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EZCORP Reports Fourth Quarter and Full Year Fiscal 2021 Results

Store Count Up 14% and PLO Up 34% for the Year

EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its fiscal fourth quarter and full year ended September 30, 2021.

All amounts in this release are in conformity with U.S. generally accepted accounting principles ("GAAP") unless otherwise noted. Comparisons shown in this release are to the same period in the prior year unless otherwise noted.

FOURTH QUARTER HIGHLIGHTS

  • Pawn Loans Outstanding (PLO) up 34% and up 12% compared to the third quarter.
  • Total revenue increased 15% and net revenue increased 33%.
  • Merchandise sales gross profit margin was 41% up from 31%.
  • Diluted earnings per share was $0.03, compared to a diluted loss per share of $0.42. On an adjusted basis1, diluted earnings per share was $0.11, compared to diluted earnings per share of $0.08.
  • Return on Earning Assets (ROEA) improved to 175% from 154%.

CEO COMMENTARY AND OUTLOOK

Chief Executive Officer Jason Kulas stated, “I am pleased with our results in the fourth quarter and for the fiscal year, and am proud the team has executed on the strategy we put in place at the end of fiscal 2020. We are improving the customer experience, embracing technological improvements, and have launched our new loyalty program which will be rolled out in the majority of stores by the end of the calendar year. Our key financial metrics continue to improve sequentially due to the initiatives that we have taken throughout the year. We credit our team members who have embraced the renewed emphasis on culture and serving our customers while focusing on innovative ways to improve the core pawn business, grow PLO and increase margins.

“We are seeing strong signs of recovery from the pandemic and stimulus impact in the U.S., with Latin America slightly lagging due to the concerns over the Delta variant.

“The integration of the 139 stores we acquired this year is going well, and our current acquisition pipeline remains robust. In addition, we recently invested in a company that gives us increased geographical diversification by having interests in pawn stores in the Caribbean.

“As we continue to grow our footprint outside of the US, I am delighted to announce the recent promotion of Blair Powell to President of Global Pawn with management responsibility for all of our pawn operations worldwide. Blair has over 30 years of experience in the industry and has been serving as President of US Pawn for the past year. I am confident that this more streamlined global structure will enhance the in-store experience, optimize expenses and further drive profitability.

“Looking ahead toward fiscal 2022, we remain committed to maintaining operating excellence, a strong balance sheet and cost discipline while pursuing sustainable growth. Our customers and team members are critical to our success. We strive to be our customers’ first and best choice for their short-term cash needs and for affordable pre-owned and recycled goods. Enhanced training and diversity and inclusion programs are in place to help develop team members and improve productivity and retention. We are appreciative of our team members’ excellent execution and passion for pawn, and we are enthusiastic about the year ahead."

CONSOLIDATED RESULTS

Three Months Ended September 30

As Reported

 

Adjusted1

in millions, except per share amounts

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Total Revenues

$

192.4

 

 

$

166.8

 

 

$

188.7

 

 

$

166.8

 

Net Revenues

$

119.3

 

 

$

89.6

 

 

$

117.2

 

 

$

89.6

 

Income (Loss), Before Tax

$

4.5

 

 

$

(28.7

)

 

$

9.0

 

 

$

3.3

 

Net Income (Loss)

$

1.6

 

 

$

(23.3

)

 

$

6.0

 

 

$

4.2

 

Diluted Earnings (Loss) Per Share

$

0.03

 

 

$

(0.42

)

 

$

0.11

 

 

$

0.08

 

EBITDA

$

17.2

 

 

$

(16.0

)

 

$

18.1

 

 

$

12.3

 

Twelve Months Ended September 30

As Reported

 

Adjusted1

in millions, except per share amounts

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Total Revenues

$

729.6

 

 

$

822.8

 

 

$

724.1

 

 

$

822.8

 

Net Revenues

$

449.5

 

 

$

449.2

 

 

$

446.3

 

 

$

451.5

 

Income (Loss), Before Tax

$

16.1

 

 

$

(70.1

)

 

$

31.1

 

 

$

29.4

 

Net Income (Loss)

$

8.6

 

 

$

(68.5

)

 

$

21.0

 

 

$

21.6

 

Diluted Earnings (Loss) Per Share

$

0.15

 

 

$

(1.24

)

 

$

0.38

 

 

$

0.39

 

EBITDA

$

66.4

 

 

$

(20.0

)

 

$

67.5

 

 

$

66.3

 

  • Diluted earnings per share was $0.03 for the fourth quarter, compared to a loss of $0.42. On an adjusted basis, diluted earnings per share was $0.11, compared to $0.08. For the full year, diluted earnings per share was $0.15, compared to a loss of $1.24. On an adjusted basis, diluted earnings per share for the year was $0.38, compared to $0.39.
  • For the fourth quarter, income before taxes improved 116% from a loss of $28.7 million to income of $4.5 million. Adjusted EBITDA increased 47% from $12.3 million to $18.1 million. For the full year, income before taxes improved by 123% to $16.1 million from a loss of $70.1 million and adjusted EBITDA increased 2% to $67.5 million from $66.3 million.
  • PLO significantly increased to $175.9 million, up 34% and 12% on a sequential basis. On a same-store basis2, PLO increased 29% year-over-year and 12% sequentially.
  • In the fourth quarter, total revenues increased 15% and net revenues increased 33%, reflecting improved PSC and merchandise sales gross profit. For the full year, total revenues decreased 11% and net revenues were flat, reflecting lower average PLO (driving lower PSC) for the year, offset by improved sales profit margins.
  • Merchandise sales gross profit margin was 41% in the fourth quarter, up from 31%. For the full year, merchandise sales gross profit margin was 42% compared to 33%. These improvements reflect the commitment to improving the core business by driving down aged general merchandise (now less than 1% of total general merchandise inventory) and focusing on selling inventory in the first 90 days.
  • For the fourth quarter, PSC increased 32% due to an increase in the average PLO balance during the quarter. Though PLO significantly increased during the year, average PLO for fiscal 2021 was lower than in fiscal 2020, which led to a full year PSC decrease of 5%.
  • Net inventory increased 16% year-over-year and 20% sequentially, reflecting an increase in pawn activity. Due to significant improvements at the store level, inventory turnover remained strong at a flat 2.8x for the fourth quarter and increased from 2.4x to 2.9x for the year.
  • In the fourth quarter, store expenses increased $11.1 million or 14.3%, primarily due to the store count increase of 14.2% and increased incentive compensation. On a same-store basis, store expenses increased 7%. In addition, general and administrative expenses increased $11.8 million or 314%, primarily due to increased incentive compensation. For the full year, when removing the fiscal 2020 incentive compensation reversal of $20.9 million, store expenses on a same-store basis decreased $15.9 million or 5% and G&A expenses decreased $14.6 million or 21%.
  • Cash and cash equivalents at the end of the quarter was $253.7 million, down $50.9 million or 17% and $30.0 million or 11% on a sequential basis. The decrease is primarily due to the increase in PLO and the acquisition of new stores.

SEGMENT RESULTS

U.S. Pawn

  • PLO continued to increase, ending the year up 28% (27% on a same store basis) and up 16% compared to the end of the third quarter.
  • In the fourth quarter, total revenue was up 12% and net revenues increased 21%, reflecting increasing PSC, higher sales and improved merchandise sales gross profit. For the full year, total revenues decreased 13% and net revenues decreased 3%, reflecting lower average PLO for the year (driving lower PSC) offset by improved sales profit margins.
  • For the fourth quarter, merchandise sales gross profit gross margins continued to remain high at 43% compared to 37%. During the year, merchandise sales gross profit gross margins increased 768 bps to 44%, reflecting a focus on improving retailing and lower levels of aged general merchandise inventory (which improved to 0.7% from 4.3% of total merchandise inventory).
  • PSC increased 22% in the fourth quarter as a result of higher average PLO. Though PLO significantly increased during the year, the average PLO for the year was lower than in fiscal 2020 which led to a full year PSC decrease of 6%.
  • Net inventory increased 9% and 19% sequentially. Inventory turnover continued to improve, increasing to 2.7x from 2.5x for the prior year quarter and increasing to 2.7x from 2.3x for the year.
  • In the fourth quarter, store expenses increased 9% or $5.4 million to $65.1 million, primarily due to the increase of incentive compensation of approximately $7.0 million, reflecting improved performance compared to the prior year. For the full year, when removing the fiscal 2020 incentive compensation reversal, store expenses on a same-store basis decreased $11.9 million or 4%, reflecting expense optimization.
  • Segment contribution increased $13.3 million to $20.9 million in the fourth quarter and increased $12.4 million to $85.5 million for the year. On an adjusted basis, segment contribution increased $10.2 million in the quarter and decreased $3.5 million in the year.
  • Segment store count increased by 11 during the year resulting from the acquisition in the Houston, Texas area completed in May.

Latin America Pawn

  • PLO significantly improved, increasing 60% to $40.0 million (51% on constant currency basis). On a sequential basis, PLO was flat compared to a 5% sequential decrease in the prior-year quarter. On a same store basis, PLO increased 37% (29% on a constant currency basis) and decreased 2% (increased 2% on a constant currency basis) sequentially.
  • In the fourth quarter, total revenue was up 27% (18% on a constant currency basis), while net revenues increased 91% (78% on a constant currency basis). For the fiscal year, total revenues were down 3% (6% on a constant currency basis), while net revenues increased by 14% (11% on a constant currency basis) reflecting significantly improved margins.
  • Merchandise sales gross profit margins significantly improved in the fourth quarter to 34% compared to 13%. During the year, merchandise sales gross profit gross margins increased 1,270 bps to 35% (up 1,266 bps to 35% on a constant currency basis), reflecting a focus on improving retailing and lower levels of aged general merchandise inventory (which improved to 0.3% from 7.8% of total merchandise inventory).
  • PSC increased by 66% in the fourth quarter to $20.0 million (up 55% to $18.7 million on a constant currency basis) as a result of higher average PLO for the quarter. For the fiscal year, PSC increased 1% (down 2% on a constant currency basis) as a result of lower average PLO for the year.
  • Net inventory increased 42% (34% on a constant currency basis), but was up 24% sequentially (up 31% on a constant currency basis). Inventory turnover remains strong at 3.3x down from 3.8x for the prior year quarter and increased substantially for the year to 3.7x from 2.8x.
  • In the fourth quarter, store expenses increased $7.1 million or 43% ($4.9 million or 30% on a constant currency basis) primarily due to growth in store count and the increase in incentive compensation, reflecting improved performance compared to fiscal 2020. Same-store expenses increased $2.4 million or 15% ($0.9 million or 5% on a constant currency basis). For the full year, when removing the fiscal 2020 incentive compensation reversal, store expenses on a same-store basis increased $1.7 million or 2% (down 1% on a constant currency basis).
  • Segment contribution for the fourth quarter was $6.1 million ($5.8 million on a constant currency basis), compared to a segment loss of $3.9 million in the prior year quarter. For the year, segment contribution was up by $44.0 million to $17.3 million (a $43.2 million increase to $16.7 million on a constant currency basis). On an adjusted basis, the increase in segment contribution for the fourth quarter was $7.0 million to $6.3 million and the increase for the year was $5.2 million to $17.6 million.
  • Segment store count increased by 5 de novo stores during the fourth quarter and increased by 132 stores for the year through acquisitions and de novo stores.

     

FORM 10-K

EZCORP’s Annual Report on Form 10-K for fiscal 2021 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 18, 2021, at 7:00 am Central Time to discuss Fourth Quarter and Full Year Fiscal 2021 results. Analysts and institutional investors may participate on the conference call by dialing (833) 579-0921, Conference ID: 1962857, or internationally by dialing (778) 560-2579. 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 merchandise, primarily collateral forfeited from pawn lending operations and pre-owned and recycled 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 Russell 2000 Index, 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 Linked In 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.

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. “Free cash flow,” which is a non-GAAP measure, includes certain adjustments to cash flow from operating activities.

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.

EZCORP, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

Three Months Ended

September 30,

 

Twelve Months Ended

September 30,

(in thousands, except per share amounts)

2021

 

2020

 

2021

 

2020

 

(Unaudited)

 

 

 

 

Revenues:

 

 

 

 

 

 

 

Merchandise sales

$

111,982

 

 

$

105,118

 

 

$

442,798

 

 

$

498,213

 

Jewelry scrapping sales

7,518

 

 

6,244

 

 

26,025

 

 

47,953

 

Pawn service charges

72,840

 

 

55,231

 

 

260,196

 

 

272,638

 

Other revenues

104

 

 

246

 

 

532

 

 

3,973

 

Total revenues

192,444

 

 

166,839

 

 

729,551

 

 

822,777

 

Merchandise cost of goods sold

66,346

 

 

72,770

 

 

257,218

 

 

334,481

 

Jewelry scrapping cost of goods sold

6,772

 

 

4,512

 

 

22,848

 

 

38,041

 

Other cost of revenues

 

 

(39

)

 

 

 

1,054

 

Net revenues

119,326

 

 

89,596

 

 

449,485

 

 

449,201

 

Operating expenses:

 

 

 

 

 

 

 

Store expenses

88,576

 

 

77,506

 

 

330,837

 

 

336,770

 

General and administrative

15,625

 

 

3,778

 

 

56,495

 

 

54,133

 

Impairment of goodwill, intangible and other assets

 

 

7,606

 

 

 

 

54,666

 

Depreciation and amortization

7,592

 

 

7,653

 

 

30,672

 

 

30,827

 

(Gain) loss on sale or disposal of assets and other

(7

)

 

(459

)

 

83

 

 

801

 

Other charges

(268

)

 

20,388

 

 

229

 

 

20,388

 

Total operating expenses

111,518

 

 

116,472

 

 

418,316

 

 

497,585

 

Operating income (loss)

7,808

 

 

(26,876

)

 

31,169

 

 

(48,384

)

Interest expense

5,635

 

 

5,883

 

 

22,177

 

 

22,472

 

Interest income

(559

)

 

(761

)

 

(2,477

)

 

(3,173

)

Equity in net (income) loss of unconsolidated affiliates

(1,394

)

 

(3,467

)

 

(3,803

)

 

2,429

 

Other (income) expense

(401

)

 

198

 

 

(790

)

 

(17

)

Income (loss) before income taxes

4,527

 

 

(28,729

)

 

16,062

 

 

(70,095

)

Income tax expense (benefit)

2,974

 

 

(5,389

)

 

7,450

 

 

(1,632

)

Net income (loss)

$

1,553

 

 

$

(23,340

)

 

$

8,612

 

 

$

(68,463

)

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

$

0.03

 

 

$

(0.42

)

 

$

0.15

 

 

$

(1.24

)

Diluted earnings (loss) per share

$

0.03

 

 

$

(0.42

)

 

$

0.15

 

 

$

(1.24

)

 

 

 

 

 

 

 

 

Weighted-average basic shares outstanding

56,057

 

 

55,070

 

 

55,744

 

 

55,313

 

Weighted-average diluted shares outstanding

56,441

 

 

55,070

 

 

55,949

 

 

55,313

 

 

 

 

 

 

 

 

 

EZCORP, Inc.

CONSOLIDATED BALANCE SHEETS

 

(in thousands, except share and per share amounts)

September 30,

2021

 

September 30,

2020

 

 

Assets:

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

253,667

 

 

$

304,542

 

Restricted cash

9,957

 

 

8,011

 

Pawn loans

175,901

 

 

131,323

 

Pawn service charges receivable, net

29,337

 

 

20,580

 

Inventory, net

110,989

 

 

95,891

 

Notes receivable, net

 

 

 

Prepaid expenses and other current assets

31,010

 

 

32,903

 

Total current assets

610,861

 

 

593,250

 

Investments in unconsolidated affiliates

37,724

 

 

32,458

 

Property and equipment, net

53,811

 

 

56,986

 

Right-of-use asset, net

200,990

 

 

183,809

 

Goodwill

285,758

 

 

257,582

 

Intangible assets, net

62,104

 

 

58,638

 

Notes receivable, net

1,181

 

 

1,148

 

Deferred tax asset, net

9,746

 

 

8,931

 

Other assets

4,736

 

 

4,221

 

Total assets

$

1,266,911

 

 

$

1,197,023

 

 

 

 

 

Liabilities and equity:

 

 

 

Current liabilities:

 

 

 

Current maturities of long-term debt, net

$

 

 

$

213

 

Accounts payable, accrued expenses and other current liabilities

90,268

 

 

71,504

 

Customer layaway deposits

12,557

 

 

11,008

 

Lease liability

52,263

 

 

49,742

 

Total current liabilities

155,088

 

 

132,467

 

Long-term debt, net

264,186

 

 

251,016

 

Deferred tax liability, net

3,684

 

 

524

 

Lease liability

161,330

 

 

153,040

 

Other long-term liabilities

10,385

 

 

10,849

 

Total liabilities

594,673

 

 

547,896

 

Commitments and contingencies (Note 13)

 

 

 

Stockholders’ equity:

 

 

 

Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100 million; 53,086,438 issued and outstanding as of September 30, 2021; and issued and outstanding of 52,332,848 as of September 30, 2020

530

 

 

521

 

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, 2021 and 2020

30

 

 

30

 

Additional paid-in capital

403,312

 

 

398,475

 

Retained earnings

326,781

 

 

318,169

 

Accumulated other comprehensive loss

(58,415

)

 

(68,068

)

Total equity

672,238

 

 

649,127

 

Total liabilities and equity

$

1,266,911

 

 

$

1,197,023

 

EZCORP, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Twelve Months Ended

September 30,

(in thousands)

2021

 

2020

 

 

Operating activities:

 

 

 

Net income (loss)

$

8,612

 

 

$

(68,463

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

Depreciation and amortization

30,672

 

 

30,827

 

Amortization of debt discount and deferred financing costs

13,797

 

 

13,200

 

Amortization of right-of-use asset

48,480

 

 

45,649

 

Accretion of notes receivable discount and deferred compensation fee

 

 

(821

)

Deferred income taxes

3,283

 

 

(8,393

)

Impairment of goodwill, intangibles and other assets

 

 

54,666

 

Other adjustments

(185

)

 

1,652

 

Provision for inventory reserve

(8,003

)

 

2,577

 

Stock compensation expense

3,946

 

 

(5,094

)

Equity in net (income) loss from investment in unconsolidated affiliates

(3,803

)

 

2,429

 

Changes in operating assets and liabilities, net of business acquisitions:

 

 

 

Service charges and fees receivable

(7,332

)

 

11,021

 

Inventory

371

 

 

14,466

 

Prepaid expenses, other current assets and other assets

7,373

 

 

(875

)

Accounts payable, accrued expenses and other liabilities

(54,209

)

 

(37,401

)

Customer layaway deposits

1,256

 

 

(1,647

)

Income taxes

2,180

 

 

(4,715

)

Net cash provided by operating activities

46,438

 

 

49,078

 

Investing activities:

 

 

 

Loans made

(601,638

)

 

(568,368

)

Loans repaid

351,092

 

 

394,469

 

Recovery of pawn loan principal through sale of forfeited collateral

208,551

 

 

304,323

 

Capital expenditures, net

(23,601

)

 

(28,526

)

Acquisitions, net of cash acquired

(19,015

)

 

 

Principal collections on notes receivable

 

 

8,000

 

Net cash (used in) provided by investing activities

(84,611

)

 

109,898

 

Financing activities:

 

 

 

Taxes paid related to net share settlement of equity awards

(839

)

 

(1,459

)

Payout of deferred consideration

 

 

(350

)

Proceeds from borrowings, net of issuance costs

 

 

912

 

Payments on assumed debt and other borrowings

(15,414

)

 

(198

)

Repurchase of common stock

 

 

(5,158

)

Net cash used in financing activities

(16,253

)

 

(6,253

)

Effect of exchange rate changes on cash and cash equivalents and restricted cash

5,497

 

 

(2,612

)

Net (decrease) increase in cash and cash equivalents and restricted cash

(48,929

)

 

150,111

 

Cash and cash equivalents and restricted cash at beginning of period

312,553

 

 

162,442

 

Cash and cash equivalents and restricted cash at end of period

$

263,624

 

 

$

312,553

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

Cash and cash equivalents

$

253,667

 

 

$

304,542

 

Restricted cash

9,957

 

 

8,011

 

Total cash and cash equivalents and restricted cash

$

263,624

 

 

$

312,553

 

 

 

 

 

Cash paid during the period for interest

$

8,230

 

 

$

8,489

 

Cash paid during the period for income taxes, net

3,696

 

 

9,753

 

 

 

 

 

Non-cash investing and financing activities:

 

 

 

Pawn loans forfeited and transferred to inventory

$

212,756

 

 

$

241,252

 

Transfer of consideration for current period acquisition

1,545

 

 

 

Acquisition earn-out contingency

4,608

 

 

 

Accrued acquisition consideration held as restricted cash

1,986

 

 

 

EZCORP, Inc.

OPERATING SEGMENT RESULTS

(Unaudited)

 

 

Three Months Ended September 30, 2021

(in thousands)

U.S. Pawn

 

Latin America

Pawn

 

Other

International

 

Total

Segments

 

Corporate

Items

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Merchandise sales

$

80,950

 

 

$

31,032

 

 

$

 

 

$

111,982

 

 

$

 

 

$

111,982

 

Jewelry scrapping sales

5,767

 

 

1,751

 

 

 

 

7,518

 

 

 

 

7,518

 

Pawn service charges

52,885

 

 

19,955

 

 

 

 

72,840

 

 

 

 

72,840

 

Other revenues

22

 

 

 

 

82

 

 

104

 

 

 

 

104

 

Total revenues

139,624

 

 

52,738

 

 

82

 

 

192,444

 

 

 

 

192,444

 

Merchandise cost of goods sold

45,858

 

 

20,488

 

 

 

 

66,346

 

 

 

 

66,346

 

Jewelry scrapping cost of goods sold

5,130

 

 

1,642

 

 

 

 

6,772

 

 

 

 

6,772

 

Net revenues

88,636

 

 

30,608

 

 

82

 

 

119,326

 

 

 

 

119,326

 

Segment and corporate expenses (income):

 

 

 

 

 

 

 

 

 

 

 

Store expenses

65,088

 

 

23,488

 

 

 

 

88,576

 

 

 

 

88,576

 

General and administrative

 

 

 

 

 

 

 

 

15,625

 

 

15,625

 

Depreciation and amortization

2,678

 

 

1,912

 

 

 

 

4,590

 

 

3,002

 

 

7,592

 

Gain on sale or disposal of assets and other

 

 

(6

)

 

 

 

(6

)

 

(1

)

 

(7

)

Other charges

 

 

(268

)

 

 

 

(268

)

 

 

 

(268

)

Interest expense

 

 

 

 

 

 

 

 

5,635

 

 

5,635

 

Interest income

 

 

(197

)

 

 

 

(197

)

 

(362

)

 

(559

)

Equity in net income of unconsolidated affiliates

 

 

 

 

(1,394

)

 

(1,394

)

 

 

 

(1,394

)

Other (income) expense

 

 

(465

)

 

10

 

 

(455

)

 

54

 

 

(401

)

Segment contribution

$

20,870

 

 

$

6,144

 

 

$

1,466

 

 

$

28,480

 

 

 

 

 

Income (loss) before income taxes

 

 

 

 

 

 

$

28,480

 

 

$

(23,953

)

 

$

4,527

 

 

Three Months Ended September 30, 2020

(in thousands)

U.S. Pawn

 

Latin America

Pawn

 

Other

International

 

Total

Segments

 

Corporate

Items

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Merchandise sales

$

77,862

 

 

$

27,256

 

 

$

 

 

$

105,118

 

 

$

 

 

$

105,118

 

Jewelry scrapping sales

3,786

 

 

2,458

 

 

 

 

6,244

 

 

 

 

6,244

 

Pawn service charges

43,222

 

 

12,009

 

 

 

 

55,231

 

 

 

 

55,231

 

Other revenues

43

 

 

(50

)

 

253

 

 

246

 

 

 

 

246

 

Total revenues

124,913

 

 

41,673

 

 

253

 

 

166,839

 

 

 

 

166,839

 

Merchandise cost of goods sold

49,056

 

 

23,714

 

 

 

 

72,770

 

 

 

 

72,770

 

Jewelry scrapping cost of goods sold

2,634

 

 

1,878

 

 

 

 

4,512

 

 

 

 

4,512

 

Other cost of revenues

 

 

32

 

 

(71

)

 

(39

)

 

 

 

(39

)

Net revenues

73,223

 

 

16,049

 

 

324

 

 

89,596

 

 

 

 

89,596

 

Segment and corporate expenses (income):

 

 

 

 

 

 

 

 

 

 

 

Store expenses

59,687

 

 

16,423

 

 

1,396

 

 

77,506

 

 

 

 

77,506

 

General and administrative

 

 

 

 

 

 

 

 

3,778

 

 

3,778

 

Impairment of goodwill, intangible and other assets

 

 

2

 

 

25

 

 

27

 

 

7,579

 

 

7,606

 

Depreciation and amortization

2,705

 

 

1,839

 

 

8

 

 

4,552

 

 

3,101

 

 

7,653

 

Loss (gain) on sale or disposal of assets and other

151

 

 

 

 

 

 

151

 

 

(610

)

 

(459

)

Other Charges

3,106

 

 

1,715

 

 

3,802

 

 

8,623

 

 

11,765

 

 

20,388

 

Interest expense

 

 

255

 

 

85

 

 

340

 

 

5,543

 

 

5,883

 

Interest income

 

 

(425

)

 

 

 

(425

)

 

(336

)

 

(761

)

Equity in net income of unconsolidated affiliates

 

 

 

 

(3,467

)

 

(3,467

)

 

 

 

(3,467

)

Other expense (income)

 

 

147

 

 

(8

)

 

139

 

 

59

 

 

198

 

Segment contribution (loss)

$

7,574

 

 

$

(3,907

)

 

$

(1,517

)

 

$

2,150

 

 

 

 

 

Income (loss) before income taxes

 

 

 

 

 

 

$

2,150

 

 

$

(30,879

)

 

$

(28,729

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended September 30, 2021

(in thousands)

U.S. Pawn

 

Latin America

Pawn

 

Other

International

 

Total

Segments

 

Corporate

Items

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Merchandise sales

$

341,495

 

 

$

101,303

 

 

$

 

 

$

442,798

 

 

$

 

 

$

442,798

 

Jewelry scrapping sales

15,260

 

 

10,765

 

 

 

 

26,025

 

 

 

 

26,025

 

Pawn service charges

196,721

 

 

63,475

 

 

 

 

260,196

 

 

 

 

260,196

 

Other revenues

105

 

 

7

 

 

420

 

 

532

 

 

 

 

532

 

Total revenues

553,581

 

 

175,550

 

 

420

 

 

729,551

 

 

 

 

729,551

 

Merchandise cost of goods sold

191,039

 

 

66,179

 

 

 

 

257,218

 

 

 

 

257,218

 

Jewelry scrapping cost of goods sold

13,001

 

 

9,847

 

 

 

 

22,848

 

 

 

 

22,848

 

Net revenues

349,541

 

 

99,524

 

 

420

 

 

449,485

 

 

 

 

449,485

 

Segment and corporate expenses (income):

 

 

 

 

 

 

 

 

 

 

 

Store expenses

253,344

 

 

77,493

 

 

 

 

330,837

 

 

 

 

330,837

 

General and administrative

 

 

 

 

 

 

 

 

56,495

 

 

56,495

 

Depreciation and amortization

10,650

 

 

7,371

 

 

 

 

18,021

 

 

12,651

 

 

30,672

 

Loss (gain) on sale or disposal of assets and other

27

 

 

(6

)

 

 

 

21

 

 

62

 

 

83

 

Other charges

 

 

229

 

 

 

 

229

 

 

 

 

229

 

Interest expense

 

 

 

 

 

 

 

 

22,177

 

 

22,177

 

Interest income

 

 

(2,016

)

 

 

 

(2,016

)

 

(461

)

 

(2,477

)

Equity in net income of unconsolidated affiliates

 

 

 

 

(3,803

)

 

(3,803

)

 

 

 

(3,803

)

Other (income) expense

 

 

(840

)

 

(173

)

 

(1,013

)

 

223

 

 

(790

)

Segment contribution

$

85,520

 

 

$

17,293

 

 

$

4,396

 

 

$

107,209

 

 

 

 

 

Income (loss) before income taxes

 

 

 

 

 

 

$

107,209

 

 

$

(91,147

)

 

$

16,062

 

 

Twelve Months Ended September 30, 2020

(in thousands)

U.S. Pawn

 

Latin America

Pawn

 

Other

International

 

Total

Segments

 

Corporate

Items

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Merchandise sales

$

391,921

 

 

$

106,292

 

 

$

 

 

$

498,213

 

 

$

 

 

$

498,213

 

Jewelry scrapping sales

36,691

 

 

11,262

 

 

 

 

47,953

 

 

 

 

47,953

 

Pawn service charges

210,081

 

 

62,557

 

 

 

 

272,638

 

 

 

 

272,638

 

Other revenues

150

 

 

 

 

3,823

 

 

3,973

 

 

 

 

3,973

 

Total revenues

638,843

 

 

180,111

 

 

3,823

 

 

822,777

 

 

 

 

822,777

 

Merchandise cost of goods sold

251,544

 

 

82,937

 

 

 

 

334,481

 

 

 

 

334,481

 

Jewelry scrapping cost of goods sold

28,064

 

 

9,977

 

 

 

 

38,041

 

 

 

 

38,041

 

Other cost of revenues

 

 

101

 

 

953

 

 

1,054

 

 

 

 

1,054

 

Net revenues

359,235

 

 

87,096

 

 

2,870

 

 

449,201

 

 

 

 

449,201

 

Segment and corporate expenses (income):

 

 

 

 

 

 

 

 

 

 

 

Store expenses

261,608

 

 

69,916

 

 

5,246

 

 

336,770

 

 

 

 

336,770

 

General and administrative

 

 

 

 

 

 

 

 

54,133

 

 

54,133

 

Impairment of goodwill, intangible and other assets

10,000

 

 

35,938

 

 

1,149

 

 

47,087

 

 

7,579

 

 

54,666

 

Depreciation and amortization

11,030

 

 

7,315

 

 

68

 

 

18,413

 

 

12,414

 

 

30,827

 

Loss (gain) on sale or disposal of assets and other

385

 

 

(72

)

 

(20

)

 

293

 

 

508

 

 

801

 

Other Charges

3,106

 

 

1,715

 

 

3,802

 

 

8,623

 

 

11,765

 

 

20,388

 

Interest expense

 

 

685

 

 

549

 

 

1,234

 

 

21,238

 

 

22,472

 

Interest income

 

 

(1,586

)

 

 

 

(1,586

)

 

(1,587

)

 

(3,173

)

Equity in net loss of unconsolidated affiliates

 

 

 

 

2,429

 

 

2,429

 

 

 

 

2,429

 

Other (income) expense

 

 

(156

)

 

6

 

 

(150

)

 

133

 

 

(17

)

Segment contribution (loss)

$

73,106

 

 

$

(26,659

)

 

$

(10,359

)

 

$

36,088

 

 

 

 

 

Income (loss) before income taxes

 

 

 

 

 

 

$

36,088

 

 

$

(106,183

)

 

$

(70,095

)

 

 

 

 

 

 

 

 

 

 

 

 

EZCORP, Inc.

STORE COUNT ACTIVITY

(Unaudited)

 

 

Three Months Ended September 30, 2021

 

U.S. Pawn

 

Latin America

Pawn

 

Consolidated

 

 

 

 

 

 

As of June 30, 2021

516

 

 

627

 

 

1,143

 

New locations opened

 

 

5

 

 

5

 

As of September 30, 2021

516

 

 

632

 

 

1,148

 

 

Three Months Ended September 30, 2020

 

U.S. Pawn

 

Latin America

Pawn

 

Other

International

 

Consolidated

 

 

 

 

 

 

 

 

As of June 30, 2020

511

 

 

496

 

 

22

 

 

1,029

 

New locations opened

 

 

7

 

 

 

 

7

 

Locations sold, combined or closed

(6

)

 

(3

)

 

(22

)

 

(31

)

As of September 30, 2020

505

 

 

500

 

 

 

 

1,005

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended September 30, 2021

 

U.S. Pawn

 

Latin America

Pawn

 

Consolidated

 

 

 

 

 

 

As of September 30, 2020

505

 

 

500

 

 

1,005

 

New locations opened

 

 

15

 

 

15

 

Locations acquired

11

 

 

128

 

 

139

 

Locations sold, combined or closed

 

 

(11

)

 

(11

)

As of September 30, 2021

516

 

 

632

 

 

1,148

 

 

Twelve Months Ended September 30, 2020

 

U.S. Pawn

 

Latin America

Pawn

 

Other

International

 

Consolidated

 

 

 

 

 

 

 

 

As of September 30, 2019

512

 

 

480

 

 

22

 

 

1,014

 

New locations opened

 

 

23

 

 

 

 

23

 

Locations sold, combined or closed

(7

)

 

(3

)

 

(22

)

 

(32

)

As of September 30, 2020

505

 

 

500

 

 

 

 

1,005

 

Non-GAAP Financial Information (Unaudited)

In addition to the financial information prepared in conformity with accounting principles generally accepted in the United States ("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. 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, 2021 and 2020 were as follows:

 

 

September 30,

 

Three Months Ended

September 30,

 

Twelve Months Ended

September 30,

 

 

2021

 

2020

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Mexican peso

 

20.5

 

 

22.3

 

 

20.0

 

 

22.1

 

 

20.2

 

 

21.1

 

Guatemalan quetzal

 

7.6

 

 

7.6

 

 

7.6

 

 

7.5

 

 

7.6

 

 

7.5

 

Honduran lempira

 

23.9

 

 

24.2

 

 

23.5

 

 

24.3

 

 

23.8

 

 

24.3

 

Peruvian sol

 

4.1

 

 

3.6

 

 

4.0

 

 

3.5

 

 

3.7

 

 

3.4

 

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)

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Net income (loss)

$

1.6

 

 

$

(23.3

)

 

$

8.6

 

 

$

(68.5

)

Interest expense

5.6

 

 

5.9

 

 

22.2

 

 

22.5

 

Interest income

(0.6

)

 

(0.8

)

 

(2.5

)

 

(3.2

)

Income tax expense (benefit)

3.0

 

 

(5.4

)

 

7.5

 

 

(1.6

)

Depreciation and amortization

7.6

 

 

7.7

 

 

30.7

 

 

30.8

 

EBITDA

$

17.2

 

 

$

(16.0

)

 

$

66.5

 

 

$

(20.0

)

 

Total

Revenues

 

Net

Revenues

 

Income (Loss)

Before Tax

 

Tax Effect

 

Net

Income

(Loss)

 

Diluted

EPS

 

EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Q4 Reported

$

192.4

 

 

$

119.3

 

 

$

4.5

 

 

$

2.9

 

 

$

1.6

 

 

$

0.03

 

 

$

17.2

 

Acquisition expenses

 

 

 

 

1.5

 

 

0.1

 

 

1.4

 

 

0.02

 

 

1.5

 

Peru reserve

 

 

 

 

(0.3

)

 

 

 

(0.3

)

 

 

 

(0.3

)

Non cash net interest expense

 

 

 

 

3.6

 

 

0.1

 

 

3.5

 

 

0.06

 

 

 

Constant currency impact

(3.7

)

 

(2.1

)

 

(0.3

)

 

(0.1

)

 

(0.2

)

 

 

 

(0.3

)

2021 Q4 Adjusted

$

188.7

 

 

$

117.2

 

 

$

9.0

 

 

$

3.0

 

 

$

6.0

 

 

$

0.11

 

 

$

18.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

Revenues

 

Net

Revenues

 

Income (Loss)

Before Tax

 

Tax Effect

 

Net

Income

(Loss)

 

Diluted

EPS

 

EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Full Year Reported

$

729.6

 

 

$

449.5

 

 

$

16.1

 

 

$

7.5

 

 

$

8.6

 

 

$

0.15

 

 

$

66.5

 

Acquisition expenses

 

 

 

 

2.0

 

 

0.4

 

 

1.6

 

 

0.03

 

 

2.0

 

Peru reserve

 

 

 

 

0.2

 

 

0.1

 

 

0.1

 

 

 

 

0.2

 

FY20 Contract write-off over-accrual

 

 

 

 

(0.4

)

 

(0.1

)

 

(0.3

)

 

(0.01

)

 

(0.4

)

Non cash net interest expense

 

 

 

 

13.8

 

 

2.3

 

 

11.5

 

 

0.21

 

 

 

Constant currency impact

(5.5

)

 

(3.2

)

 

(0.6

)

 

(0.1

)

 

(0.5

)

 

 

 

(0.8

)

2021 Full Year Adjusted

$

724.1

 

 

$

446.3

 

 

$

31.1

 

 

$

10.1

 

 

$

21.0

 

 

$

0.38

 

 

$

67.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

Revenues

 

Net

Revenues

 

(Loss) Income

Before Tax

 

Tax Effect

 

Net

(Loss)

Income

 

Diluted

EPS

 

EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020 Q4 Reported

$

166.8

 

 

$

89.6

 

 

$

(28.7

)

 

$

(5.4

)

 

$

(23.3

)

 

$

(0.42

)

 

$

(16.0

)

Other Charges

 

 

 

 

20.4

 

 

3.7

 

 

16.7

 

 

0.30

 

 

20.4

 

Impairment of intangible assets

 

 

 

 

7.6

 

 

1.7

 

 

5.9

 

 

0.11

 

 

7.6

 

Non cash interest

 

 

 

 

3.3

 

 

0.8

 

 

2.5

 

 

0.05

 

 

 

Other adjustments

 

 

 

 

0.7

 

 

(1.7

)

 

2.4

 

 

0.04

 

 

0.3

 

2020 Q4 Adjusted

$

166.8

 

 

$

89.6

 

 

$

3.3

 

 

$

(0.9

)

 

$

4.2

 

 

$

0.08

 

 

$

12.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

Revenues

 

Net

Revenues

 

(Loss) Income

Before Tax

 

Tax Effect

 

Net

(Loss)

Income

 

Diluted

EPS

 

EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020 Full Year Reported

$

822.8

 

 

$

449.2

 

 

$

(70.1

)

 

$

(1.6

)

 

$

(68.5

)

 

$

(1.24

)

 

$

(20.0

)

Other Charges

 

 

 

 

20.4

 

 

1.9

 

 

18.5

 

 

0.34

 

 

20.4

 

Impairment of intangible assets

 

 

 

 

47.1

 

 

4.5

 

 

42.6

 

 

0.77

 

 

47.1

 

ROU asset impairment

 

 

 

 

5.0

 

 

0.5

 

 

4.5

 

 

0.08

 

 

5.0

 

COVID-19 related expenses

 

 

 

 

1.4

 

 

0.1

 

 

1.3

 

 

0.02

 

 

1.4

 

Shrink/robbery/property loss (US stores)

 

 

2.3

 

 

2.3

 

 

0.2

 

 

2.1

 

 

0.04

 

 

2.3

 

Mexico VAT adjustment costs

 

 

 

 

1.1

 

 

0.1

 

 

1.0

 

 

0.02

 

 

1.1

 

CCV adjustments

 

 

 

 

7.1

 

 

0.7

 

 

6.4

 

 

0.12

 

 

7.1

 

IT Project write-offs

 

 

 

 

2.6

 

 

0.2

 

 

2.4

 

 

0.04

 

 

2.6

 

Non cash interest expense

 

 

 

 

12.4

 

 

1.2

 

 

11.2

 

 

0.20

 

 

 

Other adjustments

 

 

 

 

0.1

 

 

 

 

0.1

 

 

 

 

(0.7

)

2020 Full Year Adjusted

$

822.8

 

 

$

451.5

 

 

$

29.4

 

 

$

7.8

 

 

$

21.6

 

 

$

0.39

 

 

$

66.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30, 2021

 

Twelve Months Ended

September 30, 2021

(in millions)

U.S. Dollar

Amount

 

Percentage

Change YOY

 

U.S. Dollar

Amount

 

Percentage

Change YOY

 

 

 

 

 

 

 

 

Consolidated revenue

$

192.4

 

 

15

%

 

$

729.6

 

 

(11

)%

Currency exchange rate fluctuations

(3.7

)

 

 

 

(5.5

)

 

 

Constant currency consolidated revenue

$

188.7

 

 

13

%

 

$

724.1

 

 

(12

)%

 

 

 

 

 

 

 

 

Consolidated net revenue

$

119.3

 

 

33

%

 

$

449.5

 

 

%

Currency exchange rate fluctuations

(2.1

)

 

 

 

(3.2

)

 

 

Constant currency consolidated net revenue

$

117.2

 

 

31

%

 

$

446.3

 

 

(1

)%

 

 

 

 

 

 

 

 

Consolidated net inventory

$

111.0

 

 

16

%

 

$

111.0

 

 

16

%

Currency exchange rate fluctuations

(1.8

)

 

 

 

(1.8

)

 

 

Constant currency consolidated net inventory

$

109.2

 

 

14

%

 

$

109.2

 

 

14

%

 

 

 

 

 

 

 

 

Latin America Pawn net revenue

$

30.6

 

 

91

%

 

$

99.5

 

 

14

%

Currency exchange rate fluctuations

(2.1

)

 

 

 

(3.1

)

 

 

Constant currency Latin America Pawn net revenue

$

28.5

 

 

77

%

 

$

96.4

 

 

11

%

 

 

 

 

 

 

 

 

Latin America Pawn PLO

$

40.0

 

 

60

%

 

$

40.0

 

 

60

%

Currency exchange rate fluctuations

(2.3

)

 

 

 

(2.3

)

 

 

Constant currency Latin America Pawn PLO

$

37.7

 

 

51

%

 

$

37.7

 

 

51

%

 

 

 

 

 

 

 

 

Latin America Pawn PSC revenues

$

20.0

 

 

66

%

 

$

63.5

 

 

1

%

Currency exchange rate fluctuations

(1.3

)

 

 

 

(2.0

)

 

 

Constant currency Latin America Pawn PSC revenues

$

18.6

 

 

55

%

 

$

61.5

 

 

(2

)%

 

 

 

 

 

 

 

 

Latin America Pawn merchandise sales

$

31.0

 

 

14

%

 

$

101.3

 

 

(5

)%

Currency exchange rate fluctuations

(2.3

)

 

 

 

(3.1

)

 

 

Constant currency Latin America Pawn merchandise sales

$

28.7

 

 

5

%

 

$

98.2

 

 

(8

)%

 

 

 

 

 

 

 

 

Latin America Pawn segment profit before tax

$

6.1

 

 

257

%

 

$

17.3

 

 

165

%

Currency exchange rate fluctuations

(0.3

)

 

 

 

(0.6

)

 

 

Constant currency Latin America Pawn segment profit before tax

$

5.8

 

 

249

%

 

$

16.7

 

 

163

%

 

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