EX-99.1 2 a2022-q3pressreleaseex991.htm EX-99.1 Document

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EZCORP Reports Third Quarter 2022 Results
Record High Pawn Loans Outstanding Driving Strong Earnings Momentum
Austin, Texas (August 3, 2022) — 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, 2022.
Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles ("GAAP") and comparisons shown are to the same period in the prior year.
THIRD QUARTER HIGHLIGHTS
•Pawn loans outstanding (PLO) up 30% to a record-high of $204.2 million.
•Total revenue increased 24%, and gross profit1 increased 20%.
•Merchandise sales gross margin was at the high end of our target range at 38%.
•Net income was $12.2 million, an increase of $14.8 million.
•Diluted earnings per share of $0.17 was up significantly from a loss of $0.05. On an adjusted basis2, diluted earnings per share was $0.16, compared to a loss of $0.03 in the prior-year quarter.
•Return on earning assets (ROEA) remains strong at 165%.
CEO COMMENTARY AND OUTLOOK
Chief Executive Officer Lachie Given stated, “We have delivered another outstanding quarter of financial results. PLO, the most significant driver of revenue and earnings, hit a record high, surpassing pre-COVID levels on a total and same-store basis. This has driven significant increases in pawn service charges (PSC), and as we continue to drive strong sales margins and gain cost efficiencies across the business, we have delivered very substantial earnings improvement for the quarter."
"With persistent macro issues fueling inflation, we are proud to offer our customers a unique and essential service to address their short-term cash needs. We are also a neighborhood recycling business that extends the useful life of millions of items every year, and are working to expand our customer base of environmentally-conscious consumers across the U.S. and Latin America.
"During the third quarter, we opened eight de novo stores in Latin America and acquired three stores in the Dallas, Texas area. Our EZ+ Rewards program continues to grow across all of our regions, and we now have over 1.4 million enrolled customers. Furthering our commitment to investing in our people, we introduced Career Week for our 6,800 employees to reinforce our new Career Framework and Career Path opportunities.
"The improvement in our financial results is the outcome of our team’s focus and commitment to People, Pawn, and Passion, and on providing the best possible experience for our customers. I am extremely proud of our entire team for delivering such exceptional operating and financial results for our shareholders.”
CONSOLIDATED RESULTS
Three Months Ended June 30
As Reported
Adjusted2
in millions, except per share amounts2022202120222021
Total revenues$215.8 $174.0 $215.8 $174.0 
Gross profit1
$129.5 $108.0 $129.5 $108.0 
Income (loss) before tax$13.1 $(0.8)$14.9 $3.6 
Net income (loss)$12.2 $(2.6)$11.0 $(1.4)
Diluted earnings (loss) per share $0.17 $(0.05)$0.16 $(0.03)
EBITDA (non-GAAP measure)$23.3 $11.7 $25.1 $12.5 


•Diluted earnings per share were $0.17 for the third quarter, up from a loss of $0.05. On an adjusted basis, diluted earnings per share were $0.16, up from a loss of $0.03.
•Income before taxes improved to $13.1 million from a loss of $0.8 million, while adjusted EBITDA increased 100% to $25.1 million.
•PLO increased 30% to $204.2 million, up $47.0 million. On a same-store basis3, PLO increased 30% to its highest level due to increased loan demand reflecting a recovery above pre-COVID levels.
•Total revenues increased 24%, and gross profit increased 20%, reflecting improved pawn service charge (PSC) revenue and merchandise sales.
•PSC increased 33% due to an increase in the average PLO balance during the quarter.
•Merchandise sales gross margin was at the high end of our target range at 38%, reflecting our commitment to improving the core business by decreasing aged general merchandise (now less than 1% of total general merchandise inventory) and focusing on selling inventory in the first 90 days.
•Net inventory increased 44% reflecting a return towards normalized inventory levels. Inventory turnover remained strong at 2.8x for the quarter, down from 3.1x.
•Store expenses increased 9%, due to increased store count and labor costs in line with increased store activity. On a same-store basis, store expenses increased 5%.
•General and administrative expenses increased 28%, primarily due to a litigation accrual and increased performance-based incentive compensation.
•Cash and cash equivalents at the end of the quarter was $222.3 million, down 22% year-over-year. The decrease is primarily due to the increase in PLO and inventory.
SEGMENT RESULTS
U.S. Pawn
•PLO continued to increase, ending the quarter at $159.7 million, up 36% (36% on a same store basis).
•Total revenue was up 22% and gross profit increased 18%, reflecting increasing PSC.
•PSC increased 35% as a result of higher average PLO.
•Merchandise sales gross margin decreased to 41% from 46% as expected. Aged general merchandise inventory improved to 0.4% from 1.2% of total general merchandise inventory.
•Net inventory increased 47%. Inventory turnover decreased to 2.5x from 2.8x due to increased inventory levels in the current quarter and stimulus impacts in the prior year.
•Store expenses increased 6% primarily due to store count and labor increases in line with store activity.
•Segment contribution increased 64% to $29.8 million.
•Segment store count increased by three acquired stores during the quarter.
Latin America Pawn
•PLO improved to $44.5 million or 11% (13% on constant currency basis). On a same store basis, PLO increased 9% (10% on a constant currency basis).
•Total revenue was up 31% (same on a constant currency basis), while gross profit increased 26% (same on a constant currency basis).
•PSC increased to $21.0 million or 28% (same on a constant currency basis) as a result of higher average PLO for the quarter.



•Merchandise sales gross margin decreased from 35% to 29%, reflecting a return to more normalized margins.
•Net inventory increased 34% (35% on a constant currency basis). Inventory turnover remains strong at 3.7x, down from 4.0x.
•Store expenses increased 21% (same on a constant currency basis) primarily due to year-over-year store count and growth in labor in line with increased store activity. Same-store expenses increased 4% (6% on a constant currency basis).
•Segment contribution increased to $6.1 million or 71% (48% on a constant currency basis), compared to $3.6 million.
•Segment store count increased by eight de novo stores opened during the quarter.
FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com.
CONFERENCE CALL
EZCORP will host a conference call on Thursday, August 4, 2022, at 7:00 am Central Time to discuss Third Quarter Fiscal 2022 results. Analysts and institutional investors may participate on the conference call by dialing (844) 200-6205, Conference ID: 464794, or internationally by dialing (929) 526-1599. The conference call will be webcast simultaneously to the public through this link: http://investors.ezcorp.com/. A replay of the conference call will be available online at http://investors.ezcorp.com/ shortly after the end of the call. 
ABOUT EZCORP
Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell merchandise, primarily collateral forfeited from pawn lending operations and pre-owned and recycled merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the Russell 2000 Index, S&P 1000 Index and Nasdaq Composite Index. 
Follow us on social media:
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EZCORP Linked In https://www.linkedin.com/company/ezcorp/



FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements regarding the company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the company's strategy, initiatives and future performance, that address activities or results that the company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
Contact:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220





































Note: Percentages are calculated from the underlying numbers in thousands and, as a result, may not agree to the percentages calculated from numbers in millions.
1”We have relabeled "net revenues" to "gross profit" throughout our filings, which we believe will improve comparability across industries and companies. This change is effective for this and future filings.
2”Adjusted” basis, which is a non-GAAP measure, excludes certain items. “Constant currency” basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. “Free cash flow,” which is a non-GAAP measure, includes certain adjustments to cash flow from operating activities. For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.
3”Same Store” basis, which is a financial measure, includes stores open the entirety of the comparable periods.


EZCORP, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
June 30,		Nine Months Ended
June 30,
(in thousands, except per share amounts)2022202120222021
Revenues:
Merchandise sales$128,334 $107,808 $399,610 $330,816 
Jewelry scrapping sales7,168 5,673 19,802 18,507 
Pawn service charges80,291 60,431 232,999 187,356 
Other revenues, net49 121 407 428 
Total revenues215,842 174,033 652,818 537,107 
Merchandise cost of goods sold80,167 60,539 245,524 190,872 
Jewelry scrapping cost of goods sold6,167 5,473 16,747 16,076 
Gross profit129,508 108,021 390,547 330,159 
Operating expenses:
Store expenses89,430 81,803 261,944 242,261 
General and administrative18,715 14,589 46,487 40,870 
Depreciation and amortization7,746 7,419 22,770 23,080 
(Gain) loss on sale or disposal of assets and other— — (692)90 
Other charges— 497 — 497 
Total operating expenses115,891 104,308 330,509 306,798 
Operating income13,617 3,713 60,038 23,361 
Interest expense2,693 5,569 7,651 16,542 
Interest income(190)(512)(749)(1,918)
Equity in net income of unconsolidated affiliates(1,758)(643)(1,457)(2,409)
Other expense (income)(210)65 41 (389)
Income (loss) before income taxes13,082 (766)54,552 11,535 
Income tax expense867 1,804 11,729 4,476 
Net income (loss)$12,215 $(2,570)$42,823 $7,059 
Basic earnings (loss) per share $0.22 $(0.05)$0.76 $0.13 
Diluted earnings (loss) per share $0.17 $(0.05)$0.59 $0.13 
Weighted-average basic shares outstanding56,656 55,898 56,465 55,639 
Weighted-average diluted shares outstanding82,504 55,898 82,349 55,653 




EZCORP, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)June 30,
2022		June 30,
2021		September 30,
2021
(Unaudited)
Assets:
Current assets:
Cash and cash equivalents$222,342 $283,668 $253,667 
Restricted cash8,614 13,795 9,957 
Pawn loans204,155 157,155 175,901 
Pawn service charges receivable, net32,000 24,965 29,337 
Inventory, net132,713 92,242 110,989 
Prepaid expenses and other current assets29,822 28,343 31,010 
Total current assets629,646 600,168 610,861 
Investments in unconsolidated affiliates43,384 35,387 37,724 
Other investments18,000 — — 
Property and equipment, net51,505 55,630 53,811 
Right-of-use asset, net217,506 185,467 200,990 
Goodwill286,798 283,619 285,758 
Intangible assets, net61,017 61,922 62,104 
Notes receivable, net1,207 1,173 1,181 
Deferred tax asset, net15,773 10,292 9,746 
Other assets5,991 4,992 4,736 
Total assets $1,330,827 $1,238,650 $1,266,911 
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable, accrued expenses and other current liabilities$76,566 $84,966 $90,268 
Customer layaway deposits14,927 11,884 12,557 
Lease liability53,358 47,241 52,263 
Total current liabilities144,851 144,091 155,088 
Long-term debt, net312,521 260,632 264,186 
Deferred tax liability, net307 1,309 3,684 
Lease liability175,489 149,342 161,330 
Other long-term liabilities11,905 10,058 10,385 
Total liabilities645,073 565,432 594,673 
Commitments and Contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 53,685,333 as of June 30, 2022; 53,086,438 as of June 30, 2021; and 53,086,438 as of September 30, 2021
537 530 530 
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171
30 30 30 
Additional paid-in capital343,763 402,522 403,312 
Retained earnings396,461 325,228 326,781 
Accumulated other comprehensive loss(55,037)(55,092)(58,415)
Total stockholders' equity685,754 673,218 672,238 
Total liabilities and stockholders' equity$1,330,827 $1,238,650 $1,266,911 



EZCORP, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Nine Months Ended
June 30,
(in thousands)20222021
Operating activities:
Net income $42,823 $7,059 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization22,770 23,080 
Amortization of debt discount and deferred financing costs1,051 10,243 
Amortization of lease right-of-use asset39,061 35,885 
Deferred income taxes475 (576)
Other adjustments(734)(331)
Provision for inventory reserve(2,096)(6,812)
Stock compensation expense4,008 3,156 
Equity in net income of unconsolidated affiliates(1,457)(2,409)
Changes in operating assets and liabilities:
Service charges and fees receivable(2,949)(2,832)
Inventory(7,837)5,382 
Prepaid expenses, other current assets and other assets2,025 7,908 
Accounts payable, accrued expenses and other liabilities(53,209)(51,565)
Customer layaway deposits2,265 511 
Income taxes(1,068)4,423 
Dividends from unconsolidated affiliates3,366 — 
Net cash provided by operating activities48,494 33,122 
Investing activities:
Loans made(524,965)(423,450)
Loans repaid295,823 260,536 
Recovery of pawn loan principal through sale of forfeited collateral191,082 155,595 
Capital expenditures, net(18,100)(14,635)
Acquisitions, net of cash acquired(1,850)(15,132)
Issuance of note receivable(1,000)— 
Investment in unconsolidated affiliates(6,079)— 
Investment in other investments(16,500)— 
Net cash used in investing activities(81,589)(37,086)
Financing activities:
Taxes paid related to net share settlement of equity awards(792)(839)
Payments on assumed debt and other borrowings— (15,363)
Net cash used in financing activities (792)(16,202)
Effect of exchange rate changes on cash and cash equivalents and restricted cash1,219 5,076 
Net decrease in cash, cash equivalents and restricted cash(32,668)(15,090)
Cash, cash equivalents and restricted cash at beginning of period263,624 312,553 
Cash, cash equivalents and restricted cash at end of period$230,956 $297,463 
Supplemental disclosure of cash flow information
Cash and cash equivalents$222,342 $283,668 
Restricted cash8,614 13,795 
Total cash and cash equivalents and restricted cash$230,956 $297,463 
Non-cash investing and financing activities:
Pawn loans forfeited and transferred to inventory$204,662 $145,839 
Transfer of consideration for other investment1,500 — 
Transfer of consideration for acquisition— 1,547 
Acquisition earn-out contingency— 4,608 
Accrued acquisition consideration held as restricted cash— 5,824 


EZCORP, Inc.
OPERATING SEGMENT RESULTS
(Unaudited)
Three Months Ended June 30, 2022
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$94,005 $34,329 $— $128,334 $— $128,334 
Jewelry scrapping sales5,404 1,764 — 7,168 — 7,168 
Pawn service charges59,322 20,969 — 80,291 — 80,291 
Other revenues21 7 21 49 — 49 
Total revenues158,752 57,069 21 215,842 — 215,842 
Merchandise cost of goods sold55,885 24,282 — 80,167 — 80,167 
Jewelry scrapping cost of goods sold4,506 1,661 — 6,167 — 6,167 
Gross profit98,361 31,126 21 129,508 — 129,508 
Segment and corporate expenses (income):
Store expenses66,036 23,394 — 89,430 — 89,430 
General and administrative— — — — 18,715 18,715 
Depreciation and amortization2,572 1,987 — 4,559 3,187 7,746 
Interest expense— — — — 2,693 2,693 
Interest income(1)(189)— (190)— (190)
Equity in net income of unconsolidated affiliates— — (1,758)(1,758)— (1,758)
Other (income) expense— (163)19 (144)(66)(210)
Segment contribution$29,754 $6,097 $1,760 $37,611 
Income (loss) before income taxes$37,611 $(24,529)$13,082 





Three Months Ended June 30, 2021
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$84,465 $23,343 $— $107,808 $— $107,808 
Jewelry scrapping sales1,908 3,765 — 5,673 — 5,673 
Pawn service charges44,039 16,392 — 60,431 — 60,431 
Other revenues32 — 89 121 — 121 
Total revenues130,444 43,500 89 174,033 — 174,033 
Merchandise cost of goods sold45,310 15,229 — 60,539 — 60,539 
Jewelry scrapping cost of goods sold1,878 3,595 — 5,473 — 5,473 
Gross profit83,256 24,676 89 108,021 — 108,021 
Segment and corporate expenses (income):
Store expenses62,507 19,296 — 81,803 — 81,803 
General and administrative— — — — 14,589 14,589 
Depreciation and amortization2,600 1,806 — 4,406 3,013 7,419 
Other Charges— 497 — 497 — 497 
Interest expense— — — — 5,569 5,569 
Interest income— (484)— (484)(28)(512)
Equity in net income of unconsolidated affiliates— — (643)(643)— (643)
Other (income) expense— (5)18 13 52 65 
Segment contribution $18,149 $3,566 $714 $22,429 
Income (loss) before income taxes$22,429 $(23,195)$(766)





Nine Months Ended June 30, 2022
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$296,147 $103,463 $— $399,610 $— $399,610 
Jewelry scrapping sales13,864 5,938 — 19,802 — 19,802 
Pawn service charges174,651 58,348 — 232,999 — 232,999 
Other revenues67 247 93 407 — 407 
Total revenues484,729 167,996 93 652,818 — 652,818 
Merchandise cost of goods sold172,330 73,194 — 245,524 — 245,524 
Jewelry scrapping cost of goods sold11,279 5,468 — 16,747 — 16,747 
Gross profit301,120 89,334 93 390,547 — 390,547 
Segment and corporate expenses (income):
Store expenses195,217 66,727 — 261,944 — 261,944 
General and administrative— — — — 46,487 46,487 
Depreciation and amortization7,867 5,858 — 13,725 9,045 22,770 
Gain on sale or disposal of assets and other— (4)— (4)(688)(692)
Interest expense— — — — 7,651 7,651 
Interest income(1)(626)— (627)(122)(749)
Equity in net income of unconsolidated affiliates— — (1,457)(1,457)— (1,457)
Other expense (income)— 37 15 52 (11)41 
Segment contribution$98,037 $17,342 $1,535 $116,914 
Income (loss) before income taxes$116,914 $(62,362)$54,552 


Nine Months Ended June 30, 2021
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$260,545 $70,271 $— $330,816 $— $330,816 
Jewelry scrapping sales9,493 9,014 — 18,507 — 18,507 
Pawn service charges143,836 43,520 — 187,356 — 187,356 
Other revenues83 7 338 428 — 428 
Total revenues413,957 122,812 338 537,107 — 537,107 
Merchandise cost of goods sold145,181 45,691 — 190,872 — 190,872 
Jewelry scrapping cost of goods sold7,871 8,205 — 16,076 — 16,076 
Gross profit260,905 68,916 338 330,159 — 330,159 
Segment and corporate expenses (income):
Store expenses188,256 54,005 — 242,261 — 242,261 
General and administrative— — — — 40,870 40,870 
Depreciation and amortization7,972 5,459 — 13,431 9,649 23,080 
Loss on sale or disposal of assets and other27 — — 27 63 90 
Other Charges— 497 — 497 — 497 
Interest expense— — — — 16,542 16,542 
Interest income— (1,819)— (1,819)(99)(1,918)
Equity in net income of unconsolidated affiliates— — (2,409)(2,409)— (2,409)
Other (income) expense— (375)(183)(558)169 (389)
Segment contribution $64,650 $11,149 $2,930 $78,729 
Income (loss) before income taxes$78,729 $(67,194)$11,535 


EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)
 
Three Months Ended June 30, 2022
 U.S. PawnLatin America PawnConsolidated
As of March 31, 2022
516 636 1,152 
New locations opened— 8 8 
Locations acquired3 — 3 
As of June 30, 2022
519 644 1,163 
 
Three Months Ended June 30, 2021
 U.S. PawnLatin America PawnConsolidated
As of March 31, 2021
505 506 1,011 
New locations opened— 4 4 
Locations acquired11 128 139 
Locations sold, combined or closed— (11)(11)
As of June 30, 2021
516 627 1,143 
 
Nine Months Ended June 30, 2022
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2021516 632 1,148 
New locations opened— 12 12 
Locations acquired3 — 3 
As of June 30, 2022519 644 1,163 
 
Nine Months Ended June 30, 2021
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2020505 500 1,005 
New locations opened— 10 10 
Locations acquired11 128 139 
Locations sold, combined or closed— (11)(11)
As of June 30, 2021516 627 1,143 


Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity with accounting principles generally accepted in the United States ("GAAP"), we provide certain other non-GAAP financial information on a constant currency ("constant currency") and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.
Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and nine months ended June 30, 2022 and 2021 were as follows:
June 30,
Three Months Ended
June 30,
Nine Months Ended
June 30,
202220212022202120222021
Mexican peso20.2 19.9 20.0 20.0 20.4 20.3 
Guatemalan quetzal7.6 7.6 7.5 7.6 7.5 7.6 
Honduran lempira24.2 23.6 24.2 23.7 24.1 23.8 
Peruvian sol3.7 3.9 3.7 3.8 3.8 3.7 
Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.
Miscellaneous Non-GAAP Financial Measures
Three Months Ended
June 30,
(in millions)20222021
Net income (loss)$12.2 $(2.6)
Interest expense2.7 5.6 
Interest income(0.2)(0.5)
Income tax expense0.9 1.8 
Depreciation and amortization7.7 7.4 
EBITDA$23.3 $11.7 



Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2022 Q3 Reported
$215.8 $129.5 $13.1 $0.9 $12.2 $0.17 $23.3 
Litigation accrual— — 2.0 0.1 1.8 0.02 2.0 
FX impact— — (0.2)— (0.2)— (0.2)
Release of FIN 48 reserves— — — 2.8 (2.8)(0.03)— 
Constant currency impact— — — — 0.1 — — 
2022 Q3 Adjusted
$215.8 $129.5 $14.9 $3.9 $11.0 $0.16 $25.1 
Total RevenuesGross ProfitIncome Before TaxTax EffectNet
Income		Diluted EPSEBITDA
2021 Q3 Reported
$174.0 $108.0 $(0.8)$1.8 $(2.6)$(0.05)$11.7 
Acquisition expenses— — 0.4 0.3 0.1 — 0.4 
Peru Reserve— — 0.5 0.4 0.1 — 0.4 
Non cash Interest— — 3.5 2.5 1.0 0.02 — 
2021 Q3 Adjusted
$174.0 $108.0 $3.6 $5.0 $(1.4)$(0.03)$12.5 


Three Months Ended
June 30, 2022
Nine Months Ended
June 30, 2022
(in millions)U.S. Dollar AmountPercentage Change YOYU.S. Dollar AmountPercentage Change YOY
Consolidated revenue $215.8 24 %$652.8 22 %
Currency exchange rate fluctuations— 0.7 
Constant currency consolidated revenue$215.8 24 %$653.5 22 %
Consolidated gross profit $129.5 20 %$390.5 18 %
Currency exchange rate fluctuations— 0.3 
Constant currency consolidated gross profit$129.5 20 %$390.8 18 %
Consolidated net inventory$132.7 44 %$132.7 44 %
Currency exchange rate fluctuations0.4 0.4 
Constant currency consolidated net inventory$133.1 44 %$133.1 44 %
Latin America Pawn gross profit $31.1 26 %$89.3 30 %
Currency exchange rate fluctuations— 0.3 
Constant currency Latin America Pawn gross profit $31.1 26 %$89.6 30 %
Latin America Pawn PLO$44.5 11 %$44.5 11 %
Currency exchange rate fluctuations0.5 0.5 
Constant currency Latin America Pawn PLO$45.0 13 %$45.0 13 %
Latin America Pawn PSC revenues $21.0 28 %$58.3 34 %
Currency exchange rate fluctuations— 0.1 
Constant currency Latin America Pawn PSC revenues $21.0 28 %$58.4 34 %
Latin America Pawn merchandise sales $34.3 47 %$103.5 47 %
Currency exchange rate fluctuations— 0.6 
Constant currency Latin America Pawn merchandise sales $34.3 47 %$104.1 48 %
Latin America Pawn segment profit before tax$6.1 71 %$17.3 56 %
Currency exchange rate fluctuations— 0.1 
Constant currency Latin America Pawn segment profit before tax$6.1 71 %$17.4 56 %