株探米国株
英語
エドガーで原本を確認する
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025 or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                         
Commission File No. 0-19424
ezcorplogob21.jpg
EZCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 74-2540145
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
2500 Bee Cave Road Bldg One Suite 200 Rollingwood TX 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 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)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ Accelerated filer
☒
Non-accelerated filer ☐ Smaller reporting company ☐
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.   ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The only class of voting securities of the registrant issued and outstanding is the Class B Voting Common Stock, par value $.01 per share, all of which is owned by an affiliate of the registrant. There is no trading market for the Class B Voting Common Stock.
As of April 21, 2025, 52,043,599 shares of the registrant’s Class A Non-voting Common Stock (“Class A Common Stock”), par value $.01 per share, and 2,970,171 shares of the registrant’s Class B Voting Common Stock, par value $.01 per share, were outstanding.

Table of Contents
EZCORP, Inc.
INDEX TO FORM 10-Q

Table of Contents
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands, except share and per share amounts)
March 31,
2025
March 31,
2024
September 30,
2024
Assets:
Current assets:
Cash and cash equivalents $ 505,239  $ 229,111  $ 170,513 
Restricted cash 9,499  8,581  9,294 
Pawn loans 261,830  235,773  274,084 
Pawn service charges receivable, net 42,323  38,268  44,013 
Inventory, net 207,783  163,429  191,923 
Prepaid expenses and other current assets 40,283  47,142  39,171 
Total current assets 1,066,957  722,304  728,998 
Investments in unconsolidated affiliates 13,967  13,162  13,329 
Other investments 51,903  51,220  51,900 
Property and equipment, net 64,150  63,306  65,973 
Right-of-use assets, net 229,878  243,752  226,602 
Goodwill 305,239  310,658  306,478 
Intangible assets, net 57,079  61,714  58,451 
Deferred tax asset, net 25,090  26,247  25,362 
Other assets, net 15,365  15,779  16,144 
Total assets $ 1,829,628  $ 1,508,142  $ 1,493,237 
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net $ 103,325  $ 34,347  $ 103,072 
Accounts payable, accrued expenses and other current liabilities 70,843  62,838  85,737 
Customer layaway deposits 31,016  20,352  21,570 
Operating lease liabilities, current 58,855  55,658  58,998 
Total current liabilities 264,039  173,195  269,377 
Long-term debt, net 517,188  326,573  224,256 
Deferred tax liability, net 1,818  465  2,080 
Operating lease liabilities 182,873  197,285  180,616 
Other long-term liabilities 12,135  10,228  12,337 
Total liabilities 978,053  707,746  688,666 
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: 52,043,599 as of March 31, 2025; 52,057,309 as of March 31, 2024; and 51,582,698 as of September 30, 2024
 520  521  516 
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 347,796  345,174  348,366 
Retained earnings 561,211  477,683  507,206 
Accumulated other comprehensive loss (57,982) (23,012) (51,547)
Total equity 851,575  800,396  804,571 
Total liabilities and equity $ 1,829,628  $ 1,508,142  $ 1,493,237 

See accompanying notes to unaudited condensed consolidated financial statements.
1
Table of Contents
EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended
March 31,
Six Months Ended
March 31,
(in thousands, except per share amount) 2025 2024 2025 2024
Revenues:
Merchandise sales $ 169,467  $ 164,687  $ 355,810  $ 344,090 
Jewelry scrapping sales 20,938  13,714  37,670  27,796 
Pawn service charges 115,871  107,163  232,923  213,612 
Other revenues 40  75  83  132 
Total revenues 306,316  285,639  626,486  585,630 
Merchandise cost of goods sold 111,555  106,259  233,379  221,469 
Jewelry scrapping cost of goods sold 16,309  11,788  29,251  23,996 
Gross profit 178,452  167,592  363,856  340,165 
Operating expenses:
Store expenses 116,527  114,582  232,978  225,137 
General and administrative 19,640  18,266  38,309  34,809 
Depreciation and amortization 8,020  8,219  16,355  16,784 
Loss (gain) on sale or disposal of assets and other 17  3  25  (169)
Other income —  (765) —  (765)
Total operating expenses 144,204  140,305  287,667  275,796 
Operating income 34,248  27,287  76,189  64,369 
Interest expense 3,281  3,402  6,428  6,842 
Interest income (1,875) (2,882) (3,968) (5,521)
Equity in net income of unconsolidated affiliates (1,505) (1,719) (2,980) (2,872)
Other (income) expense (65) (165) 913  (436)
Income before income taxes 34,412  28,651  75,796  66,356 
Income tax expense 9,022  7,172  19,390  16,407 
Net income $ 25,390  $ 21,479  $ 56,406  $ 49,949 
Basic earnings per share $ 0.46  $ 0.39  $ 1.03  $ 0.91 
Diluted earnings per share $ 0.33  $ 0.29  $ 0.74  $ 0.65 
Weighted-average basic shares outstanding 54,965  55,093  54,895  55,084 
Weighted-average diluted shares outstanding 83,140  83,045  83,247  84,948 
See accompanying notes to unaudited condensed consolidated financial statements.
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EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended
March 31,
Six Months Ended
March 31,
(in thousands) 2025 2024 2025 2024
Net income $ 25,390  $ 21,479  $ 56,406  $ 49,949 
Other comprehensive income:
Foreign currency translation adjustment, net of income tax (benefit) expense for our investment in unconsolidated affiliate of $(305) and $98 for the three months ended March 31, 2025, and 2024, respectively and $(199) and $41 for the six months ended March 31, 2025, and 2024, respectively.
 884  4,457  (6,435) 9,090 
Comprehensive income $ 26,274  $ 25,936  $ 49,971  $ 59,039 
See accompanying notes to unaudited condensed consolidated financial statements.
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EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
  Common Stock Additional
Paid-in
Capital		 Retained
Earnings		 Accumulated
Other
Comprehensive Loss		 Total Stockholders’ Equity
(in thousands) Shares Par Value
Balances as of September 30, 2024 54,553  $ 546  $ 348,366  $ 507,206  $ (51,547) $ 804,571 
Stock compensation — — 2,597  — — 2,597 
Release of restricted stock, net of shares withheld for taxes 718  7  (7) — — — 
Taxes paid related to net share settlement of equity awards — — (3,971) — — (3,971)
Foreign currency translation loss — — — — (7,319) (7,319)
Purchase and retirement of treasury stock (250) (3) (1,202) (1,795) — (3,000)
Net income — — — 31,016  — 31,016 
Balances as of December 31, 2024 55,021  $ 550  $ 345,783  $ 536,427  $ (58,866) $ 823,894 
Stock compensation — —  2,404  —  —  2,404
Release of restricted stock, net of shares withheld for taxes 76 1  (1) —  —  —
Foreign currency translation gain — —  —  —  884  884
Purchase and retirement of treasury stock (83) (1) (390) (606) —  (997)
Net income — —  —  25,390  —  25,390
Balances as of March 31, 2025 55,014 $ 550  $ 347,796  $ 561,211  $ (57,982) $ 851,575 
  Common Stock Additional
Paid-in
Capital		 Retained
Earnings		 Accumulated
Other
Comprehensive Loss		 Total Stockholders’ Equity
(in thousands) Shares Par Value
Balances as of September 30, 2023 54,840  $ 549  $ 346,181  $ 431,140  $ (32,102) $ 745,768 
Stock compensation —  —  2,264  —  —  2,264 
Release of restricted stock, net of shares withheld for taxes 758  8  —  —  —  8 
Taxes paid related to net share settlement of equity awards —  —  (3,253) —  —  (3,253)
Foreign currency translation gain —  —  —  —  4,633  4,633 
Purchase and retirement of treasury stock (355) (4) (1,322) (1,681) —  (3,007)
Net income —  —  —  28,470  —  28,470 
Balances as of December 31, 2023 55,243  $ 553  $ 343,870  $ 457,929  $ (27,469) $ 774,883 
Stock compensation —  —  2,580  —  —  2,580 
Release of restricted stock, net of shares withheld for taxes 89  1  (1) —  —  — 
Foreign currency translation gain —  —  —  —  4,457  4,457 
Purchase and retirement of treasury stock (305) (3) (1,275) (1,725) —  (3,003)
Net income —  —  —  21,479  —  21,479 
Balances as of March 31, 2024 55,027  $ 551  $ 345,174  $ 477,683  $ (23,012) $ 800,396 

See accompanying notes to unaudited condensed consolidated financial statements.
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EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended
March 31,
(in thousands) 2025 2024
Operating activities:
Net income $ 56,406  $ 49,949 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 16,355  16,784 
Amortization of deferred financing costs 725  807 
Non-cash lease expense 28,943  29,514 
Deferred income taxes 10  515 
Other adjustments (1,241) (1,429)
Provision for inventory reserve 39  183 
Stock compensation expense 5,001  4,844 
Equity in net income from investment in unconsolidated affiliates (2,980) (2,872)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable 1,547  1,071 
Inventory (5,390) 1,617 
Prepaid expenses, other current assets and other assets 444  (8,699)
Accounts payable, accrued expenses and other liabilities (45,490) (57,531)
Customer layaway deposits 9,640  886 
Income taxes (1,081) 909 
Net cash provided by operating activities 62,928  36,548 
Investing activities:
Loans made (484,611) (433,194)
Loans repaid 284,095  262,970 
Recovery of pawn loan principal through sale of forfeited collateral 198,387  188,351 
Capital expenditures, net (13,966) (13,654)
Acquisitions, net of cash acquired (79) (8,610)
Investment in unconsolidated affiliate (509) (850)
Investment in other investments —  (15,000)
Dividends from unconsolidated affiliates 1,902  1,745 
Net cash used in investing activities (14,781) (18,242)
Financing activities:
Taxes paid related to net share settlement of equity awards (3,971) (3,253)
Proceeds from issuance of debt 300,000  — 
Debt issuance cost (5,310) — 
Purchase and retirement of treasury stock (3,997) (6,010)
Payments of finance leases (266) (276)
Net cash provided by (used in) financing activities 286,456  (9,539)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 328  (43)
Net increase in cash, cash equivalents and restricted cash 334,931  8,724 
Cash and cash equivalents and restricted cash at beginning of period 179,807  228,968 
Cash and cash equivalents and restricted cash at end of period $ 514,738  $ 237,692 
See accompanying notes to unaudited condensed consolidated financial statements.    
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Notes to Condensed Consolidated Financial Statements
(Unaudited)
NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Business
EZCORP, Inc. (collectively with its subsidiaries, the “Company,” “we,” “us,” or “our”) is a provider of pawn loans in the United States (“U.S.”) and Latin America. Pawn loans are non-recourse loans collateralized by tangible property. We also sell merchandise, primarily collateral forfeited from pawn lending operations and pre-owned merchandise purchased from customers.
Basis of Presentation
The accompanying interim unaudited condensed consolidated financial statements (“Condensed Consolidated Financial Statements”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
These Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended September 30, 2024, filed with the Securities and Exchange Commission (“SEC”) on November 13, 2024 (“2024 Annual Report”).
In the opinion of management, the accompanying Condensed Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. Financial results for the three and six month periods ended March 31, 2025, are not necessarily indicative of results that may be expected for the fiscal year ending September 30, 2025 or any other period due, in part, to seasonal variations. There have been no changes that have had a material impact in significant accounting policies as described in our 2024 Annual Report.
Principles of Consolidation
The accompanying Condensed Consolidated Financial Statements include the accounts of EZCORP, Inc. and its wholly-owned subsidiaries. We use the equity method of accounting for entities in which we have a 50% or less investment and exercise significant influence. We account for equity investments for which we do not have significant influence and without readily determinable fair values at cost with adjustments for observable changes in price in orderly transactions for identical or similar investments of the same issuer or impairments. All inter-company accounts and transactions have been eliminated in consolidation.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions include the determination of inventory reserves, expected credit losses, useful lives of long-lived and intangible assets, valuation of share-based compensation, valuation of equity investments, valuation of deferred tax assets and liabilities, loss contingencies related to litigation and discount rates used for operating leases. We base our estimates on historical experience, observable trends and various other assumptions we believe are reasonable. Actual results may differ materially from these estimates under different assumptions or conditions.
Merchandise Sales Revenues Recognition
Customer layaway deposits are recorded as liabilities when a customer provides a deposit for merchandise. Upon cancellation, customer layaway deposits are generally refundable, less a cancellation fee, via credit slip. Our customer layaway deposits balance as of March 31, 2025, 2024 and September 30, 2024 was $31.0 million, $20.4 million and $21.6 million, respectively, and are generally recognized as revenues within a one-year period.
Investments
We account for our investment in Rich Data Corporation (“RDC”) in accordance with Accounting Standards Codification (“ASC”) 321, Investments — Equity Securities, and we have elected to use the measurement alternative to measure this investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. As of March 31, 2025, 2024 and September 30, 2024, the carrying value of our investment in RDC was $6.2 million.
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Refer to Note 5: Strategic Investments for details on our investment in Founders One, LLC (“Founders”).
Recently Issued Accounting Pronouncements
In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 will impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments in this ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”) included within segment operating profit or loss. Additionally, the ASU requires a description of how the CODM utilizes segment operating profit or loss to assess segment performance. The requirements of ASU 2023-07 are effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and retrospective application is required for all periods presented. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit and income tax expense or benefit from continuing operations. The requirements of this ASU 2023-09 are effective for the Company for fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements (“ASU 2024-02”). ASU 2024-02 contains amendments to the Codification that remove references to various FASB Concepts Statements. The requirements of this ASU 2024-02 are effective for the Company for fiscal years beginning after December 15, 2024 and can be applied on a prospective or retrospective basis. This standard is not expected to have a significant impact on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. ASU 2024-03 requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The requirements of ASU 2024-03 are effective for the Company for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all periods presented in the financial statements. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversions and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”). ASU 2024-04 clarifies the requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. The requirements of ASU 2024-04 are effective for the Company for fiscal years beginning after December 15, 2025, and interim periods within those periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06 and can be applied on a prospective or retrospective basis. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
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NOTE 2: GOODWILL
The following table summarizes the changes in the carrying amount of goodwill by segment and in total:
 
Six Months Ended March 31, 2025
(in thousands) U.S. Pawn Latin America Pawn Consolidated
Balances as of September 30, 2024
 $ 264,428  $ 42,050  $ 306,478 
Effect of foreign currency translation changes —  (1,239) (1,239)
Balances as of March 31, 2025 $ 264,428  $ 40,811  $ 305,239 

 
Six Months Ended March 31, 2024
(in thousands) U.S. Pawn Latin America Pawn Consolidated
Balances as of September 30, 2023
 $ 255,942  $ 46,430  $ 302,372 
Acquisitions (a)
 6,330  —  6,330 
Effect of foreign currency translation changes —  1,956  1,956 
Balances as of March 31, 2024
 $ 262,272  $ 48,386  $ 310,658 
(a) Amount represents goodwill recognized in connection with acquisitions within the U.S. Pawn segment that were immaterial, individually and in the aggregate, and we have therefore omitted certain disclosures.
NOTE 3: EARNINGS PER SHARE
The following table reconciles the number of common shares used to compute basic and diluted earnings per share attributable to EZCORP Inc., shareholders:
Three Months Ended
March 31,
Six Months Ended
March 31,
(in thousands, except per share amounts) 2025 2024 2025 2024
Basic earnings per common share:
Net income - basic $ 25,390  $ 21,479  $ 56,406  $ 49,949 
Weighted shares outstanding - basic 54,965  55,093  54,895  55,084 
Basic earnings per common share $ 0.46  $ 0.39  $ 1.03  $ 0.91 
Diluted earnings per common share:
Net income - basic $ 25,390  $ 21,479  $ 56,406  $ 49,949 
Add: Convertible Notes interest expense, net of tax* 2,405  2,415  4,844  5,074 
Net income - diluted $ 27,795  $ 23,894  $ 61,250  $ 55,023 
Weighted shares outstanding - basic 54,965  55,093  54,895  55,084 
Equity-based compensation awards - effect of dilution** 1,196  974  1,373  1,156 
Convertible Notes - effect of dilution*** 26,979  26,978  26,979  28,708 
Weighted shares outstanding - diluted 83,140  83,045  83,247  84,948 
Diluted earnings per common share $ 0.33  $ 0.29  $ 0.74  $ 0.65 
Potential common shares excluded from the calculation of diluted earnings per common share above:
Restricted stock**** 1,424  1,676  1,433  1,673 
Total 1,424  1,676  1,433  1,673 
    
*    The Company’s debt (collectively, the “Convertible Notes”) includes the 2.375% Convertible Senior Notes Due 2025 (the “2025 Convertible Notes”), the 3.750% Convertible Senior Notes Due 2029 (the “2029 Convertible Notes”) and the six months ended March 31, 2024 also includes the 2.875% Convertible Senior Notes Due 2024 (the “2024 Convertible Notes”). Effective January 1, 2024, we were required to combination settle the 2024 Convertible Notes. As such, no interest expense is included for the three months ended March 31, 2024 and only the first quarter of 2024 interest expense is included for the six months ended March 31, 2024. See Note 7: Debt for conversion price, initial conversion rate and additional information.
**    Includes time-based share-based awards and performance-based awards for which targets for fiscal year tranches have been achieved and vesting is subject only to achievement of service conditions.
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***    As we were required to combination settle the 2024 Convertible Notes effective January 1, 2024, the 3.4 million principal shares are not included for the three months ended March 31, 2024 and only the weighted average shares of 1.7 million are included for the six months ended March 31, 2024. Additionally, no potential common shares related to the accreted value of the 2024 Convertible Notes are included for the three or six months ended March 31, 2024 as the average market rate was not above the initial conversion price of $10.00 per share for the noted reporting periods. See Note 7: Debt for conversion price, initial conversion rate and additional information on the 2024 Convertible Notes, 2025 Convertible Notes, and 2029 Convertible Notes.
****    Includes antidilutive share-based awards as well as performance-based share-based awards that are contingently issuable, but for which the condition for issuance has not been met as of the end of the reporting period.
NOTE 4: LEASES
We determine if a contract contains a lease at inception. Our lease portfolio consists primarily of operating leases for pawn store locations and corporate offices with lease terms ranging from three to ten years and finance leases for vehicles with lease terms ranging from two to five years.
The table below presents balances of our lease assets and liabilities and their balance sheet locations for both operating and financing leases:
(in thousands) Balance Sheet Location March 31, 2025 March 31, 2024
September 30,
2024
Lease assets:
Operating lease right-of-use assets Right-of-use assets, net $ 229,878  $ 243,752  $ 226,602 
Financing lease assets Other assets, net 1,256  2,094  1,559 
Total lease assets $ 231,134  $ 245,846  $ 228,161 
Lease liabilities:
Current:
Operating lease liabilities Operating lease liabilities, current $ 58,855  $ 55,658  $ 58,998 
Financing lease liabilities Accounts payable, accrued expenses and other current liabilities 589  583  570 
Total current lease liabilities $ 59,444  $ 56,241  $ 59,568 
Non-current:
Operating lease liabilities Operating lease liabilities $ 182,873  $ 197,285  $ 180,616 
Financing lease liabilities Other long-term liabilities 798  1,626  1,110 
Total non-current lease liabilities $ 183,671  $ 198,911  $ 181,726 
Total lease liabilities $ 243,115  $ 255,152  $ 241,294 
The table below provides major components of our lease costs:
Three Months Ended
March 31,
Six Months Ended
March 31,
(in thousands) 2025 2024 2025 2024
Operating lease cost:
Operating lease cost* $ 18,244  $ 19,840  $ 38,213  $ 38,906 
Variable lease cost 5,759  4,643  9,052  8,858 
Total operating lease cost $ 24,003  $ 24,483  $ 47,265  $ 47,764 
Financing lease cost:
Amortization of financing lease assets $ 143  $ 164  $ 282  $ 315 
Interest on financing lease liabilities 41  63  85  128 
Total financing lease cost $ 184  $ 227  $ 367  $ 443 
Total lease cost $ 24,187  $ 24,710  $ 47,632  $ 48,207 

*Includes a reduction for sublease rental income of $0.6 million for both the three months ended March 31, 2025 and 2024, respectively, and $1.3 million and $1.7 million for the six months ended March 31, 2025 and 2024 respectively.
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Lease expense is recognized on a straight-line basis over the lease term with variable lease expense recognized in the period in which the costs are incurred. The components of lease expense are included in “Store expenses” and “General and administrative” under operating expenses, based on the underlying lease use. Cash paid for operating leases was $20.0 million and $24.3 million for the three months ended March 31, 2025 and 2024, respectively, and $40.0 million and $44.6 million for the six months ended March 31, 2025 and 2024, respectively. Cash paid for principal and interest on finance leases was $0.1 million and less than $0.1 million, respectively, for the three months ended March 31, 2025 and $0.1 million and $0.1 million, respectively, for the three months ended March 31, 2024 and $0.3 million and $0.1 million for the six months ended March 31, 2025 respectively, and $0.3 million and $0.1 million for the six months ended 2024 respectively.
The weighted-average term and discount rates for leases are as follows:
Six Months Ended
March 31,
2025 2024
Weighted-average remaining lease term (years):
Operating leases 5.01 4.88
Financing leases 2.31 3.17
Weighted-average discount rate:
Operating leases 8.56  % 8.41  %
Financing leases 11.14  % 11.14  %

As of March 31, 2025, maturities of lease liabilities under ASC 842 by fiscal year were as follows:
(in thousands) Operating Leases Financing Leases
Remaining 2025 $ 38,713  $ 357 
Fiscal 2026
 72,795  714 
Fiscal 2027
 58,696  460 
Fiscal 2028
 43,227  44 
Fiscal 2029
 29,498  2 
Thereafter 56,740  — 
Total lease liabilities $ 299,669  $ 1,577 
Less: portion representing imputed interest 57,941  190 
Total net lease liabilities $ 241,728  $ 1,387 
Less: current portion 58,855  589 
Total long-term net lease liabilities
 $ 182,873  $ 798 
We recorded $34.0 million and $35.0 million in non-cash additions to our operating right-of-use assets and lease liabilities for the six months ended March 31, 2025 and 2024, respectively. We recorded no non-cash finance lease additions for the six months ended March 31, 2025 and $0.2 million for the six months ended March 31, 2024.
NOTE 5: STRATEGIC INVESTMENTS
Cash Converters International Limited
As of March 31, 2025, we owned 273,939,157 shares, or approximately 43.7%, of Cash Converters. We acquired our original investment in November 2009 and have increased our ownership through the acquisition of additional shares periodically since that time.
We received cash dividends from Cash Converters of $1.9 million and $1.7 million during the six months ended March 31, 2025 and 2024, respectively. In April 2025, we received a cash dividend of $1.7 million from Cash Converters.
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The following tables present summary financial information for Cash Converters’ most recently reported results as applicable after translation to U.S. dollars:
December 31,
(in thousands) 2024  2023
Current assets $ 171,745  $ 186,572 
Non-current assets 118,223  137,271 
Total assets $ 289,968  $ 323,843 
Current liabilities $ 90,332  $ 101,097 
Non-current liabilities 63,455  79,926 
Shareholders’ equity 136,181  142,820 
Total liabilities and shareholders’ equity $ 289,968  $ 323,843 

 
Half-Year Ended December 31,
(in thousands) 2024  2023
Gross revenues $ 126,947  $ 124,874 
Gross profit $ 81,456  $ 73,675 
Net profit $ 7,973  $ 6,499 
During the three and six months ended March 31, 2025, we recorded our share of income of $1.9 million and $3.5 million, respectively, from Cash Converters, included in “Equity in net income of unconsolidated affiliates” in the condensed consolidated statements of operations. During the three and six months ended March 31, 2024, we recorded our share of income of $1.7 million and $2.9 million, respectively, from Cash Converters.
See Note 6: Fair Value Measurements for the fair value and carrying value of our investment in Cash Converters.
Founders One, LLC
In fiscal 2022, we invested $15.0 million in exchange for a non-redeemable voting participating preferred equity interest in Founders One, LLC (“Founders”), a then newly-formed entity with one other member. In fiscal 2023, we contributed an additional $15.0 million associated with our preferred interest and loaned Founders $15.0 million in exchange for a Demand Promissory Note secured by the common interest held by the other member. In fiscal 2024, we contributed an additional $15.0 million associated with our preferred interest, bringing our total preferred equity investment in Founders to $45.0 million.
We have an interest in Founders, a variable interest entity, but because the Company is not the primary beneficiary, we do not consolidate Founders. Further, as we are not the appointed manager, we do not have the ability to direct the activities of the investment entity that most significantly impact its economic performance. Consequently, our preferred equity investment in Founders is accounted for utilizing the measurement alternative within ASC 321, Investments — Equity Securities. As of March 31, 2025, our $45.0 million carrying value of the preferred equity investment and $15.0 million Demand Promissory Note are included in “Other investments” and “Prepaid expenses and other current assets” in our condensed consolidated balance sheets, respectively. As of March 31, 2025, our maximum exposure for losses related to our investment in Founders was our $45.0 million preferred equity investment and $15.0 million Demand Promissory Note plus accrued and unpaid interest.
See Note 6: Fair Value Measurements for the fair value and carrying value of our loan to Founders.
NOTE 6: FAIR VALUE MEASUREMENTS
The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories:
•Level 1 — Quoted market prices in active markets for identical assets or liabilities.
•Level 2 — Other observable market-based inputs or unobservable inputs that are corroborated by market data.
•Level 3 — Unobservable inputs that are not corroborated by market data.
We have elected not to measure at fair value any eligible items for which fair value measurement is optional.
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There were no transfers in or out of Level 1, Level 2 or Level 3 for financial assets or liabilities measured at fair value on a recurring basis during the periods presented.
Financial Assets and Liabilities Not Measured at Fair Value
The tables below present our estimates of fair value of financial assets and liabilities that were not measured at fair value:
Carrying Value Estimated Fair Value
  March 31, 2025 March 31, 2025 Fair Value Measurement Using
(in thousands) Level 1 Level 2 Level 3
Financial assets:
Promissory note receivable from Founders $ 16,921  $ 16,921  $ —  $ —  $ 16,921 
Investments in unconsolidated affiliates 13,967  42,199  41,349  —  850 
Financial liabilities:
2025 Convertible Notes $ 103,325  $ 104,024  $ —  $ 104,024  $ — 
2029 Convertible Notes 224,723  338,089  —  338,089  — 
2032 Senior Notes 292,465  305,117  —  305,117  — 
Carrying Value Estimated Fair Value
  March 31, 2024 March 31, 2024 Fair Value Measurement Using
(in thousands) Level 1 Level 2 Level 3
Financial assets:
Promissory note receivable due April 2024 $ 1,268  $ 1,268  $ —  $ —  $ 1,268 
Promissory note receivable from Founders 17,706  17,706  —  —  17,706 
Investments in unconsolidated affiliates 13,162  41,135  40,285  —  850 
Financial liabilities:
2024 Convertible Notes $ 34,347  $ 34,303  $ —  $ 34,303  $ — 
2025 Convertible Notes 102,817  97,171  —  97,171  — 
2029 Convertible Notes 223,756  268,893  —  268,893  — 
Carrying Value Estimated Fair Value
 
September 30, 2024
September 30, 2024
 Fair Value Measurement Using
(in thousands) Level 1 Level 2 Level 3
Financial assets:
Promissory note receivable from Founders $ 15,722  $ 15,722  $ —  $ —  $ 15,722 
Investments in unconsolidated affiliates 13,329  42,496  41,646  —  850 
Financial liabilities:
2025 Convertible Notes $ 103,072  $ 100,401  $ —  $ 100,401  $ — 
2029 Convertible Notes 224,256  273,700  —  273,700  — 
Based primarily on the short-term nature of cash and cash equivalents, pawn loans, pawn service charges receivable and other liabilities, we estimate that their carrying value approximates fair value. We consider our cash and cash equivalents, including money market accounts, to be measured using Level 1 inputs and our pawn loans, pawn service charges receivable and other liabilities to be measured using Level 3 inputs. Significant increases or decreases in the underlying assumptions used to value pawn loans, pawn service charges receivable, fees and interest receivable and other debt could significantly increase or decrease these fair value estimates.
In fiscal 2023, we loaned $15.0 million to Founders in exchange for a Demand Promissory Note secured by the common interest in Founders held by the other member. As of March 31, 2025, the interest rate on the note was 15.00% per annum, and all principal and accrued interest is due on demand. Based primarily on the short-term nature of the note, we estimate that its carrying value approximates fair value as of March 31, 2025.
In fiscal 2019, we received $1.1 million in previously escrowed seller funds as a result of settling certain indemnification claims with the seller of GPMX. In April 2019, we loaned the $1.1 million back to the seller of GPMX in exchange for a promissory note. The interest rate on the note was 2.89% per annum and was secured by certain marketable securities owned by the seller and held in a U.S. brokerage account. All principal and accrued interest was received in April 2024.
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We use the equity method of accounting to account for our ownership interest in Cash Converters. The inputs used to generate the fair value of the investment in Cash Converters were considered Level 1 inputs. These inputs consist of (a) the quoted stock price on the Australian Stock Exchange multiplied by (b) the number of shares we owned multiplied by (c) the applicable foreign currency exchange rate as of the end of our reporting period. We included no control premium for owning a large percentage of outstanding shares.
We measured the fair value of the 2024, 2025 and 2029 Convertible Notes and 2032 Senior Notes using quoted price inputs. The notes are not actively traded, and thus the price inputs represent a Level 2 measurement. As the quoted price inputs are highly variable from day to day, the fair value estimates disclosed above could significantly increase or decrease.
NOTE 7: DEBT
The following table presents the Company's debt instruments outstanding:
  March 31, 2025 March 31, 2024
September 30, 2024
(in thousands) Gross Amount Deferred Financing Costs Carrying Amount Gross Amount Deferred Financing Costs Carrying Amount Gross Amount Deferred Financing Costs Carrying Amount
2032 Senior Notes $ 300,000  $ (7,535) $ 292,465  $ —  $ —  $ —  $ —  $ —  $ — 
2029 Convertible Notes 230,000  (5,277) 224,723  230,000  (6,244) 223,756  230,000  (5,744) 224,256 
2025 Convertible Notes 103,373  (48) 103,325  103,373  (556) 102,817  103,373  (301) 103,072 
2024 Convertible Notes —  —  —  34,389  (42) 34,347  —  —  — 
Total $ 633,373  $ (12,860) $ 620,513  $ 367,762  $ (6,842) $ 360,920  $ 333,373  $ (6,045) $ 327,328 
Less current portion 103,373  (48) 103,325  34,389  (42) 34,347  103,373  (301) 103,072 
Total long-term debt $ 530,000  $ (12,812) $ 517,188  $ 333,373  $ (6,800) $ 326,573  $ 230,000  $ (5,744) $ 224,256 
The following table presents the Company’s contractual maturities related to the debt instruments as of March 31, 2025:
Schedule of Contractual Maturities
(in thousands) 2032 Senior Notes 2029 Convertible Notes 2025 Convertible Notes Total
Remaining 2025 $ —  $ —  $ 103,373  $ 103,373 
Fiscal 2026
 —  —  —  — 
Fiscal 2027
 —  —  —  — 
Fiscal 2028
 —  —  —  — 
Fiscal 2029
 —  —  —  — 
Thereafter 300,000  230,000  —  530,000 
Total long-term debt $ 300,000  $ 230,000  $ 103,373  $ 633,373 
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The following table presents the Company’s interest expense related to it’s debt for the three and six months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
Six Months Ended
March 31,
(in thousands) 2025 2024 2025 2024
2032 Senior Notes:
Contractual interest expense $ 184  $ —  $ 184  $ — 
Amortization of deferred financing costs 7  —  7  — 
Total interest expense $ 191  $ —  $ 191  $ — 
2029 Convertible Notes:
Contractual interest expense $ 2,157  $ 2,157  $ 4,313  $ 4,313 
Amortization of deferred financing costs 217  228  466  472 
Total interest expense $ 2,374  $ 2,385  $ 4,779  $ 4,785 
2025 Convertible Notes:
Contractual interest expense $ 614  $ 614  $ 1,228  $ 1,228 
Amortization of deferred financing costs 119  123  252  254 
Total interest expense $ 733  $ 737  $ 1,480  $ 1,482 
2024 Convertible Notes:
Contractual interest expense $ —  $ 247  $ —  $ 494 
Amortization of deferred financing costs —  39  —  81 
Total interest expense $ —  $ 286  $ —  $ 575 

2032 Senior Notes
In March 2025, we issued $300.0 million aggregate principal amount of the Company’s 7.375% senior notes due 2032 (the “2032 Senior Notes”), for which $300.0 million remains outstanding as of March 31, 2025. The 2032 Senior Notes were issued pursuant to an indenture, dated March 28, 2025 (the “2025 Indenture”), by and among the Company, certain of the Company’s wholly-owned domestic subsidiaries and Truist Bank, as trustee in a private placement under Rule 144A and Regulation S under the Securities Act of 1933 (the “Securities Act”). The 2032 Senior Notes have not been and will not be registered under the federal securities laws or the securities laws of any state or any other jurisdiction. The Company is not required to register the 2032 Senior Notes for resale under the Securities Act, or the securities laws of any other jurisdiction, and is not required to exchange the 2032 Senior Notes for notes registered under the Securities Act or the securities laws of any other jurisdiction and has no present intention to do so. As a result, Rule 3-10 of Regulation S-X promulgated by the SEC is not applicable and no separate financial statements are required for the guarantor subsidiaries.
The net proceeds from the offering were approximately $292.5 million, after deducting the initial purchasers’ discounts and estimated offering expenses payable by us. The Company capitalized approximately $7.5 million in debt issuance costs, which consisted primarily of the initial purchaser’s discount and fees and legal and other professional expenses. The debt issuance costs are being amortized over the life of the 2032 Senior Notes as a component of interest expense and are carried as a direct deduction from the carrying amount of the 2032 Senior Notes in the accompanying condensed consolidated balance sheets.
The 2032 Senior Notes pay interest semi-annually in arrears at a rate of 7.375% per annum on April 1st and October 1st of each year, commencing October 1, 2025, and mature on April 1, 2032, unless earlier redeemed or repurchased in accordance with the terms prior to such date. The effective interest rate for the three and six months ended March 31, 2025 was approximately 7.84%. The 2025 Indenture contains certain customary affirmative covenants, negative covenants and events of default. As of March 31, 2025, the Company was in compliance with all covenants relating to the 2032 Senior Notes.

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The 2032 Senior Notes are senior unsecured obligations of the Company and are fully and unconditionally guaranteed by certain of the Company’s wholly-owned domestic subsidiaries. The Company may redeem some or all of the 2032 Senior Notes at any time on or after April 1, 2028, at the redemption prices set forth in the 2025 Indenture, plus accrued and unpaid interest, if any. Additionally, the Company may redeem some or all of the 2032 Senior Notes at a price equal to 100% of principal amount, plus accrued and unpaid interest, if any, plus a “make-whole” premium set forth in the Indenture prior to April 1, 2028. The Company may redeem up to 40% of the 2032 Senior Notes prior to April 1, 2028 with the proceeds of certain equity offerings at the redemption price set forth in the 2025 Indenture. If the Company sells certain assets or if the Company consummates certain change in control transactions, the Company will be required to make an offer to repurchase the 2032 Senior Notes.

2029 Convertible Notes
In December 2022, we issued $230.0 million aggregate principal amount of the 2029 Convertible Notes, for which $230.0 million remains outstanding as of March 31, 2025. The 2029 Convertible Notes were issued pursuant to an indenture dated December 12, 2022 (the “2022 Indenture”) by and between the Company and Truist Bank, as trustee. The 2029 Convertible Notes were issued in a private offering under Rule 144A under the Securities Act. 
The 2029 Convertible Notes pay interest semi-annually in arrears at a rate of 3.750% per annum on June 15 and December 15 of each year, commencing June 15, 2023, and mature on December 15, 2029 (the “2029 Maturity Date”), unless converted, redeemed or repurchased in accordance with the terms prior to such date. At maturity, the holders of the 2029 Convertible Notes will be entitled to receive cash, securities, or combination at the Company’s election equal to the principal of the 2029 Convertible Notes plus accrued interest. The effective interest rate for the three and six months ended March 31, 2025 was approximately 4.28%. As of March 31, 2025, the remaining unamortized debt issuance costs will be amortized using the effective interest method through the 2029 Maturity Date assuming no early conversion.
The 2029 Convertible Notes are convertible based on an initial conversion rate of 89.0313 shares of Class A Common Stock per $1,000 principal amount (equivalent to an initial conversion price of $11.232 per share). The conversion rate will not be adjusted for any accrued and unpaid interest. The 2029 Convertible Notes contain certain make-whole fundamental change premiums and customary anti-dilution adjustments. Upon conversion, we may settle in cash, shares of Class A Common Stock or any combination thereof, at our election.
Prior to June 15, 2029, the 2029 Convertible Notes will be convertible only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending on March 31, 2023 (and only during such fiscal quarter), if the last reported sale price of our Class A Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price, as defined in the 2022 Indenture, per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A Common Stock and the conversion rate on such trading day; (3) if we call any or all of the 2029 Convertible Notes for redemption, at any time prior to the close of business on the business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events, as defined in the 2022 Indenture. On or after June 15, 2029 until the close of business on the business day immediately preceding the 2029 Maturity Date, holders of 2029 Convertible Notes may, at their option, convert their 2029 Convertible Notes at any time, regardless of the foregoing circumstances.
We may not redeem the 2029 Convertible Notes prior to December 21, 2026. At our option, we may redeem for cash all or any portion of the 2029 Convertible Notes on or after December 21, 2026, if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. The redemption price will be equal to 100% of the principal amount of the 2029 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
As of March 31, 2025, the 2029 Convertible Notes were not convertible as no conditions of conversion had been met. Accordingly, the net balance of the 2029 Convertible Notes was classified as a non-current liability in our condensed consolidated balance sheets as of March 31, 2025. The classification of the 2029 Convertible Notes as current or non-current in the condensed consolidated balance sheets is evaluated at each balance sheet date and may change from time to time depending on whether any of the conversion conditions has been met.

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If one of the conversion conditions is met in any future fiscal quarter, we will classify our net liability under the 2029 Convertible Notes as a current liability in the condensed consolidated balance sheets as of the end of that fiscal quarter. If none of the conversion conditions have been met in a future fiscal quarter prior to the one-year period immediately preceding the 2029 Maturity Date, we will classify our net liability under the 2029 Convertible Notes as a non-current liability in the condensed consolidated balance sheets as of the end of that fiscal quarter. If the note holders elect to convert their 2029 Convertible Notes prior to maturity, any unamortized debt issuance costs will be recognized as expense at the time of conversion. If the entire outstanding principal amount had been converted on March 31, 2025, we would have recorded an expense associated with the conversion, comprised of $5.3 million of unamortized debt issuance costs. The stock trading price condition and other triggers are measured on a quarter-by-quarter basis and were not met as of March 31, 2025. As of March 31, 2025, the if-converted value of the 2029 Convertible Notes did not exceed the principal amount.
2025 Convertible Notes
In May 2018, we issued $172.5 million aggregate principal amount of the 2025 Convertible Notes. The 2025 Convertible Notes were issued pursuant to an indenture dated May 14, 2018 (the “2018 Indenture”) by and between the Company and Wells Fargo Bank, National Association, as the original trustee. Effective October 1, 2019, Truist (formerly BB&T) assumed the duties and responsibilities as trustee under the 2018 Indenture. The 2025 Convertible Notes were issued in a private offering under Rule 144A under the Securities Act. In December 2022, we repurchased approximately $69.1 million aggregate principal amount of the 2025 Convertible Notes for approximately $62.9 million plus accrued interest. As of March 31, 2025, $103.4 million remains outstanding.
The 2025 Convertible Notes pay interest semi-annually in arrears at a rate of 2.375% per annum on May 1 and November 1 of each year, commencing November 1, 2018, and mature on May 1, 2025 (the “2025 Maturity Date”), unless converted, redeemed or repurchased in accordance with the terms prior to such date. The effective interest rate for the three and six months ended March 31, 2025 was approximately 2.88% for the 2025 Convertible Notes. As of March 31, 2025, the remaining unamortized debt issuance costs will be amortized using the effective interest method through the 2025 Maturity Date assuming no early conversion.
The 2025 Convertible Notes are convertible based on an initial conversion rate of 62.8931 shares of Class A Common Stock per $1,000 principal amount (equivalent to an initial conversion price of $15.90 per share). The conversion rate will not be adjusted for any accrued and unpaid interest. The 2025 Convertible Notes contain certain make-whole fundamental change premiums and customary anti-dilution adjustments.
Until the close of business on the business day immediately preceding the 2025 Maturity Date, holders of 2025 Convertible Notes may, at their option, convert their 2025 Convertible Notes at any time.
Pursuant to the terms of the 2018 Indenture, we have elected to settle any conversions of the 2025 Convertible Notes using shares of Class A Common Stock (physical settlement). On October 28, 2024, we provided notice of that election to the trustee.
If the note holders elect to convert their 2025 Convertible Notes prior to maturity, any unamortized debt issuance costs will be recognized as expense at the time of conversion. If the entire outstanding principal amount had been converted on March 31, 2025, we would have recorded an expense associated with the conversion, comprised of less than $0.1 million of unamortized debt issuance costs. The stock trading price condition and other triggers are measured on a quarter-by-quarter basis and were not met as of March 31, 2025. As of March 31, 2025, the if-converted value of the 2025 Convertible Notes did not exceed the principal amount and none of the note holders had elected to convert their 2025 Convertible Notes.
2024 Convertible Notes
In July 2017, we issued $143.75 million aggregate principal amount of the 2024 Convertible Notes. The 2024 Convertible Notes were issued pursuant to an indenture dated July 5, 2017 (the “2017 Indenture”) by and between the Company and Wells Fargo Bank, National Association, as the original trustee. Effective October 1, 2019, Truist (formerly BB&T) assumed the duties and responsibilities as trustee under the 2017 Indenture. The 2024 Convertible Notes were issued in a private offering under Rule 144A under the Securities Act. In December 2022, we repurchased approximately $109.4 million aggregate principal amount of the 2024 Convertible Notes for approximately $117.5 million plus accrued interest. On July 1, 2024, the $34.4 million aggregate principal amount outstanding plus accrued interest was repaid using cash on hand and 77,328 Class A Common Stock shares, equal to the accreted value, were issued as part of the 2024 Convertible Notes conversion.
The 2024 Convertible Notes paid interest semi-annually in arrears at a rate of 2.875% per annum on January 1 and July 1 of each year, commencing January 1, 2018, and matured on July 1, 2024 (the “2024 Maturity Date”). The 2024 Convertible Notes were convertible based on an initial conversion rate of 100 shares of Class A Common Stock per $1,000 principal amount (equivalent to an initial conversion price of $10.00 per share). Until the close of business on the business day immediately preceding the 2024 Maturity Date, holders of 2024 Convertible Notes could, at their option, convert their 2024 Convertible Notes at any time. Because we did not elect an alternative settlement method prior to January 1, 2024, conversions were settled by combination settlement, which was $1,000 cash (per the $1,000 principal value) plus stock equal to the accreted value as defined in the 2017 Indenture.
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NOTE 8: COMMON STOCK AND STOCK COMPENSATION
Common Stock Repurchase Program
On May 3, 2022, the Company’s Board of Directors (the “Board”) authorized the repurchase of up to $50 million of our Class A Common Stock over three years (the “Common Stock Repurchase Program”). Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities.
The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows, and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The Board of Directors has reserved the right to modify, suspend or terminate the program at any time. As of March 31, 2025, we had repurchased and retired 3,178,147 shares of our Class A Common Stock for $30.0 million under the Common Stock Repurchase Program, of which 82,136 and 332,599 shares were repurchased and retired for $1.0 million and $4.0 million during the three and six months ended March 31, 2025. During the three and six months ended March 31, 2024, 305,475 and 660,357 shares were repurchased and retired for $3.0 million and $6.0 million, respectively, under the Common Stock Repurchase Program. The repurchase amount is allocated between “Additional paid-in capital” and “Retained earnings” in our condensed consolidated balance sheets.
Stock Compensation
We maintain a Board-approved incentive plan to retain the services of our valued officers, directors and employees and to incentivize such persons to make contributions to our company and motivate excellent performance (the “Incentive Plan”). Under the Incentive Plan, we grant awards of restricted stock or restricted stock units to employees and non-employee directors. Awards granted to employees are typically subject to performance and service conditions. Awards granted to non-employee directors are time-based awards subject only to service conditions. Awards granted under the Incentive Plan are measured at the grant date fair value with compensation costs associated with the awards recognized over the requisite service period, usually the vesting period, on a straight-line basis.
The following table presents a summary of stock compensation activity:
Shares Weighted Average
Grant Date Fair Value
Outstanding as of September 30, 2024
 2,699,914  $ 7.91 
Granted (a)
 1,214,674  10.40 
Released (b)
 (1,130,921) 7.89 
Cancelled (50,594) 9.24 
Outstanding as of March 31, 2025
 2,733,073  $ 9.58 
(a) Includes performance adjustment of 320,076 shares awarded above their target grants resulting from the achievement of performance targets established at the grant date.
(b) 337,481 shares were withheld to satisfy related income tax withholding.
NOTE 9: COMMITMENTS AND CONTINGENCIES
Currently, and from time to time, we are involved in various claims, disputes, lawsuits, investigations, and legal and regulatory proceedings. We accrue for contingencies if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because these matters are inherently unpredictable and unfavorable developments or resolutions can occur, assessing contingencies requires judgments and is highly subjective about future events, and the amount of resulting loss may differ from these estimates. We do not believe the resolution of any particular matter will have a material adverse effect on our financial condition, results of operations or liquidity.
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NOTE 10: SEGMENT INFORMATION
Our operations are primarily managed on a geographical basis and are comprised of three reportable segments. The factors for determining our reportable segments include the manner in which our chief operating decision maker evaluates performance for purposes of allocating resources and assessing performance.
We currently report our segments as follows:
•U.S. Pawn — all pawn activities in the United States;
•Latin America Pawn — all pawn activities in Mexico and other parts of Latin America; and
•Other Investments — primarily our equity interest in Cash Converters and our investment in and notes receivable from Founders.
There are no inter-segment revenues presented below, and the amounts below were determined in accordance with the same accounting principles used in our condensed consolidated financial statements.
The following income (loss) before income taxes tables present revenues for each reportable segment, disaggregated revenues within our reportable segments and Corporate, segment profits and segment contribution.
 
Three Months Ended March 31, 2025
(in thousands) U.S. Pawn Latin America Pawn Other Investments Total Segments Corporate Items Consolidated
Revenues:
Merchandise sales $ 116,915  $ 52,552  $ —  $ 169,467  $ —  $ 169,467 
Jewelry scrapping sales 16,898  4,040  —  20,938  —  20,938 
Pawn service charges 87,548  28,323  —  115,871  —  115,871 
Other revenues 24  16  —  40  —  40 
Total revenues 221,385  84,931  —  306,316  —  306,316 
Merchandise cost of goods sold 74,772  36,783  —  111,555  —  111,555 
Jewelry scrapping cost of goods sold 13,235  3,074  —  16,309  —  16,309 
Gross profit 133,378  45,074  —  178,452  —  178,452 
Segment and corporate expenses (income):
Store expenses 83,532  32,995  —  116,527  —  116,527 
General and administrative —  —  —  —  19,640  19,640 
Depreciation and amortization 2,682  1,989  —  4,671  3,349  8,020 
Loss on sale or disposal of assets and other 17  —  —  17  —  17 
Interest expense —  —  —  —  3,281  3,281 
Interest income —  (337) (605) (942) (933) (1,875)
Equity in net (income) loss of unconsolidated affiliates —  —  (1,866) (1,866) 361  (1,505)
Other expense (income) 4  (137) —  (133) 68  (65)
Segment contribution $ 47,143  $ 10,564  $ 2,471  $ 60,178 
Income (loss) before income taxes $ 60,178  $ (25,766) $ 34,412 
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Three Months Ended March 31, 2024
(in thousands) U.S. Pawn Latin America Pawn Other Investments Total Segments Corporate Items Consolidated
Revenues:
Merchandise sales $ 114,849  $ 49,838  $ —  $ 164,687  $ —  $ 164,687 
Jewelry scrapping sales 12,686  1,028  —  13,714  —  13,714 
Pawn service charges 80,010  27,153  —  107,163  —  107,163 
Other revenues 29  15  31  75  —  75 
Total revenues 207,574  78,034  31  285,639  —  285,639 
Merchandise cost of goods sold 72,798  33,461  —  106,259  —  106,259 
Jewelry scrapping cost of goods sold 10,794  994  —  11,788  —  11,788 
Gross profit 123,982  43,579  31  167,592  —  167,592 
Segment and corporate expenses (income):
Store expenses 80,840  33,742  —  114,582  —  114,582 
General and administrative —  —  —  —  18,266  18,266 
Depreciation and amortization 2,516  2,392  —  4,908  3,311  8,219 
(Gain) loss on sale or disposal of assets and other (30) (66) —  (96) 99  3 
Other income —  —  —  —  (765) (765)
Interest expense —  —  —  —  3,402  3,402 
Interest income —  (608) (633) (1,241) (1,641) (2,882)
Equity in net income of unconsolidated affiliates —  —  (1,719) (1,719) —  (1,719)
Other expense (income) —  1  14  15  (180) (165)
Segment contribution $ 40,656  $ 8,118  $ 2,369  $ 51,143 
Income (loss) before income taxes $ 51,143  $ (22,492) $ 28,651 
 
Six Months Ended March 31, 2025
(in thousands) U.S. Pawn Latin America Pawn Other Investments Total Segments Corporate Items Consolidated
Revenues:
Merchandise sales $ 245,715  $ 110,095  $ —  $ 355,810  $ —  $ 355,810 
Jewelry scrapping sales 32,396  5,274  —  37,670  —  37,670 
Pawn service charges 175,424  57,499  —  232,923  —  232,923 
Other revenues 51  32  —  83  —  83 
Total revenues 453,586  172,900  —  626,486  —  626,486 
Merchandise cost of goods sold 156,328  77,051  —  233,379  —  233,379 
Jewelry scrapping cost of goods sold 25,203  4,048  —  29,251  —  29,251 
Gross profit 272,055  91,801  —  363,856  —  363,856 
Segment and corporate expenses (income):
Store expenses 166,621  66,357  —  232,978  —  232,978 
General and administrative —  —  —  —  38,309  38,309 
Depreciation and amortization 5,399  4,035  —  9,434  6,921  16,355 
Loss on sale or disposal of assets and other 17  8  —  25  —  25 
Interest expense —  —  —  —  6,428  6,428 
Interest income —  (539) (1,199) (1,738) (2,230) (3,968)
Equity in net (income) loss of unconsolidated affiliates —  —  (3,489) (3,489) 509  (2,980)
Other (income) loss (7) (208) —  (215) 1,128  913 
Segment contribution $ 100,025  $ 22,148  $ 4,688  $ 126,861 
Income (loss) before income taxes $ 126,861  $ (51,065) $ 75,796 

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Six Months Ended March 31, 2024
(in thousands) U.S. Pawn Latin America Pawn Other Investments Total Segments Corporate Items Consolidated
Revenues:
Merchandise sales $ 240,362  $ 103,728  $ —  $ 344,090  $ —  $ 344,090 
Jewelry scrapping sales 25,501  2,295  —  27,796  —  27,796 
Pawn service charges 159,083  54,529  —  213,612  —  213,612 
Other revenues 66  31  35  132  —  132 
Total revenues 425,012  160,583  35  585,630  —  585,630 
Merchandise cost of goods sold 151,507  69,962  —  221,469  —  221,469 
Jewelry scrapping cost of goods sold 22,078  1,918  —  23,996  —  23,996 
Gross profit 251,427  88,703  35  340,165  —  340,165 
Segment and corporate expenses (income):
Store expenses 158,095  67,042  —  225,137  —  225,137 
General and administrative —  —  —  —  34,809  34,809 
Depreciation and amortization 5,140  4,731  —  9,871  6,913  16,784 
(Gain) loss on sale or disposal of assets and other (4) (262) —  (266) 97  (169)
Other income —  —  —  —  (765) (765)
Interest expense —  —  —  —  6,842  6,842 
Interest income —  (1,028) (1,206) (2,234) (3,287) (5,521)
Equity in net income of unconsolidated affiliates —  —  (2,872) (2,872) —  (2,872)
Other (income) expense —  (47) 15  (32) (404) (436)
Segment contribution $ 88,196  $ 18,267  $ 4,098  $ 110,561 
Income (loss) before income taxes $ 110,561  $ (44,205) $ 66,356 

The following table presents separately identified segment assets:
(in thousands) U.S. Pawn Latin America Pawn
Other
Investments
 Corporate Items Total
As of March 31, 2025
Pawn loans $ 199,418  $ 62,412  $ —  $ —  $ 261,830 
Pawn service charges receivable, net 37,345  4,978  —  —  42,323 
Inventory, net 156,816  50,967  —  —  207,783 
Total assets 1,346,150  318,833  81,258  83,387  1,829,628 
As of March 31, 2024
Pawn loans $ 173,744  $ 62,029  $ —  $ —  $ 235,773 
Pawn service charges receivable, net 33,218  5,050  —  —  38,268 
Inventory, net 121,863  41,566  —  —  163,429 
Total assets 1,003,447  330,256  81,238  93,201  1,508,142 
As of September 30, 2024
Pawn loans $ 214,306  $ 59,778  $ —  $ —  $ 274,084 
Pawn service charges receivable, net 39,194  4,819  —  —  44,013 
Inventory, net 138,624  53,299  —  —  191,923 
Total assets 1,009,226  311,824  79,421  92,766  1,493,237 

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NOTE 11: SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION
The following table provides supplemental information on net amounts included in our condensed consolidated balance sheets:
(in thousands) March 31, 2025 March 31, 2024
September 30, 2024
Gross pawn service charges receivable $ 54,024  $ 48,812  $ 57,544 
Allowance for uncollectible pawn service charges receivable (11,701) (10,544) (13,531)
Pawn service charges receivable, net $ 42,323  $ 38,268  $ 44,013 
Gross inventory $ 211,191  $ 166,557  $ 194,657 
Inventory reserves (3,408) (3,128) (2,734)
Inventory, net $ 207,783  $ 163,429  $ 191,923 
Prepaid expenses and other $ 3,740  $ 8,846  $ 3,350 
Accounts receivable and other 15,912  14,875  16,482 
Notes receivable 17,575  18,974  16,332 
Income taxes prepaid and receivable 3,056  4,447  3,007 
Prepaid expenses and other current assets $ 40,283  $ 47,142  $ 39,171 
Property and equipment, gross $ 284,008  $ 281,239  $ 280,714 
Accumulated depreciation (219,858) (217,933) (214,741)
Property and equipment, net $ 64,150  $ 63,306  $ 65,973 
Accounts payable $ 14,927  $ 11,413  $ 20,850 
Accrued payroll 15,538  12,176  13,541 
Incentive accrual 9,554  9,454  19,883 
Other payroll related expenses 4,132  5,178  3,999 
Accrued sales and VAT taxes 4,035  5,111  3,954 
Accrued income taxes payable 4,938  3,014  5,934 
Other current liabilities 17,719  16,492  17,576 
Accounts payable, accrued expenses and other current liabilities $ 70,843  $ 62,838  $ 85,737 
The following table provides supplemental disclosure of condensed consolidated statements of cash flows information:
 
Six Months Ended
March 31,
(in thousands) 2025 2024
Supplemental disclosure of cash flow information
Cash and cash equivalents at beginning of period $ 170,513  $ 220,595 
Restricted cash at beginning of period 9,294  8,373 
Total cash and cash equivalents and restricted cash at beginning of period $ 179,807  $ 228,968 
Cash and cash equivalents at end of period $ 505,239  $ 229,111 
Restricted cash at end of period 9,499  8,581 
Total cash and cash equivalents and restricted cash at end of period $ 514,738  $ 237,692 
Non-cash investing and financing activities:
Pawn loans forfeited and transferred to inventory $ 210,786  $ 183,532 
Accrued debt issuance costs 2,231  — 
Accrued acquisition consideration —  616 
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to inform the reader about matters affecting the financial condition and results of operations of EZCORP, Inc. and its subsidiaries (collectively, “we,” “us”, “our”, “EZCORP” or the “Company”). The following discussion should be read together with our condensed consolidated financial statements and related notes included elsewhere within this report. This discussion contains forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements. See “Part I, Item 1A — Risk Factors” of our Annual Report on Form 10-K for the year ended September 30, 2024, as supplemented by the information set forth in “Part I, Item 3 — Quantitative and Qualitative Disclosures about Market Risk” and “Part II, Item 1A — Risk Factors” of this Report, for a discussion of certain risks, uncertainties and assumptions associated with these statements.
Business Developments
2032 Senior Notes

In March 2025, we issued $300.0 million aggregate principal amount of the Company’s 7.375% senior notes due 2032 (the “2032 Senior Notes”), for which $300.0 million remains outstanding as of March 31, 2025. See Note 7 of Notes to Condensed Consolidated Financial Statements included in "Part I, Item 1 — Financial Statements" of this Report for further discussion.
Termination of Acquisition Agreement
On March 19, 2025, the Company announced the termination of an acquisition agreement with Presta Dinero, S.A. de C.V. for the purchase of 53 pawn stores in Mexico.
Business Overview
EZCORP is a Delaware corporation headquartered in Austin, Texas. We are a leading provider of pawn services in the United States and Latin America. Pawn loans are nonrecourse loans collateralized by personal property. We also sell merchandise, primarily collateral forfeited from unpaid loans and pre-owned merchandise purchased from customers.
We exist to serve our customers’ short-term cash needs, helping them to live and enjoy their lives. We are focused on three strategic pillars:
Strengthen the Core Relentless focus on superior execution and operational excellence in our pawn business
Cost Efficiency and Simplification Shape a culture of cost efficiency through ongoing focus on simplification and optimization
Innovate and Grow Broaden customer engagement to service more customers more frequently in more locations
Pawn Activities
At our pawn stores, we advance cash against the value of collateralized tangible personal property. We earn pawn service charges (“PSC”) for those cash advances, and the PSC rate varies by state and transaction size. At the time of the transaction, we take possession of the pawned collateral, which consists of tangible personal property, generally jewelry, consumer electronics, tools, sporting goods and musical instruments. If the customer chooses to redeem their pawn, they will repay the amount advanced plus any accrued PSC. If the customer chooses not to redeem their pawn, the pawned collateral becomes our inventory, which we sell in our retail merchandise sales activities or, in some cases, scrap for its inherent gold or precious stone content. Consequently, the success of our pawn business is largely dependent on our ability to accurately assess the probability of pawn redemption and the estimated resale or scrap value of the collateralized personal property.
Our ability to offer quality pre-owned goods at prices significantly lower than original retail prices attracts value-conscious customers. The gross profit on sales of inventory depends primarily on our assessment of the estimated resale or scrap value at the time the property is either accepted as pawn collateral or purchased and our ability to sell that merchandise in a timely manner. As a significant portion of our inventory and sales involve gold and jewelry, our results can be influenced by the market price of gold and diamonds.
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Growth and Expansion
Our strategy is to expand the number of locations we operate through opening new (“de novo”) locations and through acquisitions and investments in both Latin America, the United States and potential new markets. Our ability to open de novo stores, acquire new stores and make other related investments is dependent on several variables, such as projected achievement of internal investment hurdles, the availability of acceptable sites or acquisition candidates, the alignment of acquirer/seller price expectations, the regulatory environment, local zoning ordinances, access to capital and the availability of qualified personnel.
Seasonality and Quarterly Results
In the United States, PSC is historically highest in our fourth fiscal quarter (July through September) due to a higher average loan balance during the summer lending season. PSC is historically lowest in our third fiscal quarter (April through June) following the tax refund season and merchandise sales are highest in our first and second fiscal quarters (October through March) due to the holiday season, jewelry sales surrounding Valentine’s Day and the availability of tax refunds. In Latin America, most of our customers receive additional compensation from their employers in December, and many receive additional compensation in June or July, applying downward pressure on loan balances and fueling some merchandise sales in those periods. In Mexico, we saw similar downward pressure in loan balances during the third quarter of fiscal 2023 due to a change in law related to company profit sharing payments to employees. We anticipated this change would impact pawn loan redemptions annually in May and June; however, in fiscal 2024, the demand for pawn loans in Mexico exceeded any downward pressure related to profit sharing payments. As a net effect of these and other factors and excluding discrete charges, our consolidated income before tax is generally highest in our first fiscal quarter (October through December) and lowest in our third fiscal quarter (April through June).
Financial Highlights
We remain focused on optimizing our balance of pawn loans outstanding (“PLO”) and the resulting higher PSC. The following chart presents sources of gross profit, including PSC, merchandise sales gross profit (“Merchandise sales GP”) and jewelry scrapping gross profit (“Jewelry Scrapping GP”) for the three and six months ended March 31, 2025 and 2024:
353
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The following chart presents sources of gross profit by geographic disbursement for the three and six months ended March 31, 2025 and 2024:
470
Results of Operations
Non-GAAP Constant Currency and Same-Store Financial Information
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide certain other non-GAAP financial information on a constant currency basis (“constant currency”) and “same-store” 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 analyze results on a same-store basis (which is defined as stores open during the entirety of the comparable periods) to better understand existing store performance without the influence of increases or decreases resulting solely from changes in store count. We believe presentation of constant currency and same-store results is meaningful and useful in understanding the activities and business metrics of our Latin America Pawn operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a better understanding and evaluation 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 to evaluate and compare operating results across accounting periods. Readers should consider the information in addition to, but not rather than 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. Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and are not directly calculable from the rates below. Constant currency results, where presented, also exclude the foreign currency gain or loss. 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 six months ended March 31, 2025 and 2024 were as follows:
March 31,
Three Months Ended
March 31,
Six Months Ended
March 31,
2025 2024 2025 2024 2025 2024
Mexican peso 20.4  16.6  20.4  17.0  20.3  17.3 
Guatemalan quetzal 7.6  7.6  7.6  7.6  7.5  7.6 
Honduran lempira 25.2  24.4  25.2  24.4  25.0  24.4 
Australian dollar 1.6  1.5  1.6  1.5  1.6  1.5 
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Operating Results
Segments
We manage our business and report our financial results in three reportable segments:
•U.S. Pawn — Represents all pawn activities in the United States;
•Latin America Pawn — Represents all pawn activities in Mexico and other parts of Latin America; and
•Other Investments — Represents our equity interest in Cash Converters and our investment in and notes receivable from Founders.
Store Count by Segment
 
Three Months Ended March 31, 2025
  U.S. Pawn Latin America Pawn Consolidated
As of December 31, 2024
 542  741  1,283 
New locations opened —  9  9 
Locations acquired —  1  1 
Locations combined or closed —  (9) (9)
As of March 31, 2025
 542  742  1,284 
 
Three Months Ended March 31, 2024
  U.S. Pawn Latin America Pawn Consolidated
As of December 31, 2023
 530  707  1,237 
New locations opened —  9  9 
Locations acquired 6  —  6 
Locations combined or closed (1) (5) (6)
As of March 31, 2024
 535  711  1,246 
 
Six Months Ended March 31, 2025
  U.S. Pawn Latin America Pawn Consolidated
As of September 30, 2024 542  737  1,279 
New locations opened —  13  13 
Locations acquired —  1  1 
Locations combined or closed —  (9) (9)
As of March 31, 2025
 542  742  1,284 
 
Six Months Ended March 31, 2024
  U.S. Pawn Latin America Pawn Consolidated
As of September 30, 2023 529  702  1,231 
New locations opened —  14  14 
Locations acquired 7  —  7 
Locations combined or closed (1) (5) (6)
As of March 31, 2024
 535  711  1,246 
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Three Months Ended March 31, 2025 vs. Three Months Ended March 31, 2024

These tables, as well as the discussion that follows, should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and related notes.
U.S. Pawn
The following table presents selected summary financial data for our U.S. Pawn segment:
 
Three Months Ended March 31,
 Change
(in thousands) 2025 2024
Gross profit:
Pawn service charges $ 87,548  $ 80,010  9%
Merchandise sales 116,915  114,849  2%
Merchandise sales gross profit 42,143  42,051  —%
Gross margin on merchandise sales 36  % 37  % (100)bps
Jewelry scrapping sales 16,898  12,686  33%
Jewelry scrapping sales gross profit 3,663  1,892  94%
Gross margin on jewelry scrapping sales 22  % 15  % 700bps
Other revenues 24  29  (17)%
Gross profit 133,378  123,982  8%
Segment operating expenses:
Store expenses 83,532  80,840  3%
Depreciation and amortization 2,682  2,516  7%
Loss (gain) on sale or disposal of assets and other 17  (30) (157)%
Segment operating contribution $ 47,147  $ 40,656  16%
Other segment loss 4  —  100%
Segment contribution $ 47,143  $ 40,656  16%
Other data:
Net earning assets (a) $ 356,234  $ 295,607  21%
Inventory turnover 2.3  2.6  (12)%
Average monthly ending pawn loan balance per store (b) 390  345  13%
Monthly average yield on pawn loans outstanding 14  % 14  % —bps
General merchandise as a % of PLO 32  % 33  % (100)bps
Jewelry as a % of PLO 68  % 67  % 100bps
(a) Balance includes pawn loans and inventory.
(b) Balance is calculated based upon the average of the monthly ending balances during the applicable period.


PLO ended the quarter at $199.4 million, up 15% on a total and same-store basis due to increase in average loan size, increased loan demand and improved operational performance.
Total revenues increased 7% and gross profit increased 8%, reflecting higher PSC.
PSC increased 9% as a result of higher average PLO, partially offset by lower PLO yield.
Merchandise sales increased 2%, and gross margin decreased to 36% from 37%. Aged general merchandise, which is inventory over one year old, decreased by 14 basis points to 2.8%, or $1.3 million of total general merchandise inventory. Excluding our three Max Pawn luxury stores in Las Vegas, aged general merchandise was 1.5%.
Net inventory increased 29%, due to the increase in PLO, increase in customer layaways and a decrease in inventory turnover to 2.3x, from 2.6x.
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Store expenses increased 3% (2% on a same-store basis) primarily due to labor, the majority of which was offset by a decrease in expenses related to our loyalty program.
Segment contribution increased 16% to $47.1 million, due to the changes noted above.
Segment store count remained at 542.
Latin America Pawn
The following table presents selected summary financial data for the Latin America Pawn segment, including constant currency results, after translation to U.S. dollars from its functional currencies noted above under “Results of Operations — Non-GAAP Constant Currency and Same-Store Financial Information.”
 
Three Months Ended March 31,
(in thousands)
2025 (GAAP)
2024 (GAAP)
 Change (GAAP)
2025 (Constant Currency)
 Change (Constant Currency)
Gross profit:
Pawn service charges $ 28,323  $ 27,153  4% $ 32,208  19%
Merchandise sales 52,552  49,838  5% 60,518  21%
Merchandise sales gross profit 15,769  16,377  (4)% 18,227  11%
Gross margin on merchandise sales 30  % 33  % (300)bps 30  % (300)bps
Jewelry scrapping sales 4,040  1,028  293% 4,727  360%
Jewelry scrapping sales gross profit 966  34  * 1,148  *
Gross margin on jewelry scrapping sales 24  % 3  % * 24  % *
Other revenues, net 16  15  7% 19  27%
Gross profit 45,074  43,579  3% 51,602  18%
Segment operating expenses:
Store expenses 32,995  33,742  (2)% 38,128  13%
Depreciation and amortization 1,989  2,392  (17)% 2,295  (4)%
Gain on sale or disposal of assets and other —  (66) (100)% —  (100)%
Segment operating contribution 10,090  7,511  34% 11,179  49%
Other segment income (474) (607) (22)% (461) (24)%
Segment contribution $ 10,564  $ 8,118  30% $ 11,640  43%
Other data:
Net earning assets (a) $ 113,379  $ 103,595  9% $ 132,141  28%
Inventory turnover 3.2  3.6  (11)% 3.2  (11)%
Average monthly ending pawn loan balance per store (b) $ 81  $ 81  —% $ 93  15%
Monthly average yield on pawn loans outstanding 16  % 16  % —bps 16  % —bps
General merchandise as a % of PLO 61  % 65  % (400)bps 62  % (300)bps
Jewelry as a % of PLO 39  % 35  % 400bps 38  % 300bps
* Represents a percentage computation that is not mathematically meaningful.
(a) Balance includes pawn loans and inventory.
(b) Balance is calculated based upon the average of the monthly ending balances during the applicable period.
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 2025 Change
(GAAP)
 2025 Change
(Constant Currency)
Same-store data:
PLO (2)% 14%
PSC 2% 17%
Merchandise Sales 2% 18%
Merchandise Sales Gross Profit (6)% 9%
Store Expenses (4)% 11%
PLO improved to $62.4 million, up 1% (17% on constant currency basis). On a same-store basis, PLO decreased 2% (14% increase on a constant currency basis). The constant currency increase was due to improved operational performance and increased loan demand.
Total revenues were up 9% (25% on constant currency basis), and gross profit increased 3% (18% on a constant currency basis), mainly due to increased PSC.
PSC increased to $28.3 million, up 4% (19% on a constant currency basis) as a result of higher average PLO.
Merchandise sales increased 5% (21% on constant currency basis) and merchandise sales gross margin decreased to 30% from 33%. Aged general merchandise increased to 1.9% from 1.4% of total general merchandise inventory.
Net inventory increased 23% (44% on a constant currency basis) due to increase in PLO and decrease in inventory turnover to 3.2x, from 3.6x.
Store expenses decreased 2% (13% increase on a constant currency basis) and decreased 4% on a same-store basis (11% increase on a constant currency basis). The constant currency increase was primarily due to increased labor, in line with store activity and minimum wage increases, offset by a decrease in expenses related to our loyalty program.
Segment contribution increased 30% to $10.6 million (43% on a constant currency basis), due to the changes noted above.
Segment store count increased by one to 742 due to the addition of nine de novo stores, the acquisition of one store, and the consolidation of nine stores.
Other Investments
The following table presents selected financial data for our Other Investments segment after translation to U.S. dollars from its functional currency of primarily Australian dollars:
 
Three Months Ended March 31,
 Change
(in thousands) 2025 2024
Gross profit:
Consumer loan fees, interest and other $ —  $ 31  (100)%
Gross profit —  31  (100)%
Segment operating expenses:
Interest income (605) (633) (4)%
Equity in net income of unconsolidated affiliates (1,866) (1,719) 9%
Segment operating contribution 2,471  2,383  4%
Other segment loss —  14  (100)%
Segment contribution $ 2,471  $ 2,369  4%
Segment contribution was $2.5 million, an increase of $0.1 million primarily due to the increase in our share of equity in net income of Cash Converters.
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Other Items
The following table reconciles our consolidated segment contribution discussed above to net income attributable to EZCORP, Inc., including items that affect our consolidated financial results but are not allocated among segments:
 
Three Months Ended March 31,
 Percentage Change
(in thousands) 2025 2024
Segment contribution $ 60,178  $ 51,143  18%
Corporate expenses (income):
General and administrative 19,640  18,266  8%
Depreciation and amortization 3,349  3,311  1%
Loss on sale or disposal of assets and other —  99  (100)%
Other income —  (765) (100)%
Interest expense 3,281  3,402  (4)%
Interest income (933) (1,641) (43)%
Equity in net loss of unconsolidated affiliates 361  —  100%
Other loss (income) 68  (180) (138)%
Income before income taxes 34,412  28,651  20%
Income tax expense 9,022  7,172  26%
Net income $ 25,390  $ 21,479  18%
Segment contribution increased $9.0 million or 18% over the prior year quarter, primarily due to improved operating results of the U.S. Pawn and Latin America Pawn segments above.
General and administrative expense increased $1.4 million or 8%, primarily due to labor and a gain on a corporate lease termination in the prior year.
Income tax expense increased $1.9 million primarily due to an increase in income before taxes of $5.8 million, as well as an increase in the effective tax rate due to an increase in non-deductible officer’s compensation and non-deductible expenses.
Income tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate. These items include the net effect of state taxes, non-deductible items and the foreign rate differential. See our Annual Report on Form 10-K for the year ended September 30, 2024, Note 9: Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data” for quantification of these items.
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Six Months Ended March 31, 2025 vs. Six Months Ended March 31, 2024
The tables below and discussion that follows should be read in conjunction with the accompanying condensed consolidated financial statements and related notes.
U.S. Pawn
The following table presents selected summary financial data for the U.S. Pawn segment:
 
Six Months Ended March 31,
 Change
(in thousands) 2025 2024
Gross profit:
Pawn service charges $ 175,424  $ 159,083  10%
Merchandise sales 245,715  240,362  2%
Merchandise sales gross profit 89,387  88,855  1%
Gross margin on merchandise sales 36  % 37  % (100)bps
Jewelry scrapping sales 32,396  25,501  27%
Jewelry scrapping sales gross profit 7,193  3,423  110%
Gross margin on jewelry scrapping sales 22  % 13  % 900bps
Other revenues 51  66  (23)%
Gross profit 272,055  251,427  8%
Segment operating expenses:
Store expenses 166,621  158,095  5%
Depreciation and amortization 5,399  5,140  5%
Loss (gain) on sale or disposal of assets and other 17  (4) *
Segment operating contribution 100,018  88,196  13%
Other segment gain (7) —  100%
Segment contribution $ 100,025  $ 88,196  13%
Other data:
Average monthly ending pawn loan balance per store (a) $ 393  $ 352  12%
Monthly average yield on pawn loans outstanding 14  % 14  % —bps
* Represents a percentage computation that is not mathematically meaningful.
(a) Balance is calculated based upon the average of the monthly ending balances during the applicable period.
During the six months ended March 31, 2025, segment store count remained at 542.
Pawn service charges increased 10% as a result of higher average PLO, partially offset by lower PLO yield.
Merchandise sales increased 2%, and merchandise sale gross profit increased 1%, reflecting a 100bps decrease in gross margin.
Store expenses increased 5% (4% on a same-store basis), primarily due to labor, offset by a decrease in expenses related to our loyalty program.
Segment contribution increased $11.8 million, or 13%, primarily due to the changes described above.
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Latin America Pawn
The following table presents selected summary financial data our Latin America Pawn segment, including constant currency results, after translation to U.S. dollars from functional currencies. See “Results of Operations — Non-GAAP Constant Currency and Same-Store Financial Information” above.
 
Six Months Ended March 31,
(in thousands)
2025 (GAAP)
2024 (GAAP)
 Change (GAAP)
2025 (Constant Currency)
 Change (Constant Currency)
Gross profit:
Pawn service charges $ 57,499  $ 54,529  5% $ 64,187  18%
Merchandise sales 110,095  103,728  6% 124,600  20%
Merchandise sales gross profit 33,044  33,766  (2)% 37,477  11%
Gross margin on merchandise sales 30  % 33  % (300)bps 30  % (300)bps
Jewelry scrapping sales 5,274  2,295  130% 6,115  166%
Jewelry scrapping sales gross profit 1,226  377  225% 1,446  284%
Gross margin on jewelry scrapping sales 23  % 16  % 700bps 24  % 800bps
Other revenues, net 32  31  3% 38  23%
Gross profit 91,801  88,703  3% 103,148  16%
Segment operating expenses:
Store expenses 66,357  67,042  (1)% 75,159  12%
Depreciation and amortization 4,035  4,731  (15)% 4,565  (4)%
Loss (gain) on sale or disposal of assets and other 8  (262) (103)% —  (100)%
Segment operating contribution 21,401  17,192  24% 23,424  36%
Other segment income (747) (1,075) (31)% (762) (29)%
Segment contribution $ 22,148  $ 18,267  21% $ 24,186  32%
Other data:
Average monthly ending pawn loan balance per store (a) $ 81  $ 79  3% $ 91  15%
Monthly average yield on pawn loans outstanding 16  % 16  % —bps 16  % —bps
(a) Balance is calculated based upon the average of the monthly ending balances during the applicable period.
 2025 Change
(GAAP)
 2025 Change
(Constant Currency)
Same-store data:
PLO (2)% 14%
PSC 4% 16%
Merchandise Sales 3% 17%
Merchandise Sales Gross Profit (4)% 9%
Store Expenses (3)% 10%
During the six months ended March 31, 2025, net store count increased by five due to the opening of 13 de novo stores, the acquisition of one store and the consolidation of nine stores.
PSC increased 5% to $57.5 million (18% to $64.2 million on a constant currency basis) as a result of higher average PLO.
Merchandise sales increased 6% (20% on a constant currency basis) and 3% on a same-store basis (17% on a constant currency basis). Merchandise sales gross margin decreased 300 bps to 30% from 33%.
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Store expenses decreased by 1% (12% increase on a constant currency basis) and decreased by 3% (10% increase on a constant currency basis) on a same-store basis. The constant currency increase was primarily due to increased labor, in line with store activity and minimum wage increases, offset by a decrease in expenses related to our loyalty program.
Segment contribution increased $3.9 million, or 21% ($5.9 million, or 32%, on a constant currency basis), due to the changes noted above.
Other Investments
The following table presents selected financial data for our Other Investments segment after translation to U.S. dollars from its functional currency of primarily Australian dollars:
 
Six Months Ended March 31,
 Change
(in thousands) 2025 2024
Gross profit:
Consumer loan fees, interest and other $ —  $ 35  (100)%
Gross profit —  35  (100)%
Segment operating expenses:
Interest income (1,199) (1,206) (1)%
Equity in net income of unconsolidated affiliates (3,489) (2,872) 21%
Segment operating contribution 4,688  4,113  14%
Other segment loss —  15  (100)%
Segment contribution $ 4,688  $ 4,098  14%


Segment income was $4.7 million, an increase of $0.6 million from the prior-year six months ended March 31, 2024, primarily due to the increase in our share of equity in net income of Cash Converters.
Other Items
The following table reconciles our consolidated segment contribution discussed above to net income attributable to EZCORP, Inc., including items that affect our consolidated financial results but are not allocated among segments:
 
Six Months Ended March 31,
 Percentage Change
(in thousands) 2025 2024
Segment contribution $ 126,861  $ 110,561  15%
Corporate expenses (income):
General and administrative 38,309  34,809  10%
Depreciation and amortization 6,921  6,913  —%
Gain on sale or disposal of assets —  97  (100)%
Other income —  (765) (100)%
Interest expense 6,428  6,842  (6)%
Interest income (2,230) (3,287) (32)%
Equity in net loss of unconsolidated affiliates 509  —  100%
Other loss (income) 1,128  (404) *
Income before income taxes 75,796  66,356  14%
Income tax expense 19,390  16,407  18%
Net income $ 56,406  $ 49,949  13%
* Represents a percentage computation that is not mathematically meaningful.


Segment contribution increased $16.3 million or 15% over the prior year six months ended March 31, 2024, primarily due to improved operating results of the U.S. Pawn and Latin America Pawn segments above.
General and administrative expenses increased $3.5 million or 10%, primarily due to labor.
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Income tax expense increased $3.0 million, primarily due to an increase in income before income taxes of $9.4 million for the six months ended March 31, 2025 compared to the same prior year six month period as well as an increase in the effective tax rate due to an increase in non-deductible officer’s compensation and non-deductible expenses.
Income tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate. These items include the net effect of state taxes, non-deductible items and the foreign rate differential. See Annual Report on Form 10-K for the year ended September 30, 2024, Note 9: Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data” for quantification of these items.
Liquidity and Capital Resources
Cash and Cash Equivalents
Our cash and cash equivalents balance was $505.2 million at March 31, 2025 compared to $170.5 million at September 30, 2024. At March 31, 2025, our cash and equivalents were held in cash depository accounts with major banks or invested in high quality, short-term liquid investments.
Cash Flows
The table and discussion below presents a summary of the selected sources and uses of our cash:
 
Six Months Ended
March 31,
 Percentage
Change
(in thousands) 2025 2024
Net cash provided by operating activities $ 62,928  $ 36,548  72%
Net cash used in investing activities (14,781) (18,242) (19)%
Net cash provided by (used in) financing activities 286,456  (9,539) *
Effect of exchange rate changes on cash, cash equivalents and restricted cash 328  (43) *
Net increase in cash, cash equivalents and restricted cash $ 334,931  $ 8,724  *
* Represents a percentage computation that is not mathematically meaningful.

The $26.4 million increase in cash flows provided by operating activities year-over-year was primarily due to an increase in net income as well as changes in working capital primarily related to the timing of payments of accounts payable, prepaid expenses, customer layaway deposits, inventory and income taxes.
The $3.5 million decrease in cash flows used in investing activities year-over-year was primarily due to a $23.7 million decrease in net cash flows used related to investments, acquisitions and capital expenditures, a $10.0 million increase in cash inflows from the sale of forfeited collateral, partially offset by an $30.3 million increase in net pawn lending outflows.
The $296.0 million increase in cash flows provided by financing activities was primarily related to the March 2025 financing of the 2032 Senior Notes, in which we issued $300.0 million principal amount (less issuance costs) of 7.375% senior notes due 2032.
The net effect of these changes was a $334.9 million increase in cash on hand during the current year to date period, resulting in a $514.7 million ending cash and restricted cash balance.
Sources and Uses of Cash
In March 2025, we issued $300.0 million aggregate principal amount of the Company’s 7.375% senior notes due 2032 (the “2032 Senior Notes”), for which $300.0 million remains outstanding as of March 31, 2025. See Note 7 of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements” of this Report for further discussion. If the 2025 Convertible Notes holders do not convert, the Company expects to use approximately $103.4 million of the net proceeds from the offering of the Notes to repay its outstanding 2025 Convertible Notes at maturity and any excess proceeds for general corporate purposes.
On May 3, 2022, our Board authorized the repurchase of up to $50 million of our Class A Common Stock over three years. As of March 31, 2025, we have repurchased 3,178,147 shares of our Class A Common Stock under the program for $30.0 million. Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities.
Under the stock repurchase program, we may purchase Class A Non-Voting common stock from time to time at management’s discretion in accordance with applicable securities laws, including through open market transactions, block or privately negotiated transactions, or any combination thereof. In addition, we may purchase shares pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934.
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The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The Board of Directors has reserved the right to modify, suspend or terminate the program at any time. See Note 8 of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.”
We anticipate that cash flows from operations and cash on hand will be adequate to fund ongoing operations, current debt service requirements, tax payments, any future stock repurchases, strategic investments, our contractual obligations, planned de novo store growth, capital expenditures and working capital requirements through the next twelve months. We continue to explore acquisition opportunities, both large and small, and may choose to pursue additional debt, equity or equity-linked financings in the future should the need arise. Depending on the level of acquisition activity and other factors, our ability to repay our longer-term debt obligations, including the convertible debt maturing in May 2025 and 2029 and the 2032 Senior Notes maturing in April 2032, may require us to refinance these obligations through the issuance of new debt securities, equity securities, convertible securities or through new credit facilities.
Contractual Obligations
In “Part II, Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended September 30, 2024, we reported that we had $673.5 million in total contractual obligations as of September 30, 2024. There have been no material changes to this total obligation since September 30, 2024, other than the 2032 Senior Notes financing as further discussed in Note 7: Debt of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.”
We are responsible for the maintenance, property taxes and insurance at most of our locations. In the fiscal year ended September 30, 2024, these collectively amounted to $17.7 million.
Recently Adopted Accounting Policies and Recently Issued Accounting Pronouncements
See Note 1 of the Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements” of this Quarterly Report for recently issued accounting pronouncements including the expected dates of adoption and estimated effects, if any, on our consolidated financial statements.
Cautionary Statement Regarding Risks and Uncertainties that May Affect Future Results
This Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend that all forward-looking statements be subject to the safe harbors created by these laws. All statements, other than statements of historical facts, regarding our strategy, future operations, financial position, future revenues, projected costs, prospects, plans and objectives are forward-looking statements. These statements are often, but not always, made with words or phrases like “may,” “should,” “could,” “will,” “predict,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “projection” and similar expressions. Such statements are only predictions of the outcome and timing of future events based on our current expectations and currently available information and, accordingly, are subject to substantial risks, uncertainties and assumptions. Actual results could differ materially from those expressed in the forward-looking statements due to a number of risks and uncertainties, many of which are beyond our control. In addition, we cannot predict all of the risks and uncertainties that could cause our actual results to differ from those expressed in the forward-looking statements. Accordingly, you should not regard any forward-looking statements as a representation that the expected results will be achieved. Important risk factors that could cause results or events to differ from current expectations are identified and described in “Part I, Item 1A — Risk Factors” of our Annual Report on Form 10-K for the year ended September 30, 2024 and “Part II, Item 1A — Risk Factors” of this Report.
We specifically disclaim any responsibility to publicly update any information contained in a forward-looking statement except as required by law. All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risks relating to our operations result primarily from changes in interest rates, gold values and foreign currency exchange rates, and are described in detail in “Part II, Item 7A — Quantitative and Qualitative Disclosures about Market Risk” of our Annual Report on Form 10-K for the year ended September 30, 2024. There have been no material changes in our reported market risks or risk management policies since the filing of our Annual Report on Form 10-K for the year ended September 30, 2024.
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ITEM 4. CONTROLS AND PROCEDURES
This report includes the certifications of our Chief Executive Officer and Chief Financial Officer required by Rule 13a-14 of the Securities Exchange Act of 1934 (the “Exchange Act”). See Exhibits 31.1 and 31.2. This Item 4 includes information concerning the controls and control evaluations referred to in those certifications.
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are designed to ensure that information required to be disclosed in the reports we file or submit under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.
Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2025. Our principal executive officer and principal financial officer have concluded that as of March 31, 2025, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms and that such information is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Internal Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls or our internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with associated policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
See Note 9: Commitments And Contingencies of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.”
ITEM 1A. RISK FACTORS
Important risk factors that could affect our operations and financial performance, or that could cause results or events to differ from current expectations, are described in “Part I, Item 1A — Risk Factors” of our Annual Report on Form 10-K for the year ended September 30, 2024, as supplemented by the information set forth below.

Our incurrence of debt in the form of the 2032 Senior Notes could have a material adverse effect on our financial condition and results of operations
In March 2025, we incurred debt in the aggregate principal amount of $300.0 million in the form of the 2032 Senior Notes. See Note 7 of Notes to Condensed Consolidated Financial Statements included in "Part I, Item 1 — Financial Statements" of this Report. The indebtedness could increase the cost of future financing or otherwise limit our ability to obtain financing, including the refinancing of existing debt. The application of cash flow to repayment of our indebtedness could restrict funds available for other uses, including working capital, growth, and other general corporate purposes, which could adversely affect our financial condition and results of operations.

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ITEM 2. Unregistered Sale of Equity Security and Use of Proceeds
The table below provides certain information about our repurchase of shares of Class A Non-voting Common Stock during the quarter ended March 31, 2025.

Share Repurchases
Total Number of Shares Purchased (1)
 Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Programs
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Programs (1)
(in thousands, except number of shares and average price information)
January 1, 2025 through January 31, 2025 82,136  $ 12.15  82,136  $ 20,026 
February 1, 2025 through February 28, 2025 —  $ —  —  $ 20,026 
March 1, 2025 through March 31, 2025 —  $ —  —  $ 20,026 
Quarter ended March 31, 2025 82,136  $ 12.15  82,136 $ 20,026 
(1) On May 3, 2022, the Board of Directors approved a share repurchase program, under which we are authorized to repurchase up to $50 million of our Class A Non-Voting common shares over a three-year period. All repurchases under this program were in open market transactions at prevailing market prices and were executed pursuant to a trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934. Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities.
ITEM 5. Other Information
Insider Trading Arrangements
No Director or Executive Officer adopted, modified or terminated any contract, instruction, written plan or other trading arrangement relating to the purchase or sale of Company securities during the fiscal quarter ended March 31, 2025.
ITEM 6. EXHIBITS
The following exhibits are filed with, or incorporated by reference into, this report.
Incorporated by Reference Filed Herewith
Exhibit Description of Exhibit Form File No. Exhibit Filing Date
4.1 8-K 0-19424 4.1 March 28, 2025
31.1 x
31.2 x
32.1† x
101.INS Inline XBRL Instance Document (the instance document does not appear in the interactive data files because the XBRL tags are embedded within the Inline XBRL document)
101.SCH Inline XBRL Taxonomy Extension Schema Document x
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document x
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document x
101.LAB Inline XBRL Taxonomy Extension Labels Linkbase Document x
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document x
104 Cover Page Interactive Data File in Inline XBRL format (contained in Exhibit 101)
___________________________
† The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.
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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 thereunto duly authorized.
EZCORP, INC.
Date: April 28, 2025 /s/ Timothy K. Jugmans
Timothy K. Jugmans,
Chief Financial Officer
37
EX-31.1 2 a2025-q210xqex311.htm EX-31.1 Document

Exhibit 31.1

Certification of Lachlan P. Given, Chief Executive Officer,
pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934,
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


I, Lachlan P. Given, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of EZCORP, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 28, 2025

  /s/ Lachlan P. Given
  Lachlan P. Given
  Chief Executive Officer



EX-31.2 3 a2025-q210xqex312.htm EX-31.2 Document

Exhibit 31.2

Certification of Timothy K. Jugmans, Chief Financial Officer,
pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934,
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


I, Timothy K. Jugmans, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of EZCORP, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 28, 2025

  /s/ Timothy K. Jugmans
  Timothy K. Jugmans
  Chief Financial Officer


EX-32.1 4 a2025-q210xqex321.htm EX-32.1 Document

Exhibit 32.1

Certification of Lachlan P. Given, Chief Executive Officer, and Timothy K. Jugmans, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned officers of EZCORP, Inc. hereby certify that (a) EZCORP’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as filed with the Securities and Exchange Commission, fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934, as amended, and (b) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of EZCORP.


Date: April 28, 2025
/s/ Lachlan P. Given
Lachlan P. Given
Chief Executive Officer

 Date: April 28, 2025
/s/ Timothy K. Jugmans
  Timothy K. Jugmans
  Chief Financial Officer