Business
EZCORP Reports Third Quarter Fiscal 2024 Results
Record PLO and Q3 Revenues AUSTIN, Texas, July 31, 2024 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United
About this update from Ezcorp, Inc.
[{"type":"text","content":"Record PLO and Q3 Revenues\nAUSTIN, Texas, July 31, 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 third quarter ended June 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. THIRD QUARTER HIGHLIGHTS Pawn loans outstanding (PLO) up 14% to $261.7 million.Total revenues increased 10% and gross profit increased 12%, while merchandise sales gross margin remains within our targeted range at 36%.Net income of $18.0 million, compared to $18.2 million. On an adjusted basis1, net income increased $2.2 million or 14%.Diluted earnings per share of $0.25, up from $0.24. On an adjusted basis, diluted earnings per share of $0.23, compared to $0.20.Return on earning assets (ROEA) remains strong at 160%. CEO COMMENTARY AND OUTLOOK Lachie Given, Chief Executive Officer, stated, “Our team delivered another outstanding quarter for our shareholders, driven by strong customer demand and continued focus on operational execution at the store level. As a result, we achieved record Q3 revenues and our highest level of PLO in Company history. The challenging macro-economic climate continues to fuel robust customer interest in short-term cash solutions and high-quality pre-owned goods, and the team’s focus on market-leading customer service drove excellent operational and financial results, increasing adjusted EBITDA by 15% with expanded margin. “During the quarter, we grew our footprint by adding twelve new stores, including six de novo stores in Latin America and one in the U.S., as well as acquiring five stores in the U.S. We now operate 1,258 stores and employ over 8,000 team members. Our strong, liquid balance sheet enables us to continue scaling the business, organically through new store openings and through strategic acquisitions. Additionally, we demonstrated our commitment to returning capital to shareholders by repurchasing $3.0 million worth of shares during the quarter. Subsequent to quarter end, we also settled our convertible notes that matured in 2024 with $34.4 million in cash and 77,328 shares. “We continue to prioritize convenience and a seamless customer experience to ...