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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.18 | 10.00 | 13.00 | 0 | 09:00:00 |
Store Count Up 14% and PLO Up 34% for the Year
EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its fiscal fourth quarter and full year ended September 30, 2021.
All amounts in this release are in conformity with U.S. generally accepted accounting principles ("GAAP") unless otherwise noted. Comparisons shown in this release are to the same period in the prior year unless otherwise noted.
FOURTH QUARTER HIGHLIGHTS
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 September 30,
Twelve Months Ended September 30,
(in thousands, except per share amounts)
2021
2020
2021
2020
(Unaudited)
Revenues:
Merchandise sales
$
111,982
$
105,118
$
442,798
$
498,213
Jewelry scrapping sales
7,518
6,244
26,025
47,953
Pawn service charges
72,840
55,231
260,196
272,638
Other revenues
104
246
532
3,973
Total revenues
192,444
166,839
729,551
822,777
Merchandise cost of goods sold
66,346
72,770
257,218
334,481
Jewelry scrapping cost of goods sold
6,772
4,512
22,848
38,041
Other cost of revenues
—
(39
)
—
1,054
Net revenues
119,326
89,596
449,485
449,201
Operating expenses:
Store expenses
88,576
77,506
330,837
336,770
General and administrative
15,625
3,778
56,495
54,133
Impairment of goodwill, intangible and other assets
—
7,606
—
54,666
Depreciation and amortization
7,592
7,653
30,672
30,827
(Gain) loss on sale or disposal of assets and other
(7
)
(459
)
83
801
Other charges
(268
)
20,388
229
20,388
Total operating expenses
111,518
116,472
418,316
497,585
Operating income (loss)
7,808
(26,876
)
31,169
(48,384
)
Interest expense
5,635
5,883
22,177
22,472
Interest income
(559
)
(761
)
(2,477
)
(3,173
)
Equity in net (income) loss of unconsolidated affiliates
(1,394
)
(3,467
)
(3,803
)
2,429
Other (income) expense
(401
)
198
(790
)
(17
)
Income (loss) before income taxes
4,527
(28,729
)
16,062
(70,095
)
Income tax expense (benefit)
2,974
(5,389
)
7,450
(1,632
)
Net income (loss)
$
1,553
$
(23,340
)
$
8,612
$
(68,463
)
Basic earnings (loss) per share
$
0.03
$
(0.42
)
$
0.15
$
(1.24
)
Diluted earnings (loss) per share
$
0.03
$
(0.42
)
$
0.15
$
(1.24
)
Weighted-average basic shares outstanding
56,057
55,070
55,744
55,313
Weighted-average diluted shares outstanding
56,441
55,070
55,949
55,313
EZCORP, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
September 30, 2021
September 30, 2020
Assets:
Current assets:
Cash and cash equivalents
$
253,667
$
304,542
Restricted cash
9,957
8,011
Pawn loans
175,901
131,323
Pawn service charges receivable, net
29,337
20,580
Inventory, net
110,989
95,891
Notes receivable, net
—
—
Prepaid expenses and other current assets
31,010
32,903
Total current assets
610,861
593,250
Investments in unconsolidated affiliates
37,724
32,458
Property and equipment, net
53,811
56,986
Right-of-use asset, net
200,990
183,809
Goodwill
285,758
257,582
Intangible assets, net
62,104
58,638
Notes receivable, net
1,181
1,148
Deferred tax asset, net
9,746
8,931
Other assets
4,736
4,221
Total assets
$
1,266,911
$
1,197,023
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net
$
—
$
213
Accounts payable, accrued expenses and other current liabilities
90,268
71,504
Customer layaway deposits
12,557
11,008
Lease liability
52,263
49,742
Total current liabilities
155,088
132,467
Long-term debt, net
264,186
251,016
Deferred tax liability, net
3,684
524
Lease liability
161,330
153,040
Other long-term liabilities
10,385
10,849
Total liabilities
594,673
547,896
Commitments and contingencies (Note 13)
Stockholders’ equity:
Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100 million; 53,086,438 issued and outstanding as of September 30, 2021; and issued and outstanding of 52,332,848 as of September 30, 2020
530
521
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 as of September 30, 2021 and 2020
30
30
Additional paid-in capital
403,312
398,475
Retained earnings
326,781
318,169
Accumulated other comprehensive loss
(58,415
)
(68,068
)
Total equity
672,238
649,127
Total liabilities and equity
$
1,266,911
$
1,197,023
EZCORP, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Twelve Months Ended September 30,
(in thousands)
2021
2020
Operating activities:
Net income (loss)
$
8,612
$
(68,463
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
30,672
30,827
Amortization of debt discount and deferred financing costs
13,797
13,200
Amortization of right-of-use asset
48,480
45,649
Accretion of notes receivable discount and deferred compensation fee
—
(821
)
Deferred income taxes
3,283
(8,393
)
Impairment of goodwill, intangibles and other assets
—
54,666
Other adjustments
(185
)
1,652
Provision for inventory reserve
(8,003
)
2,577
Stock compensation expense
3,946
(5,094
)
Equity in net (income) loss from investment in unconsolidated affiliates
(3,803
)
2,429
Changes in operating assets and liabilities, net of business acquisitions:
Service charges and fees receivable
(7,332
)
11,021
Inventory
371
14,466
Prepaid expenses, other current assets and other assets
7,373
(875
)
Accounts payable, accrued expenses and other liabilities
(54,209
)
(37,401
)
Customer layaway deposits
1,256
(1,647
)
Income taxes
2,180
(4,715
)
Net cash provided by operating activities
46,438
49,078
Investing activities:
Loans made
(601,638
)
(568,368
)
Loans repaid
351,092
394,469
Recovery of pawn loan principal through sale of forfeited collateral
208,551
304,323
Capital expenditures, net
(23,601
)
(28,526
)
Acquisitions, net of cash acquired
(19,015
)
—
Principal collections on notes receivable
—
8,000
Net cash (used in) provided by investing activities
(84,611
)
109,898
Financing activities:
Taxes paid related to net share settlement of equity awards
(839
)
(1,459
)
Payout of deferred consideration
—
(350
)
Proceeds from borrowings, net of issuance costs
—
912
Payments on assumed debt and other borrowings
(15,414
)
(198
)
Repurchase of common stock
—
(5,158
)
Net cash used in financing activities
(16,253
)
(6,253
)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
5,497
(2,612
)
Net (decrease) increase in cash and cash equivalents and restricted cash
(48,929
)
150,111
Cash and cash equivalents and restricted cash at beginning of period
312,553
162,442
Cash and cash equivalents and restricted cash at end of period
$
263,624
$
312,553
Supplemental disclosure of cash flow information
Cash and cash equivalents
$
253,667
$
304,542
Restricted cash
9,957
8,011
Total cash and cash equivalents and restricted cash
$
263,624
$
312,553
Cash paid during the period for interest
$
8,230
$
8,489
Cash paid during the period for income taxes, net
3,696
9,753
Non-cash investing and financing activities:
Pawn loans forfeited and transferred to inventory
$
212,756
$
241,252
Transfer of consideration for current period acquisition
1,545
—
Acquisition earn-out contingency
4,608
—
Accrued acquisition consideration held as restricted cash
1,986
—
EZCORP, Inc.
OPERATING SEGMENT RESULTS
(Unaudited)
Three Months Ended September 30, 2021
(in thousands)
U.S. Pawn
Latin America Pawn
Other International
Total Segments
Corporate Items
Consolidated
Revenues:
Merchandise sales
$
80,950
$
31,032
$
—
$
111,982
$
—
$
111,982
Jewelry scrapping sales
5,767
1,751
—
7,518
—
7,518
Pawn service charges
52,885
19,955
—
72,840
—
72,840
Other revenues
22
—
82
104
—
104
Total revenues
139,624
52,738
82
192,444
—
192,444
Merchandise cost of goods sold
45,858
20,488
—
66,346
—
66,346
Jewelry scrapping cost of goods sold
5,130
1,642
—
6,772
—
6,772
Net revenues
88,636
30,608
82
119,326
—
119,326
Segment and corporate expenses (income):
Store expenses
65,088
23,488
—
88,576
—
88,576
General and administrative
—
—
—
—
15,625
15,625
Depreciation and amortization
2,678
1,912
—
4,590
3,002
7,592
Gain on sale or disposal of assets and other
—
(6
)
—
(6
)
(1
)
(7
)
Other charges
—
(268
)
—
(268
)
—
(268
)
Interest expense
—
—
—
—
5,635
5,635
Interest income
—
(197
)
—
(197
)
(362
)
(559
)
Equity in net income of unconsolidated affiliates
—
—
(1,394
)
(1,394
)
—
(1,394
)
Other (income) expense
—
(465
)
10
(455
)
54
(401
)
Segment contribution
$
20,870
$
6,144
$
1,466
$
28,480
Income (loss) before income taxes
$
28,480
$
(23,953
)
$
4,527
Three Months Ended September 30, 2020
(in thousands)
U.S. Pawn
Latin America Pawn
Other International
Total Segments
Corporate Items
Consolidated
Revenues:
Merchandise sales
$
77,862
$
27,256
$
—
$
105,118
$
—
$
105,118
Jewelry scrapping sales
3,786
2,458
—
6,244
—
6,244
Pawn service charges
43,222
12,009
—
55,231
—
55,231
Other revenues
43
(50
)
253
246
—
246
Total revenues
124,913
41,673
253
166,839
—
166,839
Merchandise cost of goods sold
49,056
23,714
—
72,770
—
72,770
Jewelry scrapping cost of goods sold
2,634
1,878
—
4,512
—
4,512
Other cost of revenues
—
32
(71
)
(39
)
—
(39
)
Net revenues
73,223
16,049
324
89,596
—
89,596
Segment and corporate expenses (income):
Store expenses
59,687
16,423
1,396
77,506
—
77,506
General and administrative
—
—
—
—
3,778
3,778
Impairment of goodwill, intangible and other assets
—
2
25
27
7,579
7,606
Depreciation and amortization
2,705
1,839
8
4,552
3,101
7,653
Loss (gain) on sale or disposal of assets and other
151
—
—
151
(610
)
(459
)
Other Charges
3,106
1,715
3,802
8,623
11,765
20,388
Interest expense
—
255
85
340
5,543
5,883
Interest income
—
(425
)
—
(425
)
(336
)
(761
)
Equity in net income of unconsolidated affiliates
—
—
(3,467
)
(3,467
)
—
(3,467
)
Other expense (income)
—
147
(8
)
139
59
198
Segment contribution (loss)
$
7,574
$
(3,907
)
$
(1,517
)
$
2,150
Income (loss) before income taxes
$
2,150
$
(30,879
)
$
(28,729
)
Twelve Months Ended September 30, 2021
(in thousands)
U.S. Pawn
Latin America Pawn
Other International
Total Segments
Corporate Items
Consolidated
Revenues:
Merchandise sales
$
341,495
$
101,303
$
—
$
442,798
$
—
$
442,798
Jewelry scrapping sales
15,260
10,765
—
26,025
—
26,025
Pawn service charges
196,721
63,475
—
260,196
—
260,196
Other revenues
105
7
420
532
—
532
Total revenues
553,581
175,550
420
729,551
—
729,551
Merchandise cost of goods sold
191,039
66,179
—
257,218
—
257,218
Jewelry scrapping cost of goods sold
13,001
9,847
—
22,848
—
22,848
Net revenues
349,541
99,524
420
449,485
—
449,485
Segment and corporate expenses (income):
Store expenses
253,344
77,493
—
330,837
—
330,837
General and administrative
—
—
—
—
56,495
56,495
Depreciation and amortization
10,650
7,371
—
18,021
12,651
30,672
Loss (gain) on sale or disposal of assets and other
27
(6
)
—
21
62
83
Other charges
—
229
—
229
—
229
Interest expense
—
—
—
—
22,177
22,177
Interest income
—
(2,016
)
—
(2,016
)
(461
)
(2,477
)
Equity in net income of unconsolidated affiliates
—
—
(3,803
)
(3,803
)
—
(3,803
)
Other (income) expense
—
(840
)
(173
)
(1,013
)
223
(790
)
Segment contribution
$
85,520
$
17,293
$
4,396
$
107,209
Income (loss) before income taxes
$
107,209
$
(91,147
)
$
16,062
Twelve Months Ended September 30, 2020
(in thousands)
U.S. Pawn
Latin America Pawn
Other International
Total Segments
Corporate Items
Consolidated
Revenues:
Merchandise sales
$
391,921
$
106,292
$
—
$
498,213
$
—
$
498,213
Jewelry scrapping sales
36,691
11,262
—
47,953
—
47,953
Pawn service charges
210,081
62,557
—
272,638
—
272,638
Other revenues
150
—
3,823
3,973
—
3,973
Total revenues
638,843
180,111
3,823
822,777
—
822,777
Merchandise cost of goods sold
251,544
82,937
—
334,481
—
334,481
Jewelry scrapping cost of goods sold
28,064
9,977
—
38,041
—
38,041
Other cost of revenues
—
101
953
1,054
—
1,054
Net revenues
359,235
87,096
2,870
449,201
—
449,201
Segment and corporate expenses (income):
Store expenses
261,608
69,916
5,246
336,770
—
336,770
General and administrative
—
—
—
—
54,133
54,133
Impairment of goodwill, intangible and other assets
10,000
35,938
1,149
47,087
7,579
54,666
Depreciation and amortization
11,030
7,315
68
18,413
12,414
30,827
Loss (gain) on sale or disposal of assets and other
385
(72
)
(20
)
293
508
801
Other Charges
3,106
1,715
3,802
8,623
11,765
20,388
Interest expense
—
685
549
1,234
21,238
22,472
Interest income
—
(1,586
)
—
(1,586
)
(1,587
)
(3,173
)
Equity in net loss of unconsolidated affiliates
—
—
2,429
2,429
—
2,429
Other (income) expense
—
(156
)
6
(150
)
133
(17
)
Segment contribution (loss)
$
73,106
$
(26,659
)
$
(10,359
)
$
36,088
Income (loss) before income taxes
$
36,088
$
(106,183
)
$
(70,095
)
EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)
Three Months Ended September 30, 2021
U.S. Pawn
Latin America Pawn
Consolidated
As of June 30, 2021
516
627
1,143
New locations opened
—
5
5
As of September 30, 2021
516
632
1,148
Three Months Ended September 30, 2020
U.S. Pawn
Latin America Pawn
Other International
Consolidated
As of June 30, 2020
511
496
22
1,029
New locations opened
—
7
—
7
Locations sold, combined or closed
(6
)
(3
)
(22
)
(31
)
As of September 30, 2020
505
500
—
1,005
Twelve Months Ended September 30, 2021
U.S. Pawn
Latin America Pawn
Consolidated
As of September 30, 2020
505
500
1,005
New locations opened
—
15
15
Locations acquired
11
128
139
Locations sold, combined or closed
—
(11
)
(11
)
As of September 30, 2021
516
632
1,148
Twelve Months Ended September 30, 2020
U.S. Pawn
Latin America Pawn
Other International
Consolidated
As of September 30, 2019
512
480
22
1,014
New locations opened
—
23
—
23
Locations sold, combined or closed
(7
)
(3
)
(22
)
(32
)
As of September 30, 2020
505
500
—
1,005
Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity with accounting principles generally accepted in the United States ("GAAP"), we provide certain other non-GAAP financial information on a constant currency ("constant currency") and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.
Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and twelve months ended September 30, 2021 and 2020 were as follows:
September 30,
Three Months Ended September 30,
Twelve Months Ended September 30,
2021
2020
2021
2020
2021
2020
Mexican peso
20.5
22.3
20.0
22.1
20.2
21.1
Guatemalan quetzal
7.6
7.6
7.6
7.5
7.6
7.5
Honduran lempira
23.9
24.2
23.5
24.3
23.8
24.3
Peruvian sol
4.1
3.6
4.0
3.5
3.7
3.4
Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.
Miscellaneous Non-GAAP Financial Measures
Three Months Ended September 30,
Twelve Months Ended September 30,
(in millions)
2021
2020
2021
2020
Net income (loss)
$
1.6
$
(23.3
)
$
8.6
$
(68.5
)
Interest expense
5.6
5.9
22.2
22.5
Interest income
(0.6
)
(0.8
)
(2.5
)
(3.2
)
Income tax expense (benefit)
3.0
(5.4
)
7.5
(1.6
)
Depreciation and amortization
7.6
7.7
30.7
30.8
EBITDA
$
17.2
$
(16.0
)
$
66.5
$
(20.0
)
Total Revenues
Net Revenues
Income (Loss) Before Tax
Tax Effect
Net Income (Loss)
Diluted EPS
EBITDA
2021 Q4 Reported
$
192.4
$
119.3
$
4.5
$
2.9
$
1.6
$
0.03
$
17.2
Acquisition expenses
—
—
1.5
0.1
1.4
0.02
1.5
Peru reserve
—
—
(0.3
)
—
(0.3
)
—
(0.3
)
Non cash net interest expense
—
—
3.6
0.1
3.5
0.06
—
Constant currency impact
(3.7
)
(2.1
)
(0.3
)
(0.1
)
(0.2
)
—
(0.3
)
2021 Q4 Adjusted
$
188.7
$
117.2
$
9.0
$
3.0
$
6.0
$
0.11
$
18.1
Total Revenues
Net Revenues
Income (Loss) Before Tax
Tax Effect
Net Income (Loss)
Diluted EPS
EBITDA
2021 Full Year Reported
$
729.6
$
449.5
$
16.1
$
7.5
$
8.6
$
0.15
$
66.5
Acquisition expenses
—
—
2.0
0.4
1.6
0.03
2.0
Peru reserve
—
—
0.2
0.1
0.1
—
0.2
FY20 Contract write-off over-accrual
—
—
(0.4
)
(0.1
)
(0.3
)
(0.01
)
(0.4
)
Non cash net interest expense
—
—
13.8
2.3
11.5
0.21
—
Constant currency impact
(5.5
)
(3.2
)
(0.6
)
(0.1
)
(0.5
)
—
(0.8
)
2021 Full Year Adjusted
$
724.1
$
446.3
$
31.1
$
10.1
$
21.0
$
0.38
$
67.5
Total Revenues
Net Revenues
(Loss) Income Before Tax
Tax Effect
Net (Loss) Income
Diluted EPS
EBITDA
2020 Q4 Reported
$
166.8
$
89.6
$
(28.7
)
$
(5.4
)
$
(23.3
)
$
(0.42
)
$
(16.0
)
Other Charges
—
—
20.4
3.7
16.7
0.30
20.4
Impairment of intangible assets
—
—
7.6
1.7
5.9
0.11
7.6
Non cash interest
—
—
3.3
0.8
2.5
0.05
—
Other adjustments
—
—
0.7
(1.7
)
2.4
0.04
0.3
2020 Q4 Adjusted
$
166.8
$
89.6
$
3.3
$
(0.9
)
$
4.2
$
0.08
$
12.3
Total Revenues
Net Revenues
(Loss) Income Before Tax
Tax Effect
Net (Loss) Income
Diluted EPS
EBITDA
2020 Full Year Reported
$
822.8
$
449.2
$
(70.1
)
$
(1.6
)
$
(68.5
)
$
(1.24
)
$
(20.0
)
Other Charges
—
—
20.4
1.9
18.5
0.34
20.4
Impairment of intangible assets
—
—
47.1
4.5
42.6
0.77
47.1
ROU asset impairment
—
—
5.0
0.5
4.5
0.08
5.0
COVID-19 related expenses
—
—
1.4
0.1
1.3
0.02
1.4
Shrink/robbery/property loss (US stores)
—
2.3
2.3
0.2
2.1
0.04
2.3
Mexico VAT adjustment costs
—
—
1.1
0.1
1.0
0.02
1.1
CCV adjustments
—
—
7.1
0.7
6.4
0.12
7.1
IT Project write-offs
—
—
2.6
0.2
2.4
0.04
2.6
Non cash interest expense
—
—
12.4
1.2
11.2
0.20
—
Other adjustments
—
—
0.1
—
0.1
—
(0.7
)
2020 Full Year Adjusted
$
822.8
$
451.5
$
29.4
$
7.8
$
21.6
$
0.39
$
66.3
Three Months Ended September 30, 2021
Twelve Months Ended September 30, 2021
(in millions)
U.S. Dollar Amount
Percentage Change YOY
U.S. Dollar Amount
Percentage Change YOY
Consolidated revenue
$
192.4
15
%
$
729.6
(11
)%
Currency exchange rate fluctuations
(3.7
)
(5.5
)
Constant currency consolidated revenue
$
188.7
13
%
$
724.1
(12
)%
Consolidated net revenue
$
119.3
33
%
$
449.5
—
%
Currency exchange rate fluctuations
(2.1
)
(3.2
)
Constant currency consolidated net revenue
$
117.2
31
%
$
446.3
(1
)%
Consolidated net inventory
$
111.0
16
%
$
111.0
16
%
Currency exchange rate fluctuations
(1.8
)
(1.8
)
Constant currency consolidated net inventory
$
109.2
14
%
$
109.2
14
%
Latin America Pawn net revenue
$
30.6
91
%
$
99.5
14
%
Currency exchange rate fluctuations
(2.1
)
(3.1
)
Constant currency Latin America Pawn net revenue
$
28.5
77
%
$
96.4
11
%
Latin America Pawn PLO
$
40.0
60
%
$
40.0
60
%
Currency exchange rate fluctuations
(2.3
)
(2.3
)
Constant currency Latin America Pawn PLO
$
37.7
51
%
$
37.7
51
%
Latin America Pawn PSC revenues
$
20.0
66
%
$
63.5
1
%
Currency exchange rate fluctuations
(1.3
)
(2.0
)
Constant currency Latin America Pawn PSC revenues
$
18.6
55
%
$
61.5
(2
)%
Latin America Pawn merchandise sales
$
31.0
14
%
$
101.3
(5
)%
Currency exchange rate fluctuations
(2.3
)
(3.1
)
Constant currency Latin America Pawn merchandise sales
$
28.7
5
%
$
98.2
(8
)%
Latin America Pawn segment profit before tax
$
6.1
257
%
$
17.3
165
%
Currency exchange rate fluctuations
(0.3
)
(0.6
)
Constant currency Latin America Pawn segment profit before tax
$
5.8
249
%
$
16.7
163
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20211117006361/en/
Email: Investor_Relations@ezcorp.com Phone: (512) 314-2220
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