EZCORP Reports Third Quarter Fiscal 2024 Results

Core Insights - EZCORP, Inc. reported strong financial results for the third quarter ended June 30, 2024, with record revenues and pawn loans outstanding, driven by robust customer demand and operational execution [2][3][4]. Financial Performance - Pawn loans outstanding (PLO) increased by 14% to $261.7 million [2][8]. - Total revenues rose by 10% to $281.4 million, while gross profit increased by 12% to $166.7 million [2][7]. - Net income was $18.0 million, slightly down from $18.2 million, but adjusted net income increased by 14% [2][8]. - Diluted earnings per share rose to $0.25 from $0.24, with adjusted diluted earnings per share increasing to $0.23 from $0.20 [2][8]. Operational Highlights - The company expanded its footprint by adding twelve new stores, including six in Latin America and one in the U.S., and acquired five stores in the U.S. [4][10]. - The EZ+ Rewards program grew to 5 million members globally, a 51% increase year-over-year, contributing to 76% of unique customer transactions [5][6]. - Online payments increased by 49% to $21.7 million collected in the U.S. [5]. Segment Performance - U.S. Pawn segment PLO increased by 11% to $199.3 million, with total revenues up 8% and gross profit up 9% [9]. - Latin America Pawn segment PLO improved by 24% to $62.4 million, with total revenues up 15% and gross profit up 21% [10][11]. Capital Allocation and Strategy - The company repurchased $3.0 million worth of shares during the quarter and settled convertible notes with $34.4 million in cash [4][6]. - EZCORP maintains a balanced capital allocation strategy, focusing on organic growth, acquisitions, and returning capital to shareholders [6].