Ezcorp, Inc. · NASDAQ:EZPW
Ezcorp — Q1 2025 Earnings Presentation
27 slides from Ezcorp's earnings presentation, Feb 6, 2025
Slide 1: First Quarter Fiscal 2025 Earnings
FIRST QUARTER FISCAL 2025 EARNINGS FEBRUARY 2025
Slide 2: Preliminary Statements
PRELIMINARY STATEMENTS NASDAQ: EZPW FORWARD LOOKING STATEMENTS ADJUSTED INFORMATION This presentation contains certain forward-looking statements. These statements are based Unless otherwise specified, all amounts in this presentation reflect certain on the company’s current expectations as to the o
Slide 3: Company Overview
COMPANY OVERVIEW NASDAQ: EZPW LEADER IN PAWN AND PRE-OWNED AND RECYCLED RETAIL 1,283 STORES AND OVER 8,000 TEAM MEMBERS • Formed in 1989, EZCORP has grown into a leading provider of pawn transactions and seller of pre-owned and recycled merchandise in the United States and Latin America. • We increa
Slide 4: Store Growth and Balance Sheet Highlights
Q1 FY25 STORE GROWTH AND BALANCE SHEET HIGHLIGHTS ($ millions, except for store count) STORE COUNT EARNING ASSETS CASH BALANCE (GAAP) 1,279 1,283 $490.8 $229.1 1,231 $466.0 $218.5 $218.0 1,148 1,175 $433.6 $207.9 $408.2 $399.2 $191.9 $171.9 $170.5 $174.5 1,005 $164.9 $163.4 $274.1 $282.9 $261.7 $243
Slide 5: Financial Highlights
Q1 FY25 FINANCIAL HIGHLIGHTS ($ millions, except per share amounts) TOTAL REVENUES PLO $329.7 $274.1 $282.9 $300.0 $261.7 $285.6 $281.4 $294.6 $235.8 $245.8 $243.3 $258.4 $255.8 $270.5 $229.4 $206.1 Q2 FY23 Q2 FY24 Q3 FY23 Q3 FY24 Q4 FY23 Q4 FY24 Q1 FY24 Q1 FY25 Q2 FY23 Q2 FY24 Q3 FY23 Q3 FY24 Q4 FY
Slide 6: Business Strategy Highlights
Q1 FY25 BUSINESS STRATEGY HIGHLIGHTS Progression towards our Strategic Goals STRENGTHEN THE CORE CUSTOMER FOCUS • Improved loan growth reflects increased average loan size, • Grew EZ+ Rewards members to 5.8M globally, up 38% operational improvements and strong customer loan demand • Increased transa
Slide 7: Sustainability Highlights
Q1 FY25 SUSTAINABILITY HIGHLIGHTS Providing environmentally friendly retail experiences to our customers through a network of neighborhood recommerce stores Contributing to a Circular Economy Q1 FY25 U.S. Race and Ethnicity Demographics Sold over 1.5M pre-owned general merchandise and jewelry items
Slide 8: Financial Highlights
—— os EZCORP FINANCIAL HIGHLIGHTS
Slide 9: Financial Results – Consolidated
Q1 FY25 FINANCIAL RESULTS – CONSOLIDATED ($ millions) Pawn Loans Outstanding Inventory Merchandise Margin $282.9 $207.9 35.8% 34.5% $243.3 $164.9 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 • PLO up 16%, 15% on a same-store basis, driven • Inventory increased 26%, with increase in PLO and • Merc
Slide 10: U.S. Pawn Segment
Q1 FY25 U.S. PAWN SEGMENT ($ millions) Revenues Revenues $217.4 $232.2 Q1 FY24 Q1 FY25 • Total revenues increased $14.8M or 7% Earning Assets $368.7 $317.8 $148.5 $127.0 PLO $220.2 Inventory $190.8 Q1 FY24 Q1 FY25 • Earning assets increased 16%, driven by PLO increase of 15% and inventory increase o
Slide 11: U.S. Pawn Segment
Q1 FY25 U.S. PAWN SEGMENT 542 stores in 19 states Store Count Average Loan Size (GAAP) $208 529 542 542 $185 516 515 $170 $159 $142 OR MN 5 8 WI 3 PA FY21 FY22 FY23 FY24 Q1 FY25 FY21 FY22 FY23 FY24 Q1 FY25 IA 1 NV 11 IL IN • Average loan size up 14%, primarily • No changes in the quarter 29 UT 20 15
Slide 12: Financial Results – U.S. Pawn
Q1 FY25 FINANCIAL RESULTS – U.S. PAWN ($ millions) Pawn Loans Outstanding Inventory Merchandise Margin $190.8 $220.2 $148.5 37.3% 36.7% $127.0 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 • PLO up 15% on a total and same-store basis, • Inventory up 17% in line with PLO increase • Merchandise sale
Slide 13: Latin America Pawn Segment
Q1 FY25 LATIN AMERICA PAWN SEGMENT ($ millions) Revenues $97.5 $82.5 Q1 FY24 Q1 FY25 • Total revenues increased $14.9M or 18% Earning Assets $122.2 $90.4 $59.5 $37.9 PLO Inventory $52.5 $62.7 Q1 FY24 Q1 FY25 • Earning assets increased 35%, driven by PLO up 19% and inventory up 57% All figures adjust
Slide 14: Latin America Pawn Segment
Q1 FY25 LATIN AMERICA PAWN SEGMENT 741 stores in 4 countries Store Count Average Loan Size (GAAP) 737 741 702 660 $92 $88 632 $84 $77 $78 Mexico 566 FY21 FY22 FY23 FY24 Q1 FY25 FY21 FY22 FY23 FY24 Q1 FY25 • Opened 1 store in Mexico and 3 stores • Average loan size down 3% (up 6% in Guatemala on a co
Slide 15: Financial Results – Latin America Pawn
Q1 FY25 FINANCIAL RESULTS – LATIN AMERICA PAWN ($ millions) Pawn Loans Outstanding Inventory Merchandise Margin $62.7 $59.5 32.3% 30.0% $52.5 $37.9 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 • PLO up 19%, 17% on a same-store basis, driven • Inventory up 57%, driven by faster loan than sales • M
Slide 16: Appendix
APPENDIX
Slide 17: Record PLO & Revenues Drive Increased Earnings (GAAP)
RECORD PLO & REVENUES DRIVE INCREASED EARNINGS Q1 GAAP Results ($ millions, except per share amounts) Q1 %△ FY25 FY24 B/(W) Pawn Loans Outstanding $ 274.8 $ 243.3 13% Gross profit improved, primarily due to Total Revenues $ 320.2 $ 300.0 7% higher PSC and sales gross profit, driven by higher average
Slide 18: Record PLO & Revenues Drive Increased Earnings (Adjusted)
RECORD PLO & REVENUES DRIVE INCREASED EARNINGS Q1 Adjusted Results ($ millions, except per share amounts) Q1 %△ FY25 FY24 B/(W) Gross profit improved, primarily due to higher PSC and sales gross profit, driven by higher Pawn Loans Outstanding $ 282.9 $ 243.3 16% average PLO and merchandise sales Tot
Slide 19: Definition of Terms
DEFINITION OF TERMS CAGR Compound annual growth rate Cash Converters International Limited, a publicly-traded company based CCV in Australia, in which EZCORP holds a minority interest ESG Environmental, Social and Governance GM General merchandise (non-jewelry) LatAm Latin America, including Mexico,
Slide 20: GAAP to Non-GAAP Reconciliation
GAAP to NON-GAAP RECONCILIATION In addition to the financial information prepared in conformity with U.S. generally accepted accounting You should consider the non-GAAP information in principles (“GAAP”), we provide certain other financial information that is adjusted to exclude the impact of additi
Slide 21: GAAP to Non-GAAP Reconciliation Q1 – Consolidated
GAAP TO NON-GAAP RECONCILIATION Q1 – CONSOLIDATED* ($ millions, except per share amounts) Adjusted Constant Base Item Adjustments Adjusted Base Constant Base Item Adjustments Adjusted Base Currency Impact Currency FY25 FY25 FY25 FY25 FY25 FY24 FY24 FY24 Revenues $ 320.2 $ — $ 320.2 $ 9.5 $ 329.7 $ 3
Slide 22: GAAP to Non-GAAP Reconciliation Q1 – U.S. Pawn
GAAP TO NON-GAAP RECONCILIATION Q1 – U.S. PAWN* ($ millions) Adjusted Constant Base Item Adjustments Adjusted Base Constant Base Item Adjustments Adjusted Base Currency Impact Currency FY25 FY25 FY25 FY25 FY25 FY24 FY24 FY24 Revenues $ 232.2 $ — $ 232.2 $ — $ 232.2 $ 217.4 $ — $ 217.4 PSC Revenues $
Slide 23: GAAP to Non-GAAP Reconciliation Q1 – Latin America Pawn
GAAP TO NON-GAAP RECONCILIATION Q1 – LATIN AMERICA PAWN* ($ millions) Adjusted Constant Base Item Adjustments Adjusted Base Constant Base Item Adjustments Adjusted Base Currency Impact Currency FY25 FY25 FY25 FY25 FY25 FY24 FY24 FY24 Revenues $ 88.0 $ — $ 88.0 $ 9.5 $ 97.5 $ 82.5 $ — $ 82.5 PSC Reve
Slide 24: Consolidated Growth FY24-FY25 Reconciliation
CONSOLIDATED GROWTH FY24-FY25 RECONCILIATION* ($ millions) FY24 FY24 FY24 FY24 FY24 FY25 Q1 Q2 Q3 Q4 FY Q1 Continuing Ops PBT $ 37.7 $ 28.7 $ 23.0 $ 26.3 $ 115.6 $ 41.4 Add Back Net Interest $ 0.8 $ 0.5 $ 0.6 $ 1.1 $ 3.0 $ 1.1 Add Back Depreciation and Amortization $ 8.6 $ 8.2 $ 8.2 $ 8.1 $ 33.1 $ 8
Slide 25: Diluted EPS Calculation
Diluted EPS Calculation ($ millions, except per share amounts) Q1 GAAP Q1 Adjusted FY25 FY24 FY25 FY24 Basic earnings per common share: • Adoption of new accounting standards for convertible notes in ASU 2020-06 at the beginning of Q1 2022 Net income - Basic $ 31.0 $ 28.5 $ 32.6 $ 28.6 • Under this
Slide 26: Constant Currency
CONSTANT CURRENCY In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States (“GAAP”), we provide certain other non-GAAP Mexican Guatemalan Honduran Australian financial information on a constant currency basis (“constant curren
Slide 27: Thank You
THANK YOU Contact us Website Investors.ezcorp.com Email Investor_relations@ezcorp.com Phone Number 512.314.2220 Address 2500 Bee Cave Rd., Bldg. 1, Suite 200, Austin, TX 78746 Social Media LinkedIn: EZCORP Instagram: @ezcorp_official, @ezpawnofficial, @valuepawnofficial Facebook: @ezpawn, @valuepawn