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EZCORP Reports First Quarter Fiscal 2024 Results

Record Revenues Driving Strong Earnings Growth

AUSTIN, Texas, Jan. 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 first quarter ended December 31, 2023.

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.

FIRST QUARTER HIGHLIGHTS

  • Net income increased to $28.5 million, an increase of $11.7 million, or 70%. On an adjusted basis1, net income increased $6.6 million or 30%.
  • Diluted earnings per share of $0.36, up from $0.25. On an adjusted basis, diluted earnings per share of $0.36, compared to $0.28.
  • Total revenues and gross profit increased 13%.
  • Merchandise sales gross margin remains within our targeted range at 36%.
  • Pawn loans outstanding (PLO) up 16% to $243.3 million.
  • Return on earning assets (ROEA) remains strong at 165%.

CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, “We began fiscal 2024 with another outstanding quarter. Our PLO was the highest on record in our first quarter, and total revenues were the highest for any quarter in our history. The challenging macro-economic backdrop continues to drive increased demand for our two core products, which are satisfying the short term cash needs of our customers and selling pre-owned and recycled goods.

“We remain committed to market-leading customer service in the neighborhoods in which we serve. We continue to invest in our team members, technology, process efficiencies and automation, to provide fast, convenient and respectful cash solutions and affordable pre-owned and recycled jewelry and general merchandise to cost-conscious and environmentally concerned consumers. This consistent service to our customers and investment in our teams and technology continue to produce outstanding operating and financial results for our shareholders.

“During the first quarter, we also acquired one store in Texas and opened five de novo stores in Latin America. In Guatemala, we added 3 stores, expanding our market leadership there with a total of 120 stores, and in Mexico, we added 2 stores. We now have a total of 1,237 stores across the organization and over 7,700 team members. Our strong balance sheet and cash liquidity enable us to capitalize upon potential growth opportunities in a disciplined way.

“MaxPawn, the luxury pawnbroking business we acquired in December 2022, had a strong 2023 holiday season. While still a small part of the business, MaxPawn and the luxury category as a whole represent an exciting component of our future.

“We now have 4.2 million EZ+ Rewards members across all geographies, an increase of 75% over the first quarter of 2023 and 11% over last quarter. We are focused on driving increased engagement with this large customer set as we seek to increase market share and share of wallet in all of the neighborhoods in which we serve.

“We are committed to doing everything we can to retain and incentivize our passionate, engaged and productive team members because it is their operational excellence and superior customer service that drive our financial results and ultimately enhance value for all shareholders. We are proud to have also been recognized during the quarter by Newsweek as one of America’s Greatest Workplaces for Diversity 2024.

“Thank you to all EZCORP team members for an exceptional quarter of operating and financial results to commence the 2024 fiscal year.” concluded Given.

CONSOLIDATED RESULTS

Three Months Ended December 31 As Reported   Adjusted1
in millions, except per share amounts   2023     2022     2023     2022
               
Total revenues $ 300.0   $ 264.3   $ 292.9   $ 264.3
Gross profit $ 172.6   $ 152.5   $ 168.8   $ 152.5
Income before tax $ 37.7   $ 24.5   $ 37.2   $ 28.3
Net income $ 28.5   $ 16.8   $ 28.2   $ 21.6
Diluted earnings per share $ 0.36   $ 0.25   $ 0.36   $ 0.28
EBITDA (non-GAAP measure) $ 47.1   $ 38.1   $ 46.4   $ 38.3
  • Diluted earnings per share of $0.36, up from $0.25. On an adjusted basis, diluted earnings per share of $0.36, up from $0.28.
  • Income before taxes was $37.7 million, up from $24.5 million, and adjusted EBITDA increased 21% to $46.4 million.
  • PLO increased 16% to $243.3 million, up $33.4 million. On a same-store basis2, PLO increased 14% due to improved operational performance and continued strong pawn demand.
  • Total revenues and gross profit increased 13%, reflecting improved pawn service charge (PSC) revenues, merchandise sales and merchandise sales gross profit.
  • PSC increased 15% as a result of higher average PLO.
  • Merchandise sales gross margin remains within our target range at 36%. Aged general merchandise was 1.3% of total general merchandise inventory.
  • Net inventory increased 6%, as expected with the growth in PLO. Inventory turnover increased to 3.0x, from 2.8x.
  • Store expenses increased 10%, primarily due to increased labor in-line with store activity, higher store count and rent. On a same-store basis, store expenses increased 7%.
  • General and administrative expenses increased 7%, primarily due to annual salary increases and an increase in costs related to the implementation of Workday.
  • Cash and cash equivalents at the end of the quarter was $218.5 million, up 5% year-over-year. The increase was primarily due to cash inflows provided by operating activities offset by the increase in PLO and inventory, strategic investments, share repurchases, and the acquisition of new stores.

SEGMENT RESULTS

U.S. Pawn

  • PLO ended the quarter at $190.8 million, up 14% or 13% on a same store basis.
  • Total revenues was up 12% and gross profit increased 10%, reflecting increased PSC and higher merchandise sales.
  • PSC increased 14% as a result of higher average PLO.
  • Merchandise sales increased 6% and gross margin decreased to 37% from 38%. Aged general merchandise was 1.1% of total general merchandise inventory.
  • Net inventory increased 8%, as expected with the growth in PLO. Inventory turnover increased to 2.7x from 2.6x.
  • Store expenses increased 5%, primarily due to wage inflationary pressures, higher store count and, to a lesser extent, rent.
  • Segment contribution increased 21% to $47.5 million.
  • Segment store count increased by 1 store during the quarter due to an acquisition.

Latin America Pawn

  • PLO improved to $52.5 million, up 22% (11% on constant currency basis). On a same store basis, PLO increased 19% (8% on a constant currency basis).
  • Total revenues was up 19% (9% on constant currency basis) and gross profit increased 22% (11% on a constant currency basis), reflecting increased PSC, higher merchandise sales and improved merchandise sales gross profit.
  • PSC increased 18% (8% on a constant currency basis) as a result of higher average PLO.
  • Merchandise sales gross margin increased from 30% to 32%. Aged general merchandise was 1.6% of total merchandise inventory.
  • Net inventory remained flat (decreased 11% on a constant currency basis) due to PLO growth, offset by increased inventory turnover at 3.8x, up from 3.3x.
  • Store expenses increased 21% (10% on a constant currency basis), primarily due to increases in minimum wage and headcount, higher store count and, to a lesser extent, rent. Same-store expenses increased 16% (6% on a constant currency basis).
  • Segment contribution increased 35% (27% on a constant currency basis). On an adjusted basis, segment contribution was up 24% to $9.6 million.
  • Segment store count increased by 5 de novo stores opened during the quarter.

FORM 10-Q

EZCORP’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2023 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com

CONFERENCE CALL

EZCORP will host a conference call on Thursday, February 1, 2024, at 8:00 am Central Time to discuss First Quarter Fiscal 2024 results. Analysts and institutional investors may participate on the conference call by registering online at: https://edge.media-server.com/mmc/p/iic4zjrc/. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: http://investors.ezcorp.com. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

ABOUT EZCORP

Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index. 

Follow us on social media:

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EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/ 

FORWARD LOOKING STATEMENTS

This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company's strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Contact:
Email: Investor_Relations@ezcorp.com 
Phone: (512) 314-2220

Note: Percentages are calculated from the underlying numbers in thousands and, as a result, may not agree to the percentages calculated from numbers in millions.
1“Adjusted” basis, which is a non-GAAP measure, excludes certain items. “Constant currency” basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.
2“Same Store” basis, which is a financial measure, includes stores open the entirety of the comparable periods.

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
  Three Months Ended
December 31,
(in thousands, except per share amounts)   2023       2022  
Revenues:      
Merchandise sales $ 179,403     $ 163,787  
Jewelry scrapping sales   14,082       7,884  
Pawn service charges   106,449       92,593  
Other revenues   57       63  
Total revenues   299,991       264,327  
Merchandise cost of goods sold   115,210       104,877  
Jewelry scrapping cost of goods sold   12,208       6,953  
Gross profit   172,573       152,497  
Operating expenses:      
Store expenses   110,555       100,803  
General and administrative   16,543       15,476  
Depreciation and amortization   8,565       7,988  
Gain on sale or disposal of assets and other   (172 )     (16 )
Total operating expenses   135,491       124,251  
Operating income   37,082       28,246  
Interest expense   3,440       6,190  
Interest income   (2,639 )     (664 )
Equity in net income of unconsolidated affiliates   (1,153 )     (1,584 )
Other income   (271 )     (234 )
Income before income taxes   37,705       24,538  
Income tax expense   9,235       7,760  
Net income $ 28,470     $ 16,778  
       
Basic earnings per share $ 0.52     $ 0.30  
Diluted earnings per share $ 0.36     $ 0.25  
       
Weighted-average basic shares outstanding   55,076       56,308  
Weighted-average diluted shares outstanding   86,812       83,779  


EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
           
(in thousands, except share and per share amounts) December 31,
2023
  December 31,
2022
  September 30,
2023
           
Assets:          
Current assets:          
Cash and cash equivalents $ 218,516     $ 207,658     $ 220,595  
Restricted cash   8,470       8,359       8,373  
Pawn loans   243,252       209,855       245,766  
Pawn service charges receivable, net   40,002       34,921       38,885  
Inventory, net   164,927       156,064       166,477  
Prepaid expenses and other current assets   44,001       45,559       39,623  
Total current assets   719,168       662,416       719,719  
Investments in unconsolidated affiliates   10,125       37,789       10,987  
Other investments   51,220       39,220       36,220  
Property and equipment, net   68,998       55,612       68,096  
Right-of-use assets, net   231,103       229,991       234,388  
Goodwill   303,799       297,361       302,372  
Intangible assets, net   56,977       58,029       58,216  
Notes receivable, net         1,224        
Deferred tax asset, net   25,984       12,428       25,702  
Other assets, net   13,819       8,245       12,011  
Total assets $ 1,481,193     $ 1,402,315     $ 1,467,711  
           
Liabilities and equity:          
Current liabilities:          
Current maturities of long-term debt, net $ 34,307     $     $ 34,265  
Accounts payable, accrued expenses and other current liabilities   69,386       69,930     $ 81,605  
Customer layaway deposits   18,324       16,276       18,920  
Operating lease liabilities, current   57,980       52,799       57,182  
Total current liabilities   179,997       139,005       191,972  
Long-term debt, net   326,223       358,984       325,847  
Deferred tax liability, net   372             435  
Operating lease liabilities   188,475       188,730       193,187  
Other long-term liabilities   11,243       10,261       10,502  
Total liabilities   706,310       696,980       721,943  
Commitments and contingencies (Note 9)          
Stockholders’ equity:          
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding : 52,272,594 as of December 31, 2023; 52,877,930 as of December 31, 2022; and 51,869,569 as of September 30, 2023   523       529       519  
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171   30       30       30  
Additional paid-in capital   343,870       343,012       346,181  
Retained earnings   457,929       414,929       431,140  
Accumulated other comprehensive loss   (27,469 )     (53,165 )     (32,102 )
Total equity   774,883       705,335       745,768  
Total liabilities and equity $ 1,481,193     $ 1,402,315     $ 1,467,711  


EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
  Three Months Ended
December 31,
(in thousands)   2023       2022  
   
Operating activities:      
Net income $ 28,470     $ 16,778  
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization   8,565       7,988  
Amortization of debt discount and deferred financing costs   417       378  
Non-cash lease expense   14,744       13,596  
Deferred income taxes   345       656  
Other adjustments   (857 )     (91 )
Provision for inventory reserve   (156 )     532  
Stock compensation expense   2,264       1,886  
Equity in net income from investment in unconsolidated affiliates   (1,153 )     (1,584 )
Net loss on extinguishment of debt         3,545  
Changes in operating assets and liabilities, net of business acquisitions:      
Pawn service charges receivable   (1,000 )     (691 )
Inventory   2,066       (1,881 )
Prepaid expenses, other current assets and other assets   (5,823 )     (2,280 )
Accounts payable, accrued expenses and other liabilities   (33,991 )     (34,761 )
Customer layaway deposits   (719 )     (752 )
Income taxes   8,309       6,574  
Dividends from unconsolidated affiliates         1,775  
Net cash provided by operating activities   21,481       11,668  
Investing activities:      
Loans made   (216,978 )     (189,074 )
Loans repaid   123,021       109,125  
Recovery of pawn loan principal through sale of forfeited collateral   98,209       88,030  
Capital expenditures, net   (7,184 )     (7,182 )
Acquisitions, net of cash acquired   (677 )     (12,884 )
Issuance of notes receivable         (15,500 )
Investment in unconsolidated affiliate         (2,133 )
Investment in other investments   (15,000 )     (15,000 )
Dividends from unconsolidated affiliates   1,745        
Net cash used in investing activities   (16,864 )     (44,618 )
Financing activities:      
Taxes paid related to net share settlement of equity awards   (3,253 )     (1,138 )
Proceeds from issuance of debt         230,000  
Debt issuance cost         (7,403 )
Cash paid on extinguishment of debt         (1,951 )
Payments on debt         (178,488 )
Purchase and retirement of treasury stock   (3,007 )     (7,027 )
Payments of finance leases   (132 )      
Net cash (used in) provided by financing activities   (6,392 )     33,993  
Effect of exchange rate changes on cash and cash equivalents and restricted cash   (207 )     605  
Net (decrease) increase in cash, cash equivalents and restricted cash   (1,982 )     1,648  
Cash and cash equivalents and restricted cash at beginning of period   228,968       214,369  
Cash and cash equivalents and restricted cash at end of period $ 226,986     $ 216,017  
       

                                                                                                                                

EZCORP, Inc.
OPERATING SEGMENT RESULTS
 
  Three Months Ended December 31, 2023
(Unaudited)
(in thousands) U.S. Pawn   Latin America
Pawn
  Other
Investments
  Total Segments   Corporate
Items
  Consolidated
                       
Revenues:                      
Merchandise sales $ 125,513   $ 53,890     $     $ 179,403     $     $ 179,403  
Jewelry scrapping sales   12,815     1,267             14,082             14,082  
Pawn service charges   79,073     27,376             106,449             106,449  
Other revenues   37     16       4       57             57  
Total revenues   217,438     82,549       4       299,991             299,991  
Merchandise cost of goods sold   78,709     36,501             115,210             115,210  
Jewelry scrapping cost of goods sold   11,284     924             12,208             12,208  
Gross profit   127,445     45,124       4       172,573             172,573  
Segment and corporate expenses (income):                      
Store expenses   77,255     33,300             110,555             110,555  
General and administrative                         16,543       16,543  
Depreciation and amortization   2,624     2,339             4,963       3,602       8,565  
Loss (gain) on sale or disposal of assets and other   26     (196 )           (170 )     (2 )     (172 )
Interest expense                         3,440       3,440  
Interest income       (420 )     (573 )     (993 )     (1,646 )     (2,639 )
Equity in net income of unconsolidated affiliates             (1,153 )     (1,153 )           (1,153 )
Other (income) expense       (48 )     1       (47 )     (224 )     (271 )
Segment contribution $ 47,540   $ 10,149     $ 1,729     $ 59,418          
Income (loss) before income taxes             $ 59,418     $ (21,713 )   $ 37,705  


  Three Months Ended December 31, 2022
(Unaudited)
(in thousands) U.S. Pawn   Latin America
Pawn
  Other
Investments
  Total Segments   Corporate
Items
  Consolidated
                       
Revenues:                      
Merchandise sales $ 118,314   $ 45,473     $     $ 163,787     $     $ 163,787  
Jewelry scrapping sales   7,176     708             7,884             7,884  
Pawn service charges   69,310     23,283             92,593             92,593  
Other revenues   25     16       22       63             63  
Total revenues   194,825     69,480       22       264,327             264,327  
Merchandise cost of goods sold   73,256     31,621             104,877             104,877  
Jewelry scrapping cost of goods sold   6,216     737             6,953             6,953  
Gross profit   115,353     37,122       22       152,497             152,497  
Segment and corporate expenses (income):                      
Store expenses   73,304     27,499             100,803             100,803  
General and administrative       (3 )           (3 )     15,479       15,476  
Depreciation and amortization   2,755     2,215             4,970       3,018       7,988  
Loss (gain) on sale or disposal of assets and other   3     (19 )           (16 )           (16 )
Interest expense                         6,190       6,190  
Interest income       (169 )           (169 )     (495 )     (664 )
Equity in net income of unconsolidated affiliates             (1,584 )     (1,584 )           (1,584 )
Other expense (income)       70       4       74       (308 )     (234 )
Segment contribution $ 39,291   $ 7,529     $ 1,602     $ 48,422          
Income (loss) before income taxes             $ 48,422     $ (23,884 )   $ 24,538  
                       


EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)
 
  Three Months Ended December 31, 2023
  U.S. Pawn   Latin America
Pawn
  Consolidated
               
As of September 30, 2023 529   702     1,231  
New locations opened   5     5  
Locations acquired 1       1  
As of December 31, 2023 530   707     1,237  


  Three Months Ended December 31, 2022
  U.S. Pawn   Latin America
Pawn
  Consolidated
           
As of September 30, 2022 515   660     1,175  
New locations opened   2     2  
Locations acquired 10       10  
Locations sold, combined or closed   (1 )   (1 )
As of December 31, 2022 525   661     1,186  

Non-GAAP Financial Information (Unaudited)

In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three months ended December 31, 2023 and 2022 were as follows:

    December 31,   Three Months Ended
December 31,
    2023   2022   2023   2022
                 
Mexican peso   17.0   19.5   17.5   19.7
Guatemalan quetzal   7.7   7.7   7.6   7.7
Honduran lempira   24.3   24.4   24.4   24.3
Australian dollar   1.5   1.5   1.5   1.5

Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

Miscellaneous Non-GAAP Financial Measures

  Three Months Ended
December 31,
(in millions)   2023       2022  
       
Net income $ 28.5     $ 16.8  
Interest expense   3.4       6.2  
Interest income   (2.6 )     (0.7 )
Income tax expense   9.2       7.8  
Depreciation and amortization   8.6       8.0  
EBITDA $ 47.1     $ 38.1  


  Total
Revenues
  Gross
Profit
  Income
Before Tax
  Tax Effect   Net
Income
  Diluted EPS   EBITDA
                           
2024 Q1 Reported $ 300.0     $ 172.6     $ 37.7     $ 9.2     $ 28.5     $ 0.36   $ 47.1  
FX Impact               0.1             0.1           0.1  
Constant Currency and other impact   (7.1 )     (3.8 )     (0.6 )     (0.2 )     (0.4 )         (0.8 )
2024 Q1 Adjusted $ 292.9     $ 168.8     $ 37.2     $ 9.0     $ 28.2     $ 0.36   $ 46.4  


  Total
Revenues
  Gross
Profit
  Income
Before Tax
  Tax Effect   Net
Income
  Diluted EPS   EBITDA
                           
2023 Q1 Reported $ 264.3     $ 152.5     $ 24.5     $ 7.8     $ 16.8     $ 0.25   $ 38.1  
Extinguishment of Debt Impact               3.5       (1.0 )     4.5       0.03      
FX Impact               0.3       (0.1 )     0.3           0.2  
2023 Q1 Adjusted $ 264.3     $ 152.5     $ 28.3     $ 6.7     $ 21.6     $ 0.28   $ 38.3  


  Three Months Ended
December 31, 2023
(in millions) U.S. Dollar
Amount
  Percentage
Change YOY
       
Consolidated revenues $ 300.0     13 %
Currency exchange rate fluctuations   (7.1 )    
Constant currency consolidated revenues $ 292.9     11 %
       
Consolidated gross profit $ 172.6     13 %
Currency exchange rate fluctuations   (3.8 )    
Constant currency consolidated gross profit $ 168.8     11 %
       
Consolidated net inventory $ 164.9     6 %
Currency exchange rate fluctuations   (4.0 )    
Constant currency consolidated net inventory $ 160.9     3 %
       
Latin America Pawn gross profit $ 45.1     22 %
Currency exchange rate fluctuations   (3.8 )    
Constant currency Latin America Pawn gross profit $ 41.3     11 %
       
Latin America Pawn PLO $ 52.5     22 %
Currency exchange rate fluctuations   (4.9 )    
Constant currency Latin America Pawn PLO $ 47.6     11 %
       
Latin America Pawn PSC revenues $ 27.4     18 %
Currency exchange rate fluctuations   (2.2 )    
Constant currency Latin America Pawn PSC revenues $ 25.2     8 %
       
Latin America Pawn merchandise sales $ 53.9     19 %
Currency exchange rate fluctuations   (4.8 )    
Constant currency Latin America Pawn merchandise sales $ 49.1     8 %
       
Latin America Pawn segment profit before tax $ 10.1     35 %
Currency exchange rate fluctuations   (0.7 )    
Constant currency Latin America Pawn segment profit before tax $ 9.4     26 %

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