Companies: 10,762     total market cap: $132.625 T
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EZCorp
EZPW
#5113
Rank
$1.56 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$25.38
Share price
1.32%
Change (1 day)
72.42%
Change (1 year)
๐Ÿ’ณ Financial services๐Ÿ›๏ธ Retail
Categories
  1. EZCorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q3

EZCorp - 10-Q quarterly report FY2024 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024 or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                         
Commission File No. 0-19424
ezcorplogob21.jpg
EZCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware74-2540145
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2500 Bee Cave RoadBldg OneSuite 200RollingwoodTX78746
(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 classTrading Symbol(s)Name of each exchange on which registered
Class A Non-voting Common Stock, par value $.01 per shareEZPWNASDAQ Stock Market
(NASDAQ Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer
☒
Non-accelerated filer☐Smaller reporting company☐
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.   ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The only class of voting securities of the registrant issued and outstanding is the Class B Voting Common Stock, par value $.01 per share, all of which is owned by an affiliate of the registrant. There is no trading market for the Class B Voting Common Stock.
As of July 24, 2024, 51,769,716 shares of the registrant’s Class A Non-voting Common Stock (“Class A Common Stock”), par value $.01 per share, and 2,970,171 shares of the registrant’s Class B Voting Common Stock, par value $.01 per share, were outstanding.

EZCORP, Inc.
INDEX TO FORM 10-Q
Item 1. Financial Statements (unaudited)
Condensed Consolidated Balance Sheets as of June 30, 2024 and 2023 and September 30, 2023
1
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended June 30, 2024 and 2023
2
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended June 30, 2024 and 2023
3
Condensed Consolidated Statements of Stockholders’ Equity for the Periods Ended June 30, 2024 and 2023
4
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 30, 2024 and 2023
5
Notes to Condensed Consolidated Financial Statements
6
Note 1: Organization and Summary of Significant Accounting Policies
6
Note 2: Goodwill
7
Note 3: Earnings Per Share
8
Note 4: Leases
9
Note 5: Strategic Investments
11
Note 6: Fair Value Measurements
12
Note 7: Debt
14
Note 8: Common Stock and Stock Compensation
17
Note 9: Commitments and Contingencies
18
Note 10: Segment Information
18
Note 11: Supplemental Consolidated Financial Information
22
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
23
Item 3. Quantitative and Qualitative Disclosures about Market Risk
36
Item 4. Controls and Procedures
36
Item 1. Legal Proceedings
37
Item 1A. Risk Factors
37
Item 2. Unregistered Sale of Equity Security and Use of Proceeds
37
Item 5. Other Information
37
Item 6. Exhibits
38
39

PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands, except share and per share amounts)
June 30,
2024
June 30,
2023
September 30,
2023
Assets:
Current assets:
Cash and cash equivalents$218,038 $237,974 $220,595 
Restricted cash9,204 8,549 8,373 
Pawn loans261,720 229,379 245,766 
Pawn service charges receivable, net40,638 34,959 38,885 
Inventory, net171,937 154,944 166,477 
Prepaid expenses and other current assets40,391 44,925 39,623 
Total current assets741,928 710,730 719,719 
Investments in unconsolidated affiliates12,297 10,247 10,987 
Other investments51,220 39,220 36,220 
Property and equipment, net59,926 61,849 68,096 
Right-of-use assets, net235,030 243,100 234,388 
Goodwill308,847 302,120 302,372 
Intangible assets, net60,164 60,009 58,216 
Deferred tax asset, net25,245 19,610 25,702 
Other assets, net15,506 10,793 12,011 
Total assets $1,510,163 $1,457,678 $1,467,711 
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net $137,326 $— $34,265 
Accounts payable, accrued expenses and other current liabilities69,742 74,458 81,605 
Customer layaway deposits20,067 18,595 18,920 
Operating lease liabilities, current58,905 56,919 57,182 
Total current liabilities286,040 149,972 191,972 
Long-term debt, net223,998 359,686 325,847 
Deferred tax liability, net416 349 435 
Operating lease liabilities188,996 197,499 193,187 
Other long-term liabilities9,258 11,130 10,502 
Total liabilities708,708 718,636 721,943 
Commitments and contingencies (Note 9)
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 51,771,917 as of June 30, 2024; 52,214,761 as of June 30, 2023; and 51,869,569 as of September 30, 2023
518 522 519 
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 capital347,082 344,857 346,181 
Retained earnings493,830 422,549 431,140 
Accumulated other comprehensive loss(40,005)(28,916)(32,102)
Total equity801,455 739,042 745,768 
Total liabilities and equity$1,510,163 $1,457,678 $1,467,711 

See accompanying notes to unaudited condensed consolidated financial statements
1
EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended
June 30,
Nine Months Ended
June 30,
(in thousands, except per share amount)2024202320242023
Revenues:
Merchandise sales$158,140 $147,980 $502,230 $464,274 
Jewelry scrapping sales15,395 13,931 43,191 34,640 
Pawn service charges107,830 93,819 321,442 279,442 
Other revenues56 82 188 206 
Total revenues281,421 255,812 867,051 778,562 
Merchandise cost of goods sold101,211 95,069 322,680 297,285 
Jewelry scrapping cost of goods sold13,483 11,958 37,479 30,813 
Gross profit166,727 148,785 506,892 450,464 
Operating expenses:
Store expenses116,335 104,932 341,472 307,004 
General and administrative20,060 17,876 54,869 48,961 
Depreciation and amortization8,158 8,026 24,942 23,977 
Loss (gain) on sale or disposal of assets and other20 (29)(149)28 
Other income— (2,632)(765)(5,097)
Total operating expenses144,573 128,173 420,369 374,873 
Operating income22,154 20,612 86,523 75,591 
Interest expense3,539 3,414 10,381 12,994 
Interest income(2,931)(2,584)(8,452)(5,146)
Equity in net (income) loss of unconsolidated affiliates(1,263)(1,523)(4,135)29,394 
Other income(191)(5)(627)(159)
 Income before income taxes23,000 21,310 89,356 38,508 
Income tax expense 5,050 3,088 21,457 10,298 
Net income$17,950 $18,222 $67,899 $28,210 
Basic earnings per share $0.33 $0.33 $1.23 $0.51 
Diluted earnings per share $0.25 $0.24 $0.89 $0.38 
Weighted-average basic shares outstanding54,898 55,367 55,022 55,776 
Weighted-average diluted shares outstanding83,008 86,825 84,309 79,559 
See accompanying notes to unaudited condensed consolidated financial statements
2
EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended
June 30,
Nine Months Ended
June 30,
(in thousands)2024202320242023
Net income$17,950 $18,222 $67,899 $28,210 
Other comprehensive income:
Foreign currency translation adjustment, net of income tax (benefit) expense for our investment in unconsolidated affiliate of $(101) and $(30) for the three months ended June 30, 2024, and 2023, respectively and $(60) and $706 for the nine months ended June 30, 2024, and 2023, respectively
(16,993)8,101 (7,903)26,753 
Comprehensive income $957 $26,323 $59,996 $54,963 
See accompanying notes to unaudited condensed consolidated financial statements
3
EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Loss		Total Stockholders’ Equity
(in thousands)SharesPar Value
Balances as of September 30, 202354,840 $549 $346,181 $431,140 $(32,102)$745,768 
Stock compensation— — 2,264 — — 2,264 
Release of restricted stock, net of shares withheld for taxes758 8 — — — 8 
Taxes paid related to net share settlement of equity awards— — (3,253)— — (3,253)
Foreign currency translation gain— — — — 4,633 4,633 
Purchase and retirement of treasury stock(355)(4)(1,322)(1,681)— (3,007)
Net income— — — 28,470 — 28,470 
Balances as of December 31, 202355,243 $553 $343,870 $457,929 $(27,469)$774,883 
Stock compensation—— 2,580 — — 2,580
Release of restricted stock, net of shares withheld for taxes891 (1)— — —
Foreign currency translation gain—— — — 4,457 4,457
Purchase and retirement of treasury stock(305)(3)(1,275)(1,725)— (3,003)
Net income—— — 21,479 — 21,479
Balances as of March 31, 202455,027$551 $345,174 $477,683 $(23,012)$800,396 
Stock compensation—— 3,101 — — 3,101 
Foreign currency translation loss—— — — (16,993)(16,993)
Purchase and retirement of treasury stock(285)(3)(1,193)(1,803)— (2,999)
Net income—— — 17,950 — 17,950 
Balances as of June 30, 202454,742$548 $347,082 $493,830 $(40,005)$801,455 
 Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Loss		Total Stockholders’ Equity
(in thousands)SharesPar Value
Balances as of September 30, 202256,425 $564 $345,330 $402,006 $(55,669)$692,231 
Stock compensation— — 1,886 — — 1,886 
Transfer of equity consideration for acquisition10 — 99 — — 99 
Release of restricted stock, net of shares withheld for taxes235 2 — — — 2 
Taxes paid related to net share settlement of equity awards— — (1,138)— — (1,138)
Foreign currency translation gain— — — — 2,504 2,504 
Purchase and retirement of treasury stock(822)(7)(3,165)(3,855)— (7,027)
Net income— — — 16,778 — 16,778 
Balances as of December 31, 202255,848 $559 $343,012 $414,929 $(53,165)$705,335 
Stock compensation— — 1,855 — — 1,855 
Release of restricted stock, net of shares withheld for taxes132 2 — — — 2 
Taxes paid related to net share settlement of equity awards(1)— (11)— — (11)
Foreign currency translation gain— — — — 16,148 16,148 
Purchase and retirement of treasury stock(448)(5)(1,768)(2,178)— (3,951)
Net loss— — — (6,790)— (6,790)
Balances as of March 31, 202355,531 $556 $343,088 $405,961 $(37,017)$712,588 
Stock compensation—— 3,135 — — 3,135 
Foreign currency translation gain—— — — 8,101 8,101 
Purchase and retirement of treasury stock(346)(4)(1,366)(1,634)— (3,004)
Net income—— — 18,222 — 18,222 
Balances as of June 30, 202355,185$552 $344,857 $422,549 $(28,916)$739,042 

See accompanying notes to unaudited condensed consolidated financial statements
4
EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Nine Months Ended
June 30,
(in thousands)20242023
Operating activities:
Net income $67,899 $28,210 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization24,942 23,977 
Amortization of debt discount and deferred financing costs1,212 1,135 
Non-cash lease expense43,999 41,752 
Deferred income taxes438 (7,489)
Other adjustments69 (4,894)
Provision for inventory reserve589 (160)
Stock compensation expense7,945 6,876 
Equity in net (income) loss from investment in unconsolidated affiliates(4,135)29,394 
Net loss on extinguishment of debt— 3,545 
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable(1,593)(316)
Inventory(2,775)(5,501)
Prepaid expenses, other current assets and other assets(3,625)(2,750)
Accounts payable, accrued expenses and other liabilities(65,396)(53,018)
Customer layaway deposits1,055 1,036 
Income taxes(360)8,923 
Dividends from unconsolidated affiliates— 3,589 
Net cash provided by operating activities70,264 74,309 
Investing activities:
Loans made(683,121)(592,689)
Loans repaid391,297 343,886 
Recovery of pawn loan principal through sale of forfeited collateral272,781 251,608 
Capital expenditures, net(16,870)(27,751)
Acquisitions, net of cash acquired(11,963)(12,968)
Proceeds from (issuance of) notes receivable1,100 (15,500)
Investment in unconsolidated affiliate(993)(2,133)
Investment in other investments(15,000)(15,000)
Dividends from unconsolidated affiliates3,535 — 
Net cash used in investing activities(59,234)(70,547)
Financing activities:
Taxes paid related to net share settlement of equity awards(3,253)(1,149)
Proceeds from issuance of debt— 230,000 
Debt issuance cost— (7,458)
Cash paid on extinguishment of debt— (1,951)
Payments on debt— (178,488)
Purchase and retirement of treasury stock(9,009)(13,982)
Payments of finance leases(386)— 
Net cash (used in) provided by financing activities (12,648)26,972 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(108)1,420 
Net (decrease) increase in cash, cash equivalents and restricted cash(1,726)32,154 
Cash and cash equivalents and restricted cash at beginning of period228,968 214,369 
Cash and cash equivalents and restricted cash at end of period$227,242 $246,523 
See accompanying notes to unaudited condensed consolidated financial statements
5

Notes to Condensed Consolidated Financial Statements
(Unaudited)
NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Business
EZCORP, Inc. (collectively with its subsidiaries, the “Company,” “we,” “us,” or “our”) is a provider of pawn loans in the United States (“U.S.”) and Latin America. Pawn loans are non-recourse loans collateralized by tangible property. We also sell merchandise, primarily collateral forfeited from pawn lending operations and pre-owned merchandise purchased from customers.
Basis of Presentation
The accompanying interim unaudited condensed consolidated financial statements (“Condensed Consolidated Financial Statements”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
These Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended September 30, 2023, filed with the Securities and Exchange Commission (“SEC”) on November 15, 2023 (“2023 Annual Report”).
In the opinion of management, the accompanying Condensed Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. Financial results for the three and nine month periods ended June 30, 2024, are not necessarily indicative of results that may be expected for the fiscal year ending September 30, 2024 or any other period due, in part, to seasonal variations. There have been no changes that have had a material impact in significant accounting policies as described in our 2023 Annual Report.
Principles of Consolidation
The accompanying Condensed Consolidated Financial Statements include the accounts of EZCORP, Inc. and its wholly-owned subsidiaries. We use the equity method of accounting for entities in which we have a 50% or less investment and exercise significant influence. We account for equity investments for which we do not have significant influence and without readily determinable fair values at cost with adjustments for observable changes in price in orderly transactions for identical or similar investments of the same issuer or impairments. All inter-company accounts and transactions have been eliminated in consolidation.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions include the determination of inventory reserves, expected credit losses, useful lives of long-lived and intangible assets, valuation of share-based compensation, valuation of equity investments, valuation of deferred tax assets and liabilities, loss contingencies related to litigation and discount rates used for operating leases. We base our estimates on historical experience, observable trends and various other assumptions we believe are reasonable. Actual results may differ materially from these estimates under different assumptions or conditions.
Merchandise Sales Revenue Recognition
Customer layaway deposits are recorded as liabilities when a customer provides a deposit for merchandise. Customer layaway deposits are generally refundable upon cancellation. Our customer layaway deposits balance as of June 30, 2024, 2023 and September 30, 2023 was $20.1 million, $18.6 million and $18.9 million, respectively, and are generally recognized as revenue within a one-year period.
Investments
We account for our investment in Rich Data Corporation (“RDC”) in accordance with Accounting Standards Codification (“ASC”) 321, Investments — Equity Securities, and we have elected to use the measurement alternative to measure this investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. As of June 30, 2024, 2023 and September 30, 2023, the carrying value of our investment in RDC was $6.2 million.
Refer to Note 5: Strategic Investments for details on our investment in Founders One, LLC (“Founders”).
6
Recently Issued Accounting Pronouncements
In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 will impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments in this ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”) included within segment operating profit or loss. Additionally, the ASU requires a description of how the CODM utilizes segment operating profit or loss to assess segment performance. The requirements of ASU 2023-07 are effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and retrospective application is required for all periods presented. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of this ASU 2023-09 are effective for the Company for fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements (“ASU 2024-02”). ASU 2024-02 contains amendments to the Codification that remove references to various FASB Concepts Statements. The requirements of this ASU 2024-02 are effective for the Company for fiscal years beginning after December 15, 2024 and can be applied on a prospective or retrospective basis. This standard is not expected to have a significant impact on our consolidated financial statements and related disclosures.
NOTE 2: GOODWILL
The following table summarizes the changes in the carrying amount of goodwill by segment and in total:
 
Nine Months Ended June 30, 2024
(in thousands)U.S. PawnLatin America PawnConsolidated
Balances as of September 30, 2023
$255,942 $46,430 $302,372 
Acquisitions (a)
8,329 — 8,329 
Effect of foreign currency translation changes— (1,854)(1,854)
Balances as of June 30, 2024$264,271 $44,576 $308,847 
 
Nine Months Ended June 30, 2023
(in thousands)U.S. PawnLatin America PawnConsolidated
Balances as of September 30, 2022
$245,503 $41,325 $286,828 
Acquisitions (a)
9,468 — 9,468 
Effect of foreign currency translation changes— 5,824 5,824 
Balances as of June 30, 2023
$254,971 $47,149 $302,120 
(a) Amount represents goodwill recognized in connection with acquisitions within the U.S. Pawn segment that were immaterial, individually and in the aggregate, and we have therefore omitted certain disclosures.
7
NOTE 3: EARNINGS PER SHARE
The following table reconciles the number of common shares used to compute basic and diluted earnings per share attributable to EZCORP Inc., shareholders:
Three Months Ended
June 30,
Nine Months Ended
June 30,
(in thousands, except per share amounts)2024202320242023
Basic earnings per common share:
Net income - basic $17,950 $18,222 $67,899 $28,210 
Weighted shares outstanding - basic54,898 55,36755,022 55,776 
Basic earnings per common share $0.33 $0.33 $1.23 $0.51 
Diluted earnings per common share:
Net income - basic$17,950 $18,222 $67,899 $28,210 
Add: Convertible Notes interest expense, net of tax*2,427 2,644 7,501 1,885 
Net income - diluted $20,377 $20,866 $75,400 $30,095 
Weighted shares outstanding - basic54,898 55,367 55,022 55,776 
Equity-based compensation awards - effect of dilution**1,056 1,041 1,129 1,058 
Convertible Notes - effect of dilution***27,054 30,417 28,158 22,725 
Weighted shares outstanding - diluted83,008 86,825 84,309 79,559 
Diluted earnings per common share$0.25 $0.24 $0.89 $0.38 
Potential common shares excluded from the calculation of diluted earnings per common share above:
Convertible Notes***— — — 6,323 
Restricted stock****1,917 1,705 1,913 1,728 
Total1,917 1,705 1,913 8,051 
    
*    Effective January 1, 2024, we are required to combination settle the 2024 Convertible Notes. As such, no interest expense is included in the diluted earnings per share computation for the three months ended June 30, 2024 and only the first quarter of 2024 interest expense is included for the nine months ended June 30, 2024. The nine months ended June 30,2023 includes $5.4 million gain on the partial extinguishment of debt, associated with the 2025 Convertible Notes, which was recorded to “Interest expense” in the Company’s condensed consolidated statement of operations. See Note 7: Debt for additional information.
**    Includes time-based share-based awards and performance based awards for which targets for fiscal year tranches have been achieved and vesting is subject only to achievement of service conditions.
***    As we are required to combination settle the 2024 Convertible Notes effective January 1, 2024, the 3.4 million principal shares are not included for the three months ended June 30, 2024 and only the weighted average shares of 1.2 million are included for the nine months ended June 30, 2024. Additionally, 75,854 and 25,192 potential common shares related to the accreted value of the 2024 Convertible Notes are included for the three and nine months ended June 30, 2024, respectively, as the average market rate was above the initial conversion price of $10.00 per share for the period ended June 30, 2024. See Note 7: Debt for conversion price, initial conversion rate and additional information on the 2024 Convertible Notes, 2025 Convertible Notes, and 2029 Convertible Notes.
****    Includes antidilutive share-based awards as well as performance-based share-based awards that are contingently issuable, but for which the condition for issuance has not been met as of the end of the reporting period.
8
NOTE 4: LEASES
We determine if a contract contains a lease at inception. Our lease portfolio consists primarily of operating leases for pawn store locations and corporate offices with lease terms ranging from three to ten years and finance leases for vehicles with lease terms ranging from two to five years.
The table below presents balances of our lease assets and liabilities and their balance sheet locations for both operating and financing leases:
(in thousands)Balance Sheet LocationJune 30, 2024June 30, 2023
September 30, 2023
Lease assets:
Operating lease right-of-use assetsRight-of-use assets, net$235,030 $243,100 $234,388 
Financing lease assetsOther assets1,832 2,076 2,178 
Total lease assets$236,862 $245,176 $236,566 
Lease liabilities:
Current:
Operating lease liabilitiesOperating lease liabilities, current$58,905 $56,919 $57,182 
Financing lease liabilitiesAccounts payable, accrued expenses and other current liabilities596 472 530 
Total current lease liabilities$59,501 $57,391 $57,712 
Non-current:
Operating lease liabilitiesOperating lease liabilities$188,996 $197,499 $193,187 
Financing lease liabilitiesOther long-term liabilities1,352 1,645 1,715 
Total non-current lease liabilities$190,348 $199,144 $194,902 
Total lease liabilities$249,849 $256,535 $252,614 
The table below provides major components of our lease costs:
Three Months Ended
June 30,
Nine Months Ended
June 30,
(in thousands)2024202320242023
Operating lease cost:
Operating lease cost *$20,406 $18,701 $59,312 $54,219 
Variable lease cost4,318 4,188 13,176 12,068 
Total operating lease cost$24,724 $22,889 $72,488 $66,287 
Financing lease cost:
Amortization of financing lease assets$140 $106 $455 $180 
Interest on financing lease liabilities49 47 177 82 
Total financing lease cost$189 $153 $632 $262 
Total lease cost$24,913 $23,042 $73,120 $66,549 

* Includes a reduction for sublease rental income of $0.7 million and $1.0 million for the three months ended June 30, 2024 and 2023, respectively, and $2.4 million and $2.8 million for the nine months ended June 30, 2024 and 2023, respectively.
Lease expense is recognized on a straight-line basis over the lease term with variable lease expense recognized in the period in which the costs are incurred. The components of lease expense are included in “Store expenses” and “General and administrative” under operating expenses, based on the underlying lease use. Cash paid for operating leases was $15.9 million and $19.5 million for the three months ended June 30, 2024 and 2023, respectively, and $60.5 million and $56.9 million for the nine months ended June 30, 2024 and 2023, respectively. Cash paid for principal and interest on finance leases was $0.1 million and $0.1 million, respectively, for the three months ended June 30, 2024 and $0.4 million and $0.2 million for the nine months ended June 30, 2024 respectively. There was no cash paid for principal or interest on finance leases during the three and nine months ended June 30, 2023.

9
The weighted-average term and discount rates for leases are as follows:
Nine Months Ended
June 30,
20242023
Weighted-average remaining lease term (years):
Operating leases4.885.11
Financing leases3.013.88
Weighted-average discount rate:
Operating leases8.33 %8.52 %
Financing leases11.14 %11.14 %

As of June 30, 2024, maturities of lease liabilities under ASC 842 by fiscal year were as follows:
(in thousands)Operating LeasesFinancing Leases
Remaining 2024$19,113 $196 
Fiscal 2025
75,596 783 
Fiscal 2026
64,879 783 
Fiscal 2027
50,391 500 
Fiscal 2028
35,301 36 
Thereafter56,958 — 
Total lease liabilities$302,238 $2,298 
Less: portion representing imputed interest54,337 350 
Total net lease liabilities$247,901 $1,948 
Less: current portion58,905 596 
Total long term net lease liabilities$188,996 $1,352 
We recorded $46.1 million and $55.2 million in non-cash additions to our operating right-of-use assets and lease liabilities for the nine months ended June 30, 2024 and 2023, respectively. We recorded $0.3 million and $2.1 million in non-cash finance lease additions for the nine months ended June 30, 2024 and 2023, respectively.
10
NOTE 5: STRATEGIC INVESTMENTS
Cash Converters International Limited
As of June 30, 2024, we owned 273,939,157 shares, or approximately 43.7%, of Cash Converters. We acquired our original investment (representing approximately 30% of the outstanding shares) in November 2009 and have increased our ownership through the acquisition of additional shares periodically since that time.
We received cash dividends from Cash Converters of $3.5 million and $3.6 million during the nine months ended June 30, 2024 and 2023, respectively.
The following tables present summary financial information for Cash Converters’ most recently reported results at December 31, 2023 after translation to U.S. dollars:
December 31,
(in thousands)20232022
Current assets$186,572 $189,179 
Non-current assets137,271 98,301 
Total assets$323,843 $287,480 
Current liabilities$101,097 $91,601 
Non-current liabilities79,926 56,792 
Shareholders’ equity142,820 139,087 
Total liabilities and shareholders’ equity$323,843 $287,480 

 
Half-Year Ended December 31,
(in thousands)20232022
Gross revenues$124,874 $98,768 
Gross profit$73,675 $63,800 
Net profit (loss) $6,499 $(73,197)
During the three and nine months ended June 30, 2024, we recorded our share of income of $1.4 million and $4.3 million, respectively, from Cash Converters. During the three and nine months ended June 30, 2023, we recorded our share of income of $1.5 million and a $29.4 million loss on our share of losses from Cash Converters, respectively, included in “Equity in net (income) loss of unconsolidated affiliates” in the condensed consolidated statements of operations. For the nine months ended June 30, 2023, the $29.4 million loss includes $32.4 million of our share of their non-cash goodwill impairment charge.
See Note 6: Fair Value Measurements for the fair value and carrying value of our investment in Cash Converters.
Founders One, LLC
In October 2021, we invested $15.0 million in exchange for a non-redeemable voting participating preferred equity interest in Founders One, LLC (“Founders”), a then newly-formed entity with one other member.
On December 2, 2022, we contributed an additional $15.0 million to Founders associated with our preferred interest. In addition, we loaned $15.0 million to Founders in exchange for a Demand Promissory Note secured by the common interest in Founders held by the other member.
In October 2023, we contributed an additional $15.0 million to Founders associated with our preferred interest, bringing our total preferred equity investment in Founders to $45.0 million.
We have an interest in Founders, a variable interest entity, but because the Company is not the primary beneficiary, we do not consolidate Founders. Further, as we are not the appointed manager, we do not have the ability to direct the activities of the investment entity that most significantly impact its economic performance. Consequently, our preferred equity investment in Founders is accounted for utilizing the measurement alternative within ASC 321, Investments — Equity Securities. As of June 30, 2024, our $45.0 million carrying value of the preferred equity investment and $15.0 million Demand Promissory Note are included in “Other investments” and “Prepaid expenses and other current assets” in our condensed consolidated balance sheets, respectively. As of June 30, 2024, our maximum exposure for losses related to our investment in Founders was our $45.0 million preferred equity investment and $15.0 million Demand Promissory Note plus accrued and unpaid interest.
See Note 6: Fair Value Measurements for the fair value and carrying value of our loan to Founders.
11
NOTE 6: FAIR VALUE MEASUREMENTS
The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories:
•Level 1 — Quoted market prices in active markets for identical assets or liabilities.
•Level 2 — Other observable market-based inputs or unobservable inputs that are corroborated by market data.
•Level 3 — Unobservable inputs that are not corroborated by market data.
We have elected not to measure at fair value any eligible items for which fair value measurement is optional.
There were no transfers in or out of Level 1, Level 2 or Level 3 for financial assets or liabilities measured at fair value on a recurring basis during the periods presented.
Financial Assets and Liabilities Not Measured at Fair Value
The tables below present our estimates of fair value of financial assets and liabilities that were not measured at fair value:
Carrying ValueEstimated Fair Value
 June 30, 2024June 30, 2024Fair Value Measurement Using
(in thousands)Level 1Level 2Level 3
Financial assets:
Promissory note receivable from Founders$16,186 $16,186 $— $— $16,186 
Investments in unconsolidated affiliates12,297 40,762 39,912 — 850 
Financial liabilities:
2024 Convertible Notes$34,386 $34,690 $— $34,690 $— 
2025 Convertible Notes102,940 99,238 — 99,238 — 
2029 Convertible Notes223,998 262,564 — 262,564 — 
Carrying ValueEstimated Fair Value
 June 30, 2023June 30, 2023Fair Value Measurement Using
(in thousands)Level 1Level 2Level 3
Financial assets:
Promissory note receivable due April 2024$1,242 $1,242 $— $— $1,242 
Promissory note receivable from Founders16,050 16,050 — — 16,050 
Investments in unconsolidated affiliates10,247 41,367 41,367 — — 
Financial liabilities:
2024 Convertible Notes$34,223 $36,126 $— $36,126 $— 
2025 Convertible Notes102,433 94,586 — 94,586 — 
2029 Convertible Notes223,030 228,294 — 228,294 — 

Carrying ValueEstimated Fair Value
 
September 30, 2023
September 30, 2023
Fair Value Measurement Using
(in thousands)Level 1Level 2Level 3
Financial assets:
Promissory note receivable due April 2024$1,251 $1,251 $— $— $1,251 
Promissory note receivable from Founders16,500 16,500 — — 16,500 
Investments in unconsolidated affiliates10,987 35,998 35,998 — — 
Financial liabilities:
2024 Convertible Notes$34,265 $35,765 $— $35,765 $— 
2025 Convertible Notes102,563 96,137 — 96,137 — 
2029 Convertible Notes223,284 224,112 — 224,112 — 
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Based primarily on the short-term nature of cash and cash equivalents, pawn loans, pawn service charges receivable and other liabilities, we estimate that their carrying value approximates fair value. We consider our cash and cash equivalents, including money market accounts, to be measured using Level 1 inputs and our pawn loans, pawn service charges receivable and other liabilities to be measured using Level 3 inputs. Significant increases or decreases in the underlying assumptions used to value pawn loans, pawn service charges receivable, fees and interest receivable and other debt could significantly increase or decrease these fair value estimates.
The Company remeasured its acquisition-related contingent obligation associated with the acquisition in June 2021 of PLO del Bajio S. de R.S. de C.V., which owned stores operating under the name “Cash Apoyo Efectivo,” at the end of each reporting period. This remeasurement resulted in a $2.6 million and $5.1 million reduction of the obligation with an offset recorded to “Other” as an operating item in our condensed consolidated statement of operations during the three and nine months ended June 30, 2023, respectively. There is no remaining obligation in our Consolidated Balance Sheet as of June 30, 2023. The key assumptions used to determine the fair value of acquisition-related contingent consideration are estimated by management, not observable in the market and, therefore, considered Level 3 inputs within the fair value hierarchy.
In March 2019, we received $1.1 million in previously escrowed seller funds as a result of settling certain indemnification claims with the seller of GPMX. In April 2019, we loaned the $1.1 million back to the seller of GPMX in exchange for a promissory note. The interest rate on the note was 2.89% per annum and was secured by certain marketable securities owned by the seller and held in a U.S. brokerage account. All principal and accrued interest was received in April 2024.
In December 2022, we loaned $15.0 million to Founders in exchange for a Demand Promissory Note secured by the common interest in Founders held by the other member. As of June 30, 2024, the interest rate on the note was 15.00% per annum, and all principal and accrued interest is due on demand. Based primarily on the short-term nature of the note, we estimate that its carrying value approximates fair value as of June 30, 2024.
We use the equity method of accounting to account for our ownership interest in Cash Converters. The inputs used to generate the fair value of the investment in Cash Converters were considered Level 1 inputs. These inputs consist of (a) the quoted stock price on the Australian Stock Exchange multiplied by (b) the number of shares we owned multiplied by (c) the applicable foreign currency exchange rate as of the end of our reporting period. We included no control premium for owning a large percentage of outstanding shares.
We measured the fair value of the 2024, 2025 and 2029 Convertible Notes using quoted price inputs. The notes are not actively traded, and thus the price inputs represent a Level 2 measurement. As the quoted price inputs are highly variable from day to day, the fair value estimates disclosed above could significantly increase or decrease.
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NOTE 7: DEBT
The following table presents the Company's debt instruments outstanding:
 June 30, 2024June 30, 2023
September 30, 2023
(in thousands)Gross AmountDebt Issuance CostsCarrying AmountGross AmountDebt Issuance CostsCarrying AmountGross AmountDebt Issuance CostsCarrying Amount
2029 Convertible Notes$230,000 $(6,002)$223,998 $230,000 $(6,970)$223,030 $230,000 $(6,716)$223,284 
2025 Convertible Notes103,373 (433)102,940 103,373 (940)102,433 103,373 (810)102,563 
2024 Convertible Notes34,389 (3)34,386 34,389 (166)34,223 34,389 (124)34,265 
Total$367,762 $(6,438)$361,324 $367,762 $(8,076)$359,686 $367,762 $(7,650)$360,112 
Less current portion137,762 (436)137,326 — — — 34,389 (124)34,265 
Total long-term debt$230,000 $(6,002)$223,998 $367,762 $(8,076)$359,686 $333,373 $(7,526)$325,847 

The following table presents the Company’s contractual maturities related to the debt instruments as of June 30, 2024:
Schedule of Contractual Maturities
(in thousands)2029 Convertible Notes2025 Convertible Notes2024 Convertible NotesTotal
Remaining 2024$— $— $34,389 $34,389 
Fiscal 2025
— 103,373 — 103,373 
Fiscal 2026
— — — — 
Fiscal 2027
— — — — 
Fiscal 2028
— — — — 
Thereafter230,000 — — 230,000 
Total long-term debt$230,000 $103,373 $34,389 $367,762 
    

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The following table presents the Company’s interest expense related to the Convertible Notes for the three and nine months ended June 30, 2024 and 2023:
Three Months Ended
June 30,
Nine Months Ended
June 30,
(in thousands)2024202320242023
2029 Convertible Notes:
Contractual interest expense$2,156 $2,157 $6,469 $4,744 
Amortization of deferred financing costs242 239 714 488 
Total interest expense$2,398 $2,396 $7,183 $5,232 
2025 Convertible Notes:
Contractual interest expense$613 $614 $1,841 $2,170 
Amortization of deferred financing costs123 121 377 429 
Gain on extinguishment— — — (5,389)
Total interest expense$736 $735 $2,218 $(2,790)
2024 Convertible Notes:
Contractual interest expense$248 $247 $742 $1,370 
Amortization of deferred financing costs40 39 121 218 
Loss on extinguishment— — — 8,935 
Total interest expense$288 $286 $863 $10,523 
3.750% Convertible Senior Notes Due 2029
In December 2022, we issued $230.0 million aggregate principal amount of 3.750% Convertible Senior Notes Due 2029 (the “2029 Convertible Notes”), for which $230.0 million remains outstanding as of June 30, 2024. The 2029 Convertible Notes were issued pursuant to an indenture dated December 12, 2022 (the “2022 Indenture”) by and between the Company and Truist Bank, as trustee. The 2029 Convertible Notes were issued in a private offering under Rule 144A under the Securities Act of 1933. The 2029 Convertible Notes pay interest semi-annually in arrears at a rate of 3.750% per annum on June 15 and December 15 of each year, commencing June 15, 2023, and mature on December 15, 2029 (the “2029 Maturity Date”), unless converted, redeemed or repurchased in accordance with the terms prior to such date. At maturity, the holders of the 2029 Convertible Notes will be entitled to receive cash equal to the principal of the 2029 Convertible Notes plus accrued interest.
The effective interest rate for the three and nine months ended June 30, 2024 was approximately 4.28%. As of June 30, 2024, the remaining unamortized debt issuance costs will be amortized using the effective interest method through the 2029 Maturity Date assuming no early conversion.
The 2029 Convertible Notes are convertible based on an initial conversion rate of 89.0313 shares of Class A Common Stock per $1,000 principal amount (equivalent to an initial conversion price of $11.23 per share). The conversion rate will not be adjusted for any accrued and unpaid interest. The 2029 Convertible Notes contain certain make-whole fundamental change premiums and customary anti-dilution adjustments. Upon conversion, we may settle in cash, shares of Class A Common Stock or any combination thereof, at our election.
Prior to June 15, 2029, the 2029 Convertible Notes will be convertible only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending on March 31, 2023 (and only during such fiscal quarter), if the last reported sale price of our Class A Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price, as defined in the 2022 Indenture, per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A Common Stock and the conversion rate on such trading day; (3) if we call any or all of the 2029 Convertible Notes for redemption, at any time prior to the close of business on the business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events, as defined in the 2022 Indenture. On or after June 15, 2029 until the close of business on the business day immediately preceding the 2029 Maturity Date, holders of 2029 Convertible Notes may, at their option, convert their 2029 Convertible Notes at any time, regardless of the foregoing circumstances.
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We may not redeem the 2029 Convertible Notes prior to December 21, 2026. At our option, we may redeem for cash all or any portion of the 2029 Convertible Notes on or after December 21, 2026, if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. The redemption price will be equal to 100% of the principal amount of the 2029 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
The stock trading price condition and other triggers are measured on a quarter-by-quarter basis and were not met as of June 30, 2024. As of June 30, 2024, the if-converted value of the 2029 Convertible Notes did not exceed the principal amount.
Note Repurchases
In December 2022, the Company repurchased approximately $109.4 million aggregate principal amount of 2.875% Convertible Senior Notes Due 2024 for approximately $117.5 million plus accrued interest and approximately $69.1 million aggregate principal amount of 2.375% Convertible Senior Notes Due 2025 for approximately $62.9 million plus accrued interest and recognized a $3.5 million loss on extinguishment of debt recorded to “Interest expense” in the Company’s condensed consolidated statement of operations for the three months ended December 31, 2022.
2.375% 2025 Convertible Senior Notes Due 2025
In May 2018, we issued $172.5 million aggregate principal amount of 2.375% Convertible Senior Notes Due 2025 (the “2025 Convertible Notes”), for which $103.4 million remains outstanding as of June 30, 2024. The 2025 Convertible Notes were issued pursuant to an indenture dated May 14, 2018 (the “2018 Indenture”) by and between the Company and Wells Fargo Bank, National Association, as the original trustee. Effective October 1, 2019, Truist (formerly BB&T) assumed the duties and responsibilities as trustee under the 2018 Indenture. The 2025 Convertible Notes were issued in a private offering under Rule 144A under the Securities Act of 1933. The 2025 Convertible Notes pay interest semi-annually in arrears at a rate of 2.375% per annum on May 1 and November 1 of each year, commencing November 1, 2018, and mature on May 1, 2025 (the “2025 Maturity Date”), unless converted, redeemed or repurchased in accordance with the terms prior to such date.
The effective interest rate for the three and nine months ended June 30, 2024 was approximately 2.88% for the 2025 Convertible Notes. As of June 30, 2024, the remaining unamortized debt issuance costs will be amortized using the effective interest method through the 2025 Maturity Date assuming no early conversion.
The 2025 Convertible Notes are convertible based on an initial conversion rate of 62.8931 shares of Class A Common Stock per $1,000 principal amount (equivalent to an initial conversion price of $15.90 per share). The conversion rate will not be adjusted for any accrued and unpaid interest. The 2025 Convertible Notes contain certain make-whole fundamental change premiums and customary anti-dilution adjustments. Upon conversion, we may settle in cash, shares of Class A Common Stock or any combination thereof, at our election.
Prior to November 1, 2024, the 2025 Convertible Notes are convertible only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ended on June 30, 2018 (and only during such fiscal quarter), if the last reported sale price of our Class A Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price, as defined in the 2018 Indenture, per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A Common Stock and the conversion rate on such trading day; (3) if we call any or all of the 2025 Convertible Notes for redemption, at any time prior to the close of business on the business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events, as defined in the 2018 Indenture. On or after November 1, 2024 until the close of business on the business day immediately preceding the 2025 Maturity Date, holders of 2025 Convertible Notes may, at their option, convert their 2025 Convertible Notes at any time, regardless of the foregoing circumstances.
At our option, we may redeem for cash all or any portion of the 2025 Convertible Notes if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. The redemption price will be equal to 100% of the principal amount of the 2025 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
The stock trading price condition and other triggers are measured on a quarter-by-quarter basis and were not met as of June 30, 2024. As of June 30, 2024, the if-converted value of the 2025 Convertible Notes did not exceed the principal amount.
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2.875% Convertible Senior Notes Due 2024
In July 2017, we issued $143.75 million aggregate principal amount of 2.875% Convertible Senior Notes Due 2024 (the “2024 Convertible Notes”), of which $34.4 million remains outstanding as of June 30, 2024. The 2024 Convertible Notes were issued pursuant to an indenture dated July 5, 2017 (the “2017 Indenture”) by and between the Company and Wells Fargo Bank, National Association, as the original trustee. Effective October 1, 2019, Truist (formerly BB&T) assumed the duties and responsibilities as trustee under the 2017 Indenture. The 2024 Convertible Notes were issued in a private offering under Rule 144A under the Securities Act of 1933. The 2024 Convertible Notes pay interest semi-annually in arrears at a rate of 2.875% per annum on January 1 and July 1 of each year, commencing January 1, 2018, and mature on July 1, 2024 (the “2024 Maturity Date”), unless converted, redeemed or repurchased in accordance with the terms prior to such date. At maturity, the holders of the 2024 Convertible Notes will be entitled to receive cash equal to the principal of the 2024 Convertible Notes plus accrued interest.
The effective interest rate for the three and nine months ended June 30, 2024 was approximately 3.35%. As of June 30, 2024, the remaining unamortized debt issuance costs will be amortized using the effective interest method through the 2024 Maturity Date assuming no early conversion.
The 2024 Convertible Notes are convertible based on an initial conversion rate of 100 shares of Class A Common Stock per $1,000 principal amount (equivalent to an initial conversion price of $10.00 per share). The conversion rate will not be adjusted for any accrued and unpaid interest. The 2024 Convertible Notes contain certain make-whole fundamental change premiums and customary anti-dilution adjustments.
Until the close of business on the business day immediately preceding the 2024 Maturity Date, holders of 2024 Convertible Notes may, at their option, convert their 2024 Convertible Notes at any time.
Because we did not elect an alternative settlement method prior to January 1, 2024, conversions will be settled by combination settlement, which is $1,000 cash (per the $1,000 principal value) plus stock equal to the accreted value as defined in the 2017 Indenture.
As of June 30, 2024, based on the terms of the 2017 Indenture, the if-converted value of the 2024 Convertible Notes exceeded the principal amount by $0.8 million, or approximately 77,000 Class A common shares.
Prior to the 2024 Maturity Date, certain holders of the 2024 Convertible Notes elected to convert their 2024 Convertible Notes, resulting in combination settlement on the 2024 Maturity Date. On July 1, 2024, the $34.4 million aggregate principal amount outstanding plus accrued interest was repaid using cash on hand and 77,328 Class A Common Stock shares, equal to the accreted value, were issued as part of the 2024 Convertible Notes conversion.
NOTE 8: COMMON STOCK AND STOCK COMPENSATION
Common Stock Repurchase Program
On May 3, 2022, the Company’s Board of Directors (the “Board”) authorized the repurchase of up to $50 million of our Class A Common Stock over three years (the “Common Stock Repurchase Program”). Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities.
The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows, and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The Board of Directors has reserved the right to modify, suspend or terminate the program at any time. As of June 30, 2024, we had repurchased and retired 2,572,794 shares of our Class A Common Stock for $23.0 million under the Common Stock Repurchase Program, of which 285,392 and 945,749 shares were repurchased and retired for $3.0 million and $9.0 million during the three and nine months ended June 30, 2024, respectively. During the three and nine months ended June 30, 2023, 346,310 and 1,037,703 shares were repurchased and retired for $3.0 million and $9.0 million, respectively, under the Common Stock Repurchase Program. The repurchase amount is allocated between “Additional paid-in capital” and “Retained earnings” in our condensed consolidated balance sheets.
Other Common Stock Repurchases
During December 2022, the Company used approximately $5.0 million of the net proceeds from the 2029 Convertible Notes offering to repurchase for cash 578,703 shares of its Class A common stock from purchasers of the notes in privately negotiated transactions. Such transactions were authorized separately from, and not considered a part of, the publicly announced share repurchase program discussed above. The repurchase amount is allocated between “Additional paid-in capital” and “Retained earnings” in our condensed consolidated balance sheets.
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Stock Compensation
We maintain a Board-approved incentive plan to retain the services of our valued officers, directors and employees and to incentivize such persons to make contributions to our company and motivate excellent performance (the “Incentive Plan”). Under the Incentive Plan, we grant awards of restricted stock or restricted stock units to employees and non-employee directors. Awards granted to employees are typically subject to performance and service conditions. Awards granted to non-employee directors are time-based awards subject only to service conditions. Awards granted under the Incentive Plan are measured at the grant date fair value with compensation costs associated with the awards recognized over the requisite service period, usually the vesting period, on a straight-line basis.
The following table presents a summary of stock compensation activity:
SharesWeighted Average
Grant Date Fair Value
Outstanding as of September 30, 2023
2,555,899 $6.80 
Granted (a)
1,442,461 7.59 
Released (b)
(1,225,328)5.25 
Cancelled(63,211)7.32 
Outstanding as of June 30, 2024
2,709,821 $7.91 
(a) Includes performance adjustment of 353,993 shares awarded above their target grants resulting from the achievement of performance targets established at the grant date.
(b) 377,231 shares were withheld to satisfy related income tax withholding.
NOTE 9: CONTINGENCIES
Currently, and from time to time, we are involved in various claims, disputes, lawsuits, investigations, and legal and regulatory proceedings. We accrue for contingencies if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because these matters are inherently unpredictable and unfavorable developments or resolutions can occur, assessing contingencies requires judgments and is highly subjective about future events, and the amount of resulting loss may differ from these estimates. We do not believe the resolution of any particular matter will have a material adverse effect on our financial condition, results of operations or liquidity.
NOTE 10: SEGMENT INFORMATION
Our operations are primarily managed on a geographical basis and are comprised of three reportable segments. The factors for determining our reportable segments include the manner in which our chief operating decision maker evaluates performance for purposes of allocating resources and assessing performance.
We currently report our segments as follows:
•U.S. Pawn — all pawn activities in the United States;
•Latin America Pawn — all pawn activities in Mexico and other parts of Latin America; and
•Other Investments — primarily our equity interest in the net income of Cash Converters along with our investment in RDC and our investment in and notes receivable from Founders.
There are no inter-segment revenues presented below, and the amounts below were determined in accordance with the same accounting principles used in our condensed consolidated financial statements.
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The following income (loss) before income taxes tables present revenue for each reportable segment, disaggregated revenue within our reportable segments and Corporate, segment profits and segment contribution.
 
Three Months Ended June 30, 2024
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$107,849 $50,291 $— $158,140 $— $158,140 
Jewelry scrapping sales13,757 1,638 — 15,395 — 15,395 
Pawn service charges77,416 30,414 — 107,830 — 107,830 
Other revenues28 28 — 56 — 56 
Total revenues199,050 82,371 — 281,421 — 281,421 
Merchandise cost of goods sold67,229 33,982 — 101,211 — 101,211 
Jewelry scrapping cost of goods sold11,887 1,596 — 13,483 — 13,483 
Gross profit119,934 46,793 — 166,727 — 166,727 
Segment and corporate expenses (income):
Store expenses81,441 34,894 — 116,335 — 116,335 
General and administrative— — — — 20,060 20,060 
Depreciation and amortization2,408 2,090 — 4,498 3,660 8,158 
(Gain) loss on sale or disposal of assets and other(2)22 — 20 — 20 
Interest expense— — — — 3,539 3,539 
Interest income— (370)(605)(975)(1,956)(2,931)
Equity in net (income) loss of unconsolidated affiliates— — (1,406)(1,406)143 (1,263)
Other (income) expense— (184)12 (172)(19)(191)
Segment contribution$36,087 $10,341 $1,999 $48,427 
Income (loss) before income taxes$48,427 $(25,427)$23,000 

 
Three Months Ended June 30, 2023
(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 income— (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 
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Nine Months Ended June 30, 2024
(in thousands)U.S. PawnLatin America PawnOther InvestmentsTotal SegmentsCorporate ItemsConsolidated
Revenues:
Merchandise sales$348,211 $154,019 $— $502,230 $— $502,230 
Jewelry scrapping sales39,258 3,933 — 43,191 — 43,191 
Pawn service charges236,499 84,943 — 321,442 — 321,442 
Other revenues94 59 35 188 — 188 
Total revenues624,062 242,954 35 867,051 — 867,051 
Merchandise cost of goods sold218,736 103,944 — 322,680 — 322,680 
Jewelry scrapping cost of goods sold33,965 3,514 — 37,479 — 37,479 
Gross profit371,361 135,496 35 506,892 — 506,892 
Segment and corporate expenses (income):
Store expenses239,536 101,936 — 341,472 — 341,472 
General and administrative— — — — 54,869 54,869 
Depreciation and amortization7,548 6,821 — 14,369 10,573 24,942 
(Gain) loss on sale or disposal of assets and other(6)(240)— (246)97 (149)
Other income— — — — (765)(765)
Interest expense— — — — 10,381 10,381 
Interest income— (1,398)(1,811)(3,209)(5,243)(8,452)
Equity in net (income) loss of unconsolidated affiliates— — (4,278)(4,278)143 (4,135)
Other (income) expense— (231)27 (204)(423)(627)
Segment contribution$124,283 $28,608 $6,097 $158,988 
Income (loss) before income taxes$158,988 $(69,632)$89,356 

 
Nine Months Ended June 30, 2023
(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 income— (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 

20
The following table presents separately identified segment assets:
(in thousands)U.S. PawnLatin America Pawn
Other
Investments (a)
Corporate ItemsTotal
As of June 30, 2024
Pawn loans$199,277 $62,443 $— $— $261,720 
Pawn service charges receivable, net35,489 5,149 — — 40,638 
Inventory, net121,941 49,996 — — 171,937 
Total assets1,030,571 317,888 78,136 83,568 1,510,163 
As of June 30, 2023
Pawn loans$178,877 $50,502 $— $— $229,379 
Pawn service charges receivable, net30,668 4,291 — — 34,959 
Inventory, net114,910 40,034 — — 154,944 
Total assets943,438 312,156 66,032 136,052 1,457,678 
As of September 30, 2023
Pawn loans$190,624 $55,142 $— $— $245,766 
Pawn service charges receivable, net34,318 4,567 — — 38,885 
Inventory, net128,901 37,576 — — 166,477 
Total assets984,539 313,164 63,707 106,301 1,467,711 
(a) Segment assets as of September 30, 2023 have been recast to conform to current year presentation as CCV no longer meets the 10 percent threshold to be considered its own segment.
21
NOTE 11: SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION
The following table provides supplemental information on net amounts included in our condensed consolidated balance sheets:
(in thousands)June 30, 2024June 30, 2023
September 30, 2023
Gross pawn service charges receivable$53,532 $47,071 $50,881 
Allowance for uncollectible pawn service charges receivable(12,894)(12,112)(11,996)
Pawn service charges receivable, net$40,638 $34,959 $38,885 
Gross inventory$175,187 $157,590 $169,138 
Inventory reserves(3,250)(2,646)(2,661)
Inventory, net$171,937 $154,944 $166,477 
Prepaid expenses and other$4,753 $6,081 $4,106 
Accounts receivable, notes receivable and other30,845 29,860 30,548 
Income taxes prepaid and receivable4,793 8,984 4,969 
Prepaid expenses and other current assets$40,391 $44,925 $39,623 
Property and equipment, gross$278,231 $335,296 $345,461 
Accumulated depreciation(218,305)(273,447)(277,365)
Property and equipment, net$59,926 $61,849 $68,096 
Accounts payable$14,910 $19,220 $23,022 
Accrued payroll16,551 13,668 11,472 
Incentive accrual14,508 13,564 18,544 
Other payroll related expenses2,951 6,059 5,262 
Accrued sales and VAT taxes4,106 6,663 5,565 
Accrued income taxes payable2,115 2,646 2,628 
Other current liabilities14,601 12,638 15,112 
Accounts payable, accrued expenses and other current liabilities$69,742 $74,458 $81,605 
    
The following table provides supplemental disclosure of condensed consolidated statements of cash flows information:
 
Nine Months Ended
June 30,
(in thousands)20242023
Supplemental disclosure of cash flow information
Cash and cash equivalents at beginning of period$220,595 $206,028 
Restricted cash at beginning of period8,373 8,341 
Total cash and cash equivalents and restricted cash at beginning of period$228,968 $214,369 
Cash and cash equivalents at end of period$218,038 $237,974 
Restricted cash at end of period9,204 8,549 
Total cash and cash equivalents and restricted cash at end of period$227,242 $246,523 
Non-cash investing and financing activities:
Pawn loans forfeited and transferred to inventory$276,101 $238,899 
Transfer of equity consideration for acquisition— 99 
Acquisition earn-out contingency— 2,000 
Accrued acquisition consideration741 1,220 
22
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to inform the reader about matters affecting the financial condition and results of operations of EZCORP, Inc. and its subsidiaries (collectively, “we,” “us”, “our”, “EZCORP” or the “Company”). The following discussion should be read together with our condensed consolidated financial statements and related notes included elsewhere within this report. This discussion contains forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements. See “Part I, Item 1A — Risk Factors” of our Annual Report on Form 10-K for the year ended September 30, 2023, as supplemented by the information set forth in “Part I, Item 3 — Quantitative and Qualitative Disclosures about Market Risk” and “Part II, Item 1A — Risk Factors” of this Report, for a discussion of certain risks, uncertainties and assumptions associated with these statements.
Business Overview
EZCORP is a Delaware corporation headquartered in Austin, Texas. We are a leading provider of pawn services in the United States and Latin America. Pawn loans are nonrecourse loans collateralized by personal property. We also sell merchandise, primarily collateral forfeited from unpaid loans and pre-owned merchandise purchased from customers.
We exist to serve our customers’ short-term cash needs, helping them to live and enjoy their lives. We are focused on three strategic pillars:
Strengthen the CoreRelentless focus on superior execution and operational excellence in our core pawn business
Cost Efficiency and SimplificationShape a culture of cost efficiency through ongoing focus on simplification and optimization
Innovate and GrowBroaden customer engagement to service more customers more frequently in more locations
Pawn Activities
At our pawn stores, we advance cash against the value of collateralized tangible personal property. We earn pawn service charges (“PSC”) for those cash advances, and the PSC rate varies by state and transaction size. At the time of the transaction, we take possession of the pawned collateral, which consists of tangible personal property, generally jewelry, consumer electronics, tools, sporting goods or musical instruments. If the customer chooses to redeem their pawn, they will repay the amount advanced plus any accrued PSC. If the customer chooses not to redeem their pawn, the pawned collateral becomes our inventory, which we sell in our retail merchandise sales activities or, in some cases, scrap for its inherent gold or precious stone content. Consequently, the success of our pawn business is largely dependent on our ability to accurately assess the probability of pawn redemption and the estimated resale or scrap value of the collateralized personal property.
Our ability to offer quality second-hand goods at prices significantly lower than original retail prices attracts value-conscious customers. The gross profit on sales of inventory depends primarily on our assessment of the estimated resale or scrap value at the time the property is either accepted as pawn collateral or purchased and our ability to sell that merchandise in a timely manner. As a significant portion of our inventory and sales involve gold and jewelry, our results can be influenced by the market price of gold and diamonds.
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Growth and Expansion
Our strategy is to expand the number of locations we operate through opening new (“de novo”) locations and through acquisitions and investments in both Latin America, the United States and potential new markets. Our ability to open de novo stores, acquire new stores and make other related investments is dependent on several variables, such as projected achievement of internal investment hurdles, the availability of acceptable sites or acquisition candidates, the alignment of acquirer/seller price expectations, the regulatory environment, local zoning ordinances, access to capital and the availability of qualified personnel.
Seasonality and Quarterly Results
In the United States, PSC is historically highest in our fourth fiscal quarter (July through September) due to a higher average loan balance during the summer lending season. PSC is historically lowest in our third fiscal quarter (April through June) following the tax refund season and merchandise sales are highest in our first and second fiscal quarters (October through March) due to the holiday season, jewelry sales surrounding Valentine’s Day and the availability of tax refunds. In Latin America, most of our customers receive additional compensation from their employers in December, and many receive additional compensation in June or July, applying downward pressure on loan balances and fueling some merchandise sales in those periods. In Mexico, we saw similar downward pressure in loan balances during the third quarter of fiscal 2023 due to a change in law related to company profit sharing payments to employees. We anticipated this change would impact pawn loan redemptions annually in May and June; however, in 2024, the demand for pawn loans in Mexico exceeded any downward pressure related to profit sharing payments. As a net effect of these and other factors and excluding discrete charges, our consolidated income before tax is generally highest in our first fiscal quarter (October through December) and lowest in our third fiscal quarter (April through June).
Financial Highlights
We remain focused on optimizing our balance of pawn loans outstanding (“PLO”) and the resulting higher PSC. The following chart presents sources of gross profit, including PSC, merchandise sales gross profit (“Merchandise sales GP”) and jewelry scrapping gross profit (“Jewelry Scrapping GP”) for the three and nine months ended June 30, 2024 and 2023:
353
24
The following chart presents sources of gross profit by geographic disbursement for the three and nine months ended June 30, 2024 and 2023:
470
Results of Operations
Non-GAAP Constant Currency and Same-Store Financial Information
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide certain other non-GAAP financial information on a constant currency basis (“constant currency”) and “same-store” 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 analyze results on a same-store basis (which is defined as stores open during the entirety of the comparable periods) to better understand existing store performance without the influence of increases or decreases resulting solely from changes in store count. We believe presentation of constant currency and same-store results is meaningful and useful in understanding the activities and business metrics of our Latin America Pawn operations and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a better understanding and evaluation 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 to evaluate and compare operating results across accounting periods. Readers should consider the information in addition to, but not rather than 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. Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and are not directly calculable from the rates below. Constant currency results, where presented, also exclude the foreign currency gain or loss. 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, 2024 and 2023 were as follows:
25
June 30,
Three Months Ended
June 30,
Nine Months Ended
June 30,
202420232024202320242023
Mexican peso18.3 17.1 17.2 17.7 17.3 18.7 
Guatemalan quetzal7.6 7.7 7.6 7.6 7.6 7.6 
Honduran lempira24.3 24.4 24.3 24.3 24.3 24.3 
Australian dollar1.5 1.5 1.5 1.5 1.5 1.5 

Operating Results
Segments
We manage our business and report our financial results in three reportable segments:
•U.S. Pawn — Represents all pawn activities in the United States;
•Latin America Pawn — Represents all pawn activities in Mexico and other parts of Latin America; and
•Other Investments — Represents our equity interest in the net income of Cash Converters along with our investment in Rich Data Corporation (“RDC”) and our investment in and notes receivable from Founders.
Store Count by Segment
 
Three Months Ended June 30, 2024
 U.S. PawnLatin America PawnConsolidated
As of March 31, 2024
535 711 1,246 
New locations opened1 6 7 
Locations acquired5 — 5 
As of June 30, 2024
541 717 1,258 
 
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 
 
Nine Months Ended June 30, 2024
 U.S. PawnLatin America PawnConsolidated
As of September 30, 2023529 702 1,231 
New locations opened1 20 21 
Locations acquired12 — 12 
Locations combined or closed(1)(5)(6)
As of June 30, 2024
541 717 1,258 
 
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 combined or closed— (1)(1)
As of June 30, 2023
528 684 1,212 
26
Three Months Ended June 30, 2024 vs. Three Months Ended June 30, 2023

These tables, as well as the discussion that follows, should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and related notes.
U.S. Pawn
The following table presents selected summary financial data for our U.S. Pawn segment:
 
Three Months Ended June 30,
Change
(in thousands)20242023
Gross profit:
Pawn service charges$77,416 $68,790 13%
Merchandise sales107,849 102,177 6%
Merchandise sales gross profit40,620 39,378 3%
Gross margin on merchandise sales38 %39 %(100)bps
Jewelry scrapping sales13,757 13,098 5%
Jewelry scrapping sales gross profit1,870 1,997 (6)%
Gross margin on jewelry scrapping sales14 %15 %(100)bps
Other revenues28 27 4%
Gross profit119,934 110,192 9%
Segment operating expenses:
Store expenses81,441 75,389 8%
Depreciation and amortization2,408 2,505 (4)%
Gain on sale or disposal of assets and other(2)— *
Segment operating contribution$36,087 $32,298 12%
Other segment income— (1)(100)%
Segment contribution$36,087 $32,299 12%
Other data:
Net earning assets (a)$321,218 $293,787 9%
Inventory turnover2.6 2.6 —%
Average monthly ending pawn loan balance per store (b)$352 $325 8%
Monthly average yield on pawn loans outstanding14 %14 %—bps
General merchandise as a % of PLO34 %35 %(100)bps
Jewelry as a % of PLO66 %65 %100bps
*Represents a percentage computation that is not mathematically meaningful.
(a)Balance includes pawn loans and inventory.
(b)Balance is calculated based upon the average of the monthly ending balances during the applicable period.

PLO ended the quarter at $199.3 million, up 11% or 10% on a same-store basis.
Total revenues was up 8% and gross profit was up 9%, reflecting increased PSC and higher merchandise sales.
PSC increased 13% as a result of higher average PLO.
Merchandise sales increased 6%, and gross margin decreased to 38% from 39%. Aged general merchandise, which is inventory over one year old, increased to 5.0% to $2.0 million of total general merchandise inventory. Excluding luxury handbags in our three Max Pawn stores in Las Vegas, aged general merchandise remains under 1%.
Net inventory increased 6%, as expected with the growth in PLO. Inventory turnover remained flat at 2.6x.
Store expenses increased 8% and 6% on a same-store basis, primarily due to increased labor in-line with store activity and to a lesser extent, expenses related to our loyalty program.
27
Segment contribution increased 12% to $36.1 million, due to the changes noted above.
During the quarter, store count increased by six, due to the acquisition of five stores and opening of one de novo store.
Latin America Pawn
The following table presents selected summary financial data for the Latin America Pawn segment, including constant currency results, after translation to U.S. dollars from its functional currencies noted above under “Results of Operations — Non-GAAP Constant Currency and Same-Store Financial Information.”
 
Three Months Ended June 30,
(in thousands)
2024 (GAAP)
2023 (GAAP)
Change (GAAP)
2024 (Constant Currency)
Change (Constant Currency)
Gross profit:
Pawn service charges$30,414 $25,029 22%$29,822 19%
Merchandise sales50,291 45,803 10%49,263 8%
Merchandise sales gross profit16,309 13,533 21%15,954 18%
Gross margin on merchandise sales32 %30 %200bps32 %200bps
Jewelry scrapping sales1,638 833 97%1,600 92%
Jewelry scrapping sales gross profit42 (24)275%43 279%
Gross margin on jewelry scrapping sales3 %(3)%600bps3 %600bps
Other revenues, net28 40 (30)%26 (35)%
Gross profit46,793 38,578 21%45,845 19%
Segment operating expenses:
Store expenses34,894 29,543 18%34,110 15%
Depreciation and amortization2,090 2,303 (9)%2,044 (11)%
Other income— (2,632)(100)%— (100)%
Loss (gain) on sale or disposal of assets and other22 (29)(176)%21 (172)%
Segment operating contribution9,787 9,393 4%9,670 3%
Other segment income(554)(321)73%(505)57%
Segment contribution $10,341 $9,714 6%$10,175 5%
Other data:
Net earning assets (a)$112,439 $90,536 24%$118,080 30%
Inventory turnover3.0 3.4 (12)%3.0 (12)%
Average monthly ending pawn loan balance per store (b)$90 $74 22%$89 20%
Monthly average yield on pawn loans outstanding16 %17 %(100)bps16 %(100)bps
General merchandise as a % of PLO65 %70 %(500)bps65 %(500)bps
Jewelry as a % of PLO35 %30 %500bps35 %500bps
*Represents a percentage computation that is not mathematically meaningful.
(a)Balance includes pawn loans and inventory.
(b)Balance is calculated based upon the average of the monthly ending balances during the applicable period.
28
 2024 Change
(GAAP)
 2024 Change
(Constant Currency)
Same-Store data:
PLO 20%26%
PSC 19%17%
Merchandise Sales 6%4%
Merchandise Sales Gross Profit 18%15%
Store Expenses14%12%
PLO improved to $62.4 million, up 24% (30% on constant currency basis). On a same-store basis, PLO increased 20% (26% on a constant currency basis) due to improved operational performance and increased loan demand.
Total revenues was up 15% (13% on constant currency basis), and gross profit increased 21% (19% on a constant currency basis), reflecting increased PSC, higher merchandise sales and improved merchandise sales gross profit.
PSC increased 22% (19% on a constant currency basis) as a result of higher average PLO.
Merchandise sales gross margin increased to 32% from 30%. Aged general merchandise was less than 1% of total merchandise inventory.
Net inventory increased 25% (32% on a constant currency basis). Inventory turnover decreased to 3.0x, from 3.4x.
Store expenses increased 18% (15% on a constant currency basis) and 14% (12% on a constant currency basis) on a same-store basis, primarily due to increased labor, in line with store activity and to a lesser extent, rent.
Segment contribution increased 6% (5% on a constant currency basis) to $10.3 million, due to the changes noted above, in addition to the impact of the prior year reversal of contingent consideration liability in connection with a previously completed acquisition, which was recorded to “Other income.”
During the quarter, store count increased by six de novo stores.
Other Investments
The following table presents selected financial data for our Other Investments segment after translation to U.S. dollars from its functional currency of primarily Australian dollars:
 
Three Months Ended June 30,
Change
(in thousands)20242023
Gross profit:
Consumer loan fees, interest and other$— $15 (100)%
Gross profit— 15 (100)%
Segment operating expenses:
Interest income(605)— *
Equity in net income of unconsolidated affiliates(1,406)(1,523)(8)%
Segment operating contribution2,011 1,538 31%
Other segment loss12 10 20%
Segment contribution$1,999 $1,528 31%
*Represents a percentage computation that is not mathematically meaningful.
Segment contribution was $2.0 million, an increase of $0.5 million primarily due to our interest income from our notes receivable investment in Founders offset by the decrease in our share of equity in income of Cash Converters.
29
Other Items
The following table reconciles our consolidated segment contribution discussed above to net income attributable to EZCORP, Inc., including items that affect our consolidated financial results but are not allocated among segments:
 
Three Months Ended June 30,
Percentage Change
(in thousands)20242023
Segment contribution$48,427 $43,541 11%
Corporate expenses (income):
General and administrative20,060 17,876 12%
Depreciation and amortization3,660 3,218 14%
Interest expense3,539 3,414 4%
Interest income(1,956)(2,327)(16)%
Equity in net loss of unconsolidated affiliates143 — *
Other (income) expense(19)50 138%
Income before income taxes23,000 21,310 8%
Income tax expense5,050 3,088 64%
Net income$17,950 $18,222 (1)%
*Represents a percentage computation that is not mathematically meaningful.
Segment contribution increased $4.9 million or 11% over the prior year quarter, primarily due to improved operating results of the U.S. Pawn and Latin America Pawn segments above.
General and administrative expense increased $2.2 million or 12%, primarily due to labor, incentive compensation and, to a lesser extent, costs related to the implementation and ongoing support of Workday.
Income tax expense increased $2.0 million primarily due to an increase in the effective tax rate this quarter compared to the prior year. In the prior year there was a benefit to the effective tax rate due to the reversal of contingent consideration liability in connection with a previously completed acquisition.
Income tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate. These items include the net effect of state taxes, non-deductible items and the foreign rate differential. See our Annual Report on Form 10-K for the year ended September 30, 2023, Note 11: Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data” for quantification of these items.
30
Nine Months Ended June 30, 2024 vs. Nine Months Ended June 30, 2023
The tables below and discussion that follows should be read in conjunction with the accompanying condensed consolidated financial statements and related notes.
U.S. Pawn
The following table presents selected summary financial data for the U.S. Pawn segment:
 
Nine Months Ended June 30,
Change
(in thousands)20242023
Gross profit:
Pawn service charges$236,499 $208,045 14%
Merchandise sales348,211 329,231 6%
Merchandise sales gross profit129,475 125,533 3%
Gross margin on merchandise sales37 %38 %(100)bps
Jewelry scrapping sales39,258 30,088 30%
Jewelry scrapping sales gross profit5,293 4,221 25%
Gross margin on jewelry scrapping sales13 %14 %(100)bps
Other revenues94 84 12%
Gross profit371,361 337,883 10%
Segment operating expenses:
Store expenses239,536 220,639 9%
Depreciation and amortization7,548 7,820 (3)%
(Gain) loss on sale or disposal of assets and other(6)84 107%
Segment operating contribution124,283 109,340 14%
Other segment income— (2)(100)%
Segment contribution$124,283 $109,342 14%
Other data:
Average monthly ending pawn loan balance per store (a)$352 $317 11%
Monthly average yield on pawn loans outstanding14 %14 %—bps
(a)Balance is calculated based upon the average of the monthly ending balances during the applicable period.
During the nine months ended June 30, 2024, net store count increased by 12 due to the acquisition of 12 stores, opening of one de novo store, and the consolidation of one store.
Pawn service charges increased 14% as a result of higher average PLO.
Merchandise sales increased 6%, and merchandise sale gross profit increased 3%, reflecting a 100bps decrease in gross margin.
Store expenses increased 9%, primarily due to increased labor in-line with store activity and to a lesser extent, expenses related to our loyalty program.
Segment contribution increased $14.9 million, or 14%, primarily due to the changes described above.
31
Latin America Pawn
The following table presents selected summary financial data our Latin America Pawn segment, including constant currency results, after translation to U.S. dollars from functional currencies. See “Results of Operations — Non-GAAP Constant Currency and Same-Store Financial Information” above.
 
Nine Months Ended June 30,
(in thousands)
2024 (GAAP)
2023 (GAAP)
Change (GAAP)
2024 (Constant Currency)
Change (Constant Currency)
Gross profit:
Pawn service charges$84,943 $71,397 19%$80,401 13%
Merchandise sales154,019 135,043 14%144,538 7%
Merchandise sales gross profit50,075 41,456 21%46,938 13%
Gross margin on merchandise sales33 %31 %200bps32 %100bps
Jewelry scrapping sales3,933 4,552 (14)%3,742 (18)%
Jewelry scrapping sales gross profit419 (394)206%385 (198)%
Gross margin on jewelry scrapping sales11 %(9)%*10 %*
Other revenues, net59 75 (21)%55 (27)%
Gross profit135,496 112,534 20%127,779 14%
Segment operating expenses:
Store expenses101,936 86,365 18%95,812 11%
Depreciation and amortization6,821 6,850 —%6,385 (7)%
Other income— (5,097)(100)%— (100)%
Gain on sale or disposal of assets and other(240)(56)329%(234)318%
Segment operating contribution 26,979 24,472 10%25,816 5%
Other segment income(1,629)(767)112%(1,653)116%
Segment contribution$28,608 $25,239 13%$27,469 9%
Other data:
Average monthly ending pawn loan balance per store (a)$83 $72 15%$79 10%
Monthly average yield on pawn loans outstanding16 %17 %(100)bps16 %(100)bps
*Represents a percentage computation that is not mathematically meaningful.
(a)Balance is calculated based upon the average of the monthly ending balances during the applicable period.
 2024 Change
(GAAP)
 2024 Change
(Constant Currency)
Same-Store data:
PLO 20%26%
PSC 17%11%
Merchandise Sales 11%4%
Merchandise Sales Gross Profit 19%11%
Store Expenses14%7%
During the nine months ended June 30, 2024, net store count increased by 15 due to the opening of twenty de novo stores and the consolidation of five stores.
PSC increased 19% to $84.9 million (13% to $80.4 million on a constant currency basis) as a result of higher average PLO.
Merchandise sales increased 14% (7% on a constant currency basis) and 11% on a same-store basis (4% on a constant currency basis). Merchandise sales gross margin increased 200 bps to 33% from 31%.
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Store expenses increased by 18% (11% on a constant currency basis) and 14% (7% on a constant currency basis) on a same-store basis, primarily due to increased labor, in line with store activity and to a lesser extent, rent.
Segment contribution increased $3.4 million, or 13% ($2.2 million, or 9%, on a constant currency basis), due to the changes noted above, in addition to the impact of the prior year reversal of contingent consideration liability in connection with a previously completed acquisition, which was recorded to “Other income.”
Other Investments
The following table presents selected financial data for our Other Investments segment after translation to U.S. dollars from its functional currency of primarily Australian dollars:
 
Nine Months Ended June 30,
Change
(in thousands)20242023
Gross profit:
Consumer loan fees, interest and other$35 $47 (26)%
Gross profit35 47 (26)%
Segment operating expenses:
Interest income(1,811)— *
Equity in net (income) loss of unconsolidated affiliates(4,278)29,394 115%
Segment operating contribution (loss)6,124 (29,347)121%
Other segment loss27 20 35%
Segment contribution (loss)$6,097 $(29,367)121%

*Represents a percentage computation that is not mathematically meaningful.

Segment income was $6.1 million, an increase of $35.5 million from the prior-year nine months ended June 30, 2023, primarily due to our share of the prior year net loss from Cash Converters related to their non-cash goodwill impairment charge.
Other Items
The following table reconciles our consolidated segment contribution discussed above to net income attributable to EZCORP, Inc., including items that affect our consolidated financial results but are not allocated among segments:
 
Nine Months Ended June 30,
Percentage Change
(in thousands)20242023
Segment contribution$158,988 $105,214 51%
Corporate expenses (income):
General and administrative54,869 48,964 12%
Depreciation and amortization10,573 9,307 14%
Gain on sale or disposal of assets97 — *
Other income(765)— *
Interest expense10,381 12,994 (20)%
Interest income(5,243)(4,421)19%
Equity in net loss of unconsolidated affiliates143 — *
Other income(423)(138)207%
Income before income taxes89,356 38,508 132%
Income tax expense21,457 10,298 108%
Net income $67,899 $28,210 141%
*Represents a percentage computation that is not mathematically meaningful.


Segment contribution increased $53.8 million or 51% over the prior year nine months ended June 30, 2023, primarily due to our share of the net loss from Cash Converters related to their non-cash goodwill impairment charge during the prior year and the improved operating results of the segments above.
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General and administrative expenses increased $5.9 million or 12%, primarily due to labor, incentive compensation and, to a lesser extent, costs related to the implementation and ongoing support of Workday.
Interest expense decreased $2.6 million, primarily due to the loss on extinguishment of debt in the prior year. In December 2022, the Company repurchased approximately $109.4 million aggregate principal amount of 2.875% Convertible Senior Notes Due 2024 for approximately $117.5 million plus accrued interest and approximately $69.1 million aggregate principal amount of 2.375% Convertible Senior Notes Due 2025 for approximately $62.9 million plus accrued interest and recorded a $3.5 million loss on extinguishment of debt.
Interest income increased $0.8 million, due primarily to our treasury management with increased market interest rates.
Income tax expense increased $11.2 million, primarily due to an increase in income before income taxes of $50.8 million for the nine months ended June 30, 2024 compared to the same prior year nine month period due to our share of the net loss from Cash Converters in the prior year quarter, the non-deductible loss on the convertible debt refinancing during the first quarter of 2023, and an increase in the effective tax rate this quarter compared to the prior year. In the prior year there was a benefit to the effective tax rate due to the reversal of contingent consideration liability in connection with a previously completed acquisition.
Income tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate. These items include the net effect of state taxes, non-deductible items and the foreign rate differential. See Annual Report on Form 10-K for the year ended September 30, 2023, Note 11: Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data” for quantification of these items.
Liquidity and Capital Resources
Cash and Cash Equivalents
Our cash and equivalents balance was $218.0 million at June 30, 2024 compared to $220.6 million at September 30, 2023. At June 30, 2024, our cash and equivalents were held in cash depository accounts with major banks or invested in high quality, short-term liquid investments.
Cash Flows
The table and discussion below presents a summary of the selected sources and uses of our cash:
 
Nine Months Ended
June 30,
Percentage
Change
(in thousands)20242023
Net cash provided by operating activities$70,264 $74,309 (5)%
Net cash used in investing activities(59,234)(70,547)(16)%
Net cash (used in) provided by financing activities (12,648)26,972 (147)%
Effect of exchange rate changes on cash, cash equivalents and restricted cash(108)1,420 (108)%
Net (decrease) increase in cash, cash equivalents and restricted cash$(1,726)$32,154 (105)%


The decrease in cash flows provided by operating activities year-over-year was primarily due to changes in working capital primarily related to the timing of payments of accounts payable and income taxes, offset by an increase in net income (when considering adjustments for non-cash items affecting net income).
The $11.3 million decrease in cash flows used in investing activities year-over-year was primarily due to a $29.6 million decrease in cash flows used to fund acquisitions, strategic investments and capital expenditures and a $21.2 million increase in cash inflows from the sale of forfeited collateral, offset by an increase of $43.0 million in net pawn lending outflows.
The $39.6 million decrease in cash flows provided by financing activities was primarily related to the December 2022 financing of the 2029 Convertible Notes, in which we issued $230.0 million principal amount of 3.750% Convertible Senior Notes Due 2029 offset by the extinguishment of approximately $109.4 million aggregate principal amount of our 2024 Convertible Notes for approximately $117.5 million plus accrued interest and approximately $69.1 million aggregate principal amount of our 2025 Convertible Notes for approximately $62.9 million plus accrued interest. In addition, we used approximately $5.0 million of the net proceeds from the 2029 Convertible Notes offering to repurchase 578,703 shares of our Class A common stock from purchasers of the notes in privately negotiated transactions.
The net effect of these changes was an $1.7 million decrease in cash on hand during the current year to date period, resulting in a $227.2 million ending cash and restricted cash balance.
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Sources and Uses of Cash
In December 2022, we issued $230.0 million aggregate principal amount of 2029 Convertible Notes. In conjunction with the issuance of the 2029 Convertible Notes, we extinguished approximately $109.4 million aggregate principal amount of our 2024 Convertible Notes for approximately $117.5 million plus accrued interest and approximately $69.1 million aggregate principal amount of our 2025 Convertible Notes for approximately $62.9 million plus accrued interest. In addition, we used approximately $5.0 million of the net proceeds from the 2029 Convertible Notes offering to repurchase 578,703 shares of our Class A common stock from purchasers of the notes in privately negotiated transactions. See Note 7 of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.” The shares repurchased in conjunction with the transactions discussed above were authorized separately from, and not considered part of, the publicly announced share repurchase program referred to below.
On May 3, 2022, our Board authorized the repurchase of up to $50 million of our Class A Common Stock over three years. As of June 30, 2024, we have repurchased 2,572,794 shares of our Class A Common Stock under the program for $23.0 million. Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities.
Under the stock repurchase program, we may purchase Class A Non-Voting common stock from time to time at management’s discretion in accordance with applicable securities laws, including through open market transactions, block or privately negotiated transactions, or any combination thereof. In addition, we may purchase shares pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934.
The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The Board of Directors has reserved the right to modify, suspend or terminate the program at any time. See Note 8 of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.”
On July 1, 2024, the 2024 Convertible Notes matured and the remaining $34.4 million aggregate principal amount outstanding plus accrued interest was repaid using cash on hand.
We anticipate that cash flows from operations and cash on hand will be adequate to fund ongoing operations, current debt service requirements, tax payments, any future stock repurchases, strategic investments, our contractual obligations, planned de novo store growth, capital expenditures and working capital requirements through the next twelve months. We continue to explore acquisition opportunities, both large and small, and may choose to pursue additional debt, equity or equity-linked financings in the future should the need arise. Depending on the level of acquisition activity and other factors, our ability to repay our longer-term debt obligations, including the convertible debt maturing in 2025 and 2029, may require us to refinance these obligations through the issuance of new debt securities, equity securities, convertible securities or through new credit facilities.
Contractual Obligations
In “Part II, Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended September 30, 2023, we reported that we had $736.6 million in total contractual obligations as of September 30, 2023. There have been no material changes to this total obligation since September 30, 2023.
We are responsible for the maintenance, property taxes and insurance at most of our locations. In the fiscal year ended September 30, 2023, these collectively amounted to $16.3 million.
Recently Adopted Accounting Policies and Recently Issued Accounting Pronouncements
See Note 1 of the Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements” of this Quarterly Report for recently issued accounting pronouncements including the expected dates of adoption and estimated effects, if any, on our consolidated financial statements.
35
Cautionary Statement Regarding Risks and Uncertainties that May Affect Future Results
This Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend that all forward-looking statements be subject to the safe harbors created by these laws. All statements, other than statements of historical facts, regarding our strategy, future operations, financial position, future revenues, projected costs, prospects, plans and objectives are forward-looking statements. These statements are often, but not always, made with words or phrases like “may,” “should,” “could,” “will,” “predict,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “projection” and similar expressions. Such statements are only predictions of the outcome and timing of future events based on our current expectations and currently available information and, accordingly, are subject to substantial risks, uncertainties and assumptions. Actual results could differ materially from those expressed in the forward-looking statements due to a number of risks and uncertainties, many of which are beyond our control. In addition, we cannot predict all of the risks and uncertainties that could cause our actual results to differ from those expressed in the forward-looking statements. Accordingly, you should not regard any forward-looking statements as a representation that the expected results will be achieved. Important risk factors that could cause results or events to differ from current expectations are identified and described in “Part I, Item 1A — Risk Factors” of our Annual Report on Form 10-K for the year ended September 30, 2023 and “Part II, Item 1A — Risk Factors” of this Report.
We specifically disclaim any responsibility to publicly update any information contained in a forward-looking statement except as required by law. All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risks relating to our operations result primarily from changes in interest rates, gold values and foreign currency exchange rates, and are described in detail in “Part II, Item 7A — Quantitative and Qualitative Disclosures about Market Risk” of our Annual Report on Form 10-K for the year ended September 30, 2023. There have been no material changes in our reported market risks or risk management policies since the filing of our Annual Report on Form 10-K for the year ended September 30, 2023.
ITEM 4. CONTROLS AND PROCEDURES
This report includes the certifications of our Chief Executive Officer and Chief Financial Officer required by Rule 13a-14 of the Securities Exchange Act of 1934 (the “Exchange Act”). See Exhibits 31.1 and 31.2. This Item 4 includes information concerning the controls and control evaluations referred to in those certifications.
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are designed to ensure that information required to be disclosed in the reports we file or submit under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.
Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2024. Our principal executive officer and principal financial officer have concluded that as of June 30, 2024, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms and that such information is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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Inherent Limitations on Internal Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls or our internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with associated policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
See Note 9: Contingencies of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.”
ITEM 1A. RISK FACTORS
Important risk factors that could affect our operations and financial performance, or that could cause results or events to differ from current expectations, are described in “Part I, Item 1A — Risk Factors” of our Annual Report on Form 10-K for the year ended September 30, 2023, as supplemented by the information set forth below.

Illinois recently passed the Pawnbroker Regulation Act of 2023, which went into effect on March 22, 2024.
The new law clarifies that pawn transactions are exempt from the Illinois Predatory Loan Prevention Act. It also reduces the monthly finance charge on certain pawn transactions, which is not expected to have a material adverse impact on our business in Illinois (20 stores) or the Company as a whole.
ITEM 2. Unregistered Sale of Equity Security and Use of Proceeds
The table below provides certain information about our repurchase of shares of Class A Non-voting Common Stock during the quarter ended June 30, 2024.

Share Repurchases
Total Number of Shares Purchased (1)
Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Programs
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Programs (1)
(in thousands, except number of shares and average price information)
April 1, 2024 through April 30, 202490,451 $11.04 90,451 $29,010 
May 1, 2024 through May 31, 202471,500 $10.18 71,500 $28,282 
June 1, 2024 through June 30, 2024123,441 $10.27 123,441 $27,013 
Quarter ended June 30, 2024285,392 $10.49 285,392$27,013 
(1)On May 3, 2022, the Board of Directors approved a share repurchase program, under which we are authorized to repurchase up to $50 million of our Class A Non-Voting common shares over a three-year period. All repurchases under this program were in open market transactions at prevailing market prices and were executed pursuant to a trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934. Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities.
ITEM 5. Other Information
Insider Trading Arrangements
On May 23, 2024, Keith Robertson, Chief Information Officer, entered into a prearranged trading plan to sell up to 89,830 shares of the Company’s Class A Non-Voting Common Stock between September 1, 2024 and December 31, 2024 pursuant to the terms of the plan. The plan is designed to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act and comply with the Company’s policies regarding stock transactions.
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Other than as described above, no Director or Executive Officer adopted, modified or terminated any contract, instruction, written plan or other trading arrangement relating to the purchase or sale of Company securities during the fiscal quarter ended June 30, 2024.
ITEM 6. EXHIBITS
The following exhibits are filed with, or incorporated by reference into, this report.
Incorporated by ReferenceFiled Herewith
ExhibitDescription of ExhibitFormFile No.ExhibitFiling Date
31.1x
31.2x
32.1†x
101.INSInline XBRL Instance Document (the instance document does not appear in the interactive data files because the XBRL tags are embedded within the Inline XBRL document)
101.SCHInline XBRL Taxonomy Extension Schema Documentx
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Documentx
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Documentx
101.LABInline XBRL Taxonomy Extension Labels Linkbase Documentx
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Documentx
104Cover Page Interactive Data File in Inline XBRL format (contained in Exhibit 101)
_____________________________
†The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.
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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 thereunto duly authorized.
EZCORP, INC.
Date:July 31, 2024/s/ Timothy K. Jugmans
Timothy K. Jugmans,
Chief Financial Officer
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