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EZCORP Reports Fourth Quarter and Full Year Fiscal 2024 Results

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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.

Positive
  • 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
Negative
  • 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

EZCORP delivered strong financial performance with several key metrics hitting record levels. $294.6M Q4 revenue represents 9% YoY growth, while full-year revenue reached $1.16B, up 11%. The 12% PLO growth to $274.1M and robust 35% merchandise margin demonstrate effective operational execution. Net income surged to $83.1M for FY2024, with adjusted EPS up 20% to $1.12. Strong cash position of $170.5M supports expansion plans, though down YoY due to strategic investments. The Latin America segment shows particular promise with 41% growth in adjusted contribution to $38.2M. Store expansion continues with 48 new locations added during the year, positioning well for future growth.

The pawn industry is benefiting from current macroeconomic conditions, as evidenced by EZCORP's strong performance. Customer engagement metrics are particularly noteworthy, with EZ+ Rewards program showing 44% YoY growth and representing 76% of transactions. The 34% increase in online payments indicates successful digital transformation efforts. Geographic expansion strategy appears sound, with 21 new stores added in Q4 alone. The company's focus on both U.S. and Latin American markets provides diversification benefits, with Latin America showing particularly strong growth potential despite currency headwinds. Low aged inventory levels (1.7%) suggest efficient inventory management and healthy consumer demand for second-hand goods.

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 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 profit1 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 basis1, 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 profit1 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 EndedSeptember 30As 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 30As 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. 

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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 $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 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?

EZCORP's total revenues increased 9% to $294.6 million in Q4 2024.

How much did EZCORP's (EZPW) net income grow in fiscal 2024?

EZCORP's net income increased by $44.6 million to $83.1 million in fiscal 2024.

How many stores did EZCORP (EZPW) add in Q4 2024?

EZCORP added 21 stores in Q4 2024, including one acquired store in the U.S. and 20 new stores in Latin America.

What was EZCORP's (EZPW) earnings per share for fiscal 2024?

EZCORP's diluted earnings per share was $1.10 for fiscal 2024, up from $0.53 in the previous year.

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