EX-99.1 2 a2023-q3pressreleaseex991.htm EX-99.1 Document

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EZCORP Reports Third Quarter Fiscal 2023 Results
Record Pawn Loans Outstanding and Third Quarter Merchandise Sales Drive Strong Revenue and Earnings Growth
Austin, Texas (August 2, 2023) — 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, 2023.
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 12% to $229.4 million.
•Total revenue increased 19%, and gross profit increased 15%.
•Merchandise sales gross margin remains within our targeted range at 36%.
•Net income increased $6.0 million to $18.2 million.
•Diluted earnings per share of $0.24, up from $0.17. On an adjusted basis1, diluted earnings per share of $0.20, compared to $0.16.
•Return on earning assets (ROEA) remains strong at 161%.
CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, "As a result of our team's persistent pursuit of operational excellence, we achieved record PLO and third quarter revenue and merchandise sales, driving another quarter of robust operating results for our stakeholders.

"We grew our store footprint, opening 13 de novo stores during the quarter. Twelve of the new stores are in Latin America, with five in Mexico, taking our store count there to 540, and seven in Guatemala, expanding our market leadership there to 110 stores. In Las Vegas, we opened an additional Max Pawn luxury store, giving us three luxury pawn stores in that market.

"Our EZ+ Rewards loyalty program has grown to 3.3 million members, an 18% increase over the previous quarter. We continue to implement strategies to win and retain customers and drive customer engagement, enhancing their experience through targeted EZ+ marketing, moving payments online, and improving our retail showrooms. In the local communities we serve, we continue to provide a unique and essential service to our customers, focusing on meeting our customers' immediate cash needs with pawn loans and purchases, while providing outstanding value-for-money, offering a broad array of second-hand goods and a more sustainable way to shop.

"We delivered another strong quarter of operating and financial results through our commitment to People, Pawn, and Passion. Team recruitment, retention, rewards and recognition remain focal points, as we employ the most passionate, productive, and tenured team in the industry. Investing in our people and technology to grow our customer base and improve the customer experience continues to be a successful formula for us in driving excellent financial and operating results for our shareholders," Given concluded.



CONSOLIDATED RESULTS
Three Months Ended June 30
As Reported
Adjusted1
in millions, except per share amounts2023202220232022
Total revenues$255.8 $215.8 $249.5 $215.8 
Gross profit$148.8 $129.5 $145.5 $129.5 
Income before tax$21.3 $13.1 $18.3 $14.8 
Net income$18.2 $12.2 $14.6 $11.0 
Diluted earnings per share $0.24 $0.17 $0.20 $0.16 
EBITDA (non-GAAP measure)$30.2 $23.3 $27.0 $25.1 

•Diluted earnings per share of $0.24, up from $0.17. On an adjusted basis, diluted earnings per share of $0.20, up from $0.16.
•Income before taxes was $21.3 million, up from $13.1 million, and adjusted EBITDA increased 8% to $27.0 million.
•PLO increased 12% to $229.4 million, up $25.2 million. On a same-store basis2, PLO increased 9% due to improved operational performance and continued strong loan demand.
•Total revenues increased 19% and gross profit increased 15%, reflecting improved pawn service charge (PSC) revenue, merchandise sales and merchandise sales gross profit.
•PSC increased 17% as a result of higher average PLO and yields.
•Merchandise sales gross margin remains within our targeted range at 36%. Aged general merchandise was 1.6% of total general merchandise inventory. This is a 60 bps improvement over the second quarter.
•Net inventory increased 17%, as expected with the growth in PLO. Inventory turnover remained strong at 2.8x.
•Store expenses increased 17%, primarily due to increased labor in-line with store activity, higher store count and, to a lesser extent, expenses related to our loyalty program and rent. On a same-store basis, store expenses increased 12%. General and administrative expenses decreased 4%, primarily due to the litigation accrual charge of $2.0 million recorded in prior period partially offset by an increase in costs related to our Workday implementation.
•Cash and cash equivalents at the end of the quarter was $238.0 million, up 7% year-over-year. The increase was primarily due to cash inflows provided by operating activities and the net cash proceeds associated with the convertible debt refinancing offset by the increase in PLO and inventory, the acquisition of new stores, and strategic investments.
SEGMENT RESULTS
U.S. Pawn
•PLO ended the quarter at $178.9 million, up 12% or 9% on a same store basis.
•Total revenue was up 16% and gross profit increased 12%, reflecting increased PSC and higher merchandise sales.
•PSC increased 16% as a result of higher average PLO.
•Merchandise sales gross margin decreased to 39% from 41%, within our target range. Aged general merchandise was 1.0% of total general merchandise inventory. This is a 40 bps improvement over the second quarter.
•Net inventory increased 13%, as expected with the growth in PLO. Inventory turnover increased to 2.6x from 2.5x.
•Store expenses increased 14%, primarily due to increased labor in-line with store activity, higher store count and, to a lesser extent, expenses related to our loyalty program.
•Segment contribution increased 9% to $32.3 million.
•Segment store count increased by 1 de novo store during the quarter.


Latin America Pawn
•PLO improved to $50.5 million, up 14% (1% on constant currency basis). On a same store basis, PLO increased 11% (decreased 2% on a constant currency basis). PLO balance was lower than expected with a greater pay down during the quarter driven by a change in Mexican law, which significantly increased profit share required to be paid by companies to employees by May 30.
•Total revenue was up 26% (15% on constant currency basis) and gross profit increased 24% (14% on a constant currency basis), reflecting increased PSC, higher merchandise sales and improved merchandise sales gross profit.
•PSC increased 19% (10% on a constant currency basis) as a result of higher average PLO and yield.
•Merchandise sales gross margin increased from 29% to 30%. Aged general merchandise increased to 2.4% from 1.3% of total merchandise inventory. This is a 80 bps improvement over the second quarter.
•Net inventory increased 30% (13% on a constant currency basis), as expected with the growth in PLO. Inventory turnover remained strong at 3.4x, down from 3.7x.
•Store expenses increased 26% (14% on a constant currency basis), primarily due to rent linked to inflation, higher store count and, to a lesser extent, expenses related to our loyalty program. Same-store expenses increased 21% (9% on a constant currency basis).
•Segment contribution increased 59% (48% on a constant currency basis) to $9.7 million. On an adjusted basis, segment contribution was up 12% to $6.7 million, with the primary adjustment being the reversal of contingent consideration liability in connection with a previously completed acquisition.
•Segment store count increased by 12 de novo stores during the quarter.
FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 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 3, 2023, at 8:00 am Central Time to discuss Third Quarter Fiscal 2023 results. Analysts and institutional investors may participate on the conference call by dialing (833) 470-1428, Conference ID: 870985, or internationally by dialing (404) 975-4839. 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 S&P 1000 Index and Nasdaq Composite Index. 
Follow us on social media:
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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“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.
2“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)2023202220232022
Revenues:
Merchandise sales$147,980 $128,334 $464,274 $399,610 
Jewelry scrapping sales13,931 7,168 34,640 19,802 
Pawn service charges93,819 80,291 279,442 232,999 
Other revenues, net82 49 206 407 
Total revenues255,812 215,842 778,562 652,818 
Merchandise cost of goods sold95,069 80,167 297,285 245,524 
Jewelry scrapping cost of goods sold11,958 6,167 30,813 16,747 
Gross profit148,785 129,508 450,464 390,547 
Operating expenses:
Store expenses104,932 89,430 307,004 261,944 
General and administrative17,876 18,715 48,961 46,487 
Depreciation and amortization8,026 7,746 23,977 22,770 
(Gain) loss on sale or disposal of assets(29)— 28 (692)
Other(2,632)— (5,097)— 
Total operating expenses128,173 115,891 374,873 330,509 
Operating income20,612 13,617 75,591 60,038 
Interest expense3,414 2,693 12,994 7,651 
Interest income(2,584)(190)(5,146)(749)
Equity in net (income) loss of unconsolidated affiliates(1,523)(1,758)29,394 (1,457)
Other (income) expense (5)(210)(159)41 
 Income before income taxes21,310 13,082 38,508 54,552 
Income tax expense3,088 867 10,298 11,729 
Net income $18,222 $12,215 $28,210 $42,823 
Basic earnings per share $0.33 $0.22 $0.51 $0.76 
Diluted earnings per share $0.24 $0.17 $0.38 $0.59 
Weighted-average basic shares outstanding55,367 56,656 55,776 56,465 
Weighted-average diluted shares outstanding86,825 82,504 79,559 82,349 




EZCORP, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)June 30,
2023		June 30,
2022		September 30,
2022
Assets:
Current assets:
Cash and cash equivalents$237,974 $222,342 $206,028 
Restricted cash8,549 8,614 8,341 
Pawn loans229,379 204,155 210,009 
Pawn service charges receivable, net34,959 32,000 33,476 
Inventory, net154,944 132,713 151,615 
Prepaid expenses and other current assets44,925 29,822 34,694 
Total current assets710,730 629,646 644,163 
Investments in unconsolidated affiliates10,247 43,384 37,733 
Other investments39,220 18,000 24,220 
Property and equipment, net61,849 51,505 56,725 
Right-of-use asset, net243,100 217,506 221,405 
Goodwill302,120 286,798 286,828 
Intangible assets, net60,009 61,017 56,819 
Notes receivable, net— 1,207 1,215 
Deferred tax asset, net19,610 15,773 12,145 
Other assets10,793 5,991 6,625 
Total assets $1,457,678 $1,330,827 $1,347,878 
Liabilities and equity:
Current liabilities:
Accounts payable, accrued expenses and other current liabilities$74,458 $76,566 $84,509 
Customer layaway deposits18,595 14,927 16,023 
Operating lease liabilities, current56,919 53,358 52,334 
Total current liabilities149,972 144,851 152,866 
Long-term debt, net359,686 312,521 312,903 
Deferred tax liability, net349 307 373 
Operating lease liabilities197,499 175,489 180,756 
Other long-term liabilities11,130 11,905 8,749 
Total liabilities718,636 645,073 655,647 
Commitments and Contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01per share; shares authorized: 100 million; issued and outstanding: 52,214,761 as of June 30, 2023; 53,685,333 as of June 30, 2022; and 53,454,885 as of September 30, 2022
522 537 534 
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 capital344,857 343,763 345,330 
Retained earnings422,549 396,461 402,006 
Accumulated other comprehensive loss(28,916)(55,037)(55,669)
Total equity739,042 685,754 692,231 
Total liabilities and equity$1,457,678 $1,330,827 $1,347,878 



EZCORP, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
June 30,
(in thousands)20232022
Operating activities:
Net income $28,210 $42,823 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization23,977 22,770 
Amortization of debt discount and deferred financing costs1,135 1,051 
Non-cash lease expense41,752 39,061 
Deferred income taxes(7,489)475 
Other adjustments(4,894)(734)
Provision for inventory reserve(160)(2,096)
Stock compensation expense6,876 4,008 
Equity in net loss of unconsolidated affiliates29,394 (1,457)
Net loss on extinguishment of debt3,545 — 
Changes in operating assets and liabilities, net of acquisitions:
Service charges and fees receivable(316)(2,949)
Inventory(5,501)(7,837)
Prepaid expenses, other current assets and other assets(2,750)2,025 
Accounts payable, accrued expenses and other liabilities(53,018)(53,209)
Customer layaway deposits1,036 2,265 
Income taxes8,923 (1,068)
Dividends from unconsolidated affiliates3,589 3,366 
Net cash provided by operating activities74,309 48,494 
Investing activities:
Loans made(592,689)(524,965)
Loans repaid343,886 295,823 
Recovery of pawn loan principal through sale of forfeited collateral251,608 191,082 
Capital expenditures, net(27,751)(18,100)
Acquisitions, net of cash acquired(12,968)(1,850)
Issuance of notes receivable(15,500)(1,000)
Investment in unconsolidated affiliates(2,133)(6,079)
Investment in other investments(15,000)(16,500)
Net cash used in investing activities(70,547)(81,589)
Financing activities:
Taxes paid related to net share settlement of equity awards(1,149)(792)
Proceeds from issuance of debt230,000 — 
Debt issuance cost(7,458)— 
Cash paid on extinguishment of debt(1,951)— 
Payments on debt(178,488)— 
Repurchase of common stock(13,982)— 
Net cash provided by (used in) financing activities 26,972 (792)
Effect of exchange rate changes on cash and cash equivalents and restricted cash1,420 1,219 
Net increase (decrease) in cash, cash equivalents and restricted cash32,154 (32,668)
Cash, cash equivalents and restricted cash at beginning of period214,369 263,624 
Cash, cash equivalents and restricted cash at end of period$246,523 $230,956 


EZCORP, Inc.
OPERATING SEGMENT RESULTS

Three Months Ended June 30, 2023
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$102,177 $45,803 $— $147,980 $— $147,980 
Jewelry scrapping sales13,098 833 — 13,931 — 13,931 
Pawn service charges68,790 25,029 — 93,819 — 93,819 
Other revenues27 40 15 82 — 82 
Total revenues184,092 71,705 15 255,812 — 255,812 
Merchandise cost of goods sold62,799 32,270 — 95,069 — 95,069 
Jewelry scrapping cost of goods sold11,101 857 — 11,958 — 11,958 
Gross profit110,192 38,578 15 148,785 — 148,785 
Segment and corporate expenses (income):
Store expenses75,389 29,543 — 104,932 — 104,932 
General and administrative— — — — 17,876 17,876 
Depreciation and amortization2,505 2,303 — 4,808 3,218 8,026 
Gain on sale or disposal of assets— (29)— (29)— (29)
Other— (2,632)— (2,632)— (2,632)
Interest expense— — — — 3,414 3,414 
Interest income(1)(256)— (257)(2,327)(2,584)
Equity in net income of unconsolidated affiliates— — (1,523)(1,523)— (1,523)
Other (income) expense— (65)10 (55)50 (5)
Segment contribution$32,299 $9,714 $1,528 $43,541 
Income (loss) before income taxes$43,541 $(22,231)$21,310 





Three Months Ended June 30, 2022
(Unaudited)
(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 





Nine Months Ended June 30, 2023
(Unaudited)
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$329,231 $135,043 $— $464,274 $— $464,274 
Jewelry scrapping sales30,088 4,552 — 34,640 — 34,640 
Pawn service charges208,045 71,397 — 279,442 — 279,442 
Other revenues84 75 47 206 — 206 
Total revenues567,448 211,067 47 778,562 — 778,562 
Merchandise cost of goods sold203,698 93,587 — 297,285 — 297,285 
Jewelry scrapping cost of goods sold25,867 4,946 — 30,813 — 30,813 
Gross profit337,883 112,534 47 450,464 — 450,464 
Segment and corporate expenses (income):
Store expenses220,639 86,365 — 307,004 — 307,004 
General and administrative— (3)— (3)48,964 48,961 
Depreciation and amortization7,820 6,850 — 14,670 9,307 23,977 
Loss (gain) on sale or disposal of assets84 (56)— 28 — 28 
Other charges— (5,097)— (5,097)— (5,097)
Interest expense— — — — 12,994 12,994 
Interest income(2)(723)— (725)(4,421)(5,146)
Equity in net loss of unconsolidated affiliates— — 29,394 29,394 — 29,394 
Other (income) expense— (41)20 (21)(138)(159)
Segment contribution (loss)$109,342 $25,239 $(29,367)$105,214 
Income (loss) before income taxes$105,214 $(66,706)$38,508 


Nine Months Ended June 30, 2022
(Unaudited)
(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 


EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)
 
Three Months Ended June 30, 2023
 U.S. PawnLatin America PawnConsolidated
As of March 31, 2023
527 672 1,199 
New locations opened1 12 13 
As of June 30, 2023
528 684 1,212 
 
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 
 
Nine Months Ended June 30, 2023
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2022515 660 1,175 
New locations opened3 25 28 
Locations acquired10 — 10 
Locations sold, combined or closed— (1)(1)
As of June 30, 2023528 684 1,212 
 
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 


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. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. 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, 2023 and 2022 were as follows:
June 30,
Three Months Ended
June 30,
Nine Months Ended
June 30,
202320222023202220232022
Mexican peso17.1 20.2 17.7 20.0 18.7 20.4 
Guatemalan quetzal7.7 7.6 7.6 7.5 7.6 7.5 
Honduran lempira24.4 24.2 24.3 24.2 24.3 24.1 
Australian dollar1.5 1.5 1.5 1.4 1.5 1.4 
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)20232022
Net income$18.2 $12.2 
Interest expense3.4 2.7 
Interest income(2.6)(0.2)
Income tax expense3.1 0.9 
Depreciation and amortization8.0 7.7 
EBITDA$30.2 $23.3 



Total RevenuesGross ProfitIncome Before TaxTax EffectNet IncomeDiluted EPS EBITDA
2023 Q3 Reported
$255.8 $148.8 $21.3 $3.1 $18.2 $0.24 $30.2 
Contingent consideration liability — — (2.6)(0.5)(2.1)(0.02)(2.6)
Tax Impact— — — 1.0 (1.0)(0.01)— 
Constant currency impact(6.3)(3.3)(0.4)0.1 (0.5)(0.01)(0.6)
2023 Q3 Adjusted
$249.5 $145.5 $18.3 $3.7 $14.6 $0.20 $27.0 
Total RevenuesGross ProfitIncome Before TaxTax EffectNet
Income		Diluted EPSEBITDA
2022 Q3 Reported
$215.8 $129.5 $13.1 $0.9 $12.2 $0.17 $23.3 
Litigation accrual— — 2.0 0.1 1.9 0.02 2.0 
Release of FIN 48 reserves— — — 2.8 (2.8)(0.03)— 
FX impact— — (0.3)— (0.3)— (0.2)
2022 Q3 Adjusted
$215.8 $129.5 $14.8 $3.8 $11.0 $0.16 $25.1 



Three Months Ended
June 30, 2023
Nine Months Ended
June 30, 2023
(in millions)U.S. Dollar AmountPercentage Change YOYU.S. Dollar AmountPercentage Change YOY
Consolidated revenue $255.8 19 %$778.6 19 %
Currency exchange rate fluctuations(6.3)(13.7)
Constant currency consolidated revenue$249.5 16 %$764.9 17 %
Consolidated gross profit $148.8 15 %$450.5 15 %
Currency exchange rate fluctuations(3.3)(7.0)
Constant currency consolidated gross profit$145.5 12 %$443.5 14 %
Consolidated net inventory$154.9 17 %$154.9 17 %
Currency exchange rate fluctuations(5.0)(5.0)
Constant currency consolidated net inventory$149.9 13 %$149.9 13 %
Latin America Pawn gross profit $38.6 24 %$112.5 26 %
Currency exchange rate fluctuations(3.2)(7.0)
Constant currency Latin America Pawn gross profit $35.4 14 %$105.5 18 %
Latin America Pawn PLO$50.5 13 %$50.5 13 %
Currency exchange rate fluctuations(5.5)(5.5)
Constant currency Latin America Pawn PLO$45.0 1 %$45.0 1 %
Latin America Pawn PSC revenues $25.0 19 %$71.4 22 %
Currency exchange rate fluctuations(2.0)(4.3)
Constant currency Latin America Pawn PSC revenues $23.0 10 %$67.1 15 %
Latin America Pawn merchandise sales $45.8 33 %$135.0 31 %
Currency exchange rate fluctuations(4.2)(9.1)
Constant currency Latin America Pawn merchandise sales $41.6 21 %$125.9 22 %
Latin America Pawn segment profit before tax$9.7 59 %$25.2 46 %
Currency exchange rate fluctuations(0.4)(0.9)
Constant currency Latin America Pawn segment profit before tax$9.3 53 %$24.4 39 %