EZCORP, Inc. (NASDAQ: EZPW) today announced results for its fourth quarter and fiscal year ended September 30, 2019 and the authorization of a share repurchase program.
All amounts in this release are from EZCORP continuing operations and in conformity with U.S. generally accepted accounting principles ("GAAP") unless otherwise noted. Comparisons shown in this release are to the same period in the prior year unless otherwise noted.
HIGHLIGHTS
CEO COMMENTARY AND OUTLOOK
Chief Executive Officer Stuart Grimshaw commented, "We saw a continued expansion of our store count, grew total revenues, grew PLO to a record fiscal year-end balance of $199 million ($201 million on a constant currency basis) and increased free cash flow in both the fourth quarter and the full fiscal year. We achieved these results despite fourth quarter headwinds, including newly introduced social welfare programs in Mexico reducing customers’ current need for pawn loans, technology system issues resolved by mid-July, and other investments and non-recurring costs. There have been several key developments since the June quarter.
“First, the Board of Directors approved a three-year share repurchase authorization for up to $60 million that enables us to return capital to shareholders and buy back publicly traded Class A shares at what we believe to be attractive valuations. Second, we completed the rollout of our new point-of-sale system to all stores in the U.S. and Mexico in October, which will further optimize lending decisions, with related improvements over time in yields, pawn service charges, merchandise sales gross profits and margins. Third, we recently implemented several initiatives, including re-aligning field management to increase senior management’s interaction at store level, consolidation of certain administrative functions and other expense control measures to increasingly leverage our scale, driving an increase in the return on earning assets through improved productivity and operating efficiencies. Some of these initiatives will involve incremental expense in the short-term to drive greater sustainable efficiencies. Fourth, our differentiated digital engagement strategy designed to broaden customer acquisition and service levels, enhance retention and drive revenue enhancements remains on track for initial introduction during the first quarter of fiscal 2020 under the name Lana. The introduction will be in Texas and Florida, our two largest markets in the U.S., with incremental expansion planned throughout fiscal 2020. Finally, strong free cash flow and the strength of our balance sheet, with $162 million cash and no substantial debt due until 2024, provides us with the financial flexibility to continue to fund new store openings, capitalize on M&A opportunities as they arise, and invest in the business to drive sustainable growth. As part of that investment, we plan to accelerate new store openings in Latin America in fiscal 2020 to approximately 40 new stores, up from 22 new stores in fiscal 2019. While this will create some short-term earnings drag, new stores in Latin America represent one of our best opportunities for long-term returns on invested capital.”
SHARE REPURCHASE PROGRAM
The Board of Directors has authorized a stock repurchase program that will allow the Company to repurchase up to $60 million of our Class A Non-Voting common shares over the next three years. This decision reflects the strength of our balance sheet, the Board’s confidence in our continued ability to generate significant cash flows and our commitment to driving long-term shareholder value through efficient capital deployment. 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, the Company 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, the Company 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.
CONSOLIDATED RESULTS
Three Months Ended September 30
|
|||||||||||||||
|
As Reported |
|
Adjusted1 |
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Total Revenues |
$ |
214,339 |
|
|
$ |
205,976 |
|
|
$ |
215,391 |
|
|
$ |
205,976 |
|
Net Revenues |
$ |
120,856 |
|
|
$ |
124,463 |
|
|
$ |
121,677 |
|
|
$ |
124,463 |
|
Income from Continuing Operations, Before Tax |
$ |
437 |
|
|
$ |
2,872 |
|
|
$ |
13,012 |
|
|
$ |
18,469 |
|
Net Income from Continuing Operations |
$ |
(592 |
) |
|
$ |
(807 |
) |
|
$ |
10,437 |
|
|
$ |
12,899 |
|
Diluted Earnings Per Share from Continuing Operations |
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.19 |
|
|
$ |
0.22 |
|
Adjusted EBITDA1 |
$ |
12,096 |
|
|
$ |
14,677 |
|
|
$ |
22,293 |
|
|
$ |
26,734 |
|
SEGMENT RESULTS
U.S. Pawn
Latin America Pawn
FORM 10-K
EZCORP’s Annual Report on Form 10-K for fiscal 2019 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.
CONFERENCE CALL
EZCORP will host a conference call on Thursday, December 5, 2019, at 4:00pm Central Time to discuss fourth quarter and fiscal year-end results. Analysts and institutional investors may participate on the conference call by dialing (877) 201-0168, Conference ID: 3248107, or internationally by dialing (647) 788-4901. The conference call will be webcast simultaneously to the public through this link: http://investors.ezcorp.com/. A replay of the conference call will be available online at http://investors.ezcorp.com/ shortly after the end of the call.
ABOUT EZCORP
Formed in 1989, EZCORP has grown into a leading provider of pawn loans in the United States and Latin America. It also sells merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the Russell 2000 Index, S&P SmallCap 600 Index, S&P 1000 Index and Nasdaq Composite Index.
FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements regarding the company’s strategy, initiatives and expected performance. These statements are based on the company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the company's strategy, initiatives and future performance, that address activities or results that the company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors or current or future litigation. For a discussion of these and other factors affecting the company’s business and prospects, see the company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
1”Adjusted” basis, which is a non-GAAP measure, excludes certain items. “Constant currency” basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. “Free cash flow,” which is a non-GAAP measure, includes certain adjustments to cash flow from operating activities.
For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.
EZCORP, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
Three Months Ended September 30, |
|
Fiscal Year Ended September 30, |
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(Unaudited) |
|
|
|
|
||||||||||
|
(in thousands, except per share amounts) |
||||||||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Merchandise sales |
$ |
107,191 |
|
|
$ |
105,102 |
|
|
$ |
453,375 |
|
|
$ |
438,372 |
|
Jewelry scrapping sales |
22,572 |
|
|
16,586 |
|
|
60,445 |
|
|
60,752 |
|
||||
Pawn service charges |
83,066 |
|
|
81,980 |
|
|
327,366 |
|
|
304,577 |
|
||||
Other revenues |
1,510 |
|
|
2,308 |
|
|
6,043 |
|
|
8,455 |
|
||||
Total revenues |
214,339 |
|
|
205,976 |
|
|
847,229 |
|
|
812,156 |
|
||||
Merchandise cost of goods sold |
72,325 |
|
|
66,335 |
|
|
297,508 |
|
|
276,618 |
|
||||
Jewelry scrapping cost of goods sold |
20,287 |
|
|
14,754 |
|
|
52,935 |
|
|
52,290 |
|
||||
Other cost of revenues |
871 |
|
|
424 |
|
|
2,338 |
|
|
1,697 |
|
||||
Net revenues |
120,856 |
|
|
124,463 |
|
|
494,448 |
|
|
481,551 |
|
||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Operations |
88,822 |
|
|
86,083 |
|
|
350,578 |
|
|
334,841 |
|
||||
Administrative |
16,870 |
|
|
13,951 |
|
|
63,665 |
|
|
53,639 |
|
||||
Depreciation and amortization |
7,683 |
|
|
7,186 |
|
|
28,797 |
|
|
25,484 |
|
||||
Loss on sale or disposal of assets and other |
756 |
|
|
10 |
|
|
4,399 |
|
|
463 |
|
||||
Total operating expenses |
114,131 |
|
|
107,230 |
|
|
447,439 |
|
|
414,427 |
|
||||
Operating income |
6,725 |
|
|
17,233 |
|
|
47,009 |
|
|
67,124 |
|
||||
Interest expense |
5,425 |
|
|
8,764 |
|
|
32,637 |
|
|
27,834 |
|
||||
Interest income |
(1,449 |
) |
|
(4,145 |
) |
|
(11,086 |
) |
|
(17,041 |
) |
||||
Equity in net loss (income) of unconsolidated affiliates |
767 |
|
|
(2,052 |
) |
|
135 |
|
|
(5,529 |
) |
||||
Impairment of investment in unconsolidated affiliates |
— |
|
|
11,712 |
|
|
19,725 |
|
|
11,712 |
|
||||
Other expense (income) |
1,545 |
|
|
82 |
|
|
1,424 |
|
|
(5,391 |
) |
||||
Income from continuing operations before income taxes |
437 |
|
|
2,872 |
|
|
4,174 |
|
|
55,539 |
|
||||
Income tax expense |
1,029 |
|
|
3,679 |
|
|
2,406 |
|
|
18,389 |
|
||||
(Loss) income from continuing operations, net of tax |
(592 |
) |
|
(807 |
) |
|
1,768 |
|
|
37,150 |
|
||||
Loss from discontinued operations, net of tax |
(53 |
) |
|
(225 |
) |
|
(457 |
) |
|
(856 |
) |
||||
Net (loss) income |
(645 |
) |
|
(1,032 |
) |
|
1,311 |
|
|
36,294 |
|
||||
Net (loss) income attributable to noncontrolling interest |
— |
|
|
360 |
|
|
(1,230 |
) |
|
(988 |
) |
||||
Net (loss) income attributable to EZCORP, Inc. |
$ |
(645 |
) |
|
$ |
(1,392 |
) |
|
$ |
2,541 |
|
|
$ |
37,282 |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share attributable to EZCORP, Inc. — continuing operations |
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.05 |
|
|
$ |
0.70 |
|
Diluted earnings per share attributable to EZCORP, Inc. — continuing operations |
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.05 |
|
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average basic shares outstanding |
55,446 |
|
|
54,466 |
|
|
55,341 |
|
|
54,456 |
|
||||
Weighted-average diluted shares outstanding |
55,446 |
|
|
54,466 |
|
|
55,984 |
|
|
57,896 |
|
EZCORP, Inc. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) |
|||||||
|
September 30, |
||||||
|
2019 |
|
2018 |
||||
|
|
|
|
||||
Assets: |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
157,567 |
|
|
$ |
285,311 |
|
Pawn loans |
199,058 |
|
|
198,463 |
|
||
Pawn service charges receivable, net |
31,802 |
|
|
30,959 |
|
||
Inventory, net |
179,355 |
|
|
166,997 |
|
||
Notes receivable, net |
7,182 |
|
|
34,199 |
|
||
Prepaid expenses and other current assets |
30,796 |
|
|
33,456 |
|
||
Total current assets |
605,760 |
|
|
749,385 |
|
||
Investments in unconsolidated affiliates |
34,516 |
|
|
49,500 |
|
||
Property and equipment, net |
67,357 |
|
|
73,649 |
|
||
Goodwill |
300,527 |
|
|
299,248 |
|
||
Intangible assets, net |
68,044 |
|
|
54,923 |
|
||
Notes receivable, net |
1,117 |
|
|
3,226 |
|
||
Deferred tax asset, net |
1,998 |
|
|
7,986 |
|
||
Other assets |
4,383 |
|
|
3,863 |
|
||
Total assets |
$ |
1,083,702 |
|
|
$ |
1,241,780 |
|
|
|
|
|
||||
Liabilities and equity: |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current maturities of long-term debt, net |
$ |
214 |
|
|
$ |
190,181 |
|
Accounts payable, accrued expenses and other current liabilities |
77,957 |
|
|
57,958 |
|
||
Customer layaway deposits |
12,915 |
|
|
11,824 |
|
||
Total current liabilities |
91,086 |
|
|
259,963 |
|
||
Long-term debt, net |
238,380 |
|
|
226,702 |
|
||
Deferred tax liability, net |
1,985 |
|
|
8,817 |
|
||
Other long-term liabilities |
7,302 |
|
|
6,890 |
|
||
Total liabilities |
338,753 |
|
|
502,372 |
|
||
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Class A Non-Voting Common Stock, par value $.01 per share; shares authorized: 100 million; issued and outstanding:
|
526 |
|
|
516 |
|
||
Class B Voting Common Stock, convertible, par value $.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 |
30 |
|
|
30 |
|
||
Additional paid-in capital |
407,628 |
|
|
397,927 |
|
||
Retained earnings |
389,163 |
|
|
386,622 |
|
||
Accumulated other comprehensive loss |
(52,398 |
) |
|
(42,356 |
) |
||
EZCORP, Inc. stockholders’ equity |
744,949 |
|
|
742,739 |
|
||
Noncontrolling interest |
— |
|
|
(3,331 |
) |
||
Total equity |
744,949 |
|
|
739,408 |
|
||
Total liabilities and equity |
$ |
1,083,702 |
|
|
$ |
1,241,780 |
|
EZCORP, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
|
Fiscal Year Ended September 30, |
||||||||||
|
2019 |
|
2018 |
|
2017 |
||||||
|
|
|
|
|
|
||||||
|
(in thousands) |
||||||||||
Operating activities: |
|
|
|
|
|
||||||
Net income |
$ |
1,311 |
|
|
$ |
36,294 |
|
|
$ |
29,760 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
||||||
Depreciation and amortization |
28,797 |
|
|
25,484 |
|
|
23,661 |
|
|||
Amortization of debt discount and deferred financing costs |
19,759 |
|
|
17,595 |
|
|
12,303 |
|
|||
Accretion of notes receivable discount and deferred compensation fee |
(4,524 |
) |
|
(9,150 |
) |
|
(3,788 |
) |
|||
Deferred income taxes |
1,616 |
|
|
7,916 |
|
|
6,096 |
|
|||
Other adjustments |
5,776 |
|
|
2,607 |
|
|
4,566 |
|
|||
Reserve on jewelry scrap receivable |
3,646 |
|
|
— |
|
|
— |
|
|||
Stock compensation expense |
9,751 |
|
|
10,784 |
|
|
5,866 |
|
|||
Loss (income) from investments in unconsolidated affiliates |
135 |
|
|
(5,529 |
) |
|
(4,916 |
) |
|||
Impairment of investment in unconsolidated affiliates |
19,725 |
|
|
11,712 |
|
|
— |
|
|||
Changes in operating assets and liabilities, net of business acquisitions: |
|
|
|
|
|
||||||
Service charges and fees receivable |
(732 |
) |
|
(1,788 |
) |
|
(285 |
) |
|||
Inventory |
(493 |
) |
|
(1,074 |
) |
|
721 |
|
|||
Prepaid expenses, other current assets and other assets |
5,732 |
|
|
477 |
|
|
4,225 |
|
|||
Accounts payable, accrued expenses and other liabilities |
22,246 |
|
|
(3,271 |
) |
|
(30,894 |
) |
|||
Customer layaway deposits |
1,176 |
|
|
709 |
|
|
241 |
|
|||
Income taxes, net of excess tax benefit from stock compensation |
(10,404 |
) |
|
(3,785 |
) |
|
3,110 |
|
|||
Net cash provided by operating activities |
103,517 |
|
|
88,981 |
|
|
50,666 |
|
|||
Investing activities: |
|
|
|
|
|
||||||
Loans made |
(737,585 |
) |
|
(707,220 |
) |
|
(646,625 |
) |
|||
Loans repaid |
434,142 |
|
|
421,331 |
|
|
386,383 |
|
|||
Recovery of pawn loan principal through sale of forfeited collateral |
288,502 |
|
|
266,962 |
|
|
244,632 |
|
|||
Capital expenditures, net |
(38,839 |
) |
|
(40,474 |
) |
|
(25,001 |
) |
|||
Acquisitions, net of cash acquired |
(8,116 |
) |
|
(93,165 |
) |
|
(2,250 |
) |
|||
Investment in unconsolidated affiliate |
— |
|
|
(14,036 |
) |
|
— |
|
|||
Principal collections on notes receivable |
34,067 |
|
|
32,396 |
|
|
29,458 |
|
|||
Net cash used in investing activities |
(27,829 |
) |
|
(134,206 |
) |
|
(13,403 |
) |
|||
Financing activities: |
|
|
|
|
|
||||||
Taxes paid related to net share settlement of equity awards |
(3,288 |
) |
|
(311 |
) |
|
(767 |
) |
|||
Proceeds from borrowings, net of issuance costs |
1,064 |
|
|
171,409 |
|
|
139,506 |
|
|||
Payments on borrowings |
(196,093 |
) |
|
(3,510 |
) |
|
(85,388 |
) |
|||
Net cash (used in) provided by financing activities |
(198,317 |
) |
|
167,588 |
|
|
53,351 |
|
|||
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
(507 |
) |
|
(654 |
) |
|
724 |
|
|||
Net (decrease) increase in cash and cash equivalents and restricted cash |
(123,136 |
) |
|
121,709 |
|
|
91,338 |
|
|||
Cash and cash equivalents and restricted cash at beginning of period |
285,578 |
|
|
163,869 |
|
|
72,531 |
|
|||
Cash and cash equivalents and restricted cash at end of period |
$ |
162,442 |
|
|
$ |
285,578 |
|
|
$ |
163,869 |
|
|
|
|
|
|
|
||||||
Cash paid during the period for: |
|
|
|
|
|
||||||
Interest |
$ |
12,900 |
|
|
$ |
8,412 |
|
|
$ |
9,068 |
|
Income taxes, net |
11,132 |
|
|
13,676 |
|
|
8,866 |
|
|||
|
|
|
|
|
|
||||||
Non-cash investing and financing activities: |
|
|
|
|
|
||||||
Pawn loans forfeited and transferred to inventory |
$ |
301,357 |
|
|
$ |
274,590 |
|
|
$ |
257,388 |
|
Dividend reinvestment acquisition of additional ownership in unconsolidated affiliate |
— |
— |
1,153 |
EZCORP, Inc.
|
|||||||||||||||||||||||
|
Three Months Ended September 30, 2019 |
||||||||||||||||||||||
|
U.S. Pawn |
|
Latin America
|
|
Other International |
|
Total Segments |
|
Corporate Items |
|
Consolidated |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
(in thousands) |
||||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchandise sales |
$ |
80,357 |
|
|
$ |
26,832 |
|
|
$ |
— |
|
|
$ |
107,189 |
|
|
$ |
— |
|
|
$ |
107,189 |
|
Jewelry scrapping sales |
17,458 |
|
|
5,114 |
|
|
— |
|
|
22,572 |
|
|
— |
|
|
22,572 |
|
||||||
Pawn service charges |
63,711 |
|
|
19,357 |
|
|
— |
|
|
83,068 |
|
|
— |
|
|
83,068 |
|
||||||
Other revenues |
108 |
|
|
45 |
|
|
1,357 |
|
|
1,510 |
|
|
— |
|
|
1,510 |
|
||||||
Total revenues |
161,634 |
|
|
51,348 |
|
|
1,357 |
|
|
214,339 |
|
|
— |
|
|
214,339 |
|
||||||
Merchandise cost of goods sold |
52,205 |
|
|
20,120 |
|
|
— |
|
|
72,325 |
|
|
— |
|
|
72,325 |
|
||||||
Jewelry scrapping cost of goods sold |
15,638 |
|
|
4,649 |
|
|
— |
|
|
20,287 |
|
|
— |
|
|
20,287 |
|
||||||
Other cost of revenues |
— |
|
|
— |
|
|
871 |
|
|
871 |
|
|
— |
|
|
871 |
|
||||||
Net revenues |
93,791 |
|
|
26,579 |
|
|
486 |
|
|
120,856 |
|
|
— |
|
|
120,856 |
|
||||||
Operating expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operations |
68,119 |
|
|
19,496 |
|
|
1,207 |
|
|
88,822 |
|
|
— |
|
|
88,822 |
|
||||||
Administrative |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
16,870 |
|
|
16,870 |
|
||||||
Depreciation and amortization |
2,928 |
|
|
1,724 |
|
|
29 |
|
|
4,681 |
|
|
3,002 |
|
|
7,683 |
|
||||||
Loss on sale or disposal of assets and other |
546 |
|
|
(52 |
) |
|
260 |
|
|
754 |
|
|
2 |
|
|
756 |
|
||||||
Interest expense |
— |
|
|
39 |
|
|
211 |
|
|
250 |
|
|
5,175 |
|
|
5,425 |
|
||||||
Interest income |
— |
|
|
(375 |
) |
|
— |
|
|
(375 |
) |
|
(1,074 |
) |
|
(1,449 |
) |
||||||
Equity in net loss of unconsolidated affiliates |
— |
|
|
— |
|
|
767 |
|
|
767 |
|
|
— |
|
|
767 |
|
||||||
Other expense (income) |
— |
|
|
(30 |
) |
|
1,605 |
|
|
1,575 |
|
|
(30 |
) |
|
1,545 |
|
||||||
Segment contribution (loss) |
$ |
22,198 |
|
|
$ |
5,777 |
|
|
$ |
(3,593 |
) |
|
$ |
24,382 |
|
|
|
|
|
||||
Income from continuing operations before income taxes |
|
|
|
|
|
|
$ |
24,382 |
|
|
$ |
(23,945 |
) |
|
$ |
437 |
|
|
Three Months Ended September 30, 2018 |
||||||||||||||||||||||
|
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Total Segments |
|
Corporate Items |
|
Consolidated |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
(in thousands) |
||||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchandise sales |
$ |
80,554 |
|
|
$ |
24,548 |
|
|
$ |
— |
|
|
$ |
105,102 |
|
|
$ |
— |
|
|
$ |
105,102 |
|
Jewelry scrapping sales |
13,230 |
|
|
3,356 |
|
|
— |
|
|
16,586 |
|
|
— |
|
|
16,586 |
|
||||||
Pawn service charges |
62,906 |
|
|
19,074 |
|
|
— |
|
|
81,980 |
|
|
— |
|
|
81,980 |
|
||||||
Other revenues |
45 |
|
|
(503 |
) |
|
2,766 |
|
|
2,308 |
|
|
— |
|
|
2,308 |
|
||||||
Total revenues |
156,735 |
|
|
46,475 |
|
|
2,766 |
|
|
205,976 |
|
|
— |
|
|
205,976 |
|
||||||
Merchandise cost of goods sold |
49,443 |
|
|
16,892 |
|
|
— |
|
|
66,335 |
|
|
— |
|
|
66,335 |
|
||||||
Jewelry scrapping cost of goods sold |
11,734 |
|
|
3,020 |
|
|
— |
|
|
14,754 |
|
|
— |
|
|
14,754 |
|
||||||
Other cost of revenues |
— |
|
|
— |
|
|
424 |
|
|
424 |
|
|
— |
|
|
424 |
|
||||||
Net revenues |
95,558 |
|
|
26,563 |
|
|
2,342 |
|
|
124,463 |
|
|
— |
|
|
124,463 |
|
||||||
Operating expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operations |
66,460 |
|
|
16,709 |
|
|
2,914 |
|
|
86,083 |
|
|
— |
|
|
86,083 |
|
||||||
Administrative |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13,951 |
|
|
13,951 |
|
||||||
Depreciation and amortization |
3,529 |
|
|
1,356 |
|
|
42 |
|
|
4,927 |
|
|
2,259 |
|
|
7,186 |
|
||||||
Loss on sale or disposal of assets |
6 |
|
|
(4 |
) |
|
— |
|
|
2 |
|
|
8 |
|
|
10 |
|
||||||
Interest expense |
71 |
|
|
19 |
|
|
— |
|
|
90 |
|
|
8,674 |
|
|
8,764 |
|
||||||
Interest income |
— |
|
|
(547 |
) |
|
— |
|
|
(547 |
) |
|
(3,598 |
) |
|
(4,145 |
) |
||||||
Equity in net income of unconsolidated affiliates |
— |
|
|
— |
|
|
(2,052 |
) |
|
(2,052 |
) |
|
— |
|
|
(2,052 |
) |
||||||
Impairment of investment in unconsolidated affiliates |
— |
|
|
— |
|
|
11,712 |
|
|
11,712 |
|
|
— |
|
|
11,712 |
|
||||||
Other expense (income) |
— |
|
|
(53 |
) |
|
(14 |
) |
|
(67 |
) |
|
149 |
|
|
82 |
|
||||||
Segment contribution (loss) |
$ |
25,492 |
|
|
$ |
9,083 |
|
|
$ |
(10,260 |
) |
|
$ |
24,315 |
|
|
|
|
|
||||
Income from continuing operations before income taxes |
|
|
|
|
|
|
$ |
24,315 |
|
|
$ |
(21,443 |
) |
|
$ |
2,872 |
|
|
Fiscal Year Ended September 30, 2019 |
||||||||||||||||||||||
|
U.S. Pawn |
|
Latin America
|
|
Other International |
|
Total Segments |
|
Corporate Items |
|
Consolidated |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
(in thousands) |
||||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchandise sales |
$ |
355,996 |
|
|
$ |
97,379 |
|
|
$ |
— |
|
|
$ |
453,375 |
|
|
$ |
— |
|
|
$ |
453,375 |
|
Jewelry scrapping sales |
45,815 |
|
|
14,630 |
|
|
— |
|
|
60,445 |
|
|
— |
|
|
60,445 |
|
||||||
Pawn service charges |
248,369 |
|
|
78,997 |
|
|
— |
|
|
327,366 |
|
|
— |
|
|
327,366 |
|
||||||
Other revenues |
233 |
|
|
179 |
|
|
5,631 |
|
|
6,043 |
|
|
— |
|
|
6,043 |
|
||||||
Total revenues |
650,413 |
|
|
191,185 |
|
|
5,631 |
|
|
847,229 |
|
|
— |
|
|
847,229 |
|
||||||
Merchandise cost of goods sold |
225,136 |
|
|
72,372 |
|
|
— |
|
|
297,508 |
|
|
— |
|
|
297,508 |
|
||||||
Jewelry scrapping cost of goods sold |
39,318 |
|
|
13,617 |
|
|
— |
|
|
52,935 |
|
|
— |
|
|
52,935 |
|
||||||
Other cost of revenues |
— |
|
|
— |
|
|
2,338 |
|
|
2,338 |
|
|
— |
|
|
2,338 |
|
||||||
Net revenues |
385,959 |
|
|
105,196 |
|
|
3,293 |
|
|
494,448 |
|
|
— |
|
|
494,448 |
|
||||||
Operating expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operations |
269,003 |
|
|
74,199 |
|
|
7,376 |
|
|
350,578 |
|
|
— |
|
|
350,578 |
|
||||||
Administrative |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
63,665 |
|
|
63,665 |
|
||||||
Depreciation and amortization |
11,879 |
|
|
6,267 |
|
|
219 |
|
|
18,365 |
|
|
10,432 |
|
|
28,797 |
|
||||||
Loss on sale or disposal of assets and other |
3,402 |
|
|
691 |
|
|
282 |
|
|
4,375 |
|
|
24 |
|
|
4,399 |
|
||||||
Interest expense |
— |
|
|
1,609 |
|
|
491 |
|
|
2,100 |
|
|
30,537 |
|
|
32,637 |
|
||||||
Interest income |
— |
|
|
(1,601 |
) |
|
— |
|
|
(1,601 |
) |
|
(9,485 |
) |
|
(11,086 |
) |
||||||
Equity in net loss of unconsolidated affiliates |
— |
|
|
— |
|
|
135 |
|
|
135 |
|
|
— |
|
|
135 |
|
||||||
Impairment of investment in unconsolidated affiliates |
— |
|
|
— |
|
|
19,725 |
|
|
19,725 |
|
|
— |
|
|
19,725 |
|
||||||
Other expense (income) |
— |
|
|
(93 |
) |
|
1,895 |
|
|
1,802 |
|
|
(378 |
) |
|
1,424 |
|
||||||
Segment contribution (loss) |
$ |
101,675 |
|
|
$ |
24,124 |
|
|
$ |
(26,830 |
) |
|
$ |
98,969 |
|
|
|
|
|
||||
Income from continuing operations before income taxes |
|
|
|
|
|
|
$ |
98,969 |
|
|
$ |
(94,795 |
) |
|
$ |
4,174 |
|
|
Fiscal Year Ended September 30, 2018 |
||||||||||||||||||||||
|
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Total Segments |
|
Corporate Items |
|
Consolidated |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
(in thousands) |
||||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchandise sales |
$ |
350,699 |
|
|
$ |
87,673 |
|
|
$ |
— |
|
|
$ |
438,372 |
|
|
$ |
— |
|
|
$ |
438,372 |
|
Jewelry scrapping sales |
47,745 |
|
|
13,007 |
|
|
— |
|
|
60,752 |
|
|
— |
|
|
|
60,752 |
|
|||||
Pawn service charges |
237,086 |
|
|
67,491 |
|
|
— |
|
|
304,577 |
|
|
— |
|
|
|
304,577 |
|
|||||
Other revenues |
250 |
|
|
85 |
|
|
8,120 |
|
|
8,455 |
|
|
— |
|
|
|
8,455 |
|
|||||
Total revenues |
635,780 |
|
|
168,256 |
|
|
8,120 |
|
|
812,156 |
|
|
— |
|
|
|
812,156 |
|
|||||
Merchandise cost of goods sold |
216,408 |
|
|
60,210 |
|
|
— |
|
|
276,618 |
|
|
— |
|
|
|
276,618 |
|
|||||
Jewelry scrapping cost of goods sold |
40,417 |
|
|
11,873 |
|
|
— |
|
|
52,290 |
|
|
— |
|
|
|
52,290 |
|
|||||
Other cost of revenues |
— |
|
|
— |
|
|
1,697 |
|
|
1,697 |
|
|
— |
|
|
|
1,697 |
|
|||||
Net revenues |
378,955 |
|
|
96,173 |
|
|
6,423 |
|
|
481,551 |
|
|
— |
|
|
|
481,551 |
|
|||||
Operating expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operations |
263,094 |
|
|
61,553 |
|
|
10,194 |
|
|
334,841 |
|
|
— |
|
|
|
334,841 |
|
|||||
Administrative |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
53,639 |
|
|
|
53,639 |
|
||||
Depreciation and amortization |
12,869 |
|
|
4,068 |
|
|
184 |
|
|
17,121 |
|
|
|
8,363 |
|
|
|
25,484 |
|
||||
Loss on sale or disposal of assets |
203 |
|
|
27 |
|
|
— |
|
|
230 |
|
|
|
233 |
|
|
|
463 |
|
||||
Interest expense |
71 |
|
|
25 |
|
|
— |
|
|
96 |
|
|
|
27,738 |
|
|
|
27,834 |
|
||||
Interest income |
— |
|
|
(2,619 |
) |
|
— |
|
|
(2,619 |
) |
|
|
(14,422 |
) |
|
|
(17,041 |
) |
||||
Equity in net income of unconsolidated affiliates |
— |
|
|
— |
|
|
(5,529 |
) |
|
(5,529 |
) |
|
— |
|
|
|
(5,529 |
) |
|||||
Impairment of investment in unconsolidated affiliates |
— |
|
|
— |
|
|
11,712 |
|
|
11,712 |
|
|
— |
|
|
|
11,712 |
|
|||||
Other income |
(3 |
) |
|
(42 |
) |
|
(132 |
) |
|
(177 |
) |
|
|
(5,214 |
) |
|
|
(5,391 |
) |
||||
Segment contribution (loss) |
$ |
102,721 |
|
|
$ |
33,161 |
|
|
$ |
(10,006 |
) |
|
$ |
125,876 |
|
|
|
|
|
|
|||
Income from continuing operations before income taxes |
$ |
125,876 |
$ |
(70,337 |
) |
$ |
55,539 |
EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited) |
|||||||||||
|
Three Months Ended September 30, 2019 |
||||||||||
|
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Consolidated |
||||
|
|
|
|
|
|
|
|
||||
As of June 30, 2019 |
514 |
|
|
470 |
|
|
22 |
|
|
1,006 |
|
New locations opened |
— |
|
|
10 |
|
|
— |
|
|
10 |
|
Locations sold, combined or closed |
(2 |
) |
|
— |
|
|
— |
|
|
(2 |
) |
As of September 30, 2019 |
512 |
|
|
480 |
|
|
22 |
|
|
1,014 |
|
|
Three Months Ended September 30, 2018 |
||||||||||
|
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Consolidated |
||||
|
|
|
|
|
|
|
|
||||
As of June 30, 2018 |
510 |
|
|
451 |
|
|
27 |
|
|
988 |
|
New locations opened |
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Locations sold, combined or closed |
(2 |
) |
|
— |
|
|
— |
|
|
(2 |
) |
As of September 30, 2018 |
508 |
|
|
453 |
|
|
27 |
|
|
988 |
|
|
Twelve Months Ended September 30, 2019 |
||||||||||
|
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Consolidated |
||||
|
|
|
|
|
|
|
|
||||
As of September 30, 2018 |
508 |
|
|
453 |
|
|
27 |
|
|
988 |
|
New locations opened |
— |
|
|
22 |
|
|
— |
|
|
22 |
|
Locations acquired |
7 |
|
|
5 |
|
|
— |
|
|
12 |
|
Locations sold, combined or closed |
(3 |
) |
|
— |
|
|
(5 |
) |
|
(8 |
) |
As of September 30, 2019 |
512 |
|
|
480 |
|
|
22 |
|
|
1,014 |
|
|
Twelve Months Ended September 30, 2018 |
||||||||||
|
U.S. Pawn |
|
Latin America
|
|
Other
|
|
Consolidated |
||||
|
|
|
|
|
|
|
|
||||
As of September 30, 2017 |
513 |
|
|
246 |
|
|
27 |
|
|
786 |
|
New locations opened |
— |
|
|
12 |
|
|
— |
|
|
12 |
|
Locations acquired |
— |
|
|
196 |
|
|
— |
|
|
196 |
|
Locations sold, combined or closed |
(5 |
) |
|
(1 |
) |
|
— |
|
|
(6 |
) |
As of September 30, 2018 |
508 |
|
|
453 |
|
|
27 |
|
|
988 |
|
Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity with accounting principles generally accepted in the United States ("GAAP"), we provide certain other non-GAAP financial information on a constant currency ("constant currency") and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.
Additionally, we provide free cash flow which represents net cash provided by operating activities less net funding of loan originations and maintenance capital expenditures which is commonly used by investors as an additional measure of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, may be available to invest in future growth through new business development activities or acquisitions, among other things. These metrics can also be used to evaluate our ability to generate cash flow from business operations and the impact that this cash flow has on our liquidity. However, free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP.
Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and twelve months ended September 30, 2019 and 2018 were as follows:
|
|
September 30, |
|
Three Months Ended September 30, |
|
Twelve Months Ended
|
||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mexican peso |
|
19.7 |
|
|
18.7 |
|
|
19.4 |
|
|
18.9 |
|
|
19.4 |
|
|
19.0 |
|
Guatemalan quetzal |
|
7.6 |
|
|
7.6 |
|
|
7.5 |
|
|
7.5 |
|
|
7.6 |
|
|
7.3 |
|
Honduran lempira |
|
24.2 |
|
|
24.0 |
|
|
24.1 |
|
|
23.8 |
|
|
24.1 |
|
|
23.5 |
|
Peruvian sol |
|
3.4 |
|
|
3.3 |
|
|
3.3 |
|
|
3.3 |
|
|
3.3 |
|
|
3.2 |
|
Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.
Miscellaneous Non-GAAP Financial Measures
|
2019 Q4 |
|
2018 Q4 |
||||
|
|
|
|
||||
|
(in millions) |
||||||
Net loss |
$ |
(0.6 |
) |
|
$ |
(0.8 |
) |
Loss from discontinued operations, net of tax |
(0.1 |
) |
|
(0.2 |
) |
||
Interest expense |
5.4 |
|
|
8.8 |
|
||
Interest income |
(1.4 |
) |
|
(4.1 |
) |
||
Income tax expense |
1.0 |
|
|
3.7 |
|
||
Depreciation and amortization |
7.7 |
|
|
7.2 |
|
||
Adjusted EBITDA |
$ |
12.0 |
|
|
$ |
14.6 |
|
|
Consolidated
|
|
Consolidated
|
|
Consolidated
|
|
Cons. Merch.
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
(in millions) |
|
|
||||||||||||||||||||||||||
2019 Q4 reported |
$ |
214.3 |
|
|
$ |
120.9 |
|
|
$ |
34.9 |
|
|
32.5 |
% |
|||||||||||||||
Natural disaster inventory destruction impact |
— |
|
|
0.3 |
|
|
0.3 |
|
|
|
|||||||||||||||||||
Currency exchange rate fluctuations |
1.1 |
|
|
0.5 |
|
|
0.1 |
|
|
|
|||||||||||||||||||
2019 Q4 adjusted |
$ |
215.4 |
|
|
$ |
121.7 |
|
|
$ |
35.3 |
|
|
32.8 |
% |
|||||||||||||||
|
U.S.
|
|
Latin America
|
|
Total |
||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||||
|
(in millions) |
||||||||||||||||||||||||||||
2019 Q4 reported segment contribution |
$ |
22.2 |
|
|
$ |
5.8 |
|
|
$ |
28.0 |
|
||||||||||||||||||
Natural disaster inventory and asset destruction impact |
0.9 |
|
|
— |
|
|
0.9 |
|
|||||||||||||||||||||
Trade name impairment |
— |
|
|
0.6 |
|
|
0.6 |
|
|||||||||||||||||||||
Currency exchange rate fluctuations |
— |
|
|
0.1 |
|
|
0.1 |
|
|||||||||||||||||||||
2019 Q4 adjusted segment contribution |
$ |
23.1 |
|
|
$ |
6.5 |
|
|
$ |
29.6 |
|
||||||||||||||||||
|
2019 |
|
2018 |
||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||
|
(in millions) |
||||||||||||||||||||||||||||
Net cash from operating activities |
$ |
103.5 |
|
|
$ |
89.0 |
|
||||||||||||||||||||||
Net funding of loan growth |
(14.9 |
) |
|
(18.9 |
) |
||||||||||||||||||||||||
Maintenance capital expenditures |
(10.7 |
) |
|
(11.0 |
) |
||||||||||||||||||||||||
Free cash flow |
$ |
77.9 |
|
|
$ |
59.1 |
|
|
Income from
|
|
Tax
|
|
Net Income
|
|
Adjusted
|
|
Continuing
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(in millions) |
||||||||||||||||||
2019 Q4 reported |
$ |
0.4 |
|
|
$ |
(1.0 |
) |
|
$ |
(0.6 |
) |
|
$ |
12.0 |
|
|
$ |
(0.01 |
) |
Natural disaster inventory and asset destruction impact |
0.8 |
|
|
(0.1 |
) |
|
0.7 |
|
|
0.8 |
|
|
0.01 |
|
|||||
Trade name impairment |
0.6 |
|
|
(0.1 |
) |
|
0.5 |
|
|
0.6 |
|
|
0.01 |
|
|||||
Acquisition due diligence costs |
1.7 |
|
|
(0.2 |
) |
|
1.5 |
|
|
1.7 |
|
|
0.03 |
|
|||||
Board of director search fees |
0.3 |
|
|
— |
|
|
0.3 |
|
|
0.3 |
|
|
0.01 |
|
|||||
Discrete Cash Converters International Limited items |
2.0 |
|
|
(0.3 |
) |
|
1.7 |
|
|
2.0 |
|
|
0.03 |
|
|||||
Write-off of RDC call option |
1.9 |
|
|
(0.2 |
) |
|
1.7 |
|
|
1.9 |
|
|
0.03 |
|
|||||
Currency exchange rate fluctuations |
0.2 |
|
|
(0.1 |
) |
|
0.1 |
|
|
0.2 |
|
|
— |
|
|||||
Non-cash net interest expense |
2.4 |
|
|
(0.3 |
) |
|
2.1 |
|
|
— |
|
|
0.04 |
|
|||||
Discretionary strategic investment in digital platform |
2.7 |
|
|
(0.3 |
) |
|
2.4 |
|
|
2.8 |
|
|
0.04 |
|
|||||
2019 Q4 adjusted |
$ |
13.0 |
|
|
$ |
(2.6 |
) |
|
$ |
10.4 |
|
|
$ |
22.3 |
|
|
$ |
0.19 |
|
|
Continuing
|
||
|
|
||
2019 reported |
$ |
0.05 |
|
Natural disaster inventory and asset destruction impact, net of tax impact |
0.01 |
|
|
Trade name impairment, net of tax impact |
0.01 |
|
|
Acquisition due diligence costs, net of tax impact |
0.03 |
|
|
Board of director search fees, net of tax impact |
0.01 |
|
|
Discrete Cash Converters International Limited items, net of tax impact |
0.03 |
|
|
Write-off of RDC call option, net of tax impact |
0.03 |
|
|
Non-cash net interest expense, net of tax impact |
0.21 |
|
|
Discretionary strategic investment in digital platform, net of tax impact |
0.12 |
|
|
Discrete transaction tax adjustment, net of tax impact |
0.08 |
|
|
Non-recurring income tax benefit |
(0.03 |
) |
|
Impairment on CCV investment, net of tax impact |
0.26 |
|
|
Adjustment for Republic Metals Corporation reserve, net of tax impact |
0.05 |
|
|
Settlement of GPMX PSC-related indemnification claim, net of tax impact |
(0.01 |
) |
|
Charge-off of aged assets and other, net of tax impact |
0.01 |
|
|
Impact on CCV earnings from litigation settlement, net of tax impact |
0.04 |
|
|
2019 adjusted |
$ |
0.90 |
|
|
Income from
|
|
Tax
|
|
Net Income
|
|
Adjusted
|
|
Continuing
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(in millions) |
||||||||||||||||||
2018 Q4 reported |
$ |
2.9 |
|
|
$ |
(3.7 |
) |
|
$ |
(0.8 |
) |
|
$ |
14.6 |
|
|
$ |
(0.02 |
) |
Impairment of investment |
11.7 |
|
|
(1.5 |
) |
|
10.2 |
|
|
11.7 |
|
|
0.18 |
|
|||||
Acquisition expenses |
0.2 |
|
|
— |
|
|
0.2 |
|
|
0.2 |
|
|
— |
|
|||||
Currency exchange rate fluctuations |
0.2 |
|
|
(0.2 |
) |
|
— |
|
|
0.2 |
|
|
— |
|
|||||
Non-cash net interest expense |
3.5 |
|
|
(0.2 |
) |
|
3.3 |
|
|
— |
|
|
0.06 |
|
|||||
2018 Q4 adjusted |
$ |
18.5 |
|
|
$ |
(5.6 |
) |
|
$ |
12.9 |
|
|
$ |
26.7 |
|
|
$ |
0.22 |
|
Continuing
|
|||||||||||||||||||
2018 reported |
$ |
0.66 |
|||||||||||||||||
Impairment of investment, net of tax impact |
0.16 |
||||||||||||||||||
Acquisition expenses, net of tax impact |
0.01 |
||||||||||||||||||
Litigation settlement, net of tax impact |
(0.06 |
) |
|||||||||||||||||
Non-cash net interest expense, net of tax impact |
0.09 |
||||||||||||||||||
2018 adjusted |
$ |
0.86 |
U.S. Dollar
|
|
Percentage
|
||||
|
|
|
|
|||
|
(in millions) |
|
|
|||
Consolidated PLO |
$ |
199.1 |
|
|
— |
% |
Currency exchange rate fluctuations |
1.5 |
|
|
|
||
Constant currency consolidated PLO |
$ |
200.6 |
|
|
1 |
% |
|
|
|
|
|||
Latin America Pawn PLO |
$ |
41.6 |
|
|
(4 |
)% |
Currency exchange rate fluctuations |
1.5 |
|
|
|
||
Constant currency Latin America Pawn PLO |
$ |
43.1 |
|
|
(1 |
)% |
|
|
|
|
|||
Latin America Pawn net revenue (three months ended September 30, 2019) |
$ |
26.6 |
|
|
— |
% |
Currency exchange rate fluctuations |
0.5 |
|
|
|
||
Constant currency Latin America Pawn net revenue (three months ended September 30, 2019) |
$ |
27.1 |
|
|
2 |
% |
|
|
|
|
|||
Latin America Pawn PSC revenues (three months ended September 30, 2019) |
$ |
19.4 |
|
|
1 |
% |
Currency exchange rate fluctuations |
0.3 |
|
|
|
||
Constant currency Latin America Pawn PSC revenues (three months ended September 30, 2019) |
$ |
19.7 |
|
|
3 |
% |
|
|
|
|
|||
Latin America Pawn merchandise sales (three months ended September 30, 2019) |
$ |
26.8 |
|
|
9 |
% |
Currency exchange rate fluctuations |
0.6 |
|
|
|
||
Constant currency Latin America Pawn merchandise sales (three months ended September 30, 2019) |
$ |
27.4 |
|
|
10 |
% |
|
|
|
|
|||
Latin America Pawn segment profit before tax (three months ended September 30, 2019) |
$ |
5.8 |
|
|
(36 |
)% |
Currency exchange rate fluctuations |
0.1 |
|
|
|
||
Constant currency Latin America Pawn segment profit before tax (three months ended September 30, 2019) |
$ |
5.9 |
|
|
(35 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20191205005862/en/
Email: [email protected]
Phone: (512) 314-2220