EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its fiscal fourth quarter and full year ended September 30, 2021.
All amounts in this release are in conformity with U.S. generally accepted accounting principles ("GAAP") unless otherwise noted. Comparisons shown in this release are to the same period in the prior year unless otherwise noted.
FOURTH QUARTER HIGHLIGHTS
CEO COMMENTARY AND OUTLOOK
Chief Executive Officer Jason Kulas stated, "I am pleased with our results in the fourth quarter and for the fiscal year, and am proud the team has executed on the strategy we put in place at the end of fiscal 2020. We are improving the customer experience, embracing technological improvements, and have launched our new loyalty program which will be rolled out in the majority of stores by the end of the calendar year. Our key financial metrics continue to improve sequentially due to the initiatives that we have taken throughout the year. We credit our team members who have embraced the renewed emphasis on culture and serving our customers while focusing on innovative ways to improve the core pawn business, grow PLO and increase margins.
"We are seeing strong signs of recovery from the pandemic and stimulus impact in the U.S., with Latin America slightly lagging due to the concerns over the Delta variant.
"The integration of the 139 stores we acquired this year is going well, and our current acquisition pipeline remains robust. In addition, we recently invested in a company that gives us increased geographical diversification by having interests in pawn stores in the Caribbean.
"As we continue to grow our footprint outside of the US, I am delighted to announce the recent promotion of Blair Powell to President of Global Pawn with management responsibility for all of our pawn operations worldwide. Blair has over 30 years of experience in the industry and has been serving as President of US Pawn for the past year. I am confident that this more streamlined global structure will enhance the in-store experience, optimize expenses and further drive profitability.
"Looking ahead toward fiscal 2022, we remain committed to maintaining operating excellence, a strong balance sheet and cost discipline while pursuing sustainable growth. Our customers and team members are critical to our success. We strive to be our customers' first and best choice for their short-term cash needs and for affordable pre-owned and recycled goods. Enhanced training and diversity and inclusion programs are in place to help develop team members and improve productivity and retention. We are appreciative of our team members' excellent execution and passion for pawn, and we are enthusiastic about the year ahead."
CONSOLIDATED RESULTS
Three Months Ended September 30 |
As Reported |
|
Adjusted1 |
||||||||||||
in millions, except per share amounts |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Total Revenues |
$ |
192.4 |
|
|
$ |
166.8 |
|
|
$ |
188.7 |
|
|
$ |
166.8 |
|
Net Revenues |
$ |
119.3 |
|
|
$ |
89.6 |
|
|
$ |
117.2 |
|
|
$ |
89.6 |
|
Income (Loss), Before Tax |
$ |
4.5 |
|
|
$ |
(28.7 |
) |
|
$ |
9.0 |
|
|
$ |
3.3 |
|
Net Income (Loss) |
$ |
1.6 |
|
|
$ |
(23.3 |
) |
|
$ |
6.0 |
|
|
$ |
4.2 |
|
Diluted Earnings (Loss) Per Share |
$ |
0.03 |
|
|
$ |
(0.42 |
) |
|
$ |
0.11 |
|
|
$ |
0.08 |
|
EBITDA |
$ |
17.2 |
|
|
$ |
(16.0 |
) |
|
$ |
18.1 |
|
|
$ |
12.3 |
|
Twelve Months Ended September 30 |
As Reported |
|
Adjusted1 |
||||||||||||
in millions, except per share amounts |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Total Revenues |
$ |
729.6 |
|
|
$ |
822.8 |
|
|
$ |
724.1 |
|
|
$ |
822.8 |
|
Net Revenues |
$ |
449.5 |
|
|
$ |
449.2 |
|
|
$ |
446.3 |
|
|
$ |
451.5 |
|
Income (Loss), Before Tax |
$ |
16.1 |
|
|
$ |
(70.1 |
) |
|
$ |
31.1 |
|
|
$ |
29.4 |
|
Net Income (Loss) |
$ |
8.6 |
|
|
$ |
(68.5 |
) |
|
$ |
21.0 |
|
|
$ |
21.6 |
|
Diluted Earnings (Loss) Per Share |
$ |
0.15 |
|
|
$ |
(1.24 |
) |
|
$ |
0.38 |
|
|
$ |
0.39 |
|
EBITDA |
$ |
66.4 |
|
|
$ |
(20.0 |
) |
|
$ |
67.5 |
|
|
$ |
66.3 |
|
SEGMENT RESULTS
U.S. Pawn
Latin America Pawn
FORM 10-K
EZCORP's Annual Report on Form 10-K for fiscal 2021 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company's website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.
CONFERENCE CALL
EZCORP will host a conference call on Thursday, November 18, 2021, at 7:00 am Central Time to discuss Fourth Quarter and Full Year Fiscal 2021 results. Analysts and institutional investors may participate on the conference call by dialing (833) 579-0921, Conference ID: 1962857, or internationally by dialing (778) 560-2579. The conference call will be webcast simultaneously to the public through this link: http://investors.ezcorp.com/. A replay of the conference call will be available online at http://investors.ezcorp.com/ shortly after the end of the call.
ABOUT EZCORP
Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell merchandise, primarily collateral forfeited from pawn lending operations and pre-owned and recycled merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the Russell 2000 Index, S&P 1000 Index and Nasdaq Composite Index.
Follow us on social media:
Facebook EZPAWN Official https://www.facebook.com/EZPAWN/
EZCORP Instagram Official https://www.instagram.com/ezcorp_official/
EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/
EZCORP Linked In https://www.linkedin.com/company/ezcorp/
FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements regarding the company's strategy, initiatives and expected performance. These statements are based on the Company's current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the company's strategy, initiatives and future performance, that address activities or results that the company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company's business and prospects, see the Company's annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
1"Adjusted" basis, which is a non-GAAP measure, excludes certain items. "Constant currency" basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. "Free cash flow," which is a non-GAAP measure, includes certain adjustments to cash flow from operating activities.
For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see "Non-GAAP Financial Information" at the end of this release.
EZCORP, Inc. |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
(in thousands, except per share amounts) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
(Unaudited) |
|
|
|
|
||||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Merchandise sales |
$ |
111,982 |
|
|
$ |
105,118 |
|
|
$ |
442,798 |
|
|
$ |
498,213 |
|
Jewelry scrapping sales |
7,518 |
|
|
6,244 |
|
|
26,025 |
|
|
47,953 |
|
||||
Pawn service charges |
72,840 |
|
|
55,231 |
|
|
260,196 |
|
|
272,638 |
|
||||
Other revenues |
104 |
|
|
246 |
|
|
532 |
|
|
3,973 |
|
||||
Total revenues |
192,444 |
|
|
166,839 |
|
|
729,551 |
|
|
822,777 |
|
||||
Merchandise cost of goods sold |
66,346 |
|
|
72,770 |
|
|
257,218 |
|
|
334,481 |
|
||||
Jewelry scrapping cost of goods sold |
6,772 |
|
|
4,512 |
|
|
22,848 |
|
|
38,041 |
|
||||
Other cost of revenues |
? |
|
|
(39 |
) |
|
? |
|
|
1,054 |
|
||||
Net revenues |
119,326 |
|
|
89,596 |
|
|
449,485 |
|
|
449,201 |
|
||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Store expenses |
88,576 |
|
|
77,506 |
|
|
330,837 |
|
|
336,770 |
|
||||
General and administrative |
15,625 |
|
|
3,778 |
|
|
56,495 |
|
|
54,133 |
|
||||
Impairment of goodwill, intangible and other assets |
? |
|
|
7,606 |
|
|
? |
|
|
54,666 |
|
||||
Depreciation and amortization |
7,592 |
|
|
7,653 |
|
|
30,672 |
|
|
30,827 |
|
||||
(Gain) loss on sale or disposal of assets and other |
(7 |
) |
|
(459 |
) |
|
83 |
|
|
801 |
|
||||
Other charges |
(268 |
) |
|
20,388 |
|
|
229 |
|
|
20,388 |
|
||||
Total operating expenses |
111,518 |
|
|
116,472 |
|
|
418,316 |
|
|
497,585 |
|
||||
Operating income (loss) |
7,808 |
|
|
(26,876 |
) |
|
31,169 |
|
|
(48,384 |
) |
||||
Interest expense |
5,635 |
|
|
5,883 |
|
|
22,177 |
|
|
22,472 |
|
||||
Interest income |
(559 |
) |
|
(761 |
) |
|
(2,477 |
) |
|
(3,173 |
) |
||||
Equity in net (income) loss of unconsolidated affiliates |
(1,394 |
) |
|
(3,467 |
) |
|
(3,803 |
) |
|
2,429 |
|
||||
Other (income) expense |
(401 |
) |
|
198 |
|
|
(790 |
) |
|
(17 |
) |
||||
Income (loss) before income taxes |
4,527 |
|
|
(28,729 |
) |
|
16,062 |
|
|
(70,095 |
) |
||||
Income tax expense (benefit) |
2,974 |
|
|
(5,389 |
) |
|
7,450 |
|
|
(1,632 |
) |
||||
Net income (loss) |
$ |
1,553 |
|
|
$ |
(23,340 |
) |
|
$ |
8,612 |
|
|
$ |
(68,463 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share |
$ |
0.03 |
|
|
$ |
(0.42 |
) |
|
$ |
0.15 |
|
|
$ |
(1.24 |
) |
Diluted earnings (loss) per share |
$ |
0.03 |
|
|
$ |
(0.42 |
) |
|
$ |
0.15 |
|
|
$ |
(1.24 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average basic shares outstanding |
56,057 |
|
|
55,070 |
|
|
55,744 |
|
|
55,313 |
|
||||
Weighted-average diluted shares outstanding |
56,441 |
|
|
55,070 |
|
|
55,949 |
|
|
55,313 |
|
||||
|
|
|
|
|
|
|
|
EZCORP, Inc. |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands, except share and per share amounts) |
September 30,
|
|
September 30,
|
||||
|
|
||||||
Assets: |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
253,667 |
|
|
$ |
304,542 |
|
Restricted cash |
9,957 |
|
|
8,011 |
|
||
Pawn loans |
175,901 |
|
|
131,323 |
|
||
Pawn service charges receivable, net |
29,337 |
|
|
20,580 |
|
||
Inventory, net |
110,989 |
|
|
95,891 |
|
||
Notes receivable, net |
? |
|
|
? |
|
||
Prepaid expenses and other current assets |
31,010 |
|
|
32,903 |
|
||
Total current assets |
610,861 |
|
|
593,250 |
|
||
Investments in unconsolidated affiliates |
37,724 |
|
|
32,458 |
|
||
Property and equipment, net |
53,811 |
|
|
56,986 |
|
||
Right-of-use asset, net |
200,990 |
|
|
183,809 |
|
||
Goodwill |
285,758 |
|
|
257,582 |
|
||
Intangible assets, net |
62,104 |
|
|
58,638 |
|
||
Notes receivable, net |
1,181 |
|
|
1,148 |
|
||
Deferred tax asset, net |
9,746 |
|
|
8,931 |
|
||
Other assets |
4,736 |
|
|
4,221 |
|
||
Total assets |
$ |
1,266,911 |
|
|
$ |
1,197,023 |
|
|
|
|
|
||||
Liabilities and equity: |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current maturities of long-term debt, net |
$ |
? |
|
|
$ |
213 |
|
Accounts payable, accrued expenses and other current liabilities |
90,268 |
|
|
71,504 |
|
||
Customer layaway deposits |
12,557 |
|
|
11,008 |
|
||
Lease liability |
52,263 |
|
|
49,742 |
|
||
Total current liabilities |
155,088 |
|
|
132,467 |
|
||
Long-term debt, net |
264,186 |
|
|
251,016 |
|
||
Deferred tax liability, net |
3,684 |
|
|
524 |
|
||
Lease liability |
161,330 |
|
|
153,040 |
|
||
Other long-term liabilities |
10,385 |
|
|
10,849 |
|
||
Total liabilities |
594,673 |
|
|
547,896 |
|
||
Commitments and contingencies (Note 13) |
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100 million; 53,086,438 issued and outstanding as of September 30, 2021; and issued and outstanding of 52,332,848 as of September 30, 2020 |
530 |
|
|
521 |
|
||
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 as of September 30, 2021 and 2020 |
30 |
|
|
30 |
|
||
Additional paid-in capital |
403,312 |
|
|
398,475 |
|
||
Retained earnings |
326,781 |
|
|
318,169 |
|
||
Accumulated other comprehensive loss |
(58,415 |
) |
|
(68,068 |
) |
||
Total equity |
672,238 |
|
|
649,127 |
|
||
Total liabilities and equity |
$ |
1,266,911 |
|
|
$ |
1,197,023 |
|
EZCORP, Inc. |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
Twelve Months Ended
|
||||||
(in thousands) |
2021 |
|
2020 |
||||
|
|
||||||
Operating activities: |
|
|
|
||||
Net income (loss) |
$ |
8,612 |
|
|
$ |
(68,463 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
30,672 |
|
|
30,827 |
|
||
Amortization of debt discount and deferred financing costs |
13,797 |
|
|
13,200 |
|
||
Amortization of right-of-use asset |
48,480 |
|
|
45,649 |
|
||
Accretion of notes receivable discount and deferred compensation fee |
? |
|
|
(821 |
) |
||
Deferred income taxes |
3,283 |
|
|
(8,393 |
) |
||
Impairment of goodwill, intangibles and other assets |
? |
|
|
54,666 |
|
||
Other adjustments |
(185 |
) |
|
1,652 |
|
||
Provision for inventory reserve |
(8,003 |
) |
|
2,577 |
|
||
Stock compensation expense |
3,946 |
|
|
(5,094 |
) |
||
Equity in net (income) loss from investment in unconsolidated affiliates |
(3,803 |
) |
|
2,429 |
|
||
Changes in operating assets and liabilities, net of business acquisitions: |
|
|
|
||||
Service charges and fees receivable |
(7,332 |
) |
|
11,021 |
|
||
Inventory |
371 |
|
|
14,466 |
|
||
Prepaid expenses, other current assets and other assets |
7,373 |
|
|
(875 |
) |
||
Accounts payable, accrued expenses and other liabilities |
(54,209 |
) |
|
(37,401 |
) |
||
Customer layaway deposits |
1,256 |
|
|
(1,647 |
) |
||
Income taxes |
2,180 |
|
|
(4,715 |
) |
||
Net cash provided by operating activities |
46,438 |
|
|
49,078 |
|
||
Investing activities: |
|
|
|
||||
Loans made |
(601,638 |
) |
|
(568,368 |
) |
||
Loans repaid |
351,092 |
|
|
394,469 |
|
||
Recovery of pawn loan principal through sale of forfeited collateral |
208,551 |
|
|
304,323 |
|
||
Capital expenditures, net |
(23,601 |
) |
|
(28,526 |
) |
||
Acquisitions, net of cash acquired |
(19,015 |
) |
|
? |
|
||
Principal collections on notes receivable |
? |
|
|
8,000 |
|
||
Net cash (used in) provided by investing activities |
(84,611 |
) |
|
109,898 |
|
||
Financing activities: |
|
|
|
||||
Taxes paid related to net share settlement of equity awards |
(839 |
) |
|
(1,459 |
) |
||
Payout of deferred consideration |
? |
|
|
(350 |
) |
||
Proceeds from borrowings, net of issuance costs |
? |
|
|
912 |
|
||
Payments on assumed debt and other borrowings |
(15,414 |
) |
|
(198 |
) |
||
Repurchase of common stock |
? |
|
|
(5,158 |
) |
||
Net cash used in financing activities |
(16,253 |
) |
|
(6,253 |
) |
||
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
5,497 |
|
|
(2,612 |
) |
||
Net (decrease) increase in cash and cash equivalents and restricted cash |
(48,929 |
) |
|
150,111 |
|
||
Cash and cash equivalents and restricted cash at beginning of period |
312,553 |
|
|
162,442 |
|
||
Cash and cash equivalents and restricted cash at end of period |
$ |
263,624 |
|
|
$ |
312,553 |
|
|
|
|
|
||||
Supplemental disclosure of cash flow information |
|
|
|
||||
Cash and cash equivalents |
$ |
253,667 |
|
|
$ |
304,542 |
|
Restricted cash |
9,957 |
|
|
8,011 |
|
||
Total cash and cash equivalents and restricted cash |
$ |
263,624 |
|
|
$ |
312,553 |
|
|
|
|
|
||||
Cash paid during the period for interest |
$ |
8,230 |
|
|
$ |
8,489 |
|
Cash paid during the period for income taxes, net |
3,696 |
|
|
9,753 |
|
||
|
|
|
|
||||
Non-cash investing and financing activities: |
|
|
|
||||
Pawn loans forfeited and transferred to inventory |
$ |
212,756 |
|
|
$ |
241,252 |
|
Transfer of consideration for current period acquisition |
1,545 |
|
|
? |
|
||
Acquisition earn-out contingency |
4,608 |
|
|
? |
|
||
Accrued acquisition consideration held as restricted cash |
1,986 |
|
|
? |
|
EZCORP, Inc. |
|||||||||||||||||||||||
OPERATING SEGMENT RESULTS |
|||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||
|
Three Months Ended September 30, 2021 |
||||||||||||||||||||||
(in thousands) |
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Total
|
|
Corporate
|
|
Consolidated |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchandise sales |
$ |
80,950 |
|
|
$ |
31,032 |
|
|
$ |
? |
|
|
$ |
111,982 |
|
|
$ |
? |
|
|
$ |
111,982 |
|
Jewelry scrapping sales |
5,767 |
|
|
1,751 |
|
|
? |
|
|
7,518 |
|
|
? |
|
|
7,518 |
|
||||||
Pawn service charges |
52,885 |
|
|
19,955 |
|
|
? |
|
|
72,840 |
|
|
? |
|
|
72,840 |
|
||||||
Other revenues |
22 |
|
|
? |
|
|
82 |
|
|
104 |
|
|
? |
|
|
104 |
|
||||||
Total revenues |
139,624 |
|
|
52,738 |
|
|
82 |
|
|
192,444 |
|
|
? |
|
|
192,444 |
|
||||||
Merchandise cost of goods sold |
45,858 |
|
|
20,488 |
|
|
? |
|
|
66,346 |
|
|
? |
|
|
66,346 |
|
||||||
Jewelry scrapping cost of goods sold |
5,130 |
|
|
1,642 |
|
|
? |
|
|
6,772 |
|
|
? |
|
|
6,772 |
|
||||||
Net revenues |
88,636 |
|
|
30,608 |
|
|
82 |
|
|
119,326 |
|
|
? |
|
|
119,326 |
|
||||||
Segment and corporate expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Store expenses |
65,088 |
|
|
23,488 |
|
|
? |
|
|
88,576 |
|
|
? |
|
|
88,576 |
|
||||||
General and administrative |
? |
|
|
? |
|
|
? |
|
|
? |
|
|
15,625 |
|
|
15,625 |
|
||||||
Depreciation and amortization |
2,678 |
|
|
1,912 |
|
|
? |
|
|
4,590 |
|
|
3,002 |
|
|
7,592 |
|
||||||
Gain on sale or disposal of assets and other |
? |
|
|
(6 |
) |
|
? |
|
|
(6 |
) |
|
(1 |
) |
|
(7 |
) |
||||||
Other charges |
? |
|
|
(268 |
) |
|
? |
|
|
(268 |
) |
|
? |
|
|
(268 |
) |
||||||
Interest expense |
? |
|
|
? |
|
|
? |
|
|
? |
|
|
5,635 |
|
|
5,635 |
|
||||||
Interest income |
? |
|
|
(197 |
) |
|
? |
|
|
(197 |
) |
|
(362 |
) |
|
(559 |
) |
||||||
Equity in net income of unconsolidated affiliates |
? |
|
|
? |
|
|
(1,394 |
) |
|
(1,394 |
) |
|
? |
|
|
(1,394 |
) |
||||||
Other (income) expense |
? |
|
|
(465 |
) |
|
10 |
|
|
(455 |
) |
|
54 |
|
|
(401 |
) |
||||||
Segment contribution |
$ |
20,870 |
|
|
$ |
6,144 |
|
|
$ |
1,466 |
|
|
$ |
28,480 |
|
|
|
|
|
||||
Income (loss) before income taxes |
|
|
|
|
|
|
$ |
28,480 |
|
|
$ |
(23,953 |
) |
|
$ |
4,527 |
|
|
Three Months Ended September 30, 2020 |
||||||||||||||||||||||
(in thousands) |
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Total
|
|
Corporate
|
|
Consolidated |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchandise sales |
$ |
77,862 |
|
|
$ |
27,256 |
|
|
$ |
? |
|
|
$ |
105,118 |
|
|
$ |
? |
|
|
$ |
105,118 |
|
Jewelry scrapping sales |
3,786 |
|
|
2,458 |
|
|
? |
|
|
6,244 |
|
|
? |
|
|
6,244 |
|
||||||
Pawn service charges |
43,222 |
|
|
12,009 |
|
|
? |
|
|
55,231 |
|
|
? |
|
|
55,231 |
|
||||||
Other revenues |
43 |
|
|
(50 |
) |
|
253 |
|
|
246 |
|
|
? |
|
|
246 |
|
||||||
Total revenues |
124,913 |
|
|
41,673 |
|
|
253 |
|
|
166,839 |
|
|
? |
|
|
166,839 |
|
||||||
Merchandise cost of goods sold |
49,056 |
|
|
23,714 |
|
|
? |
|
|
72,770 |
|
|
? |
|
|
72,770 |
|
||||||
Jewelry scrapping cost of goods sold |
2,634 |
|
|
1,878 |
|
|
? |
|
|
4,512 |
|
|
? |
|
|
4,512 |
|
||||||
Other cost of revenues |
? |
|
|
32 |
|
|
(71 |
) |
|
(39 |
) |
|
? |
|
|
(39 |
) |
||||||
Net revenues |
73,223 |
|
|
16,049 |
|
|
324 |
|
|
89,596 |
|
|
? |
|
|
89,596 |
|
||||||
Segment and corporate expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Store expenses |
59,687 |
|
|
16,423 |
|
|
1,396 |
|
|
77,506 |
|
|
? |
|
|
77,506 |
|
||||||
General and administrative |
? |
|
|
? |
|
|
? |
|
|
? |
|
|
3,778 |
|
|
3,778 |
|
||||||
Impairment of goodwill, intangible and other assets |
? |
|
|
2 |
|
|
25 |
|
|
27 |
|
|
7,579 |
|
|
7,606 |
|
||||||
Depreciation and amortization |
2,705 |
|
|
1,839 |
|
|
8 |
|
|
4,552 |
|
|
3,101 |
|
|
7,653 |
|
||||||
Loss (gain) on sale or disposal of assets and other |
151 |
|
|
? |
|
|
? |
|
|
151 |
|
|
(610 |
) |
|
(459 |
) |
||||||
Other Charges |
3,106 |
|
|
1,715 |
|
|
3,802 |
|
|
8,623 |
|
|
11,765 |
|
|
20,388 |
|
||||||
Interest expense |
? |
|
|
255 |
|
|
85 |
|
|
340 |
|
|
5,543 |
|
|
5,883 |
|
||||||
Interest income |
? |
|
|
(425 |
) |
|
? |
|
|
(425 |
) |
|
(336 |
) |
|
(761 |
) |
||||||
Equity in net income of unconsolidated affiliates |
? |
|
|
? |
|
|
(3,467 |
) |
|
(3,467 |
) |
|
? |
|
|
(3,467 |
) |
||||||
Other expense (income) |
? |
|
|
147 |
|
|
(8 |
) |
|
139 |
|
|
59 |
|
|
198 |
|
||||||
Segment contribution (loss) |
$ |
7,574 |
|
|
$ |
(3,907 |
) |
|
$ |
(1,517 |
) |
|
$ |
2,150 |
|
|
|
|
|
||||
Income (loss) before income taxes |
|
|
|
|
|
|
$ |
2,150 |
|
|
$ |
(30,879 |
) |
|
$ |
(28,729 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended September 30, 2021 |
||||||||||||||||||||||
(in thousands) |
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Total
|
|
Corporate
|
|
Consolidated |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchandise sales |
$ |
341,495 |
|
|
$ |
101,303 |
|
|
$ |
? |
|
|
$ |
442,798 |
|
|
$ |
? |
|
|
$ |
442,798 |
|
Jewelry scrapping sales |
15,260 |
|
|
10,765 |
|
|
? |
|
|
26,025 |
|
|
? |
|
|
26,025 |
|
||||||
Pawn service charges |
196,721 |
|
|
63,475 |
|
|
? |
|
|
260,196 |
|
|
? |
|
|
260,196 |
|
||||||
Other revenues |
105 |
|
|
7 |
|
|
420 |
|
|
532 |
|
|
? |
|
|
532 |
|
||||||
Total revenues |
553,581 |
|
|
175,550 |
|
|
420 |
|
|
729,551 |
|
|
? |
|
|
729,551 |
|
||||||
Merchandise cost of goods sold |
191,039 |
|
|
66,179 |
|
|
? |
|
|
257,218 |
|
|
? |
|
|
257,218 |
|
||||||
Jewelry scrapping cost of goods sold |
13,001 |
|
|
9,847 |
|
|
? |
|
|
22,848 |
|
|
? |
|
|
22,848 |
|
||||||
Net revenues |
349,541 |
|
|
99,524 |
|
|
420 |
|
|
449,485 |
|
|
? |
|
|
449,485 |
|
||||||
Segment and corporate expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Store expenses |
253,344 |
|
|
77,493 |
|
|
? |
|
|
330,837 |
|
|
? |
|
|
330,837 |
|
||||||
General and administrative |
? |
|
|
? |
|
|
? |
|
|
? |
|
|
56,495 |
|
|
56,495 |
|
||||||
Depreciation and amortization |
10,650 |
|
|
7,371 |
|
|
? |
|
|
18,021 |
|
|
12,651 |
|
|
30,672 |
|
||||||
Loss (gain) on sale or disposal of assets and other |
27 |
|
|
(6 |
) |
|
? |
|
|
21 |
|
|
62 |
|
|
83 |
|
||||||
Other charges |
? |
|
|
229 |
|
|
? |
|
|
229 |
|
|
? |
|
|
229 |
|
||||||
Interest expense |
? |
|
|
? |
|
|
? |
|
|
? |
|
|
22,177 |
|
|
22,177 |
|
||||||
Interest income |
? |
|
|
(2,016 |
) |
|
? |
|
|
(2,016 |
) |
|
(461 |
) |
|
(2,477 |
) |
||||||
Equity in net income of unconsolidated affiliates |
? |
|
|
? |
|
|
(3,803 |
) |
|
(3,803 |
) |
|
? |
|
|
(3,803 |
) |
||||||
Other (income) expense |
? |
|
|
(840 |
) |
|
(173 |
) |
|
(1,013 |
) |
|
223 |
|
|
(790 |
) |
||||||
Segment contribution |
$ |
85,520 |
|
|
$ |
17,293 |
|
|
$ |
4,396 |
|
|
$ |
107,209 |
|
|
|
|
|
||||
Income (loss) before income taxes |
|
|
|
|
|
|
$ |
107,209 |
|
|
$ |
(91,147 |
) |
|
$ |
16,062 |
|
|
Twelve Months Ended September 30, 2020 |
||||||||||||||||||||||
(in thousands) |
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Total
|
|
Corporate
|
|
Consolidated |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchandise sales |
$ |
391,921 |
|
|
$ |
106,292 |
|
|
$ |
? |
|
|
$ |
498,213 |
|
|
$ |
? |
|
|
$ |
498,213 |
|
Jewelry scrapping sales |
36,691 |
|
|
11,262 |
|
|
? |
|
|
47,953 |
|
|
? |
|
|
47,953 |
|
||||||
Pawn service charges |
210,081 |
|
|
62,557 |
|
|
? |
|
|
272,638 |
|
|
? |
|
|
272,638 |
|
||||||
Other revenues |
150 |
|
|
? |
|
|
3,823 |
|
|
3,973 |
|
|
? |
|
|
3,973 |
|
||||||
Total revenues |
638,843 |
|
|
180,111 |
|
|
3,823 |
|
|
822,777 |
|
|
? |
|
|
822,777 |
|
||||||
Merchandise cost of goods sold |
251,544 |
|
|
82,937 |
|
|
? |
|
|
334,481 |
|
|
? |
|
|
334,481 |
|
||||||
Jewelry scrapping cost of goods sold |
28,064 |
|
|
9,977 |
|
|
? |
|
|
38,041 |
|
|
? |
|
|
38,041 |
|
||||||
Other cost of revenues |
? |
|
|
101 |
|
|
953 |
|
|
1,054 |
|
|
? |
|
|
1,054 |
|
||||||
Net revenues |
359,235 |
|
|
87,096 |
|
|
2,870 |
|
|
449,201 |
|
|
? |
|
|
449,201 |
|
||||||
Segment and corporate expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Store expenses |
261,608 |
|
|
69,916 |
|
|
5,246 |
|
|
336,770 |
|
|
? |
|
|
336,770 |
|
||||||
General and administrative |
? |
|
|
? |
|
|
? |
|
|
? |
|
|
54,133 |
|
|
54,133 |
|
||||||
Impairment of goodwill, intangible and other assets |
10,000 |
|
|
35,938 |
|
|
1,149 |
|
|
47,087 |
|
|
7,579 |
|
|
54,666 |
|
||||||
Depreciation and amortization |
11,030 |
|
|
7,315 |
|
|
68 |
|
|
18,413 |
|
|
12,414 |
|
|
30,827 |
|
||||||
Loss (gain) on sale or disposal of assets and other |
385 |
|
|
(72 |
) |
|
(20 |
) |
|
293 |
|
|
508 |
|
|
801 |
|
||||||
Other Charges |
3,106 |
|
|
1,715 |
|
|
3,802 |
|
|
8,623 |
|
|
11,765 |
|
|
20,388 |
|
||||||
Interest expense |
? |
|
|
685 |
|
|
549 |
|
|
1,234 |
|
|
21,238 |
|
|
22,472 |
|
||||||
Interest income |
? |
|
|
(1,586 |
) |
|
? |
|
|
(1,586 |
) |
|
(1,587 |
) |
|
(3,173 |
) |
||||||
Equity in net loss of unconsolidated affiliates |
? |
|
|
? |
|
|
2,429 |
|
|
2,429 |
|
|
? |
|
|
2,429 |
|
||||||
Other (income) expense |
? |
|
|
(156 |
) |
|
6 |
|
|
(150 |
) |
|
133 |
|
|
(17 |
) |
||||||
Segment contribution (loss) |
$ |
73,106 |
|
|
$ |
(26,659 |
) |
|
$ |
(10,359 |
) |
|
$ |
36,088 |
|
|
|
|
|
||||
Income (loss) before income taxes |
|
|
|
|
|
|
$ |
36,088 |
|
|
$ |
(106,183 |
) |
|
$ |
(70,095 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
EZCORP, Inc. |
||||||||
STORE COUNT ACTIVITY |
||||||||
(Unaudited) |
||||||||
|
Three Months Ended September 30, 2021 |
|||||||
|
U.S. Pawn |
|
Latin America
|
|
Consolidated |
|||
|
|
|
|
|
|
|||
As of June 30, 2021 |
516 |
|
|
627 |
|
|
1,143 |
|
New locations opened |
? |
|
|
5 |
|
|
5 |
|
As of September 30, 2021 |
516 |
|
|
632 |
|
|
1,148 |
|
|
Three Months Ended September 30, 2020 |
||||||||||
|
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Consolidated |
||||
|
|
|
|
|
|
|
|
||||
As of June 30, 2020 |
511 |
|
|
496 |
|
|
22 |
|
|
1,029 |
|
New locations opened |
? |
|
|
7 |
|
|
? |
|
|
7 |
|
Locations sold, combined or closed |
(6 |
) |
|
(3 |
) |
|
(22 |
) |
|
(31 |
) |
As of September 30, 2020 |
505 |
|
|
500 |
|
|
? |
|
|
1,005 |
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended September 30, 2021 |
|||||||
|
U.S. Pawn |
|
Latin America
|
|
Consolidated |
|||
|
|
|
|
|
|
|||
As of September 30, 2020 |
505 |
|
|
500 |
|
|
1,005 |
|
New locations opened |
? |
|
|
15 |
|
|
15 |
|
Locations acquired |
11 |
|
|
128 |
|
|
139 |
|
Locations sold, combined or closed |
? |
|
|
(11 |
) |
|
(11 |
) |
As of September 30, 2021 |
516 |
|
|
632 |
|
|
1,148 |
|
|
Twelve Months Ended September 30, 2020 |
||||||||||
|
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Consolidated |
||||
|
|
|
|
|
|
|
|
||||
As of September 30, 2019 |
512 |
|
|
480 |
|
|
22 |
|
|
1,014 |
|
New locations opened |
? |
|
|
23 |
|
|
? |
|
|
23 |
|
Locations sold, combined or closed |
(7 |
) |
|
(3 |
) |
|
(22 |
) |
|
(32 |
) |
As of September 30, 2020 |
505 |
|
|
500 |
|
|
? |
|
|
1,005 |
|
Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity with accounting principles generally accepted in the United States ("GAAP"), we provide certain other non-GAAP financial information on a constant currency ("constant currency") and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.
Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and twelve months ended September 30, 2021 and 2020 were as follows:
|
|
September 30, |
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mexican peso |
|
20.5 |
|
|
22.3 |
|
|
20.0 |
|
|
22.1 |
|
|
20.2 |
|
|
21.1 |
|
Guatemalan quetzal |
|
7.6 |
|
|
7.6 |
|
|
7.6 |
|
|
7.5 |
|
|
7.6 |
|
|
7.5 |
|
Honduran lempira |
|
23.9 |
|
|
24.2 |
|
|
23.5 |
|
|
24.3 |
|
|
23.8 |
|
|
24.3 |
|
Peruvian sol |
|
4.1 |
|
|
3.6 |
|
|
4.0 |
|
|
3.5 |
|
|
3.7 |
|
|
3.4 |
|
Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.
Miscellaneous Non-GAAP Financial Measures
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
(in millions) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
1.6 |
|
|
$ |
(23.3 |
) |
|
$ |
8.6 |
|
|
$ |
(68.5 |
) |
Interest expense |
5.6 |
|
|
5.9 |
|
|
22.2 |
|
|
22.5 |
|
||||
Interest income |
(0.6 |
) |
|
(0.8 |
) |
|
(2.5 |
) |
|
(3.2 |
) |
||||
Income tax expense (benefit) |
3.0 |
|
|
(5.4 |
) |
|
7.5 |
|
|
(1.6 |
) |
||||
Depreciation and amortization |
7.6 |
|
|
7.7 |
|
|
30.7 |
|
|
30.8 |
|
||||
EBITDA |
$ |
17.2 |
|
|
$ |
(16.0 |
) |
|
$ |
66.5 |
|
|
$ |
(20.0 |
) |
|
Total
|
|
Net
|
|
Income (Loss)
|
|
Tax Effect |
|
Net
|
|
Diluted
|
|
EBITDA |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2021 Q4 Reported |
$ |
192.4 |
|
|
$ |
119.3 |
|
|
$ |
4.5 |
|
|
$ |
2.9 |
|
|
$ |
1.6 |
|
|
$ |
0.03 |
|
|
$ |
17.2 |
|
Acquisition expenses |
? |
|
|
? |
|
|
1.5 |
|
|
0.1 |
|
|
1.4 |
|
|
0.02 |
|
|
1.5 |
|
|||||||
Peru reserve |
? |
|
|
? |
|
|
(0.3 |
) |
|
? |
|
|
(0.3 |
) |
|
? |
|
|
(0.3 |
) |
|||||||
Non cash net interest expense |
? |
|
|
? |
|
|
3.6 |
|
|
0.1 |
|
|
3.5 |
|
|
0.06 |
|
|
? |
|
|||||||
Constant currency impact |
(3.7 |
) |
|
(2.1 |
) |
|
(0.3 |
) |
|
(0.1 |
) |
|
(0.2 |
) |
|
? |
|
|
(0.3 |
) |
|||||||
2021 Q4 Adjusted |
$ |
188.7 |
|
|
$ |
117.2 |
|
|
$ |
9.0 |
|
|
$ |
3.0 |
|
|
$ |
6.0 |
|
|
$ |
0.11 |
|
|
$ |
18.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Net
|
|
Income (Loss)
|
|
Tax Effect |
|
Net
|
|
Diluted
|
|
EBITDA |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2021 Full Year Reported |
$ |
729.6 |
|
|
$ |
449.5 |
|
|
$ |
16.1 |
|
|
$ |
7.5 |
|
|
$ |
8.6 |
|
|
$ |
0.15 |
|
|
$ |
66.5 |
|
Acquisition expenses |
? |
|
|
? |
|
|
2.0 |
|
|
0.4 |
|
|
1.6 |
|
|
0.03 |
|
|
2.0 |
|
|||||||
Peru reserve |
? |
|
|
? |
|
|
0.2 |
|
|
0.1 |
|
|
0.1 |
|
|
? |
|
|
0.2 |
|
|||||||
FY20 Contract write-off over-accrual |
? |
|
|
? |
|
|
(0.4 |
) |
|
(0.1 |
) |
|
(0.3 |
) |
|
(0.01 |
) |
|
(0.4 |
) |
|||||||
Non cash net interest expense |
? |
|
|
? |
|
|
13.8 |
|
|
2.3 |
|
|
11.5 |
|
|
0.21 |
|
|
? |
|
|||||||
Constant currency impact |
(5.5 |
) |
|
(3.2 |
) |
|
(0.6 |
) |
|
(0.1 |
) |
|
(0.5 |
) |
|
? |
|
|
(0.8 |
) |
|||||||
2021 Full Year Adjusted |
$ |
724.1 |
|
|
$ |
446.3 |
|
|
$ |
31.1 |
|
|
$ |
10.1 |
|
|
$ |
21.0 |
|
|
$ |
0.38 |
|
|
$ |
67.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Net
|
|
(Loss) Income
|
|
Tax Effect |
|
Net
|
|
Diluted
|
|
EBITDA |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2020 Q4 Reported |
$ |
166.8 |
|
|
$ |
89.6 |
|
|
$ |
(28.7 |
) |
|
$ |
(5.4 |
) |
|
$ |
(23.3 |
) |
|
$ |
(0.42 |
) |
|
$ |
(16.0 |
) |
Other Charges |
? |
|
|
? |
|
|
20.4 |
|
|
3.7 |
|
|
16.7 |
|
|
0.30 |
|
|
20.4 |
|
|||||||
Impairment of intangible assets |
? |
|
|
? |
|
|
7.6 |
|
|
1.7 |
|
|
5.9 |
|
|
0.11 |
|
|
7.6 |
|
|||||||
Non cash interest |
? |
|
|
? |
|
|
3.3 |
|
|
0.8 |
|
|
2.5 |
|
|
0.05 |
|
|
? |
|
|||||||
Other adjustments |
? |
|
|
? |
|
|
0.7 |
|
|
(1.7 |
) |
|
2.4 |
|
|
0.04 |
|
|
0.3 |
|
|||||||
2020 Q4 Adjusted |
$ |
166.8 |
|
|
$ |
89.6 |
|
|
$ |
3.3 |
|
|
$ |
(0.9 |
) |
|
$ |
4.2 |
|
|
$ |
0.08 |
|
|
$ |
12.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Net
|
|
(Loss) Income
|
|
Tax Effect |
|
Net
|
|
Diluted
|
|
EBITDA |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2020 Full Year Reported |
$ |
822.8 |
|
|
$ |
449.2 |
|
|
$ |
(70.1 |
) |
|
$ |
(1.6 |
) |
|
$ |
(68.5 |
) |
|
$ |
(1.24 |
) |
|
$ |
(20.0 |
) |
Other Charges |
? |
|
|
? |
|
|
20.4 |
|
|
1.9 |
|
|
18.5 |
|
|
0.34 |
|
|
20.4 |
|
|||||||
Impairment of intangible assets |
? |
|
|
? |
|
|
47.1 |
|
|
4.5 |
|
|
42.6 |
|
|
0.77 |
|
|
47.1 |
|
|||||||
ROU asset impairment |
? |
|
|
? |
|
|
5.0 |
|
|
0.5 |
|
|
4.5 |
|
|
0.08 |
|
|
5.0 |
|
|||||||
COVID-19 related expenses |
? |
|
|
? |
|
|
1.4 |
|
|
0.1 |
|
|
1.3 |
|
|
0.02 |
|
|
1.4 |
|
|||||||
Shrink/robbery/property loss (US stores) |
? |
|
|
2.3 |
|
|
2.3 |
|
|
0.2 |
|
|
2.1 |
|
|
0.04 |
|
|
2.3 |
|
|||||||
Mexico VAT adjustment costs |
? |
|
|
? |
|
|
1.1 |
|
|
0.1 |
|
|
1.0 |
|
|
0.02 |
|
|
1.1 |
|
|||||||
CCV adjustments |
? |
|
|
? |
|
|
7.1 |
|
|
0.7 |
|
|
6.4 |
|
|
0.12 |
|
|
7.1 |
|
|||||||
IT Project write-offs |
? |
|
|
? |
|
|
2.6 |
|
|
0.2 |
|
|
2.4 |
|
|
0.04 |
|
|
2.6 |
|
|||||||
Non cash interest expense |
? |
|
|
? |
|
|
12.4 |
|
|
1.2 |
|
|
11.2 |
|
|
0.20 |
|
|
? |
|
|||||||
Other adjustments |
? |
|
|
? |
|
|
0.1 |
|
|
? |
|
|
0.1 |
|
|
? |
|
|
(0.7 |
) |
|||||||
2020 Full Year Adjusted |
$ |
822.8 |
|
|
$ |
451.5 |
|
|
$ |
29.4 |
|
|
$ |
7.8 |
|
|
$ |
21.6 |
|
|
$ |
0.39 |
|
|
$ |
66.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||
(in millions) |
U.S. Dollar
|
|
Percentage
|
|
U.S. Dollar
|
|
Percentage
|
||||||
|
|
|
|
|
|
|
|
||||||
Consolidated revenue |
$ |
192.4 |
|
|
15 |
% |
|
$ |
729.6 |
|
|
(11 |
)% |
Currency exchange rate fluctuations |
(3.7 |
) |
|
|
|
(5.5 |
) |
|
|
||||
Constant currency consolidated revenue |
$ |
188.7 |
|
|
13 |
% |
|
$ |
724.1 |
|
|
(12 |
)% |
|
|
|
|
|
|
|
|
||||||
Consolidated net revenue |
$ |
119.3 |
|
|
33 |
% |
|
$ |
449.5 |
|
|
? |
% |
Currency exchange rate fluctuations |
(2.1 |
) |
|
|
|
(3.2 |
) |
|
|
||||
Constant currency consolidated net revenue |
$ |
117.2 |
|
|
31 |
% |
|
$ |
446.3 |
|
|
(1 |
)% |
|
|
|
|
|
|
|
|
||||||
Consolidated net inventory |
$ |
111.0 |
|
|
16 |
% |
|
$ |
111.0 |
|
|
16 |
% |
Currency exchange rate fluctuations |
(1.8 |
) |
|
|
|
(1.8 |
) |
|
|
||||
Constant currency consolidated net inventory |
$ |
109.2 |
|
|
14 |
% |
|
$ |
109.2 |
|
|
14 |
% |
|
|
|
|
|
|
|
|
||||||
Latin America Pawn net revenue |
$ |
30.6 |
|
|
91 |
% |
|
$ |
99.5 |
|
|
14 |
% |
Currency exchange rate fluctuations |
(2.1 |
) |
|
|
|
(3.1 |
) |
|
|
||||
Constant currency Latin America Pawn net revenue |
$ |
28.5 |
|
|
77 |
% |
|
$ |
96.4 |
|
|
11 |
% |
|
|
|
|
|
|
|
|
||||||
Latin America Pawn PLO |
$ |
40.0 |
|
|
60 |
% |
|
$ |
40.0 |
|
|
60 |
% |
Currency exchange rate fluctuations |
(2.3 |
) |
|
|
|
(2.3 |
) |
|
|
||||
Constant currency Latin America Pawn PLO |
$ |
37.7 |
|
|
51 |
% |
|
$ |
37.7 |
|
|
51 |
% |
|
|
|
|
|
|
|
|
||||||
Latin America Pawn PSC revenues |
$ |
20.0 |
|
|
66 |
% |
|
$ |
63.5 |
|
|
1 |
% |
Currency exchange rate fluctuations |
(1.3 |
) |
|
|
|
(2.0 |
) |
|
|
||||
Constant currency Latin America Pawn PSC revenues |
$ |
18.6 |
|
|
55 |
% |
|
$ |
61.5 |
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
||||||
Latin America Pawn merchandise sales |
$ |
31.0 |
|
|
14 |
% |
|
$ |
101.3 |
|
|
(5 |
)% |
Currency exchange rate fluctuations |
(2.3 |
) |
|
|
|
(3.1 |
) |
|
|
||||
Constant currency Latin America Pawn merchandise sales |
$ |
28.7 |
|
|
5 |
% |
|
$ |
98.2 |
|
|
(8 |
)% |
|
|
|
|
|
|
|
|
||||||
Latin America Pawn segment profit before tax |
$ |
6.1 |
|
|
257 |
% |
|
$ |
17.3 |
|
|
165 |
% |
Currency exchange rate fluctuations |
(0.3 |
) |
|
|
|
(0.6 |
) |
|
|
||||
Constant currency Latin America Pawn segment profit before tax |
$ |
5.8 |
|
|
249 |
% |
|
$ |
16.7 |
|
|
163 |
% |
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