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Press ReleasesFinanceEZCORP Reports Third Quarter Fiscal 2025 Results

EZCORP Reports Third Quarter Fiscal 2025 Results

AUSTIN, Texas, July 30, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 2025.

Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

THIRD QUARTER HIGHLIGHTS

  • Pawn loans outstanding (PLO) increased 11% to $291.6 million.
  • Net income increased 48% to $26.5 million. On an adjusted basis1, net income increased 46% to $25.2 million.
  • Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
  • Adjusted EBITDA increased 42% to $45.2 million.
  • Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.
  • Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025.

CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS.

“During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores.

“Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.”

CONSOLIDATED RESULTS

Three Months Ended June 30 As Reported   Adjusted1
in millions, except per share amounts   2025     2024     2025     2024
               
Total revenues $ 311.0   $ 281.4   $ 319.9   $ 281.4
Gross profit $ 183.6   $ 166.7   $ 188.4   $ 166.7
Income before tax $ 34.7   $ 23.0   $ 34.0   $ 22.9
Net income $ 26.5   $ 18.0   $ 25.2   $ 17.2
Diluted earnings per share $ 0.34   $ 0.25   $ 0.33   $ 0.24
EBITDA (non-GAAP measure) $ 45.7   $ 31.8   $ 45.2   $ 31.7
                       
  • PLO increased 11% to $291.6 million, up $29.9 million. On a same-store2 basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
  • Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
  • PSC increased 7% as a result of higher average PLO.
  • Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
  • Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
  • Store expenses increased 2% and 1% on a same-store basis.
  • General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
  • Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
  • Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
  • Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.

SEGMENT RESULTS

U.S. Pawn

  • PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
  • Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.
  • PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.
  • Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.
  • Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.
  • Store expenses increased 3% on a total and same-store basis.
  • Segment contribution increased 32% to $47.6 million.
  • Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.

Latin America Pawn

  • PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.
  • Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.
  • PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.
  • Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.
  • Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.
  • Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.
  • Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).
  • Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store.

FORM 10-Q

EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 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, July 31, 2025, at 8:00 am Central Time to discuss Third Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

ABOUT EZCORP

Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index. 

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FORWARD LOOKING STATEMENTS

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

Contact:
Email: Investor_Relations@ezcorp.com 
Phone: (512) 314-2220

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
       
  Three Months Ended
June 30,
  Nine Months Ended
June 30,
(in thousands, except per share amounts)   2025       2024       2025       2024  
Revenues:              
Merchandise sales $ 168,624     $ 158,140     $ 524,434     $ 502,230  
Jewelry scrapping sales   26,970       15,395       64,640       43,191  
Pawn service charges   115,339       107,830       348,262       321,442  
Other revenues   48       56       131       188  
Total revenues   310,981       281,421       937,467       867,051  
Merchandise cost of goods sold   108,226       101,211       341,605       322,680  
Jewelry scrapping cost of goods sold   19,116       13,483       48,367       37,479  
Gross profit   183,639       166,727       547,495       506,892  
Operating expenses:              
Store expenses   119,123       116,335       352,101       341,472  
General and administrative   21,780       20,060       60,089       54,869  
Depreciation and amortization   8,003       8,158       24,358       24,942  
Loss (gain) on sale or disposal of assets and other         20       25       (149 )
Other operating income   (1,262 )           (1,262 )     (765 )
Total operating expenses   147,644       144,573       435,311       420,369  
Operating income   35,995       22,154       112,184       86,523  
Interest expense   8,458       3,539       14,886       10,381  
Interest income   (5,440 )     (2,931 )     (9,408 )     (8,452 )
Equity in net income of unconsolidated affiliates   (1,200 )     (1,263 )     (4,180 )     (4,135 )
Other (income) expense   (536 )     (191 )     377       (627 )
Income before income taxes   34,713       23,000       110,509       89,356  
Income tax expense   8,210       5,050       27,600       21,457  
Net income $ 26,503     $ 17,950     $ 82,909     $ 67,899  
               
Basic earnings per share $ 0.45     $ 0.33     $ 1.47     $ 1.23  
Diluted earnings per share $ 0.34     $ 0.25     $ 1.08     $ 0.89  
               
Weighted-average basic shares outstanding   59,134       54,898       56,308       55,022  
Weighted-average diluted shares outstanding   82,918       83,008       83,144       84,309  
                               
EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
           
(in thousands, except share and per share amounts) June 30,
2025
  June 30,
2024
  September 30,
2024
           
Assets:          
Current assets:          
Cash and cash equivalents $ 472,088     $ 218,038     $ 170,513  
Short-term restricted cash   9,609       9,204       9,294  
Pawn loans   291,634       261,720       274,084  
Pawn service charges receivable, net   45,410       40,638       44,013  
Inventory, net   225,489       171,937       191,923  
Prepaid expenses and other current assets   43,417       40,391       39,171  
Total current assets   1,087,647       741,928       728,998  
Investments in unconsolidated affiliates   13,753       12,297       13,329  
Other investments   51,903       51,220       51,900  
Property and equipment, net   67,439       59,926       65,973  
Right-of-use assets, net   236,064       235,030       226,602  
Long-term restricted cash   5,380              
Goodwill   321,907       308,847       306,478  
Intangible assets, net   57,960       60,164       58,451  
Deferred tax asset, net   25,841       25,245       25,362  
Other assets, net   15,174       15,506       16,144  
Total assets $ 1,883,068     $ 1,510,163     $ 1,493,237  
           
Liabilities and equity:          
Current liabilities:          
Current maturities of long-term debt, net $     $ 137,326     $ 103,072  
Accounts payable, accrued expenses and other current liabilities   78,756       69,742       85,737  
Customer layaway deposits   33,336       20,067       21,570  
Operating lease liabilities, current   60,183       58,905       58,998  
Total current liabilities   172,275       286,040       269,377  
Long-term debt, net   517,601       223,998       224,256  
Deferred tax liability, net   2,017       416       2,080  
Operating lease liabilities   184,295       188,996       180,616  
Other long-term liabilities   16,822       9,258       12,337  
Total liabilities   893,010       708,708       688,666  
Commitments and contingencies          
Stockholders’ equity:          
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024   580       518       516  
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171   30       30       30  
Additional paid-in capital   448,073       347,082       348,366  
Retained earnings   586,549       493,830       507,206  
Accumulated other comprehensive loss   (45,174 )     (40,005 )     (51,547 )
Total equity   990,058       801,455       804,571  
Total liabilities and equity $ 1,883,068     $ 1,510,163     $ 1,493,237  
                       
EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
   
  Nine Months Ended
June 30,
(in thousands)   2025       2024  
   
Operating activities:      
Net income $ 82,909     $ 67,899  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization   24,358       24,942  
Amortization of deferred financing costs   1,238       1,212  
Non-cash lease expense   43,889       43,999  
Deferred income taxes   (542 )     438  
Other adjustments   (1,877 )     69  
Provision for inventory reserve   39       589  
Stock compensation expense   9,213       7,945  
Equity in net income from investment in unconsolidated affiliates   (4,180 )     (4,135 )
Changes in operating assets and liabilities, net of business acquisitions:      
Pawn service charges receivable   (364 )     (1,593 )
Inventory   (9,205 )     (2,775 )
Prepaid expenses, other current assets and other assets   (74 )     (3,625 )
Accounts payable, accrued expenses and other liabilities   (58,023 )     (65,396 )
Customer layaway deposits   11,276       1,055  
Income taxes   (927 )     (360 )
Net cash provided by operating activities   97,730       70,264  
Investing activities:      
Loans made   (738,670 )     (683,121 )
Loans repaid   417,734       391,297  
Recovery of pawn loan principal through sale of forfeited collateral   291,903       272,781  
Capital expenditures, net   (23,051 )     (16,870 )
Acquisitions, net of cash acquired   (17,093 )     (11,963 )
Proceeds from note receivable   241       1,100  
Investment in unconsolidated affiliate   (718 )     (993 )
Investment in other investments         (15,000 )
Dividends from unconsolidated affiliates   3,614       3,535  
Net cash used in investing activities   (66,040 )     (59,234 )
Financing activities:      
Taxes paid related to net share settlement of equity awards   (3,971 )     (3,253 )
Proceeds from borrowings   300,000        
Debt issuance cost   (7,563 )      
Payments on assumed debt   (6,410 )      
Purchase and retirement of treasury stock   (6,000 )     (9,009 )
Payments of finance leases   (450 )     (386 )
Net cash provided by (used in) financing activities   275,606       (12,648 )
Effect of exchange rate changes on cash and cash equivalents and restricted cash   (26 )     (108 )
Net increase in cash, cash equivalents and restricted cash   307,270       (1,726 )
Cash and cash equivalents and restricted cash at beginning of period   179,807       228,968  
Cash and cash equivalents and restricted cash at end of period $ 487,077     $ 227,242  
       

                                                                                                                                        

EZCORP, Inc.
OPERATING SEGMENT RESULTS
 
  Three Months Ended June 30, 2025
(Unaudited)
(in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                       
Revenues:                      
Merchandise sales $ 112,249   $ 56,375     $     $ 168,624     $     $ 168,624  
Jewelry scrapping sales   23,750     3,220             26,970             26,970  
Pawn service charges   83,930     31,409             115,339             115,339  
Other revenues   31     17             48             48  
Total revenues   219,960     91,021             310,981             310,981  
Merchandise cost of goods sold   69,084     39,142             108,226             108,226  
Jewelry scrapping cost of goods sold   16,814     2,302             19,116             19,116  
Gross profit   134,062     49,577             183,639             183,639  
Segment and corporate expenses (income):                      
Store expenses   83,778     35,345             119,123             119,123  
General and administrative                         21,780       21,780  
Depreciation and amortization   2,651     2,156             4,807       3,196       8,003  
Other operating income                         (1,262 )     (1,262 )
Interest expense       71             71       8,387       8,458  
Interest income       (427 )     (604 )     (1,031 )     (4,409 )     (5,440 )
Equity in net (income) loss of unconsolidated affiliates             (1,409 )     (1,409 )     209       (1,200 )
Other expense (income)       (12 )           (12 )     (524 )     (536 )
Segment contribution $ 47,633   $ 12,444     $ 2,013     $ 62,090          
Income (loss) before income taxes             $ 62,090     $ (27,377 )   $ 34,713  
                                   

        

  Three Months Ended June 30, 2024
(Unaudited)
(in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                       
Revenues:                      
Merchandise sales $ 107,849     $ 50,291     $     $ 158,140     $     $ 158,140  
Jewelry scrapping sales   13,757       1,638             15,395             15,395  
Pawn service charges   77,416       30,414             107,830             107,830  
Other revenues   28       28             56             56  
Total revenues   199,050       82,371             281,421             281,421  
Merchandise cost of goods sold   67,229       33,982             101,211             101,211  
Jewelry scrapping cost of goods sold   11,887       1,596             13,483             13,483  
Gross profit   119,934       46,793             166,727             166,727  
Segment and corporate expenses (income):                      
Store expenses   81,441       34,894             116,335             116,335  
General and administrative                           20,060       20,060  
Depreciation and amortization   2,408       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  
                                   
  Nine Months Ended June 30, 2025
(Unaudited)
(in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                       
Revenues:                      
Merchandise sales $ 357,964     $ 166,470     $     $ 524,434     $     $ 524,434  
Jewelry scrapping sales   56,146       8,494             64,640             64,640  
Pawn service charges   259,354       88,908             348,262             348,262  
Other revenues   82       49             131             131  
Total revenues   673,546       263,921             937,467             937,467  
Merchandise cost of goods sold   225,412       116,193             341,605             341,605  
Jewelry scrapping cost of goods sold   42,017       6,350             48,367             48,367  
Gross profit   406,117       141,378             547,495             547,495  
Segment and corporate expenses (income):                      
Store expenses   250,399       101,702             352,101             352,101  
General and administrative                           60,089       60,089  
Depreciation and amortization   8,050       6,191             14,241       10,117       24,358  
Loss on sale or disposal of assets and other   17       8             25             25  
Other operating income                           (1,262 )     (1,262 )
Interest expense         71             71       14,815       14,886  
Interest income         (966 )     (1,803 )     (2,769 )     (6,639 )     (9,408 )
Equity in net (income) loss of unconsolidated affiliates               (4,898 )     (4,898 )     718       (4,180 )
Other expense (income)   (7 )     (220 )           (227 )     604       377  
Segment contribution   147,658       34,592     $ 6,701     $ 188,951          
Income (loss) before income taxes             $ 188,951     $ (78,442 )   $ 110,509  
                                   
  Nine Months Ended June 30, 2024
(Unaudited)
(in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                       
Revenues:                      
Merchandise sales $ 348,211     $ 154,019     $     $ 502,230     $     $ 502,230  
Jewelry scrapping sales   39,258       3,933             43,191             43,191  
Pawn service charges   236,499       84,943             321,442             321,442  
Other revenues   94       59       35       188             188  
Total revenues   624,062       242,954       35       867,051             867,051  
Merchandise cost of goods sold   218,736       103,944             322,680             322,680  
Jewelry scrapping cost of goods sold   33,965       3,514             37,479             37,479  
Gross profit   371,361       135,496       35       506,892             506,892  
Segment and corporate expenses (income):                      
Store expenses   239,536       101,936             341,472             341,472  
General and administrative                           54,869       54,869  
Depreciation and amortization   7,548       6,821             14,369       10,573       24,942  
(Gain) loss on sale or disposal of assets and other   (6 )     (240 )           (246 )     97       (149 )
Other operating 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  
                                   
EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)
 
  Three Months Ended June 30, 2025
  U.S. Pawn   Latin America Pawn   Consolidated
           
As of March 31, 2025 542   742     1,284  
New locations opened   10     10  
Locations acquired 3   40     43  
Locations combined or closed   (1 )   (1 )
As of June 30, 2025 545   791     1,336  
               
  Three Months Ended June 30, 2024
  U.S. Pawn   Latin America Pawn   Consolidated
           
As of March 31, 2024 535   711   1,246
New locations opened 1   6   7
Locations acquired 5     5
As of June 30, 2024 541   717   1,258
           
  Nine Months Ended June 30, 2025
  U.S. Pawn   Latin America Pawn   Consolidated
           
As of September 30, 2024 542   737     1,279  
New locations opened   23     23  
Locations acquired 3   41     44  
Locations combined or closed   (10 )   (10 )
As of June 30, 2025 545   791     1,336  
               
  Nine Months Ended June 30, 2024
  U.S. Pawn   Latin America Pawn   Consolidated
           
As of September 30, 2023 529     702     1,231  
New locations opened 1     20     21  
Locations acquired 12         12  
Locations combined or closed (1 )   (5 )   (6 )
As of June 30, 2024 541     717     1,258  
                 

Non-GAAP Financial Information (Unaudited)

In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and nine months ended June 30, 2025 and 2024 were as follows:

    June 30,   Three Months Ended
June 30,
  Nine Months Ended
June 30,
    2025   2024   2025   2024   2025   2024
                         
Mexican peso   18.8   18.3   19.5   17.2   20.0   17.3
Guatemalan quetzal   7.6   7.6   7.6   7.6   7.6   7.6
Honduran lempira   25.8   24.3   25.7   24.3   25.2   24.3
Australian dollar   1.5   1.5   1.6   1.5   1.6   1.5
                         

Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

Miscellaneous Non-GAAP Financial Measures

  Three Months Ended
June 30,
(in millions)   2025       2024  
       
Net income $ 26.5     $ 18.0  
Interest expense   8.5       3.5  
Interest income   (5.4 )     (2.9 )
Income tax expense   8.2       5.0  
Depreciation and amortization   8.0       8.2  
EBITDA $ 45.7     $ 31.8  
               

        

  Total Revenues   Gross Profit   Income Before Tax   Tax Effect   Net Income   Diluted EPS   EBITDA
                           
2025 Q3 Reported $ 311.0   $ 183.6   $ 34.7     $ 8.2     $ 26.5     $ 0.34     $ 45.7  
Corporate lease termination           (1.3 )     (0.3 )     (1.0 )     (0.01 )     (1.3 )
FX impact           (0.2 )           (0.2 )           (0.2 )
Non-recurring foreign tax expense                 0.8       (0.8 )     (0.01 )      
Constant Currency   8.9     4.8     0.8       0.1       0.7       0.01       1.0  
2025 Q3 Adjusted $ 319.9   $ 188.4   $ 34.0     $ 8.8     $ 25.2     $ 0.33     $ 45.2  
  Total Revenues   Gross Profit   Income Before Tax   Tax Effect   Net Income   Diluted EPS   EBITDA
                           
2024 Q3 Reported $ 281.4   $ 166.7   $ 23.0     $ 5.0   $ 18.0     $ 0.25     $ 31.8  
Non-recurring foreign tax expense                 0.7     (0.7 )     (0.01 )      
FX impact           (0.1 )         (0.1 )           (0.1 )
2024 Q3 Adjusted $ 281.4   $ 166.7   $ 22.9     $ 5.7   $ 17.2     $ 0.24     $ 31.7  
                                                 
  Three Months Ended
June 30, 2025
  Nine Months Ended
June 30, 2025
(in millions) U.S. Dollar Amount   Percentage Change YOY   U.S. Dollar Amount   Percentage Change YOY
               
Consolidated revenues $ 311.0   11 %   $ 937.5   8 %
Currency exchange rate fluctuations   8.9         30.9    
Constant currency consolidated revenues $ 319.9   14 %   $ 968.4   12 %
               
Consolidated gross profit $ 183.6   10 %   $ 547.5   8 %
Currency exchange rate fluctuations   4.8         16.1    
Constant currency consolidated gross profit $ 188.4   13 %   $ 563.6   11 %
               
Consolidated net inventory $ 225.5   31 %   $ 225.5   31 %
Currency exchange rate fluctuations   1.3         1.3    
Constant currency consolidated net inventory $ 226.8   32 %   $ 226.8   32 %
               
Latin America Pawn gross profit $ 49.6   6 %   $ 141.4   4 %
Currency exchange rate fluctuations   4.8         16.1    
Constant currency Latin America Pawn gross profit $ 54.4   16 %   $ 157.5   16 %
               
Latin America Pawn PLO $ 70.6   13 %   $ 70.6   13 %
Currency exchange rate fluctuations   1.5         1.5    
Constant currency Latin America Pawn PLO $ 72.1   16 %   $ 72.1   16 %
               
Latin America Pawn PSC revenues $ 31.4   3 %   $ 88.9   5 %
Currency exchange rate fluctuations   2.9         9.6    
Constant currency Latin America Pawn PSC revenues $ 34.3   13 %   $ 98.5   16 %
               
Latin America Pawn merchandise sales $ 56.4   12 %   $ 166.5   8 %
Currency exchange rate fluctuations   5.7         20.2    
Constant currency Latin America Pawn merchandise sales $ 62.1   23 %   $ 186.7   21 %
               
Latin America Pawn segment profit before tax $ 12.4   20 %   $ 34.6   21 %
Currency exchange rate fluctuations   1.1         3.0    
Constant currency Latin America Pawn segment profit before tax $ 13.5   30 %   $ 37.6   32 %

Source: https://www.globenewswire.com/news-release/2025/07/30/3124509/30055/en/EZCORP-Reports-Third-Quarter-Fiscal-2025-Results.html

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