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Ezcorp Inc (EZPW) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 30, 2017

Ezcorp Inc

CIK: 876523 Ticker: EZPW


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EZCORP Announces Strong Fourth Quarter and Full Fiscal 2017 Earnings
EPS from continuing operations of $0.21 for the fourth quarter and $0.62 for the full fiscal year
Austin, Texas (November 15, 2017) —
EZCORP, Inc. (NASDAQ: EZPW) today announced results for its fourth quarter and fiscal year ended September 30, 2017.
All amounts in this release are from EZCORP continuing operations and conform with U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Comparisons are made to the same period in the prior year unless otherwise noted.
FOURTH QUARTER HIGHLIGHTS
Seventh consecutive quarter of year-over-year (YOY) earnings and profit growth. Earnings per share improved $0.52 to $0.21 in the fourth quarter and grew $0.77 to $0.62 in the full fiscal year.
Net income from continuing operations improved $27.6 million to $10.1 million in the fourth quarter, and grew $41.0 million to $32.0 million in the full fiscal year. Adjusted EBITDA1 improved $19.1 million to $22.1 million in the fourth quarter, and grew 39%, or $24.6 million, to $88.5 million in the full fiscal year.
Continue to lead the U.S. market in same store pawn loans outstanding (PLO) YOY growth. PLO increased 19% in Mexico (11% on a constant currency basis2).
Operating contribution from the Mexico Pawn segment improved significantly up 153% to $5.8 million. Highest growth segment now 20% of company’s total pawn profit contribution.
Cash balance at September 30 up 150% to $164.4 million.
Successfully completed $143.8 million offering of convertible notes, improving liquidity with an attractive coupon rate of 2.875% and seven-year term.
Favorable restructuring of the notes receivable repayment arrangement with AlphaCredit improved the return and risk profile and increases future cash flow and profit.
In October 2017, the company significantly expanded its footprint in the emerging Latin American pawn market by acquiring 112 pawn stores in Guatemala, El Salvador, Honduras and Peru for $60 million cash, with an additional $2.25 million earn-out possible based on post-acquisition performance. This acquisition will be accretive to earnings starting the first quarter of fiscal 2018 and provides a platform for further growth and expansion in the high growth rate region.
CEO COMMENTARY AND OUTLOOK
Chief Executive Officer Stuart Grimshaw said, “Even though our results were somewhat impacted by the hurricane activity in Texas and Florida, we are proud of our operating performance during the fourth quarter, which capped off a fiscal year that showed a dramatic turnaround on the bottom line. We delivered significant earnings growth in both the U.S and Mexico pawn segments during the quarter and the year, driven by continued execution on our strategic initiatives to create long-term profitable growth.
“First, we continue the diversification of our revenue base and operations, increasing our mix of business from Latin America. Our Mexico Pawn segment is our fastest growing business and is now providing 20% of our total pawn operating contribution. We added 10 new stores in Mexico during the year and see plenty of opportunity to open and acquire more. And we are increasing our presence in Latin America beyond Mexico. The recent acquisition of 112 pawn stores in four new countries expands our Latin American store base, which now comprises 41% of our total pawn stores. It provides compelling

1EBITDA is earnings before interest, taxes, depreciation and amortization. “Adjusted EBITDA” includes EBITDA attributable to continuing operations, further adjusted to exclude the estimated impact of the hurricanes that affected the Texas Gulf Coast and Florida in the fourth quarter, as well as certain other discrete items. See "Non-GAAP Financial Information" at the end of this release.

2In addition to the financial information prepared in conformity with U.S. generally accepted accounting principles (GAAP), we provide financial information on a “constant currency” and "adjusted EBITDA" basis, which excludes the impact of foreign currency exchange rate fluctuations, and provides a different way to view the operational results of our business, respectively. For additional information about the constant currency calculations, as well as a reconciliation of the constant currency financial measures to the comparable GAAP financial measures and calculation of our adjusted EBITDA, see “Non-GAAP Financial Information” at the end of this release.

The following information was filed by Ezcorp Inc (EZPW) on Wednesday, November 15, 2017 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 Income (loss)
Consolidated Statements Of Comprehensive Loss (parentheticals)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Acquisitions
Acquisitions - Cash Pawn (details)
Acquisitions - Fiscal 2015 (details)
Acquisitions - Fiscal 2016 (details)
Acquisitions - Fiscal 2017 (details)
Contingencies
Contingencies (details)
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
Fair Value Measurements - Additional Disclosures (details)
Fair Value Measurements - Carrying Amount And Clarification Of Assets And Liabilities (details)
Fair Value Measurements - Financial Assets, Temporary Equity And Liabilities Not Measured At Fair Value (details)
Fair Value Measurements - Recurring Fair Value Measurements (details)
Fair Value Measurements (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 - Income (loss) Foreign And Domestic (details)
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 - Convertible Senior Notes Due 2024 (details)
Long-term Debt - Extinguishment Of Debt (details)
Long-term Debt - Future Payments (details)
Long-term Debt - Impact Of Early Conversions, Convertible Notes Hedges And Warrants (details)
Long-term Debt - Schedule Of Debt Instruments (details)
Long-term Debt - Term Loan Facility (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)
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)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies - Convertible Debt Securities (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 - Notes Receivable (details)
Summary Of Significant Accounting Policies - Pawn And Sales Revenue Recognition (details)
Summary Of Significant Accounting Policies - Property And Equipment (details)
Summary Of Significant Accounting Policies - Software Development Costs (details)
Summary Of Significant Accounting Policies - Stock Compensation (details)
Summary Of Significant Accounting Policies (policies)
Supplemental Consolidated Financial Information And Discontinued Operations
Supplemental Consolidated Financial Information And Discontinued Operations - Discontinued Operations (details)
Supplemental Consolidated Financial Information And Discontinued Operations - Supplemental Consolidated Balance Sheet Information (details)
Supplemental Consolidated Financial Information And Discontinued Operations - Valuation And Qualifying Accounts (details)
Supplemental Consolidated Financial Information And Discontinued Operations (tables)
Ticker: EZPW
CIK: 876523
Form Type: 10-K Annual Report
Accession Number: 0000876523-17-000109
Submitted to the SEC: Wed Nov 15 2017 5:15:58 PM EST
Accepted by the SEC: Wed Nov 15 2017
Period: Saturday, September 30, 2017
Industry: Retail Miscellaneous Retail

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