EZCORP Reports Second Quarter Fiscal 2025 Results

Rhea-AI Summary

EZCORP reported strong Q2 fiscal 2025 results with significant growth across key metrics. Pawn loans outstanding (PLO) reached a record Q2 level, increasing 11% to $261.8 million.

Financial highlights include:

• Net income up 18% to $25.4 million
• Total revenues increased 7% to $306.3 million
• Diluted earnings per share rose 14% to $0.33
• Adjusted EBITDA grew 23% to $45.1 million

The company completed a $300 million private offering of senior notes due 2032, strengthening its financial flexibility. U.S. operations showed strong performance with PLO up 15%, while Latin America saw PLO growth of 17% on a constant currency basis.

CEO Lachie Given attributed the growth to increased demand from value-conscious consumers amid persistent inflation, improved operational performance, and disciplined cost management. The company maintains 542 stores in the U.S. and 742 locations in Latin America.

Positive

• Record Q2 pawn loans outstanding (PLO) up 11% to $261.8M
• Net income increased 18% to $25.4M (25% increase to $26.1M adjusted)
• Diluted EPS up 14% to $0.33 ($0.34 adjusted)
• Adjusted EBITDA grew 23% to $45.1M
• Total revenues increased 7% to $306.3M
• US PLO up 15% to $199.4M
• Latin America PLO up 17% on constant currency basis
• Completed $300M private offering of senior notes
• Strong cash position of $505.2M, up from $170.5M

Negative

• Merchandise sales gross margin declined to 34% from 35%
• Aged general merchandise increased to 2.4% of inventory
• Inventory turnover decreased to 2.5x from 2.9x
• General and administrative expenses increased 8%
• Latin America merchandise sales gross margin dropped to 30% from 33%
• Latin America aged merchandise increased to 1.9% from 1.4%

Insights

Financial Analyst

EZCORP delivers standout Q2 with record PLO driving 23% EBITDA growth and stronger debt profile from $300M notes offering.

EZCORP's Q2 FY2025 results showcase exceptional financial momentum across all key metrics. The company achieved record Q2 pawn loans outstanding (PLO) of $261.8 million, an 11% year-over-year increase that fueled substantial growth throughout the income statement.

The PLO expansion directly boosted pawn service charges by 8%, helping drive total revenues up 7% to $306.3 million. More impressive is how efficiently EZCORP translated this revenue growth into profitability, with adjusted EBITDA surging 23% to $45.1 million and adjusted net income increasing 25% to $26.1 million.

Both geographical segments delivered strong results. In the U.S., PLO and adjusted EBITDA both increased 15%, while Latin America achieved an impressive 36% adjusted EBITDA growth and 17% PLO growth on a constant currency basis.

The $300 million private offering of senior notes due 2032 significantly strengthens EZCORP's capital structure, providing enhanced financial flexibility as the company prepares to retire its 2025 convertible notes maturing on May 1st.

Two minor concerns bear watching: merchandise sales gross margins slipped slightly from 35% to 34%, and inventory turnover decreased to 2.5x from 2.9x. However, these are overshadowed by the broader financial strength demonstrated across the business.

The results clearly demonstrate that EZCORP's countercyclical business model is benefiting from current economic conditions where persistent inflation is driving value-conscious consumers to pawn services for short-term cash needs and secondhand goods purchases.

Record Q2 PLO & Revenues Drive Strong Increase in Profitability

AUSTIN, Texas, April 28, 2025 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its second quarter ended March 31, 2025.

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.

SECOND QUARTER HIGHLIGHTS

• Pawn loans outstanding (PLO) up 11% to $261.8 million.

• Net income increased 18% to $25.4 million. On an adjusted basis¹, net income increased 25% to $26.1 million.

• Diluted earnings per share increased 14% to $0.33. On an adjusted basis, diluted earnings per share increased 21% to $0.34.

• Adjusted EBITDA increased 23% to $45.1 million.

• Total revenues increased 7% to $306.3 million, while gross profit increased 6% to $178.5 million.

• Completed a $300.0 million private offering of senior notes due 2032.
  
  

CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, “Our team delivered another impressive quarter of operational and financial performance, highlighted by record Q2 PLO, which drove strong growth in revenue and pawn service charges. Persistent inflation and economic pressure continue to impact value-conscious consumers who are increasingly turning to us for short-term cash and secondhand goods. Our strengthened operating model and best-in-class customer service also fueled the bottom line, driving a material increase in adjusted EBITDA to $45.1 million, up 23%.

“Our consistent performance across geographies reflects our company-wide commitment to our core values of People, Pawn and Passion. In the U.S., PLO and adjusted EBITDA increased 15%, reflecting strong loan demand, increased average loan size and disciplined cost management. In Latin America, PLO increased 17% on a constant currency basis, and adjusted EBITDA grew 36%, propelled by robust demand for loans and secondhand goods and our strong operational execution.

“Our disciplined capital allocation strategy prioritizes substantial liquidity to drive strong organic growth, pursue value-enhancing acquisitions and investments and meet near-term debt maturities. In March, we completed a $300.0 million private offering of senior notes, the Company’s largest financing transaction to date, expanding our financial flexibility for continued growth and meaningfully enhancing our capital structure, as we retire our 2025 convertible notes maturing on May 1.

“It was another outstanding quarter for EZCORP, and I thank the team for their unwavering commitment to operational excellence as we continue to drive significantly enhanced value for our shareholders.”

CONSOLIDATED RESULTS

Three Months Ended March 31	As Reported								Adjusted1
in millions, except per share amounts	2025				2024				2025				2024
Total revenues	$	306.3			$	285.6			$	318.9			$	285.6
Gross profit	$	178.5			$	167.6			$	185.0			$	167.6
Income before tax	$	34.4			$	28.7			$	35.4			$	28.0
Net income	$	25.4			$	21.5			$	26.1			$	21.0
Diluted earnings per share	$	0.33			$	0.29			$	0.34			$	0.28
EBITDA (non-GAAP measure)	$	43.8			$	37.4			$	45.1			$	36.7

• PLO increased 11% to $261.8 million, up $26.1 million. On a same-store² basis, PLO increased 11% due to increase in average loan size, continued strong pawn demand and improved operational performance.

• Total revenues increased 7% and gross profit increased 6%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.

• PSC increased 8% as a result of higher average PLO.

• Merchandise sales gross margin at 34%, down from 35%. Aged general merchandise was 2.4% of total general merchandise inventory, up 14 basis points.

• Net inventory increased 27%, as a result of the increase in PLO and decrease in inventory turnover to 2.5x, from 2.9x.

• Store expenses increased 2% and were flat on a same-store basis.

• General and administrative expenses increased 8%, primarily due to labor and a gain on a corporate lease termination in the prior year.

• Income before taxes was $34.4 million, up 20% from $28.7 million, and adjusted EBITDA increased 23% to $45.1 million.

• Diluted earnings per share increased 14% to $0.33. On an adjusted basis, diluted earnings per share increased 21% to $0.34.

• Cash and cash equivalents at the end of the quarter was $505.2 million, up from $170.5 million as of September 30, 2024. The increase was primarily due to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 and cash from operating activities.

SEGMENT RESULTS
U.S. Pawn

• PLO ended the quarter at $199.4 million, up 15% on a total and same-store basis due to increase in average loan size, increased loan demand and improved operational performance.

• Total revenues increased 7% and gross profit increased 8%, reflecting higher PSC.

• PSC increased 9% as a result of higher average PLO, partially offset by lower PLO yield.

• Merchandise sales increased 2%, and gross margin decreased to 36% from 37%. Aged general merchandise decreased by 14 basis points to 2.8%, or $1.3 million of total general merchandise inventory. Excluding our three Max Pawn luxury stores in Las Vegas, aged general merchandise was 1.5%.

• Net inventory increased 29%, due to increase in PLO, increase in customer layaways and a decrease in inventory turnover to 2.3x, from 2.6x.

• Store expenses increased 3% (2% on a same-store basis) primarily due to labor, the majority of which was offset by a decrease in expenses related to our loyalty program.

• Segment contribution increased 16% to $47.1 million.

• Segment store count remained at 542.
  
  

Latin America Pawn

• PLO improved to $62.4 million, up 1% (17% on constant currency basis). On a same-store basis, PLO decreased 2% (14% increase on a constant currency basis). The constant currency increase was due to improved operational performance and increased loan demand.

• Total revenues were up 9% (25% on constant currency basis), and gross profit increased 3% (18% on a constant currency basis), mainly due to increased PSC.

• PSC increased to $28.3 million, up 4% (19% on a constant currency basis) as a result of higher average PLO.

• Merchandise sales increased 5% (21% on constant currency basis) and merchandise sales gross margin decreased to 30% from 33%. Aged general merchandise increased to 1.9% from 1.4% of total general merchandise inventory.

• Net inventory increased 23% (44% on a constant currency basis) due to increase in PLO and decrease in inventory turnover to 3.2x, from 3.6x.

• Store expenses decreased 2% (13% increase on a constant currency basis) and decreased 4% on a same-store basis (11% increase on a constant currency basis). The constant currency increase was primarily due to increased labor, in line with store activity and minimum wage increases, offset by a decrease in expenses related to our loyalty program.

• Segment contribution increased 30% to $10.6 million (43% on a constant currency basis). On an adjusted basis, segment contribution was up 42% to $11.6 million.

• Segment store count increased by one to 742 due to the addition of nine de novo stores, the acquisition of one store, and the consolidation of nine stores.
  
  

FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 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. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

CONFERENCE CALL
EZCORP will host a conference call on Tuesday, April 29, 2025, at 8:00 am Central Time to discuss Second Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://registrations.events/direct/NTM1088399. 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: https://edge.media-server.com/mmc/p/hqptihjy. 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. 

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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

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
	Three Months Ended March 31,								Six Months Ended March 31,
(in thousands, except per share amounts)	2025				2024				2025				2024
Revenues:
Merchandise sales	$	169,467			$	164,687			$	355,810			$	344,090
Jewelry scrapping sales		20,938				13,714				37,670				27,796
Pawn service charges		115,871				107,163				232,923				213,612
Other revenues		40				75				83				132
Total revenues		306,316				285,639				626,486				585,630
Merchandise cost of goods sold		111,555				106,259				233,379				221,469
Jewelry scrapping cost of goods sold		16,309				11,788				29,251				23,996
Gross profit		178,452				167,592				363,856				340,165
Operating expenses:
Store expenses		116,527				114,582				232,978				225,137
General and administrative		19,640				18,266				38,309				34,809
Depreciation and amortization		8,020				8,219				16,355				16,784
Loss (gain) on sale or disposal of assets and other		17				3				25				(169	)
Other income		—				(765	)			—				(765	)
Total operating expenses		144,204				140,305				287,667				275,796
Operating income		34,248				27,287				76,189				64,369
Interest expense		3,281				3,402				6,428				6,842
Interest income		(1,875	)			(2,882	)			(3,968	)			(5,521	)
Equity in net income of unconsolidated affiliates		(1,505	)			(1,719	)			(2,980	)			(2,872	)
Other (income) expense		(65	)			(165	)			913				(436	)
Income before income taxes		34,412				28,651				75,796				66,356
Income tax expense		9,022				7,172				19,390				16,407
Net income	$	25,390			$	21,479			$	56,406			$	49,949
Basic earnings per share	$	0.46			$	0.39			$	1.03			$	0.91
Diluted earnings per share	$	0.33			$	0.29			$	0.74			$	0.65
Weighted-average basic shares outstanding		54,965				55,093				54,895				55,084
Weighted-average diluted shares outstanding		83,140				83,045				83,247				84,948

EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except share and per share amounts)	March 31, 2025				March 31, 2024				September 30, 2024
Assets:
Current assets:
Cash and cash equivalents	$	505,239			$	229,111			$	170,513
Restricted cash		9,499				8,581				9,294
Pawn loans		261,830				235,773				274,084
Pawn service charges receivable, net		42,323				38,268				44,013
Inventory, net		207,783				163,429				191,923
Prepaid expenses and other current assets		40,283				47,142				39,171
Total current assets		1,066,957				722,304				728,998
Investments in unconsolidated affiliates		13,967				13,162				13,329
Other investments		51,903				51,220				51,900
Property and equipment, net		64,150				63,306				65,973
Right-of-use assets, net		229,878				243,752				226,602
Goodwill		305,239				310,658				306,478
Intangible assets, net		57,079				61,714				58,451
Deferred tax asset, net		25,090				26,247				25,362
Other assets, net		15,365				15,779				16,144
Total assets	$	1,829,628			$	1,508,142			$	1,493,237
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net	$	103,325			$	34,347			$	103,072
Accounts payable, accrued expenses and other current liabilities		70,843				62,838				85,737
Customer layaway deposits		31,016				20,352				21,570
Operating lease liabilities, current		58,855				55,658				58,998
Total current liabilities		264,039				173,195				269,377
Long-term debt, net		517,188				326,573				224,256
Deferred tax liability, net		1,818				465				2,080
Operating lease liabilities		182,873				197,285				180,616
Other long-term liabilities		12,135				10,228				12,337
Total liabilities		978,053				707,746				688,666
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 52,043,599 as of March 31, 2025; 52,057,309 as of March 31, 2024; and 51,582,698 as of September 30, 2024		520				521				516
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		347,796				345,174				348,366
Retained earnings		561,211				477,683				507,206
Accumulated other comprehensive loss		(57,982	)			(23,012	)			(51,547	)
Total equity		851,575				800,396				804,571
Total liabilities and equity	$	1,829,628			$	1,508,142			$	1,493,237

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Six Months Ended March 31,
(in thousands)	2025				2024
Operating activities:
Net income	$	56,406			$	49,949
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		16,355				16,784
Amortization of deferred financing costs		725				807
Non-cash lease expense		28,943				29,514
Deferred income taxes		10				515
Other adjustments		(1,241	)			(1,429	)
Provision for inventory reserve		39				183
Stock compensation expense		5,001				4,844
Equity in net income from investment in unconsolidated affiliates		(2,980	)			(2,872	)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable		1,547				1,071
Inventory		(5,390	)			1,617
Prepaid expenses, other current assets and other assets		444				(8,699	)
Accounts payable, accrued expenses and other liabilities		(45,490	)			(57,531	)
Customer layaway deposits		9,640				886
Income taxes		(1,081	)			909
Net cash provided by operating activities		62,928				36,548
Investing activities:
Loans made		(484,611	)			(433,194	)
Loans repaid		284,095				262,970
Recovery of pawn loan principal through sale of forfeited collateral		198,387				188,351
Capital expenditures, net		(13,966	)			(13,654	)
Acquisitions, net of cash acquired		(79	)			(8,610	)
Investment in unconsolidated affiliate		(509	)			(850	)
Investment in other investments		—				(15,000	)
Dividends from unconsolidated affiliates		1,902				1,745
Net cash used in investing activities		(14,781	)			(18,242	)
Financing activities:
Taxes paid related to net share settlement of equity awards		(3,971	)			(3,253	)
Proceeds from borrowings		300,000				—
Debt issuance cost		(5,310	)			—
Purchase and retirement of treasury stock		(3,997	)			(6,010	)
Payments of finance leases		(266	)			(276	)
Net cash provided by (used in) financing activities		286,456				(9,539	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		328				(43	)
Net increase in cash, cash equivalents and restricted cash		334,931				8,724
Cash and cash equivalents and restricted cash at beginning of period		179,807				228,968
Cash and cash equivalents and restricted cash at end of period	$	514,738			$	237,692

EZCORP, Inc. OPERATING SEGMENT RESULTS
	Three Months Ended March 31, 2025 (Unaudited)
(in thousands)	U.S. Pawn				Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	116,915			$	52,552			$	—			$	169,467			$	—			$	169,467
Jewelry scrapping sales		16,898				4,040				—				20,938				—				20,938
Pawn service charges		87,548				28,323				—				115,871				—				115,871
Other revenues		24				16				—				40				—				40
Total revenues		221,385				84,931				—				306,316				—				306,316
Merchandise cost of goods sold		74,772				36,783				—				111,555				—				111,555
Jewelry scrapping cost of goods sold		13,235				3,074				—				16,309				—				16,309
Gross profit		133,378				45,074				—				178,452				—				178,452
Segment and corporate expenses (income):
Store expenses		83,532				32,995				—				116,527				—				116,527
General and administrative		—				—				—				—				19,640				19,640
Depreciation and amortization		2,682				1,989				—				4,671				3,349				8,020
Loss on sale or disposal of assets and other		17				—				—				17				—				17
Interest expense		—				—				—				—				3,281				3,281
Interest income		—				(337	)			(605	)			(942	)			(933	)			(1,875	)
Equity in net (income) loss of unconsolidated affiliates		—				—				(1,866	)			(1,866	)			361				(1,505	)
Other expense (income)		4				(137	)			—				(133	)			68				(65	)
Segment contribution	$	47,143			$	10,564			$	2,471			$	60,178
Income (loss) before income taxes													$	60,178			$	(25,766	)		$	34,412

	Three Months Ended March 31, 2024 (Unaudited)
(in thousands)	U.S. Pawn				Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	114,849			$	49,838			$	—			$	164,687			$	—			$	164,687
Jewelry scrapping sales		12,686				1,028				—				13,714				—				13,714
Pawn service charges		80,010				27,153				—				107,163				—				107,163
Other revenues		29				15				31				75				—				75
Total revenues		207,574				78,034				31				285,639				—				285,639
Merchandise cost of goods sold		72,798				33,461				—				106,259				—				106,259
Jewelry scrapping cost of goods sold		10,794				994				—				11,788				—				11,788
Gross profit		123,982				43,579				31				167,592				—				167,592
Segment and corporate expenses (income):
Store expenses		80,840				33,742				—				114,582				—				114,582
General and administrative		—				—				—				—				18,266				18,266
Depreciation and amortization		2,516				2,392				—				4,908				3,311				8,219
(Gain) loss on sale or disposal of assets and other		(30	)			(66	)			—				(96	)			99				3
Other income		—				—				—				—				(765	)			(765	)
Interest expense		—				—				—				—				3,402				3,402
Interest income		—				(608	)			(633	)			(1,241	)			(1,641	)			(2,882	)
Equity in net income of unconsolidated affiliates		—				—				(1,719	)			(1,719	)			—				(1,719	)
Other expense (income)		—				1				14				15				(180	)			(165	)
Segment contribution	$	40,656			$	8,118			$	2,369			$	51,143
Income (loss) before income taxes													$	51,143			$	(22,492	)		$	28,651

	Six Months Ended March 31, 2025 (Unaudited)
(in thousands)	U.S. Pawn				Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	245,715			$	110,095			$	—			$	355,810			$	—			$	355,810
Jewelry scrapping sales		32,396				5,274				—				37,670				—				37,670
Pawn service charges		175,424				57,499				—				232,923				—				232,923
Other revenues		51				32				—				83				—				83
Total revenues		453,586				172,900				—				626,486				—				626,486
Merchandise cost of goods sold		156,328				77,051				—				233,379				—				233,379
Jewelry scrapping cost of goods sold		25,203				4,048				—				29,251				—				29,251
Gross profit		272,055				91,801				—				363,856				—				363,856
Segment and corporate expenses (income):
Store expenses		166,621				66,357				—				232,978				—				232,978
General and administrative		—				—				—				—				38,309				38,309
Depreciation and amortization		5,399				4,035				—				9,434				6,921				16,355
Loss on sale or disposal of assets and other		17				8				—				25				—				25
Interest expense		—				—				—				—				6,428				6,428
Interest income		—				(539	)			(1,199	)			(1,738	)			(2,230	)			(3,968	)
Equity in net (income) loss of unconsolidated affiliates		—				—				(3,489	)			(3,489	)			509				(2,980	)
Other (income) loss		(7	)			(208	)			—				(215	)			1,128				913
Segment contribution		100,025				22,148			$	4,688			$	126,861
Income (loss) before income taxes													$	126,861			$	(51,065	)		$	75,796

	Six Months Ended March 31, 2024 (Unaudited)
(in thousands)	U.S. Pawn				Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	240,362			$	103,728			$	—			$	344,090			$	—			$	344,090
Jewelry scrapping sales		25,501				2,295				—				27,796				—				27,796
Pawn service charges		159,083				54,529				—				213,612				—				213,612
Other revenues		66				31				35				132				—				132
Total revenues		425,012				160,583				35				585,630				—				585,630
Merchandise cost of goods sold		151,507				69,962				—				221,469				—				221,469
Jewelry scrapping cost of goods sold		22,078				1,918				—				23,996				—				23,996
Gross profit		251,427				88,703				35				340,165				—				340,165
Segment and corporate expenses (income):
Store expenses		158,095				67,042				—				225,137				—				225,137
General and administrative		—				—				—				—				34,809				34,809
Depreciation and amortization		5,140				4,731				—				9,871				6,913				16,784
(Gain) loss on sale or disposal of assets and other		(4	)			(262	)			—				(266	)			97				(169	)
Other income		—				—				—				—				(765	)			(765	)
Interest expense		—				—				—				—				6,842				6,842
Interest income		—				(1,028	)			(1,206	)			(2,234	)			(3,287	)			(5,521	)
Equity in net income of unconsolidated affiliates		—				—				(2,872	)			(2,872	)			—				(2,872	)
Other (income) expense		—				(47	)			15				(32	)			(404	)			(436	)
Segment contribution	$	88,196			$	18,267			$	4,098			$	110,561
Income (loss) before income taxes													$	110,561			$	(44,205	)		$	66,356

EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited)
	Three Months Ended March 31, 2025
	U.S. Pawn				Latin America Pawn				Consolidated
As of December 31, 2024		542				741				1,283
New locations opened		—				9				9
Locations acquired		—				1				1
Locations combined or closed		—				(9	)			(9	)
As of March 31, 2025		542				742				1,284

	Three Months Ended March 31, 2024
	U.S. Pawn				Latin America Pawn				Consolidated
As of December 31, 2023		530				707				1,237
New locations opened		—				9				9
Locations acquired		6				—				6
Locations combined or closed		(1	)			(5	)			(6	)
As of March 31, 2024		535				711				1,246

	Six Months Ended March 31, 2025
	U.S. Pawn				Latin America Pawn				Consolidated
As of September 30, 2024		542				737				1,279
New locations opened		—				13				13
Locations acquired		—				1				1
Locations combined or closed		—				(9	)			(9	)
As of March 31, 2025		542				742				1,284

	Six Months Ended March 31, 2024
	U.S. Pawn				Latin America Pawn				Consolidated
As of September 30, 2023		529				702				1,231
New locations opened		—				14				14
Locations acquired		7				—				7
Locations combined or closed		(1	)			(5	)			(6	)
As of March 31, 2024		535				711				1,246

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 reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides 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 and six months ended March 31, 2025 and 2024 were as follows:

	March 31,								Three Months Ended March 31,								Six Months Ended March 31,
	2025				2024				2025				2024				2025				2024
Mexican peso		20.4				16.6				20.4				17.0				20.3				17.3
Guatemalan quetzal		7.6				7.6				7.6				7.6				7.5				7.6
Honduran lempira		25.2				24.4				25.2				24.4				25.0				24.4
Australian dollar		1.6				1.5				1.6				1.5				1.6				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 March 31,
(in millions)	2025				2024
Net income	$	25.4			$	21.5
Interest expense		3.3				3.4
Interest income		(1.9	)			(2.9	)
Income tax expense		9.0				7.2
Depreciation and amortization		8.0				8.2
EBITDA	$	43.8			$	37.4

	Total Revenues				Gross Profit				Income Before Tax				Tax Effect				Net Income				Diluted EPS				EBITDA
2025 Q2 Reported	$	306.3			$	178.5			$	34.4			$	9.0			$	25.4			$	0.33			$	43.8
FX Impact		—				—				0.1				—				0.1				—				0.1
Constant Currency		12.6				6.5				0.9				0.3				0.6				0.01				1.2
2025 Q2 Adjusted	$	318.9			$	185.0			$	35.4			$	9.3			$	26.1			$	0.34			$	45.1

	Total Revenues				Gross Profit				Income Before Tax				Tax Effect				Net Income				Diluted EPS				EBITDA
2024 Q2 Reported	$	285.6			$	167.6			$	28.7			$	7.2			$	21.5			$	0.29			$	37.4
Corporate Lease Termination		—				—				(0.8	)			(0.2	)			(0.6	)			(0.01	)			(0.8	)
FX Impact		—				—				0.1				—				0.1				—				0.1
2024 Q2 Adjusted	$	285.6			$	167.6			$	28.0			$	7.0			$	21.0			$	0.28			$	36.7

	Three Months Ended March 31, 2025								Six Months Ended March 31, 2025
(in millions)	U.S. Dollar Amount				Percentage Change YOY				U.S. Dollar Amount				Percentage Change YOY
Consolidated revenues	$	306.3				7	%		$	626.5				7	%
Currency exchange rate fluctuations		12.6								22.0
Constant currency consolidated revenues	$	318.9				12	%		$	648.5				11	%
Consolidated gross profit	$	178.5				6	%		$	363.9				7	%
Currency exchange rate fluctuations		6.5								11.3
Constant currency consolidated gross profit	$	185.0				10	%		$	375.2				10	%
Consolidated net inventory	$	207.8				27	%		$	207.8				27	%
Currency exchange rate fluctuations		8.7								8.7
Constant currency consolidated net inventory	$	216.5				32	%		$	216.5				32	%
Latin America Pawn gross profit	$	45.1				3	%		$	91.8				3	%
Currency exchange rate fluctuations		6.5								11.3
Constant currency Latin America Pawn gross profit	$	51.6				18	%		$	103.1				16	%
Latin America Pawn PLO	$	62.4				1	%		$	62.4				1	%
Currency exchange rate fluctuations		10.0								10.0
Constant currency Latin America Pawn PLO	$	72.4				17	%		$	72.4				17	%
Latin America Pawn PSC revenues	$	28.3				4	%		$	57.5				5	%
Currency exchange rate fluctuations		3.9								6.7
Constant currency Latin America Pawn PSC revenues	$	32.2				19	%		$	64.2				18	%
Latin America Pawn merchandise sales	$	52.6				5	%		$	110.1				6	%
Currency exchange rate fluctuations		7.9								14.5
Constant currency Latin America Pawn merchandise sales	$	60.5				21	%		$	124.6				20	%
Latin America Pawn segment profit before tax	$	10.6				30	%		$	22.2				21	%
Currency exchange rate fluctuations		1.0								2.0
Constant currency Latin America Pawn segment profit before tax	$	11.6				43	%		$	24.2				32	%

FAQ

How much did EZPW earnings grow in Q2 2025?

EZPW's net income increased 18% to $25.4 million in Q2 2025, with adjusted net income up 25% to $26.1 million. Diluted earnings per share grew 14% to $0.33, or $0.34 on an adjusted basis.

What is EZPW's pawn loan performance in Q2 2025?

EZPW's pawn loans outstanding (PLO) reached a record Q2 level, growing 11% to $261.8 million. The U.S. segment saw 15% PLO growth, while Latin America PLO grew 17% on a constant currency basis.

How much cash does EZPW have after its 2025 bond offering?

EZPW reported cash and cash equivalents of $505.2 million at the end of Q2 2025, up from $170.5 million in September 2024, primarily due to the $300 million senior notes offering and operating cash flow.

What was EZPW's revenue growth in second quarter 2025?

EZPW's total revenues increased 7% to $306.3 million in Q2 2025, while gross profit grew 6% to $178.5 million, driven by improved pawn service charge revenues.

How many stores does EZPW operate in 2025?

As of Q2 2025, EZPW operates 1,284 stores total, with 542 stores in the U.S. and 742 stores in Latin America, after adding nine new stores, acquiring one, and consolidating nine locations in Latin America.