false000087652300008765232024-07-312024-07-31

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): July 31, 2024
_______________________________________________ 
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
_______________________________________________________ 
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))

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)

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 July 31, 2024, EZCORP, Inc. (“EZCORP”) issued a press release announcing its results of operations and financial condition for the quarter ended June 30, 2024. A copy of that press release is attached as Exhibit 99.1.
In addition to the financial information prepared in conformity with 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.
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 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 August 1, 2024) 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:July 31, 2024By: /s/ Timothy K. Jugmans
   Timothy K. Jugmans
   Chief Financial Officer


fy2014q1ezcorpa01a04a56a.jpg
EZCORP Reports Third Quarter Fiscal 2024 Results
Record PLO and Q3 Revenues
Austin, Texas (July 31, 2024) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 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.
THIRD QUARTER HIGHLIGHTS
•Pawn loans outstanding (PLO) up 14% to $261.7 million.
•Total revenues increased 10% and gross profit increased 12%, while merchandise sales gross margin remains within our targeted range at 36%.
•Net income of $18.0 million, compared to $18.2 million. On an adjusted basis1, net income increased $2.2 million or 14%.
•Diluted earnings per share of $0.25, up from $0.24. On an adjusted basis, diluted earnings per share of $0.23, compared to $0.20.
•Return on earning assets (ROEA) remains strong at 160%.
CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, “Our team delivered another outstanding quarter for our shareholders, driven by strong customer demand and continued focus on operational execution at the store level. As a result, we achieved record Q3 revenues and our highest level of PLO in Company history. The challenging macro-economic climate continues to fuel robust customer interest in short-term cash solutions and high-quality pre-owned goods, and the team’s focus on market-leading customer service drove excellent operational and financial results, increasing adjusted EBITDA by 15% with expanded margin.
“During the quarter, we grew our footprint by adding twelve new stores, including six de novo stores in Latin America and one in the U.S., as well as acquiring five stores in the U.S. We now operate 1,258 stores and employ over 8,000 team members. Our strong, liquid balance sheet enables us to continue scaling the business, organically through new store openings and through strategic acquisitions. Additionally, we demonstrated our commitment to returning capital to shareholders by repurchasing $3.0 million worth of shares during the quarter. Subsequent to quarter end, we also settled our convertible notes that matured in 2024 with $34.4 million in cash and 77,328 shares.
“We continue to prioritize convenience and a seamless customer experience to drive loyalty and engagement. Our EZ+ Rewards program now boasts 5 million members globally, up 51% year-over-year. These members accounted for 76% of unique customer transactions during the quarter, illustrating the ongoing success of the program. Online payments also continue to gain traction with a 49% increase to $21.7 million collected in the U.S.
“We remain committed to a balanced capital allocation strategy in which we invest in our people and business to drive strong organic growth, execute value-enhancing acquisitions and investments, return capital to shareholders via strategic share repurchases, and maintain substantial liquidity to manage debt. The business is performing exceptionally well and I thank the team for their relentless focus on operational excellence to produce these results for all of our stakeholders,” concluded Given.


CONSOLIDATED RESULTS
Three Months Ended June 30
As Reported
Adjusted1
in millions, except per share amounts2024202320242023
Total revenues$281.4 $255.8 $279.8 $255.8 
Gross profit$166.7 $148.8 $165.8 $148.8 
Income before tax$23.0 $21.3 $22.8 $18.7 
Net income$18.0 $18.2 $17.0 $14.9 
Diluted earnings per share $0.25 $0.24 $0.23 $0.20 
EBITDA (non-GAAP measure)$31.8 $30.2 $31.6 $27.6 

•PLO increased 14% to $261.7 million, up $32.3 million. On a same-store basis, PLO increased 12% due to improved operational performance and continued strong pawn demand.
•Total revenues increased 10%, 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 36%. Aged general merchandise was 3.2% of total general merchandise inventory.
•Net inventory increased 11%, as expected with the growth in PLO. Inventory turnover decreased to 2.7x, from 2.8x.
•Store expenses increased 11% and 8% on a same-store basis, primarily due to increased labor in-line with store activity and, to a lesser extent, expenses related to our loyalty program.
•General and administrative expenses increased 12%, primarily due to labor, incentive compensation and, to a lesser extent, costs related to the implementation and ongoing support of Workday.
•Income before taxes was $23.0 million, up from $21.3 million, and adjusted EBITDA increased 15% to $31.6 million, with the primary adjustment being in the prior year for the reversal of contingent consideration liability in connection with a previously completed acquisition.
•Diluted earnings per share of $0.25, up from $0.24. On an adjusted basis, diluted earnings per share of $0.23, up from $0.20.
•Cash and cash equivalents at the end of the quarter was $218.0 million, down 8% year-over-year. The decrease was due to the increase in PLO and inventory, strategic investments and acquisitions, and share repurchases, partially offset by cash from operating activities.
SEGMENT RESULTS
U.S. Pawn
•PLO ended the quarter at $199.3 million, up 11% or 10% on a same-store basis.
•Total revenues were up 8% and gross profit was up 9%, reflecting increased PSC and higher merchandise sales.
•PSC increased 13% as a result of higher average PLO.
•Merchandise sales increased 6%, and gross margin decreased to 38% from 39%. Aged general merchandise increased to 5.0% to $2.0 million of total general merchandise inventory. Excluding luxury handbags in our three Max Pawn stores in Las Vegas, aged general merchandise remains under 1%.
•Net inventory increased 6%, as expected with the growth in PLO. Inventory turnover remained flat at 2.6x.


•Store expenses increased 8% and 6% on a same-store basis, primarily due to increased labor in-line with store activity and to a lesser extent, expenses related to our loyalty program.
•Segment contribution increased 12% to $36.1 million.
•During the quarter, store count increased by six, due to the acquisition of five stores and opening of one de novo store.
Latin America Pawn
•PLO improved to $62.4 million, up 24% (30% on constant currency basis). On a same-store basis, PLO increased 20% (26% on a constant currency basis) due to improved operational performance and increased loan demand.
•Total revenues were up 15% (13% on constant currency basis), and gross profit increased 21% (19% on a constant currency basis), reflecting increased PSC, higher merchandise sales and improved merchandise sales gross profit.
•PSC increased 22% (19% on a constant currency basis) as a result of higher average PLO.
•Merchandise sales gross margin increased to 32% from 30%. Aged general merchandise was less than 1% of total merchandise inventory.
•Net inventory increased 25% (32% on a constant currency basis). Inventory turnover decreased to 3.0x, from 3.4x.
•Store expenses increased 18% (15% on a constant currency basis) and 14% (12% on a constant currency basis) on a same-store basis, primarily due to increased labor, in line with store activity and to a lesser extent, rent.
•Segment contribution increased 6% (5% on a constant currency basis). On an adjusted basis, segment contribution was up 43% to $10.2 million, with the primary adjustment being the prior year reversal of contingent consideration liability in connection with a previously completed acquisition.
•During the quarter, store count increased by six de novo stores.
FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 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 CALL
EZCORP will host a conference call on Thursday, August 1, 2024, at 8:00 am Central Time to discuss Third Quarter Fiscal 2024 results. Analysts and institutional investors may participate on the conference call by registering online at https://register.vevent.com/register/BId4b5469876114f61a4e1f86df672523c. 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.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. 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
June 30,		Nine Months Ended
June 30,
(in thousands, except per share amounts)2024202320242023
Revenues:
Merchandise sales$158,140 $147,980 $502,230 $464,274 
Jewelry scrapping sales15,395 13,931 43,191 34,640 
Pawn service charges107,830 93,819 321,442 279,442 
Other revenues56 82 188 206 
Total revenues281,421 255,812 867,051 778,562 
Merchandise cost of goods sold101,211 95,069 322,680 297,285 
Jewelry scrapping cost of goods sold13,483 11,958 37,479 30,813 
Gross profit166,727 148,785 506,892 450,464 
Operating expenses:
Store expenses116,335 104,932 341,472 307,004 
General and administrative20,060 17,876 54,869 48,961 
Depreciation and amortization8,158 8,026 24,942 23,977 
Loss (gain) on sale or disposal of assets and other20 (29)(149)28 
Other income— (2,632)(765)(5,097)
Total operating expenses144,573 128,173 420,369 374,873 
Operating income22,154 20,612 86,523 75,591 
Interest expense3,539 3,414 10,381 12,994 
Interest income(2,931)(2,584)(8,452)(5,146)
Equity in net (income) loss of unconsolidated affiliates(1,263)(1,523)(4,135)29,394 
Other income(191)(5)(627)(159)
 Income before income taxes23,000 21,310 89,356 38,508 
Income tax expense 5,050 3,088 21,457 10,298 
Net income$17,950 $18,222 $67,899 $28,210 
Basic earnings per share $0.33 $0.33 $1.23 $0.51 
Diluted earnings per share $0.25 $0.24 $0.89 $0.38 
Weighted-average basic shares outstanding54,898 55,367 55,022 55,776 
Weighted-average diluted shares outstanding83,008 86,825 84,309 79,559 


EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)June 30,
2024		June 30,
2023
September 30,
2023
Assets:
Current assets:
Cash and cash equivalents$218,038 $237,974 $220,595 
Restricted cash9,204 8,549 8,373 
Pawn loans261,720 229,379 245,766 
Pawn service charges receivable, net40,638 34,959 38,885 
Inventory, net171,937 154,944 166,477 
Prepaid expenses and other current assets40,391 44,925 39,623 
Total current assets741,928 710,730 719,719 
Investments in unconsolidated affiliates12,297 10,247 10,987 
Other investments51,220 39,220 36,220 
Property and equipment, net59,926 61,849 68,096 
Right-of-use assets, net235,030 243,100 234,388 
Goodwill308,847 302,120 302,372 
Intangible assets, net60,164 60,009 58,216 
Deferred tax asset, net25,245 19,610 25,702 
Other assets, net15,506 10,793 12,011 
Total assets $1,510,163 $1,457,678 $1,467,711 
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net $137,326 $— $34,265 
Accounts payable, accrued expenses and other current liabilities69,742 74,458 $81,605 
Customer layaway deposits20,067 18,595 18,920 
Operating lease liabilities, current58,905 56,919 57,182 
Total current liabilities286,040 149,972 191,972 
Long-term debt, net223,998 359,686 325,847 
Deferred tax liability, net416 349 435 
Operating lease liabilities188,996 197,499 193,187 
Other long-term liabilities9,258 11,130 10,502 
Total liabilities708,708 718,636 721,943 
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 : 51,771,917 as of June 30, 2024; 52,214,761 as of June 30, 2023; and 51,869,569 as of September 30, 2023
518 522 519 
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 capital347,082 344,857 346,181 
Retained earnings493,830 422,549 431,140 
Accumulated other comprehensive loss(40,005)(28,916)(32,102)
Total equity801,455 739,042 745,768 
Total liabilities and equity$1,510,163 $1,457,678 $1,467,711 



EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
June 30,
(in thousands)20242023
Operating activities:
Net income $67,899 $28,210 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization24,942 23,977 
Amortization of debt discount and deferred financing costs1,212 1,135 
Non-cash lease expense43,999 41,752 
Deferred income taxes438 (7,489)
Other adjustments69 (4,894)
Provision for inventory reserve589 (160)
Stock compensation expense7,945 6,876 
Equity in net (income) loss from investment in unconsolidated affiliates(4,135)29,394 
Net loss on extinguishment of debt— 3,545 
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable(1,593)(316)
Inventory(2,775)(5,501)
Prepaid expenses, other current assets and other assets(3,625)(2,750)
Accounts payable, accrued expenses and other liabilities(65,396)(53,018)
Customer layaway deposits1,055 1,036 
Income taxes(360)8,923 
Dividends from unconsolidated affiliates— 3,589 
Net cash provided by operating activities70,264 74,309 
Investing activities:
Loans made(683,121)(592,689)
Loans repaid391,297 343,886 
Recovery of pawn loan principal through sale of forfeited collateral272,781 251,608 
Capital expenditures, net(16,870)(27,751)
Acquisitions, net of cash acquired(11,963)(12,968)
Proceeds from (issuance of) notes receivable1,100 (15,500)
Investment in unconsolidated affiliate(993)(2,133)
Investment in other investments(15,000)(15,000)
Dividends from unconsolidated affiliates3,535 — 
Net cash used in investing activities(59,234)(70,547)
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(9,009)(13,982)
Payments of finance leases(386)— 
Net cash (used in) provided by financing activities (12,648)26,972 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(108)1,420 
Net (decrease) increase in cash, cash equivalents and restricted cash(1,726)32,154 
Cash and cash equivalents and restricted cash at beginning of period228,968 214,369 
Cash and cash equivalents and restricted cash at end of period$227,242 $246,523 
                                                                    


EZCORP, Inc.
OPERATING SEGMENT RESULTS

Three Months Ended June 30, 2024
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$107,849 $50,291 $— $158,140 $— $158,140 
Jewelry scrapping sales13,757 1,638 — 15,395 — 15,395 
Pawn service charges77,416 30,414 — 107,830 — 107,830 
Other revenues28 28 — 56 — 56 
Total revenues199,050 82,371 — 281,421 — 281,421 
Merchandise cost of goods sold67,229 33,982 — 101,211 — 101,211 
Jewelry scrapping cost of goods sold11,887 1,596 — 13,483 — 13,483 
Gross profit119,934 46,793 — 166,727 — 166,727 
Segment and corporate expenses (income):
Store expenses81,441 34,894 — 116,335 — 116,335 
General and administrative— — — — 20,060 20,060 
Depreciation and amortization2,408 2,090 — 4,498 3,660 8,158 
(Gain) loss on sale or disposal of assets and other(2)22 — 20 — 20 
Interest expense— — — — 3,539 3,539 
Interest income— (370)(605)(975)(1,956)(2,931)
Equity in net (income) loss of unconsolidated affiliates— — (1,406)(1,406)143 (1,263)
Other (income) expense— (184)12 (172)(19)(191)
Segment contribution$36,087 $10,341 $1,999 $48,427 
Income (loss) before income taxes$48,427 $(25,427)$23,000 
    


Three Months Ended June 30, 2023
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$102,177 $45,803 $— $147,980 $— $147,980 
Jewelry scrapping sales13,098 833 — 13,931 — 13,931 
Pawn service charges68,790 25,029 — 93,819 — 93,819 
Other revenues27 40 15 82 — 82 
Total revenues184,092 71,705 15 255,812 — 255,812 
Merchandise cost of goods sold62,799 32,270 — 95,069 — 95,069 
Jewelry scrapping cost of goods sold11,101 857 — 11,958 — 11,958 
Gross profit110,192 38,578 15 148,785 — 148,785 
Segment and corporate expenses (income):
Store expenses75,389 29,543 — 104,932 — 104,932 
General and administrative— — — — 17,876 17,876 
Depreciation and amortization2,505 2,303 — 4,808 3,218 8,026 
Gain on sale or disposal of assets— (29)— (29)— (29)
Other income— (2,632)— (2,632)— (2,632)
Interest expense— — — — 3,414 3,414 
Interest income(1)(256)— (257)(2,327)(2,584)
Equity in net income of unconsolidated affiliates— — (1,523)(1,523)— (1,523)
Other (income) expense— (65)10 (55)50 (5)
Segment contribution$32,299 $9,714 $1,528 $43,541 
Income (loss) before income taxes$43,541 $(22,231)$21,310 


Nine Months Ended June 30, 2024
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$348,211 $154,019 $— $502,230 $— $502,230 
Jewelry scrapping sales39,258 3,933 — 43,191 — 43,191 
Pawn service charges236,499 84,943 — 321,442 — 321,442 
Other revenues94 59 35 188 — 188 
Total revenues624,062 242,954 35 867,051 — 867,051 
Merchandise cost of goods sold218,736 103,944 — 322,680 — 322,680 
Jewelry scrapping cost of goods sold33,965 3,514 — 37,479 — 37,479 
Gross profit371,361 135,496 35 506,892 — 506,892 
Segment and corporate expenses (income):
Store expenses239,536 101,936 — 341,472 — 341,472 
General and administrative— — — — 54,869 54,869 
Depreciation and amortization7,548 6,821 — 14,369 10,573 24,942 
(Gain) loss on sale or disposal of assets and other(6)(240)— (246)97 (149)
Other income— — — — (765)(765)
Interest expense— — — — 10,381 10,381 
Interest income— (1,398)(1,811)(3,209)(5,243)(8,452)
Equity in net (income) loss of unconsolidated affiliates— — (4,278)(4,278)143 (4,135)
Other (income) expense— (231)27 (204)(423)(627)
Segment contribution124,283 28,608 $6,097 $158,988 
Income (loss) before income taxes$158,988 $(69,632)$89,356 


Nine Months Ended June 30, 2023
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$329,231 $135,043 $— $464,274 $— $464,274 
Jewelry scrapping sales30,088 4,552 — 34,640 — 34,640 
Pawn service charges208,045 71,397 — 279,442 — 279,442 
Other revenues84 75 47 206 — 206 
Total revenues567,448 211,067 47 778,562 — 778,562 
Merchandise cost of goods sold203,698 93,587 — 297,285 — 297,285 
Jewelry scrapping cost of goods sold25,867 4,946 — 30,813 — 30,813 
Gross profit337,883 112,534 47 450,464 — 450,464 
Segment and corporate expenses (income):
Store expenses220,639 86,365 — 307,004 — 307,004 
General and administrative— (3)— (3)48,964 48,961 
Depreciation and amortization7,820 6,850 — 14,670 9,307 23,977 
Loss (gain) on sale or disposal of assets84 (56)— 28 — 28 
Other income— (5,097)— (5,097)— (5,097)
Interest expense— — — — 12,994 12,994 
Interest income(2)(723)— (725)(4,421)(5,146)
Equity in net loss of unconsolidated affiliates— — 29,394 29,394 — 29,394 
Other (income) expense — (41)20 (21)(138)(159)
Segment contribution (loss)$109,342 $25,239 $(29,367)$105,214 
Income (loss) before income taxes$105,214 $(66,706)$38,508 


EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)
 
Three Months Ended June 30, 2024
 U.S. PawnLatin America PawnConsolidated
As of March 31, 2024
535 711 1,246 
New locations opened1 6 7 
Locations acquired5 — 5 
As of June 30, 2024
541 717 1,258 
 
Three Months Ended June 30, 2023
 U.S. PawnLatin America PawnConsolidated
As of March 31, 2023
527 672 1,199 
New locations opened1 12 13 
As of June 30, 2023
528 684 1,212 
 
Nine Months Ended June 30, 2024
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2023529 702 1,231 
New locations opened1 20 21 
Locations acquired12 — 12 
Locations combined or closed(1)(5)(6)
As of June 30, 2024541 717 1,258 
 
Nine Months Ended June 30, 2023
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2022515 660 1,175 
New locations opened3 25 28 
Locations acquired10 — 10 
Locations combined or closed— (1)(1)
As of June 30, 2023528 684 1,212 


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 nine months ended June 30, 2024 and 2023 were as follows:
June 30,
Three Months Ended
June 30,
Nine Months Ended
June 30,
202420232024202320242023
Mexican peso18.3 17.1 17.2 17.7 17.3 18.7 
Guatemalan quetzal7.6 7.7 7.6 7.6 7.6 7.6 
Honduran lempira24.3 24.4 24.3 24.3 24.3 24.3 
Australian dollar1.5 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 Ended
June 30,
(in millions)20242023
Net income$18.0 $18.2 
Interest expense3.5 3.4 
Interest income(2.9)(2.6)
Income tax expense5.0 3.1 
Depreciation and amortization8.2 8.0 
EBITDA$31.8 $30.2 
Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2024 Q3 Reported
$281.4 $166.7 $23.0 $5.0 $18.0 $0.25 $31.8 
Impact of dilutive instruments*— — — — — (0.01)— 
FX Impact— — 0.1 — — — 0.1 
Constant Currency and other impact(1.6)(0.9)(0.3)0.8 (1.0)(0.01)(0.3)
2024 Q3 Adjusted
$279.8 $165.8 $22.8 $5.8 $17.0 $0.23 $31.6 


Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2023 Q3 Reported
$255.8 $148.8 $21.3 $3.1 $18.2 $0.24 $30.2 
Contingent consideration acquisition transaction— — (2.6)(0.5)(2.1)(0.02)(2.6)
Tax Impact— — — 1.2 (1.2)(0.02)— 
2023 Q3 Adjusted
$255.8 $148.8 $18.7 $3.8 $14.9 $0.20 $27.6 
Three Months Ended
June 30, 2024
Nine Months Ended
June 30, 2024
(in millions)U.S. Dollar AmountPercentage Change YOYU.S. Dollar AmountPercentage Change YOY
Consolidated revenues $281.4 10 %$867.1 11 %
Currency exchange rate fluctuations(1.6)(14.2)
Constant currency consolidated revenues$279.8 9 %$852.8 10 %
Consolidated gross profit $166.7 12 %$506.9 13 %
Currency exchange rate fluctuations(0.9)(7.7)
Constant currency consolidated gross profit$165.8 11 %$499.2 11 %
Consolidated net inventory$171.9 11 %$171.9 11 %
Currency exchange rate fluctuations2.7 2.7 
Constant currency consolidated net inventory$174.6 13 %$174.6 13 %
Latin America Pawn gross profit $46.8 21 %$135.5 20 %
Currency exchange rate fluctuations(0.9)(7.7)
Constant currency Latin America Pawn gross profit $45.9 19 %$127.8 14 %
Latin America Pawn PLO$62.4 24 %$62.4 24 %
Currency exchange rate fluctuations3.0 3.0 
Constant currency Latin America Pawn PLO$65.4 30 %$65.4 30 %
Latin America Pawn PSC revenues $30.4 22 %$84.9 19 %
Currency exchange rate fluctuations(0.6)(4.5)
Constant currency Latin America Pawn PSC revenues $29.8 19 %$80.4 13 %
Latin America Pawn merchandise sales $50.3 10 %$154.0 14 %
Currency exchange rate fluctuations(1.0)(9.5)
Constant currency Latin America Pawn merchandise sales $49.3 8 %$144.5 7 %
Latin America Pawn segment profit before tax$10.3 6 %$28.6 13 %
Currency exchange rate fluctuations(0.1)(1.1)
Constant currency Latin America Pawn segment profit before tax$10.2 5 %$27.5 9 %
                     

v3.24.2
Cover Page
Jul. 31, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 31, 2024
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Non-voting Common Stock, par value $.01 per share
Trading Symbol EZPW
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000876523
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