UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
FORM 8-K
_______________________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 4, 2021
_______________________________________________
(Exact name of registrant as specified in its charter)
_______________________________________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (zip code)
Registrant’s telephone number, including area code: (512 ) 314-3400
_______________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
| (NASDAQ Global Select Market) | |||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 — Results of Operations and Financial Condition
On August 4, 2021, EZCORP, Inc. ("EZCORP") issued a press release announcing its results of operations and financial condition for the year ended June 30, 2021. A copy of that press release is attached as Exhibit 99.1.
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.
The information set forth under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference in any filing made by EZCORP under the Securities Act of 1933 or the Securities Exchange Act of 1934.
Item 7.01 — Regulation FD Disclosure
A copy of the presentation materials that management will review during the Company’s earnings conference call (to be held on August 5, 2021) will be posted in the Investor Relations section of the company’s website at www.ezcorp.com.
The information set forth, or referred to, in this Item 7.01 shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any registration statement or other filing made by EZCORP under the Securities Act of 1933 or the Securities Exchange Act of 1934, unless such subsequent filing specifically references this Item 7.01 of this Report.
Item 9.01 — Financial Statements and Exhibits
| (d) | Exhibits. | ||||
| 99.1 | |||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EZCORP, INC. | |||||||||||||||||||||||||||||
| Date: | August 4, 2021 | By: | /s/ Timothy K. Jugmans | ||||||||||||||||||||||||||
| Timothy K. Jugmans | |||||||||||||||||||||||||||||
| Chief Financial Officer | |||||||||||||||||||||||||||||
EZCORP Reports Third Quarter Fiscal 2021 Results
Pawn Loans Outstanding of $157.2 million, Net Revenue of $108 million, Net Loss of $2.6 million - All Year-Over-Year Improvements
Austin, Texas (August 4, 2021) — 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, 2021.
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, “During the quarter, we completed the acquisition of 128 Cash Apoyo Efectivo stores in Mexico, our largest acquisition to date in terms of store-count, solidifying our position as the second largest for-profit pawn operator in Mexico. We also acquired 11 stores in the Houston, Texas area and opened four de novo stores in Latin America, bringing our total store count to 1,143 at the end of the quarter, 627 (55%) of which are in Latin America.
"The third quarter was a solid quarter in which we continued to make significant strides in strengthening and growing our core pawn business. Despite lingering transitory COVID-related impacts, including government stimulus programs in the U.S., we continued to drive meaningful improvements across core operating metrics. We achieved our highest quarter-ending balance of PLO since the beginning of the pandemic, up 25% on a sequential basis and 39% compared to a year ago. While merchandise sales volumes were down 21% from their peak pandemic levels a year ago, we delivered a 6% increase in sales gross profit through effective inventory management and higher margins. These positive results reflect the relentless focus of our store teams on meeting our customers’ needs and executing the fundamentals.
"The third quarter was a solid quarter in which we continued to make significant strides in strengthening and growing our core pawn business. Despite lingering transitory COVID-related impacts, including government stimulus programs in the U.S., we continued to drive meaningful improvements across core operating metrics. We achieved our highest quarter-ending balance of PLO since the beginning of the pandemic, up 25% on a sequential basis and 39% compared to a year ago. While merchandise sales volumes were down 21% from their peak pandemic levels a year ago, we delivered a 6% increase in sales gross profit through effective inventory management and higher margins. These positive results reflect the relentless focus of our store teams on meeting our customers’ needs and executing the fundamentals.
“Net Income improved from a loss of $5.5 million to a loss of $2.6 million, while adjusted EBITDA more than doubled, reflecting not only the improvement in core operating metrics, but also our ongoing commitment to expense management and efficiency. We remain on track to realize annualized cost savings of more than $14.0 million for fiscal 2021 even assuming store-level expenses trend higher as transaction volumes accelerate.
“Looking ahead, we remain well positioned to continue our trend of improving financial performance, and are excited about the increasing earnings power of the platform. Pawn transaction activity continues to rebuild, driving PLO balances closer to pre-pandemic levels, which will drive accelerating pawn service charge revenue in the coming quarters given the natural lag between pawn originations and related fees. In addition, we remain on track to realize meaningful cost savings this year and beyond, even assuming store-level expenses trend higher to meet accelerating transaction volumes. And, we maintain a strong and liquid balance sheet to fund accelerating pawn demand and capitalize on acquisition opportunities that further enhance our scale-enabled and geographically diverse footprint and generate strong returns on investment.”
CONSOLIDATED RESULTS
Three Months Ended June 30
in millions, except per share amounts
| As Reported | Adjusted1 | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Total Revenues | $ | 174.0 | $ | 210.2 | $ | 169.6 | $ | 210.2 | |||||||||||||||
| Net Revenues | $ | 108.0 | $ | 102.2 | $ | 105.5 | $ | 104.4 | |||||||||||||||
| (Loss) Income, Before Tax | $ | (0.8) | $ | (10.2) | $ | 3.2 | $ | (3.9) | |||||||||||||||
| Net Loss | $ | (2.6) | $ | (5.5) | $ | (1.7) | $ | (1.1) | |||||||||||||||
| Diluted Loss Per Share | $ | (0.05) | $ | (0.10) | $ | (0.03) | $ | (0.02) | |||||||||||||||
| EBITDA | $ | 11.7 | $ | 2.2 | $ | 12.0 | $ | 5.3 | |||||||||||||||
•Diluted loss per share was $0.05, compared to a diluted loss per share of $0.10 in the prior-year quarter. On an adjusted basis1, diluted loss per share was $0.03, compared to diluted loss per share of $0.02 in the prior-year quarter.
•Income before taxes improved $9.5 million or 93% from a loss of $10.2 million to a loss of $0.8 million. Adjusted EBITDA increased $6.7 million or 126% from $5.3 million to $12.0 million.
•Pawn loans outstanding (PLO) increased to $157.2 million up 39% from the prior-year quarter and 25% on a sequential basis. On a same store basis, PLO increased 34% year-over-year and 21% sequentially.
•Net revenues increased $5.8 million or 6% while total revenues decreased $36.2 million or 17%.
•Merchandise sales gross profit increased by 6%, even though merchandise sales decreased by $28.7 million or 21% as a result of effective inventory management. Merchandise sales gross profit margin was 44%, a 1,100 bps improvement over the prior-year quarter (which was adversely impacted by a cost of goods sold adjustment for merchandise lost during looting at 30 U.S. stores during that quarter) and 100 bps over the immediately preceding quarter.
•PSC increased $8.0 million or 15% due to an increase in the average PLO balance during the quarter.
•Jewelry scrapping sales decreased $14.6 million or 72% and jewelry scrapping sales gross profit decreased $3.9 million or 95%. Jewelry scrapping sales gross profit margin decreased to 4% from 20%. This reflects our strategy of focusing on selling jewelry at higher retail margins than the scrapping process provides.
•Net inventory was $92.2 million, down 25% year-over-year and 7% sequentially. Inventory turnover improved to 3.1x from 2.9x.
•Total operating expenses were down $2.1 million or 2% to $104.3 million. Store expenses decreased 1% even though store count grew by 11%. In addition, general and administrative expenses decreased $1.6 million or 10% due to continued focus on expense control initiatives implemented since the fourth quarter of 2020.
•Cash and cash equivalents at the end of the quarter was $283.7 million, down $27.5 million or 9% year-over-year and $52.0 million or 15% on a sequential basis. The decrease is primarily due to the increase in PLO and the acquisition of new stores.
SEGMENT RESULTS
U.S. Pawn
•PLO increased 35% year-over-year to $117.2 million. On a sequential basis, PLO increased 23% compared to a 29% sequential decrease in the prior-year quarter. On a same store basis, PLO increased 34% year-over-year and 22% sequentially.
•Total revenue was down 25% to $130.4 million, while net revenues decreased 3% to $83.3 million.
•Merchandise sales and same store sales declined 27% to $84.5 million, but merchandise sales gross profit was down only 3%, reflecting increased gross margins of 46% compared to 35% in the prior-year-quarter (37% when excluding a loss from looting of $2.2 million from merchandise cost of goods sold in the prior-year-quarter). Aged general merchandise inventory as a percentage of total inventory improved to 1.2% from 4.9%.
•PSC increased 7% to $44.0 million as a result of higher average PLO for the quarter.
•Jewelry scrapping sales decreased $15.2 million or 89% and jewelry scrapping sales gross profit decreased $4.2 million or 99% Jewelry scrapping sales gross profit margin decreased to 2% from 25%.
•Net inventory was down $20.9 million or 23% year-over-year and 1% sequentially. Inventory turnover decreased to 2.8x from 3.2x.
•Store expenses were down 6% to $62.5 million driven by a reduction in labor expense.
•Segment contribution increased $1.6 million to $18.1 million. When excluding the looting charge taken in the prior year quarter, segment contribution decreased $0.6 million.
•Segment store count increased by 11 during the quarter, due to the acquisition of 11 pawn stores in the Houston, Texas area.
Latin America Pawn
•PLO increased 51% year-over-year to $40.0 million (36% on constant currency basis). On a sequential basis, PLO increased 34% compared to a 31% sequential decrease in the prior-year quarter. On a same store basis, PLO increased 32% year-over-year and 17% sequentially.
•Total revenue was up 25% to $43.5 million (12% on a constant currency basis), while net revenues increased 59% to $24.7 million (43% on a constant currency basis).
•Merchandise sales grew 15% to $23.3 million (up 3% to $20.8 million on a constant currency basis) and same store sales grew 8% (down 4% on a constant currency basis). Merchandise sales gross profit was up 91%, reflecting significantly improved margins of 35% compared to 21% in the prior-year quarter. Aged general merchandise as a percentage of total inventory improved to 0.9% from 18.1%.
•PSC increased $5.0 million to $16.4 million (up 30% to $14.8 million on a constant currency basis) as a result of higher average PLO for the quarter.
•Net inventory was down $9.9 million or 30% year-over-year (38% on a constant currency basis), but up 41% sequentially. Inventory turnover improved to 4.0x from 2.2x.
•Store expenses were up $4.3 million or 28% ($2.2 million or 15% on a constant currency basis) primarily due to an increase in transaction volume and costs resulting from the re-opening of stores impacted by the COVID-19 pandemic last year.
•Segment contribution was $3.6 million ($3.2 million on a constant currency basis), compared to a segment loss of $0.7 million in the prior year quarter.
•Segment store count increased by 121 during the quarter, reflecting the acquisition of 128 Cash Apoyo Efectivo stores, the addition of four de novo stores and the closure of 11 stores in Peru.
FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 has been filed with the Securities and Exchange Commission and 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 5, 2021, at 7:00 am Central Time to discuss fiscal third quarter results. Analysts and institutional investors may participate on the conference call by dialing (866) 269-4262, Conference ID: 8885759, or internationally by dialing (323) 347-3281. 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.
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
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.
EZCORP, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Unaudited)
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| (in thousands, except per share amount) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Merchandise sales | $ | 107,808 | $ | 136,537 | $ | 330,816 | $ | 393,095 | |||||||||||||||
| Jewelry scrapping sales | 5,673 | 20,303 | 18,507 | 41,709 | |||||||||||||||||||
| Pawn service charges | 60,431 | 52,460 | 187,356 | 217,407 | |||||||||||||||||||
| Other revenues | 121 | 924 | 428 | 3,727 | |||||||||||||||||||
| Total revenues | 174,033 | 210,224 | 537,107 | 655,938 | |||||||||||||||||||
| Merchandise cost of goods sold | 60,539 | 91,859 | 190,872 | 261,711 | |||||||||||||||||||
| Jewelry scrapping cost of goods sold | 5,473 | 16,158 | 16,076 | 33,529 | |||||||||||||||||||
| Other cost of revenues | — | 32 | — | 1,093 | |||||||||||||||||||
| Net revenues | 108,021 | 102,175 | 330,159 | 359,605 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Store expenses | 81,803 | 82,341 | 242,261 | 259,264 | |||||||||||||||||||
| General and administrative | 14,589 | 16,176 | 40,870 | 50,355 | |||||||||||||||||||
| Impairment of goodwill, intangible and other assets | — | — | — | 47,060 | |||||||||||||||||||
| Depreciation and amortization | 7,419 | 7,679 | 23,080 | 23,174 | |||||||||||||||||||
| Loss on sale or disposal of assets and other | — | 255 | 90 | 1,260 | |||||||||||||||||||
| Other charges | 497 | — | 497 | — | |||||||||||||||||||
| Total operating expenses | 104,308 | 106,451 | 306,798 | 381,113 | |||||||||||||||||||
| Operating income (loss) | 3,713 | (4,276) | 23,361 | (21,508) | |||||||||||||||||||
| Interest expense | 5,569 | 5,379 | 16,542 | 16,589 | |||||||||||||||||||
| Interest income | (512) | (628) | (1,918) | (2,412) | |||||||||||||||||||
| Equity in net (income) loss of unconsolidated affiliates | (643) | 1,183 | (2,409) | 5,896 | |||||||||||||||||||
| Other expense (income) | 65 | 28 | (389) | (215) | |||||||||||||||||||
| (Loss) income before income taxes | (766) | (10,238) | 11,535 | (41,366) | |||||||||||||||||||
| Income tax expense (benefit) | 1,804 | (4,751) | 4,476 | 3,757 | |||||||||||||||||||
| Net (loss) income | $ | (2,570) | $ | (5,487) | $ | 7,059 | $ | (45,123) | |||||||||||||||
| Basic (loss) earnings per share | $ | (0.05) | $ | (0.10) | $ | 0.13 | $ | (0.81) | |||||||||||||||
| Diluted (loss) earnings per share | $ | (0.05) | $ | (0.10) | $ | 0.13 | $ | (0.81) | |||||||||||||||
| Weighted-average basic shares outstanding | 55,898 | 55,068 | 55,639 | 55,395 | |||||||||||||||||||
| Weighted-average diluted shares outstanding | 55,898 | 55,068 | 55,653 | 55,395 | |||||||||||||||||||
EZCORP, Inc.
CONSOLIDATED BALANCE SHEETS
| (in thousands, except share and per share amounts) | June 30, 2021 | June 30, 2020 | September 30, 2020 | ||||||||||||||
| (Unaudited) | |||||||||||||||||
| Assets: | |||||||||||||||||
| Current assets: | |||||||||||||||||
| Cash and cash equivalents | $ | 283,668 | $ | 311,130 | $ | 304,542 | |||||||||||
| Restricted cash | 13,795 | 4,000 | 8,011 | ||||||||||||||
| Pawn loans | 157,155 | 113,290 | 131,323 | ||||||||||||||
| Pawn service charges receivable, net | 24,965 | 17,432 | 20,580 | ||||||||||||||
| Inventory, net | 92,242 | 123,112 | 95,891 | ||||||||||||||
| Notes receivable, net | — | 3,866 | — | ||||||||||||||
| Prepaid expenses and other current assets | 28,343 | 25,754 | 32,903 | ||||||||||||||
| Total current assets | 600,168 | 598,584 | 593,250 | ||||||||||||||
| Investments in unconsolidated affiliates | 35,387 | 29,483 | 32,458 | ||||||||||||||
| Property and equipment, net | 55,630 | 58,098 | 56,986 | ||||||||||||||
| Lease right-of-use asset | 185,467 | 204,591 | 183,809 | ||||||||||||||
| Goodwill | 283,619 | 257,326 | 257,582 | ||||||||||||||
| Intangible assets, net | 61,922 | 65,003 | 58,638 | ||||||||||||||
| Notes receivable, net | 1,173 | 1,140 | 1,148 | ||||||||||||||
| Deferred tax asset, net | 10,292 | 5,505 | 8,931 | ||||||||||||||
| Other assets | 4,992 | 4,572 | 4,221 | ||||||||||||||
| Total assets | $ | 1,238,650 | $ | 1,224,302 | $ | 1,197,023 | |||||||||||
| Liabilities and equity: | |||||||||||||||||
| Current liabilities: | |||||||||||||||||
| Current maturities of long-term debt, net | $ | — | $ | 268 | $ | 213 | |||||||||||
| Accounts payable, accrued expenses and other current liabilities | 84,966 | 58,358 | 71,504 | ||||||||||||||
| Customer layaway deposits | 11,884 | 11,902 | 11,008 | ||||||||||||||
| Lease liability | 47,241 | 48,840 | 49,742 | ||||||||||||||
| Total current liabilities | 144,091 | 119,368 | 132,467 | ||||||||||||||
| Long-term debt, net | 260,632 | 247,618 | 251,016 | ||||||||||||||
| Deferred tax liability, net | 1,309 | 2,165 | 524 | ||||||||||||||
| Lease liability | 149,342 | 167,716 | 153,040 | ||||||||||||||
| Other long-term liabilities | 10,058 | 7,523 | 10,849 | ||||||||||||||
| Total liabilities | 565,432 | 544,390 | 547,896 | ||||||||||||||
| Commitments and Contingencies (Note 13) | |||||||||||||||||
| Stockholders’ equity: | |||||||||||||||||
| Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 53,086,438 as of June 30, 2021; 52,097,590 as of June 30, 2020; and 52,332,848 as of September 30, 2020 | 530 | 521 | 521 | ||||||||||||||
| 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 capital | 402,522 | 408,601 | 398,475 | ||||||||||||||
| Retained earnings | 325,228 | 341,517 | 318,169 | ||||||||||||||
| Accumulated other comprehensive loss | (55,092) | (70,757) | (68,068) | ||||||||||||||
| Total equity | 673,218 | 679,912 | 649,127 | ||||||||||||||
| Total liabilities and equity | $ | 1,238,650 | $ | 1,224,302 | $ | 1,197,023 | |||||||||||
EZCORP, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended June 30, | |||||||||||
| (in thousands) | 2021 | 2020 | |||||||||
| Operating activities: | |||||||||||
| Net income (loss) | $ | 7,059 | $ | (45,123) | |||||||
| Adjustments to reconcile net income (loss) to net cash flows from operating activities: | |||||||||||
| Depreciation and amortization | 23,080 | 23,174 | |||||||||
| Amortization of debt discount and deferred financing costs | 10,243 | 9,814 | |||||||||
| Amortization of lease right-of-use asset | 35,885 | 34,265 | |||||||||
| Accretion of notes receivable discount and deferred compensation fee | — | (688) | |||||||||
| Deferred income taxes | (576) | (3,327) | |||||||||
| Impairment of goodwill and intangible assets | — | 47,060 | |||||||||
| Other adjustments | (331) | 2,128 | |||||||||
| Provision for inventory reserve | (6,812) | (4,477) | |||||||||
| Stock compensation expense | 3,156 | 5,093 | |||||||||
| Equity in net (income) loss of unconsolidated affiliates | (2,409) | 5,896 | |||||||||
| Changes in operating assets and liabilities, net of business acquisitions: | |||||||||||
| Service charges and fees receivable | (2,832) | 14,076 | |||||||||
| Inventory | 5,382 | 12,467 | |||||||||
| Prepaid expenses, other current assets and other assets | 7,908 | (3,348) | |||||||||
| Accounts payable, accrued expenses and other liabilities | (51,565) | (40,450) | |||||||||
| Customer layaway deposits | 511 | (709) | |||||||||
| Income taxes | 4,423 | 514 | |||||||||
| Net cash provided by operating activities | 33,122 | 56,365 | |||||||||
| Investing activities: | |||||||||||
| Loans made | (423,450) | (442,752) | |||||||||
| Loans repaid | 260,536 | 321,718 | |||||||||
| Recovery of pawn loan principal through sale of forfeited collateral | 155,595 | 248,290 | |||||||||
| Capital expenditures, net | (14,635) | (20,867) | |||||||||
| Acquisitions, net of cash acquired | (15,132) | — | |||||||||
| Principal collections on notes receivable | — | 4,000 | |||||||||
| Net cash (used in) provided by investing activities | (37,086) | 110,389 | |||||||||
| Financing activities: | |||||||||||
| Taxes paid related to net share settlement of equity awards | (839) | (1,458) | |||||||||
| Payout of deferred consideration | — | (350) | |||||||||
| Proceeds from borrowings, net of issuance costs | — | (106) | |||||||||
| Payments on assumed debt and other borrowings | (15,363) | (316) | |||||||||
| Repurchase of common stock | — | (5,158) | |||||||||
| Net cash used in financing activities | (16,202) | (7,388) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 5,076 | (6,678) | |||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (15,090) | 152,688 | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 312,553 | 162,442 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 297,463 | $ | 315,130 | |||||||
| Supplemental disclosure of cash flow information | |||||||||||
| Cash and cash equivalents | $ | 283,668 | $ | 311,130 | |||||||
| Restricted cash | 13,795 | 4,000 | |||||||||
| Total cash and cash equivalents and restricted cash | $ | 297,463 | $ | 315,130 | |||||||
| Non-cash investing and financing activities: | |||||||||||
| Pawn loans forfeited and transferred to inventory | $ | 145,839 | $ | 200,160 | |||||||
| Transfer of consideration for current period 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, 2021 | |||||||||||||||||||||||||||||||||||
| (in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Merchandise sales | $ | 84,465 | $ | 23,343 | $ | — | $ | 107,808 | $ | — | $ | 107,808 | |||||||||||||||||||||||
| Jewelry scrapping sales | 1,908 | 3,765 | — | 5,673 | — | 5,673 | |||||||||||||||||||||||||||||
| Pawn service charges | 44,039 | 16,392 | — | 60,431 | — | 60,431 | |||||||||||||||||||||||||||||
| Other revenues | 32 | — | 89 | 121 | — | 121 | |||||||||||||||||||||||||||||
| Total revenues | 130,444 | 43,500 | 89 | 174,033 | — | 174,033 | |||||||||||||||||||||||||||||
| Merchandise cost of goods sold | 45,310 | 15,229 | — | 60,539 | — | 60,539 | |||||||||||||||||||||||||||||
| Jewelry scrapping cost of goods sold | 1,878 | 3,595 | — | 5,473 | — | 5,473 | |||||||||||||||||||||||||||||
| Other cost of revenues | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Net revenues | 83,256 | 24,676 | 89 | 108,021 | — | 108,021 | |||||||||||||||||||||||||||||
| Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
| Store expenses | 62,507 | 19,296 | — | 81,803 | — | 81,803 | |||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | 14,589 | 14,589 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 2,600 | 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) | |||||||||||||||||||||||||||||
| Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
| (in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Merchandise sales | $ | 116,258 | $ | 20,279 | $ | — | $ | 136,537 | $ | 136,537 | |||||||||||||||||||||||||
| Jewelry scrapping sales | 17,129 | 3,174 | — | 20,303 | — | 20,303 | |||||||||||||||||||||||||||||
| Pawn service charges | 41,069 | 11,391 | — | 52,460 | — | 52,460 | |||||||||||||||||||||||||||||
| Other revenues | 40 | — | 884 | 924 | — | 924 | |||||||||||||||||||||||||||||
| Total revenues | 174,496 | 34,844 | 884 | 210,224 | — | 210,224 | |||||||||||||||||||||||||||||
| Merchandise cost of goods sold | 75,838 | 16,021 | — | 91,859 | — | 91,859 | |||||||||||||||||||||||||||||
| Jewelry scrapping cost of goods sold | 12,875 | 3,283 | — | 16,158 | — | 16,158 | |||||||||||||||||||||||||||||
| Other cost of revenues | — | 32 | — | 32 | — | 32 | |||||||||||||||||||||||||||||
| Net revenues | 85,783 | 15,508 | 884 | 102,175 | — | 102,175 | |||||||||||||||||||||||||||||
| Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
| Store expenses | 66,243 | 15,041 | 1,057 | 82,341 | — | 82,341 | |||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | 16,176 | 16,176 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 2,749 | 1,647 | 3 | 4,399 | 3,280 | 7,679 | |||||||||||||||||||||||||||||
| (Gain) loss on sale or disposal of assets and other | 234 | 23 | (20) | 237 | 18 | 255 | |||||||||||||||||||||||||||||
| Interest expense | — | — | 140 | 140 | 5,239 | 5,379 | |||||||||||||||||||||||||||||
| Interest income | — | (404) | — | (404) | (224) | (628) | |||||||||||||||||||||||||||||
| Equity in net income of unconsolidated affiliates | — | — | 1,183 | 1,183 | — | 1,183 | |||||||||||||||||||||||||||||
| Other (income) expense | — | (61) | (5) | (66) | 94 | 28 | |||||||||||||||||||||||||||||
| Segment contribution (loss) | $ | 16,557 | $ | (738) | $ | (1,474) | $ | 14,345 | |||||||||||||||||||||||||||
| Loss before income taxes | $ | 14,345 | $ | (24,583) | $ | (10,238) | |||||||||||||||||||||||||||||
| Nine Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
| (in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Merchandise sales | $ | 260,545 | $ | 70,271 | $ | — | $ | 330,816 | $ | — | $ | 330,816 | |||||||||||||||||||||||
| Jewelry scrapping sales | 9,493 | 9,014 | — | 18,507 | — | 18,507 | |||||||||||||||||||||||||||||
| Pawn service charges | 143,836 | 43,520 | — | 187,356 | — | 187,356 | |||||||||||||||||||||||||||||
| Other revenues | 83 | 7 | 338 | 428 | — | 428 | |||||||||||||||||||||||||||||
| Total revenues | 413,957 | 122,812 | 338 | 537,107 | — | 537,107 | |||||||||||||||||||||||||||||
| Merchandise cost of goods sold | 145,181 | 45,691 | — | 190,872 | — | 190,872 | |||||||||||||||||||||||||||||
| Jewelry scrapping cost of goods sold | 7,871 | 8,205 | — | 16,076 | — | 16,076 | |||||||||||||||||||||||||||||
| Net revenues | 260,905 | 68,916 | 338 | 330,159 | — | 330,159 | |||||||||||||||||||||||||||||
| Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
| Store expenses | 188,256 | 54,005 | — | 242,261 | — | 242,261 | |||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | 40,870 | 40,870 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 7,972 | 5,459 | — | 13,431 | 9,649 | 23,080 | |||||||||||||||||||||||||||||
| Loss on sale or disposal of assets and other | 27 | — | — | 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 | |||||||||||||||||||||||||||||
| Nine Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
| (in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Merchandise sales | $ | 314,059 | $ | 79,036 | $ | — | $ | 393,095 | $ | — | $ | 393,095 | |||||||||||||||||||||||
| Jewelry scrapping sales | 32,905 | 8,804 | — | 41,709 | — | 41,709 | |||||||||||||||||||||||||||||
| Pawn service charges | 166,859 | 50,548 | — | 217,407 | — | 217,407 | |||||||||||||||||||||||||||||
| Other revenues | 107 | 50 | 3,570 | 3,727 | — | 3,727 | |||||||||||||||||||||||||||||
| Total revenues | 513,930 | 138,438 | 3,570 | 655,938 | — | 655,938 | |||||||||||||||||||||||||||||
| Merchandise cost of goods sold | 202,488 | 59,223 | — | 261,711 | — | 261,711 | |||||||||||||||||||||||||||||
| Jewelry scrapping cost of goods sold | 25,430 | 8,099 | — | 33,529 | — | 33,529 | |||||||||||||||||||||||||||||
| Other cost of revenues | — | 69 | 1,024 | 1,093 | — | 1,093 | |||||||||||||||||||||||||||||
| Net revenues | 286,012 | 71,047 | 2,546 | 359,605 | — | 359,605 | |||||||||||||||||||||||||||||
| Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
| Store expenses | 201,921 | 53,493 | 3,850 | 259,264 | — | 259,264 | |||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | 50,355 | 50,355 | |||||||||||||||||||||||||||||
| Impairment of goodwill, intangible and other assets | 10,000 | 35,936 | 1,124 | 47,060 | — | 47,060 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 8,325 | 5,476 | 60 | 13,861 | 9,313 | 23,174 | |||||||||||||||||||||||||||||
| (Gain) loss on sale or disposal of assets and other | 234 | (72) | (20) | 142 | 1,118 | 1,260 | |||||||||||||||||||||||||||||
| Interest expense | — | 430 | 464 | 894 | 15,695 | 16,589 | |||||||||||||||||||||||||||||
| Interest income | — | (1,161) | — | (1,161) | (1,251) | (2,412) | |||||||||||||||||||||||||||||
| Equity in net loss of unconsolidated affiliates | — | 5,896 | 5,896 | — | 5,896 | ||||||||||||||||||||||||||||||
| Other (income) expense | — | (303) | 14 | (289) | 74 | (215) | |||||||||||||||||||||||||||||
| Segment contribution (loss) | $ | 65,532 | $ | (22,752) | $ | (8,842) | $ | 33,938 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 33,938 | $ | (75,304) | $ | (41,366) | |||||||||||||||||||||||||||||
EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)
Three Months Ended June 30, 2021 | |||||||||||||||||
| U.S. Pawn | Latin America Pawn | Consolidated | |||||||||||||||
| As of March 31, 2021 | 505 | 506 | 1,011 | ||||||||||||||
| New locations opened | — | 4 | 4 | ||||||||||||||
| Locations acquired | 11 | 128 | 139 | ||||||||||||||
| Locations sold, combined or closed | — | (11) | (11) | ||||||||||||||
| As of June 30, 2021 | 516 | 627 | 1,143 | ||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||
| U.S. Pawn | Latin America Pawn | Other International | Consolidated | ||||||||||||||||||||
| As of March 31, 2020 | 512 | 493 | 22 | 1,027 | |||||||||||||||||||
| New locations opened | — | 3 | — | 3 | |||||||||||||||||||
| Locations sold, combined or closed | (1) | — | — | (1) | |||||||||||||||||||
As of June 30, 2020 | 511 | 496 | 22 | 1,029 | |||||||||||||||||||
Nine Months Ended June 30, 2021 | |||||||||||||||||
| U.S. Pawn | Latin America Pawn | Consolidated | |||||||||||||||
| As of September 30, 2020 | 505 | 500 | 1,005 | ||||||||||||||
| New locations opened | — | 10 | 10 | ||||||||||||||
| Locations acquired | 11 | 128 | 139 | ||||||||||||||
| Locations sold, combined or closed | — | (11) | (11) | ||||||||||||||
| As of June 30, 2021 | 516 | 627 | 1,143 | ||||||||||||||
Nine Months Ended June 30, 2020 | |||||||||||||||||||||||
| U.S. Pawn | Latin America Pawn | Other International | Consolidated | ||||||||||||||||||||
| As of September 30, 2019 | 512 | 480 | 22 | 1,014 | |||||||||||||||||||
| New locations opened | — | 16 | — | 16 | |||||||||||||||||||
| Locations sold, combined or closed | (1) | — | — | (1) | |||||||||||||||||||
| As of June 30, 2020 | 511 | 496 | 22 | 1,029 | |||||||||||||||||||
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, 2021 and 2020 were as follows:
| June 30, | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
| Mexican peso | 19.9 | 23.1 | 20.0 | 23.3 | 20.3 | 20.8 | ||||||||||||||||||||||||||||||||
| Guatemalan quetzal | 7.6 | 7.5 | 7.6 | 7.5 | 7.6 | 7.5 | ||||||||||||||||||||||||||||||||
| Honduran lempira | 23.6 | 24.4 | 23.7 | 24.4 | 23.8 | 24.3 | ||||||||||||||||||||||||||||||||
| Peruvian sol | 3.9 | 3.5 | 3.8 | 3.4 | 3.7 | 3.4 | ||||||||||||||||||||||||||||||||
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
| 2021 Q3 | 2020 Q3 | ||||||||||
| (in millions) | |||||||||||
| Net loss | $ | (2.6) | $ | (5.5) | |||||||
| Interest expense | 5.6 | 5.4 | |||||||||
| Interest income | (0.5) | (0.6) | |||||||||
| Income tax expense | 1.8 | (4.8) | |||||||||
| Depreciation and amortization | 7.4 | 7.7 | |||||||||
| EBITDA | $ | 11.7 | $ | 2.2 | |||||||
| Total Revenues | Net Revenues | Income Before Tax | Tax Effect | Net Income | Diluted EPS | EBITDA | |||||||||||||||||||||||||||||||||||||||||
| 2021 Q3 Reported | $ | 174.0 | $ | 108.0 | $ | (0.8) | $ | 1.8 | $ | (2.6) | $ | (0.05) | $ | 11.7 | |||||||||||||||||||||||||||||||||
| Acquisition expenses | — | — | 0.3 | 0.2 | 0.1 | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||
| Peru reserve | — | — | 0.5 | 0.4 | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||
| Non cash net interest expense | — | — | 3.5 | 2.5 | 1.0 | 0.02 | — | ||||||||||||||||||||||||||||||||||||||||
| Constant currency impact | (4.4) | (2.5) | (0.3) | — | (0.3) | — | — | ||||||||||||||||||||||||||||||||||||||||
| 2021 Q3 Adjusted | $ | 169.6 | $ | 105.5 | $ | 3.2 | $ | 4.9 | $ | (1.7) | $ | (0.03) | $ | 12.0 | |||||||||||||||||||||||||||||||||
| Total Revenues | Net Revenues | (Loss) Income Before Tax | Tax Effect | Net (Loss) Income | Diluted EPS | EBITDA | |||||||||||||||||||||||||||||||||||||||||
| 2020 Q3 Reported | $ | 210.2 | $ | 102.2 | $ | (10.2) | $ | (4.7) | $ | (5.5) | $ | (0.10) | $ | 2.2 | |||||||||||||||||||||||||||||||||
| COVID-19 expenses | — | — | 0.5 | 0.1 | 0.4 | 0.01 | 0.5 | ||||||||||||||||||||||||||||||||||||||||
| Civil unrest - asset disposal | — | — | 0.2 | — | 0.2 | — | 0.2 | ||||||||||||||||||||||||||||||||||||||||
| Civil unrest - looting | — | — | 2.2 | 0.7 | 1.5 | 0.03 | 2.2 | ||||||||||||||||||||||||||||||||||||||||
| Currency exchange rate fluctuations | — | — | 0.6 | 0.1 | 0.5 | 0.01 | 0.5 | ||||||||||||||||||||||||||||||||||||||||
| Non cash interest | — | — | 3.2 | 1.0 | 2.2 | 0.04 | — | ||||||||||||||||||||||||||||||||||||||||
| Constant currency impact | — | 2.2 | (0.4) | — | (0.4) | (0.01) | (0.3) | ||||||||||||||||||||||||||||||||||||||||
| 2020 Q3 Adjusted | $ | 210.2 | $ | 104.4 | $ | (3.9) | $ | (2.8) | $ | (1.1) | $ | (0.02) | $ | 5.3 | |||||||||||||||||||||||||||||||||
2021 Q3: | U.S. Dollar Amount | Percentage Change YOY | |||||||||
| (in millions) | |||||||||||
| Consolidated revenue | $ | 174.0 | (17) | % | |||||||
| Currency exchange rate fluctuations | (4.4) | ||||||||||
| Constant currency consolidated revenue | $ | 169.6 | (19) | % | |||||||
| Consolidated net revenue | $ | 108.0 | 6 | % | |||||||
| Currency exchange rate fluctuations | (2.5) | ||||||||||
| Constant currency consolidated net revenue | $ | 105.5 | 1 | % | |||||||
| Consolidated net inventory | $ | 92.2 | (25) | % | |||||||
| Currency exchange rate fluctuations | (2.6) | ||||||||||
| Constant currency consolidated net inventory | $ | 89.6 | (27) | % | |||||||
| Latin America Pawn net revenue | $ | 24.7 | 59 | % | |||||||
| Currency exchange rate fluctuations | (2.5) | ||||||||||
| Constant currency Latin America Pawn net revenue | $ | 22.2 | 44 | % | |||||||
| Latin America Pawn PLO | $ | 40.0 | 51 | % | |||||||
| Currency exchange rate fluctuations | (4.0) | ||||||||||
| Constant currency Latin America Pawn PLO | $ | 36.0 | 36 | % | |||||||
| Latin America Pawn PSC revenues | $ | 16.4 | 44 | % | |||||||
| Currency exchange rate fluctuations | (1.6) | ||||||||||
| Constant currency Latin America Pawn PSC revenues | $ | 14.8 | 30 | % | |||||||
| Latin America Pawn merchandise sales | $ | 23.3 | 15 | % | |||||||
| Currency exchange rate fluctuations | (2.5) | ||||||||||
| Constant currency Latin America Pawn merchandise sales | $ | 20.8 | 2 | % | |||||||
| Latin America Pawn segment profit before tax | $ | 3.6 | 583 | % | |||||||
| Currency exchange rate fluctuations | (0.4) | ||||||||||
| Constant currency Latin America Pawn segment profit before tax | $ | 3.2 | 535 | % | |||||||