EZCORP Reports Fourth Quarter and Full Year Fiscal 2024 Results
EZCORP (NASDAQ: EZPW) reported strong financial results for Q4 and FY2024. Q4 highlights include a 12% increase in pawn loans outstanding to $274.1M, net income up by $4.9M to $15.2M, and total revenues up 9% to $294.6M. Full-year 2024 performance showed net income of $83.1M (up $44.6M), total revenues increased 11% to $1.16B, and diluted EPS rose to $1.10 from $0.53. The company expanded its footprint by adding 21 stores in Q4, including one acquired store in the U.S. and 20 new stores in Latin America, now operating 1,279 stores across five countries.
EZCORP (NASDAQ: EZPW) ha riportato risultati finanziari robusti per il quarto trimestre e l'anno fiscale 2024. I punti salienti del quarto trimestre includono un aumento del 12% nei prestiti in pegno, che hanno raggiunto $274,1 milioni, un reddito netto cresciuto di $4,9 milioni a $15,2 milioni e ricavi totali aumentati del 9% a $294,6 milioni. La prestazione complessiva del 2024 ha mostrato un reddito netto di $83,1 milioni (in aumento di $44,6 milioni), ricavi totali aumentati dell'11% a $1,16 miliardi e un utile per azione diluito salito a $1,10 rispetto a $0,53. L'azienda ha ampliato la propria presenza aggiungendo 21 negozi nel quarto trimestre, inclusa una filiale acquisita negli Stati Uniti e 20 nuovi negozi in America Latina, operando ora 1.279 negozi in cinque paesi.
EZCORP (NASDAQ: EZPW) informó resultados financieros sólidos para el cuarto trimestre y el año fiscal 2024. Los aspectos destacados del cuarto trimestre incluyen un aumento del 12% en los préstamos prendarios pendientes a $274.1 millones, un ingreso neto de $4.9 millones a $15.2 millones, y ingresos totales que aumentaron un 9% a $294.6 millones. El desempeño del año completo 2024 mostró un ingreso neto de $83.1 millones (un aumento de $44.6 millones), ingresos totales aumentados en un 11% a $1.16 mil millones, y ganancias por acción diluidas que subieron a $1.10 desde $0.53. La empresa expandió su huella al agregar 21 tiendas en el cuarto trimestre, incluida una tienda adquirida en EE. UU. y 20 nuevas tiendas en América Latina, operando ahora 1,279 tiendas en cinco países.
EZCORP (NASDAQ: EZPW)는 2024년 4분기 및 회계연도에 대한 강력한 재무 결과를 보고했습니다. 4분기 하이라이트로는 담보 대출이 12% 증가하여 2억 7,410만 달러에 달했으며, 순이익은 490만 달러 증가하여 1,520만 달러에 달하고, 총 수익은 9% 증가하여 2억 9,460만 달러에 달했습니다. 2024년 전체 연도 실적은 순이익이 8,310만 달러(4,460만 달러 증가), 총 수익이 11% 증가하여 11억 6,000만 달러, 그리고 희석 주당 수익이 0.53달러에서 1.10달러로 상승했습니다. 이 회사는 4분기에 미국에서 인수한 매장 1개와 라틴 아메리카에 새로 개설한 20개 매장을 포함해 총 21개 매장을 추가하여 입지를 확장하였으며, 현재 5개 국가에서 1,279개 매장을 운영하고 있습니다.
EZCORP (NASDAQ: EZPW) a annoncé de solides résultats financiers pour le quatrième trimestre et l'exercice 2024. Les faits marquants du quatrième trimestre comprennent une augmentation de 12 % des prêts sur gage à 274,1 millions de dollars, un revenu net en hausse de 4,9 millions de dollars pour atteindre 15,2 millions de dollars, et des revenus totaux en hausse de 9 % à 294,6 millions de dollars. La performance de l'année complète 2024 a montré un revenu net de 83,1 millions de dollars (en hausse de 44,6 millions de dollars), des revenus totaux augmentés de 11 % à 1,16 milliard de dollars, et un bénéfice par action dilué passant de 0,53 $ à 1,10 $. L'entreprise a élargi son empreinte en ajoutant 21 magasins au quatrième trimestre, dont un magasin acquis aux États-Unis et 20 nouveaux magasins en Amérique latine, et elle opère désormais 1 279 magasins dans cinq pays.
EZCORP (NASDAQ: EZPW) hat starke Finanzergebnisse für das 4. Quartal und das Geschäftsjahr 2024 gemeldet. Zu den Höhepunkten des 4. Quartals gehören ein Anstieg der ausstehenden Pfandkredite um 12% auf 274,1 Millionen US-Dollar, ein Nettoergebnis, das um 4,9 Millionen US-Dollar auf 15,2 Millionen US-Dollar gestiegen ist, und Gesamteinnahmen, die um 9% auf 294,6 Millionen US-Dollar zugelegt haben. Die Gesamtleistung für das Jahr 2024 zeigte ein Nettoergebnis von 83,1 Millionen US-Dollar (ein Anstieg um 44,6 Millionen US-Dollar), Gesamteinnahmen, die um 11% auf 1,16 Milliarden US-Dollar gestiegen sind, und einen verwässerten Gewinn pro Aktie, der von 0,53 US-Dollar auf 1,10 US-Dollar gestiegen ist. Das Unternehmen erweiterte seine Präsenz, indem es im 4. Quartal 21 Geschäfte hinzufügte, darunter ein erworbenes Geschäft in den USA und 20 neue Geschäfte in Lateinamerika, und betreibt nun 1.279 Geschäfte in fünf Ländern.
- Record Q4 and FY2024 revenue reaching $1.16B (11% increase)
- Net income increased by $44.6M to $83.1M for FY2024
- PLO grew 12% to $274.1M
- Diluted EPS more than doubled to $1.10 from $0.53
- Store expansion with 21 new locations in Q4
- Strong merchandise sales gross margin at 35-36%
- PSC increased 10% in Q4 and 14% for the full year
- Cash and cash equivalents down 23% year-over-year
- Inventory turnover decreased to 2.6x from 2.7x in Q4
- Store expenses increased 7% in Q4 and 10% for full year
- G&A expenses up 11% in Q4 and 12% for full year
Insights
Record Q4 and Full Year Revenue & PLO
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 basis1, net income increased9% . - Diluted earnings per share was
$0.21 , up from$0.15 . On an adjusted basis1, diluted earnings per share increased13% to$0.26 . - Total revenues increased
9% to$294.6 million , while gross profit1 increased10% 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 basis1, net income increased20% . - Diluted earnings per share was
$1.10 , up from$0.53 . On an adjusted basis1, diluted earnings per share increased20% to$1.12 . - Total revenues increased
11% to$1,161.6 million , while gross profit1 increased12% 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
“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
“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 EndedSeptember 30 | As Reported | Adjusted1 | |||||||||||||
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 increased11% due to improved operational performance and continued strong pawn demand. - In the fourth quarter, total revenues increased
9% , and gross profit increased10% , reflecting improved pawn service charge (PSC) revenues and merchandise sales as a result of higher average PLO. Similarly for the full year, total revenues increased11% and gross profit increased12% . - PSC increased
10% in the fourth quarter and14% 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 from36% . Aged general merchandise was1.7% of total general merchandise inventory, a 150 bps improvement over the third quarter. For the full year, merchandise sales gross profit margin was flat at36% .
- 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% and5% on a same-store basis. For the full year, store expenses increased10% and9% 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 increased12% 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 , up100% from$13.1 million , and adjusted EBITDA increased15% to$36.7 million . For the full year, income before taxes increased by124% to$115.6 million from$51.6 million and adjusted EBITDA increased15% 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 , down23% 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 , up12% on a total and same-store basis. - In the fourth quarter, total revenues increased
9% and gross profit increased10% , reflecting higher PSC and merchandise sales. Similarly for the full year, total revenues increased10% and gross profit increased10% . - PSC increased
10% in the fourth quarter and increased13% for the full year as a result of higher average PLO. - During the fourth quarter, merchandise sales increased
7% , and gross margin decreased to37% from38% . For the full year, merchandise sales increased6% and merchandise sales gross profit margin decreased 100 bps to37% . - 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 to2.6% , 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 under1% . - 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 increased9% (8% on a same store basis). - Segment contribution increased
10% to$41.0 million in the fourth quarter and increased13% 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 , up8% (18% on constant currency basis). On a same-store basis, PLO increased7% (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 increased11% (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 up13% (11% on a constant currency basis), while gross profit increased by18% (15% on a constant currency basis). - PSC increased in the fourth quarter to
$29.2 million , up11% (19% on a constant currency basis) as a result of higher average PLO. Similarly for the full year, PSC increased17% (14% on a constant currency basis). - During the fourth quarter merchandise sales increased
6% and merchandise sales gross margin increased to32% from30% . For the full year merchandise sales increased12% and merchandise gross margin increased 100 bps to32% . - 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 than1% 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 decreased1% (7% increase on a constant currency basis). Full year store expenses increased13% (11% on a constant currency basis) and12% (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 up23% to$38.8 million (21% on a constant currency basis). On an adjusted basis, segment contribution for the fourth quarter was up63% to$10.7 million and for the full year was up41% 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.
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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 | 516 | 519 | |||||
Class B Voting Common Stock, convertible, par value | 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 Segments | Corporate 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 Segments | Corporate 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 Segments | Corporate 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 Segments | Corporate 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 Amount | Percentage Change YOY | U.S. Dollar Amount | Percentage 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 | % |
FAQ
What was EZCORP's (EZPW) revenue growth in Q4 2024?
How much did EZCORP's (EZPW) net income grow in fiscal 2024?
How many stores did EZCORP (EZPW) add in Q4 2024?