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EZCORP Announces Second Quarter Fiscal 2017 Results

AUSTIN, Texas, May 03, 2017 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ:EZPW), a leading provider of pawn loans in the United States and Mexico, today announced results for its second quarter ended March 31, 2017.

All amounts in this release are from EZCORP continuing operations and in conformity with U.S. generally accepted accounting principles ("GAAP") unless otherwise noted. Comparisons shown in this release are to the same period in the prior year unless otherwise noted.

HIGHLIGHTS FOR SECOND QUARTER FISCAL 2017

The company achieved its fifth consecutive quarter of year-over-year (YOY) earnings and profit increase with earnings per share up 200% to $0.15 and net income from continuing operations up 219% to $8.4 million.

The company continued to grow its pawn loans outstanding (PLO), the most influential driver to revenue and profitability, with PLO up 2% in the U.S. and 3% in Mexico. The PLO increase in Mexico was a strong 12% when calculated on a constant currency basis1.

The company exited the quarter with a much stronger balance sheet and liquidity position, with a cash balance at the end of the quarter up 68% YOY to $120.1 million. In addition, the company continues to have access to a further $50 million undrawn availability on its credit facility.

CEO COMMENTARY AND OUTLOOK

Stuart Grimshaw, EZCORP's Chief Executive Officer, said: "It is pleasing to see the continuing trend of strong profit growth after the strategic changes that were implemented over a year ago. We have devoted a lot of management attention and effort in focusing on the needs and experience of our customers. Our continued focus on and investment in satisfying our customers' need for cash whenever they want it drove the acceleration in earnings and sustained growth in pawn loans outstanding.

"We have improved our balance sheet and liquidity position, which provides strategic flexibility to continue our investment in the customer experience and expansion of the pawn loan portfolio to drive increased profit. We continue to invest in the core fabric of the pawn business, including commencement of our upgraded point of sale system rollout, which we expect to be completed in both the U.S. and Mexico this calendar year. We opened two new stores in Mexico this quarter and anticipate opening an additional eight in Mexico during the remainder of this fiscal year.

"We are confident that these initiatives, combined with further investments in product development and customer analytics, in sustained training, coaching and mentoring of our field team, and in disciplined acquisitions and de novo openings, will continue to provide a robust platform for further profitable growth."

CONSOLIDATED RESULTS

Three Months Ended March 31, 2017

  • Same store pawn loans outstanding (PLO): up 2% in U.S. and up 3% in Mexico (up 12% in Mexico on a constant currency basis).
  • Total revenue up 1% to $189.6 million. On a constant currency basis, total revenue was up 2% to $192.6 million.
  • Net revenue up 1% to $109.9 million, as a 5% increase in pawn service charge (PSC) revenue was offset by softer merchandise sales due to tax refund delays in the U.S, which adversely impacted consumers’ disposable income and our sales volume.
  • The merchandise sales gross margin was 200bps lower at 36%, within our target range of 35-38%.
  • Operations expenses increased 3% to $74.5 million (up 5% to $75.6 million on a constant currency basis).
  • Corporate expenses decreased 15% to $13.3 million. The company remains on track to reduce corporate expenses to $50 million in FY18.
  • Fifth consecutive quarter of YOY earnings per share increase, with earnings per share from continuing operations up 200% to $0.15.

Six Months Ended March 31, 2017

  • Total revenue up 2% to $382.3 million. On a constant currency basis, total revenue was up 4% to $390.0 million.
  • Net revenue was consistent at $221.9 million, as a 4% increase in PSC revenue was offset by lower merchandise margin.
  • The merchandise sales gross margin was 200bps lower at 36%, within our target range of 35-38%.
  • Operations expenses increased 3% to $152.1 million (up 4% to $154.9 million on a constant currency basis). The company expects operations expenses in the second half of FY17 to be similar to the second half of FY16.
  • Corporate expenses decreased 24% to $27.2 million.
  • Earnings per share from continuing operations up 182% to $0.31.
  • The company continues to receive regular payments on the promissory notes it received in connection with the sale of Grupo Finmart in September 2016. It has collected $15.1 million in principal on those notes during the first half of this fiscal year, and expects to collect an additional $30.8 million in the second half (for a total of $45.9 million in FY17), $26.1 million in FY18 and $18.2 million in FY19. Since the end of the second quarter, the company has received $5.2 million, which is part of the $30.8 million to be collected in the second half of this fiscal year.

OPERATING METRICS

U.S. Pawn Segment

Three Months Ended March 31, 2017

  • Six consecutive quarters of YOY positive same store PLO increase, with this quarter up 2%. Total PLO was up 2% to $125.4 million.
  • Pawn service charges (PSC) increased 5% to $59.7 million, up 5% on a same store basis.
  • Merchandise sales increased 1% in total and on a same store basis. The delay in tax refunds adversely impacted sales volume. The merchandise sales gross margin of 37% is within our target range of 35-38%.
  • Slight increase in aged inventory to 12% from 10% of total inventory from this time last year due to the previously mentioned delay in consumers’ tax refunds, which adversely impacted sales volume.
  • Operations expenses increased 4% to $63.6 million.
  • Segment profit was $29.7 million, similar to last year.
  • Initiatives are underway to improve net revenue and profitability in the long-term, including investments in upgrading our point of sale system and enhancing product and customer data analytics.

Six Months Ended March 31, 2017

  • PSC increased 5% to $120.7 million, up 4% on a same store basis.
  • Merchandise sales increased 2% in total and 2% on a same store basis. The merchandise sales gross margin of 37% is within our target range of 35-38%.
  • Operations expenses increased 5% to $130.9 million. The company expects operations expenses in the second half of FY17 to be similar to the second half of FY16.
  • Segment profit was 3% lower to $56.8 million.

Mexico Pawn Segment

Three Months Ended March 31, 2017

  • PLO increased 3% to $17.8 million (up 12% to $19.4 million on a constant currency basis).
  • PSC decreased 1% to $7.4 million, up 11% to $8.4 million on a constant currency basis.
  • Merchandise sales increased 1% in total and were flat on a same store basis (up 14% in total and 13% in same stores on a constant currency basis). Merchandise margin was 32%, 100bps higher than the prior-year quarter.
  • Looting of twelve stores in January impacted not only through increased expenses, but by reducing revenue through stolen pawn loan collateral and inventory affecting PSC and sales.
  • Net revenue was up 3% and operations expenses were 1% lower, yielding a 56% increase in segment profit (segment profit up 71% to $3.5 million on a constant currency basis). These results included $0.6 million in incremental expenses attributable to looting of twelve stores during January.

1In addition to the financial information prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), we provide certain financial information on a “constant currency” basis, which excludes the impact of foreign currency exchange rate fluctuations. For additional information about the constant currency calculations, as well as a reconciliation of the constant currency financial measures to the comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.

Six Months Ended March 31, 2017

  • PSC decreased 1% to $15.4 million (up 15% to $17.8 million on a constant currency basis).
  • Merchandise sales were flat in total and on a same store basis (up 17% in total and 16% in same stores on a constant currency basis). Merchandise margin was 31%, 200bps lower than the prior-year six-months.
  • Net revenue was 1% lower and operations expenses were 13% lower, yielding a 112% increase in segment profit to $7.5 million (up 144% to $8.6 million on a constant currency basis).

CONFERENCE CALL

EZCORP will host a conference call on Thursday, May 4, 2017, at 7:30am Central Time to discuss second quarter results. Analysts and institutional investors may participate on the conference call by dialing (877) 201-0168, Conference ID: 15658600, international dialing (647) 788-4901. 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 call.

ABOUT EZCORP

EZCORP is a leading provider of pawn loans in the United States and Mexico. At our pawn stores, we also sell merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers.

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 or current or future litigation. 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.

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31, Six Months Ended March 31,
2017 2016 2017 2016
(Unaudited)
(in thousands, except per share amounts)
Revenues:
Merchandise sales$110,238 $109,343 $221,751 $217,927
Jewelry scrapping sales10,219 12,780 20,017 22,401
Pawn service charges67,092 64,130 136,105 130,724
Other revenues2,079 1,959 4,379 4,717
Total revenues189,628 188,212 382,252 375,769
Merchandise cost of goods sold70,493 68,332 142,225 134,591
Jewelry scrapping cost of goods sold8,841 11,085 17,185 19,161
Other cost of revenues397 431 980 1,043
Net revenues109,897 108,364 221,862 220,974
Operating expenses:
Operations74,460 72,256 152,106 148,274
Administrative13,283 15,621 27,210 35,604
Depreciation and amortization6,030 6,606 12,403 14,148
Loss (gain) on sale or disposal of assets71 649 (6) 682
Restructuring 218 1,910
Total operating expenses93,844 95,350 191,713 200,618
Operating income16,053 13,014 30,149 20,356
Interest expense5,628 3,951 11,193 8,078
Interest income(2,240) (7) (4,856) (16)
Equity in net income of unconsolidated affiliate(1,243) (1,877) (2,721) (3,932)
Other expense (income)228 213 (195) 315
Income from continuing operations before income taxes13,680 10,734 26,728 15,911
Income tax expense5,449 8,427 10,231 10,185
Income from continuing operations, net of tax8,231 2,307 16,497 5,726
Loss from discontinued operations, net of tax(375) (78,250) (1,603) (89,935)
Net income (loss)7,856 (75,943) 14,894 (84,209)
Net loss attributable to noncontrolling interest(167) (5,131) (294) (5,923)
Net income (loss) attributable to EZCORP, Inc.$8,023 $(70,812) $15,188 $(78,286)
Basic earnings per share attributable to EZCORP, Inc. — continuing operations$0.15 $0.05 $0.31 $0.11
Diluted earnings per share attributable to EZCORP, Inc. — continuing operations$0.15 $0.05 $0.31 $0.11
Weighted-average basic shares outstanding54,291 54,843 54,224 54,869
Weighted-average diluted shares outstanding54,346 54,936 54,278 54,943
Net income from continuing operations attributable to EZCORP, Inc.$8,398 $2,630 $16,791 $6,049
Net loss from discontinued operations attributable to EZCORP, Inc.(375) (73,442) (1,603) (84,335)
Net income (loss) attributable to EZCORP, Inc.$8,023 $(70,812) $15,188 $(78,286)


EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
March 31,
2017
September 30,
2016
(Unaudited)
Assets:
Current assets:
Cash and cash equivalents$120,099 $65,737
Pawn loans143,267 167,329
Pawn service charges receivable, net27,028 31,062
Inventory, net137,008 140,224
Notes receivable, net29,978 41,946
Prepaid expenses and other current assets31,011 35,845
Total current assets488,391 482,143
Investment in unconsolidated affiliate38,334 37,128
Property and equipment, net53,630 58,455
Goodwill254,217 253,976
Intangible assets, net31,768 30,681
Non-current notes receivable, net40,319 41,119
Deferred tax asset, net37,134 35,303
Other assets, net18,174 44,439
Total assets$961,967 $983,244
Liabilities and equity:
Current liabilities:
Accounts payable, accrued expenses and other current liabilities$62,339 $84,285
Customer layaway deposits10,992 10,693
Total current liabilities73,331 94,978
Long-term debt, net266,724 283,611
Other long-term liabilities8,448 10,450
Total liabilities348,503 389,039
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $.01 per share; shares authorized: 100 million as of March 31, 2017 and September 30, 2016; issued and outstanding: 51,321,915 as of March 31, 2017 and 51,129,144 as of September 30, 2016513 511
Class B Voting Common Stock, convertible, par value $.01 per share; 3 million shares authorized; issued and outstanding: 2,970,17130 30
Additional paid-in capital321,531 318,723
Retained earnings334,996 319,808
Accumulated other comprehensive loss(42,544) (44,089)
EZCORP, Inc. stockholders’ equity614,526 594,983
Noncontrolling interest(1,062) (778)
Total equity613,464 594,205
Total liabilities and equity$961,967 $983,244


EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended March 31,
2017 2016
(Unaudited)
(in thousands)
Operating activities:
Net income (loss)$14,894 $(84,209)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization12,403 15,141
Amortization of debt discount and deferred financing costs5,755 5,932
Amortization of prepaid commissions 7,754
Accretion of notes receivable discount(1,928)
Consumer loan loss provision980 18,662
Deferred income taxes(664) (12,635)
Impairment of goodwill 73,244
Other adjustments(63) (2,149)
(Gain) loss on sale or disposal of assets(6) 682
Stock compensation3,575 2,149
Income from investment in unconsolidated affiliate(2,721) (3,932)
Changes in operating assets and liabilities:
Service charges and fees receivable4,151 10,140
Inventory708 (993)
Prepaid expenses, other current assets and other assets3,171 (10,795)
Accounts payable, accrued expenses and other liabilities(30,120) (8,702)
Customer layaway deposits240 851
Income taxes receivable and payable, current, net of excess tax benefit from stock compensation7,590 51,300
Payments of restructuring charges (6,701)
Net cash provided by operating activities17,965 55,739
Investing activities:
Loans made(300,604) (323,980)
Loans repaid199,080 225,138
Recovery of pawn loan principal through sale of forfeited collateral128,238 121,830
Additions to property and equipment(5,293) (2,950)
Acquisitions, net of cash acquired (6,000)
Principal collections on notes receivable15,051
Net cash provided by investing activities36,472 14,038
Financing activities:
Taxes paid related to net share settlement of equity awards(767)
Payout of deferred consideration (14,875)
Repurchase of redeemable common stock issued due to acquisitions (11,750)
Proceeds from settlement of forward currency contracts 3,557
Change in restricted cash 6,519
Proceeds from borrowings, net of issuance costs 14,302
Payments on borrowings (47,698)
Net cash used in financing activities(767) (49,945)
Effect of exchange rate changes on cash and cash equivalents692 (3,620)
Net increase in cash and cash equivalents54,362 16,212
Cash and cash equivalents at beginning of period65,737 59,124
Cash and cash equivalents at end of period$120,099 $75,336
Non-cash investing and financing activities:
Pawn loans forfeited and transferred to inventory$125,165 $122,709
Dividend reinvestment acquisition of additional ownership in unconsolidated affiliate1,153



EZCORP, Inc.
OPERATING SEGMENT RESULTS (UNAUDITED)
Three Months Ended March 31, 2017
U.S. Pawn Mexico Pawn Other
International
Total Segments Corporate Items Consolidated
(in thousands)
Revenues:
Merchandise sales$95,550 $14,688 $ $110,238 $ $110,238
Jewelry scrapping sales9,056 1,163 10,219 10,219
Pawn service charges59,661 7,431 67,092 67,092
Other revenues56 147 1,876 2,079 2,079
Total revenues164,323 23,429 1,876 189,628 189,628
Merchandise cost of goods sold60,499 9,994 70,493 70,493
Jewelry scrapping cost of goods sold7,890 951 8,841 8,841
Other cost of revenues 397 397 397
Net revenues95,934 12,484 1,479 109,897 109,897
Segment and corporate expenses (income):
Operations63,556 8,901 2,003 74,460 74,460
Administrative 13,283 13,283
Depreciation and amortization2,660 660 50 3,370 2,660 6,030
Loss (gain) on sale or disposal of assets(3) 74 71 71
Interest expense 3 3 5,625 5,628
Interest income (342) (342) (1,898) (2,240)
Equity in net income of unconsolidated affiliate (1,243) (1,243) (1,243)
Other expense (income)(4) (48) 41 (11) 239 228
Segment contribution$29,725 $3,236 $628 $33,589
Income from continuing operations before income taxes $33,589 $(19,909) $13,680


EZCORP, Inc.
OPERATING SEGMENT RESULTS (UNAUDITED)
Six Months Ended March 31, 2017
U.S. Pawn Mexico Pawn Other
International
Total Segments Corporate Items Consolidated
(in thousands)
Revenues:
Merchandise sales$190,411 $31,340 $ $221,751 $ $221,751
Jewelry scrapping sales17,901 2,116 20,017 20,017
Pawn service charges120,706 15,399 136,105 136,105
Other revenues107 278 3,994 4,379 4,379
Total revenues329,125 49,133 3,994 382,252 382,252
Merchandise cost of goods sold120,747 21,478 142,225 142,225
Jewelry scrapping cost of goods sold15,440 1,745 17,185 17,185
Other cost of revenues 980 980 980
Net revenues192,938 25,910 3,014 221,862 221,862
Segment and corporate expenses (income):
Operations130,906 17,541 3,659 152,106 152,106
Administrative 27,210 27,210
Depreciation and amortization5,277 1,291 100 6,668 5,735 12,403
(Gain) loss on sale or disposal of assets(74) 68 (6) (6)
Interest expense 5 5 11,188 11,193
Interest income (409) (409) (4,447) (4,856)
Equity in net income of unconsolidated affiliate (2,721) (2,721) (2,721)
Other (income) expense(9) (37) 40 (6) (189) (195)
Segment contribution$56,838 $7,451 $1,936 $66,225
Income from continuing operations before income taxes $66,225 $(39,497) $26,728


EZCORP, Inc.
OPERATING SEGMENT RESULTS (UNAUDITED)
Three Months Ended March 31, 2016
U.S. Pawn Mexico Pawn Other
International
Total Segments Corporate Items Consolidated
(in thousands)
Revenues:
Merchandise sales$94,740 $14,603 $ $109,343 $ $109,343
Jewelry scrapping sales11,599 1,181 12,780 12,780
Pawn service charges56,614 7,516 64,130 64,130
Other revenues49 (117) 2,027 1,959 1,959
Total revenues163,002 23,183 2,027 188,212 188,212
Merchandise cost of goods sold58,241 10,090 1 68,332 68,332
Jewelry scrapping cost of goods sold10,128 957 11,085 11,085
Other cost of revenues 431 431 431
Net revenues94,633 12,136 1,595 108,364 108,364
Segment and corporate expenses (income):
Operations61,240 9,024 1,992 72,256 72,256
Administrative 15,621 15,621
Depreciation and amortization3,042 764 56 3,862 2,744 6,606
Loss on sale or disposal of assets546 103 649 649
Restructuring91 215 (2) 304 (86) 218
Interest expense39 38 77 3,874 3,951
Interest income (7) (7)
Equity in net income of unconsolidated affiliate (1,877) (1,877) (1,877)
Other expense (income) (79) 6 (73) 286 213
Segment contribution$29,675 $2,071 $1,420 $33,166
Income from continuing operations before income taxes $33,166 $(22,432) $10,734


EZCORP, Inc.
OPERATING SEGMENT RESULTS (UNAUDITED)
Six Months Ended March 31, 2016
U.S. Pawn Mexico Pawn Other
International
Total Segments Corporate Items Consolidated
(in thousands)
Revenues:
Merchandise sales$186,734 $31,189 $4 $217,927 $ $217,927
Jewelry scrapping sales21,199 1,181 21 22,401 22,401
Pawn service charges115,235 15,489 130,724 130,724
Other revenues242 74 4,401 4,717 4,717
Total revenues323,410 47,933 4,426 375,769 375,769
Merchandise cost of goods sold113,702 20,888 1 134,591 134,591
Jewelry scrapping cost of goods sold18,188 957 16 19,161 19,161
Other cost of revenues 1,043 1,043 1,043
Net revenues191,520 26,088 3,366 220,974 220,974
Segment and corporate expenses (income):
Operations124,785 20,217 3,272 148,274 148,274
Administrative 35,604 35,604
Depreciation and amortization6,602 1,565 107 8,274 5,874 14,148
Loss on sale or disposal of assets553 129 682 682
Restructuring982 543 202 1,727 183 1,910
Interest expense125 78 203 7,875 8,078
Interest income(1) (1) (15) (16)
Equity in net income of unconsolidated affiliate (3,932) (3,932) (3,932)
Other expense 49 3 52 263 315
Segment contribution$58,474 $3,507 $3,714 $65,695
Income from continuing operations before income taxes $65,695 $(49,784) $15,911


EZCORP, Inc.
STORE COUNT ACTIVITY (UNAUDITED)
Three Months Ended March 31, 2017
Company-owned Stores
U.S. Pawn Mexico Pawn Other
International
Consolidated
As of December 31, 2016517 239 27 783
New locations opened 2 2
Locations sold, combined or closed (1) (1)
As of March 31, 2017517 240 27 784


Three Months Ended March 31, 2016
Company-owned Stores
U.S. Pawn Mexico Pawn Other
International
Consolidated Franchises
As of December 31, 2015516 237 27 780 1
New locations opened6 6
Locations sold, combined or closed (1)
As of March 31, 2016522 237 27 786


Six Months Ended March 31, 2017
Company-owned Stores
U.S. Pawn Mexico Pawn Other
International
Consolidated
As of September 30, 2016520 239 27 786
New locations opened 2 2
Locations sold, combined or closed(3) (1) (4)
As of March 31, 2017517 240 27 784


Six Months Ended March 31, 2016
Company-owned Stores
U.S. Pawn Mexico Pawn Other
International
Consolidated Franchises
As of September 30, 2015522 237 27 786 1
New locations opened6 1 7
Locations sold, combined or closed(6) (1) (7) (1)
As of March 31, 2016522 237 27 786

Non-GAAP Financial Information (Unaudited)

In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"), we provide certain other non-GAAP financial information on a constant currency basis ("constant currency"). We use constant currency and ongoing segment contribution results to evaluate results of our Mexico Pawn operations, which are denominated in Mexican pesos, and believe that presentation of constant currency results are meaningful and useful in understanding the activities and business metrics of our Mexico Pawn 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 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 Mexican pesos 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. 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 exchange rate as of March 31, 2017 and 2016 was 18.7 to 1 and 17.3 to 1, respectively. The approximate average exchange rate for the three months ended March 31, 2017 and 2016 was 20.4 to 1 and 18.0 to 1. The approximate average exchange rate for the six months ended March 31, 2017 and 2016 was 20.1 to 1 and 17.4 to 1, respectively, however our statement of operations constant currency results reflect the impact of monthly effects of exchange rates and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss and the related foreign currency derivative gain or loss impact.

The following information provides reconciliations of certain non-GAAP financial measures presented in this press release to the most directly comparable financial measures calculated and presented in accordance with GAAP as of and for the three and six months ended March 31, 2017.

Miscellaneous Non-GAAP Financial Measures

U.S. Dollar
Amount
Percentage
Change YOY
(in millions)
Consolidated revenue (three months ended March 31, 2017)$189.6 1%
Currency exchange rate fluctuations (three months ended March 31, 2017)3.0
Constant currency consolidated revenue (three months ended March 31, 2017)$192.6 2%
Consolidated revenue (six months ended March 31, 2017)$382.3 2%
Currency exchange rate fluctuations (six months ended March 31, 2017)7.7
Constant currency consolidated revenue (six months ended March 31, 2017)$390.0 4%
Consolidated operations expenses (three months ended March 31, 2017)$74.5 3%
Currency exchange rate fluctuations (three months ended March 31, 2017)1.1
Constant currency consolidated operations expenses (three months ended March 31, 2017)$75.6 5%
Consolidated operations expenses (six months ended March 31, 2017)$152.1 3%
Currency exchange rate fluctuations (six months ended March 31, 2017)2.8
Constant currency consolidated operations expenses (six months ended March 31, 2017)$154.9 4%
Mexico Pawn loans outstanding$17.8 3%
Currency exchange rate fluctuations1.6
Constant currency Mexico Pawn loans outstanding$19.4 12%
Mexico Pawn service charges (three months ended March 31, 2017)$7.4 (1)%
Currency exchange rate fluctuations (three months ended March 31, 2017)1.0
Constant currency Mexico Pawn service charges (three months ended March 31, 2017)$8.4 11%
Mexico Pawn service charges (six months ended March 31, 2017)$15.4 (1)%
Currency exchange rate fluctuations (six months ended March 31, 2017)2.4
Constant currency Mexico Pawn service charges (six months ended March 31, 2017)$17.8 15%
Mexico Pawn merchandise revenue (three months ended March 31, 2017)$14.7 1%
Currency exchange rate fluctuations (three months ended March 31, 2017)1.9
Constant currency Mexico Pawn merchandise revenue (three months ended March 31, 2017)$16.6 14%
Mexico Pawn merchandise revenue (six months ended March 31, 2017)$31.3 —%
Currency exchange rate fluctuations (six months ended March 31, 2017)5.1
Constant currency Mexico Pawn merchandise revenue (six months ended March 31, 2017)$36.4 17%
Mexico Pawn same store merchandise revenue (three months ended March 31, 2017)$14.3 —%
Currency exchange rate fluctuations (three months ended March 31, 2017)1.9
Constant currency Mexico Pawn same store merchandise revenue (three months ended March 31, 2017)$16.2 13%
Mexico Pawn same store merchandise revenue (six months ended March 31, 2017)$30.4 —%
Currency exchange rate fluctuations (six months ended March 31, 2017)4.9
Constant currency Mexico Pawn same store merchandise revenue (six months ended March 31, 2017)$35.3 16%
Mexico Pawn segment profit before tax (three months ended March 31, 2017)$3.2 56%
Currency exchange rate fluctuations (three months ended March 31, 2017)0.3
Constant currency Mexico Pawn segment profit before tax (three months ended March 31, 2017)$3.5 71%
Mexico Pawn segment profit before tax (six months ended March 31, 2017)$7.5 112%
Currency exchange rate fluctuations (six months ended March 31, 2017)1.1
Constant currency Mexico Pawn segment profit before tax (six months ended March 31, 2017)$8.6 144%


Contact: Jeff Christensen Vice President, Investor Relations Email: jeff_christensen@ezcorp.com Phone: (512) 437-3545

Source:EZCORP, Inc.