EZPW

MKT CAP —P/E 16.8DIV YIELD —FCF YIELD —REV TTM $1.6B +28.6%NET INCOME $158.3M +61.4%NET DEBT $208.5M52W 17.41 – 35.59SEC XBRL · TTM TO Invalid Date

How EZPW rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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Business Development 2032 Senior Notes In March 2025, we issued $300.0 million aggregate principal amount of the Company’s 7.375% senior notes due 2032 (the “2032 Senior Notes”), for which $300.0 million remains outstanding as of September 30, 2025.
See Note 8 of Notes to the Consolidated Financial Statements included in “Part II, Item 8 - Financial Statements and Supplementary Data” of this Report for further discussion. 2025 Convertible Notes During April 2025, holders converted approximately $97.0 million in principal amount of the 2025 Convertible Notes into approximately 6.1 million shares of our Class A common stock, with payments of cash in lieu of any fractional shares.
On May 1, 2025, we repaid the remaining principal balance of $6.4 million with cash.
See Note 8 of Notes to the Consolidated Financial Statements included in “Part II, Item 8 - Financial Statements and Supplementary Data” of this Report for further discussion.
Acquisitions In fiscal 2025, we closed on the acquisition of 47 stores across 13 states in Mexico.
The stores, operating under the names “Monte Providencia” and “Tu Empeño Efectivo” offer traditional pawn loans, as well as auto pawn transactions, some of which are in standalone auto pawn stores.
Additionally, we acquired 4 stores located in the U.S. during fiscal 2025.
See Note 3 of Notes to Consolidated Financial Statements included in “Part II, Item 8 - Financial Statements and Supplementary Data” for further discussion of the Mexico acquisition.
Share Repurchase Program On November 11, 2025, the Board of Directors (“Board”) approved a new share repurchase program which will replace the previous program that expired on May 3, 2025.
See Note 9: Common Stock And Stock Compensation of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data”.
Under the new program, we are authorized to repurchase up to $ 50 million of our Class A Non-Voting common shares over the next three years .
The Board of Directors has reserved the right to modify, suspend or terminate the program at any time.
The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the fiscal years ended September 30, 2025 and 2024 were as follows: September 30, Twelve Months Ended September 30, 2025 2024 2025 2024 Mexican peso 18.3 19.7 19.7 17.7 Guatemalan quetzal 7.5 7.6 7.6 7.6 Honduran lempira 25.9 24.6 25.4 24.4 Australian dollar 1.5 1.4 1.6 1.5 Operating Results Fiscal 2025 vs.
Fiscal 2024 These tables, as well as the discussion that follows, should be read in conjunction with the accompanying consolidated financial statements and related notes.
Summary Financial Data The following table presents selected summary consolidated financial data for fiscal 2025 and fiscal 2024.
Fiscal Year Ended September 30, Change (in thousands) 2025 2024 Gross profit: Pawn service charges $ 474,228 $ 436,545 9% Merchandise sales 700,999 663,736 6% Merchandise sales gross profit 245,322 236,333 4% Gross margin on merchandise sales 35.0 % 35.6 % (60) bps Jewelry scrap sales 98,884 61,082 62% Jewelry scrap gross profit 26,346 9,156 188% Gross margin on jewelry scrap sales 26.6 % 15.0 % 1,160 bps Other revenues 169 239 (29)% Gross profit 746,065 682,273 9% Operating expenses: Store expenses 481,108 461,055 4% General and administrative 83,500 75,557 11% Impairment of other assets 877 843 4% Depreciation and amortization 32,538 33,069 (2)% Loss (gain) on sale or disposal of assets and other 135 (16) * Other operating income (1,262) (765) 65% Total operating expenses 596,896 569,743 5% Interest expense 23,029 13,585 70% Interest income (14,721) (10,575) 39% Equity in net income of unconsolidated affiliates (6,150) (4,711) 31% Other (income) expense 238 (1,377) (117)% Total non-operating expenses (income) 2,396 (3,078) (178)% Income before income taxes 146,773 115,608 27% Income tax expense 37,160 32,513 14% Net income $ 109,613 $ 83,095 32% Net pawn earning assets: Pawn loans $ 307,496 $ 274,084 12% Inventory, net 248,457 191,923 29% Total net pawn earning assets $ 555,953 $ 466,007 19% * Represents a percentage computation that is not mathematically meaningful.
PLO increased $33.4 million (12%) to $307.5 million due to higher average loan size, continued strong pawn demand, improved operational performance and additional stores.
Total revenues increased $112.7 million (10%) and gross profit increased 9%, reflecting improved PSC revenue, merchandise sales and jewelry scrap gross profit.
PSC increased $37.7 million (9%) as a result of higher average PLO.
Merchandise sales increased $37.3 million (6%).
Merchandise sales gross margin remains within our targeted range at 35.0%.
Jewelry scrap sales increased 62%, and jewelry scrap sales gross margin increased by 1,160 bps to 26.6% due to an increase in gold price and jewelry purchases.
Operating expenses increased $27.2 million (5%) primarily due to a $20.1 million increase in store expenses as a result of increased labor driven by increased headcount from acquired and de novo stores, and inflationary wage increases.
General and administrative expenses increased $7.9 million primarily due to labor and incentive compensation expense.
Total non-operating expense changed by $5.5 million (178%), primarily due to the increase in interest expense of $9.4 million, which is a result of the issuance of the 2032 Senior Notes.
This increase was partially offset by the $4.1 million increase in interest income, which is primarily due to the increase in Cash and cash equivalents held during the second half of fiscal 2025.
Income tax expense increased $4.6 million primarily due to the increase in income before income taxes of $31.2 million, offset by accrued withholding taxes recorded in prior year for prior earnings that are no longer permanently reinvested.
See Note 10: Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data” for quantification of these items.
Pawn segment: Fiscal Year Ended September 30, Change (in thousands) 2025 2024 Gross profit: Pawn service charges $ 351,479 $ 322,362 9% Merchandise sales 475,252 459,251 3% Merchandise sales gross profit 176,145 170,357 3% Gross margin on merchandise sales 37.1 % 37.1 % — bps Jewelry scrap sales 85,658 54,344 58% Jewelry scrap sales gross profit 22,912 8,418 172% Gross margin on jewelry scrap sales 26.7 % 15.5 % 1,120 bps Other revenues 103 126 (18)% Gross profit 550,639 501,263 10% Segment operating expenses: Store expenses 339,378 325,816 4% Impairment of goodwill, intangible and other assets 263 — 100% Depreciation and amortization 10,750 10,147 6% Loss on sale or disposal of assets and other 83 3 * Segment operating contribution 200,165 165,297 21% Other segment income — 7 (100)% Segment contribution $ 200,165 $ 165,290 21% Other data: Average monthly ending pawn loan balance per store (a) $ 399 $ 361 11% Monthly average yield on pawn loans outstanding 14 % 14 % — bps Pawn collateral - general merchandise 32 % 34 % (200) bps Pawn collateral - jewelry 68 % 66 % 200 bps * Represents a percentage computation that is not mathematically meaningful.
PLO ended the year at $233.8 million, up 9% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
Total revenues increased 9% and gross profit increased 10%, primarily due to increased PSC, merchandise sales, and jewelry scrap sales.
PSC increased 9% as a result of higher average PLO.
Merchandise sales increased 3%, and merchandise sales gross margin remained consistent at 37.1%.
Jewelry scrap sales increased 58%, and jewelry scrap sales gross margin increased to 26.7% due to increase in gold price and jewelry purchases.
Store expenses increased 4% (4% on a same-store basis), primarily due to labor costs driven by inflation.
Segment contribution increased $34.9 million due to the changes described above.
During fiscal 2025, segment net store count in our U.S. pawn segment increased by 3 due to the acquisition of 4 stores and the consolidation of 1 store.
Fiscal Year Ended September 30, (in thousands) 2025 (GAAP) 2024 (GAAP) Change (GAAP) 2025 (Constant Currency) Change (Constant Currency) Gross profit: Pawn service charges $ 122,749 $ 114,183 8% $ 131,992 16% Merchandise sales 225,747 204,485 10% 245,382 20% Merchandise sales gross profit 69,177 65,976 5% 75,229 14% Gross margin on merchandise sales 30.6 % 32.3 % (170) bps 30.7 % (160) bps Jewelry scrap sales 13,226 6,738 96% 14,338 113% Jewelry scrap sales gross profit 3,434 738 * 3,745 * Gross margin on jewelry scrap sales 26.0 % 11.0 % 1,500 bps 26.1 % 1,510 bps Other revenues, net 66 78 (15)% 74 (5)% Gross profit 195,426 180,975 8% 211,040 17% Segment operating expenses: Store expenses 141,730 135,239 5% 153,686 14% Depreciation and amortization 8,612 8,865 (3)% 9,336 5% Segment operating contribution $ 45,084 $ 36,871 22% $ 48,018 30% Other segment income (a) (1,529) (1,970) (22)% (1,736) (12)% Segment contribution $ 46,613 $ 38,841 20% $ 49,754 28% Other data: Average monthly ending pawn loan balance per store (b) $ 85 $ 83 2% $ 91 10% Monthly average yield on pawn loans outstanding 16 % 16 % — bps 16 % — bps Pawn collateral - general merchandise 59 % 64 % (500) bps 59 % (500) bps Pawn collateral - jewelry 41 % 36 % 500 bps 41 % 500 bps * Represents a percentage computation that is not mathematically meaningful.
(a) Fiscal 2025 and 2024 constant currency amounts exclude net GAAP basis foreign currency transaction loss of $0.1 million and $0.1 million, respectively, resulting from movement in exchange rates.
(b) Balance is calculated based on the average of the monthly ending balance averages during the applicable period. 2025 Change (GAAP) 2025 Change (Constant Currency) Same-Store data: (a) PLO 14% 9% PSC 6% 14% Merchandise Sales 8% 18% Merchandise Sales Gross Profit 3% 13% Store Expenses 3% 12% (a) Stores open at the end of the period included in the same-store calculation were 727.

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Gone since FY2024

Business Development On September 11, 2024, the Company announced entry into an acquisition agreement with Presta Dinero, S.A. de C.V. for the purchase of 53 pawn stores in Mexico.
While at the time we expected to complete the transaction by October 31, 2024, the transaction has not yet closed and the parties remain in discussion.
The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the fiscal years ended September 30, 2024 and 2023 were as follows: September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 Mexican peso 19.7 17.4 17.7 18.3 Guatemalan quetzal 7.6 7.7 7.6 7.6 Honduran lempira 24.6 24.5 24.4 24.3 Australian dollar 1.4 1.6 1.5 1.5 Operating Results Fiscal 2024 vs.
Fiscal 2023 These tables, as well as the discussion that follows, should be read in conjunction with the accompanying consolidated financial statements and related notes.
Summary Financial Data The following table presents selected summary consolidated financial data for fiscal 2024 and fiscal 2023.
Fiscal Year Ended September 30, Change (in thousands) 2024 2023 Gross profit: Pawn service charges $ 436,545 $ 383,772 14% Merchandise sales 663,736 615,446 8% Merchandise sales gross profit 236,333 220,667 7% Gross margin on merchandise sales 36 % 36 % 0 bps Jewelry scrapping sales 61,082 49,528 23% Jewelry scrapping gross profit 9,156 5,104 79% Gross margin on jewelry scrapping sales 15 % 10 % 500 bps Other revenues 239 295 (19)% Gross profit 682,273 609,838 12% Operating expenses: Store expenses 461,055 418,574 10% General and administrative 75,557 67,529 12% Impairment of other assets 843 4,343 (81)% Depreciation and Amortization 33,069 32,131 3% (Gain) loss on sale or disposal of assets and other (16) 208 (108)% Other operating income (765) (5,097) (85)% Total operating expenses 569,743 517,688 10% Interest expense 13,585 16,456 (17)% Interest income (10,575) (7,470) 42% Equity in net (income) loss of unconsolidated affiliates (4,711) 28,459 117% Other (income) expense (1,377) 3,072 145% Total non-operating (income) expenses (3,078) 40,517 108% Income before income taxes 115,608 51,633 124% Income tax expense 32,513 13,170 147% Net income $ 83,095 $ 38,463 116% Net pawn earning assets: Pawn loans $ 274,084 $ 245,766 12% Inventory, net 191,923 166,477 15% Total net pawn earning assets $ 466,007 $ 412,243 13% Pawn loans outstanding (“PLO”) increased $28.3 million (12%) to $274.1 million due to improved operational performance and continued strong pawn demand.
Total revenues increased $112.6 million (11%) and gross profit increased 12%, reflecting improved pawn service charge (“PSC”) revenue, merchandise sales and merchandise sales gross profit.
PSC increased $52.8 million (14%) as a result of higher average PLO.
Merchandise sales increased $48.3 million (8%).
Merchandise sales gross margin remains within our targeted range at 36%.
Operating expenses increased $52.1 million (10%) primarily due to (a) a $42.5 million increase in store expenses as a result of increased labor driven by inflationary and minimum wage increases and, to a lesser extent, expenses related to rent and (b) a $8.0 million increase in general and administrative expenses, primarily due to labor, incentive compensation and to a lesser extent, cost related to the implementation and ongoing support for our Workday ERP system.
Total non-operating income increased $43.6 million (108%), primarily due to recognition in the prior year of our share of losses in Cash Converters’ net results related to their non-cash goodwill impairment charge, a reduction of interest expense and an increase in interest income.
Interest expense decreased $2.9 million, primarily driven by the prior year net loss recorded on the partial extinguishments of the 2024 convertible notes and 2025 convertible notes.
See Note 7: Debt of Notes to Consolidated Financial Statements in “Part II, Item 8 — Financial Statements and Supplemental Data” for further discussion.
The interest income increase is primarily due to our treasury management with increased market interest rates.
Income tax expense increased $19.3 million primarily due to the increase in income before income taxes of $64.0 million, an increase in non-deductible expense in Latin America and accrued withholding taxes on prior earnings that are no longer permanently reinvested.
See Note 9: Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data” for quantification of these items.
Pawn segment: Fiscal Year Ended September 30, Change (in thousands) 2024 2023 Gross profit: Pawn service charges $ 322,362 $ 285,919 13% Merchandise sales 459,251 432,578 6% Merchandise sales gross profit 170,357 164,704 3% Gross margin on merchandise sales 37 % 38 % (100) bps Jewelry scrapping sales 54,344 43,305 25% Jewelry scrapping sales gross profit 8,418 5,596 50% Gross margin on jewelry scrapping sales 15 % 13 % 200 bps Other revenues 126 119 6% Gross profit 501,263 456,338 10% Segment operating expenses: Store expenses 325,816 299,319 9% Depreciation and amortization 10,147 10,382 (2)% Loss on sale or disposal of assets and other 3 115 (97)% Segment operating contribution 165,297 146,522 13% Other segment income 7 (2) * Segment contribution $ 165,290 $ 146,524 13% Other data: Average monthly ending pawn loan balance per store (a) $ 361 $ 327 10% Monthly average yield on pawn loans outstanding 14 % 14 % — bps Pawn collateral - general merchandise 34 % 34 % —% Pawn collateral - jewelry 66 % 66 % —% * Represents a percentage computation that is not mathematically meaningful.
PLO ended the year at $214.3 million, up 12% on a total and same store basis.
Total revenues increased 10% and gross profit increased 10%, primarily due to increased PSC and higher merchandise sales.
PSC increased 13% as a result of higher average PLO.
Offsetting the sales increase, merchandise sales gross margin decreased 100 bps to 37%.
Store expenses increased 9% (8% on a same store basis), primarily due to labor costs driven by inflation.
Segment contribution increased $18.8 million due to the changes described above.
During fiscal 2024, segment net store count in our U.S. pawn segment increased by 13 due to the acquisition of 13 stores, the addition of one de novo store and the consolidation of one store.
Fiscal Year Ended September 30, (in thousands) 2024 (GAAP) 2023 (GAAP) Change (GAAP) 2024 (Constant Currency) Change (Constant Currency) Gross profit: Pawn service charges $ 114,183 $ 97,853 17% $ 111,784 14% Merchandise sales 204,485 182,868 12% 199,012 9% Merchandise sales gross profit 65,976 55,963 18% 64,138 15% Gross margin on merchandise sales 32 % 31 % 100 bps 32 % 100 bps Jewelry scrapping sales 6,738 6,223 8% 6,779 9% Jewelry scrapping sales gross profit 738 (492) 250% 739 250% Gross margin on jewelry scrapping sales 11 % (8) % 238% 11 % 238% Other revenues, net 78 121 (36)% 76 (37)% Gross profit 180,975 153,445 18% 176,737 15% Segment operating expenses: Store expenses 135,239 119,255 13% 131,831 11% Depreciation and amortization 8,865 9,191 (4)% 8,599 (6)% Other operating income — (5,097) 100% — 100% Segment operating contribution 36,871 30,096 23% 36,307 21% Other segment income (a) (1,970) (1,562) 26% (1,846) 18% Segment contribution $ 38,841 $ 31,658 23% $ 38,153 21% Other data: Average monthly ending pawn loan balance per store (b) $ 83 $ 73 14% $ 82 12% Monthly average yield on pawn loans outstanding 16 % 17 % (100) bps 16 % (100) bps Pawn collateral - general merchandise 64 % 68 % (6)% 65 % (4)% Pawn collateral - jewelry 36 % 32 % 13% 35 % 9% * Represents a percentage computation that is not mathematically meaningful.
(a) Fiscal 2024 and 2023 constant currency amounts exclude net GAAP basis foreign currency transaction loss of $0.1 million and $0.4 million, respectively, resulting from movement in exchange rates.
(b) Balance is calculated based on the average of the monthly ending balance averages during the applicable period. 2024 Change (GAAP) 2024 Change (Constant Currency) Same Store data: (a) PLO 7% 16% PSC 16% 14% Merchandise Sales 11% 8% Merchandise Sales Gross Profit 16% 13% Store Expenses 12% 9% (a) Stores open at the end of the period included in the same store calculation were 697.
PLO improved to $59.8 million, up 8% (18% on constant currency basis).
On a same store basis, PLO increased 7% (16% on a constant currency basis) due to improved operational performance and increased loan demand.
Total revenues were up 13% (11% on a constant currency basis), and gross profit increased by 18% (15% on a constant currency basis), reflecting increased PSC, higher merchandise sales and improved gross profit.
PSC increased 17% (14% on constant currency basis) as a result of higher average PLO.
Merchandise sales increased 12% (9% on a constant currency basis) and 11% on a same store basis (8% on a constant currency basis).
Merchandise sales gross margin increased 100 bps to 32%.
Store expenses increased $16.0 million, up 13% (11% on a constant currency basis), primarily due to increased labor headcount, in line with store activity and minimum wage increases and, to a lesser extent, rent associated with lease renewals..
Same-store expenses increased 12% (9% on a constant currency basis).
Segment contribution was up 23% to $38.8 million (21% on a constant currency basis), due to the changes noted above, in addition to the impact of the prior year reversal of contingent consideration liability in connection with a previously completed acquisition, which was recorded to “Other operating income.” During fiscal 2024, net store count in our Latin America pawn segment increased by 35 due to the opening of 40 de novo stores and the consolidation of five stores.
Other Investments The following table presents selected summary financial data for our Other Investments segment after translation to U.S. dollars from its functional currency of primarily Australian dollars: Fiscal Year Ended September 30, Change (in thousands) 2024 2023 Gross profit: Consumer loan fees, interest and other $ 35 $ 55 (36)% Gross profit 35 55 (36)% Segment operating expenses: Interest income (2,422) (1,500) 61% Equity in net (income) loss of unconsolidated affiliates (4,993) 28,459 118% Segment operating contribution (loss) 7,450 (26,904) 128% Other segment (income) loss — 31 100% Segment contribution (loss) $ 7,450 $ (26,935) 128% Segment income was $7.5 million, an increase of $34.4 million, primarily due to the prior year net loss on our share of Cash Converters’ net results related to their non-cash goodwill impairment charge.
Other Items The following table reconciles our consolidated segment contribution discussed above to net income attributable to EZCORP, Inc., including items that affect our consolidated financial results but are not allocated among segments: Fiscal Year Ended September 30, Change (in thousands) 2024 2023 Segment contribution $ 211,581 $ 151,247 40% Corporate expenses (income): General and administrative 75,557 67,532 12% Impairment of other assets 843 4,343 (81)% Depreciation and amortization 14,057 12,558 12% Loss on sale or disposal of assets and other 121 382 (68)% Other operating income (765) — 100% Interest expense 13,585 16,456 (17)% Interest income (6,541) (4,829) 35% Equity in net loss of unconsolidated affiliates 282 — * Other (income) expense (1,166) 3,172 137% Income before income taxes 115,608 51,633 124% Income tax expense 32,513 13,170 147% Net income $ 83,095 $ 38,463 116% * Represents a percentage computation that is not mathematically meaningful.
Segment contribution increased $60.3 million or 40%, primarily due to the improved operating results of the segments, as discussed above.

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