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  Title	EZCORP Reports Fourth Quarter and Full Year Fiscal 2024 Results
  ID	4106642
  External ID	7299644349
  Author	Unknown
  Published Date	Nov. 13, 2024, 4:12 p.m.
  Summary	AUSTIN, Texas, Nov. 13, 2024 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its fourth qua
  Tags	press-release
  URL	https://www.stockwatch.com/news/item/u-z9273454-u!ezpw-20241113/u/ezpw
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  Content ID	2384122
  Key	cec3699d-685a-49b9-bed9-18b4fac9c9b1
  Content	AUSTIN, Texas, Nov. 13, 2024 (GLOBE NEWSWIRE) -- 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, 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. FOURTH QUARTER HIGHLIGHTS Pawn loans outstanding (PLO) up 12% to $274.1 million. Net income was up $4.9 million to $15.2 million. On an adjusted basis 1, net income increased 9%. Diluted earnings per share was $0.21, up from $0.15. On an adjusted basis1, diluted earnings per share increased 13% to $0.26. Total revenues increased 9% to $294.6 million, while gross profit 1 increased 10% to $175.4 million. Merchandise sales gross margin remained within the Company’s targeted range at 35%. Return on earning assets (ROEA) remained strong at 154%. FULL YEAR 2024 HIGHLIGHTS Net income was $83.1 million, an increase of $44.6 million. On an adjusted basis 1, net income increased 20%. Diluted earnings per share was $1.10, up from $0.53. On an adjusted basis1, diluted earnings per share increased 20% to $1.12. Total revenues increased 11% to $1,161.6 million, while gross profit 1 increased 12% to $682.3 million. Merchandise sales gross margin remained within the Company’s targeted range at 36%. Return on earning assets (ROEA) remained strong at 160%. CEO COMMENTARY AND OUTLOOK Lachie Given, Chief Executive Officer, stated, “Fiscal 2024 has been another record breaking year for our Company as we achieved the highest annual revenues in our history. We also drove material growth on the bottom line, with adjusted EBITDA increasing 15% to over $150 million and adjusted diluted EPS increasing 20% to $1.12. This exceptional performance is a testament to our 8,000+ team members, whose dedication to delivering market-leading customer service has driven these outstanding operating and financial results. We continue to see strong consumer demand for immediate cash solutions and high-quality, cost-effective second-hand goods, fueled by what continues to be a challenging macroeconomic environment. Customer participation in our EZ+ Rewards program continues to flourish, with 44% growth year over year, representing 76% of unique transactions during the quarter. Our online payments also increased 34% year over year, further reflecting robust customer engagement across our platforms. “During the quarter, we grew our footprint by adding 21 stores, including one acquired store in the U.S. and 20 de novo stores in Latin America. We continue to focus on strategic expansion and our fiscal 2024 results reflect the resurgence of our Latin American business, with adjusted segment contribution increasing 41% to $38.2 million. We now operate 1,279 stores across five countries. We remain excited by our inorganic pipeline and the scale of pawn opportunity in both our existing markets and globally. “As we enter the new fiscal year, we are fully committed to our core values of People, Pawn, and Passion. We will continue to invest in our people, technology, and store network to drive sustainable growth and enhance operational efficiency, and we are well-positioned to build upon our momentum and capitalize on new growth opportunities as we deliver long-term value for our shareholders,” concluded Given. CONSOLIDATED RESULTS Three Months Ended September 30 As Reported Adjusted 1 in millions, except per share amounts 2024 2023 2024 2023 Total revenues $ 294.6 $ 270.5 $ 300.9 $ 270.5 Gross profit $ 175.4 $ 159.4 $ 178.9 $ 159.4 Income before tax $ 26.3 $ 13.1 $ 27.4 $ 22.6 Net income $ 15.2 $ 10.3 $ 18.9 $ 17.3 Diluted earnings per share $ 0.21 $ 0.15 $ 0.26 $ 0.23 EBITDA (non-GAAP measure) $ 35.5 $ 22.4 $ 36.7 $ 31.9 Twelve Months Ended September 30 As Reported Adjusted1 in millions, except per share amounts 2024 2023 2024 2023 Total revenues $ 1,161.6 $ 1,049.0 $ 1,153.8 $ 1,049.0 Gross profit $ 682.3 $ 609.8 $ 678.0 $ 609.8 Income before tax $ 115.6 $ 51.6 $ 114.9 $ 93.9 Net income $ 83.1 $ 38.5 $ 84.7 $ 70.9 Diluted earnings per share $ 1.10 $ 0.53 $ 1.12 $ 0.93 EBITDA $ 151.7 $ 92.8 $ 150.8 $ 131.5 PLO increased 12% to $274.1 million, up $28.3 million. On a same-store basis, PLO increased 11% due to improved operational performance and continued strong pawn demand. In the fourth quarter, total revenues increased 9%, and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues and merchandise sales as a result of higher average PLO. Similarly for the full year, total revenues increased 11% and gross profit increased 12%. PSC increased 10% in the fourth quarter and 14% for the full year as a result of higher average PLO. For the fourth quarter, merchandise sales gross margin remains within our target range at 35%, down from 36%. Aged general merchandise was 1.7% of total general merchandise inventory, a 150 bps improvement over the third quarter. For the full year, merchandise sales gross profit margin was flat at 36%. Net inventory increased 15%, as expected with the growth in PLO. Inventory turnover decreased to 2.6x for the quarter, from 2.7x and was flat at 2.8x for the year. For the fourth quarter, store expenses increased 7% and 5% on a same-store basis. For the full year, store expenses increased 10% and 9% on a same-store basis, primarily due to increased labor driven by inflationary and minimum wage increases, and, to a lesser extent, expenses related to rent. General and administrative expenses increased 11% in the fourth quarter and increased 12% for the full year, primarily due to labor including incentive compensation and, to a lesser extent, costs related to the implementation and ongoing support of Workday. For the fourth quarter, income before taxes was $26.3 million, up 100% from $13.1 million, and adjusted EBITDA increased 15% to $36.7 million. For the full year, income before taxes increased by 124% to $115.6 million from $51.6 million and adjusted EBITDA increased 15% to $150.8 million. Diluted earnings per share was $0.21 for the fourth quarter, up from $0.15. On an adjusted basis, diluted earnings per share was $0.26, up from $0.23. For the full year, diluted earnings per share was $1.10, compared to $0.53. On an adjusted basis, diluted earnings per share for the year was $1.12, compared to $0.93. The primary difference between GAAP and adjusted financial results for the prior year is attributable to our share of the one-time, non-cash goodwill impairment recognized by Cash Converters International. Cash and cash equivalents at the end of the quarter was $170.5 million, down 23% year-over-year. The decrease was due to the 2024 convertible debt maturity and payoff, an 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 year at $214.3 million, up 12% on a total and same-store basis. In the fourth quarter, total revenues increased 9% and gross profit increased 10%, reflecting higher PSC and merchandise sales. Similarly for the full year, total revenues increased 10% and gross profit increased 10%. PSC increased 10% in the fourth quarter and increased 13% for the full year as a result of higher average PLO. During the fourth quarter, merchandise sales increased 7%, and gross margin decreased to 37% from 38%. For the full year, merchandise sales increased 6% and merchandise sales gross profit margin decreased 100 bps to 37%. Net inventory increased 8%, as expected with the growth in PLO. Inventory turnover increased to 2.5x for the quarter, from 2.4x and was flat at 2.6x for the full year. Aged general merchandise increased to 2.6%, or $1.2 million of total general merchandise inventory. Compared to the third quarter, this has decreased by 240 bps. Excluding luxury handbags in our three Max Pawn stores in Las Vegas, aged general merchandise remains under 1%. In the fourth quarter, store expenses increased 10% (7% on a same-store basis), primarily due to labor costs driven by inflation. Similarly for the full year, store expenses increased 9% (8% on a same store basis). Segment contribution increased 10% to $41.0 million in the fourth quarter and increased 13% to $165.3 million for the full year. Segment store count increased by 13 to 542 due to the acquisition of 13 stores, the addition of one de novo store and the consolidation of one store during the full year. Latin America Pawn PLO improved to $59.8 million, up 8% (18% on constant currency basis). On a same-store basis, PLO increased 7% (16% on a constant currency basis) due to improved operational performance and increased loan demand. In the fourth quarter, total revenues were up 9% (17% on constant currency basis), and gross profit increased 11% (20% on a constant currency basis), reflecting increased PSC, higher merchandise sales and improved merchandise sales gross profit. Similarly for the full year, total revenues were up 13% (11% on a constant currency basis), while gross profit increased by 18% (15% on a constant currency basis). PSC increased in the fourth quarter to $29.2 million, up 11% (19% on a constant currency basis) as a result of higher average PLO. Similarly for the full year, PSC increased 17% (14% on a constant currency basis). During the fourth quarter merchandise sales increased 6% and merchandise sales gross margin increased to 32% from 30%. For the full year merchandise sales increased 12% and merchandise gross margin increased 100 bps to 32%. Net inventory increased 42% (56% on a constant currency basis) due to increase in PLO, increase in store count and lower inventory turnover. Inventory turnover decreased to 2.8x, from 3.6x for the quarter. For the full year inventory turnover was 3.3x, down from 3.4x. Aged general merchandise remains less than 1% of total general merchandise inventory. In the fourth quarter, store expenses increased 1% (10% on a constant currency basis) and on a same-store basis decreased 1% (7% increase on a constant currency basis). Full year store expenses increased 13% (11% on a constant currency basis) and 12% (9% on a constant currency basis) on a same-store basis primarily due to increased labor headcount, in line with store activity and minimum wage increases and, to a lesser extent, rent associated with lease renewals. For the fourth quarter, segment contribution increased 59% (68% on a constant currency basis). For the full year, segment contribution was up 23% to $38.8 million (21% on a constant currency basis). On an adjusted basis, segment contribution for the fourth quarter was up 63% to $10.7 million and for the full year was up 41% to $38.2 million, with the primary prior year adjustment being the reversal of contingent consideration liability in connection with a previously completed acquisition. Segment store count increased by 35 to 737 due to the addition of 40 de novo stores and the consolidation of five stores during the full year. FORM 10-K EZCORP’s Annual Report on Form 10-K for the quarter ended September 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. 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 14, 2024, at 8:00 am Central Time to discuss Fourth Quarter Fiscal 2024 results. Analysts and institutional investors may participate on the conference call by registering online at https://register.vevent.com/register/BIb6e94245691f418883c1cb2385ac8ab7. 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 September 30,Twelve Months Ended September 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Revenues: Merchandise sales $ 161,506 $ 151,172 $ 663,736 $ 615,446 Jewelry scrapping sales 17,891 14,888 61,082 49,528 Pawn service charges 115,103 104,330 436,545 383,772 Other revenues 51 89 239 295 Total revenues 294,551 270,479 1,161,602 1,049,041 Merchandise cost of goods sold 104,723 97,494 427,403 394,779 Jewelry scrapping cost of goods sold 14,447 13,611 51,926 44,424 Gross profit 175,381 159,374 682,273 609,838 Operating expenses: Store expenses 119,583 111,570 461,055 418,574 General and administrative 20,688 18,568 75,557 67,529 Impairment of other assets 843 4,343 843 4,343 Depreciation and amortization 8,127 8,154 33,069 32,131 Loss (gain) on sale or disposal of assets and other 133 180 (16 ) 208 Other income — — (765 ) (5,097 ) Total operating expenses 149,374 142,815 569,743 517,688 Operating income 26,007 16,559 112,530 92,150 Interest expense 3,204 3,462 13,585 16,456 Interest income (2,123 ) (2,324 ) (10,575 ) (7,470 ) Equity in net (income) loss of unconsolidated affiliates (576 ) (935 ) (4,711 ) 28,459 Other (income) expense (750 ) 3,231 (1,377 ) 3,072 Income before income taxes 26,252 13,125 115,608 51,633 Income tax expense 11,056 2,872 32,513 13,170 Net income $ 15,196 $ 10,253 $ 83,095 $ 38,463 Basic earnings per share $ 0.28 $ 0.19 $ 1.51 $ 0.69 Diluted earnings per share $ 0.21 $ 0.15 $ 1.10 $ 0.53 Weighted-average basic shares outstanding 54,677 55,020 54,935 55,586 Weighted-average diluted shares outstanding 83,552 87,154 84,448 80,865 EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share amounts) September 30, 2024 September 30, 2023 Assets: Current assets: Cash and cash equivalents $ 170,513 $ 220,595 Restricted cash 9,294 8,373 Pawn loans 274,084 245,766 Pawn service charges receivable, net 44,013 38,885 Inventory, net 191,923 166,477 Prepaid expenses and other current assets 39,171 39,623 Total current assets 728,998 719,719 Investments in unconsolidated affiliates 13,329 10,987 Other investments 51,900 36,220 Property and equipment, net 65,973 68,096 Right-of-use assets, net 226,602 234,388 Goodwill 306,478 302,372 Intangible assets, net 58,451 58,216 Deferred tax asset, net 25,362 25,702 Other assets, net 16,144 12,011 Total assets $ 1,493,237 $ 1,467,711 Liabilities and equity: Current liabilities: Current maturities of long-term debt, net $ 103,072 $ 34,265 Accounts payable, accrued expenses and other current liabilities 85,737 81,605 Customer layaway deposits 21,570 18,920 Operating lease liabilities, current 58,998 57,182 Total current liabilities 269,377 191,972 Long-term debt, net 224,256 325,847 Deferred tax liability, net 2,080 435 Operating lease liabilities 180,616 193,187 Other long-term liabilities 12,337 10,502 Total liabilities 688,666 721,943 Commitments and contingencies (Note 11) Stockholders’ equity: Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; 51,582,698 issued and outstanding as of September 30, 2024; issued and outstanding of 51,869,569 as of September 30, 2023 516 519 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, 2024 and 2023 30 30 Additional paid-in capital 348,366 346,181 Retained earnings 507,206 431,140 Accumulated other comprehensive loss (51,547 ) (32,102 ) Total equity 804,571 745,768 Total liabilities and equity $ 1,493,237 $ 1,467,711 EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Twelve Months Ended September 30, (in thousands) 2024 2023 Operating activities: Net income $ 83,095 $ 38,463 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 33,069 32,131 Amortization of debt discount and deferred financing costs 1,605 1,561 Non-cash lease expense 58,393 56,937 Deferred income taxes 1,354 (12,802 ) Impairment of other assets 843 4,343 Other adjustments 789 (2,890 ) Provision for inventory reserve 73 603 Stock compensation expense 10,406 9,539 Equity in net (income) loss from investment in unconsolidated affiliates (4,711 ) 28,459 Net loss on extinguishment of debt — 3,545 Changes in operating assets and liabilities, net of business acquisitions: Service charges and fees receivable (5,217 ) (4,204 ) Inventory (8,488 ) (4,810 ) Prepaid expenses, other current assets and other assets (8,638 ) (1,814 ) Accounts payable, accrued expenses and other liabilities (57,158 ) (61,522 ) Customer layaway deposits 2,950 1,376 Income taxes 5,235 12,919 Net cash provided by operating activities 113,600 101,834 Investing activities: Loans made (937,014 ) (821,725 ) Loans repaid 522,497 458,854 Recovery of pawn loan principal through sale of forfeited collateral 363,396 336,349 Capital expenditures, net (35,764 ) (40,446 ) Acquisitions, net of cash acquired (12,113 ) (14,874 ) Proceeds from (issuance of) note receivable 421 (15,500 ) Investment in unconsolidated affiliate (1,131 ) (2,133 ) Investment in other investments (15,680 ) (15,000 ) Dividends from unconsolidated affiliates 3,535 3,589 Net cash used in investing activities (111,853 ) (110,886 ) Financing activities: Taxes paid related to net share settlement of equity awards (3,294 ) (1,148 ) Proceeds from borrowings — 230,000 Debt issuance cost — (7,458 ) Cash paid on extinguishment of debt — (1,951 ) Payments on assumed debt (34,389 ) (178,488 ) Purchase and retirement of treasury stock (12,008 ) (16,988 ) Payments of finance leases (492 ) (275 ) Net cash (used in) provided by financing activities (50,183 ) 23,692 Effect of exchange rate changes on cash and cash equivalents and restricted cash (725 ) (41 ) Net (decrease) increase in cash, cash equivalents and restricted cash (49,161 ) 14,599 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 $ 179,807 $ 228,968 EZCORP, Inc. OPERATING SEGMENT RESULTS Three Months Ended September 30, 2024 (Unaudited) (in thousands) U.S. Pawn Latin America Pawn Other Investments Total SegmentsCorporate Items Consolidated Revenues: Merchandise sales $ 111,040 $ 50,466 $ — $ 161,506 $ — $ 161,506 Jewelry scrapping sales 15,086 2,805 — 17,891 — 17,891 Pawn service charges 85,863 29,240 — 115,103 — 115,103 Other revenues 32 19 — 51 — 51 Total revenues 212,021 82,530 — 294,551 — 294,551 Merchandise cost of goods sold 70,158 34,565 — 104,723 — 104,723 Jewelry scrapping cost of goods sold 11,961 2,486 — 14,447 — 14,447 Gross profit 129,902 45,479 — 175,381 — 175,381 Segment and corporate expenses (income): Store expenses 86,280 33,303 — 119,583 — 119,583 General and administrative — — — — 20,688 20,688 Impairment of other assets — — — — 843 843 Depreciation and amortization 2,599 2,044 — 4,643 3,484 8,127 Loss on sale or disposal of assets and other 9 100 — 109 24 133 Interest expense — — — — 3,204 3,204 Interest income — (214 ) (611 ) (825 ) (1,298 ) (2,123 ) Equity in net (income) loss of unconsolidated affiliates — — (715 ) (715 ) 139 (576 ) Other expense (income) 7 13 (27 ) (7 ) (743 ) (750 ) Segment contribution $ 41,007 $ 10,233 $ 1,353 $ 52,593 Income (loss) before income taxes $ 52,593 $ (26,341 ) $ 26,252 Three Months Ended September 30, 2023 (Unaudited) (in thousands) U.S. Pawn Latin America Pawn Other Investments Total SegmentsCorporate Items Consolidated Revenues: Merchandise sales $ 103,347 $ 47,825 $ — $ 151,172 $ — $ 151,172 Jewelry scrapping sales 13,217 1,671 — 14,888 — 14,888 Pawn service charges 77,874 26,456 — 104,330 — 104,330 Other revenues 35 46 8 89 — 89 Total revenues 194,473 75,998 8 270,479 — 270,479 Merchandise cost of goods sold 64,176 33,318 — 97,494 — 97,494 Jewelry scrapping cost of goods sold 11,842 1,769 — 13,611 — 13,611 Gross profit 118,455 40,911 8 159,374 — 159,374 Segment and corporate expenses (income): Store expenses 78,680 32,890 — 111,570 — 111,570 General and administrative — — — — 18,568 18,568 Impairment of other assets — — — — 4,343 4,343 Depreciation and amortization 2,562 2,341 — 4,903 3,251 8,154 Loss (gain) on sale or disposal of assets and other 31 (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 Twelve Months Ended September 30, 2024 (Unaudited) (in thousands) U.S. Pawn Latin America Pawn Other Investments Total SegmentsCorporate Items Consolidated Revenues: Merchandise sales $ 459,251 $ 204,485 $ — $ 663,736 $ — $ 663,736 Jewelry scrapping sales 54,344 6,738 — 61,082 — 61,082 Pawn service charges 322,362 114,183 — 436,545 — 436,545 Other revenues 126 78 35 239 — 239 Total revenues 836,083 325,484 35 1,161,602 — 1,161,602 Merchandise cost of goods sold 288,894 138,509 — 427,403 — 427,403 Jewelry scrapping cost of goods sold 45,926 6,000 — 51,926 — 51,926 Gross profit 501,263 180,975 35 682,273 — 682,273 Segment and corporate expenses (income): Store expenses 325,816 135,239 — 461,055 — 461,055 General and administrative — — — — 75,557 75,557 Impairment of other assets — — — — 843 843 Depreciation and amortization 10,147 8,865 — 19,012 14,057 33,069 Loss (gain) on sale or disposal of assets and other 3 (140 ) — (137 ) 121 (16 ) Other income — — — — (765 ) (765 ) Interest expense — — — — 13,585 13,585 Interest income — (1,612 ) (2,422 ) (4,034 ) (6,541 ) (10,575 ) Equity in net income of unconsolidated affiliates — — (4,993 ) (4,993 ) 282 (4,711 ) Other income 7 (218 ) — (211 ) (1,166 ) (1,377 ) Segment contribution 165,290 38,841 $ 7,450 $ 211,581 Income (loss) before income taxes $ 211,581 $ (95,973 ) $ 115,608 Twelve Months Ended September 30, 2023 (Unaudited) (in thousands) U.S. Pawn Latin America Pawn Other Investments Total SegmentsCorporate Items Consolidated Revenues: Merchandise sales $ 432,578 $ 182,868 $ — $ 615,446 $ — $ 615,446 Jewelry scrapping sales 43,305 6,223 — 49,528 — 49,528 Pawn service charges 285,919 97,853 — 383,772 — 383,772 Other revenues 119 121 55 295 — 295 Total revenues 761,921 287,065 55 1,049,041 — 1,049,041 Merchandise cost of goods sold 267,874 126,905 — 394,779 — 394,779 Jewelry scrapping cost of goods sold 37,709 6,715 — 44,424 — 44,424 Gross profit 456,338 153,445 55 609,838 — 609,838 Segment and corporate expenses (income): Store expenses 299,319 119,255 — 418,574 — 418,574 General and administrative — (3 ) — (3 ) 67,532 67,529 Impairment of other assets — — — — 4,343 4,343 Depreciation and amortization 10,382 9,191 — 19,573 12,558 32,131 Loss (gain) on sale or disposal of assets and other 115 (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 contribution (loss) $ 146,524 $ 31,658 $ (26,935 ) $ 151,247 Income (loss) before income taxes $ 151,247 $ (99,614 ) $ 51,633 EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited) Three Months Ended September 30, 2024 U.S. Pawn Latin America Pawn Consolidated As of June 30, 2024 541 717 1,258 New locations opened — 20 20 Locations acquired 1 — 1 As of September 30, 2024 542 737 1,279 Three Months Ended September 30, 2023 U.S. Pawn Latin America Pawn Consolidated As of June 30, 2023 528 684 1,212 New locations opened — 19 19 Locations acquired 2 — 2 Locations combined or closed (1 ) (1 ) (2 ) As of September 30, 2023 529 702 1,231 Twelve Months Ended September 30, 2024 U.S. Pawn Latin America Pawn Consolidated As of September 30, 2023 529 702 1,231 New locations opened 1 40 41 Locations acquired 13 — 13 Locations combined or closed (1 ) (5 ) (6 ) As of September 30, 2024 542 737 1,279 Twelve Months Ended September 30, 2023 U.S. Pawn Latin America Pawn Consolidated As of September 30, 2022 515 660 1,175 New locations opened 3 44 47 Locations acquired 12 — 12 Locations combined or closed (1 ) (2 ) (3 ) As of September 30, 2023 529 702 1,231 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 twelve months ended September 30, 2024 and 2023 were as follows: September 30,Three Months Ended September 30,Twelve Months Ended September 30, 2024 2023 2024 2023 2024 2023 Mexican peso 19.7 17.4 18.9 17.1 17.7 18.3 Guatemalan quetzal 7.6 7.7 7.6 7.7 7.6 7.6 Honduran lempira 24.6 24.5 24.4 24.3 24.4 24.3 Australian dollar 1.4 1.6 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 September 30,Twelve Months Ended September 30, (in millions) 2024 2023 2024 2023 Net income $ 15.2 $ 10.3 $ 83.1 $ 38.5 Interest expense 3.2 3.5 13.6 16.5 Interest income (2.1 ) (2.3 ) (10.6 ) (7.5 ) Income tax expense 11.1 2.9 32.5 13.2 Depreciation and amortization 8.1 8.1 33.1 32.1 EBITDA $ 35.5 $ 22.4 $ 151.7 $ 92.8 Total Revenues Gross Profit Income Before Tax Tax Effect Net Income Diluted EPS EBITDA 2024 Q4 Reported $ 294.6 $ 175.4 $ 26.3 $ 11.1 $ 15.2 $ 0.21 $ 35.5 CCV adjustment — — 1.0 0.3 0.7 0.01 1.0 Non-recurring foreign tax expense — — — (1.7 ) 1.7 0.02 — Tax discrete adjustments — — — (1.3 ) 1.3 0.02 — FX impact — — (0.5 ) (0.1 ) (0.4 ) (0.01 ) (0.5 ) Constant Currency and other impact 6.3 3.5 0.6 0.2 0.4 0.01 0.7 2024 Q4 Adjusted $ 300.9 $ 178.9 $ 27.4 $ 8.5 $ 18.9 $ 0.26 $ 36.7 Total Revenues Gross Profit Income Before Tax Tax Effect Net Income Diluted EPS EBITDA 2024 Full Year Reported $ 1,161.6 $ 682.3 $ 115.6 $ 32.5 $ 83.1 $ 1.10 $ 151.7 CCV adjustment — — 1.0 0.3 0.7 0.01 1.0 Corporate lease termination — — (0.8 ) (0.2 ) (0.6 ) (0.01 ) (0.8 ) Non-recurring foreign tax expense — — — (1.7 ) 1.7 0.02 — Tax discrete adjustments — — — (0.6 ) 0.6 0.01 — FX impact — — (0.3 ) — (0.3 ) — (0.3 ) Constant Currency and other impact (7.8 ) (4.3 ) (0.6 ) (0.1 ) (0.5 ) (0.01 ) (0.8 ) 2024 Full Year Adjusted $ 1,153.8 $ 678.0 $ 114.9 $ 30.2 $ 84.7 $ 1.12 $ 150.8 Total Revenues Gross Profit Income Before Tax Tax Effect Net Income Diluted 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 Tax Impact — — — 0.3 (0.3 ) — — 2023 Q4 Adjusted $ 270.5 $ 159.4 $ 22.6 $ 5.3 $ 17.3 $ 0.23 $ 31.9 Total Revenues Gross Profit Income Before Tax Tax Effect Net Income Diluted 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 — — 0.6 0.2 0.4 (0.02 ) 0.5 2023 Full Year Adjusted $ 1,049.0 $ 609.8 $ 93.9 $ 23.0 $ 70.9 $ 0.93 $ 131.5 Three Months Ended September 30, 2024 Twelve Months Ended September 30, 2024 (in millions) U.S. Dollar AmountPercentage Change YOYU.S. Dollar AmountPercentage Change YOY Consolidated revenues $ 294.6 9 % $ 1,161.6 11 % Currency exchange rate fluctuations 6.3 (7.8 ) Constant currency consolidated revenues $ 300.9 11 % $ 1,153.8 10 % Consolidated gross profit $ 175.4 10 % $ 682.3 12 % Currency exchange rate fluctuations 3.5 (4.2 ) Constant currency consolidated gross profit $ 178.9 12 % $ 678.1 11 % Consolidated net inventory $ 191.9 15 % $ 191.9 15 % Currency exchange rate fluctuations 5.3 5.3 Constant currency consolidated net inventory $ 197.2 18 % $ 197.2 18 % Latin America Pawn gross profit $ 45.5 11 % $ 181.0 18 % Currency exchange rate fluctuations 3.5 (4.3 ) Constant currency Latin America Pawn gross profit $ 49.0 20 % $ 176.7 15 % Latin America Pawn PLO $ 59.8 8 % $ 59.8 8 % Currency exchange rate fluctuations 5.2 5.2 Constant currency Latin America Pawn PLO $ 65.0 18 % $ 65.0 18 % Latin America Pawn PSC revenues $ 29.2 11 % $ 114.2 17 % Currency exchange rate fluctuations 2.1 (2.4 ) Constant currency Latin America Pawn PSC revenues $ 31.3 19 % $ 111.8 14 % Latin America Pawn merchandise sales $ 50.5 6 % $ 204.5 12 % Currency exchange rate fluctuations 4.0 (5.5 ) Constant currency Latin America Pawn merchandise sales $ 54.5 14 % $ 199.0 9 % Latin America Pawn segment profit before tax $ 10.2 59 % $ 38.8 23 % Currency exchange rate fluctuations 0.5 $ (0.6 ) Constant currency Latin America Pawn segment profit before tax $ 10.7 68 % $ 38.2 21 % Primary Logo © 2024 Canjex Publishing Ltd. 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  Content Reference URL	None

• Publisher

  Publisher Name	Canada StockWatch (#2526)
  Publisher URL	https://www.stockwatch.com
  Description	None
  Trust Flow Score	57
  Citation Flow Score	42

• Data Source

  Data Source Name	Quantexa News (#5)
  Data Source Type	news
  Data Source URL	https://app.aylien.com/dashboard
  Description	Welcome to Quantexa News API — the most powerful way to aggregate, filter, and integrate global news data into your apps and models.
  Weight	10