |
) |
Acquisitions, net of cash acquired |
|
(8,610 |
) |
|
|
(12,968 |
) |
Issuance of notes receivable |
|
— |
|
|
|
(15,500 |
) |
Investment in unconsolidated affiliate |
|
(850 |
) |
|
|
(2,133 |
) |
Investment in other investments |
|
(15,000 |
) |
|
|
(15,000 |
) |
Dividends from unconsolidated affiliates |
|
1,745 |
|
|
|
— |
|
Net cash used in investing activities |
|
(18,242 |
) |
|
|
(40,649 |
) |
Financing activities: |
|
|
|
Taxes paid related to net share settlement of equity awards |
|
(3,253 |
) |
|
|
(1,149 |
) |
Proceeds from issuance of debt |
|
— |
|
|
|
230,000 |
|
Debt issuance cost |
|
— |
|
|
|
(7,458 |
) |
Cash paid on extinguishment of debt |
|
— |
|
|
|
(1,951 |
) |
Payments on debt |
|
— |
|
|
|
(178,488 |
) |
Purchase and retirement of treasury stock |
|
(6,010 |
) |
|
|
(10,978 |
) |
Payments of finance leases |
|
(276 |
) |
|
|
— |
|
Net cash (used in) provided by financing activities |
|
(9,539 |
) |
|
|
29,976 |
|
Effect
of exchange rate changes on cash and cash equivalents and
restricted cash |
|
(43 |
) |
|
|
1,056 |
|
Net increase in cash, cash equivalents and restricted cash |
|
8,724 |
|
|
|
37,210 |
|
Cash
and cash equivalents and restricted cash at beginning of
period |
|
228,968 |
|
|
|
214,369 |
|
Cash and cash equivalents and restricted cash at end of period |
$ |
237,692 |
|
|
$ |
251,579 |
|
|
|
|
|
EZCORP, Inc.OPERATING SEGMENT
RESULTS |
|
|
|
Three Months Ended March 31,
2024(Unaudited) |
(in thousands) |
U.S. Pawn |
|
Latin America Pawn |
|
Other Investments |
|
Total Segments |
|
Corporate Items |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Merchandise sales |
$ |
114,849 |
|
|
$ |
49,838 |
|
|
$ |
— |
|
|
$ |
164,687 |
|
|
$ |
— |
|
|
$ |
164,687 |
|
Jewelry scrapping sales |
|
12,686 |
|
|
|
1,028 |
|
|
|
— |
|
|
|
13,714 |
|
|
|
— |
|
|
|
13,714 |
|
Pawn service charges |
|
80,010 |
|
|
|
27,153 |
|
|
|
— |
|
|
|
107,163 |
|
|
|
— |
|
|
|
107,163 |
|
Other revenues |
|
29 |
|
|
|
15 |
|
|
|
31 |
|
|
|
75 |
|
|
|
— |
|
|
|
75 |
|
Total revenues |
|
207,574 |
|
|
|
78,034 |
|
|
|
31 |
|
|
|
285,639 |
|
|
|
— |
|
|
|
285,639 |
|
Merchandise cost of goods
sold |
|
72,798 |
|
|
|
33,461 |
|
|
|
— |
|
|
|
106,259 |
|
|
|
— |
|
|
|
106,259 |
|
Jewelry scrapping cost of
goods sold |
|
10,794 |
|
|
|
994 |
|
|
|
— |
|
|
|
11,788 |
|
|
|
— |
|
|
|
11,788 |
|
Gross profit |
|
123,982 |
|
|
|
43,579 |
|
|
|
31 |
|
|
|
167,592 |
|
|
|
— |
|
|
|
167,592 |
|
Segment and corporate expenses
(income): |
|
|
|
|
|
|
|
|
|
|
|
Store expenses |
|
80,840 |
|
|
|
33,742 |
|
|
|
— |
|
|
|
114,582 |
|
|
|
— |
|
|
|
114,582 |
|
General and administrative |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,266 |
|
|
|
18,266 |
|
Depreciation and amortization |
|
2,516 |
|
|
|
2,392 |
|
|
|
— |
|
|
|
4,908 |
|
|
|
3,311 |
|
|
|
8,219 |
|
(Gain) loss on sale or disposal of assets and other |
|
(30 |
) |
|
|
(66 |
) |
|
|
— |
|
|
|
(96 |
) |
|
|
99 |
|
|
|
3 |
|
Other income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(765 |
) |
|
|
(765 |
) |
Interest expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,402 |
|
|
|
3,402 |
|
Interest income |
|
— |
|
|
|
(608 |
) |
|
|
(633 |
) |
|
|
(1,241 |
) |
|
|
(1,641 |
) |
|
|
(2,882 |
) |
Equity in net income of unconsolidated affiliates |
|
— |
|
|
|
— |
|
|
|
(1,719 |
) |
|
|
(1,719 |
) |
|
|
— |
|
|
|
(1,719 |
) |
Other expense (income) |
|
— |
|
|
|
1 |
|
|
|
14 |
|
|
|
15 |
|
|
|
(180 |
) |
|
|
(165 |
) |
Segment contribution |
$ |
40,656 |
|
|
$ |
8,118 |
|
|
$ |
2,369 |
|
|
$ |
51,143 |
|
|
|
|
|
Income (loss) before income taxes |
|
|
|
|
|
|
$ |
51,143 |
|
|
$ |
(22,492 |
) |
|
$ |
28,651 |
|
|
Three Months Ended March 31,
2023(Unaudited) |
(in thousands) |
U.S. Pawn |
|
Latin America Pawn |
|
Other Investments |
|
Total Segments |
|
Corporate Items |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Merchandise sales |
$ |
108,740 |
|
|
$ |
43,767 |
|
|
$ |
— |
|
|
$ |
152,507 |
|
|
$ |
— |
|
|
$ |
152,507 |
|
Jewelry scrapping sales |
|
9,814 |
|
|
|
3,011 |
|
|
|
— |
|
|
|
12,825 |
|
|
|
— |
|
|
|
12,825 |
|
Pawn service charges |
|
69,945 |
|
|
|
23,085 |
|
|
|
— |
|
|
|
93,030 |
|
|
|
— |
|
|
|
93,030 |
|
Other revenues |
|
32 |
|
|
|
19 |
|
|
|
10 |
|
|
|
61 |
|
|
|
— |
|
|
|
61 |
|
Total revenues |
|
188,531 |
|
|
|
69,882 |
|
|
|
10 |
|
|
|
258,423 |
|
|
|
— |
|
|
|
258,423 |
|
Merchandise cost of goods
sold |
|
67,643 |
|
|
|
29,696 |
|
|
|
— |
|
|
|
97,339 |
|
|
|
— |
|
|
|
97,339 |
|
Jewelry scrapping cost of
goods sold |
|
8,550 |
|
|
|
3,352 |
|
|
|
— |
|
|
|
11,902 |
|
|
|
— |
|
|
|
11,902 |
|
Gross profit |
|
112,338 |
|
|
|
36,834 |
|
|
|
10 |
|
|
|
149,182 |
|
|
|
— |
|
|
|
149,182 |
|
Segment and corporate expenses
(income): |
|
|
|
|
|
|
|
|
|
|
|
Store expenses |
|
71,946 |
|
|
|
29,323 |
|
|
|
— |
|
|
|
101,269 |
|
|
|
— |
|
|
|
101,269 |
|
General and administrative |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,609 |
|
|
|
15,609 |
|
Depreciation and amortization |
|
2,560 |
|
|
|
2,332 |
|
|
|
— |
|
|
|
4,892 |
|
|
|
3,071 |
|
|
|
7,963 |
|
Loss (gain) on sale or disposal of assets |
|
81 |
|
|
|
(8 |
) |
|
|
— |
|
|
|
73 |
|
|
|
— |
|
|
|
73 |
|
Other income |
|
— |
|
|
|
(2,465 |
) |
|
|
— |
|
|
|
(2,465 |
) |
|
|
— |
|
|
|
(2,465 |
) |
Interest expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,390 |
|
|
|
3,390 |
|
Interest income |
|
(1 |
) |
|
|
(298 |
) |
|
|
— |
|
|
|
(299 |
) |
|
|
(1,599 |
) |
|
|
(1,898 |
) |
Equity in net loss of unconsolidated affiliates |
|
— |
|
|
|
— |
|
|
|
32,501 |
|
|
|
32,501 |
|
|
|
— |
|
|
|
32,501 |
|
Other (income) expense |
|
— |
|
|
|
(46 |
) |
|
|
6 |
|
|
|
(40 |
) |
|
|
120 |
|
|
|
80 |
|
Segment contribution (loss) |
$ |
37,752 |
|
|
$ |
7,996 |
|
|
$ |
(32,497 |
) |
|
$ |
13,251 |
|
|
|
|
|
Income (loss) before income taxes |
|
|
|
|
|
|
$ |
13,251 |
|
|
$ |
(20,591 |
) |
|
$ |
(7,340 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
March 31,
2024(Unaudited) |
(in thousands) |
U.S. Pawn |
|
Latin America Pawn |
|
Other Investments |
|
Total Segments |
|
Corporate Items |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Merchandise sales |
$ |
240,362 |
|
|
$ |
103,728 |
|
|
$ |
— |
|
|
$ |
344,090 |
|
|
$ |
— |
|
|
$ |
344,090 |
|
Jewelry scrapping sales |
|
25,501 |
|
|
|
2,295 |
|
|
|
— |
|
|
|
27,796 |
|
|
|
— |
|
|
|
27,796 |
|
Pawn service charges |
|
159,083 |
|
|
|
54,529 |
|
|
|
— |
|
|
|
213,612 |
|
|
|
— |
|
|
|
213,612 |
|
Other revenues |
|
66 |
|
|
|
31 |
|
|
|
35 |
|
|
|
132 |
|
|
|
— |
|
|
|
132 |
|
Total revenues |
|
425,012 |
|
|
|
160,583 |
|
|
|
35 |
|
|
|
585,630 |
|
|
|
— |
|
|
|
585,630 |
|
Merchandise cost of goods
sold |
|
151,507 |
|
|
|
69,962 |
|
|
|
— |
|
|
|
221,469 |
|
|
|
— |
|
|
|
221,469 |
|
Jewelry scrapping cost of
goods sold |
|
22,078 |
|
|
|
1,918 |
|
|
|
— |
|
|
|
23,996 |
|
|
|
— |
|
|
|
23,996 |
|
Gross profit |
|
251,427 |
|
|
|
88,703 |
|
|
|
35 |
|
|
|
340,165 |
|
|
|
— |
|
|
|
340,165 |
|
Segment and corporate expenses
(income): |
|
|
|
|
|
|
|
|
|
|
|
Store expenses |
|
158,095 |
|
|
|
67,042 |
|
|
|
— |
|
|
|
225,137 |
|
|
|
— |
|
|
|
225,137 |
|
General and administrative |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,809 |
|
|
|
34,809 |
|
Depreciation and amortization |
|
5,140 |
|
|
|
4,731 |
|
|
|
— |
|
|
|
9,871 |
|
|
|
6,913 |
|
|
|
16,784 |
|
(Gain) loss on sale or disposal of assets and other |
|
(4 |
) |
|
|
(262 |
) |
|
|
— |
|
|
|
(266 |
) |
|
|
97 |
|
|
|
(169 |
) |
Other income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(765 |
) |
|
|
(765 |
) |
Interest expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,842 |
|
|
|
6,842 |
|
Interest income |
|
— |
|
|
|
(1,028 |
) |
|
|
(1,206 |
) |
|
|
(2,234 |
) |
|
|
(3,287 |
) |
|
|
(5,521 |
) |
Equity in net loss of unconsolidated affiliates |
|
— |
|
|
|
— |
|
|
|
(2,872 |
) |
|
|
(2,872 |
) |
|
|
— |
|
|
|
(2,872 |
) |
Other (income) expense |
|
— |
|
|
|
(47 |
) |
|
|
15 |
|
|
|
(32 |
) |
|
|
(404 |
) |
|
|
(436 |
) |
Segment contribution |
|
88,196 |
|
|
|
18,267 |
|
|
$ |
4,098 |
|
|
$ |
110,561 |
|
|
|
|
|
Income (loss) before income taxes |
|
|
|
|
|
|
$ |
110,561 |
|
|
$ |
(44,205 |
) |
|
$ |
66,356 |
|
|
Six Months Ended
March 31,
2023(Unaudited) |
(in thousands) |
U.S. Pawn |
|
Latin America Pawn |
|
Other Investments |
|
Total Segments |
|
Corporate Items |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Merchandise sales |
$ |
227,054 |
|
|
$ |
89,240 |
|
|
$ |
— |
|
|
$ |
316,294 |
|
|
$ |
— |
|
|
$ |
316,294 |
|
Jewelry scrapping sales |
|
16,990 |
|
|
|
3,719 |
|
|
|
— |
|
|
|
20,709 |
|
|
|
— |
|
|
|
20,709 |
|
Pawn service charges |
|
139,255 |
|
|
|
46,368 |
|
|
|
— |
|
|
|
185,623 |
|
|
|
— |
|
|
|
185,623 |
|
Other revenues |
|
57 |
|
|
|
35 |
|
|
|
32 |
|
|
|
124 |
|
|
|
— |
|
|
|
124 |
|
Total revenues |
|
383,356 |
|
|
|
139,362 |
|
|
|
32 |
|
|
|
522,750 |
|
|
|
— |
|
|
|
522,750 |
|
Merchandise cost of goods
sold |
|
140,899 |
|
|
|
61,317 |
|
|
|
— |
|
|
|
202,216 |
|
|
|
— |
|
|
|
202,216 |
|
Jewelry scrapping cost of
goods sold |
|
14,766 |
|
|
|
4,089 |
|
|
|
— |
|
|
|
18,855 |
|
|
|
— |
|
|
|
18,855 |
|
Gross profit |
|
227,691 |
|
|
|
73,956 |
|
|
|
32 |
|
|
|
301,679 |
|
|
|
— |
|
|
|
301,679 |
|
Segment and corporate expenses
(income): |
|
|
|
|
|
|
|
|
|
|
|
Store expenses |
|
145,250 |
|
|
|
56,822 |
|
|
|
— |
|
|
|
202,072 |
|
|
|
— |
|
|
|
202,072 |
|
General and administrative |
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
31,088 |
|
|
|
31,085 |
|
Depreciation and amortization |
|
5,315 |
|
|
|
4,547 |
|
|
|
— |
|
|
|
9,862 |
|
|
|
6,089 |
|
|
|
15,951 |
|
Loss (gain) on sale or disposal of assets |
|
84 |
|
|
|
(27 |
) |
|
|
— |
|
|
|
57 |
|
|
|
— |
|
|
|
57 |
|
Other income |
|
— |
|
|
|
(2,465 |
) |
|
|
— |
|
|
|
(2,465 |
) |
|
|
— |
|
|
|
(2,465 |
) |
Interest expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,580 |
|
|
|
9,580 |
|
Interest income |
|
(1 |
) |
|
|
(467 |
) |
|
|
— |
|
|
|
(468 |
) |
|
|
(2,094 |
) |
|
|
(2,562 |
) |
Equity in net loss of unconsolidated affiliates |
|
— |
|
|
|
— |
|
|
|
30,917 |
|
|
|
30,917 |
|
|
|
— |
|
|
|
30,917 |
|
Other expense (income) |
|
— |
|
|
|
24 |
|
|
|
10 |
|
|
|
34 |
|
|
|
(188 |
) |
|
|
(154 |
) |
Segment contribution (loss) |
$ |
77,043 |
|
|
$ |
15,525 |
|
|
$ |
(30,895 |
) |
|
$ |
61,673 |
|
|
|
|
|
Income (loss) before income taxes |
|
|
|
|
|
|
$ |
61,673 |
|
|
$ |
(44,475 |
) |
|
$ |
17,198 |
|
EZCORP, Inc.STORE COUNT
ACTIVITY(Unaudited)
|
Three Months Ended March 31,
2024 |
|
U.S. Pawn |
|
Latin America Pawn |
|
Consolidated |
|
|
|
|
|
|
As
of December 31, 2023 |
530 |
|
|
707 |
|
|
1,237 |
|
New locations opened |
— |
|
|
9 |
|
|
9 |
|
Locations acquired |
6 |
|
|
— |
|
|
6 |
|
Locations combined or closed |
(1 |
) |
|
(5 |
) |
|
(6 |
) |
As of March 31, 2024 |
535 |
|
|
711 |
|
|
1,246 |
|
|
Three Months Ended March 31,
2023 |
|
U.S. Pawn |
|
Latin America Pawn |
|
Consolidated |
|
|
|
|
|
|
As of December 31, 2022 |
525 |
|
661 |
|
1,186 |
New locations opened |
2 |
|
11 |
|
13 |
As of March 31, 2023 |
527 |
|
672 |
|
1,199 |
|
Six Months Ended
March 31, 2024 |
|
U.S. Pawn |
|
Latin America Pawn |
|
Consolidated |
|
|
|
|
|
|
As
of September 30, 2023 |
529 |
|
|
702 |
|
|
1,231 |
|
New locations opened |
— |
|
|
14 |
|
|
14 |
|
Locations acquired |
7 |
|
|
— |
|
|
7 |
|
Locations combined or closed |
(1 |
) |
|
(5 |
) |
|
(6 |
) |
As of March 31, 2024 |
535 |
|
|
711 |
|
|
1,246 |
|
|
Six Months Ended
March 31, 2023 |
|
U.S. Pawn |
|
Latin America Pawn |
|
Consolidated |
|
|
|
|
|
|
As
of September 30, 2022 |
515 |
|
660 |
|
|
1,175 |
|
New locations opened |
2 |
|
13 |
|
|
15 |
|
Locations acquired |
10 |
|
— |
|
|
10 |
|
Locations combined or closed |
— |
|
(1 |
) |
|
(1 |
) |
As of March 31, 2023 |
527 |
|
672 |
|
|
1,199 |
|
Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity
with accounting U.S. generally accepted accounting principles
(“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 six months
ended March 31, 2024 and 2023 were as follows:
|
|
March 31, |
|
Three Months EndedMarch 31, |
|
Six Months EndedMarch
31, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexican peso |
|
16.6 |
|
18.1 |
|
17.0 |
|
18.7 |
|
17.3 |
|
19.2 |
Guatemalan quetzal |
|
7.6 |
|
7.6 |
|
7.6 |
|
7.6 |
|
7.6 |
|
7.6 |
Honduran lempira |
|
24.4 |
|
24.4 |
|
24.4 |
|
24.3 |
|
24.4 |
|
24.3 |
Australian dollar |
|
1.5 |
|
1.5 |
|
1.5 |
|
1.5 |
|
1.5 |
|
1.5 |
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 EndedMarch 31, |
(in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
|
|
Net income (loss) |
$ |
21.5 |
|
|
$ |
(6.8 |
) |
Interest expense |
|
3.4 |
|
|
|
3.4 |
|
Interest income |
|
(2.9 |
) |
|
|
(1.9 |
) |
Income tax expense
(benefit) |
|
7.2 |
|
|
|
(0.6 |
) |
Depreciation and amortization |
|
8.2 |
|
|
|
8.0 |
|
EBITDA |
$ |
37.4 |
|
|
$ |
2.1 |
|
|
Total Revenues |
|
Gross Profit |
|
Income Before Tax |
|
Tax Effect |
|
Net Income |
|
Diluted EPS |
|
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Q2 Reported |
$ |
285.6 |
|
|
$ |
167.6 |
|
|
$ |
28.7 |
|
|
$ |
7.2 |
|
|
$ |
21.5 |
|
|
$ |
0.29 |
|
|
$ |
37.4 |
|
Corporate lease
termination |
|
— |
|
|
|
— |
|
|
|
(0.8 |
) |
|
|
(0.2 |
) |
|
|
(0.6 |
) |
|
|
(0.01 |
) |
|
|
(0.8 |
) |
FX Impact |
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
Constant Currency and other
impact |
|
(5.4 |
) |
|
|
(3.0 |
) |
|
|
(0.4 |
) |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
— |
|
|
|
(0.5 |
) |
2024 Q2 Adjusted |
$ |
280.2 |
|
|
$ |
164.6 |
|
|
$ |
27.6 |
|
|
$ |
6.9 |
|
|
$ |
20.7 |
|
|
$ |
0.28 |
|
|
$ |
36.2 |
|
|
Total Revenues |
|
Gross Profit |
|
Income Before Tax |
|
Tax Effect |
|
Net Income |
|
Diluted EPS |
|
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 Q2 Reported |
$ |
258.4 |
|
$ |
149.2 |
|
$ |
(7.3 |
) |
|
$ |
(0.5 |
) |
|
$ |
(6.8 |
) |
|
$ |
(0.12 |
) |
|
$ |
2.1 |
|
CCV Impairment and discrete
adjustments |
|
— |
|
|
— |
|
|
34.0 |
|
|
|
8.4 |
|
|
|
25.6 |
|
|
|
0.29 |
|
|
|
34.0 |
|
Contingent consideration
liability |
|
— |
|
|
— |
|
|
(2.4 |
) |
|
|
(0.7 |
) |
|
|
(1.7 |
) |
|
|
(0.02 |
) |
|
|
(2.4 |
) |
Impact of dilutive
instruments* |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.08 |
|
|
|
— |
|
2023 Q2 Adjusted |
$ |
258.4 |
|
$ |
149.2 |
|
$ |
24.3 |
|
|
$ |
7.2 |
|
|
$ |
17.1 |
|
|
$ |
0.23 |
|
|
$ |
33.8 |
|
|
Three Months Ended March 31,
2024 |
|
Six Months EndedMarch 31,
2024 |
(in millions) |
U.S. Dollar Amount |
|
Percentage Change YOY |
|
U.S. Dollar Amount |
|
Percentage Change YOY |
|
|
|
|
|
|
|
|
Consolidated revenues |
$ |
285.6 |
|
|
11 |
% |
|
$ |
585.6 |
|
|
12 |
% |
Currency exchange rate fluctuations |
|
(5.4 |
) |
|
|
|
|
(12.6 |
) |
|
|
Constant currency consolidated revenues |
$ |
280.2 |
|
|
8 |
% |
|
$ |
573.0 |
|
|
10 |
% |
|
|
|
|
|
|
|
|
Consolidated gross profit |
$ |
167.6 |
|
|
12 |
% |
|
$ |
340.2 |
|
|
13 |
% |
Currency exchange rate fluctuations |
|
(3.0 |
) |
|
|
|
|
(6.8 |
) |
|
|
Constant currency consolidated gross profit |
$ |
164.6 |
|
|
10 |
% |
|
$ |
333.4 |
|
|
11 |
% |
|
|
|
|
|
|
|
|
Consolidated net
inventory |
$ |
163.4 |
|
|
9 |
% |
|
$ |
163.4 |
|
|
9 |
% |
Currency exchange rate fluctuations |
|
(2.8 |
) |
|
|
|
|
(2.8 |
) |
|
|
Constant currency consolidated net inventory |
$ |
160.6 |
|
|
7 |
% |
|
$ |
160.6 |
|
|
7 |
% |
|
|
|
|
|
|
|
|
Latin America Pawn gross
profit |
$ |
43.6 |
|
|
18 |
% |
|
$ |
88.7 |
|
|
20 |
% |
Currency exchange rate fluctuations |
|
(3.0 |
) |
|
|
|
|
(6.8 |
) |
|
|
Constant currency Latin America Pawn gross profit |
$ |
40.6 |
|
|
10 |
% |
|
$ |
81.9 |
|
|
11 |
% |
|
|
|
|
|
|
|
|
Latin America Pawn PLO |
$ |
62.0 |
|
|
26 |
% |
|
$ |
62.0 |
|
|
26 |
% |
Currency exchange rate fluctuations |
|
(3.7 |
) |
|
|
|
|
(3.7 |
) |
|
|
Constant currency Latin America Pawn PLO |
$ |
58.3 |
|
|
19 |
% |
|
$ |
58.3 |
|
|
19 |
% |
|
|
|
|
|
|
|
|
Latin America Pawn PSC
revenues |
$ |
27.2 |
|
|
18 |
% |
|
$ |
54.5 |
|
|
18 |
% |
Currency exchange rate fluctuations |
|
(1.8 |
) |
|
|
|
|
(3.9 |
) |
|
|
Constant currency Latin America Pawn PSC revenues |
$ |
25.4 |
|
|
10 |
% |
|
$ |
50.6 |
|
|
9 |
% |
|
|
|
|
|
|
|
|
Latin America Pawn merchandise
sales |
$ |
49.8 |
|
|
14 |
% |
|
$ |
103.7 |
|
|
16 |
% |
Currency exchange rate fluctuations |
|
(3.6 |
) |
|
|
|
|
(8.5 |
) |
|
|
Constant currency Latin America Pawn merchandise sales |
$ |
46.2 |
|
|
6 |
% |
|
$ |
95.2 |
|
|
7 |
% |
|
|
|
|
|
|
|
|
Latin America Pawn segment
profit before tax |
$ |
8.1 |
|
|
2 |
% |
|
$ |
18.3 |
|
|
18 |
% |
Currency exchange rate fluctuations |
|
(0.4 |
) |
|
|
|
|
(1.1 |
) |
|
|
Constant currency Latin America Pawn segment profit before tax |
$ |
7.7 |
|
|
(4) % |
|
$ |
17.1 |
|
|
10 |
% |
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. 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.
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