Delaware | 0-19424 | 74-2540145 | ||||||||||||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Class A Non-voting Common Stock, par value $.01 per share | EZPW | NASDAQ Stock Market | (NASDAQ Global Select Market) |
☐ | 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)) |
Emerging growth company | ☐ |
(d) | Exhibits. |
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
EZCORP, INC. | |||||||||||||||||||||||
Date: | August 2, 2023 | By: | /s/ Timothy K. Jugmans | ||||||||||||||||||||
Timothy K. Jugmans | |||||||||||||||||||||||
Chief Financial Officer |
Three Months Ended June 30 |
As Reported | Adjusted1 |
|||||||||||||||||||||
in millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Total revenues | $ | 255.8 | $ | 215.8 | $ | 249.5 | $ | 215.8 | |||||||||||||||
Gross profit | $ | 148.8 | $ | 129.5 | $ | 145.5 | $ | 129.5 | |||||||||||||||
Income before tax | $ | 21.3 | $ | 13.1 | $ | 18.3 | $ | 14.8 | |||||||||||||||
Net income | $ | 18.2 | $ | 12.2 | $ | 14.6 | $ | 11.0 | |||||||||||||||
Diluted earnings per share | $ | 0.24 | $ | 0.17 | $ | 0.20 | $ | 0.16 | |||||||||||||||
EBITDA (non-GAAP measure) | $ | 30.2 | $ | 23.3 | $ | 27.0 | $ | 25.1 |
Three Months Ended June 30, |
Nine Months Ended June 30, |
||||||||||||||||||||||
(in thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Merchandise sales | $ | 147,980 | $ | 128,334 | $ | 464,274 | $ | 399,610 | |||||||||||||||
Jewelry scrapping sales | 13,931 | 7,168 | 34,640 | 19,802 | |||||||||||||||||||
Pawn service charges | 93,819 | 80,291 | 279,442 | 232,999 | |||||||||||||||||||
Other revenues, net | 82 | 49 | 206 | 407 | |||||||||||||||||||
Total revenues | 255,812 | 215,842 | 778,562 | 652,818 | |||||||||||||||||||
Merchandise cost of goods sold | 95,069 | 80,167 | 297,285 | 245,524 | |||||||||||||||||||
Jewelry scrapping cost of goods sold | 11,958 | 6,167 | 30,813 | 16,747 | |||||||||||||||||||
Gross profit | 148,785 | 129,508 | 450,464 | 390,547 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Store expenses | 104,932 | 89,430 | 307,004 | 261,944 | |||||||||||||||||||
General and administrative | 17,876 | 18,715 | 48,961 | 46,487 | |||||||||||||||||||
Depreciation and amortization | 8,026 | 7,746 | 23,977 | 22,770 | |||||||||||||||||||
(Gain) loss on sale or disposal of assets | (29) | — | 28 | (692) | |||||||||||||||||||
Other | (2,632) | — | (5,097) | — | |||||||||||||||||||
Total operating expenses | 128,173 | 115,891 | 374,873 | 330,509 | |||||||||||||||||||
Operating income | 20,612 | 13,617 | 75,591 | 60,038 | |||||||||||||||||||
Interest expense | 3,414 | 2,693 | 12,994 | 7,651 | |||||||||||||||||||
Interest income | (2,584) | (190) | (5,146) | (749) | |||||||||||||||||||
Equity in net (income) loss of unconsolidated affiliates | (1,523) | (1,758) | 29,394 | (1,457) | |||||||||||||||||||
Other (income) expense | (5) | (210) | (159) | 41 | |||||||||||||||||||
Income before income taxes | 21,310 | 13,082 | 38,508 | 54,552 | |||||||||||||||||||
Income tax expense | 3,088 | 867 | 10,298 | 11,729 | |||||||||||||||||||
Net income | $ | 18,222 | $ | 12,215 | $ | 28,210 | $ | 42,823 | |||||||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.22 | $ | 0.51 | $ | 0.76 | |||||||||||||||
Diluted earnings per share | $ | 0.24 | $ | 0.17 | $ | 0.38 | $ | 0.59 | |||||||||||||||
Weighted-average basic shares outstanding | 55,367 | 56,656 | 55,776 | 56,465 | |||||||||||||||||||
Weighted-average diluted shares outstanding | 86,825 | 82,504 | 79,559 | 82,349 |
(in thousands, except share and per share amounts) | June 30, 2023 |
June 30, 2022 |
September 30, 2022 |
||||||||||||||
Assets: | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 237,974 | $ | 222,342 | $ | 206,028 | |||||||||||
Restricted cash | 8,549 | 8,614 | 8,341 | ||||||||||||||
Pawn loans | 229,379 | 204,155 | 210,009 | ||||||||||||||
Pawn service charges receivable, net | 34,959 | 32,000 | 33,476 | ||||||||||||||
Inventory, net | 154,944 | 132,713 | 151,615 | ||||||||||||||
Prepaid expenses and other current assets | 44,925 | 29,822 | 34,694 | ||||||||||||||
Total current assets | 710,730 | 629,646 | 644,163 | ||||||||||||||
Investments in unconsolidated affiliates | 10,247 | 43,384 | 37,733 | ||||||||||||||
Other investments | 39,220 | 18,000 | 24,220 | ||||||||||||||
Property and equipment, net | 61,849 | 51,505 | 56,725 | ||||||||||||||
Right-of-use asset, net | 243,100 | 217,506 | 221,405 | ||||||||||||||
Goodwill | 302,120 | 286,798 | 286,828 | ||||||||||||||
Intangible assets, net | 60,009 | 61,017 | 56,819 | ||||||||||||||
Notes receivable, net | — | 1,207 | 1,215 | ||||||||||||||
Deferred tax asset, net | 19,610 | 15,773 | 12,145 | ||||||||||||||
Other assets | 10,793 | 5,991 | 6,625 | ||||||||||||||
Total assets | $ | 1,457,678 | $ | 1,330,827 | $ | 1,347,878 | |||||||||||
Liabilities and equity: | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable, accrued expenses and other current liabilities | $ | 74,458 | $ | 76,566 | $ | 84,509 | |||||||||||
Customer layaway deposits | 18,595 | 14,927 | 16,023 | ||||||||||||||
Operating lease liabilities, current | 56,919 | 53,358 | 52,334 | ||||||||||||||
Total current liabilities | 149,972 | 144,851 | 152,866 | ||||||||||||||
Long-term debt, net | 359,686 | 312,521 | 312,903 | ||||||||||||||
Deferred tax liability, net | 349 | 307 | 373 | ||||||||||||||
Operating lease liabilities | 197,499 | 175,489 | 180,756 | ||||||||||||||
Other long-term liabilities | 11,130 | 11,905 | 8,749 | ||||||||||||||
Total liabilities | 718,636 | 645,073 | 655,647 | ||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Class A Non-voting Common Stock, par value $0.01per share; shares authorized: 100 million; issued and outstanding: 52,214,761 as of June 30, 2023; 53,685,333 as of June 30, 2022; and 53,454,885 as of September 30, 2022 |
522 | 537 | 534 | ||||||||||||||
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 capital | 344,857 | 343,763 | 345,330 | ||||||||||||||
Retained earnings | 422,549 | 396,461 | 402,006 | ||||||||||||||
Accumulated other comprehensive loss | (28,916) | (55,037) | (55,669) | ||||||||||||||
Total equity | 739,042 | 685,754 | 692,231 | ||||||||||||||
Total liabilities and equity | $ | 1,457,678 | $ | 1,330,827 | $ | 1,347,878 |
Nine Months Ended
June 30,
|
|||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Operating activities: | |||||||||||
Net income | $ | 28,210 | $ | 42,823 | |||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 23,977 | 22,770 | |||||||||
Amortization of debt discount and deferred financing costs | 1,135 | 1,051 | |||||||||
Non-cash lease expense | 41,752 | 39,061 | |||||||||
Deferred income taxes | (7,489) | 475 | |||||||||
Other adjustments | (4,894) | (734) | |||||||||
Provision for inventory reserve | (160) | (2,096) | |||||||||
Stock compensation expense | 6,876 | 4,008 | |||||||||
Equity in net loss of unconsolidated affiliates | 29,394 | (1,457) | |||||||||
Net loss on extinguishment of debt | 3,545 | — | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Service charges and fees receivable | (316) | (2,949) | |||||||||
Inventory | (5,501) | (7,837) | |||||||||
Prepaid expenses, other current assets and other assets | (2,750) | 2,025 | |||||||||
Accounts payable, accrued expenses and other liabilities | (53,018) | (53,209) | |||||||||
Customer layaway deposits | 1,036 | 2,265 | |||||||||
Income taxes | 8,923 | (1,068) | |||||||||
Dividends from unconsolidated affiliates | 3,589 | 3,366 | |||||||||
Net cash provided by operating activities | 74,309 | 48,494 | |||||||||
Investing activities: | |||||||||||
Loans made | (592,689) | (524,965) | |||||||||
Loans repaid | 343,886 | 295,823 | |||||||||
Recovery of pawn loan principal through sale of forfeited collateral | 251,608 | 191,082 | |||||||||
Capital expenditures, net | (27,751) | (18,100) | |||||||||
Acquisitions, net of cash acquired | (12,968) | (1,850) | |||||||||
Issuance of notes receivable | (15,500) | (1,000) | |||||||||
Investment in unconsolidated affiliates | (2,133) | (6,079) | |||||||||
Investment in other investments | (15,000) | (16,500) | |||||||||
Net cash used in investing activities | (70,547) | (81,589) | |||||||||
Financing activities: | |||||||||||
Taxes paid related to net share settlement of equity awards | (1,149) | (792) | |||||||||
Proceeds from issuance of debt | 230,000 | — | |||||||||
Debt issuance cost | (7,458) | — | |||||||||
Cash paid on extinguishment of debt | (1,951) | — | |||||||||
Payments on debt | (178,488) | — | |||||||||
Repurchase of common stock | (13,982) | — | |||||||||
Net cash provided by (used in) financing activities | 26,972 | (792) | |||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 1,420 | 1,219 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 32,154 | (32,668) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 214,369 | 263,624 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 246,523 | $ | 230,956 | |||||||
Three Months Ended June 30, 2023
(Unaudited)
|
|||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 102,177 | $ | 45,803 | $ | — | $ | 147,980 | $ | — | $ | 147,980 | |||||||||||||||||||||||
Jewelry scrapping sales | 13,098 | 833 | — | 13,931 | — | 13,931 | |||||||||||||||||||||||||||||
Pawn service charges | 68,790 | 25,029 | — | 93,819 | — | 93,819 | |||||||||||||||||||||||||||||
Other revenues | 27 | 40 | 15 | 82 | — | 82 | |||||||||||||||||||||||||||||
Total revenues | 184,092 | 71,705 | 15 | 255,812 | — | 255,812 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 62,799 | 32,270 | — | 95,069 | — | 95,069 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 11,101 | 857 | — | 11,958 | — | 11,958 | |||||||||||||||||||||||||||||
Gross profit | 110,192 | 38,578 | 15 | 148,785 | — | 148,785 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 75,389 | 29,543 | — | 104,932 | — | 104,932 | |||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 17,876 | 17,876 | |||||||||||||||||||||||||||||
Depreciation and amortization | 2,505 | 2,303 | — | 4,808 | 3,218 | 8,026 | |||||||||||||||||||||||||||||
Gain on sale or disposal of assets | — | (29) | — | (29) | — | (29) | |||||||||||||||||||||||||||||
Other | — | (2,632) | — | (2,632) | — | (2,632) | |||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 3,414 | 3,414 | |||||||||||||||||||||||||||||
Interest income | (1) | (256) | — | (257) | (2,327) | (2,584) | |||||||||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | — | — | (1,523) | (1,523) | — | (1,523) | |||||||||||||||||||||||||||||
Other (income) expense | — | (65) | 10 | (55) | 50 | (5) | |||||||||||||||||||||||||||||
Segment contribution | $ | 32,299 | $ | 9,714 | $ | 1,528 | $ | 43,541 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 43,541 | $ | (22,231) | $ | 21,310 |
Three Months Ended June 30, 2022
(Unaudited)
|
|||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 94,005 | $ | 34,329 | $ | — | $ | 128,334 | $ | — | $ | 128,334 | |||||||||||||||||||||||
Jewelry scrapping sales | 5,404 | 1,764 | — | 7,168 | — | 7,168 | |||||||||||||||||||||||||||||
Pawn service charges | 59,322 | 20,969 | — | 80,291 | — | 80,291 | |||||||||||||||||||||||||||||
Other revenues | 21 | 7 | 21 | 49 | — | 49 | |||||||||||||||||||||||||||||
Total revenues | 158,752 | 57,069 | 21 | 215,842 | — | 215,842 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 55,885 | 24,282 | — | 80,167 | — | 80,167 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 4,506 | 1,661 | — | 6,167 | — | 6,167 | |||||||||||||||||||||||||||||
Gross profit | 98,361 | 31,126 | 21 | 129,508 | — | 129,508 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 66,036 | 23,394 | — | 89,430 | — | 89,430 | |||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 18,715 | 18,715 | |||||||||||||||||||||||||||||
Depreciation and amortization | 2,572 | 1,987 | — | 4,559 | 3,187 | 7,746 | |||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 2,693 | 2,693 | |||||||||||||||||||||||||||||
Interest income | (1) | (189) | — | (190) | — | (190) | |||||||||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | — | — | (1,758) | (1,758) | — | (1,758) | |||||||||||||||||||||||||||||
Other (income) expense | — | (163) | 19 | (144) | (66) | (210) | |||||||||||||||||||||||||||||
Segment contribution | $ | 29,754 | $ | 6,097 | $ | 1,760 | $ | 37,611 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 37,611 | $ | (24,529) | $ | 13,082 | |||||||||||||||||||||||||||||
Nine Months Ended June 30, 2023
(Unaudited)
|
|||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 329,231 | $ | 135,043 | $ | — | $ | 464,274 | $ | — | $ | 464,274 | |||||||||||||||||||||||
Jewelry scrapping sales | 30,088 | 4,552 | — | 34,640 | — | 34,640 | |||||||||||||||||||||||||||||
Pawn service charges | 208,045 | 71,397 | — | 279,442 | — | 279,442 | |||||||||||||||||||||||||||||
Other revenues | 84 | 75 | 47 | 206 | — | 206 | |||||||||||||||||||||||||||||
Total revenues | 567,448 | 211,067 | 47 | 778,562 | — | 778,562 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 203,698 | 93,587 | — | 297,285 | — | 297,285 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 25,867 | 4,946 | — | 30,813 | — | 30,813 | |||||||||||||||||||||||||||||
Gross profit | 337,883 | 112,534 | 47 | 450,464 | — | 450,464 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 220,639 | 86,365 | — | 307,004 | — | 307,004 | |||||||||||||||||||||||||||||
General and administrative | — | (3) | — | (3) | 48,964 | 48,961 | |||||||||||||||||||||||||||||
Depreciation and amortization | 7,820 | 6,850 | — | 14,670 | 9,307 | 23,977 | |||||||||||||||||||||||||||||
Loss (gain) on sale or disposal of assets | 84 | (56) | — | 28 | — | 28 | |||||||||||||||||||||||||||||
Other charges | — | (5,097) | — | (5,097) | — | (5,097) | |||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 12,994 | 12,994 | |||||||||||||||||||||||||||||
Interest income | (2) | (723) | — | (725) | (4,421) | (5,146) | |||||||||||||||||||||||||||||
Equity in net loss of unconsolidated affiliates | — | — | 29,394 | 29,394 | — | 29,394 | |||||||||||||||||||||||||||||
Other (income) expense | — | (41) | 20 | (21) | (138) | (159) | |||||||||||||||||||||||||||||
Segment contribution (loss) | $ | 109,342 | $ | 25,239 | $ | (29,367) | $ | 105,214 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 105,214 | $ | (66,706) | $ | 38,508 |
Nine Months Ended June 30, 2022
(Unaudited)
|
|||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 296,147 | $ | 103,463 | $ | — | $ | 399,610 | $ | — | $ | 399,610 | |||||||||||||||||||||||
Jewelry scrapping sales | 13,864 | 5,938 | — | 19,802 | — | 19,802 | |||||||||||||||||||||||||||||
Pawn service charges | 174,651 | 58,348 | — | 232,999 | — | 232,999 | |||||||||||||||||||||||||||||
Other revenues | 67 | 247 | 93 | 407 | — | 407 | |||||||||||||||||||||||||||||
Total revenues | 484,729 | 167,996 | 93 | 652,818 | — | 652,818 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 172,330 | 73,194 | — | 245,524 | — | 245,524 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 11,279 | 5,468 | — | 16,747 | — | 16,747 | |||||||||||||||||||||||||||||
Gross profit | 301,120 | 89,334 | 93 | 390,547 | — | 390,547 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 195,217 | 66,727 | — | 261,944 | — | 261,944 | |||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 46,487 | 46,487 | |||||||||||||||||||||||||||||
Depreciation and amortization | 7,867 | 5,858 | — | 13,725 | 9,045 | 22,770 | |||||||||||||||||||||||||||||
Gain on sale or disposal of assets and other | — | (4) | — | (4) | (688) | (692) | |||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 7,651 | 7,651 | |||||||||||||||||||||||||||||
Interest income | (1) | (626) | — | (627) | (122) | (749) | |||||||||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | — | — | (1,457) | (1,457) | — | (1,457) | |||||||||||||||||||||||||||||
Other expense (income) | — | 37 | 15 | 52 | (11) | 41 | |||||||||||||||||||||||||||||
Segment contribution | $ | 98,037 | $ | 17,342 | $ | 1,535 | $ | 116,914 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 116,914 | $ | (62,362) | $ | 54,552 | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 |
|||||||||||||||||
U.S. Pawn | Latin America Pawn | Consolidated | |||||||||||||||
As of March 31, 2023 |
527 | 672 | 1,199 | ||||||||||||||
New locations opened | 1 | 12 | 13 | ||||||||||||||
As of June 30, 2023 |
528 | 684 | 1,212 |
Three Months Ended June 30, 2022 |
|||||||||||||||||
U.S. Pawn | Latin America Pawn | Consolidated | |||||||||||||||
As of March 31, 2022 |
516 | 636 | 1,152 | ||||||||||||||
New locations opened | — | 8 | 8 | ||||||||||||||
Locations acquired | 3 | — | 3 | ||||||||||||||
As of June 30, 2022 |
519 | 644 | 1,163 |
Nine Months Ended June 30, 2023 |
|||||||||||||||||
U.S. Pawn | Latin America Pawn | Consolidated | |||||||||||||||
As of September 30, 2022 | 515 | 660 | 1,175 | ||||||||||||||
New locations opened | 3 | 25 | 28 | ||||||||||||||
Locations acquired | 10 | — | 10 | ||||||||||||||
Locations sold, combined or closed | — | (1) | (1) | ||||||||||||||
As of June 30, 2023 | 528 | 684 | 1,212 |
Nine Months Ended June 30, 2022 |
|||||||||||||||||
U.S. Pawn | Latin America Pawn | Consolidated | |||||||||||||||
As of September 30, 2021 | 516 | 632 | 1,148 | ||||||||||||||
New locations opened | — | 12 | 12 | ||||||||||||||
Locations acquired | 3 | — | 3 | ||||||||||||||
As of June 30, 2022 | 519 | 644 | 1,163 |
June 30, |
Three Months Ended
June 30,
|
Nine Months Ended
June 30,
|
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2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Mexican peso | 17.1 | 20.2 | 17.7 | 20.0 | 18.7 | 20.4 | ||||||||||||||||||||||||||||||||
Guatemalan quetzal | 7.7 | 7.6 | 7.6 | 7.5 | 7.6 | 7.5 | ||||||||||||||||||||||||||||||||
Honduran lempira | 24.4 | 24.2 | 24.3 | 24.2 | 24.3 | 24.1 | ||||||||||||||||||||||||||||||||
Australian dollar | 1.5 | 1.5 | 1.5 | 1.4 | 1.5 | 1.4 |
Three Months Ended
June 30,
|
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(in millions) | 2023 | 2022 | |||||||||
Net income | $ | 18.2 | $ | 12.2 | |||||||
Interest expense | 3.4 | 2.7 | |||||||||
Interest income | (2.6) | (0.2) | |||||||||
Income tax expense | 3.1 | 0.9 | |||||||||
Depreciation and amortization | 8.0 | 7.7 | |||||||||
EBITDA | $ | 30.2 | $ | 23.3 |
Total Revenues | Gross Profit | Income Before Tax | Tax Effect | Net Income | Diluted EPS | EBITDA | |||||||||||||||||||||||||||||||||||||||||
2023 Q3 Reported |
$ | 255.8 | $ | 148.8 | $ | 21.3 | $ | 3.1 | $ | 18.2 | $ | 0.24 | $ | 30.2 | |||||||||||||||||||||||||||||||||
Contingent consideration liability | — | — | (2.6) | (0.5) | (2.1) | (0.02) | (2.6) | ||||||||||||||||||||||||||||||||||||||||
Tax Impact | — | — | — | 1.0 | (1.0) | (0.01) | — | ||||||||||||||||||||||||||||||||||||||||
Constant currency impact | (6.3) | (3.3) | (0.4) | 0.1 | (0.5) | (0.01) | (0.6) | ||||||||||||||||||||||||||||||||||||||||
2023 Q3 Adjusted |
$ | 249.5 | $ | 145.5 | $ | 18.3 | $ | 3.7 | $ | 14.6 | $ | 0.20 | $ | 27.0 | |||||||||||||||||||||||||||||||||
Total Revenues | Gross Profit | Income Before Tax | Tax Effect | Net Income |
Diluted EPS | EBITDA | |||||||||||||||||||||||||||||||||||||||||
2022 Q3 Reported |
$ | 215.8 | $ | 129.5 | $ | 13.1 | $ | 0.9 | $ | 12.2 | $ | 0.17 | $ | 23.3 | |||||||||||||||||||||||||||||||||
Litigation accrual | — | — | 2.0 | 0.1 | 1.9 | 0.02 | 2.0 | ||||||||||||||||||||||||||||||||||||||||
Release of FIN 48 reserves | — | — | — | 2.8 | (2.8) | (0.03) | — | ||||||||||||||||||||||||||||||||||||||||
FX impact | — | — | (0.3) | — | (0.3) | — | (0.2) | ||||||||||||||||||||||||||||||||||||||||
2022 Q3 Adjusted |
$ | 215.8 | $ | 129.5 | $ | 14.8 | $ | 3.8 | $ | 11.0 | $ | 0.16 | $ | 25.1 | |||||||||||||||||||||||||||||||||
Three Months Ended
June 30, 2023
|
Nine Months Ended
June 30, 2023
|
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(in millions) | U.S. Dollar Amount | Percentage Change YOY | U.S. Dollar Amount | Percentage Change YOY | |||||||||||||||||||
Consolidated revenue | $ | 255.8 | 19 | % | $ | 778.6 | 19 | % | |||||||||||||||
Currency exchange rate fluctuations | (6.3) | (13.7) | |||||||||||||||||||||
Constant currency consolidated revenue | $ | 249.5 | 16 | % | $ | 764.9 | 17 | % | |||||||||||||||
Consolidated gross profit | $ | 148.8 | 15 | % | $ | 450.5 | 15 | % | |||||||||||||||
Currency exchange rate fluctuations | (3.3) | (7.0) | |||||||||||||||||||||
Constant currency consolidated gross profit | $ | 145.5 | 12 | % | $ | 443.5 | 14 | % | |||||||||||||||
Consolidated net inventory | $ | 154.9 | 17 | % | $ | 154.9 | 17 | % | |||||||||||||||
Currency exchange rate fluctuations | (5.0) | (5.0) | |||||||||||||||||||||
Constant currency consolidated net inventory | $ | 149.9 | 13 | % | $ | 149.9 | 13 | % | |||||||||||||||
Latin America Pawn gross profit | $ | 38.6 | 24 | % | $ | 112.5 | 26 | % | |||||||||||||||
Currency exchange rate fluctuations | (3.2) | (7.0) | |||||||||||||||||||||
Constant currency Latin America Pawn gross profit | $ | 35.4 | 14 | % | $ | 105.5 | 18 | % | |||||||||||||||
Latin America Pawn PLO | $ | 50.5 | 13 | % | $ | 50.5 | 13 | % | |||||||||||||||
Currency exchange rate fluctuations | (5.5) | (5.5) | |||||||||||||||||||||
Constant currency Latin America Pawn PLO | $ | 45.0 | 1 | % | $ | 45.0 | 1 | % | |||||||||||||||
Latin America Pawn PSC revenues | $ | 25.0 | 19 | % | $ | 71.4 | 22 | % | |||||||||||||||
Currency exchange rate fluctuations | (2.0) | (4.3) | |||||||||||||||||||||
Constant currency Latin America Pawn PSC revenues | $ | 23.0 | 10 | % | $ | 67.1 | 15 | % | |||||||||||||||
Latin America Pawn merchandise sales | $ | 45.8 | 33 | % | $ | 135.0 | 31 | % | |||||||||||||||
Currency exchange rate fluctuations | (4.2) | (9.1) | |||||||||||||||||||||
Constant currency Latin America Pawn merchandise sales | $ | 41.6 | 21 | % | $ | 125.9 | 22 | % | |||||||||||||||
Latin America Pawn segment profit before tax | $ | 9.7 | 59 | % | $ | 25.2 | 46 | % | |||||||||||||||
Currency exchange rate fluctuations | (0.4) | (0.9) | |||||||||||||||||||||
Constant currency Latin America Pawn segment profit before tax | $ | 9.3 | 53 | % | $ | 24.4 | 39 | % |