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Ezcorp Inc (EZPW) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 30, 2018

Ezcorp Inc

CIK: 876523 Ticker: EZPW


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EZCORP Reports Fourth Quarter and Fiscal Year 2018 Results
Austin, Texas (November 14, 2018) —
EZCORP, Inc. (NASDAQ: EZPW) today announced results for its fourth quarter and fiscal year ended September 30, 2018.
All amounts in this release are from 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.
HIGHLIGHTS
Profit before tax was $3.7 million in the quarter and $57.1 million for the year. Adjusted profit before tax1 increased 38% to $16.2 million in the quarter and increased 33% to $64.4 million in the year. The adjusted profit before tax improvement in both periods reflects successful pawn store acquisitions and strong organic growth in Latin America.
Pawn fundamentals remain strong:
Pawn loans outstanding (PLO) expanded 17% to $198.5 million, and pawn service charges (PSC) rose 16% in the quarter driven by the contribution of acquired stores in Latin America and same store growth in both the U.S. and Latin America. For the full year, PSC increased 12%.
Latin America Pawn's quarterly segment contribution expanded 63% to $9.4 million (69% higher to $9.8 million on a constant currency basis2). For the year, segment contribution grew 84% to $34.3 million (up 83% to $34.2 million on a constant currency basis).
U.S. Pawn's quarterly segment contribution grew 13% on industry-high same store PLO growth of 5%, monthly PLO yield improvement of 54 basis points (bps) to 14%, and a 240bps expansion of merchandise sales margin to 39%. The segment posted industry leading PLO per store at $305,000, the highest year-end balance in seven years.
Latin America Pawn store count increased 84% in the year. This segment now comprises 47% of the company's total consolidated pawn stores, up from 32% a year ago. It produced 25% of consolidated pawn contribution in fiscal 2018, up from 15%.
Cash and cash equivalents rose 74% to $286.0 million, enhancing the company's ability to capitalize on attractive acquisition opportunities. The improved liquidity was driven by $167.0 million of net proceeds from a convertible debt issuance combined with strong cash flow from operations and $38.0 million of collections under two notes receivable.
CEO COMMENTARY AND OUTLOOK
Chief Executive Officer Stuart Grimshaw commented, "It was pleasing to see our fourth quarter earnings momentum accelerating, underlining the important progress we have made this year in customer service excellence. The biggest contributor to the company's outstanding performance was our terrific execution in Latin America, through both acquisitions and organic growth. Profit improvement was exceptional and our pawn store count in Latin America jumped 84%, growing by 207 stores. Those acquired stores have exceeded our expectations, providing strategic bases for further penetration and expansion in existing and neighboring geographies.
"In the U.S. Pawn segment, our disciplined lending and relentless focus on servicing and satisfying our customers' needs for cash delivered industry leading same store PLO growth, PLO yield, and per store averages of both PLO and PSC. We effectively managed our inventory again this quarter in relation to the PLO growth, while maintaining industry leading merchandise sales margins. These results reflect a well-balanced execution in excelling in customer service that underpins the growth of the business.
“We’ll begin fiscal 2019 with strong momentum as a result of the improved activity coming out of this year’s fourth quarter and will continue to leverage opportunities that will further our successful growth strategy. By maintaining our intense focus on


The following information was filed by Ezcorp Inc (EZPW) on Wednesday, November 14, 2018 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 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 Income (Loss) (Parentheticals)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information Regarding Recent Acquisitions (Details)
Acquisitions - Fiscal 2017 And 2016 Acquisitions (Details)
Acquisitions - Proforma Information (Details)
Acquisitions - Purchase Price Allocation (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 - 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 - Foreign And Domestic Income Components (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 - 2019 Convertible Notes Hedges And Warrants (Details)
Long-Term Debt - Cash Convertible Senior Notes Due 2019 (Details)
Long-Term Debt - Convertible Senior Notes Due 2024 (Details)
Long-Term Debt - Convertible Senior Notes Due 2025 (Details)
Long-Term Debt - Extinguishment Of Debt (Details)
Long-Term Debt - Interest Expense (Details)
Long-Term Debt - Principal Payment Schedule (Details)
Long-Term Debt - Schedule Of Debt Instruments (Details)
Property And Equipment
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 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: 0000876523-18-000057
Submitted to the SEC: Wed Nov 14 2018 4:19:15 PM EST
Accepted by the SEC: Wed Nov 14 2018
Period: Sunday, September 30, 2018
Industry: Retail Miscellaneous Retail

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