false000087652300008765232025-07-302025-07-30

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): July 30, 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 July 30, 2025, EZCORP, Inc. (“EZCORP”) issued a press release announcing its results of operations and financial condition for the quarter ended June 30, 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 July 31, 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:July 30, 2025By: /s/ Timothy K. Jugmans
   Timothy K. Jugmans
   Chief Financial Officer

fy2014q1ezcorpa01a04a56.jpg
EZCORP Reports Third Quarter Fiscal 2025 Results
Continued Top-line Momentum Drives Exceptional Earnings Growth
Austin, Texas (July 30, 2025) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 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.
THIRD QUARTER HIGHLIGHTS
•Pawn loans outstanding (PLO) increased 11% to $291.6 million.
•Net income increased 48% to $26.5 million. On an adjusted basis1, net income increased 46% to $25.2 million.
•Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
•Adjusted EBITDA increased 42% to $45.2 million.
•Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.
•Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025.
CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS.

“During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores.

“Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.”


CONSOLIDATED RESULTS
Three Months Ended June 30
As Reported
Adjusted1
in millions, except per share amounts2025202420252024
Total revenues$311.0 $281.4 $319.9 $281.4 
Gross profit$183.6 $166.7 $188.4 $166.7 
Income before tax$34.7 $23.0 $34.0 $22.9 
Net income$26.5 $18.0 $25.2 $17.2 
Diluted earnings per share $0.34 $0.25 $0.33 $0.24 
EBITDA (non-GAAP measure)$45.7 $31.8 $45.2 $31.7 

•PLO increased 11% to $291.6 million, up $29.9 million. On a same-store2 basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
•Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
•PSC increased 7% as a result of higher average PLO.
•Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
•Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
•Store expenses increased 2% and 1% on a same-store basis.
•General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
•Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
•Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
•Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.
SEGMENT RESULTS
U.S. Pawn
•PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
•Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.
•PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.
•Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.
•Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.
•Store expenses increased 3% on a total and same-store basis.


•Segment contribution increased 32% to $47.6 million.
•Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.
Latin America Pawn
•PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.
•Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.
•PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.
•Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.
•Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.
•Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.
•Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).
•Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store.
FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 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 Thursday, July 31, 2025, at 8:00 am Central Time to discuss Third Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. 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: The underlying numbers are in thousands and, as a result, may not agree to the percentages calculated from numbers in millions and tables may not foot.
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
June 30,		Nine Months Ended
June 30,
(in thousands, except per share amounts)2025202420252024
Revenues:
Merchandise sales$168,624 $158,140 $524,434 $502,230 
Jewelry scrapping sales26,970 15,395 64,640 43,191 
Pawn service charges115,339 107,830 348,262 321,442 
Other revenues48 56 131 188 
Total revenues310,981 281,421 937,467 867,051 
Merchandise cost of goods sold108,226 101,211 341,605 322,680 
Jewelry scrapping cost of goods sold19,116 13,483 48,367 37,479 
Gross profit183,639 166,727 547,495 506,892 
Operating expenses:
Store expenses119,123 116,335 352,101 341,472 
General and administrative21,780 20,060 60,089 54,869 
Depreciation and amortization8,003 8,158 24,358 24,942 
Loss (gain) on sale or disposal of assets and other— 20 25 (149)
Other operating income(1,262)— (1,262)(765)
Total operating expenses147,644 144,573 435,311 420,369 
Operating income35,995 22,154 112,184 86,523 
Interest expense8,458 3,539 14,886 10,381 
Interest income(5,440)(2,931)(9,408)(8,452)
Equity in net income of unconsolidated affiliates(1,200)(1,263)(4,180)(4,135)
Other (income) expense(536)(191)377 (627)
Income before income taxes34,713 23,000 110,509 89,356 
Income tax expense8,210 5,050 27,600 21,457 
Net income$26,503 $17,950 $82,909 $67,899 
Basic earnings per share $0.45 $0.33 $1.47 $1.23 
Diluted earnings per share $0.34 $0.25 $1.08 $0.89 
Weighted-average basic shares outstanding59,134 54,898 56,308 55,022 
Weighted-average diluted shares outstanding82,918 83,008 83,144 84,309 


EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)June 30,
2025		June 30,
2024
September 30,
2024
Assets:
Current assets:
Cash and cash equivalents$472,088 $218,038 $170,513 
Short-term restricted cash9,609 9,204 9,294 
Pawn loans291,634 261,720 274,084 
Pawn service charges receivable, net45,410 40,638 44,013 
Inventory, net225,489 171,937 191,923 
Prepaid expenses and other current assets43,417 40,391 39,171 
Total current assets1,087,647 741,928 728,998 
Investments in unconsolidated affiliates13,753 12,297 13,329 
Other investments51,903 51,220 51,900 
Property and equipment, net67,439 59,926 65,973 
Right-of-use assets, net236,064 235,030 226,602 
Long-term restricted cash5,380 — — 
Goodwill321,907 308,847 306,478 
Intangible assets, net57,960 60,164 58,451 
Deferred tax asset, net25,841 25,245 25,362 
Other assets, net15,174 15,506 16,144 
Total assets $1,883,068 $1,510,163 $1,493,237 
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net $— $137,326 $103,072 
Accounts payable, accrued expenses and other current liabilities78,756 69,742 85,737 
Customer layaway deposits33,336 20,067 21,570 
Operating lease liabilities, current60,183 58,905 58,998 
Total current liabilities172,275 286,040 269,377 
Long-term debt, net517,601 223,998 224,256 
Deferred tax liability, net2,017 416 2,080 
Operating lease liabilities184,295 188,996 180,616 
Other long-term liabilities16,822 9,258 12,337 
Total liabilities893,010 708,708 688,666 
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024
580 518 516 
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 capital448,073 347,082 348,366 
Retained earnings586,549 493,830 507,206 
Accumulated other comprehensive loss(45,174)(40,005)(51,547)
Total equity990,058 801,455 804,571 
Total liabilities and equity$1,883,068 $1,510,163 $1,493,237 



EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
June 30,
(in thousands)20252024
Operating activities:
Net income $82,909 $67,899 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization24,358 24,942 
Amortization of deferred financing costs1,238 1,212 
Non-cash lease expense43,889 43,999 
Deferred income taxes(542)438 
Other adjustments(1,877)69 
Provision for inventory reserve39 589 
Stock compensation expense9,213 7,945 
Equity in net income from investment in unconsolidated affiliates(4,180)(4,135)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable(364)(1,593)
Inventory(9,205)(2,775)
Prepaid expenses, other current assets and other assets(74)(3,625)
Accounts payable, accrued expenses and other liabilities(58,023)(65,396)
Customer layaway deposits11,276 1,055 
Income taxes(927)(360)
Net cash provided by operating activities97,730 70,264 
Investing activities:
Loans made(738,670)(683,121)
Loans repaid417,734 391,297 
Recovery of pawn loan principal through sale of forfeited collateral291,903 272,781 
Capital expenditures, net(23,051)(16,870)
Acquisitions, net of cash acquired(17,093)(11,963)
Proceeds from note receivable241 1,100 
Investment in unconsolidated affiliate(718)(993)
Investment in other investments— (15,000)
Dividends from unconsolidated affiliates3,614 3,535 
Net cash used in investing activities(66,040)(59,234)
Financing activities:
Taxes paid related to net share settlement of equity awards(3,971)(3,253)
Proceeds from borrowings300,000 — 
Debt issuance cost(7,563)— 
Payments on assumed debt(6,410)— 
Purchase and retirement of treasury stock(6,000)(9,009)
Payments of finance leases(450)(386)
Net cash provided by (used in) financing activities 275,606 (12,648)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(26)(108)
Net increase in cash, cash equivalents and restricted cash307,270 (1,726)
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$487,077 $227,242 
                                                                    


EZCORP, Inc.
OPERATING SEGMENT RESULTS

Three Months Ended June 30, 2025
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$112,249 $56,375 $— $168,624 $— $168,624 
Jewelry scrapping sales23,750 3,220 — 26,970 — 26,970 
Pawn service charges83,930 31,409 — 115,339 — 115,339 
Other revenues31 17 — 48 — 48 
Total revenues219,960 91,021 — 310,981 — 310,981 
Merchandise cost of goods sold69,084 39,142 — 108,226 — 108,226 
Jewelry scrapping cost of goods sold16,814 2,302 — 19,116 — 19,116 
Gross profit134,062 49,577 — 183,639 — 183,639 
Segment and corporate expenses (income):
Store expenses83,778 35,345 — 119,123 — 119,123 
General and administrative— — — — 21,780 21,780 
Depreciation and amortization2,651 2,156 — 4,807 3,196 8,003 
Other operating income— — — — (1,262)(1,262)
Interest expense— 71 — 71 8,387 8,458 
Interest income— (427)(604)(1,031)(4,409)(5,440)
Equity in net (income) loss of unconsolidated affiliates— — (1,409)(1,409)209 (1,200)
Other expense (income) — (12)— (12)(524)(536)
Segment contribution$47,633 $12,444 $2,013 $62,090 
Income (loss) before income taxes$62,090 $(27,377)$34,713 
    


Three Months Ended June 30, 2024
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$107,849 $50,291 $— $158,140 $— $158,140 
Jewelry scrapping sales13,757 1,638 — 15,395 — 15,395 
Pawn service charges77,416 30,414 — 107,830 — 107,830 
Other revenues28 28 — 56 — 56 
Total revenues199,050 82,371 — 281,421 — 281,421 
Merchandise cost of goods sold67,229 33,982 — 101,211 — 101,211 
Jewelry scrapping cost of goods sold11,887 1,596 — 13,483 — 13,483 
Gross profit119,934 46,793 — 166,727 — 166,727 
Segment and corporate expenses (income):
Store expenses81,441 34,894 — 116,335 — 116,335 
General and administrative— — — — 20,060 20,060 
Depreciation and amortization2,408 2,090 — 4,498 3,660 8,158 
(Gain) loss on sale or disposal of assets and other(2)22 — 20 — 20 
Interest expense— — — — 3,539 3,539 
Interest income— (370)(605)(975)(1,956)(2,931)
Equity in net (income) loss of unconsolidated affiliates— — (1,406)(1,406)143 (1,263)
Other (income) expense— (184)12 (172)(19)(191)
Segment contribution$36,087 $10,341 $1,999 $48,427 
Income (loss) before income taxes$48,427 $(25,427)$23,000 


Nine Months Ended June 30, 2025
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$357,964 $166,470 $— $524,434 $— $524,434 
Jewelry scrapping sales56,146 8,494 — 64,640 — 64,640 
Pawn service charges259,354 88,908 — 348,262 — 348,262 
Other revenues82 49 — 131 — 131 
Total revenues673,546 263,921 — 937,467 — 937,467 
Merchandise cost of goods sold225,412 116,193 — 341,605 — 341,605 
Jewelry scrapping cost of goods sold42,017 6,350 — 48,367 — 48,367 
Gross profit406,117 141,378 — 547,495 — 547,495 
Segment and corporate expenses (income):
Store expenses250,399 101,702 — 352,101 — 352,101 
General and administrative— — — — 60,089 60,089 
Depreciation and amortization8,050 6,191 — 14,241 10,117 24,358 
Loss on sale or disposal of assets and other17 8 — 25 — 25 
Other operating income— — — — (1,262)(1,262)
Interest expense— 71 — 71 14,815 14,886 
Interest income— (966)(1,803)(2,769)(6,639)(9,408)
Equity in net (income) loss of unconsolidated affiliates— — (4,898)(4,898)718 (4,180)
Other expense (income)(7)(220)— (227)604 377 
Segment contribution147,658 34,592 $6,701 $188,951 
Income (loss) before income taxes$188,951 $(78,442)$110,509 


Nine Months Ended June 30, 2024
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$348,211 $154,019 $— $502,230 $— $502,230 
Jewelry scrapping sales39,258 3,933 — 43,191 — 43,191 
Pawn service charges236,499 84,943 — 321,442 — 321,442 
Other revenues94 59 35 188 — 188 
Total revenues624,062 242,954 35 867,051 — 867,051 
Merchandise cost of goods sold218,736 103,944 — 322,680 — 322,680 
Jewelry scrapping cost of goods sold33,965 3,514 — 37,479 — 37,479 
Gross profit371,361 135,496 35 506,892 — 506,892 
Segment and corporate expenses (income):
Store expenses239,536 101,936 — 341,472 — 341,472 
General and administrative— — — — 54,869 54,869 
Depreciation and amortization7,548 6,821 — 14,369 10,573 24,942 
(Gain) loss on sale or disposal of assets and other(6)(240)— (246)97 (149)
Other operating income— — — — (765)(765)
Interest expense— — — — 10,381 10,381 
Interest income— (1,398)(1,811)(3,209)(5,243)(8,452)
Equity in net (income) loss of unconsolidated affiliates— — (4,278)(4,278)143 (4,135)
Other (income) expense — (231)27 (204)(423)(627)
Segment contribution$124,283 $28,608 $6,097 $158,988 
Income (loss) before income taxes$158,988 $(69,632)$89,356 


EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)
 
Three Months Ended June 30, 2025
 U.S. PawnLatin America PawnConsolidated
As of March 31, 2025
542 742 1,284 
New locations opened— 10 10 
Locations acquired3 40 43 
Locations combined or closed— (1)(1)
As of June 30, 2025
545 791 1,336 
 
Three Months Ended June 30, 2024
 U.S. PawnLatin America PawnConsolidated
As of March 31, 2024
535 711 1,246 
New locations opened1 6 7 
Locations acquired5 — 5 
As of June 30, 2024
541 717 1,258 
 
Nine Months Ended June 30, 2025
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2024542 737 1,279 
New locations opened— 23 23 
Locations acquired3 41 44 
Locations combined or closed— (10)(10)
As of June 30, 2025545 791 1,336 
 
Nine Months Ended June 30, 2024
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2023529 702 1,231 
New locations opened1 20 21 
Locations acquired12 — 12 
Locations combined or closed(1)(5)(6)
As of June 30, 2024541 717 1,258 


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 nine months ended June 30, 2025 and 2024 were as follows:
June 30,
Three Months Ended
June 30,
Nine Months Ended
June 30,
202520242025202420252024
Mexican peso18.8 18.3 19.5 17.2 20.0 17.3 
Guatemalan quetzal7.6 7.6 7.6 7.6 7.6 7.6 
Honduran lempira25.8 24.3 25.7 24.3 25.2 24.3 
Australian dollar1.5 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
June 30,
(in millions)20252024
Net income$26.5 $18.0 
Interest expense8.5 3.5 
Interest income(5.4)(2.9)
Income tax expense8.2 5.0 
Depreciation and amortization8.0 8.2 
EBITDA$45.7 $31.8 
    


Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2025 Q3 Reported$311.0 $183.6 $34.7 $8.2 $26.5 $0.34 $45.7 
Corporate lease termination— — (1.3)(0.3)(1.0)(0.01)(1.3)
FX impact— — (0.2)— (0.2)— (0.2)
Non-recurring foreign tax expense— — — 0.8 (0.8)(0.01)— 
Constant Currency8.9 4.8 0.8 0.1 0.7 0.01 1.0 
2025 Q3 Adjusted $319.9 $188.4 $34.0 $8.8 $25.2 $0.33 $45.2 

Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2024 Q3 Reported$281.4 $166.7 $23.0 $5.0 $18.0 $0.25 $31.8 
Non-recurring foreign tax expense— — — 0.7 (0.7)(0.01)— 
FX impact— — (0.1)— (0.1)— (0.1)
2024 Q3 Adjusted $281.4 $166.7 $22.9 $5.7 $17.2 $0.24 $31.7 



Three Months Ended
June 30, 2025
Nine Months Ended
June 30, 2025
(in millions)U.S. Dollar AmountPercentage Change YOYU.S. Dollar AmountPercentage Change YOY
Consolidated revenues $311.0 11 %$937.5 8 %
Currency exchange rate fluctuations8.9 30.9 
Constant currency consolidated revenues$319.9 14 %$968.4 12 %
Consolidated gross profit $183.6 10 %$547.5 8 %
Currency exchange rate fluctuations4.8 16.1 
Constant currency consolidated gross profit$188.4 13 %$563.6 11 %
Consolidated net inventory$225.5 31 %$225.5 31 %
Currency exchange rate fluctuations1.3 1.3 
Constant currency consolidated net inventory$226.8 32 %$226.8 32 %
Latin America Pawn gross profit $49.6 6 %$141.4 4 %
Currency exchange rate fluctuations4.8 16.1 
Constant currency Latin America Pawn gross profit $54.4 16 %$157.5 16 %
Latin America Pawn PLO$70.6 13 %$70.6 13 %
Currency exchange rate fluctuations1.5 1.5 
Constant currency Latin America Pawn PLO$72.1 16 %$72.1 16 %
Latin America Pawn PSC revenues $31.4 3 %$88.9 5 %
Currency exchange rate fluctuations2.9 9.6 
Constant currency Latin America Pawn PSC revenues $34.3 13 %$98.5 16 %
Latin America Pawn merchandise sales $56.4 12 %$166.5 8 %
Currency exchange rate fluctuations5.7 20.2 
Constant currency Latin America Pawn merchandise sales $62.1 23 %$186.7 21 %
Latin America Pawn segment profit before tax$12.4 20 %$34.6 21 %
Currency exchange rate fluctuations1.1 3.0 
Constant currency Latin America Pawn segment profit before tax$13.5 30 %$37.6 32 %