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Share Name | Share Symbol | Market | Type |
---|---|---|---|
EZCORP Inc | NASDAQ:EZPW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.11 | -1.04% | 10.43 | 9.72 | 10.51 | 10.58 | 10.29 | 10.54 | 936,935 | 22:16:11 |
☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Class A Non-voting Common Stock, $.01 par value per share | EZPW | The NASDAQ Stock Market | ||||||||||||
(NASDAQ Global Select Market) |
Large accelerated filer | ☐ | Accelerated filer |
☑
|
||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Item | Page | ||||
No. | No. | ||||
Company-owned Stores | |||||||||||||||||||||||
U.S. Pawn | Latin America Pawn | Other International | Consolidated | ||||||||||||||||||||
As of September 30, 2018
|
508 | 453 | 27 | 988 | |||||||||||||||||||
New locations opened | — | 22 | — | 22 | |||||||||||||||||||
Locations acquired | 7 | 5 | — | 12 | |||||||||||||||||||
Locations sold, combined or closed | (3) | — | (5) | (8) | |||||||||||||||||||
As of September 30, 2019
|
512 | 480 | 22 | 1,014 | |||||||||||||||||||
New locations opened | — | 23 | — | 23 | |||||||||||||||||||
Locations acquired | — | — | — | — | |||||||||||||||||||
Locations sold, combined or closed | (7) | (3) | (22) | (32) | |||||||||||||||||||
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 |
Fiscal Year Ended September 30, | ||||||||||||||||||||
Redemption Rate | 2021 | 2020 | 2019 | |||||||||||||||||
U.S. Pawn | 86% | 88% | 84% | |||||||||||||||||
Latin America Pawn | 80% | 78% | 78% |
Company Index | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||
EZCORP, INC. | $100.00 | $85.90 | $96.75 | $58.41 | $45.48 | $68.44 | ||||||||||||||
NASDAQ Composite Index | $100.00 | $122.29 | $151.47 | $150.59 | $210.23 | $272.00 | ||||||||||||||
NASDAQ Other Finance Index | $100.00 | $125.64 | $136.74 | $152.19 | $159.32 | $193.90 |
September 30, |
Twelve Months Ended
September 30, |
|||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Mexican peso | 20.5 | 22.3 | 20.2 | 21.1 | ||||||||||||||||||||||||||||||||||
Guatemalan quetzal | 7.6 | 7.6 | 7.6 | 7.5 | ||||||||||||||||||||||||||||||||||
Honduran lempira | 23.9 | 24.2 | 23.8 | 24.3 | ||||||||||||||||||||||||||||||||||
Peruvian sol | 4.1 | 3.6 | 3.7 | 3.4 |
Fiscal Year Ended
September 30, |
Change | ||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||
Net revenues: | |||||||||||||||||
Pawn service charges | $ | 260,196 | $ | 272,638 | (5)% | ||||||||||||
Merchandise sales | 442,798 | 498,213 | (11)% | ||||||||||||||
Merchandise sales gross profit | 185,580 | 163,732 | 13% | ||||||||||||||
Gross margin on merchandise sales | 42 | % | 33 | % | 900 bps | ||||||||||||
Jewelry scrapping sales | 26,025 | 47,953 | (46)% | ||||||||||||||
Jewelry scrapping gross profit | 3,177 | 9,912 | (68)% | ||||||||||||||
Gross margin on jewelry scrapping sales | 12 | % | 21 | % | (900) bps | ||||||||||||
Other revenues, net | 532 | 2,919 | (82)% | ||||||||||||||
Net revenues | 449,485 | 449,201 | * | ||||||||||||||
Store Expenses | 330,837 | 336,770 | (2)% | ||||||||||||||
General and administrative | 56,495 | 54,133 | 4% | ||||||||||||||
Impairment of goodwill, intangible and other assets | — | 54,666 | (100)% | ||||||||||||||
Depreciation and Amortization | 30,672 | 30,827 | (1)% | ||||||||||||||
Loss on sale or disposal of assets and other | 83 | 801 | (90)% | ||||||||||||||
Other charges | 229 | 20,388 | (99)% | ||||||||||||||
Total operating expenses | 418,316 | 497,585 | (16)% | ||||||||||||||
Interest expense | 22,177 | 22,472 | (1)% | ||||||||||||||
Interest income | (2,445) | (3,173) | (23)% | ||||||||||||||
Equity in net (income) loss of unconsolidated affiliates | (3,803) | 2,429 | 257% | ||||||||||||||
Other (income) expense | (822) | (17) | * | ||||||||||||||
Total non-operating expenses | 15,107 | 21,711 | (30)% | ||||||||||||||
Income (loss) from continuing operations before income taxes | 16,062 | (70,095) | 123% | ||||||||||||||
Income tax (benefit) expense | 7,450 | (1,632) | 556% | ||||||||||||||
Net income (loss) attributable to EZCORP, Inc. | $ | 8,612 | $ | (68,463) | 113% | ||||||||||||
Net pawn earning assets: | |||||||||||||||||
Pawn loans | $ | 175,901 | $ | 131,323 | 34% | ||||||||||||
Inventory, net | 110,989 | 95,891 | 16% | ||||||||||||||
Total net pawn earning assets | $ | 286,890 | $ | 227,214 | 26% |
* | Represents a percentage computation that is not mathematically meaningful. |
Fiscal Year Ended
September 30, |
Change | ||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||
Net revenues: | |||||||||||||||||
Pawn service charges | $ | 196,721 | $ | 210,081 | (6)% | ||||||||||||
Merchandise sales | 341,495 | 391,921 | (13)% | ||||||||||||||
Merchandise sales gross profit | 150,456 | 140,377 | 7% | ||||||||||||||
Gross margin on merchandise sales | 44 | % | 36 | % | 800 bps | ||||||||||||
Jewelry scrapping sales | 15,260 | 36,691 | (58)% | ||||||||||||||
Jewelry scrapping sales gross profit | 2,259 | 8,627 | (74)% | ||||||||||||||
Gross margin on jewelry scrapping sales | 15 | % | 24 | % | (900) bps | ||||||||||||
Other revenues | 105 | 150 | (30)% | ||||||||||||||
Net revenues | 349,541 | 359,235 | (3)% | ||||||||||||||
Segment contribution: | |||||||||||||||||
Store expenses | 253,344 | 261,608 | (3)% | ||||||||||||||
Impairment of goodwill, intangible and other assets | — | 10,000 | (100)% | ||||||||||||||
Depreciation and amortization | 10,650 | 11,030 | (3)% | ||||||||||||||
Other charges | — | 3,106 | (100)% | ||||||||||||||
Segment operating contribution | 85,547 | 73,491 | 16% | ||||||||||||||
Other segment expenses | 27 | 385 | (93)% | ||||||||||||||
Segment contribution | $ | 85,520 | $ | 73,106 | 17% | ||||||||||||
Other data: | |||||||||||||||||
Average monthly ending pawn loan balance per store (a) | $ | 227 | $ | 235 | (3)% | ||||||||||||
Monthly average yield on pawn loans outstanding | 14 | % | 14 | % | — bps | ||||||||||||
Pawn loan redemption rate | 86 | % | 88 | % | (200) bps |
(a) | Balance is calculated based on the average of the monthly ending balance averages during the applicable period. |
Fiscal Year Ended September 30, | |||||||||||||||||||||||||||||
(in thousands) |
2021
(GAAP)
|
2020
(GAAP)
|
Change
(GAAP) |
2021
(Constant Currency)
|
Change (Constant Currency) | ||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||
Pawn service charges | $ | 63,475 | $ | 62,557 | 1% | $ | 61,523 | (2)% | |||||||||||||||||||||
Merchandise sales | 101,303 | 106,292 | (5)% | 98,158 | (8)% | ||||||||||||||||||||||||
Merchandise sales gross profit | 35,124 | 23,355 | 50% | 33,940 | 45% | ||||||||||||||||||||||||
Gross margin on merchandise sales | 35 | % | 22 | % | 1,300 bps | 35 | % | 1,300 bps | |||||||||||||||||||||
Jewelry scrapping sales | 10,765 | 11,262 | (4)% | 10,415 | (8)% | ||||||||||||||||||||||||
Jewelry scrapping sales gross profit | 918 | 1,285 | (29)% | 940 | (27)% | ||||||||||||||||||||||||
Gross margin on jewelry scrapping sales | 9 | % | 11 | % | (200) bps | 9 | % | (200) bps | |||||||||||||||||||||
Other revenues (expenses), net | 7 | (101) | 107% | 6 | 106% | ||||||||||||||||||||||||
Net revenues | 99,524 | 87,096 | 14% | 96,409 | 11% | ||||||||||||||||||||||||
Segment contribution: | |||||||||||||||||||||||||||||
Store expenses | 77,493 | 69,916 | 11% | 75,251 | 8% | ||||||||||||||||||||||||
Depreciation and amortization | 7,371 | 7,315 | 1% | 7,749 | 6% | ||||||||||||||||||||||||
Impairment of goodwill, intangible and other assets | — | 35,938 | (100)% | — | (100)% | ||||||||||||||||||||||||
Other charges | 229 | 1,715 | (87)% | 222 | (87)% | ||||||||||||||||||||||||
Segment operating contribution (loss) | 14,431 | (27,788) | 152% | 13,187 | 147% | ||||||||||||||||||||||||
Other segment income (a) | (2,862) | (1,129) | 153% | (2,782) | 146% | ||||||||||||||||||||||||
Segment contribution (loss) | $ | 17,293 | $ | (26,659) | 165% | $ | 15,969 | 160% | |||||||||||||||||||||
Other data: | |||||||||||||||||||||||||||||
Average monthly ending pawn loan balance per store (b) | $ | 59 | $ | 70 | (16)% | $ | 57 | (19)% | |||||||||||||||||||||
Monthly average yield on pawn loans outstanding | 17 | % | 15 | % | 200 bps | 17 | % | 200 bps | |||||||||||||||||||||
Pawn loan redemption rate (c) | 80 | % | 78 | % | 200 bps | 80 | % | 200 bps |
(a) | Fiscal 2021 and 2020 constant currency amounts exclude net GAAP basis foreign currency transaction gains of $0.1 million and $0.5 million, respectively, resulting from movement in exchange rates. | |||||||||||||
(b) | Balance is calculated based on the average of the monthly ending balance averages during the applicable period. | |||||||||||||
(c) | Rate is solely inclusive of results from Empeño Fácil. |
2021 Change
(GAAP) |
2021 Change
(Constant Currency) |
||||||||||
Same Store data: (a) | |||||||||||
PLO | 37% | 29% | |||||||||
PSC | (4)% | (7)% | |||||||||
Merchandise Sales | (12)% | (14)% | |||||||||
Merchandise Sales Gross Profit | 41% | 37% | |||||||||
Store Expenses | 4% | 1% | |||||||||
(a) | Stores open at the end of the period included in the same store calculation were 466. |
Fiscal Year Ended
September 30, |
Change | ||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||
Net revenues: | |||||||||||||||||
Consumer loan fees and interest | $ | 420 | $ | 3,823 | (89)% | ||||||||||||
Consumer loan bad debt | — | (953) | (100)% | ||||||||||||||
Net revenues | 420 | 2,870 | (85)% | ||||||||||||||
Segment operating expenses: | |||||||||||||||||
Store expenses | — | 5,314 | (100)% | ||||||||||||||
Impairment of goodwill, intangible and other assets | — | 1,149 | (100)% | ||||||||||||||
Other charges | — | 3,802 | (100)% | ||||||||||||||
Equity in net (income) loss of unconsolidated affiliates | (3,803) | 2,429 | 257% | ||||||||||||||
Segment operating contribution (loss) | 4,223 | (9,824) | 143% | ||||||||||||||
Other segment (income) expense | (173) | 535 | 132% | ||||||||||||||
Segment contribution (loss) | $ | 4,396 | $ | (10,359) | 142% |
Fiscal Year Ended
September 30, |
Change | ||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||
Segment contribution | $ | 107,209 | $ | 36,088 | 197% | ||||||||||||
Corporate expenses (income): | |||||||||||||||||
General and administrative | 56,495 | 54,133 | 4% | ||||||||||||||
Impairment of goodwill and intangibles | — | 7,579 | (100)% | ||||||||||||||
Depreciation and amortization | 12,651 | 12,414 | 2% | ||||||||||||||
Loss on sale or disposal of assets and other | 62 | 508 | (88)% | ||||||||||||||
Other charges | — | 11,765 | (100)% | ||||||||||||||
Interest expense | 22,177 | 21,238 | 4% | ||||||||||||||
Interest income | (461) | (1,587) | (71)% | ||||||||||||||
Other expense | 223 | 133 | 68% | ||||||||||||||
Income (loss) before income taxes | 16,062 | (70,095) | 123% | ||||||||||||||
Income tax expense (benefit) | 7,450 | (1,632) | 556% | ||||||||||||||
Net income (loss) | $ | 8,612 | $ | (68,463) | 113% |
Fiscal Year Ended
September 30, |
Change |
||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||
Cash flows from operating activities | $ | 46,438 | $ | 49,078 | (5)% | ||||||||||||
Cash flows (used in) provided by investing activities | (84,611) | 109,898 | (177)% | ||||||||||||||
Cash flows used in financing activities | (16,253) | (6,253) | (160)% | ||||||||||||||
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 | (133)% |
* | Represents a percentage computation that is not mathematically meaningful. |
Payments due by Period | |||||||||||||||||||||||||||||
(in thousands) | Total |
Less than
1 year |
1-3 years | 3-5 years |
More than
5 years |
||||||||||||||||||||||||
Debt obligations (a) | $ | 316,250 | $ | — | $ | 143,750 | $ | 172,500 | $ | — | |||||||||||||||||||
Interest on long-term debt obligations | 26,046 | 8,230 | 15,426 | 2,390 | — | ||||||||||||||||||||||||
Lease obligations (b) | 260,299 | 66,434 | 98,140 | 56,335 | 39,390 | ||||||||||||||||||||||||
Total (c) (d) | $ | 602,595 | $ | 74,664 | $ | 257,316 | $ | 231,225 | $ | 39,390 |
ITEM 8 | Page | ||||
September 30, | |||||||||||
(in thousands, except share and per share amounts)
|
2021 | 2020 | |||||||||
Assets: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 253,667 | $ | 304,542 | |||||||
Restricted cash | 9,957 | 8,011 | |||||||||
Pawn loans | 175,901 | 131,323 | |||||||||
Pawn service charges receivable, net | 29,337 | 20,580 | |||||||||
Inventory, net | 110,989 | 95,891 | |||||||||
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 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2019 | ||||||||||||||
Revenues: | |||||||||||||||||
Merchandise sales | $ | 442,798 | $ | 498,213 | $ | 453,375 | |||||||||||
Jewelry scrapping sales | 26,025 | 47,953 | 60,445 | ||||||||||||||
Pawn service charges | 260,196 | 272,638 | 327,366 | ||||||||||||||
Other revenues | 532 | 3,973 | 6,043 | ||||||||||||||
Total revenues | 729,551 | 822,777 | 847,229 | ||||||||||||||
Merchandise cost of goods sold | 257,218 | 334,481 | 297,508 | ||||||||||||||
Jewelry scrapping cost of goods sold | 22,848 | 38,041 | 52,935 | ||||||||||||||
Other cost of revenues | — | 1,054 | 2,338 | ||||||||||||||
Net revenues | 449,485 | 449,201 | 494,448 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Store expenses | 330,837 | 336,770 | 350,578 | ||||||||||||||
General and administrative | 56,495 | 54,133 | 63,665 | ||||||||||||||
Impairment of goodwill, intangible and other assets | — | 54,666 | — | ||||||||||||||
Depreciation and amortization | 30,672 | 30,827 | 28,797 | ||||||||||||||
Loss on sale or disposal of assets and other | 83 | 801 | 4,399 | ||||||||||||||
Other charges | 229 | 20,388 | — | ||||||||||||||
Total operating expenses | 418,316 | 497,585 | 447,439 | ||||||||||||||
Operating income (loss) | 31,169 | (48,384) | 47,009 | ||||||||||||||
Interest expense | 22,177 | 22,472 | 32,637 | ||||||||||||||
Interest income | (2,477) | (3,173) | (11,086) | ||||||||||||||
Equity in net (income) loss of unconsolidated affiliates | (3,803) | 2,429 | 135 | ||||||||||||||
Impairment of investment in unconsolidated affiliates | — | — | 19,725 | ||||||||||||||
Other (income) expense | (790) | (17) | 1,424 | ||||||||||||||
Income (loss) from continuing operations before income taxes | 16,062 | (70,095) | 4,174 | ||||||||||||||
Income tax expense (benefit) | 7,450 | (1,632) | 2,406 | ||||||||||||||
Income (loss) from continuing operations, net of tax | 8,612 | (68,463) | 1,768 | ||||||||||||||
Loss from discontinued operations, net of tax | — | — | (457) | ||||||||||||||
Net income (loss) | 8,612 | (68,463) | 1,311 | ||||||||||||||
Net loss attributable to noncontrolling interest | — | — | (1,230) | ||||||||||||||
Net income (loss) attributable to EZCORP, Inc. | $ | 8,612 | $ | (68,463) | $ | 2,541 | |||||||||||
Basic earnings (loss) per share attributable to EZCORP, Inc. — continuing operations | $ | 0.15 | $ | (1.24) | $ | 0.05 | |||||||||||
Diluted earnings (loss) per share attributable to EZCORP, Inc. — continuing operations | $ | 0.15 | $ | (1.24) | $ | 0.05 | |||||||||||
Weighted-average basic shares outstanding | 55,744 | 55,313 | 55,341 | ||||||||||||||
Weighted-average diluted shares outstanding | 55,949 | 55,313 | 55,984 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Net income (loss) | $ | 8,612 | $ | (68,463) | $ | 1,311 | |||||||||||
Other comprehensive income ( loss): | |||||||||||||||||
Foreign currency translation adjustment, net of tax | 9,653 | (15,678) | (10,042) | ||||||||||||||
Comprehensive income (loss) | 18,265 | (84,141) | (8,731) | ||||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | (1,230) | ||||||||||||||
Comprehensive income (loss) attributable to EZCORP, Inc. | $ | 18,265 | $ | (84,141) | $ | (7,501) |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||
(in thousands) | Shares |
Par
Value |
Retained
Earnings |
||||||||||||||||||||||||||||||||||||||
Balances as of October 1, 2018
|
54,585 | $ | 546 | $ | 397,927 | $ | 386,622 | $ | (42,356) | $ | (3,331) | $ | 739,408 | ||||||||||||||||||||||||||||
Stock compensation | — | — | 9,794 | — | — | — | 9,794 | ||||||||||||||||||||||||||||||||||
Release of restricted stock | 950 | 10 | — | — | — | — | 10 | ||||||||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | — | — | (3,288) | — | — | — | (3,288) | ||||||||||||||||||||||||||||||||||
Transfer of subsidiary shares to noncontrolling interest | — | — | 3,195 | — | — | (3,195) | — | ||||||||||||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | — | (10,042) | — | (10,042) | ||||||||||||||||||||||||||||||||||
Deconsolidation of subsidiary | — | — | — | — | — | 7,756 | 7,756 | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 2,541 | — | (1,230) | 1,311 | ||||||||||||||||||||||||||||||||||
Balances as of September 30, 2019
|
55,535 | $ | 556 | $ | 407,628 | $ | 389,163 | $ | (52,398) | $ | — | $ | 744,949 | ||||||||||||||||||||||||||||
Stock compensation | — | — | (5,094) | — | — | — | (5,094) | ||||||||||||||||||||||||||||||||||
Release of restricted stock | 711 | 6 | — | — | — | — | 6 | ||||||||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | — | — | (1,435) | — | — | — | (1,435) | ||||||||||||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (8) | (15,670) | — | (15,678) | ||||||||||||||||||||||||||||||||||
Purchase and retirement of treasury stock | (943) | (11) | (2,624) | (2,523) | — | — | (5,158) | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (68,463) | — | — | (68,463) | ||||||||||||||||||||||||||||||||||
Balances as of September 30, 2020
|
55,303 | $ | 551 | $ | 398,475 | $ | 318,169 | $ | (68,068) | $ | — | $ | 649,127 | ||||||||||||||||||||||||||||
Stock compensation | — | — | 3,946 | — | — | — | 3,946 | ||||||||||||||||||||||||||||||||||
Transfer of consideration for current period acquisition | 213 | 2 | 1,545 | — | — | — | 1,547 | ||||||||||||||||||||||||||||||||||
Transfer of consideration for prior period acquisition | 33 | — | 185 | — | — | — | 185 | ||||||||||||||||||||||||||||||||||
Release of restricted stock | 508 | 7 | — | — | — | — | 7 | ||||||||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | — | — | (839) | — | — | — | (839) | ||||||||||||||||||||||||||||||||||
Foreign currency translation gain | — | — | — | — | 9,653 | — | 9,653 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | 8,612 | — | — | 8,612 | ||||||||||||||||||||||||||||||||||
Balances as of September 30, 2021
|
56,057 | $ | 560 | $ | 403,312 | $ | 326,781 | $ | (58,415) | $ | — | $ | 672,238 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income (loss) | $ | 8,612 | $ | (68,463) | $ | 1,311 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 30,672 | 30,827 | 28,797 | ||||||||||||||
Amortization of debt discount and deferred financing costs | 13,797 | 13,200 | 19,759 | ||||||||||||||
Amortization of right-of-use asset | 48,480 | 45,649 | — | ||||||||||||||
Accretion of notes receivable discount and deferred compensation fee | — | (821) | (4,524) | ||||||||||||||
Deferred income taxes | 3,283 | (8,393) | 1,616 | ||||||||||||||
Impairment of goodwill, intangibles and other assets | — | 54,666 | — | ||||||||||||||
Other adjustments | (185) | 1,652 | 5,776 | ||||||||||||||
Provision for inventory reserve | (8,003) | 2,577 | 536 | ||||||||||||||
Reserve on jewelry scrap receivable | — | — | 3,646 | ||||||||||||||
Stock compensation expense | 3,946 | (5,094) | 9,751 | ||||||||||||||
Equity in net (income) loss from investment in unconsolidated affiliates | (3,803) | 2,429 | 135 | ||||||||||||||
Impairment of investment in unconsolidated affiliates | — | — | 19,725 | ||||||||||||||
Changes in operating assets and liabilities, net of business acquisitions: | |||||||||||||||||
Service charges and fees receivable | (7,332) | 11,021 | (732) | ||||||||||||||
Inventory | 371 | 14,466 | (1,029) | ||||||||||||||
Prepaid expenses, other current assets and other assets | 7,373 | (875) | 5,732 | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | (54,209) | (37,401) | 22,246 | ||||||||||||||
Customer layaway deposits | 1,256 | (1,647) | 1,176 | ||||||||||||||
Income taxes | 2,180 | (4,715) | (10,404) | ||||||||||||||
Net cash provided by operating activities | 46,438 | 49,078 | 103,517 | ||||||||||||||
Investing activities: | |||||||||||||||||
Loans made | (601,638) | (568,368) | (737,585) | ||||||||||||||
Loans repaid | 351,092 | 394,469 | 434,142 | ||||||||||||||
Recovery of pawn loan principal through sale of forfeited collateral | 208,551 | 304,323 | 288,502 | ||||||||||||||
Capital expenditures, net | (23,601) | (28,526) | (38,839) | ||||||||||||||
Acquisitions, net of cash acquired | (19,015) | — | (8,116) | ||||||||||||||
Principal collections on notes receivable | — | 8,000 | 34,067 | ||||||||||||||
Net cash (used in) provided by investing activities | (84,611) | 109,898 | (27,829) | ||||||||||||||
Financing activities: | |||||||||||||||||
Taxes paid related to net share settlement of equity awards | (839) | (1,459) | (3,288) | ||||||||||||||
Payout of deferred consideration | — | (350) | — | ||||||||||||||
Proceeds from borrowings, net of issuance costs | — | 912 | 1,064 | ||||||||||||||
Payments on assumed debt and other borrowings | (15,414) | (198) | (196,093) | ||||||||||||||
Repurchase of common stock | — | (5,158) | — | ||||||||||||||
Net cash used in financing activities | (16,253) | (6,253) | (198,317) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 5,497 | (2,612) | (507) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (48,929) | 150,111 | (123,136) | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 312,553 | 162,442 | 285,578 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 263,624 | $ | 312,553 | $ | 162,442 | |||||||||||
Supplemental disclosure of cash flow information | |||||||||||||||||
Cash and cash equivalents | $ | 253,667 | $ | 304,542 | $ | 157,567 | |||||||||||
Restricted cash | 9,957 | 8,011 | 4,875 | ||||||||||||||
Total cash and cash equivalents and restricted cash | $ | 263,624 | $ | 312,553 | $ | 162,442 | |||||||||||
Cash paid during the period for interest | $ | 8,230 | $ | 8,489 | $ | 12,900 | |||||||||||
Cash paid during the period for income taxes, net | $ | 3,696 | $ | 9,753 | $ | 11,132 | |||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Pawn loans forfeited and transferred to inventory | $ | 212,756 | $ | 241,252 | $ | 301,357 | |||||||||||
Transfer of consideration for current period acquisition | 1,545 | — | — | ||||||||||||||
Acquisition earn-out contingency | 4,608 | — | — | ||||||||||||||
Accrued acquisition consideration held as restricted cash | 1,986 | — | — |
(in thousands) | Accrued Charges at September 30, 2020 | Charges | Payments and Adjustments | Accrued Charges at September 30, 2021 | ||||||||||||||||||||||
Cash charges: | ||||||||||||||||||||||||||
Labor reduction costs | $ | 5,946 | $ | — | $ | 5,623 | $ | 323 | ||||||||||||||||||
CASHMAX shutdown costs | 800 | — | 800 | — | ||||||||||||||||||||||
Store closure costs | 1,806 | 229 | 1,806 | 229 | ||||||||||||||||||||||
Other | 2,166 | — | 166 | 2,000 | ||||||||||||||||||||||
$ | 10,718 | $ | 229 | $ | 8,395 | $ | 2,552 | |||||||||||||||||||
(in thousands) | Accrued Charges at September 30, 2019 | Charges | Payments and Adjustments | Accrued Charges at September 30, 2020 | ||||||||||||||||||||||
Cash charges: | ||||||||||||||||||||||||||
Labor reduction costs | $ | — | $ | 6,438 | $ | 492 | $ | 5,946 | ||||||||||||||||||
CASHMAX shutdown costs | — | 1,751 | 951 | 800 | ||||||||||||||||||||||
Store closure costs | — | 1,806 | — | 1,806 | ||||||||||||||||||||||
Other | — | 2,486 | 320 | 2,166 | ||||||||||||||||||||||
$ | — | $ | 12,481 | $ | 1,763 | $ | 10,718 | |||||||||||||||||||
Non-cash charges: | ||||||||||||||||||||||||||
Labor reduction costs | $ | — | ||||||||||||||||||||||||
CASHMAX shutdown costs | 3,092 | |||||||||||||||||||||||||
Store closure costs | 2,328 | |||||||||||||||||||||||||
Other | 2,485 | |||||||||||||||||||||||||
$ | 20,386 |
Cash and cash equivalents | $ | 308 | ||||||
Pawn loans | 4,619 | |||||||
Pawn service charges receivable | 1,335 | |||||||
Inventory | 1,319 | |||||||
Property and equipment | 2,025 | |||||||
Right-of-use assets | 10,651 | |||||||
Goodwill | 26,100 | |||||||
Intangible assets | 3,965 | |||||||
Deferred tax asset, net | 381 | |||||||
Other assets | 746 | |||||||
Accounts payable, accrued expenses and other liabilities | (2,290) | |||||||
Debt | (14,931) | |||||||
Lease liabilities | (10,651) | |||||||
Total consideration | $ | 23,577 |
Fiscal Years Ended September 30, | |||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | |||||||||
Revenue | $ | 748,957 | $ | 854,926 | |||||||
Net income (loss) | $ | 8,828 | $ | (65,206) | |||||||
Basic earnings (loss) per common share | $ | 0.16 | $ | (1.18) | |||||||
Diluted earnings (loss) per common share | $ | 0.16 | $ | (1.18) |
Fiscal Year Ended September 30, | ||||||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2019 | |||||||||||||||||
Net income (loss) | $ | 8,612 | $ | (68,463) | $ | 2,541 | ||||||||||||||
Earnings per common share | ||||||||||||||||||||
Average common share outstanding (denominator) | 55,744 | 55,313 | 55,341 | |||||||||||||||||
Earnings (loss) per common share | $ | 0.15 | $ | (1.24) | $ | 0.05 | ||||||||||||||
Diluted earnings per common share | ||||||||||||||||||||
Average common share outstanding | 55,744 | 55,313 | 55,341 | |||||||||||||||||
Dilutive effect of restricted stock and convertible notes* | 205 | — | 643 | |||||||||||||||||
Diluted average common shares outstanding (denominator) | 55,949 | 55,313 | 55,984 | |||||||||||||||||
Diluted earnings (loss) per common share | $ | 0.15 | $ | (1.24) | $ | 0.05 | ||||||||||||||
Potential common shares excluded from the calculation of diluted earnings per share above: | ||||||||||||||||||||
Restricted stock** | 1,233 | 2,786 | 2,121 |
June 30, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Current assets | $ | 167,553 | $ | 157,183 | |||||||
Non-current assets | 191,788 | 172,833 | |||||||||
Total assets | $ | 359,341 | $ | 330,016 | |||||||
Current liabilities | $ | 61,395 | $ | 68,028 | |||||||
Non-current liabilities | 57,511 | 51,275 | |||||||||
Shareholders’ equity | 240,435 | 210,713 | |||||||||
Total liabilities and shareholders’ equity | $ | 359,341 | $ | 330,016 |
Fiscal Year Ended June 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Gross revenues | $ | 150,165 | $ | 187,025 | $ | 201,365 | |||||||||||
Gross profit | $ | 105,851 | $ | 112,511 | $ | 111,932 | |||||||||||
Net profit (loss) | $ | 12,081 | $ | (7,032) | $ | (1,210) |
Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Fair Value Measurement Using | ||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
2.89% promissory note receivable due April 2024
|
$ | 1,181 | $ | 1,181 | $ | — | $ | — | $ | 1,181 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 37,724 | 48,954 | 41,638 | — | 7,316 | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
2024 Convertible Notes | $ | 123,543 | $ | 153,281 | $ | — | $ | 153,281 | $ | — | ||||||||||||||||||||||
2025 Convertible Notes | 140,643 | 155,250 | — | 155,250 | — |
Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | Fair Value Measurement Using | ||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
2.89% promissory note receivable due April 2024
|
$ | 1,148 | $ | 1,148 | $ | — | $ | — | $ | 1,148 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 32,458 | 32,597 | 24,833 | — | 7,764 | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
2024 Convertible Notes | $ | 117,193 | $ | 129,979 | $ | — | $ | 129,979 | $ | — | ||||||||||||||||||||||
2025 Convertible Notes | 133,164 | 137,569 | — | 137,569 | — | |||||||||||||||||||||||||||
8.5% unsecured debt due 2024
|
872 | 872 | — | — | 872 |
September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) |
Carrying
Amount |
Accumulated
Depreciation |
Net Book
Value |
Carrying
Amount |
Accumulated
Depreciation |
Net Book
Value |
|||||||||||||||||||||||||||||
Land | $ | 4 | $ | — | $ | 4 | $ | 4 | $ | — | $ | 4 | |||||||||||||||||||||||
Buildings and improvements | 113,015 | (85,521) | 27,494 | 105,137 | (75,445) | 29,692 | |||||||||||||||||||||||||||||
Furniture and equipment | 137,828 | (111,944) | 25,884 | 127,793 | (101,888) | 25,905 | |||||||||||||||||||||||||||||
Software | 33,981 | (33,591) | 390 | 33,729 | (33,190) | 539 | |||||||||||||||||||||||||||||
Construction in progress | 39 | — | 39 | 846 | — | 846 | |||||||||||||||||||||||||||||
$ | 284,867 | $ | (231,056) | $ | 53,811 | $ | 267,509 | $ | (210,523) | $ | 56,986 |
(in thousands) | U.S. Pawn | Latin America Pawn | Consolidated | ||||||||||||||
Balances as of September 30, 2019 | $ | 251,752 | $ | 48,775 | $ | 300,527 | |||||||||||
Measurement period adjustments | 176 | (149) | 27 | ||||||||||||||
Goodwill impairment * | (10,000) | (31,340) | (41,340) | ||||||||||||||
Effect of foreign currency translation changes | — | (1,632) | (1,632) | ||||||||||||||
Balances as of September 30, 2020 | $ | 241,928 | $ | 15,654 | $ | 257,582 | |||||||||||
Acquisitions | 2,543 | 26,100 | 28,643 | ||||||||||||||
Effect of foreign currency translation changes | — | (467) | (467) | ||||||||||||||
Balances as of September 30, 2021 | $ | 244,471 | $ | 41,287 | $ | 285,758 |
September 30, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Non-amortizing intangible assets: | |||||||||||
Trade names | $ | 23,036 | $ | 19,094 | |||||||
Accumulated impairment losses | (4,598) | (4,598) | |||||||||
18,438 | 14,496 | ||||||||||
Pawn licenses | 9,694 | 9,509 | |||||||||
$ | 28,132 | $ | 24,005 | ||||||||
Amortizing intangible assets: | |||||||||||
Internally developed software | $ | 78,174 | $ | 67,457 | |||||||
Accumulated amortization | (43,710) | (33,646) | |||||||||
Accumulated impairment losses | (2,579) | (2,579) | |||||||||
$ | 31,885 | $ | 31,232 | ||||||||
Non-compete agreements | $ | 3,502 | $ | 3,417 | |||||||
Accumulated amortization | (3,502) | (3,394) | |||||||||
$ | — | $ | 23 | ||||||||
Other | $ | 4,452 | $ | 5,600 | |||||||
Accumulated amortization | (2,365) | (2,222) | |||||||||
$ | 2,087 | $ | 3,378 | ||||||||
Intangible assets, net | $ | 62,104 | $ | 58,638 |
2022 | $ | 11,301 | ||||||
2023 | 9,240 | |||||||
2024 | 7,332 | |||||||
2025 | 4,211 | |||||||
2026 | 1,769 |
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Gross Amount | Debt Discount and Issuance Costs |
Carrying
Amount |
Gross Amount | Debt Discount and Issuance Costs |
Carrying
Amount |
|||||||||||||||||||||||||||||
2024 Convertible Notes | $ | 143,750 | $ | (20,207) | $ | 123,543 | $ | 143,750 | $ | (26,557) | $ | 117,193 | |||||||||||||||||||||||
2025 Convertible Notes | 172,500 | (31,857) | 140,643 | 172,500 | (39,336) | 133,164 | |||||||||||||||||||||||||||||
8.5% unsecured debt due 2024*
|
— | — | — | 872 | — | 872 | |||||||||||||||||||||||||||||
Total | $ | 316,250 | $ | (52,064) | $ | 264,186 | $ | 317,122 | $ | (65,893) | $ | 251,229 | |||||||||||||||||||||||
Less current portion | — | — | — | 213 | — | 213 | |||||||||||||||||||||||||||||
Total long-term debt | $ | 316,250 | $ | (52,064) | $ | 264,186 | $ | 316,909 | $ | (65,893) | $ | 251,016 |
Schedule of Contractual Maturities | |||||||||||||||||||||||
(in thousands) | Total |
Less Than
1 Year |
1 - 3 Years | 3 - 5 Years | |||||||||||||||||||
2024 Convertible Notes* | $ | 143,750 | $ | — | $ | 143,750 | $ | — | |||||||||||||||
2025 Convertible Notes* | 172,500 | — | — | 172,500 | |||||||||||||||||||
Total | $ | 316,250 | $ | — | $ | 143,750 | $ | 172,500 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
2019 Convertible Notes: | |||||||||||||||||
Contractual interest expense | $ | — | $ | — | $ | 3,074 | |||||||||||
Amortization of debt discount and deferred financing costs | — | — | 7,556 | ||||||||||||||
Total interest expense | $ | — | $ | — | $ | 10,630 | |||||||||||
2024 Convertible Notes: | |||||||||||||||||
Contractual interest expense | $ | 4,133 | $ | 4,133 | $ | 4,133 | |||||||||||
Amortization of debt discount and deferred financing costs | 6,349 | 5,883 | 5,452 | ||||||||||||||
Total interest expense | $ | 10,482 | $ | 10,016 | $ | 9,585 | |||||||||||
2025 Convertible Notes: | |||||||||||||||||
Contractual interest expense | $ | 4,097 | $ | 4,097 | $ | 4,097 | |||||||||||
Amortization of debt discount and deferred financing costs | 7,479 | 6,954 | 6,468 | ||||||||||||||
Total interest expense | $ | 11,576 | $ | 11,051 | $ | 10,565 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Share-based compensation costs | $ | 3,946 | $ | (5,094) | $ | 9,751 | |||||||||||
Income tax expense (benefit) on share-based compensation | 561 | 420 | (1,098) |
Shares |
Weighted
Average Grant Date Fair Value |
||||||||||
Outstanding as of September 30, 2020 | 1,108,920 | $ | 5.65 | ||||||||
Granted | 1,811,708 | 4.92 | |||||||||
Released (a)
|
(675,475) | 7.59 | |||||||||
Cancelled | (26,376) | 6.20 | |||||||||
Outstanding as of September 30, 2021 | 2,218,777 | $ | 4.86 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in millions except per share amounts) | 2021 | 2020 | 2019 | ||||||||||||||
Weighted average grant date fair value per share granted (a)
|
$ | 4.92 | $ | 5.73 | $ | 9.29 | |||||||||||
Total market value of shares released | $ | 3.4 | $ | 5.1 | $ | 11.8 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Domestic* | $ | 2,320 | $ | (31,989) | $ | (9,609) | |||||||||||
Foreign | 13,742 | (38,106) | 13,783 | ||||||||||||||
$ | 16,062 | $ | (70,095) | $ | 4,174 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | (479) | $ | (6,631) | $ | 431 | |||||||||||
State and foreign | 4,646 | 10,544 | 704 | ||||||||||||||
4,167 | 3,913 | 1,135 | |||||||||||||||
Deferred: | |||||||||||||||||
Federal | 3,202 | (1,561) | (4,264) | ||||||||||||||
State and foreign | 81 | (3,984) | 5,535 | ||||||||||||||
3,283 | (5,545) | 1,271 | |||||||||||||||
Total income tax (benefit) expense | $ | 7,450 | $ | (1,632) | $ | 2,406 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Income tax expense (benefit) at the federal statutory rate | $ | 3,374 | $ | (14,720) | $ | 878 | |||||||||||
State taxes, net of federal benefit | 931 | 951 | 184 | ||||||||||||||
Mexico inflation adjustment | (1,217) | (1,120) | (801) | ||||||||||||||
Non-deductible items | 2,087 | 772 | 2,088 | ||||||||||||||
Tax credits | — | — | (551) | ||||||||||||||
Foreign rate differential | 1,111 | (1,671) | 1,080 | ||||||||||||||
Change in valuation allowance | (137) | 962 | 1,601 | ||||||||||||||
Stock compensation | 293 | 598 | (711) | ||||||||||||||
Uncertain tax positions | 208 | 2,849 | (1,596) | ||||||||||||||
Non-deductible impairment | — | 9,093 | — | ||||||||||||||
Deferred tax true-up | 896 | — | — | ||||||||||||||
Other | (96) | 654 | 234 | ||||||||||||||
Total income tax expense (benefit) | $ | 7,450 | $ | (1,632) | $ | 2,406 | |||||||||||
Effective tax rate | 46 | % | 2 | % | 58 | % |
September 30, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Deferred tax assets: | |||||||||||
Cash Converters | $ | 13,848 | $ | 15,049 | |||||||
Tax over book inventory | 7,595 | 9,737 | |||||||||
Accrued liabilities | 7,731 | 8,924 | |||||||||
Pawn service charges receivable | 1,195 | 1,019 | |||||||||
Stock compensation | 643 | 1,565 | |||||||||
Foreign tax credit | 2,484 | 1,696 | |||||||||
State and foreign net operating loss carryforwards | 19,414 | 15,990 | |||||||||
Book over tax depreciation | 7,250 | 4,651 | |||||||||
Other | 3,562 | 4,350 | |||||||||
Total deferred tax assets before valuation allowance | 63,722 | 62,981 | |||||||||
Valuation allowance | (19,135) | (18,524) | |||||||||
Total deferred tax assets, net | 44,587 | 44,457 | |||||||||
Deferred tax liabilities: | |||||||||||
Tax over book amortization | 23,674 | 22,444 | |||||||||
Note receivable discount | 13,483 | 12,257 | |||||||||
Prepaid expenses | 1,368 | 1,349 | |||||||||
Total deferred tax liabilities | 38,525 | 36,050 | |||||||||
Net deferred tax asset | $ | 6,062 | $ | 8,407 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Beginning balance | $ | 3,085 | $ | 1,435 | $ | 3,091 | |||||||||||
Increase for tax positions taken during a prior period | 2,135 | 1,401 | — | ||||||||||||||
Increase for tax positions taken during the current period | — | 249 | — | ||||||||||||||
Decrease for tax positions as a result of the lapse of the statute of limitations | (457) | — | (1,656) | ||||||||||||||
Ending balance | $ | 4,763 | $ | 3,085 | $ | 1,435 |
Right-of-use asset | $ | 246,028 | |||
Straight-line rent accrual | (8,479) | ||||
Net right-of-use asset | $ | 237,549 | |||
Lease liability, current | $ | 45,272 | |||
Lease liability, non-current | 200,756 | ||||
Total lease liability | $ | 246,028 |
(in thousands) | September 30, 2021 | September 30, 2020 | |||||||||
Right-of-use asset | $ | 200,990 | $ | 183,809 | |||||||
Lease liability, current | $ | 52,263 | $ | 49,742 | |||||||
Lease liability, non-current | 161,330 | 153,040 | |||||||||
Total lease liability | $ | 213,593 | $ | 202,782 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||
Operating lease expense | $ | 61,980 | $ | 62,925 | |||||||||||||
Variable lease expense | 13,000 | 11,846 | |||||||||||||||
Total lease expense | $ | 74,980 | $ | 74,771 |
Fiscal 2022
|
$ | 66,434 | |||
Fiscal 2023
|
55,068 | ||||
Fiscal 2024
|
43,072 | ||||
Fiscal 2025
|
32,833 | ||||
Fiscal 2026
|
23,502 | ||||
Thereafter | 39,390 | ||||
Total lease liabilities | 260,299 | ||||
Less: portion representing interest | 46,706 | ||||
Total net lease liabilities | 213,593 | ||||
Less: current portion | 52,263 | ||||
Total long term net lease liabilities | $ | 161,330 |
Fiscal Year Ended September 30, | |||||||||||||||||
2019 | |||||||||||||||||
Gross rent expense from continuing operations | $ | 65,295 | |||||||||||||||
Sublease rent revenue from continuing operations | (35) | ||||||||||||||||
Net rent expense from continuing operations | $ | 65,260 |
Fiscal Year Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn |
Other
International |
Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 341,495 | $ | 101,303 | $ | — | $ | 442,798 | $ | — | $ | 442,798 | |||||||||||||||||||||||
Jewelry scrapping sales | 15,260 | 10,765 | — | 26,025 | — | 26,025 | |||||||||||||||||||||||||||||
Pawn service charges | 196,721 | 63,475 | — | 260,196 | — | 260,196 | |||||||||||||||||||||||||||||
Other revenues | 105 | 7 | 420 | 532 | — | 532 | |||||||||||||||||||||||||||||
Total revenues | 553,581 | 175,550 | 420 | 729,551 | — | 729,551 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 191,039 | 66,179 | — | 257,218 | — | 257,218 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 13,001 | 9,847 | — | 22,848 | — | 22,848 | |||||||||||||||||||||||||||||
Net revenues | 349,541 | 99,524 | 420 | 449,485 | — | 449,485 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 253,344 | 77,493 | — | 330,837 | — | 330,837 | |||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 56,495 | 56,495 | |||||||||||||||||||||||||||||
Depreciation and amortization | 10,650 | 7,371 | — | 18,021 | 12,651 | 30,672 | |||||||||||||||||||||||||||||
Gain (loss) 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) from continuing operations before income taxes | $ | 107,209 | $ | (91,147) | $ | 16,062 |
Fiscal Year Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn |
Other
International |
Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 391,921 | $ | 106,292 | $ | — | $ | 498,213 | $ | — | $ | 498,213 | |||||||||||||||||||||||
Jewelry scrapping sales | 36,691 | 11,262 | — | 47,953 | — | 47,953 | |||||||||||||||||||||||||||||
Pawn service charges | 210,081 | 62,557 | — | 272,638 | — | 272,638 | |||||||||||||||||||||||||||||
Other revenues | 150 | — | 3,823 | 3,973 | — | 3,973 | |||||||||||||||||||||||||||||
Total revenues | 638,843 | 180,111 | 3,823 | 822,777 | — | 822,777 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 251,544 | 82,937 | — | 334,481 | — | 334,481 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 28,064 | 9,977 | — | 38,041 | — | 38,041 | |||||||||||||||||||||||||||||
Other cost of revenues | — | 101 | 953 | 1,054 | — | 1,054 | |||||||||||||||||||||||||||||
Net revenues | 359,235 | 87,096 | 2,870 | 449,201 | — | 449,201 | |||||||||||||||||||||||||||||
Operating 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 | |||||||||||||||||||||||||||||
Gain (loss) on sale or disposal of assets | 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) from continuing operations before income taxes | $ | 36,088 | $ | (106,183) | $ | (70,095) |
Fiscal Year Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn |
Other
International |
Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 355,996 | $ | 97,379 | $ | — | $ | 453,375 | $ | — | $ | 453,375 | |||||||||||||||||||||||
Jewelry scrapping sales | 45,815 | 14,630 | — | 60,445 | — | 60,445 | |||||||||||||||||||||||||||||
Pawn service charges | 248,369 | 78,997 | — | 327,366 | — | 327,366 | |||||||||||||||||||||||||||||
Other revenues | 233 | 179 | 5,631 | 6,043 | — | 6,043 | |||||||||||||||||||||||||||||
Total revenues | 650,413 | 191,185 | 5,631 | 847,229 | — | 847,229 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 225,136 | 72,372 | — | 297,508 | — | 297,508 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 39,318 | 13,617 | — | 52,935 | — | 52,935 | |||||||||||||||||||||||||||||
Other cost of revenues | — | — | 2,338 | 2,338 | — | 2,338 | |||||||||||||||||||||||||||||
Net revenues | 385,959 | 105,196 | 3,293 | 494,448 | — | 494,448 | |||||||||||||||||||||||||||||
Operating expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 269,003 | 74,199 | 7,376 | 350,578 | — | 350,578 | |||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 63,665 | 63,665 | |||||||||||||||||||||||||||||
Depreciation and amortization | 11,879 | 6,267 | 219 | 18,365 | 10,432 | 28,797 | |||||||||||||||||||||||||||||
Loss on sale or disposal of assets | 3,402 | 691 | 282 | 4,375 | 24 | 4,399 | |||||||||||||||||||||||||||||
Interest expense | — | 1,609 | 491 | 2,100 | 30,537 | 32,637 | |||||||||||||||||||||||||||||
Interest income | — | (1,601) | — | (1,601) | (9,485) | (11,086) | |||||||||||||||||||||||||||||
Equity in net loss of unconsolidated affiliates | — | — | 135 | 135 | — | 135 | |||||||||||||||||||||||||||||
Impairment of investment in unconsolidated affiliates | — | — | 19,725 | 19,725 | — | 19,725 | |||||||||||||||||||||||||||||
Other (income) expense | — | (93) | 1,895 | 1,802 | (378) | 1,424 | |||||||||||||||||||||||||||||
Segment contribution (loss) | $ | 101,675 | $ | 24,124 | $ | (26,830) | $ | 98,969 | |||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 98,969 | $ | (94,795) | $ | 4,174 |
(in thousands) | U.S. Pawn | Latin America Pawn |
Other
International |
Corporate | Total | ||||||||||||||||||||||||
Assets as of September 30, 2021
|
|||||||||||||||||||||||||||||
Pawn loans | $ | 135,931 | $ | 39,970 | $ | — | $ | — | $ | 175,901 | |||||||||||||||||||
Pawn service charges receivable, net | 24,365 | 4,972 | — | — | 29,337 | ||||||||||||||||||||||||
Inventory, net | 82,386 | 28,603 | — | — | 110,989 | ||||||||||||||||||||||||
Total assets | 779,271 | 233,347 | 38,993 | 215,300 | 1,266,911 | ||||||||||||||||||||||||
Assets as of September 30, 2020
|
|||||||||||||||||||||||||||||
Pawn loans | $ | 106,340 | $ | 24,983 | $ | — | $ | — | 131,323 | ||||||||||||||||||||
Pawn service charges receivable, net | 17,931 | 2,649 | — | — | 20,580 | ||||||||||||||||||||||||
Inventory, net | 75,807 | 20,084 | — | — | 95,891 | ||||||||||||||||||||||||
Total assets | 690,157 | 191,827 | 34,118 | 280,921 | 1,197,023 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Revenues: | |||||||||||||||||
United States | $ | 553,581 | $ | 638,844 | $ | 650,413 | |||||||||||
Mexico | 128,773 | 131,965 | 138,897 | ||||||||||||||
Other Latin America | 46,777 | 48,146 | 52,288 | ||||||||||||||
Canada and other | 420 | 3,822 | 5,631 | ||||||||||||||
Total revenues | $ | 729,551 | $ | 822,777 | $ | 847,229 |
September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||
Long-lived tangible assets: | |||||||||||||||||
United States | $ | 30,651 | $ | 36,361 | |||||||||||||
Mexico | 19,255 | $ | 15,141 | ||||||||||||||
Other Latin America | 3,905 | $ | 5,484 | ||||||||||||||
Total long-lived tangible assets | $ | 53,811 | $ | 56,986 |
September 30, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Gross pawn service charges receivable | $ | 37,360 | $ | 27,259 | |||||||
Allowance for uncollectible pawn service charges receivable | (8,023) | (6,679) | |||||||||
Pawn service charges receivable, net | $ | 29,337 | $ | 20,580 | |||||||
Gross inventory | $ | 115,300 | $ | 108,205 | |||||||
Inventory reserves | (4,311) | (12,314) | |||||||||
Inventory, net | $ | 110,989 | $ | 95,891 | |||||||
Prepaid expenses and other | $ | 5,386 | $ | 10,614 | |||||||
Accounts receivable and other | 9,322 | 6,991 | |||||||||
Income taxes prepaid and receivable | 16,302 | 15,298 | |||||||||
Prepaid expenses and other current assets | $ | 31,010 | $ | 32,903 | |||||||
Accounts payable | $ | 22,462 | $ | 19,114 | |||||||
Accrued payroll | 9,093 | 12,993 | |||||||||
Incentive accrual | 16,868 | 4,895 | |||||||||
Other payroll related expenses | 10,695 | 9,071 | |||||||||
Accrued sales and VAT taxes | 10,936 | 9,291 | |||||||||
Other current liabilities | 20,214 | 16,140 | |||||||||
Account payable, accrued expenses and other current liabilities | $ | 90,268 | $ | 71,504 | |||||||
Unrecognized tax benefits, non-current | $ | 2,571 | $ | 4,214 | |||||||
Other long-term liabilities | 7,814 | 6,635 | |||||||||
Other long-term liabilities | $ | 10,385 | $ | 10,849 |
Additions | |||||||||||||||||||||||||||||
(in thousands) | Balance at Beginning of Period | Charged to Expense | Charged to Revenue | Deductions | Balance at End of Period | ||||||||||||||||||||||||
Allowance for valuation of inventory: | |||||||||||||||||||||||||||||
Year Ended September 30, 2021 | $ | 12,314 | $ | — | $ | 8,003 | $ | 4,311 | |||||||||||||||||||||
Year Ended September 30, 2020 | 9,737 | 2,577 | — | — | 12,314 | ||||||||||||||||||||||||
Year Ended September 30, 2019 | 9,201 | 536 | — | — | 9,737 | ||||||||||||||||||||||||
Allowance for uncollectible pawn service charges receivable: | |||||||||||||||||||||||||||||
Year Ended September 30, 2021 | $ | 6,679 | $ | 1,344 | $ | — | $ | — | $ | 8,023 | |||||||||||||||||||
Year Ended September 30, 2020 | 10,036 | — | — | 3,357 | 6,679 | ||||||||||||||||||||||||
Year Ended September 30, 2019 | 9,760 | — | 276 | — | 10,036 | ||||||||||||||||||||||||
Allowance for uncollectible consumer loan fees and interest receivable: | |||||||||||||||||||||||||||||
Year Ended September 30, 2021 | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||||||||||
Year Ended September 30, 2020 | 540 | — | — | 540 | — | ||||||||||||||||||||||||
Year Ended September 30, 2019 | 331 | — | 209 | — | 540 | ||||||||||||||||||||||||
Allowance for valuation of deferred tax assets: | |||||||||||||||||||||||||||||
Year Ended September 30, 2021 | $ | 18,524 | 611 | $ | — | $ | — | $ | 19,135 | ||||||||||||||||||||
Year Ended September 30, 2020 | 18,094 | 430 | — | — | 18,524 | ||||||||||||||||||||||||
Year Ended September 30, 2019 | 20,254 | — | — | 2,160 | 18,094 |
(in thousands, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||
Year Ended September 30, 2021 | |||||||||||||||||||||||
Total revenues | $ | 178,135 | $ | 184,939 | $ | 174,033 | $ | 192,444 | |||||||||||||||
Net revenues | $ | 108,390 | $ | 113,748 | $ | 108,021 | $ | 119,326 | |||||||||||||||
Net income (loss) | $ | 4,299 | $ | 5,330 | $ | (2,570) | $ | 1,553 | |||||||||||||||
Basic earnings (loss) per share | $ | 0.08 | $ | 0.10 | $ | (0.05) | $ | 0.03 | |||||||||||||||
Diluted earnings (loss) per share | $ | 0.08 | $ | 0.10 | $ | (0.05) | $ | 0.03 |
(in thousands, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||
Year Ended September 30, 2020 | |||||||||||||||||||||||
Total revenues | $ | 222,435 | $ | 223,280 | $ | 210,224 | $ | 166,839 | |||||||||||||||
Net revenues | $ | 130,069 | $ | 127,362 | $ | 102,175 | $ | 89,596 | |||||||||||||||
Net income (loss) | $ | 1,238 | $ | (40,874) | $ | (5,487) | $ | (23,340) | |||||||||||||||
Basic earnings (loss) per share | $ | 0.02 | $ | (0.74) | $ | (0.10) | $ | (0.42) | |||||||||||||||
Diluted earnings (loss) per share | $ | 0.02 | $ | (0.74) | $ | (0.10) | $ | (0.42) |
Name | Age | Committees | ||||||||||||
Matthew W. Appel | 65 | Audit, People and Compensation, Nominating (Chair), Lead Independent Director | ||||||||||||
Zena Srivatsa Arnold | 43 | Audit, People and Compensation, Nominating | ||||||||||||
Phillip E. Cohen (Executive Chairman) | 74 | — | ||||||||||||
Jason A. Kulas | 50 | — | ||||||||||||
Pablo Lagos Espinosa | 66 | Audit, People and Compensation (Chair), Nominating | ||||||||||||
Gary L. Tillett | 62 | Audit (Chair), People and Compensation, Nominating |
Name | Age | Title | ||||||||||||
Phillip E. Cohen | 74 | Executive Chairman | ||||||||||||
Jason A. Kulas | 50 | Chief Executive Officer | ||||||||||||
Lachlan P. Given | 44 | Chief Strategy, M&A and Funding Officer | ||||||||||||
Timothy K. Jugmans | 45 | Chief Financial Officer | ||||||||||||
John Blair Powell, Jr. | 53 | President, Global Pawn | ||||||||||||
Keith Robertson | 57 | Chief Information Officer | ||||||||||||
Sunil Sajnani | 41 | Chief Audit and Loss Prevention Executive | ||||||||||||
Nicole Swies | 43 | Chief Revenue and Operations Officer | ||||||||||||
Lisa VanRoekel | 52 | Chief Human Resources Officer | ||||||||||||
Thomas H. Welch, Jr. | 66 | Chief Legal Officer and Secretary |
Fiscal 2021
|
|||||||||||
Meetings Held | Action by Unanimous Written Consent | ||||||||||
Board of Directors | 11 | 5 | |||||||||
Audit Committee | 8 | 2 | |||||||||
People and Compensation Committee | 10 | — |
Name | Position | |||||||
Jason A. Kulas | Chief Executive Officer | |||||||
Timothy K. Jugmans | Chief Financial Officer | |||||||
Philip E. Cohen | Executive Chairman | |||||||
Lachlan P. Given | Chief Strategy, M&A and Funding Officer | |||||||
Francisco J. Kuthy Saenger (1) | President, Latin America Pawn |
Attract and retain high performers
|
•Compensation is competitive to attract and retain high performers
•When performance objectives are achieved, resulting pay is competitive with market
•When performance is outstanding and exceeds performance objectives, resulting pay is positioned above, and potentially near the top of, the market
|
||||||||||
Pay for performance |
•The majority of compensation is performance-based (short-and long-term)
•These performance-based incentives are tied to the achievement of financial and strategic objectives, recognizing company-wide and individual performance
|
||||||||||
Shareholder alignment |
•The value of equity awards is dependent on our stock performance and the achievement of objective financial goals
•Equity incentives will have the greatest weight in the mix of variable compensation for executives
|
||||||||||
Long-term commitment |
•Equity incentive awards vest over multiple years to align executives with the investment horizon of long-term shareholders
•After vesting, executives are subject to stock ownership requirements
|
What We Do | What We Don’t Do | |||||||||||||
þ | Emphasize performance-based variable pay | ý | Generally no single trigger change-in-control payments | |||||||||||
þ | Link 100% of equity incentive grants to performance goals | ý | No significant perquisites | |||||||||||
þ | Require stock retention by executives and directors | ý | No hedging or pledging of Company stock | |||||||||||
þ | Perform annual risk assessments | |||||||||||||
þ | Retain an independent compensation consultant | |||||||||||||
þ | Maintain an incentive clawback policy |
Compensation Component | Description | Attract and Retain | Pay for Performance | Shareholder Alignment | Long-term Commitment | ||||||||||||
Base salary
|
A market-competitive salary to provide a fixed annual cash income
|
ü
|
|||||||||||||||
Short-term incentives
|
Annual cash incentive opportunity tied to an assessment of annual corporate and business unit financial performance, as well as individual contributions
|
ü
|
ü
|
ü
|
|||||||||||||
Long-term incentives
|
Equity incentive grants of performance-vested restricted stock units tied to achievement of earnings-based goals
|
ü
|
ü
|
ü
|
ü
|
||||||||||||
Executive retirement
(US only)
|
Annual retirement plan contributions that vest over three years
|
ü
|
ü
|
Peer Company | Stock Symbol | Primary Business | ||||||||||||
Cardtronics Inc. | CATM | Data Processing and Outsourced Services — Fintech | ||||||||||||
Conn’s, Inc. | CONN | Computer and Electronics Retail | ||||||||||||
CURO Group Holdings Corp. | CURO | Consumer Finance | ||||||||||||
Enova International, Inc. | ENVA | Consumer Finance | ||||||||||||
First Cash, Inc. | FCFS | Consumer Finance — Pawn Operator | ||||||||||||
GreenSky, Inc. | GSKY | Data Processing and Outsourced Services | ||||||||||||
LendingClub Corporation | LC | Consumer Finance | ||||||||||||
MoneyGram International, Inc. | MGI | Data Processing and Outsourced Services — Fintech | ||||||||||||
Oportun Financial Corporation | OPRT | Consumer Finance | ||||||||||||
Regional Management Corp. | RM | Consumer Finance | ||||||||||||
Rent-A-Center, Inc. | RCII | Computer and Electronics Retail | ||||||||||||
World Acceptance Corporation | WRLD | Consumer Finance |
Scoping Metric | Peer Group Range ($ in millions) | Company Positioning (percentile) | ||||||||||||
Total Revenues (TTM) | $361 to $2,675 | 43% | ||||||||||||
1-Year Revenue Growth | (9)% to 26% | 45% | ||||||||||||
3-Year Annual Revenue Growth | (11)% to 25% | 45% | ||||||||||||
Market Capitalization | $177 to $2,891 | 47% |
Named Executive Officer |
Fiscal 2021 Base Salary
|
Fiscal 2020 Base Salary
|
Increase | ||||||||||||||||||||
Jason A. Kulas (1) | $ | 850,000 | $ | 850,000 | 0% | ||||||||||||||||||
Timothy K. Jugmans (2) | $ | 370,000 | $ | 370,000 | 0% | ||||||||||||||||||
Philip E. Cohen | $ | 1,500,000 | $ | 1,500,000 | 0% | ||||||||||||||||||
Lachlan P. Given (3) | $ | 600,000 | $ | 600,000 | 0% | ||||||||||||||||||
Francisco J. Kuthy Saenger (4) | $ | 400,000 | $ | 400,000 | 0% |
Named Executive Officer (1) |
Fiscal 2021 Target Amount (as a % of base salary)
|
|||||||
Jason A. Kulas | 150% | |||||||
Timothy K. Jugmans | 60% | |||||||
Lachlan P. Given | 100% | |||||||
Francisco J. Kuthy Saenger | 100% |
Named Executive Officer (1) | FY21 Base Salary | Target Percentage | Target Payout | STI Payout | FY21 Percent of Target Awarded | |||||||||||||||||||||||||||
Jason A. Kulas | $ | 850,000 | 150% | $ | 1,275,000 | $ | 1,593,750 | 125% | ||||||||||||||||||||||||
Timothy K. Jugmans | $ | 370,000 | 60% | $ | 222,000 | $ | 302,500 | 136% | ||||||||||||||||||||||||
Lachlan P. Given | $ | 600,000 | 100% | $ | 600,000 | $ | 770,000 | 128% | ||||||||||||||||||||||||
Francisco J. Kuthy Saenger | $ | 400,000 | 100% | $ | 400,000 | $ | 364,286 | 91% |
Named Executive Officer (1) | Percentage of Base Salary | LTI Target Amount | Number of Units | |||||||||||||||||
Jason A. Kulas | 150% | $ | 1,275,000 | 253,479 | ||||||||||||||||
Timothy K. Jugmans | 80% | $ | 296,000 | 58,847 | ||||||||||||||||
Lachlan P. Given | 100% | $ | 600,000 | 119,294 | ||||||||||||||||
Francisco J. Kuthy Saenger | 100% | $ | 400,000 | 65,209 |
Named Executive Officer | Percent of Base Salary | LTI Target Amount | Number of Units | |||||||||||||||||
Jason A. Kulas | 250% | $ | 2,125,000 | 280,713 | ||||||||||||||||
Timothy K. Jugmans | 100% | $ | 420,000 | 55,482 | ||||||||||||||||
Lachlan P. Given | 100% | $ | 600,000 | 79,260 |
Named Executive Officer | Fiscal 2021 SERP Contribution | |||||||
Jason A. Kulas | $ | 85,000 | ||||||
Timothy K. Jugmans | $ | 37,000 | ||||||
Lachlan P. Given | $ | 60,000 |
Pablo Lagos Espinosa, Chair
Matthew W. Appel Zena Srivatsa Arnold Gary L. Tillett |
Name and Principal Position | Fiscal Year |
Salary
(1) |
Bonus | Stock Awards (2) | Non-Equity Incentive Plan Compensation (3) | All Other Compensation (4) | Total | |||||||||||||||||||||||||||||||||||||
Jason A. Kulas (5)
Chief Executive Officer
|
2021 | $ | 850,000 | — | $ | 723,679 | $ | 1,593,750 | $ | 117,523 | $ | 3,284,952 | ||||||||||||||||||||||||||||||||
2020 | $ | 424,808 | — | $ | 683,878 | $ | 437,500 | $ | 56,455 | $ | 1,602,641 | |||||||||||||||||||||||||||||||||
2019 | — | — | $ | 91,334 | — | $ | 40,000 | $ | 131,334 | |||||||||||||||||||||||||||||||||||
Timothy K. Jugmans
Chief Financial Officer
|
2021 | $ | 370,000 | — | $ | 238,717 | $ | 302,500 | $ | 66,418 | $ | 977,635 | ||||||||||||||||||||||||||||||||
2020 | $ | 236,374 | $ | 73,923 | — | — | $ | 5,646 | $ | 315,943 | ||||||||||||||||||||||||||||||||||
2019 | $ | 237,250 | — | $ | 117,761 | $ | 47,241 | $ | 6,183 | $ | 408,435 | |||||||||||||||||||||||||||||||||
Philip E. Cohen
Executive Chairman
|
2021 | $ | 1,500,000 | — | 0 | — | $ | 1,656,044 | $ | 23,532 | $ | 3,179,576 | ||||||||||||||||||||||||||||||||
2020 | $ | 1,500,000 | — | — | $ | 350,390 | $ | 21,028 | $ | 1,871,418 | ||||||||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Lachlan P. Given (5)
Chief Strategy, M&A and Funding Officer
|
2021 | $ | 600,000 | — | $ | 372,003 | $ | 770,000 | $ | 83,028 | $ | 1,825,031 | ||||||||||||||||||||||||||||||||
2020 | $ | 600,000 | $ | 277,377 | — | — | $ | 82,200 | $ | 959,577 | ||||||||||||||||||||||||||||||||||
2019 | $ | 600,000 | — | $ | 772,148 | $ | 519,534 | $ | 81,372 | $ | 1,973,054 | |||||||||||||||||||||||||||||||||
Francisco J. Kuthy Saenger | 2021 | $ | 418,435 | — | $ | 277,164 | $ | 364,286 | $ | 85,121 | $ | 1,145,006 | ||||||||||||||||||||||||||||||||
President, Latin America Pawn | 2020 | $ | 369,887 | $ | 142,831 | — | — | $ | 81,950 | $ | 594,668 | |||||||||||||||||||||||||||||||||
2019 | $ | 362,737 | $ | 275,161 | $ | 66,099 | $ | 79,928 | $ | 783,925 |
Estimated Future Payouts Under
Non-Equity Incentive Plan Awards (1) |
Estimated Future Payouts Under
Equity Incentive Plan Awards (2) |
Grant Date Fair Value (3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Threshold | Target | Maximum | Threshold | Target | Maximum | |||||||||||||||||||||||||||||||||||||||||||
Jason A. Kulas | 2/26/2021 | $ | 637,500 | $ | 1,275,000 | N/A | — | — | — | |||||||||||||||||||||||||||||||||||||||||
2/22/2021 | 126,740 | 253,479 | 380,219 | $ | 418,666 | |||||||||||||||||||||||||||||||||||||||||||||
1/27/2021 | 64,759 | 129,517 | 129,517 | $ | 305,013 | |||||||||||||||||||||||||||||||||||||||||||||
Timothy K. Jugmans | 2/26/2021 | $ | 111,000 | $ | 222,000 | N/A | — | — | — | |||||||||||||||||||||||||||||||||||||||||
2/22/2021 | 59,642 | 119,284 | 178,926 | $ | 197,019 | |||||||||||||||||||||||||||||||||||||||||||||
1/27/2021 | 8,853 | 17,706 | 17,706 | $ | 41,698 | |||||||||||||||||||||||||||||||||||||||||||||
Philip E. Cohen | 2/26/2021 | $ | 1,500,000 | $ | 1,500,000 | 1,500,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Lachlan P. Given | 2/26/2021 | $ | 300,000 | $ | 600,000 | N/A | — | — | — | |||||||||||||||||||||||||||||||||||||||||
2/22/2021 | 59,642 | 119,284 | 178,926 | $ | 197,019 | |||||||||||||||||||||||||||||||||||||||||||||
1/27/2021 | 37,152 | 74,303 | 74,303 | $ | 174,984 | |||||||||||||||||||||||||||||||||||||||||||||
Francisco J. Kuthy Saenger | 2/26/2021 | $ | 200,000 | 400,000 | N/A | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
2/22/2021 | 39,761 | 79,522 | 119,283 | $ | 131,345 | |||||||||||||||||||||||||||||||||||||||||||||
1/27/2021 | 30,960 | 61,919 | 61,919 | $ | 145,819 |
Stock Awards | ||||||||||||||||||||||||||||||||
Name | Award Date |
Number of Shares or
Units of Stock That Have Not Vested |
Market Value of Shares or
Units of Stock That Have Not Vested (1) |
|||||||||||||||||||||||||||||
Jason A. Kulas | 2/22/2021 | 253,479 | $ | 1,918,836 | ||||||||||||||||||||||||||||
1/27/2021 | 129,517 | $ | 980,444 | |||||||||||||||||||||||||||||
Timothy K. Jugmans | 2/22/2021 | 58,846 | $ | 445,464 | ||||||||||||||||||||||||||||
1/27/2021 | 17,076 | $ | 129,265 | |||||||||||||||||||||||||||||
12/11/2018 | 10,690 | (2) | $ | 80,923 | ||||||||||||||||||||||||||||
Philip E. Cohen | — | — | ||||||||||||||||||||||||||||||
Lachlan P. Given | 2/22/2021 | 119,284 | $ | 902,980 | ||||||||||||||||||||||||||||
1/27/2021 | 74,303 | $ | 562,474 | |||||||||||||||||||||||||||||
12/11/2018 | 70,093 | (2) | $ | 530,604 | ||||||||||||||||||||||||||||
Francisco J. Kuthy Saenger | 2/22/2021 | 79,522 | $ | 601,982 | ||||||||||||||||||||||||||||
1/27/2021 | 61,919 | $ | 468,727 | |||||||||||||||||||||||||||||
12/11/2018 | 24,978 | (2) | $ | 189,083 |
Stock Awards | ||||||||||||||||||||||||||
Named Executive Officer |
Number of Shares
Acquired on Vesting |
Value Realized
on Vesting (1) |
||||||||||||||||||||||||
Jason A. Kulas | 90,768 | (2) | $ | 435,686 | ||||||||||||||||||||||
Timothy K. Jugmans | 11,605 | (3) | $ | 57,793 | ||||||||||||||||||||||
Philip E. Cohen | — | — | ||||||||||||||||||||||||
Lachlan P. Given | 147,698 | (4) | $ | 735,536 | ||||||||||||||||||||||
Francisco J. Kuthy Saenger | 28,948 | (3) | $ | 144,161 |
Named Executive Officer |
Company Contributions in Fiscal 2021 (1)
|
Aggregate Earnings in Fiscal 2021 (2)
|
Aggregate Withdrawals/Distributions in Fiscal 2021
|
Aggregate Forfeitures in Fiscal 2021
|
Aggregate Balance at September 30, 2021 (3)
|
|||||||||||||||||||||||||||
Jason A. Kulas | $ | 85,000 | $ | 5,169 | — | — | $ | 90,169 | ||||||||||||||||||||||||
Timothy K. Jugmans | $ | 37,000 | $ | 10,832 | — | — | $ | 47,832 | ||||||||||||||||||||||||
Philip E. Cohen | — | — | — | — | — | |||||||||||||||||||||||||||
Lachlan P. Given | $ | 60,000 | $ | 114,104 | — | — | $ | 666,116 | ||||||||||||||||||||||||
Francisco J. Kuthy Saenger | — | — | — | — | — |
Named Executive Officer | Year | Health Care Supplemental Insurance (1) | Value of Supplemental Life Insurance Premiums (2) | Company Contributions to Defined Contribution Plans (3) | Other Benefits (4) | Total | ||||||||||||||||||||||||||||||||
Jason A. Kulas | 2021 | $ | 21,636 | $ | 1,392 | $ | 94,495 | — | $ | 117,523 | ||||||||||||||||||||||||||||
2020 | $ | 12,138 | $ | 812 | $ | 3,505 | $ | 40,000 | $ | 56,455 | ||||||||||||||||||||||||||||
2019 | — | — | — | $ | 40,000 | $ | 40,000 | |||||||||||||||||||||||||||||||
Timothy K. Jugmans | 2021 | $ | 21,636 | $ | 1,392 | $ | 43,390 | — | $ | 66,418 | ||||||||||||||||||||||||||||
2020 | — | $ | 1,392 | $ | 4,254 | — | $ | 5,646 | ||||||||||||||||||||||||||||||
2019 | — | $ | 1,392 | $ | 4,791 | — | $ | 6,183 | ||||||||||||||||||||||||||||||
Philip E. Cohen | 2021 | $ | 14,448 | $ | 1,392 | $ | 7,692 | — | $ | 23,532 | ||||||||||||||||||||||||||||
2020 | $ | 13,896 | $ | 1,392 | $ | 5,740 | — | $ | 21,028 | |||||||||||||||||||||||||||||
2019 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Lachlan P. Given | 2021 | $ | 21,636 | $ | 1,392 | $ | 60,000 | — | $ | 83,028 | ||||||||||||||||||||||||||||
2020 | $ | 20,808 | $ | 1,392 | $ | 60,000 | — | $ | 82,200 | |||||||||||||||||||||||||||||
2019 | $ | 19,452 | $ | 1,920 | $ | 60,000 | — | $ | 81,372 | |||||||||||||||||||||||||||||
Francisco J. Kuthy Saenger | 2021 | $ | 7,418 | $ | 2,473 | — | $ | 75,230 | $ | 85,121 | ||||||||||||||||||||||||||||
2020 | $ | 6,859 | $ | 2,223 | — | $ | 72,867 | $ | 81,949 | |||||||||||||||||||||||||||||
2019 | $ | 6,917 | $ | 2,223 | — | $ | 70,787 | $ | 79,927 |
Salary |
Incentive
Bonus |
Accelerated Vesting of
Restricted Stock (1) |
Accelerated Vesting of
SERP Balance |
|||||||||||||||||||||||
Resignation for Good Reason: | ||||||||||||||||||||||||||
Jason A. Kulas | $ | 850,000 | — | — | — | |||||||||||||||||||||
Timothy K. Jugmans | — | — | — | — | ||||||||||||||||||||||
Philip E. Cohen | — | — | — | — | ||||||||||||||||||||||
Lachlan P. Given | — | — | — | — | ||||||||||||||||||||||
Francisco J. Kuthy Saenger | — | — | — | — | ||||||||||||||||||||||
Termination Without Cause: | ||||||||||||||||||||||||||
Jason A. Kulas | $ | 850,000 | — | — | — | |||||||||||||||||||||
Timothy K. Jugmans | $ | 370,000 | — | — | — | |||||||||||||||||||||
Philip E. Cohen | — | — | — | — | ||||||||||||||||||||||
Lachlan P. Given | $ | 600,000 | — | — | — | |||||||||||||||||||||
Francisco J. Kuthy Saenger (2) | $ | 904,467 | — | — | — | |||||||||||||||||||||
Death or Disability: | ||||||||||||||||||||||||||
Jason A. Kulas | — | — | $ | 2,899,280 | $ | 90,169 | ||||||||||||||||||||
Timothy K. Jugmans | — | — | $ | 1,037,014 | $ | 47,832 | ||||||||||||||||||||
Philip E. Cohen | — | — | — | — | ||||||||||||||||||||||
Lachlan P. Given | — | — | $ | 1,465,454 | $ | 128,135 | ||||||||||||||||||||
Francisco J. Kuthy Saenger | — | — | $ | 1,070,708 | — |
Director | Fees Earned or Paid in Cash | Restricted Stock Awards (1) | Total | ||||||||||||||||||||
Matthew W. Appel | $ | 126,875 | $ | 236,026 | (2) | $ | 362,901 | ||||||||||||||||
Zena Srivatsa Arnold | $ | 80,000 | $ | 236,026 | (2) | $ | 316,026 | ||||||||||||||||
Shelagmichael Brown | $ | 40,000 | $ | 76,026 | (3) | $ | 116,026 | ||||||||||||||||
Hugo R. Dooner | $ | 40,000 | $ | 76,026 | (3) | $ | 116,026 | ||||||||||||||||
Pablo Lagos Espinosa | $ | 95,000 | $ | 236,026 | (2) | $ | 331,026 | ||||||||||||||||
Kent V. Stone | $ | 40,000 | $ | 76,026 | (3) | $ | 116,026 | ||||||||||||||||
Gary L. Tillett | $ | 100,625 | $ | 236,026 | (2) | $ | 336,651 | ||||||||||||||||
Robert W. K. (Robb) Webb | $ | 40,000 | $ | 76,026 | (3) | $ | 116,026 | ||||||||||||||||
Rosa Zeegers | $ | 40,000 | $ | 76,026 | (3) | $ | 116,026 |
Plan Category |
Number of Securities to
be Issued Upon Exercise of Outstanding Options (a) |
Weighted Average
Exercise Price of Outstanding Options (b) |
Number of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) |
||||||||||||||
Equity compensation plans approved by security holders | — | — | 174,419 | ||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||||||||
Total | — | — | 174,419 |
Class A Non-voting
Common Stock |
Class B Voting
Common Stock |
||||||||||||||||||||||||||||||||||||||||
Beneficial Owner | Number | Percent | Number | Percent | Voting Percent | ||||||||||||||||||||||||||||||||||||
MS Pawn Limited Partnership (a)
MS Pawn Corporation
Phillip Ean Cohen
2500 Bee Cave Road
Bldg One, Suite 200
Rollingwood, Texas 78746
|
2,974,047 | (b) | 5.31 | % | (b) | 2,970,171 | 100 | % | 100 | % | |||||||||||||||||||||||||||||||
Blackrock Inc.
55 East 52nd Street
New York, New York 10055
|
8,429,871 |
(c)
|
15.04 | % | — | — | — | ||||||||||||||||||||||||||||||||||
Dimensional Fund Advisors LP
6300 Bee Cave Road, Building One
Austin, Texas 78746
|
3,694,822 | (c) | 6.59 | % | — | — | — | ||||||||||||||||||||||||||||||||||
Russell Investments Group, Ltd.
1301 Second Avenue, 18th Floor
Seattle, Washington 98101
|
3,547,202 | (c) | 6.33 | % | — | — | — | ||||||||||||||||||||||||||||||||||
Lafitte Capital Management LP
13505 Fitzhugh Road, Bldg 1
Austin, Texas 78737
|
3,456,695 | (c) | 6.17 | % | — | — | — | ||||||||||||||||||||||||||||||||||
Vanguard Group, Inc.
P.O. Box 2600, V26
Valley Forge, Pennsylvania 19482-2600
|
3,306,721 | (c) | 5.90 | % | — | — | — | ||||||||||||||||||||||||||||||||||
Matthew W. Appel | 129,976 | * | — | — | — | ||||||||||||||||||||||||||||||||||||
Zena Srivatsa Arnold | 49,257 | * | — | — | — | ||||||||||||||||||||||||||||||||||||
Pablo Lagos Espinosa | 156,676 | * | |||||||||||||||||||||||||||||||||||||||
Jason A. Kulas | 114,017 | * | |||||||||||||||||||||||||||||||||||||||
Gary L. Tillett | 49,257 | * | |||||||||||||||||||||||||||||||||||||||
Timothy K. Jugmans | 28,064 | (d) | * | — | — | — | |||||||||||||||||||||||||||||||||||
Lachlan P. Given | 443,058 | (e) | * | — | — | — | |||||||||||||||||||||||||||||||||||
Francisco J. Kuthy Saenger | 95,633 | (f) | * | — | — | — | |||||||||||||||||||||||||||||||||||
Directors and executive officers as a group (14 persons) | 4,222,904 | (g) | 7.53 | % | 2,970,171 | 100 | % | 100 | % |
Director | Status (a) | |||||||
Matthew W. Appel | Independent | |||||||
Zena Srivatsa Arnold | Independent | |||||||
Shelaghmichael Brown (b) | Independent | |||||||
Phillip E. Cohen | Not independent (c) | |||||||
Hugo R. Dooner (b) | Independent | |||||||
Jason A. Kulas | Not independent (c) | |||||||
Pablo Lagos Espinosa | Independent | |||||||
Kent V. Stone (b) | Independent | |||||||
Gary L. Tillett | Independent | |||||||
Robert W. K. (Robb) Webb (b) | Independent | |||||||
Rosa Zeegers (b) | Independent |
Year Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Audit of financial statements and audit pursuant to section 404 of the Sarbanes-Oxley Act and quarterly reviews | $ | 1,556,000 | $ | 1,960,400 | |||||||
Audit related fees | — | — | |||||||||
Tax fees | — | — | |||||||||
All other fees | — | — | |||||||||
$ | 1,556,000 | $ | 1,960,400 |
Incorporated by Reference | Filed Herewith | |||||||||||||||||||||||||
Exhibit | Description of Exhibit | Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||
3.1 | 8-K | 0-19424 | 3.1 | October 3, 2013 | ||||||||||||||||||||||
3.2 | 8-K | 0-19424 | 99.1 | March 25, 2014 | ||||||||||||||||||||||
3.3 | 8-K | 0-19424 | 3.2 | July 22, 2014 | ||||||||||||||||||||||
4.1 | Specimen of Class A Non-voting Common Stock Certificate | S-1 | 33-41317 | 4.1 | August 23, 1991 | |||||||||||||||||||||
4.2 | 8-K | 0-19424 | 4.1 | October 3, 2013 | ||||||||||||||||||||||
4.3 | 8-K | 0-19424 | 4.1 | July 6, 2017 | ||||||||||||||||||||||
4.4 | 8-K | 0-19424 | 4.1 | May 15, 2018 | ||||||||||||||||||||||
4.5 | 8-K | 0-19424 | 4.1 | October 7, 2019 | ||||||||||||||||||||||
10.1* | 8-K | 0-19424 | 10.94 | December 1, 2005 | ||||||||||||||||||||||
10.2* | 8-K | 0-19424 | 10.1 | November 29, 2018 | ||||||||||||||||||||||
10.3* | 10-K | 0-19424 | 10.15 | November 24, 2010 | ||||||||||||||||||||||
10.4* | 10-K | 0-19424 | 10.17 | November 24, 2010 | ||||||||||||||||||||||
x | ||||||||||||||||||||||||||
x | ||||||||||||||||||||||||||
x | ||||||||||||||||||||||||||
x | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||||||||||||
104 | Cover Page Interactive Data File in Inline XBRL format (contained in Exhibit 101) |
* | Identifies Exhibit that consists of or includes a management contract or compensatory plan or arrangement. | ||||
† | The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Annual Report on Form 10-K 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. |
EZCORP, Inc. | ||||||||
Date: November 17, 2021
|
By: | /s/ Jason A. Kulas | ||||||
Jason A. Kulas, | ||||||||
Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ Jason A. Kulas |
Chief Executive Officer and Director
(principal executive officer) |
November 17, 2021 | ||||||||||||
Jason A. Kulas | ||||||||||||||
/s/ Timothy K. Jugmans | Chief Financial Officer (principal financial officer) | November 17, 2021 | ||||||||||||
Timothy K. Jugmans | ||||||||||||||
/s/ Phillip E. Cohen | Executive Chairman of the Board | November 17, 2021 | ||||||||||||
Phillip E. Cohen | ||||||||||||||
/s/ Matthew W. Appel | Director | November 17, 2021 | ||||||||||||
Matthew W. Appel | ||||||||||||||
/s/ Zena Srivatsa Arnold | Director | November 17, 2021 | ||||||||||||
Zena Srivatsa Arnold | ||||||||||||||
/s/ Pablo Lagos Espinosa | Director | November 17, 2021 | ||||||||||||
Pablo Lagos Espinosa | ||||||||||||||
/s/ Gary L. Tillett | Director | November 17, 2021 | ||||||||||||
Gary L. Tillett | ||||||||||||||
/s/ Fred Herman | Chief Accounting Officer (principal accounting officer) | November 17, 2021 | ||||||||||||
Fred Herman |
1 Year EZCORP Chart |
1 Month EZCORP Chart |
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