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Ezcorp Inc (EZPW) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

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Ezcorp Inc

CIK: 876523 Ticker: EZPW

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EZCORP Reports First Quarter Fiscal 2021 Results
Austin, Texas (February 3, 2021) —
EZCORP, Inc. (NASDAQ: EZPW) today announced results for its first quarter ended December 31, 2020.
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, “We remain focused on strengthening and growing our core pawn business as we continue to strive to be our customers’ first and best choice for their short-term cash needs and for affordable pre-owned goods. The first quarter of fiscal 2021 was characterized by continuing growth in demand for pawn loans, building on the prior quarter’s inflection point, even as store expenses remained flat on a sequential basis. Pawn loans outstanding (PLO) ended the quarter at $148 million, up 13% on a sequential basis from $131 million at the end of September 2020, primarily reflecting continued efforts to enhance our value proposition to customers and the reduction of certain government stimulus programs. In the near term, the recently implemented second stimulus package has reduced demand for pawn loans and the upcoming tax refund season will likely further temporarily curb loan demand.
“Turning to our financial performance for the quarter, pawn service charges (PSC) and merchandise sales remained depressed relative to prior-year levels as we continue to work through rebuilding PLO following 2020 stimulus payments and other ongoing headwinds from the COVID-19 pandemic. Merchandise sales gross profits held steady on more effective inventory management. We remain on track to realize meaningful cost savings as a result of strategic initiatives we implemented last quarter and continued this quarter. Looking ahead, while store-level operating costs will rebuild as transaction activity increases, ongoing cost reduction and simplification efforts across the business generate operating leverage as revenue trends higher. Furthermore, we maintain a strong balance sheet with ample liquidity to continue to fund PLO growth, de novo store openings, and strategic inorganic growth opportunities, with an ongoing emphasis on generating strong returns on capital.
"We are there for our customers, with virtually all of our stores remaining open and with continued expansion of payment options. Moreover, we remain focused on enhancing our digital pawn servicing platform to broaden customer engagement and enhance the customer experience as we drive operating efficiencies. We also continue to leverage technology and data analytics across geographies to optimize pricing, productivity, and returns, and strengthen business development initiatives. Finally, building the most passionate and tenured store-level team in the industry remains one of our top priorities, with an ongoing focus on the health, safety, development, and retention of our team members through and beyond the pandemic."

RESULTS FOR FIRST QUARTER OF FISCAL 2021
Diluted earnings per share was $0.08, compared to $0.02 in the prior-year quarter. On an adjusted basis1, diluted earnings per share was $0.13, down from $0.17 in the prior-year quarter. Income before taxes increased by $2.5 million to $5.5 million.
Total revenues decreased $44.3 million or 20%, primarily due to a $21.2 million or 25% decrease in PSC and a $18.9 million or 15% decrease in merchandise sales.
The decrease in PSC was due to a $47.7 million or 24% decrease in PLO. Pawn loan demand was significantly reduced in the third and fourth quarters of fiscal 2020 as a result of the impact of COVID-19 and the economic stimulus actions in the U.S. and constrained traffic in Latin America.
Although merchandise sales decreased by $18.9 million, merchandise sales gross profit improved by 1%, driven by effective inventory management and less aged inventory leading to a 600 bps improvement in merchandise sales gross profit margin to 40%. The sales margin in the prior year quarter was negatively impacted by 260 bps due to greater sales volume of aged merchandise.
On a sequential basis, total revenues increased $11.3 million or 7% to $178.1 million, largely driven by a 15% increase in PSC. The sequential increase in PSC was primarily due to a $16.5 million or 13% increase in the PLO balance to $147.9 million from the prior quarter.


The following information was filed by Ezcorp Inc (EZPW) on Wednesday, February 3, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Contingencies
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Interest Expense (Details)
Debt - Outstanding Obligations (Details)
Debt - Principal Payments (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Expected Credit Losses
Expected Credit Losses (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Financial Assets And Liabilities (Details)
Income Taxes
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Lease Cost (Details)
Leases - Lessee Assets And Liabilities (Details)
Leases - Operating Lease Maturity (Details)
Leases - Supplemental Cash Flow Information (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Other Charges
Other Charges (Tables)
Other Charges - Activity (Details)
Other Charges - Additional Information (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Share-Based Compensation
Share-Based Compensation (Details)
Strategic Investments
Strategic Investments (Tables)
Strategic Investments - Additional Disclosures (Details)
Strategic Investments - Summarized Financial Information (Details)
Supplemental Consolidated Financial Information
Supplemental Consolidated Financial Information (Details)
Supplemental Consolidated Financial Information (Tables)
Ticker: EZPW
CIK: 876523
Form Type: 10-Q Quarterly Report
Accession Number: 0000876523-21-000007
Submitted to the SEC: Wed Feb 03 2021 4:20:36 PM EST
Accepted by the SEC: Wed Feb 03 2021
Period: Thursday, December 31, 2020
Industry: Retail Miscellaneous Retail

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