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Ezcorp Inc (EZPW) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, September 30, 2021

SEC Filings

Ezcorp Inc

CIK: 876523 Ticker: EZPW

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EZCORP Reports Third Quarter Fiscal 2021 Results
Pawn Loans Outstanding of $157.2 million, Net Revenue of $108 million, Net Loss of $2.6 million - All Year-Over-Year Improvements
Austin, Texas (August 4, 2021) —
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, 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.
CEO COMMENTARY AND OUTLOOK
Chief Executive Officer Jason Kulas stated, “During the quarter, we completed the acquisition of 128 Cash Apoyo Efectivo stores in Mexico, our largest acquisition to date in terms of store-count, solidifying our position as the second largest for-profit pawn operator in Mexico. We also acquired 11 stores in the Houston, Texas area and opened four de novo stores in Latin America, bringing our total store count to 1,143 at the end of the quarter, 627 (55%) of which are in Latin America.

"The third quarter was a solid quarter in which we continued to make significant strides in strengthening and growing our core pawn business. Despite lingering transitory COVID-related impacts, including government stimulus programs in the U.S., we continued to drive meaningful improvements across core operating metrics. We achieved our highest quarter-ending balance of PLO since the beginning of the pandemic, up 25% on a sequential basis and 39% compared to a year ago. While merchandise sales volumes were down 21% from their peak pandemic levels a year ago, we delivered a 6% increase in sales gross profit through effective inventory management and higher margins. These positive results reflect the relentless focus of our store teams on meeting our customers’ needs and executing the fundamentals.
“Net Income improved from a loss of $5.5 million to a loss of $2.6 million, while adjusted EBITDA more than doubled, reflecting not only the improvement in core operating metrics, but also our ongoing commitment to expense management and efficiency. We remain on track to realize annualized cost savings of more than $14.0 million for fiscal 2021 even assuming store-level expenses trend higher as transaction volumes accelerate.
“Looking ahead, we remain well positioned to continue our trend of improving financial performance, and are excited about the increasing earnings power of the platform. Pawn transaction activity continues to rebuild, driving PLO balances closer to pre-pandemic levels, which will drive accelerating pawn service charge revenue in the coming quarters given the natural lag between pawn originations and related fees. In addition, we remain on track to realize meaningful cost savings this year and beyond, even assuming store-level expenses trend higher to meet accelerating transaction volumes. And, we maintain a strong and liquid balance sheet to fund accelerating pawn demand and capitalize on acquisition opportunities that further enhance our scale-enabled and geographically diverse footprint and generate strong returns on investment.”
CONSOLIDATED RESULTS
Three Months Ended June 30
in millions, except per share amounts
As Reported
Adjusted1
2021202020212020
Total Revenues$174.0 $210.2 $169.6 $210.2 
Net Revenues$108.0 $102.2 $105.5 $104.4 
(Loss) Income, Before Tax$(0.8)$(10.2)$3.2 $(3.9)
Net Loss$(2.6)$(5.5)$(1.7)$(1.1)
Diluted Loss Per Share $(0.05)$(0.10)$(0.03)$(0.02)
EBITDA$11.7 $2.2 $12.0 $5.3 


The following information was filed by Ezcorp Inc (EZPW) on Wednesday, August 4, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ezcorp Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information Regarding Recent Acquisitions (Details)
Acquisitions - Proforma Information (Details)
Acquisitions - Schedule Of Purchase Price Allocation (Details)
Common Stock And Stock Compensation
Common Stock And Stock Compensation (Tables)
Common Stock And Stock Compensation - Additional Disclosures (Details)
Common Stock And Stock Compensation - Compensation Costs (Details)
Common Stock And Stock Compensation - Restricted Stock Award Activity (Details)
Contingencies
Debt
Debt (Tables)
Debt - 2019 Convertible Notes Hedges And Warrants (Details)
Debt - Cash Convertible Senior Notes Due 2019 (Details)
Debt - Convertible Senior Notes Due 2024 (Details)
Debt - Convertible Senior Notes Due 2025 (Details)
Debt - Interest Expense (Details)
Debt - Principal Payment Schedule (Details)
Debt - Schedule Of Debt Instruments (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Details)
Earnings (Loss) Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Disclosures (Details)
Fair Value Measurements - Financial Assets, Temporary Equity And Liabilities Not Measured At Fair Value (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Future Amortization Expense (Details)
Goodwill And Intangible Assets - Goodwill (Details)
Goodwill And Intangible Assets - Intangible Assets By Major Class (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Disclosures (Details)
Income Taxes - Components Of Income Tax Provision (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Foreign And Domestic Income Components (Details)
Income Taxes - Reconciliation Of Income Taxes (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Assets And Liabilities Recognized Upon Adoption (Details)
Leases - Lease Cost (Details)
Leases - Operating Lease Maturity (Details)
Leases - Rent Expense (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies - Convertible Debt Securities (Details)
Organization And Summary Of Significant Accounting Policies - Description Of Business (Details)
Organization And Summary Of Significant Accounting Policies - Earnings Per Share And Common Stock (Details)
Organization And Summary Of Significant Accounting Policies - Equity Method Investments (Details)
Organization And Summary Of Significant Accounting Policies - Foreign Currency And Advertising (Details)
Organization And Summary Of Significant Accounting Policies - Inventory And Cash And Cash Equivalents And Cash Concentrations (Details)
Organization And Summary Of Significant Accounting Policies - Leases (Details)
Organization And Summary Of Significant Accounting Policies - Pawn And Sales Revenue Recognition (Details)
Organization And Summary Of Significant Accounting Policies - Property And Equipment (Details)
Organization And Summary Of Significant Accounting Policies - Software Development Costs (Details)
Other Charges
Other Charges (Tables)
Other Charges - Activity (Details)
Other Charges - Additional Information (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Quarterly Information (Unaudited)
Quarterly Information (Unaudited) (Tables)
Quarterly Information (Unaudited) - Schedule Of Quarterly Information (Details)
Segment Information
Segment Information (Tables)
Segment Information - Operating Segment Information (Details)
Segment Information - Reconciliation Of Segment Assets (Details)
Segment Information - Revenues And Long-Lived Assets By Geographic Information (Details)
Strategic Investments
Strategic Investments (Tables)
Strategic Investments - Additional Information (Details)
Strategic Investments - Summarized Financial Information (Details)
Subsequent Events
Subsequent Events (Details)
Supplemental Consolidated Financial Information
Supplemental Consolidated Financial Information (Tables)
Supplemental Consolidated Financial Information - Supplemental Consolidated Balance Sheet Information (Details)
Supplemental Consolidated Financial Information - Valuation And Qualifying Accounts (Details)
Ticker: EZPW
CIK: 876523
Form Type: 10-K Annual Report
Accession Number: 0000876523-21-000068
Submitted to the SEC: Wed Nov 17 2021 4:34:43 PM EST
Accepted by the SEC: Wed Nov 17 2021
Period: Thursday, September 30, 2021
Industry: Retail Miscellaneous Retail

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