Group 1: Earnings Performance - Ezcorp reported quarterly earnings of $0.33 per share, exceeding the Zacks Consensus Estimate of $0.23 per share, and up from $0.23 per share a year ago, representing an earnings surprise of +43.48% [1] - The company posted revenues of $310.98 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.00%, compared to year-ago revenues of $281.42 million [2] - Over the last four quarters, Ezcorp has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Group 2: Stock Performance and Outlook - Ezcorp shares have increased approximately 7.5% since the beginning of the year, while the S&P 500 has gained 8.3% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.29 on revenues of $318.84 million, and for the current fiscal year, it is $1.28 on revenues of $1.25 billion [7] Group 3: Industry Context - The Financial - Consumer Loans industry, to which Ezcorp belongs, is currently ranked in the bottom 24% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Ezcorp's stock performance [5] - The unfavorable estimate revisions trend prior to the earnings release resulted in a Zacks Rank 4 (Sell) for Ezcorp, suggesting expected underperformance in the near future [6]

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) EZCORP achieved record revenue and Pawn Loans Outstanding, with adjusted EBITDA up 42% and diluted EPS up 36%, supported by strategic expansion and strong liquidity Q3 Fiscal 2025 Key Metrics vs. Prior Year | Metric | Q3 2025 | Change (YoY) | | :--- | :--- | :--- | | Total Revenues ($ million) | $311.0 | +11% | | Net Income ($ million) | $26.5 | +48% | | Adjusted Net Income ($ million) | $25.2 | +46% | | Diluted EPS ($) | $0.34 | +36% | | Adjusted Diluted EPS ($) | $0.33 | +38% | | Adjusted EBITDA ($ million) | $45.2 | +42% | | Pawn Loans Outstanding (PLO) ($ million) | $291.6 | +11% | - The company expanded its footprint by **52 stores** during the quarter, including **49 in Latin America** (**40 of which were acquired in Mexico**) and **3 in the U.S.**[4](index=4&type=chunk)[5](index=5&type=chunk) - CEO Lachie Given highlighted disciplined execution and platform scalability as key drivers for turning top-line momentum into exceptional earnings growth[3](index=3&type=chunk) - The company's liquidity stands at **$472 million**, strengthening its balance sheet to fund accelerated growth and strategic acquisitions, with a compelling M&A pipeline[5](index=5&type=chunk) [Segment Performance](index=2&type=section&id=SEGMENT%20RESULTS) Both U.S. and Latin America Pawn segments demonstrated strong growth, with U.S. PLO up 11% and Latin America contribution up 30% constant currency [U.S. Pawn](index=2&type=section&id=U.S.%20Pawn) The U.S. Pawn segment delivered robust performance with an 11% increase in PLO to $221.1 million and a 32% rise in segment contribution U.S. Pawn Q3 2025 Performance | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Pawn Loans Outstanding (PLO) ($ million) | $221.1 million | +11% | | Total Revenues (YoY Change) | - | +11% | | Gross Profit (YoY Change) | - | +12% | | Segment Contribution ($ million) | $47.6 million | +32% | | Store Count (stores) | 545 | +3 stores | - Merchandise sales gross margin improved by **80 basis points** to **38.5%**, and aged general merchandise inventory decreased by **260 basis points**[7](index=7&type=chunk) - Net inventory increased by **36%**, attributed to higher PLO, layaways, and purchases, while inventory turnover decreased from **2.6x** to **2.1x**[7](index=7&type=chunk) [Latin America Pawn](index=4&type=section&id=Latin%20America%20Pawn) Latin America Pawn showed strong growth, with PLO up 13% (16% constant currency) and segment contribution up 30% constant currency, expanding by 49 stores Latin America Pawn Q3 2025 Performance (As Reported vs. Constant Currency) | Metric | As Reported (YoY % Change) | Constant Currency (YoY % Change) | | :--- | :--- | :--- | | Pawn Loans Outstanding (PLO) | +13% | +16% | | Total Revenues | +11% | +21% | | Gross Profit | +6% | +16% | | Segment Contribution | +20% | +30% | - The store count in the segment increased by **49** to **791**, mainly due to the acquisition of **40 stores** and the opening of **10 new (de novo) stores**[12](index=12&type=chunk) - Merchandise sales gross margin decreased slightly from **32%** to **31%**, while aged general merchandise inventory increased from **0.9%** to **2.2%** of total[12](index=12&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show an 11% revenue increase to $311.0 million and a 48% net income increase, with cash significantly up to $472.1 million due to debt issuance [Condensed Consolidated Statements of Operations](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q3 2025 total revenues grew 11% to $311.0 million, operating income more than doubled to $36.0 million, and net income rose 48% to $26.5 million Q3 Statement of Operations Summary (in thousands) | Account | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | | :--- | :--- | :--- | | Total Revenues | $310,981 | $281,421 | | Gross Profit | $183,639 | $166,727 | | Operating Income | $35,995 | $22,154 | | Net Income | $26,503 | $17,950 | | Diluted EPS | $0.34 | $0.25 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, total assets reached $1.88 billion, with cash at $472.1 million, and long-term debt increasing to $517.6 million due to new issuance Balance Sheet Key Items (in thousands) | Account | June 30, 2025 ($ thousands) | Sept 30, 2024 ($ thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $472,088 | $170,513 | | Pawn loans | $291,634 | $274,084 | | Total Assets | $1,883,068 | $1,493,237 | | Long-term debt, net | $517,601 | $224,256 | | Total Equity | $990,058 | $804,571 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the nine months ended June 30, 2025, operating activities provided $97.7 million, investing used $66.0 million, and financing provided $275.6 million, resulting in a $307.3 million net cash increase Nine Months Ended June 30, 2025 Cash Flow Summary (in thousands) | Activity | Net Cash Flow ($ thousands) | | :--- | :--- | | Net cash provided by operating activities | $97,730 | | Net cash used in investing activities | $(66,040) | | Net cash provided by financing activities | $275,606 | | **Net increase in cash** | **$307,270** | [Store Count Activity](index=14&type=section&id=STORE%20COUNT%20ACTIVITY) In Q3 2025, EZCORP's total store count increased by a net of 52 to 1,336, driven by 43 acquisitions and 10 new store openings Store Count Change in Q3 2025 | Region | Start of Qtr (Mar 31, 2025) (stores) | End of Qtr (Jun 30, 2025) (stores) | Net Change (stores) | | :--- | :--- | :--- | :--- | | U.S. Pawn | 542 | 545 | +3 | | Latin America Pawn | 742 | 791 | +49 | | **Consolidated** | **1,284** | **1,336** | **+52** | - The primary driver of store growth in Q3 was acquisitions, with **43 acquired locations**, supplemented by **10 new store openings**[30](index=30&type=chunk) [Non-GAAP Financial Information](index=15&type=section&id=Non-GAAP%20Financial%20Information) This section presents non-GAAP measures, including constant currency and adjusted results, to clarify operational performance by excluding foreign currency and non-recurring items - The company uses non-GAAP measures like constant currency and adjusted results to provide a more complete understanding of underlying business trends and for period-over-period comparison[31](index=31&type=chunk) Q3 2025 GAAP vs. Adjusted (Non-GAAP) Results (in millions, except EPS) | Metric | Reported (GAAP) ($ million) | Adjusted (Non-GAAP) ($ million) | | :--- | :--- | :--- | | Total Revenues | $311.0 | $319.9 | | Gross Profit | $183.6 | $188.4 | | Income Before Tax | $34.7 | $34.0 | | Net Income | $26.5 | $25.2 | | Diluted EPS ($) | $0.34 | $0.33 | | EBITDA | $45.7 | $45.2 | - Constant currency adjustments for Q3 2025 show that revenue growth was **14%** YoY, compared to the **11%** reported, and Latin America Pawn's gross profit growth was **16%** YoY, compared to the **6%** reported[36](index=36&type=chunk)

Core Insights - EZCORP, Inc. reported strong financial performance for Q3 2025, achieving record revenues and significant growth in earnings, driven by high demand for pawn services and secondhand goods [3][6][4] Financial Performance - Total revenues increased by 11% to $311.0 million compared to $281.4 million in Q3 2024 [6][5] - Gross profit rose by 10% to $183.6 million, up from $166.7 million in the same period last year [6][5] - Net income surged by 48% to $26.5 million, compared to $18.0 million in Q3 2024 [6][5] - Adjusted EBITDA increased by 42% to $45.2 million [6][5] - Diluted earnings per share grew by 36% to $0.34, up from $0.25 in Q3 2024 [6][5] Operational Highlights - Pawn loans outstanding (PLO) increased by 11% to $291.6 million, reflecting strong demand and improved operational performance [6][7] - The company expanded its footprint by adding 52 stores, including 49 in Latin America and 3 in the U.S., with a focus on strategic growth [4][3] - In the U.S., segment contribution increased by 32%, while Latin America saw over 30% growth in contribution on a constant currency basis [4][3] Balance Sheet and Liquidity - The company reported $472 million in liquidity, enabling funding for accelerated growth and strategic acquisitions [5][4] - Cash and cash equivalents at the end of the quarter were $472.1 million, significantly up from $170.5 million as of September 30, 2024 [8][5] Segment Performance - U.S. Pawn revenues reached $219.96 million, while Latin America Pawn generated $91.02 million [20] - Merchandise sales in the U.S. increased by 4%, while Latin America saw a 12% rise in merchandise sales [8][20] - The gross margin for merchandise sales remained consistent at 36% [8][20]

Core Insights - EZCORP, Inc. reported strong financial performance for Q3 2025, achieving record revenue and significant growth in earnings, driven by high demand for cash solutions and secondhand goods [3][6][4]. Financial Performance - Total revenues increased by 11% to $311.0 million compared to $281.4 million in Q3 2024 [5][6]. - Gross profit rose by 10% to $183.6 million, up from $166.7 million in the same period last year [5][6]. - Net income surged by 48% to $26.5 million, compared to $18.0 million in Q3 2024 [6][5]. - Adjusted EBITDA increased by 42% to $45.2 million [6][5]. - Diluted earnings per share grew by 36% to $0.34, up from $0.25 in Q3 2024 [6][5]. Operational Highlights - Pawn loans outstanding (PLO) increased by 11% to $291.6 million, reflecting strong demand and improved operational performance [6][7]. - The company expanded its footprint by adding 52 stores, including 49 in Latin America and 3 in the U.S., with a luxury store in Miami Beach [4][3]. - In the U.S., segment contribution increased by 32%, while Latin America saw over 30% growth in contribution on a constant currency basis [4][3]. Strategic Outlook - The company has a strengthened balance sheet with $472 million in liquidity, positioning it well for accelerated growth through organic means and strategic acquisitions [5][4]. - The management remains focused on disciplined capital allocation and operational excellence to deliver long-term value for shareholders [5][4].

Table of Contents 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, 2025 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 EZCORP, INC. (Exact name of registrant as specified in its charter) | Delaware | | 74-2540145 | | --- | --- | --- | | (I.R. ...

Core Viewpoint - EZCORP, Inc. is set to release its third quarter fiscal 2025 results on July 30, 2025, after market close, indicating ongoing operations and financial performance in the pawn transaction industry [1]. Group 1: Financial Results Announcement - The third quarter fiscal 2025 results will cover the period ending June 30, 2025 [1]. - A webcast and conference call will be held on July 31, 2025, at 9:00 a.m. Eastern time to discuss the results [2]. - Presentation slides will be available on the Investor Relations section of the company's website after the market close on July 30, 2025 [2]. Group 2: Company Overview - EZCORP has been a leading provider of pawn transactions in the United States and Latin America since its formation in 1989 [4]. - The company also engages in selling pre-owned and recycled merchandise, primarily from collateral forfeited from pawn lending operations [4]. - EZCORP focuses on meeting the short-term cash needs of consumers who are cash and credit constrained, emphasizing an industry-leading customer experience [4].

Group 1 - EZCORP (NASDAQ: EZPW) is rated as a "Strong Buy" indicating a favorable opportunity for long-term investors [1] - The pawn lending industry is perceived as undervalued based on current valuation metrics [1]

Core Insights - The article emphasizes the importance of identifying companies with strong growth in revenue, earnings, and free cash flow as key investment criteria [1] - It highlights a preference for companies with excellent growth prospects and favorable valuations, particularly those with high free cash flow margins, dividend stocks, and generous share repurchase programs [1] Summary by Categories Company Characteristics - Companies that demonstrate consistent growth in revenue, earnings, and free cash flow are prioritized for investment [1] - The focus is on companies with strong growth potential and favorable market valuations [1] Investment Preferences - There is a preference for steadily growing companies that maintain high free cash flow margins [1] - Dividend-paying stocks and those with substantial share repurchase programs are considered attractive investment options [1]

Core Insights - EZCORP has acquired 40 pawn stores across 13 states in Mexico, enhancing its geographic footprint and diversifying its pawn portfolio with auto pawn transactions [1][2] - The acquisition aligns with the company's strategic objective of expanding its presence in Mexico, which is identified as a market with strong financial performance and growth potential [2] - Following this acquisition, EZCORP operates a total of 1,332 pawn stores, with 787 located in Latin America, including 602 in Mexico [2] Company Overview - EZCORP, established in 1989, is a leading provider of pawn transactions in the United States and Latin America, also involved in selling pre-owned and recycled merchandise [3] - The company focuses on meeting the short-term cash needs of consumers who are cash and credit constrained, emphasizing an industry-leading customer experience [3] - EZCORP is publicly traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index [3]

Core Insights - The focus is on value investing with an emphasis on fundamental research across various sectors including chemicals, homebuilders, building materials, industrials, and metals & mining [1] - The investment strategy targets stocks that are undervalued and have potential catalysts in the near term, with an investment horizon ranging from one quarter to two years [1] Sector and Company Analysis - The sectors of interest include chemicals, homebuilders, building materials, industrials, and metals & mining, indicating a diverse investment approach [1] - The strategy involves identifying stocks that are "cheaply available," suggesting a focus on price-to-earnings ratios and other valuation metrics [1] - The investment horizon is relatively short to medium-term, which may influence the selection of stocks based on upcoming events or earnings reports [1]