Business
EZCORP Reports Fourth Quarter and Full Year 2022 Results
Record Year End Pawn Loans Outstanding Driving Revenue and Earnings Growth AUSTIN, Texas--(BUSINESS WIRE)-- EZCORP, Inc. (NASDAQ: EZPW), a leading provider
About this update from Ezcorp, Inc.
[{"type":"text","content":"\nRecord Year End Pawn Loans Outstanding Driving Revenue and Earnings Growth\n\n AUSTIN, Texas--(BUSINESS WIRE)--\nEZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its fourth quarter and full year ended September 30, 2022.\n\nUnless 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.\n\nFOURTH QUARTER AND FULL YEAR HIGHLIGHTS\n\n\nPawn loans outstanding (PLO) up 19% to a record-high of $210.0 million.\n\n\nTotal revenue increased 21% for the quarter and for the full year, while gross profit1 increased 15% for the quarter and 18% for the full year.\n\n\nMerchandise sales gross margin remains within our targeted range at 37% for the quarter and 38% for the full year.\n\n\nNet income for the quarter was $7.3 million, an increase of $5.8 million, and $50.2 million for the year, an increase of $41.5 million.\n\n\nDiluted earnings per share of $0.11 for the quarter was up from $0.03 and for the year was $0.70 up significantly from $0.15. On an adjusted basis2, diluted earnings per share for the quarter was $0.15, compared to $0.11, and for the year was $0.75, compared to $0.38.\n\n\nReturn on earning assets (ROEA) remains strong at 155% for the quarter and 167% for the full year.\n\n\nCEO COMMENTARY AND OUTLOOK\n\nChief Executive Officer Lachie Given stated, “We continue to execute on our three-year strategic plan and closed the fiscal year with another outstanding quarter. PLO hit a record high driving increases in pawn service charges. Strong sales margins with a relentless focus on optimizing store operating costs translated into a significant increase in earnings for the fourth quarter and full year. Inflation and other economic pressures have had a significant impact on our customers' finances, and we are able to help them by providing a unique and essential service to address their short-term cash needs. In addition, we provide an environmentally friendly retail experience at our neighborhood re-commerce stores for our expanding customer base of environmentally and cost-conscious consumers.\n\n“During the fourth quarter, we opened 16 de novo stores in Latin America bringing the total for 2022 to 28. In the U...