Business
EZCORP Reports Third Quarter Fiscal 2023 Results
Record Pawn Loans Outstanding and Third Quarter Merchandise Sales Drive Strong Revenue and Earnings Growth AUSTIN, Texas--(BUSINESS WIRE)-- EZCORP, Inc.
About this update from Ezcorp, Inc.
[{"type":"text","content":"\nRecord Pawn Loans Outstanding and Third Quarter Merchandise Sales Drive Strong Revenue and Earnings Growth\n\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 third quarter ended June 30, 2023.\n\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\n\nTHIRD QUARTER HIGHLIGHTS\n\n\n\nPawn loans outstanding (PLO) up 12% to $229.4 million.\n\n\n\nTotal revenue increased 19%, and gross profit increased 15%.\n\n\n\nMerchandise sales gross margin remains within our targeted range at 36%.\n\n\n\nNet income increased $6.0 million to $18.2 million.\n\n\n\nDiluted earnings per share of $0.24, up from $0.17. On an adjusted basis1, diluted earnings per share of $0.20, compared to $0.16.\n\n\n\nReturn on earning assets (ROEA) remains strong at 161%.\n\n\n\nCEO COMMENTARY AND OUTLOOK\n\n\nLachie Given, Chief Executive Officer, stated, \"As a result of our team's persistent pursuit of operational excellence, we achieved record PLO and third quarter revenue and merchandise sales, driving another quarter of robust operating results for our stakeholders.\n\n\n\"We grew our store footprint, opening 13 de novo stores during the quarter. Twelve of the new stores are in Latin America, with five in Mexico, taking our store count there to 540, and seven in Guatemala, expanding our market leadership there to 110 stores. In Las Vegas, we opened an additional Max Pawn luxury store, giving us three luxury pawn stores in that market.\n\n\n\"Our EZ+ Rewards loyalty program has grown to 3.3 million members, an 18% increase over the previous quarter. We continue to implement strategies to win and retain customers and drive customer engagement, enhancing their experience through targeted EZ+ marketing, moving payments online, and improving our retail showrooms. In the local communities we serve, we continue to provide a unique and essential service to our customers, focusing on meeting our customers' immediate cash needs with pawn loans and purchases, while providing outstanding value-for-money, offering a broad array of second-hand goods and a more sustainable way to shop.\n\n\n\"We del...