false000087652300008765232025-04-282025-04-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________ 
FORM 8-K
_______________________________________________________ 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 28, 2025
_______________________________________________ 
EZCORP, Inc.
(Exact name of registrant as specified in its charter)
 _______________________________________________________ 
Delaware 0-19424 74-2540145
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
2500 Bee Cave Road, Bldg One, Suite 200, Rollingwood, Texas 78746
(Address of principal executive offices) (zip code)
Registrant’s telephone number, including area code: (512) 314-3400
_______________________________________________________ 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Non-voting Common Stock, par value $.01 per shareEZPWNASDAQ Stock Market (NASDAQ Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
  Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 — Results of Operations and Financial Condition
On April 28, 2025, EZCORP, Inc. (“EZCORP”) issued a press release announcing its results of operations and financial condition for the quarter ended March 31, 2025. A copy of that press release is attached as Exhibit 99.1.
In addition to the financial information prepared in conformity with U.S. generally accepted accounting principles (“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.
The information set forth under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference in any filing made by EZCORP under the Securities Act of 1933 or the Securities Exchange Act of 1934.
Item 7.01 — Regulation FD Disclosure
A copy of the presentation materials that management will review during the Company’s earnings conference call (to be held on April 29, 2025) will be posted in the Investor Relations section of the company’s website at www.ezcorp.com.
The information set forth, or referred to, in this Item 7.01 shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any registration statement or other filing made by EZCORP under the Securities Act of 1933 or the Securities Exchange Act of 1934, unless such subsequent filing specifically references this Item 7.01 of this Report.
Item 9.01 — Financial Statements and Exhibits
(d)Exhibits.
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  EZCORP, INC.
Date:April 28, 2025By: /s/ Timothy K. Jugmans
   Timothy K. Jugmans
   Chief Financial Officer

fy2014q1ezcorpa01a04a56a.jpg
EZCORP Reports Second Quarter Fiscal 2025 Results
Record Q2 PLO & Revenues Drive Strong Increase in Profitability
Austin, Texas (April 28, 2025) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its second quarter ended March 31, 2025.
Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.
SECOND QUARTER HIGHLIGHTS
•Pawn loans outstanding (PLO) up 11% to $261.8 million.
•Net income increased 18% to $25.4 million. On an adjusted basis1, net income increased 25% to $26.1 million.
•Diluted earnings per share increased 14% to $0.33. On an adjusted basis, diluted earnings per share increased 21% to $0.34.
•Adjusted EBITDA increased 23% to $45.1 million.
•Total revenues increased 7% to $306.3 million, while gross profit increased 6% to $178.5 million.
•Completed a $300.0 million private offering of senior notes due 2032.
CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, “Our team delivered another impressive quarter of operational and financial performance, highlighted by record Q2 PLO, which drove strong growth in revenue and pawn service charges. Persistent inflation and economic pressure continue to impact value-conscious consumers who are increasingly turning to us for short-term cash and secondhand goods. Our strengthened operating model and best-in-class customer service also fueled the bottom line, driving a material increase in adjusted EBITDA to $45.1 million, up 23%.

“Our consistent performance across geographies reflects our company-wide commitment to our core values of People, Pawn and Passion. In the U.S., PLO and adjusted EBITDA increased 15%, reflecting strong loan demand, increased average loan size and disciplined cost management. In Latin America, PLO increased 17% on a constant currency basis, and adjusted EBITDA grew 36%, propelled by robust demand for loans and secondhand goods and our strong operational execution.

“Our disciplined capital allocation strategy prioritizes substantial liquidity to drive strong organic growth, pursue value-enhancing acquisitions and investments and meet near-term debt maturities. In March, we completed a $300.0 million private offering of senior notes, the Company’s largest financing transaction to date, expanding our financial flexibility for continued growth and meaningfully enhancing our capital structure, as we retire our 2025 convertible notes maturing on May 1.

“It was another outstanding quarter for EZCORP, and I thank the team for their unwavering commitment to operational excellence as we continue to drive significantly enhanced value for our shareholders.”


CONSOLIDATED RESULTS
Three Months Ended March 31
As Reported
Adjusted1
in millions, except per share amounts2025202420252024
Total revenues$306.3 $285.6 $318.9 $285.6 
Gross profit$178.5 $167.6 $185.0 $167.6 
Income before tax$34.4 $28.7 $35.4 $28.0 
Net income$25.4 $21.5 $26.1 $21.0 
Diluted earnings per share $0.33 $0.29 $0.34 $0.28 
EBITDA (non-GAAP measure)$43.8 $37.4 $45.1 $36.7 

•PLO increased 11% to $261.8 million, up $26.1 million. On a same-store2 basis, PLO increased 11% due to increase in average loan size, continued strong pawn demand and improved operational performance.
•Total revenues increased 7% and gross profit increased 6%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
•PSC increased 8% as a result of higher average PLO.
•Merchandise sales gross margin at 34%, down from 35%. Aged general merchandise was 2.4% of total general merchandise inventory, up 14 basis points.
•Net inventory increased 27%, as a result of the increase in PLO and decrease in inventory turnover to 2.5x, from 2.9x.
•Store expenses increased 2% and were flat on a same-store basis.
•General and administrative expenses increased 8%, primarily due to labor and a gain on a corporate lease termination in the prior year.
•Income before taxes was $34.4 million, up 20% from $28.7 million, and adjusted EBITDA increased 23% to $45.1 million.
•Diluted earnings per share increased 14% to $0.33. On an adjusted basis, diluted earnings per share increased 21% to $0.34.
•Cash and cash equivalents at the end of the quarter was $505.2 million, up from $170.5 million as of September 30, 2024. The increase was primarily due to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 and cash from operating activities.
SEGMENT RESULTS
U.S. Pawn
•PLO ended the quarter at $199.4 million, up 15% on a total and same-store basis due to increase in average loan size, increased loan demand and improved operational performance.
•Total revenues increased 7% and gross profit increased 8%, reflecting higher PSC.
•PSC increased 9% as a result of higher average PLO, partially offset by lower PLO yield.
•Merchandise sales increased 2%, and gross margin decreased to 36% from 37%. Aged general merchandise decreased by 14 basis points to 2.8%, or $1.3 million of total general merchandise inventory. Excluding our three Max Pawn luxury stores in Las Vegas, aged general merchandise was 1.5%.
•Net inventory increased 29%, due to increase in PLO, increase in customer layaways and a decrease in inventory turnover to 2.3x, from 2.6x.
•Store expenses increased 3% (2% on a same-store basis) primarily due to labor, the majority of which was offset by a decrease in expenses related to our loyalty program.


•Segment contribution increased 16% to $47.1 million.
•Segment store count remained at 542.
Latin America Pawn
•PLO improved to $62.4 million, up 1% (17% on constant currency basis). On a same-store basis, PLO decreased 2% (14% increase on a constant currency basis). The constant currency increase was due to improved operational performance and increased loan demand.
•Total revenues were up 9% (25% on constant currency basis), and gross profit increased 3% (18% on a constant currency basis), mainly due to increased PSC.
•PSC increased to $28.3 million, up 4% (19% on a constant currency basis) as a result of higher average PLO.
•Merchandise sales increased 5% (21% on constant currency basis) and merchandise sales gross margin decreased to 30% from 33%. Aged general merchandise increased to 1.9% from 1.4% of total general merchandise inventory.
•Net inventory increased 23% (44% on a constant currency basis) due to increase in PLO and decrease in inventory turnover to 3.2x, from 3.6x.
•Store expenses decreased 2% (13% increase on a constant currency basis) and decreased 4% on a same-store basis (11% increase on a constant currency basis). The constant currency increase was primarily due to increased labor, in line with store activity and minimum wage increases, offset by a decrease in expenses related to our loyalty program.
•Segment contribution increased 30% to $10.6 million (43% on a constant currency basis). On an adjusted basis, segment contribution was up 42% to $11.6 million.
•Segment store count increased by one to 742 due to the addition of nine de novo stores, the acquisition of one store, and the consolidation of nine stores.
FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 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 Tuesday, April 29, 2025, at 8:00 am Central Time to discuss Second Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://registrations.events/direct/NTM1088399. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. 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 pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and 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 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 LinkedIn 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.
Contact:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220
Note: Percentages are calculated from the underlying numbers in thousands and, as a result, may not agree to the percentages calculated from numbers in millions.
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. 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.
2“Same Store” basis, which is a financial measure, includes stores open the entirety of the comparable periods.

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,		Six Months Ended
March 31,
(in thousands, except per share amounts)2025202420252024
Revenues:
Merchandise sales$169,467 $164,687 $355,810 $344,090 
Jewelry scrapping sales20,938 13,714 37,670 27,796 
Pawn service charges115,871 107,163 232,923 213,612 
Other revenues40 75 83 132 
Total revenues306,316 285,639 626,486 585,630 
Merchandise cost of goods sold111,555 106,259 233,379 221,469 
Jewelry scrapping cost of goods sold16,309 11,788 29,251 23,996 
Gross profit178,452 167,592 363,856 340,165 
Operating expenses:
Store expenses116,527 114,582 232,978 225,137 
General and administrative19,640 18,266 38,309 34,809 
Depreciation and amortization8,020 8,219 16,355 16,784 
Loss (gain) on sale or disposal of assets and other17 3 25 (169)
Other income— (765)— (765)
Total operating expenses144,204 140,305 287,667 275,796 
Operating income34,248 27,287 76,189 64,369 
Interest expense3,281 3,402 6,428 6,842 
Interest income(1,875)(2,882)(3,968)(5,521)
Equity in net income of unconsolidated affiliates(1,505)(1,719)(2,980)(2,872)
Other (income) expense(65)(165)913 (436)
Income before income taxes34,412 28,651 75,796 66,356 
Income tax expense9,022 7,172 19,390 16,407 
Net income$25,390 $21,479 $56,406 $49,949 
Basic earnings per share $0.46 $0.39 $1.03 $0.91 
Diluted earnings per share $0.33 $0.29 $0.74 $0.65 
Weighted-average basic shares outstanding54,965 55,093 54,895 55,084 
Weighted-average diluted shares outstanding83,140 83,045 83,247 84,948 


EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)March 31,
2025		March 31,
2024
September 30,
2024
Assets:
Current assets:
Cash and cash equivalents$505,239 $229,111 $170,513 
Restricted cash9,499 8,581 9,294 
Pawn loans261,830 235,773 274,084 
Pawn service charges receivable, net42,323 38,268 44,013 
Inventory, net207,783 163,429 191,923 
Prepaid expenses and other current assets40,283 47,142 39,171 
Total current assets1,066,957 722,304 728,998 
Investments in unconsolidated affiliates13,967 13,162 13,329 
Other investments51,903 51,220 51,900 
Property and equipment, net64,150 63,306 65,973 
Right-of-use assets, net229,878 243,752 226,602 
Goodwill305,239 310,658 306,478 
Intangible assets, net57,079 61,714 58,451 
Deferred tax asset, net25,090 26,247 25,362 
Other assets, net15,365 15,779 16,144 
Total assets $1,829,628 $1,508,142 $1,493,237 
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net $103,325 $34,347 $103,072 
Accounts payable, accrued expenses and other current liabilities70,843 62,838 85,737 
Customer layaway deposits31,016 20,352 21,570 
Operating lease liabilities, current58,855 55,658 58,998 
Total current liabilities264,039 173,195 269,377 
Long-term debt, net517,188 326,573 224,256 
Deferred tax liability, net1,818 465 2,080 
Operating lease liabilities182,873 197,285 180,616 
Other long-term liabilities12,135 10,228 12,337 
Total liabilities978,053 707,746 688,666 
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 52,043,599 as of March 31, 2025; 52,057,309 as of March 31, 2024; and 51,582,698 as of September 30, 2024
520 521 516 
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171
30 30 30 
Additional paid-in capital347,796 345,174 348,366 
Retained earnings561,211 477,683 507,206 
Accumulated other comprehensive loss(57,982)(23,012)(51,547)
Total equity851,575 800,396 804,571 
Total liabilities and equity$1,829,628 $1,508,142 $1,493,237 



EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
March 31,
(in thousands)20252024
Operating activities:
Net income $56,406 $49,949 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization16,355 16,784 
Amortization of deferred financing costs725 807 
Non-cash lease expense28,943 29,514 
Deferred income taxes10 515 
Other adjustments(1,241)(1,429)
Provision for inventory reserve39 183 
Stock compensation expense5,001 4,844 
Equity in net income from investment in unconsolidated affiliates(2,980)(2,872)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable1,547 1,071 
Inventory(5,390)1,617 
Prepaid expenses, other current assets and other assets444 (8,699)
Accounts payable, accrued expenses and other liabilities(45,490)(57,531)
Customer layaway deposits9,640 886 
Income taxes(1,081)909 
Net cash provided by operating activities62,928 36,548 
Investing activities:
Loans made(484,611)(433,194)
Loans repaid284,095 262,970 
Recovery of pawn loan principal through sale of forfeited collateral198,387 188,351 
Capital expenditures, net(13,966)(13,654)
Acquisitions, net of cash acquired(79)(8,610)
Investment in unconsolidated affiliate(509)(850)
Investment in other investments— (15,000)
Dividends from unconsolidated affiliates1,902 1,745 
Net cash used in investing activities(14,781)(18,242)
Financing activities:
Taxes paid related to net share settlement of equity awards(3,971)(3,253)
Proceeds from borrowings300,000 — 
Debt issuance cost(5,310)— 
Purchase and retirement of treasury stock(3,997)(6,010)
Payments of finance leases(266)(276)
Net cash provided by (used in) financing activities 286,456 (9,539)
Effect of exchange rate changes on cash and cash equivalents and restricted cash328 (43)
Net increase in cash, cash equivalents and restricted cash334,931 8,724 
Cash and cash equivalents and restricted cash at beginning of period179,807 228,968 
Cash and cash equivalents and restricted cash at end of period$514,738 $237,692 
                                                                    


EZCORP, Inc.
OPERATING SEGMENT RESULTS

Three Months Ended March 31, 2025
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$116,915 $52,552 $— $169,467 $— $169,467 
Jewelry scrapping sales16,898 4,040 — 20,938 — 20,938 
Pawn service charges87,548 28,323 — 115,871 — 115,871 
Other revenues24 16 — 40 — 40 
Total revenues221,385 84,931 — 306,316 — 306,316 
Merchandise cost of goods sold74,772 36,783 — 111,555 — 111,555 
Jewelry scrapping cost of goods sold13,235 3,074 — 16,309 — 16,309 
Gross profit133,378 45,074 — 178,452 — 178,452 
Segment and corporate expenses (income):
Store expenses83,532 32,995 — 116,527 — 116,527 
General and administrative— — — — 19,640 19,640 
Depreciation and amortization2,682 1,989 — 4,671 3,349 8,020 
Loss on sale or disposal of assets and other17 — — 17 — 17 
Interest expense— — — — 3,281 3,281 
Interest income— (337)(605)(942)(933)(1,875)
Equity in net (income) loss of unconsolidated affiliates— — (1,866)(1,866)361 (1,505)
Other expense (income) 4 (137)— (133)68 (65)
Segment contribution$47,143 $10,564 $2,471 $60,178 
Income (loss) before income taxes$60,178 $(25,766)$34,412 
    


Three Months Ended March 31, 2024
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$114,849 $49,838 $— $164,687 $— $164,687 
Jewelry scrapping sales12,686 1,028 — 13,714 — 13,714 
Pawn service charges80,010 27,153 — 107,163 — 107,163 
Other revenues29 15 31 75 — 75 
Total revenues207,574 78,034 31 285,639 — 285,639 
Merchandise cost of goods sold72,798 33,461 — 106,259 — 106,259 
Jewelry scrapping cost of goods sold10,794 994 — 11,788 — 11,788 
Gross profit123,982 43,579 31 167,592 — 167,592 
Segment and corporate expenses (income):
Store expenses80,840 33,742 — 114,582 — 114,582 
General and administrative— — — — 18,266 18,266 
Depreciation and amortization2,516 2,392 — 4,908 3,311 8,219 
(Gain) loss on sale or disposal of assets and other(30)(66)— (96)99 3 
Other income— — — — (765)(765)
Interest expense— — — — 3,402 3,402 
Interest income— (608)(633)(1,241)(1,641)(2,882)
Equity in net income of unconsolidated affiliates— — (1,719)(1,719)— (1,719)
Other expense (income)— 1 14 15 (180)(165)
Segment contribution$40,656 $8,118 $2,369 $51,143 
Income (loss) before income taxes$51,143 $(22,492)$28,651 


Six Months Ended March 31, 2025
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$245,715 $110,095 $— $355,810 $— $355,810 
Jewelry scrapping sales32,396 5,274 — 37,670 — 37,670 
Pawn service charges175,424 57,499 — 232,923 — 232,923 
Other revenues51 32 — 83 — 83 
Total revenues453,586 172,900 — 626,486 — 626,486 
Merchandise cost of goods sold156,328 77,051 — 233,379 — 233,379 
Jewelry scrapping cost of goods sold25,203 4,048 — 29,251 — 29,251 
Gross profit272,055 91,801 — 363,856 — 363,856 
Segment and corporate expenses (income):
Store expenses166,621 66,357 — 232,978 — 232,978 
General and administrative— — — — 38,309 38,309 
Depreciation and amortization5,399 4,035 — 9,434 6,921 16,355 
Loss on sale or disposal of assets and other17 8 — 25 — 25 
Interest expense— — — — 6,428 6,428 
Interest income— (539)(1,199)(1,738)(2,230)(3,968)
Equity in net (income) loss of unconsolidated affiliates— — (3,489)(3,489)509 (2,980)
Other (income) loss(7)(208)— (215)1,128 913 
Segment contribution100,025 22,148 $4,688 $126,861 
Income (loss) before income taxes$126,861 $(51,065)$75,796 


Six Months Ended March 31, 2024
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$240,362 $103,728 $— $344,090 $— $344,090 
Jewelry scrapping sales25,501 2,295 — 27,796 — 27,796 
Pawn service charges159,083 54,529 — 213,612 — 213,612 
Other revenues66 31 35 132 — 132 
Total revenues425,012 160,583 35 585,630 — 585,630 
Merchandise cost of goods sold151,507 69,962 — 221,469 — 221,469 
Jewelry scrapping cost of goods sold22,078 1,918 — 23,996 — 23,996 
Gross profit251,427 88,703 35 340,165 — 340,165 
Segment and corporate expenses (income):
Store expenses158,095 67,042 — 225,137 — 225,137 
General and administrative— — — — 34,809 34,809 
Depreciation and amortization5,140 4,731 — 9,871 6,913 16,784 
(Gain) loss on sale or disposal of assets and other(4)(262)— (266)97 (169)
Other income— — — — (765)(765)
Interest expense— — — — 6,842 6,842 
Interest income— (1,028)(1,206)(2,234)(3,287)(5,521)
Equity in net income of unconsolidated affiliates— — (2,872)(2,872)— (2,872)
Other (income) expense — (47)15 (32)(404)(436)
Segment contribution$88,196 $18,267 $4,098 $110,561 
Income (loss) before income taxes$110,561 $(44,205)$66,356 


EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)
 
Three Months Ended March 31, 2025
 U.S. PawnLatin America PawnConsolidated
As of December 31, 2024
542 741 1,283 
New locations opened— 9 9 
Locations acquired— 1 1 
Locations combined or closed— (9)(9)
As of March 31, 2025
542 742 1,284 
 
Three Months Ended March 31, 2024
 U.S. PawnLatin America PawnConsolidated
As of December 31, 2023
530 707 1,237 
New locations opened— 9 9 
Locations acquired6 — 6 
Locations combined or closed
(1)(5)(6)
As of March 31, 2024
535 711 1,246 
 
Six Months Ended March 31, 2025
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2024542 737 1,279 
New locations opened— 13 13 
Locations acquired— 1 1 
Locations combined or closed— (9)(9)
As of March 31, 2025542 742 1,284 
 
Six Months Ended March 31, 2024
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2023529 702 1,231 
New locations opened— 14 14 
Locations acquired7 — 7 
Locations combined or closed(1)(5)(6)
As of March 31, 2024535 711 1,246 


Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“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 reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides 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. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and six months ended March 31, 2025 and 2024 were as follows:
March 31,
Three Months Ended
March 31,
Six Months Ended
March 31,
202520242025202420252024
Mexican peso20.4 16.6 20.4 17.0 20.3 17.3 
Guatemalan quetzal7.6 7.6 7.6 7.6 7.5 7.6 
Honduran lempira25.2 24.4 25.2 24.4 25.0 24.4 
Australian dollar1.6 1.5 1.6 1.5 1.6 1.5 
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
March 31,
(in millions)20252024
Net income$25.4 $21.5 
Interest expense3.3 3.4 
Interest income(1.9)(2.9)
Income tax expense9.0 7.2 
Depreciation and amortization8.0 8.2 
EBITDA$43.8 $37.4 
    
Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2025 Q2 Reported$306.3 $178.5 $34.4 $9.0 $25.4 $0.33 $43.8 
FX Impact— — 0.1 — 0.1 — 0.1 
Constant Currency12.6 6.5 0.9 0.3 0.6 0.01 1.2 
2025 Q2 Adjusted $318.9 $185.0 $35.4 $9.3 $26.1 $0.34 $45.1 



Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2024 Q2 Reported$285.6 $167.6 $28.7 $7.2 $21.5 $0.29 $37.4 
Corporate Lease Termination— — (0.8)(0.2)(0.6)(0.01)(0.8)
FX Impact— — 0.1 — 0.1 — 0.1 
2024 Q2 Adjusted $285.6 $167.6 $28.0 $7.0 $21.0 $0.28 $36.7 

Three Months Ended
March 31, 2025
Six Months Ended
March 31, 2025
(in millions)U.S. Dollar AmountPercentage Change YOYU.S. Dollar AmountPercentage Change YOY
Consolidated revenues $306.3 7 %$626.5 7 %
Currency exchange rate fluctuations12.6 22.0 
Constant currency consolidated revenues$318.9 12 %$648.5 11 %
Consolidated gross profit $178.5 6 %$363.9 7 %
Currency exchange rate fluctuations6.5 11.3 
Constant currency consolidated gross profit$185.0 10 %$375.2 10 %
Consolidated net inventory$207.8 27 %$207.8 27 %
Currency exchange rate fluctuations8.7 8.7 
Constant currency consolidated net inventory$216.5 32 %$216.5 32 %
Latin America Pawn gross profit $45.1 3 %$91.8 3 %
Currency exchange rate fluctuations6.5 11.3 
Constant currency Latin America Pawn gross profit $51.6 18 %$103.1 16 %
Latin America Pawn PLO$62.4 1 %$62.4 1 %
Currency exchange rate fluctuations10.0 10.0 
Constant currency Latin America Pawn PLO$72.4 17 %$72.4 17 %
Latin America Pawn PSC revenues $28.3 4 %$57.5 5 %
Currency exchange rate fluctuations3.9 6.7 
Constant currency Latin America Pawn PSC revenues $32.2 19 %$64.2 18 %
Latin America Pawn merchandise sales $52.6 5 %$110.1 6 %
Currency exchange rate fluctuations7.9 14.5 
Constant currency Latin America Pawn merchandise sales $60.5 21 %$124.6 20 %
Latin America Pawn segment profit before tax$10.6 30 %$22.2 21 %
Currency exchange rate fluctuations1.0 2.0 
Constant currency Latin America Pawn segment profit before tax$11.6 43 %$24.2 32 %