Ezcorp, Inc. · NASDAQ:EZPW
Ezcorp — Investor Presentation (February 2011)
27 slides from Ezcorp's investor presentation, February 2011
Slide 1: Shareholder Presentation February 2011
shareholder presentation february 2011 : EZPW ezcorp.com | nasdaq:ezpw | february 2011
Slide 2: Safe Harbor Statement
safe harbor statement This presentation contains certain forward-looking statements regarding the Company’s expected operating and financial performance for future periods. These statements are based on the Company’s current expectations. Actual results for future periods may differ materially from
Slide 3: Mission
mission delivers financial services our customers want . . . their way . . . any time, every time. ezcorp.com | nasdaq:ezpw | february 2011
Slide 4: Geographic Footprint
geographic footprint north america europe africa australia & asia EZCORP Albemarle & Bond Cash Converters ezcorp.com | nasdaq:ezpw | february 2011
Slide 5: Our Business
our business pawn operations | 534 locations 312 90 90 42 Locations Locations Locations Locations ezmoney operations | 498 locations 442 56 Locations Locations 1,032 storefronts 844 132 56 Locations Locations Locations affiliate locations 730+ As of 12.31.10 ezcorp.com | nasdaq:ezpw | february 2011
Slide 6: US Pawn
us pawn net operating revenue income $311.4M $150.2M $249.8M $109.3M $183.8M $85.2M 2010 2010 2009 2009 2008 2008 growth drivers • grow pawn loan balances • augment product offering (VIP/PPP) • increase inventory purchases - gold - general merchandise • leverage infrastructure • acquisitions and gre
Slide 7: Empeño Fácil
empeño fácil net operating revenue income $150M $16.0M $4.4M $3.9M $9.8M $3.2M $7.4M 2010 2010 2009 2009 2008 2008 growth drivers • grow pawn loan balances • maturing stores / leveraging infrastructure • augment product offering - PPP/cell phone recharge • greenfield - full line/jewelry only ezcorp.
Slide 8: ezmoney
ezmoney net operating revenue income $121.1M $56.2M $100.3M $89.7M $40.5M $33.4M 2010 2010 2009 2009 2008 2008 growth drivers • new and enhanced products - installment loans - line of credit - auto title loans - integrated debit card • greenfields (Canada) - 56 stores in less than 2 years - maturing
Slide 9: Cash Converters (CCV.ASX)
cash converters (CCV.ASX) international limited revenue net income $19.1M $112.7M $13.6M $12.1M $70.9M $66.7M $3.9M 2010 2010 2009 2009 2008 2008 contribution to EZCORP growth drivers • single, global brand • stores - 72 company-owned, Australia, UK - 600+ locations, 18 countries • operations - buy/
Slide 10: Albemarle & Bond (ABM.L)
albemarle & bond (ABM.L) holdings PLC revenue net income $22.8M $129.8M $17.2M $93.9M $89.7M $14.5M $6.8M $5.0M $4.3M 2010 2010 2009 2009 2008 2008 contribution to EZCORP growth drivers • two-brand strategy, UK only • stores - 146 full-line jewelry pawn - 35 ‘pop up’ gold buying • operations - jewel
Slide 11: Consolidated Financials
consolidated financials ezcorp.com | nasdaq:ezpw | february 2011
Slide 12: Revenue & Earnings Growth / Guidance
revenue & earnings growth net earnings revenue per share $2.40 $447.5M $1.96 guidance $359.9M $280.9M $1.42 $1.21 $225.7M $0.88 $191.1M $0.69 $134.2M $0.52 $0.69 $112.9M 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 1Q’11* 1Q’11 FYE 9/30 unless noted * Non-GAAP, adjusted for one-time charge. See
Slide 13: Margins
margins store operating operating income income 31.7% 47.1% $141.9M $210.8M 42.7% 28.2% 43.4% $153.7M 26.2% $101.5M $121.9M $73.7M 37.5% 51.9% 48.5% 34.4% $54.8M $38.9M $50.3M $69.7M 2008 2008 2009 2009 2010 2010 1Q’11 1Q’11* FYE 9/30 unless noted * Non-GAAP, adjusted for one-time charge. See append
Slide 14: EBITDA & Cash Flow
EBITDA & cash flow EBITDA cash flow from operations $156.5M $141.9M $89.2M $114.2M $86.0M $65.1M $35.8M $54.5M $42.2M $30.1M $31.6M 2008 2008 2009 2009 2010 2010 1Q’11* 1Q’11* FYE 9/30 unless noted * Non-GAAP, adjusted for one-time charge. See appendix. ezcorp.com | nasdaq:ezpw | february 2011
Slide 15: Balance Sheet / Liquidity
balance sheet / liquidity $(millions) 12.31.09 12.31.10 cash 17.0 23.9 pawn loans 124.4 loan book(s) 114.5 139.6 signature loans 12.0 receivables 26.5 31.8 auto title loans 3.3 inventory 63.5 77.7 turnover 3.8x deferred tax 20.7 23.2 investments 90.5 109.0 fair value 170.1 prepaids/other 24.6 28.7 P
Slide 16: Strategic Initiatives
strategic initiatives ezcorp.com | nasdaq:ezpw | february 2011
Slide 17: Strategic Initiatives: Battleship Stores
strategic initiatives battleship stores • make the best better - top 10% stores deliver 25%+ of total store operating income • operating margins 10%+ higher than average • focus on investment & innovation - enhanced fixture and store design - jeweler on premises - technology investment and process i
Slide 18: Strategic Initiatives: Greenfield / Acquisitions
strategic initiatives greenfield / acquisitions fiscal ’10 fiscal ’11 actual YTD guidance greenfield acquisition greenfield acquisition greenfield 7 16 3 9 10 53 - 17 - 55-60 51 - 5 - 35-40 • robust pipeline of acquisition and greenfield location opportunities • rigorous evaluation process with targ
Slide 19: Strategic Initiatives: New Products
strategic initiatives new products Cash. Convenience. Control. DINERO. CONVENIENCIA. CONTROL. ¡Dile SÍ al Change! change installment auto title card check load loan loan money transfer savings ATM Con Tarifas Bajas | Deposita y Transfiere Fondos | Cargar el Cheque a la Tarjeta* Realiza Compras | Pag
Slide 20: Strategic Initiatives: Digital
strategic initiatives digital in current development SMS (text messaging) integrated website •collections •website design •marketing email social media marketing •facebook •marketing •you tube •twitter customer experience •qualitative customer data - via survey system online lending •quantitative cu
Slide 21: Strategic Initiatives: Financial Services
strategic initiatives current future financial services pawn loans money retail sales transfer payday loans VIP retail PPP sales installment loans VIP PPP gold scrap pawn loans financial line of credit payday services loan bill pay gold scrap auto installment title ATM savings loan loan account chec
Slide 22: Investor Considerations
investor considerations current strong balance sheet/cash flow stability track record of delivery 23% 5 year eps CAGR future future large underserved markets opportunities for growth/scale fragmented industry geographic diversification new product innovation integrated financial services hub multi-c
Slide 23: Appendix
appendix ezcorp.com | nasdaq:ezpw | february 2011
Slide 24: Use of Non-GAAP Financial Measures
use of non-GAAP financial measures We have provided earnings before interest, tax, depreciation and amortization (EBITDA) and consolidated cash flow from operations for fiscal 2008, 2009 and 2010 and the first quarter of fiscal 2010 and 2011. These are non-GAAP financial measures that management use
Slide 25: GAAP to Non-GAAP Adjustments
GAAP to non-GAAP adjustments !"#$%&'()&*&+*,(-(.&*+)(/0'(*.12,3(*,(42&("*&+*&1(*,(0,('()&*+5*6,(78+$%*9:; !""" <1,((*'+)&1%*()"("*=(.('>(,*?@A*BC@C #$%&'(() '(() (*+,-./0%.- #$%&'(() #0.12030%,0 11 45678581 11 45678581 11 &111 9:02;<$%-10=:0%-0 11 >67?"61 11 >67?"61 (*/@%@-.2;<3010=:0%-0 11 8>745A11
Slide 26: GAAP to Non-GAAP Adjustments
GAAP to non-GAAP adjustments :DE<=! !""" F(2,*()"("*G(6&('>(,*?CA <1,((*'+)&1%*()"("*=(.('>(,*?@A BCCH BCCI BC@C BCCI BC@C #$%&'(() (*+,-./0%.- #0.1@%F$/0 11 ?8768C1 11 >A76H81 11 CH78C61 11 8?7H"H1 11 8H768C1 11 H74461 11 567?651 (*+,-./0%.-U M%F$/01.;=0- 11 8?7>681 11 5>7A6"1 11 ?6785>1 11 46748"1
Slide 27: Fact Sheet
fact sheet corporate headquarters executive management EZCORP Inc. paul rothamel, president and ceo 1901 capital parkway eric fosse, president pawn americas austin, tx, 78746 stephen stamp, sr. vice president and cfo 512.314.3400 mark kuchenrither, sr. vice president strategic development tom welch,