false000087652300008765232024-01-312024-01-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________ 
FORM 8-K
_______________________________________________________ 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 31, 2024
_______________________________________________ 
EZCORP, Inc.
(Exact name of registrant as specified in its charter)
 _______________________________________________________ 
Delaware 0-19424 74-2540145
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
2500 Bee Cave Road, Bldg One, Suite 200, Rollingwood, Texas 78746
(Address of principal executive offices) (zip code)
Registrant’s telephone number, including area code: (512) 314-3400
_______________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Non-voting Common Stock, par value $.01 per shareEZPWNASDAQ Stock Market (NASDAQ Global Select Market)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
  Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 — Results of Operations and Financial Condition
On January 31, 2024, EZCORP, Inc. (“EZCORP”) issued a press release announcing its results of operations and financial condition for the quarter ended December 31, 2023. A copy of that press release is attached as Exhibit 99.1.
In addition to the financial information prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.
Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
The information set forth under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference in any filing made by EZCORP under the Securities Act of 1933 or the Securities Exchange Act of 1934.
Item 7.01 — Regulation FD Disclosure
A copy of the presentation materials that management will review during the Company’s earnings conference call (to be held on February 1, 2024) will be posted in the Investor Relations section of the company’s website at www.ezcorp.com.
The information set forth, or referred to, in this Item 7.01 shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any registration statement or other filing made by EZCORP under the Securities Act of 1933 or the Securities Exchange Act of 1934, unless such subsequent filing specifically references this Item 7.01 of this Report.
Item 9.01 — Financial Statements and Exhibits
(d)Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  EZCORP, INC.
Date:January 31, 2024By: /s/ Timothy K. Jugmans
   Timothy K. Jugmans
   Chief Financial Officer


fy2014q1ezcorpa01a04a56a.jpg
EZCORP Reports First Quarter Fiscal 2024 Results
Record Revenues Driving Strong Earnings Growth
Austin, Texas (January 31, 2024) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its first quarter ended December 31, 2023.
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.
FIRST QUARTER HIGHLIGHTS
•Net income increased to $28.5 million, an increase of $11.7 million, or 70%. On an adjusted basis1, net income increased $6.6 million or 30%.
•Diluted earnings per share of $0.36, up from $0.25. On an adjusted basis, diluted earnings per share of $0.36, compared to $0.28.
•Total revenues and gross profit increased 13%.
•Merchandise sales gross margin remains within our targeted range at 36%.
•Pawn loans outstanding (PLO) up 16% to $243.3 million.
•Return on earning assets (ROEA) remains strong at 165%.
CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, “We began fiscal 2024 with another outstanding quarter. Our PLO was the highest on record in our first quarter, and total revenues were the highest for any quarter in our history. The challenging macro-economic backdrop continues to drive increased demand for our two core products, which are satisfying the short term cash needs of our customers and selling pre-owned and recycled goods.
“We remain committed to market-leading customer service in the neighborhoods in which we serve. We continue to invest in our team members, technology, process efficiencies and automation, to provide fast, convenient and respectful cash solutions and affordable pre-owned and recycled jewelry and general merchandise to cost-conscious and environmentally concerned consumers. This consistent service to our customers and investment in our teams and technology continue to produce outstanding operating and financial results for our shareholders.
“During the first quarter, we also acquired one store in Texas and opened five de novo stores in Latin America. In Guatemala, we added 3 stores, expanding our market leadership there with a total of 120 stores, and in Mexico, we added 2 stores. We now have a total of 1,237 stores across the organization and over 7,700 team members. Our strong balance sheet and cash liquidity enable us to capitalize upon potential growth opportunities in a disciplined way.                                                                                                                                                                                                                                                                                                                                                                                                                                                                
“MaxPawn, the luxury pawnbroking business we acquired in December 2022, had a strong 2023 holiday season. While still a small part of the business, MaxPawn and the luxury category as a whole represent an exciting component of our future.
“We now have 4.2 million EZ+ Rewards members across all geographies, an increase of 75% over the first quarter of 2023 and 11% over last quarter. We are focused on driving increased engagement with this large customer set as we seek to increase market share and share of wallet in all of the neighborhoods in which we serve.
“We are committed to doing everything we can to retain and incentivize our passionate, engaged and productive team members because it is their operational excellence and superior customer service that drive our financial results and ultimately enhance value for all shareholders. We are proud to have also been recognized during the quarter by Newsweek as one of America’s Greatest Workplaces for Diversity 2024.
“Thank you to all EZCORP team members for an exceptional quarter of operating and financial results to commence the 2024 fiscal year.” concluded Given.


CONSOLIDATED RESULTS
Three Months Ended December 31
As Reported
Adjusted1
in millions, except per share amounts2023202220232022
Total revenues$300.0 $264.3 $292.9 $264.3 
Gross profit$172.6 $152.5 $168.8 $152.5 
Income before tax$37.7 $24.5 $37.2 $28.3 
Net income$28.5 $16.8 $28.2 $21.6 
Diluted earnings per share $0.36 $0.25 $0.36 $0.28 
EBITDA (non-GAAP measure)$47.1 $38.1 $46.4 $38.3 

•Diluted earnings per share of $0.36, up from $0.25. On an adjusted basis, diluted earnings per share of $0.36, up from $0.28.
•Income before taxes was $37.7 million, up from $24.5 million, and adjusted EBITDA increased 21% to $46.4 million.
•PLO increased 16% to $243.3 million, up $33.4 million. On a same-store basis2, PLO increased 14% due to improved operational performance and continued strong pawn demand.
•Total revenues and gross profit increased 13%, reflecting improved pawn service charge (PSC) revenues, merchandise sales and merchandise sales gross profit.
•PSC increased 15% as a result of higher average PLO.
•Merchandise sales gross margin remains within our target range at 36%. Aged general merchandise was 1.3% of total general merchandise inventory.
•Net inventory increased 6%, as expected with the growth in PLO. Inventory turnover increased to 3.0x, from 2.8x.
•Store expenses increased 10%, primarily due to increased labor in-line with store activity, higher store count and rent. On a same-store basis, store expenses increased 7%.
•General and administrative expenses increased 7%, primarily due to annual salary increases and an increase in costs related to the implementation of Workday.
•Cash and cash equivalents at the end of the quarter was $218.5 million, up 5% year-over-year. The increase was primarily due to cash inflows provided by operating activities offset by the increase in PLO and inventory, strategic investments, share repurchases, and the acquisition of new stores.
SEGMENT RESULTS
U.S. Pawn
•PLO ended the quarter at $190.8 million, up 14% or 13% on a same store basis.
•Total revenues was up 12% and gross profit increased 10%, reflecting increased PSC and higher merchandise sales.
•PSC increased 14% as a result of higher average PLO.
•Merchandise sales increased 6% and gross margin decreased to 37% from 38%. Aged general merchandise was 1.1% of total general merchandise inventory.
•Net inventory increased 8%, as expected with the growth in PLO. Inventory turnover increased to 2.7x from 2.6x.
•Store expenses increased 5%, primarily due to wage inflationary pressures, higher store count and, to a lesser extent, rent.
•Segment contribution increased 21% to $47.5 million.
•Segment store count increased by 1 store during the quarter due to an acquisition.


Latin America Pawn
•PLO improved to $52.5 million, up 22% (11% on constant currency basis). On a same store basis, PLO increased 19% (8% on a constant currency basis).
•Total revenues was up 19% (9% on constant currency basis) and gross profit increased 22% (11% on a constant currency basis), reflecting increased PSC, higher merchandise sales and improved merchandise sales gross profit.
•PSC increased 18% (8% on a constant currency basis) as a result of higher average PLO.
•Merchandise sales gross margin increased from 30% to 32%. Aged general merchandise was 1.6% of total merchandise inventory.
•Net inventory remained flat (decreased 11% on a constant currency basis) due to PLO growth, offset by increased inventory turnover at 3.8x, up from 3.3x.
•Store expenses increased 21% (10% on a constant currency basis), primarily due to increases in minimum wage and headcount, higher store count and, to a lesser extent, rent. Same-store expenses increased 16% (6% on a constant currency basis).
•Segment contribution increased 35% (27% on a constant currency basis). On an adjusted basis, segment contribution was up 24% to $9.6 million.
•Segment store count increased by 5 de novo stores opened during the quarter.
FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2023 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com.
CONFERENCE CALL
EZCORP will host a conference call on Thursday, February 1, 2024, at 8:00 am Central Time to discuss First Quarter Fiscal 2024 results. Analysts and institutional investors may participate on the conference call by registering online at: https://edge.media-server.com/mmc/p/iic4zjrc/. 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
December 31,
(in thousands, except per share amounts)20232022
Revenues:
Merchandise sales$179,403 $163,787 
Jewelry scrapping sales14,082 7,884 
Pawn service charges106,449 92,593 
Other revenues57 63 
Total revenues299,991 264,327 
Merchandise cost of goods sold115,210 104,877 
Jewelry scrapping cost of goods sold12,208 6,953 
Gross profit172,573 152,497 
Operating expenses:
Store expenses110,555 100,803 
General and administrative16,543 15,476 
Depreciation and amortization8,565 7,988 
Gain on sale or disposal of assets and other(172)(16)
Total operating expenses135,491 124,251 
Operating income37,082 28,246 
Interest expense3,440 6,190 
Interest income(2,639)(664)
Equity in net income of unconsolidated affiliates(1,153)(1,584)
Other income(271)(234)
 Income before income taxes37,705 24,538 
Income tax expense9,235 7,760 
Net income $28,470 $16,778 
Basic earnings per share $0.52 $0.30 
Diluted earnings per share $0.36 $0.25 
Weighted-average basic shares outstanding55,076 56,308 
Weighted-average diluted shares outstanding86,812 83,779 


EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)December 31,
2023		December 31,
2022		September 30,
2023
Assets:
Current assets:
Cash and cash equivalents$218,516 $207,658 $220,595 
Restricted cash8,470 8,359 8,373 
Pawn loans243,252 209,855 245,766 
Pawn service charges receivable, net40,002 34,921 38,885 
Inventory, net164,927 156,064 166,477 
Prepaid expenses and other current assets44,001 45,559 39,623 
Total current assets719,168 662,416 719,719 
Investments in unconsolidated affiliates10,125 37,789 10,987 
Other investments51,220 39,220 36,220 
Property and equipment, net68,998 55,612 68,096 
Right-of-use assets, net231,103 229,991 234,388 
Goodwill303,799 297,361 302,372 
Intangible assets, net56,977 58,029 58,216 
Notes receivable, net— 1,224 — 
Deferred tax asset, net25,984 12,428 25,702 
Other assets, net13,819 8,245 12,011 
Total assets $1,481,193 $1,402,315 $1,467,711 
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net $34,307 $— $34,265 
Accounts payable, accrued expenses and other current liabilities69,386 69,930 $81,605 
Customer layaway deposits18,324 16,276 18,920 
Operating lease liabilities, current57,980 52,799 57,182 
Total current liabilities179,997 139,005 191,972 
Long-term debt, net326,223 358,984 325,847 
Deferred tax liability, net372 — 435 
Operating lease liabilities188,475 188,730 193,187 
Other long-term liabilities11,243 10,261 10,502 
Total liabilities706,310 696,980 721,943 
Commitments and contingencies (Note 9)
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding : 52,272,594 as of December 31, 2023; 52,877,930 as of December 31, 2022; and 51,869,569 as of September 30, 2023
523 529 519 
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171
30 30 30 
Additional paid-in capital343,870 343,012 346,181 
Retained earnings457,929 414,929 431,140 
Accumulated other comprehensive loss(27,469)(53,165)(32,102)
Total equity774,883 705,335 745,768 
Total liabilities and equity$1,481,193 $1,402,315 $1,467,711 



EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
December 31,
(in thousands)20232022
Operating activities:
Net income $28,470 $16,778 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization8,565 7,988 
Amortization of debt discount and deferred financing costs417 378 
Non-cash lease expense14,744 13,596 
Deferred income taxes345 656 
Other adjustments(857)(91)
Provision for inventory reserve(156)532 
Stock compensation expense2,264 1,886 
Equity in net income from investment in unconsolidated affiliates(1,153)(1,584)
Net loss on extinguishment of debt— 3,545 
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable(1,000)(691)
Inventory2,066 (1,881)
Prepaid expenses, other current assets and other assets(5,823)(2,280)
Accounts payable, accrued expenses and other liabilities(33,991)(34,761)
Customer layaway deposits(719)(752)
Income taxes8,309 6,574 
Dividends from unconsolidated affiliates— 1,775 
Net cash provided by operating activities21,481 11,668 
Investing activities:
Loans made(216,978)(189,074)
Loans repaid123,021 109,125 
Recovery of pawn loan principal through sale of forfeited collateral98,209 88,030 
Capital expenditures, net(7,184)(7,182)
Acquisitions, net of cash acquired(677)(12,884)
Issuance of notes receivable— (15,500)
Investment in unconsolidated affiliate— (2,133)
Investment in other investments(15,000)(15,000)
Dividends from unconsolidated affiliates1,745 — 
Net cash used in investing activities(16,864)(44,618)
Financing activities:
Taxes paid related to net share settlement of equity awards(3,253)(1,138)
Proceeds from issuance of debt— 230,000 
Debt issuance cost— (7,403)
Cash paid on extinguishment of debt— (1,951)
Payments on debt— (178,488)
Purchase and retirement of treasury stock(3,007)(7,027)
Payments of finance leases(132)— 
Net cash (used in) provided by financing activities (6,392)33,993 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(207)605 
Net (decrease) increase in cash, cash equivalents and restricted cash(1,982)1,648 
Cash and cash equivalents and restricted cash at beginning of period228,968 214,369 
Cash and cash equivalents and restricted cash at end of period$226,986 $216,017 
                                                                


EZCORP, Inc.
OPERATING SEGMENT RESULTS

Three Months Ended December 31, 2023
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$125,513 $53,890 $— $179,403 $— $179,403 
Jewelry scrapping sales12,815 1,267 — 14,082 — 14,082 
Pawn service charges79,073 27,376 — 106,449 — 106,449 
Other revenues37 16 4 57 — 57 
Total revenues217,438 82,549 4 299,991 — 299,991 
Merchandise cost of goods sold78,709 36,501 — 115,210 — 115,210 
Jewelry scrapping cost of goods sold11,284 924 — 12,208 — 12,208 
Gross profit127,445 45,124 4 172,573 — 172,573 
Segment and corporate expenses (income):
Store expenses77,255 33,300 — 110,555 — 110,555 
General and administrative— — — — 16,543 16,543 
Depreciation and amortization2,624 2,339 — 4,963 3,602 8,565 
Loss (gain) on sale or disposal of assets and other26 (196)— (170)(2)(172)
Interest expense— — — — 3,440 3,440 
Interest income— (420)(573)(993)(1,646)(2,639)
Equity in net income of unconsolidated affiliates— — (1,153)(1,153)— (1,153)
Other (income) expense— (48)1 (47)(224)(271)
Segment contribution$47,540 $10,149 $1,729 $59,418 
Income (loss) before income taxes$59,418 $(21,713)$37,705 


Three Months Ended December 31, 2022
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$118,314 $45,473 $— $163,787 $— $163,787 
Jewelry scrapping sales7,176 708 — 7,884 — 7,884 
Pawn service charges69,310 23,283 — 92,593 — 92,593 
Other revenues25 16 22 63 — 63 
Total revenues194,825 69,480 22 264,327 — 264,327 
Merchandise cost of goods sold73,256 31,621 — 104,877 — 104,877 
Jewelry scrapping cost of goods sold6,216 737 — 6,953 — 6,953 
Gross profit115,353 37,122 22 152,497 — 152,497 
Segment and corporate expenses (income):
Store expenses73,304 27,499 — 100,803 — 100,803 
General and administrative— (3)— (3)15,479 15,476 
Depreciation and amortization2,755 2,215 — 4,970 3,018 7,988 
Loss (gain) on sale or disposal of assets and other3 (19)— (16)— (16)
Interest expense— — — — 6,190 6,190 
Interest income— (169)— (169)(495)(664)
Equity in net income of unconsolidated affiliates— — (1,584)(1,584)— (1,584)
Other expense (income)— 70 4 74 (308)(234)
Segment contribution $39,291 $7,529 $1,602 $48,422 
Income (loss) before income taxes$48,422 $(23,884)$24,538 


EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)
 
Three Months Ended December 31, 2023
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2023
529 702 1,231 
New locations opened— 5 5 
Locations acquired1 — 1 
As of December 31, 2023
530 707 1,237 
 
Three Months Ended December 31, 2022
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2022
515 660 1,175 
New locations opened— 2 2 
Locations acquired10 — 10 
Locations sold, combined or closed— (1)(1)
As of December 31, 2022
525 661 1,186 
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 months ended December 31, 2023 and 2022 were as follows:
December 31,
Three Months Ended
December 31,
2023202220232022
Mexican peso17.0 19.5 17.5 19.7 
Guatemalan quetzal7.7 7.7 7.6 7.7 
Honduran lempira24.3 24.4 24.4 24.3 
Australian dollar1.5 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
December 31,
(in millions)20232022
Net income$28.5 $16.8 
Interest expense3.4 6.2 
Interest income(2.6)(0.7)
Income tax expense9.2 7.8 
Depreciation and amortization8.6 8.0 
EBITDA$47.1 $38.1 
Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2024 Q1 Reported
$300.0 $172.6 $37.7 $9.2 $28.5 $0.36 $47.1 
FX Impact— — 0.1 — 0.1 — 0.1 
Constant Currency and other impact(7.1)(3.8)(0.6)(0.2)(0.4)— (0.8)
2024 Q1 Adjusted
$292.9 $168.8 $37.2 $9.0 $28.2 $0.36 $46.4 
Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2023 Q1 Reported
$264.3 $152.5 $24.5 $7.8 $16.8 $0.25 $38.1 
Extinguishment of Debt Impact— — 3.5 (1.0)4.5 0.03 — 
FX Impact— — 0.3 (0.1)0.3 — 0.2 
2023 Q1 Adjusted
$264.3 $152.5 $28.3 $6.7 $21.6 $0.28 $38.3 


Three Months Ended
December 31, 2023
(in millions)U.S. Dollar AmountPercentage Change YOY
Consolidated revenues $300.0 13 %
Currency exchange rate fluctuations(7.1)
Constant currency consolidated revenues$292.9 11 %
Consolidated gross profit $172.6 13 %
Currency exchange rate fluctuations(3.8)
Constant currency consolidated gross profit$168.8 11 %
Consolidated net inventory$164.9 6 %
Currency exchange rate fluctuations(4.0)
Constant currency consolidated net inventory$160.9 3 %
Latin America Pawn gross profit $45.1 22 %
Currency exchange rate fluctuations(3.8)
Constant currency Latin America Pawn gross profit $41.3 11 %
Latin America Pawn PLO$52.5 22 %
Currency exchange rate fluctuations(4.9)
Constant currency Latin America Pawn PLO$47.6 11 %
Latin America Pawn PSC revenues $27.4 18 %
Currency exchange rate fluctuations(2.2)
Constant currency Latin America Pawn PSC revenues $25.2 8 %
Latin America Pawn merchandise sales $53.9 19 %
Currency exchange rate fluctuations(4.8)
Constant currency Latin America Pawn merchandise sales $49.1 8 %
Latin America Pawn segment profit before tax$10.1 35 %
Currency exchange rate fluctuations(0.7)
Constant currency Latin America Pawn segment profit before tax$9.4 26 %
    

v3.24.0.1
Cover Page
Jan. 31, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 31, 2024
Entity Registrant Name EZCORP, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 0-19424
Entity Tax Identification Number 74-2540145
Entity Address, Address Line One 2500 Bee Cave Road
Entity Address, Address Line Two Bldg One
Entity Address, Address Line Three Suite 200
Entity Address, City or Town Rollingwood
Entity Address, State or Province TX
Entity Address, Postal Zip Code 78746
City Area Code 512
Local Phone Number 314-3400
Title of 12(b) Security Class A Non-voting Common Stock, par value $.01 per share
Trading Symbol EZPW
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000876523
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