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Financial Data and Key Metrics Changes - EZCORP achieved record revenue of $1.3 billion for fiscal 2025, up 12% year over year, with adjusted EBITDA of $191.2 million, up 26% [4][11] - EBITDA margin expanded to 14.7% from 13%, and net income surged 30% to $110.7 million [4][11] - Cash position increased to $469.5 million from $170.5 million in fiscal 2024, reflecting a $300 million senior notes offering [7] Business Line Data and Key Metrics Changes - Pawn loan (PLO) of $303.9 million increased 11%, with a same-store basis growth of 9% [11] - Merchandise sales of $176 million increased 9%, with same-store sales up 7% [11] - U.S. pawn segment revenues increased 13% to $238.9 million, with PLO growth of 9% on both total and same-store basis [13][14] Market Data and Key Metrics Changes - In Latin America, fourth quarter revenues were $96.9 million, up 17%, with PLO up 17% to $70.1 million [15] - Jewelry composition in PLO increased by 450 basis points to 41% in Latin America [15] - Texas remains the largest market with 247 stores, followed by Florida with 95 stores [14] Company Strategy and Development Direction - EZCORP focuses on expanding its store base, having added 24 stores in the quarter, with a total of 1,360 stores across five countries [5][6] - The company is committed to digital transformation, with initiatives like the EZ+ Rewards membership program, which increased by 26% to 6.9 million members [8] - The M&A pipeline remains active, with multiple opportunities being evaluated for strategic integration and return on invested capital [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model, stating that the company can adapt quickly to changes in gold prices [26][27] - The focus remains on growing PLO, improving inventory efficiency, and scaling operational best practices across all geographies [18] - Management noted strong demand for loan products, indicating robust lending profiles despite external economic pressures [78] Other Important Information - The company implemented a targeted incentive compensation campaign in Q4, which successfully improved merchandise sales [8] - Digital initiatives have led to significant growth in online payments and customer engagement, with website traffic increasing by 49% [9] - The company is seeing a shift towards jewelry in its PLO composition, enhancing its ability to capitalize on elevated gold prices [14] Q&A Session Summary Question: Impact of gold prices on business - Management acknowledged that while rising gold prices are beneficial, the core business remains strong regardless of gold price fluctuations [26][27] Question: Future growth potential in Latin America - Management indicated that there is still significant opportunity for growth in Latin America, particularly in lending against jewelry and digital adoption [31][32] Question: M&A pipeline outlook - Management confirmed a robust M&A pipeline with ongoing acquisitions, focusing primarily on existing markets but open to new opportunities [35][36] Question: Digital initiatives and customer behavior - Management noted that digital initiatives are driving customer engagement and efficiency, with significant growth in online loan payments and customer loyalty [63][65] Question: Inventory growth and turnover - Management explained that inventory growth is primarily due to increased jewelry holdings and longer-term layaways, viewing it as an opportunity for improvement in inventory turnover [66][67]

Financial Data and Key Metrics Changes - EZCORP achieved record revenue of $1.3 billion for fiscal 2025, up 12% year over year, with adjusted EBITDA of $191.2 million, up 26% [4] - EBITDA margin expanded to 14.7% from 13%, and net income surged 30% to $110.7 million [4][7] - Cash position increased to $469.5 million from $170.5 million in fiscal 2024, reflecting a $300 million senior notes offering [7] Business Line Data and Key Metrics Changes - Pawn loan (PLO) of $303.9 million increased 11%, with a same-store basis growth of 9%, driven by higher average loan sizes [11] - Merchandise sales of $176 million increased 9%, with same-store sales up 7% [11] - In the U.S., PLO grew 9% with merchandise sales of $117.3 million increasing 6% overall [13][12] Market Data and Key Metrics Changes - In Latin America, fourth quarter revenues were $96.9 million, up 17%, with PLO up 17% to $70.1 million [15] - Jewelry composition in PLO increased by 450 basis points to 41% in Latin America [15] - Texas remains the largest market with 247 stores, followed by Florida with 95 stores [14] Company Strategy and Development Direction - The company is focused on expanding its store base and enhancing operational efficiency through digital transformation and customer-centric initiatives [4][8] - EZCORP aims to leverage its strong balance sheet for organic and inorganic growth opportunities, particularly in M&A [20] - The company is committed to improving inventory efficiency and scaling operational best practices across all geographies [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model, stating that the company can adapt quickly to changes in gold prices [26][27] - The company anticipates continued robust revenue growth, driven by strong demand for loan products despite potential economic pressures [44] - Management highlighted the importance of digital initiatives in enhancing customer engagement and operational efficiency [62] Other Important Information - EZCORP's loyalty program, EZ Plus Rewards, has grown by 26% to 6.9 million members, driving customer loyalty and repeat transactions [8] - The company has implemented targeted incentive compensation campaigns to improve merchandise sales [8] Q&A Session Summary Question: Impact of gold prices on business - Management acknowledged that while rising gold prices are beneficial, the core business remains strong regardless of gold price fluctuations [26][27] Question: Future growth potential in Latin America - Management indicated that there is still significant growth potential in Latin America, particularly in lending against jewelry [31][32] Question: M&A pipeline outlook - Management confirmed a robust M&A pipeline with ongoing opportunities, emphasizing a disciplined approach to acquisitions [35][36] Question: Digital initiatives and customer behavior - Management noted that digital initiatives are driving significant changes in customer engagement and operational efficiency [62] Question: Inventory growth and turnover - Management explained that inventory growth is primarily due to increased jewelry holdings and longer-term layaway programs, viewing it as an opportunity for improvement [66][70]

Financial Data and Key Metrics Changes - EZCORP achieved record revenue of $1.3 billion for fiscal 2025, up 12% year over year, with adjusted EBITDA of $191.2 million, up 26% [4] - EBITDA margin expanded to 14.7% from 13%, and net income surged 30% to $110.7 million [4][6] - Cash position increased to $469.5 million from $170.5 million in fiscal 2024, reflecting a $300 million senior notes offering [7] Business Line Data and Key Metrics Changes - Pawn loan (PLO) of $303.9 million increased 11%, with a same-store basis growth of 9%, driven by higher average loan sizes [12] - Merchandise sales of $176 million increased 9%, with same-store sales up 7%, and merchandise margin remained steady at 35% [12] - In the U.S. pawn segment, total revenues increased 13% to $238.9 million, with PLO growth of 9% on both total and same-store basis [13][14] Market Data and Key Metrics Changes - In Latin America, fourth quarter revenues were $96.9 million, up 17%, with PLO up 17% to $70.1 million [16] - Jewelry composition in PLO increased by 450 basis points to 41%, indicating a shift towards higher-value items [16] - The U.S. remains the largest market with 247 stores in Texas, followed by Florida with 95 stores [14] Company Strategy and Development Direction - The company is focused on expanding its store base and enhancing digital transformation to improve customer engagement [4][10] - Strategic initiatives include a targeted incentive compensation campaign and a robust loyalty program, with EZ Plus Rewards membership up 26% to 6.9 million members [9][10] - The M&A pipeline remains active, with multiple opportunities being evaluated for strategic integration and return on invested capital [20][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model, stating that the company can adapt quickly to changes in gold prices [26][27] - The company anticipates continued robust revenue growth, particularly outside of scrap sales, despite potential economic pressures [44] - Management highlighted the importance of operational excellence and customer-centric initiatives in driving future growth [8][21] Other Important Information - The company has transformed its earnings profile significantly since fiscal 2021, with net income increasing from $21 million to $110 million [17] - Digital initiatives have led to a 42% year-over-year growth in online payments in the U.S., demonstrating strong customer adoption of digital platforms [10][63] - The company is committed to improving inventory efficiency and scaling operational best practices across all geographies [19] Q&A Session Summary Question: Concerns about gold prices and their impact on business - Management acknowledged that while rising gold prices are beneficial, the core business remains strong regardless of gold price fluctuations [26][27] Question: Future performance and growth potential in Latin America - Management indicated that there is still significant growth potential in Latin America, particularly in jewelry lending and digital adoption [30][33] Question: Insights on the M&A pipeline and future acquisitions - Management confirmed a robust M&A pipeline with a disciplined approach to acquisitions, focusing primarily on existing markets [35][36] Question: Impact of U.S. consumer behavior on store performance - Management noted strong demand for loan products, indicating that consumer pressure remains high, but specific impacts from external factors like government shutdowns are unclear [74] Question: Changes observed from digital initiatives - Management reported significant growth in online loan payments and customer engagement due to digital initiatives, enhancing store efficiency [62][64]

FOURTH QUARTER AND FULL YEAR FISCAL 2025 EARNINGS NOVEMBER 2025 PRELIMINARY STATEMENTS NASDAQ: EZPW FORWARD LOOKING STATEMENTS This presentation contains certain forward-looking statements. 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, that address activities or results that the company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the futur ...

Core Insights - Ezcorp (EZPW) reported quarterly earnings of $0.34 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, and up from $0.26 per share a year ago, representing an earnings surprise of +17.24% [1] - The company achieved revenues of $336.81 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 6.93% and increasing from $294.55 million year-over-year [2] - Ezcorp's stock has increased approximately 47.3% year-to-date, significantly outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.44 on revenues of $345 million, and for the current fiscal year, it is $1.45 on revenues of $1.33 billion [7] - The estimate revisions trend for Ezcorp was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Financial - Consumer Loans industry, to which Ezcorp belongs, is currently ranked in the top 33% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Revenue and Profit Growth - Fourth quarter total revenues increased 14% to $336.8 million, while gross profit increased 13% to $198.6 million[8] - Full year total revenues increased 10% to $1,274.3 million, with gross profit rising 9% to $746.1 million[8] - Adjusted EBITDA for the fourth quarter rose 33% to $47.9 million, and for the full year, it increased 26% to $191.2 million[8] - Net income for the fourth quarter surged 76% to $26.7 million, while full year net income rose 32% to $109.6 million[8] - Diluted earnings per share (EPS) for the fourth quarter increased 62% to $0.34, and for the full year, it rose 29% to $1.42[8] - Total revenues for the twelve months ended September 30, 2025, were $1.27 billion, compared to $1.45 billion for the previous year, a decline of 12.4%[29] - The company reported a segment contribution of $67.4 million for the three months ended September 30, 2025, down from $75.0 million in the same quarter of 2024[26] - The company reported a segment contribution of $211.6 million, with U.S. Pawn contributing $165.3 million and Latin America Pawn contributing $38.8 million[31] Store Expansion and Operations - The company opened 40 de novo stores and acquired 52 locations in fiscal 2025, more than doubling the total acquisitions from the previous two years[6] - The company opened 17 new locations and acquired 8 locations during the quarter, bringing the total store count to 1,360[34] - The company experienced a total of 11 locations combined or closed over the twelve months, resulting in a net increase of 81 locations[34] Cash and Assets - Cash and cash equivalents increased to $469.5 million from $170.5 million, primarily due to the issuance of Senior Notes and cash from operating activities[10] - Total current assets reached $1.1 billion as of September 30, 2025, a 54.5% increase from $729.0 million in 2024[22] - The company’s total equity grew to $1.03 billion as of September 30, 2025, up from $804.6 million in 2024, indicating a growth of 27.2%[22] - Consolidated gross profit for Q4 2025 was $198.6 million, up 13% year-over-year, with full year gross profit at $746.1 million, a 9% increase[40] Expenses and Liabilities - Store expenses increased 8% in the fourth quarter, primarily due to labor costs and new store openings[9] - Total liabilities increased to $925.7 million as of September 30, 2025, from $688.7 million in 2024, marking a rise of 34.4%[22] - Store expenses for the three months ended September 30, 2025, were $129.0 million, an increase from $119.0 million in the prior year[26] - General and administrative expenses for the same period were $23.4 million, compared to $20.7 million in the previous year[26] - The company incurred an interest expense of $8.1 million for the three months ended September 30, 2025[26] - Interest expense increased to $8.1 million from $3.2 million year-over-year, while interest income also rose to $(5.3) million from $(2.1) million[38] Pawn Loans and Service Charges - Pawn loans outstanding (PLO) increased 12% to $307.5 million in the fourth quarter, with a same-store basis increase of 10%[9] - The company reported a 20.5% increase in pawn service charges, totaling $125.97 million for the three months ended September 30, 2025, compared to $115.1 million in 2024[20] - Pawn service charges contributed $125.9 million, down from $140.0 million, indicating a decrease of 10.0%[26] - The company made loans totaling $1.01 billion during the twelve months ended September 30, 2025, compared to $937.0 million in 2024, reflecting an increase of 7.9%[24] Currency and Market Performance - The average exchange rate for the Mexican peso was 18.3 for the quarter, compared to 19.7 in the same quarter last year, indicating a strengthening of the peso[37] - The company provided non-GAAP financial information to enhance understanding of its operations, particularly in Latin America, where results are affected by currency fluctuations[35] - Constant currency consolidated revenues for Q4 2025 were $335.9 million, a 14% increase, and $1,304.3 million for the full year, a 12% increase[40] - Latin America Pawn segment gross profit for Q4 2025 was $54.0 million, a 19% increase, with full year gross profit at $195.4 million, an 8% increase[40] - Latin America Pawn merchandise sales for Q4 2025 were $59.3 million, a 17% increase, with full year sales at $225.7 million, a 10% increase[40]

Core Insights - EZCORP, Inc. reported record revenue and pawn loans outstanding (PLO) for fiscal year 2025, driven by strong demand for cash solutions and secondhand goods [5][6] - The company achieved a 26% increase in adjusted EBITDA to $191.2 million and a 27% rise in adjusted diluted EPS to $1.43 [5][9] - The growth strategy included disciplined acquisitions and de novo store openings, resulting in a total of 1,360 stores across five countries [6][7] Fourth Quarter Highlights - Total revenues for Q4 increased by 14% to $336.8 million, with gross profit rising by 13% to $198.6 million [9][10] - Net income surged by 76% to $26.7 million, while diluted EPS increased by 62% to $0.34 [9][10] - Pawn loans outstanding reached $307.5 million, a 12% increase, reflecting higher average loan sizes and strong demand [12] Full Year 2025 Highlights - Full year total revenues rose by 10% to $1,274.3 million, with gross profit increasing by 9% to $746.1 million [9][10] - Net income for the year was $109.6 million, a 32% increase, with diluted EPS up 29% to $1.42 [9][10] - The company expanded its footprint by 81 stores, including 52 acquisitions and 40 de novo openings [9][10] Segment Results - In the U.S. pawn segment, PLO increased by 9% to $233.8 million, driven by higher average loan sizes and improved operational performance [11] - Latin America pawn segment saw PLO improve by 23% to $73.7 million, with total revenues up 11% on a constant currency basis [13] - Jewelry scrap sales in Q4 increased by 91%, contributing to a gross margin increase of 1,010 basis points to 29% [12] Financial Position - Cash and cash equivalents rose significantly to $469.5 million from $170.5 million, primarily due to a $300 million issuance of Senior Notes [12] - The company maintained a flexible balance sheet, focusing on high-return growth and opportunistic share repurchases [7][12] - Total assets increased to $1,951.2 million, up from $1,493.2 million year-over-year [22][23]

Operations and Locations - As of September 30, 2025, EZCORP operated a total of 1,360 locations, including 545 in the U.S., 622 in Mexico, and 193 in Guatemala, El Salvador, and Honduras[16] - The company opened 40 new pawn locations in fiscal 2025, contributing to a total of 1,360 locations[18] - In fiscal 2025, the company opened 40 de novo stores and acquired 52 stores, bringing the total to 1,360 stores, with 60% in Latin America and 40% in the U.S.[57] - The company has 1,360 stores as of September 30, 2025, with 545 located in the U.S. and 622 in Mexico[146] Financial Performance - The company reported a net income of $109.6 million for fiscal 2025, representing a 32% increase compared to $83.1 million in fiscal 2024[171] - Total revenues increased by $112.7 million (10%) in fiscal 2025, driven by higher pawn service charges and merchandise sales[172] - Pawn service charges rose by $37.7 million (9%) due to an increase in average pawn loan amounts[173] - Gross profit for fiscal 2025 was $195.4 million, an increase of 8% from $181.0 million in fiscal 2024, with a 17% increase on a constant currency basis[182] - Cash flows from operating activities increased by 31% to $149.0 million, driven by higher net income and favorable changes in working capital[197] Revenue Sources - In fiscal 2025, pawn service charges (PSC) accounted for approximately 37% of total revenues and 64% of gross profit, with a closing pawn loan outstanding (PLO) balance of $307.5 million[21] - EZCORP's gross profit sources for fiscal 2025 included PSC, merchandise sales gross profit, and jewelry scrap gross profit, with a focus on optimizing the balance of PLO to increase PSC[14] - Merchandise sales rose 10% to $225.7 million, with a 20% increase on a constant currency basis, while same-store merchandise sales increased by 8% (18% on a constant currency basis)[187] - Jewelry scrap sales surged by 62%, with gross margin increasing by 1,160 basis points to 26.6% due to rising gold prices[173] Employee Engagement and Development - The company achieved an 89% participation rate in its annual Global Employee Engagement Survey, with an overall engagement score of 85, which is eleven points higher than the global benchmark[29] - Approximately 82% of managerial positions were filled via internal promotion, reflecting the company's commitment to talent management and development[36] Sustainability and Compliance - The company prioritizes sustainability and has developed foundational elements of a comprehensive sustainability program[12] - The company has installed energy-efficient LED lighting in 85% of U.S. stores and 60% of Latin America stores to reduce energy consumption[58] - The company’s corporate office in Austin, Texas, has achieved LEED Certified Silver status, reflecting its commitment to sustainability[58] - The company maintains a strong compliance culture, monitored by the Board of Directors, to adhere to regulatory standards across all jurisdictions[49] Market Presence and Competition - EZCORP holds a 43.7% equity interest in Cash Converters International Limited, which operates 659 stores across 15 countries, enhancing its market presence[16] - The pawn industry in the U.S. is large and highly fragmented, with the company being the second largest operator[62] - Significant competition exists from pawn stores, consumer lending companies, and online retailers, which could adversely affect operations[103] Risks and Challenges - A significant portion of collateral for pawn loans is gold jewelry, and fluctuations in gold values could materially impact earnings and financial position[93] - The company is exposed to risks associated with firearms transactions, including potential regulatory fines and liabilities[100] - The company faces risks related to natural disasters, particularly in regions susceptible to hurricanes and earthquakes, which could impact operations and financial performance[111] - Foreign operations in Latin America expose the company to risks related to political instability and economic volatility, potentially impacting growth plans[123] Debt and Financial Obligations - The company issued $300 million of 7.375% senior notes due 2032, which could restrict funds available for growth and other corporate purposes[121] - Debt obligations total $530,000,000, with $230,000,000 due in 3-5 years and $300,000,000 due in more than 5 years[210] - Total cash needs to meet future aggregate contractual obligations as of September 30, 2025, amount to $1,035,045,000[210] Stock Performance - The Class A Common Stock closing price was $19.04 per share as of September 30, 2025[150] - The company’s stock performance increased from $100 in 2020 to $378.42 in 2025, representing a 278.42% increase[154]

Core Points - EZCORP, Inc. will release its fourth quarter and full year fiscal 2025 results on November 13, 2025, after market close [1] - A conference call and webcast to discuss the results will take place on November 14, 2025, at 9:00 a.m. Eastern time [2][3] Company Overview - EZCORP, formed in 1989, is a leading provider of pawn transactions in the United States and Latin America, also selling pre-owned and recycled merchandise [4] - The company focuses on meeting the short-term cash needs of consumers who are cash and credit constrained, emphasizing an industry-leading customer experience [4]