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Ezcorp Inc (EZPW) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 30, 2016

Ezcorp Inc

CIK: 876523 Ticker: EZPW


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EZCORP Announces Fourth Quarter and Full-Year Fiscal 2016 Results
Austin, Texas (December 7, 2016) —
EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn loans in the United States and Mexico, today announced results for its fourth quarter and fiscal year ended September 30, 2016.
CEO COMMENTARY AND OUTLOOK
Stuart Grimshaw, EZCORP's Chief Executive Officer, said: "Fiscal 2016 was an important year for our company. Our intense focus on market leadership in meeting our customers' desire for cash whenever they want it, combined with consistent execution, delivered strong operating results for our pawn businesses in the U.S. and Mexico. We achieved market leading growth in same store pawn loans outstanding (PLO), the most influential driver of revenue and profitability, and continued to improve our customer experience metrics.
“In September, we completed the divestiture of Grupo Finmart, which frees up capital, management attention and other resources that we can now deploy to grow our pawn businesses. We exit the year in a strong liquidity position, including $66 million of cash, $50 million available on our credit facility and $89.8 million in notes receivable from the Grupo Finmart sale, over half of which we expect to receive in fiscal 2017.
“From a financial standpoint, the positive pawn operating results were offset by $16.8 million of non-cash charges associated with our minority equity investment in Cash Converters International Limited recorded in the fourth quarter.
"Our intense focus on customer leadership and delivering an outstanding customer experience will continue with investments in process improvements, product and customer data analytics and feedback, technology, targeted incentives, and coaching and mentoring for our field team. We are confident these initiatives will continue to improve our core pawn operating performance, which will provide our platform for profitable growth."
All amounts in this release are from EZCORP continuing operations and 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.
OPERATIONAL HIGHLIGHTS
Strong pawn fundamentals:
For the year, pawn loans outstanding (PLO) up 4% to $149.8 million in the U.S and up 7% to $17.5 million in Mexico.
Leading the U.S. market with average PLO of $288,100 per store.
Pawn service charges (PSC) up 5% to $60.3 million in the quarter and up 6% to $229.9 million for the year in the U.S., and up 5% to $8.3 million in the quarter and up 3% to $31.9 million for the year in Mexico.
Merchandise sales gross margin up 200bps to 35% in the quarter and up 400bps to 37% for the year.
Revenue growth from strong customer engagement and continued focus on expense management drove underlying business improvement:
Total revenue up $14.3 million in the fourth quarter and $10.5 million for the year.
Net revenue up $7.3 million (7%) in the fourth quarter and $25.2 million (6%) for the year.
Total operating expenses down $32.6 million (24%) in the quarter and $19.6 million (5%) for the year.
Strong liquidity position to support growth with $66 million cash balance at year-end plus $50 million undrawn on our credit facility. Of the $89.8 million in notes receivable from the Grupo Finmart sale, EZCORP anticipates


The following information was filed by Ezcorp Inc (EZPW) on Wednesday, December 7, 2016 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Comprehensive Loss (parentheticals)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Acquisitions
Acquisitions - Cash Pawn (details)
Acquisitions - Grupo Finmart (details)
Acquisitions - Pawn One (details)
Acquisitions - Tuyo (details)
Acquisitions - Usa Pawn & Jewelry (details)
Allowance For Losses And Credit Quality Of Consumer Loans
Allowance For Losses And Credit Quality Of Consumer Loans - Aging Schedule (details)
Allowance For Losses And Credit Quality Of Consumer Loans (tables)
Allowance For Losses And Credit Quality Of Consumer Loans - Schedule Of Allowance For Credit Losses (details)
Contingencies
Contingencies (details)
Corrections And Revisions To Prior Period Financial Statements - Balance Sheet (details)
Corrections And Revisions To Prior Period Financial Statements - Statement Of Operations (details)
Corrections And Revisions To Prior Period Financial Statements (tables)
Corrections Revisions To Prior Period Financial Statements
Discontinued Operations And Restructuring
Discontinued Operations And Restructuring - Additional Disclosures (details)
Discontinued Operations And Restructuring - Balance Sheet Of Discontinued Operation (details)
Discontinued Operations And Restructuring - Balance Sheet Of Discontinued Operation Footnotes (details)
Discontinued Operations And Restructuring - Loss From Discontinued Operation (details)
Discontinued Operations And Restructuring - Pre-tax Charges (gains) (details)
Discontinued Operations And Restructuring - Restructuring Expense (details)
Discontinued Operations And Restructuring - Restructuring Reserve (details)
Discontinued Operations And Restructuring - Sale Of Discontinued Operation (details)
Discontinued Operations And Restructuring (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employment Agreements And Retirement Plans
Employment Agreements And Retirement Plans - 401(k) Plan And Trust (details)
Employment Agreements And Retirement Plans - Additional Disclosures (details)
Employment Agreements And Retirement Plans - Supplemental Executive Retirement Plan (details)
Employment Agreements And Retirement Plans (tables)
Fair Value Measurements, Derivatives And Other
Fair Value Measurements, Derivatives And Other - Additional Disclosures (details)
Fair Value Measurements, Derivatives And Other - Derivatives (details)
Fair Value Measurements, Derivatives And Other - Financial Assets, Temporary Equity And Liabilities Not Measured At Fair Value (details)
Fair Value Measurements, Derivatives And Other - Notes Receivable (details)
Fair Value Measurements, Derivatives And Other - Recurring Fair Value Measurements (details)
Fair Value Measurements, Derivatives And Other - Valuation Techniques (details)
Fair Value Measurements, Derivatives And Other (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets - Additional Disclosures (details)
Goodwill And Other Intangible Assets - Classification Of Amortization Expense (details)
Goodwill And Other Intangible Assets - Definite-lived Intangible Assets (details)
Goodwill And Other Intangible Assets - Future Amortization Expense (details)
Goodwill And Other Intangible Assets - Goodwill (details)
Goodwill And Other Intangible Assets - Indefinite-lived Intangible Assets (details)
Goodwill And Other Intangible Assets (tables)
Income Taxes
Income Taxes - Additional Disclosures (details)
Income Taxes - Components Of Income Tax Provision (details)
Income Taxes - Deferred Tax Assets And Liabilities (details)
Income Taxes - Reconciliation Of Income Taxes (details)
Income Taxes (tables)
Income Taxes - Unrecognized Tax Benefits (details)
Leases
Leases - Additional Disclosure (details)
Leases - Future Minimum Payments And Sublease Revenue (details)
Leases - Rent Expense (details)
Leases (tables)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Cash Convertible Senior Notes (details)
Long-term Debt - Convertible Notes Embedded Derivative (details)
Long-term Debt - Domestic Line Of Credit (details)
Long-term Debt - Future Payments (details)
Long-term Debt - Impact Of Early Conversion, Convertible Notes Hedges And Warrants (details)
Long-term Debt - Interest Expense (details)
Long-term Debt - Schedule Of Debt Instruments (details)
Property And Equipment
Property And Equipment - Additional Disclosures (details)
Property And Equipment - Major Classifications Of Property And Equipment (details)
Property And Equipment (tables)
Quarterly Information (unaudited)
Quarterly Information (unaudited) - Additional Disclosures (details)
Quarterly Information (unaudited) - Schedule Of Quarterly Information (details)
Quarterly Information (unaudited) (tables)
Related Party Transactions
Related Party Transactions (details)
Restatement Of Consolidated Financial Statements
Restatement Of Consolidated Financial Statements (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)
Stock Compensation
Stock Compensation - Additional Disclosures (details)
Stock Compensation - Compensation Costs (details)
Stock Compensation - Restricted Stock Award Activity (details)
Stock Compensation (tables)
Strategic Investments
Strategic Investments (tables)
Strategic Investments - Additional Information (details)
Strategic Investments - Summarized Financial Information (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies - Accounting Policies Associated With Discontinued Operations (details)
Summary Of Significant Accounting Policies - Description Of Business (details)
Summary Of Significant Accounting Policies - Equity Method Investments (details)
Summary Of Significant Accounting Policies - Foreign Currency Translation And Advertising (details)
Summary Of Significant Accounting Policies - Goodwill And Other Intangible Assets (details)
Summary Of Significant Accounting Policies - Income Tax And Common Stock (details)
Summary Of Significant Accounting Policies - Inventory And Cash And Cash Equivalents And Cash Concentrations (details)
Summary Of Significant Accounting Policies - Property And Equipment (details)
Summary Of Significant Accounting Policies - Recent Accounting Pronouncements (details)
Summary Of Significant Accounting Policies - Software Development Costs (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Pawn And Sales Revenue Recognition (details)
Supplemental Consolidated Financial Information
Supplemental Consolidated Financial Information - Supplemental Consolidated Balance Sheet Information (details)
Supplemental Consolidated Financial Information - Valuation And Qualifying Accounts (details)
Supplemental Consolidated Financial Information (tables)
Temporary Equity And Noncontrolling Interest
Temporary Equity And Noncontrolling Interest (details)
Temporary Equity And Noncontrolling Interest (tables)
Ticker: EZPW
CIK: 876523
Form Type: 10-K Annual Report
Accession Number: 0000876523-16-000217
Submitted to the SEC: Wed Dec 14 2016 4:09:21 PM EST
Accepted by the SEC: Wed Dec 14 2016
Period: Friday, September 30, 2016
Industry: Retail Miscellaneous Retail

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