Business
EZCORP Reports Fourth Quarter and Full Year Fiscal 2024 Results
Record Q4 and Full Year Revenue & PLO AUSTIN, Texas, Nov. 13, 2024 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in
About this update from Ezcorp, Inc.
[{"type":"text","content":"Record Q4 and Full Year Revenue & PLO\nAUSTIN, Texas, Nov. 13, 2024 (GLOBE NEWSWIRE) -- EZCORP, 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, 2024. Unless 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. FOURTH QUARTER HIGHLIGHTS Pawn loans outstanding (PLO) up 12% to $274.1 million.Net income was up $4.9 million to $15.2 million. On an adjusted basis1, net income increased 9%.Diluted earnings per share was $0.21, up from $0.15. On an adjusted basis1, diluted earnings per share increased 13% to $0.26.Total revenues increased 9% to $294.6 million, while gross profit1 increased 10% to $175.4 million.Merchandise sales gross margin remained within the Company’s targeted range at 35%.Return on earning assets (ROEA) remained strong at 154%. FULL YEAR 2024 HIGHLIGHTS Net income was $83.1 million, an increase of $44.6 million. On an adjusted basis1, net income increased 20%.Diluted earnings per share was $1.10, up from $0.53. On an adjusted basis1, diluted earnings per share increased 20% to $1.12.Total revenues increased 11% to $1,161.6 million, while gross profit1 increased 12% to $682.3 million.Merchandise sales gross margin remained within the Company’s targeted range at 36%.Return on earning assets (ROEA) remained strong at 160%. CEO COMMENTARY AND OUTLOOK Lachie Given, Chief Executive Officer, stated, “Fiscal 2024 has been another record breaking year for our Company as we achieved the highest annual revenues in our history. We also drove material growth on the bottom line, with adjusted EBITDA increasing 15% to over $150 million and adjusted diluted EPS increasing 20% to $1.12. This exceptional performance is a testament to our 8,000+ team members, whose dedication to delivering market-leading customer service has driven these outstanding operating and financial results. We continue to see strong consumer demand for immediate cash solutions and high-quality, cost-effective second-hand goods, fueled by what continues to be a challenging macroeconomic environment. Customer participation in our EZ+ Rewards program continues to flourish, with 44% growth year over y...