EZCORP, Inc.

Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☑
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the Fiscal Year Ended September 30, 2024 or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from                      to                     
Commission File No. 0-19424
EZCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware
74-2540145
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification
No.)
2500 Bee Cave
Road
Bldg One Suite 200 Rollingwood
TX
78746
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (512) 314-3400
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol(s)
Name of Each Exchange on Which Registered
Class A Non-voting Common Stock, $.01 par value per share
 
EZPW
The NASDAQ Stock Market
 
 
(NASDAQ Global Select Market)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☑
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§
232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☑
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the
correction of an error to previously issued financial statements. ☐ 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the
registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
The only class of voting securities of the registrant issued and outstanding is the Class B Voting Common Stock, par value $.01 per share, all of which is owned by an affiliate of
the registrant. There is no trading market for the Class B Voting Common Stock. The aggregate market value of the Class A Non-Voting Common Stock held by non-affiliates of
the registrant was $567 million, based on the closing price on the NASDAQ Stock Market on March 31, 2024.
As of November 6, 2024, 51,495,277 shares of the registrant’s Class A Non-Voting Common Stock, par value $.01 per share, and 2,970,171 shares of the registrant’s Class B
Voting Common Stock, par value $.01 per share, were outstanding.
Documents incorporated by reference: None

Table of Contents
EZCORP, INC.
FISCAL YEAR ENDED SEPTEMBER 30, 2024
INDEX TO FORM 10-K
Item
Page
No.
No.
PART I
 
1. Business
3
1A. Risk Factors
15
1B. Unresolved Staff Comments
14
1C. Cybersecurity
21
2. Properties
22
3. Legal Proceedings
22
4. Mine Safety Disclosures
22
PART II
 
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
23
6. [Reserved]
24
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
25
7A. Quantitative and Qualitative Disclosures About Market Risk
36
8. Financial Statements and Supplementary Data
37
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
70
9A. Controls and Procedures
70
9B. Other Information
73
9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
73
PART III
 
10. Directors, Executive Officers and Corporate Governance
74
11. Executive Compensation
81
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
102
13. Certain Relationships and Related Transactions, and Director Independence
104
14. Principal Accountant Fees and Services
105
PART IV
15. Exhibits and Financial Statement Schedules
105
16. Form 10-K Summary
105
Signatures
107

Table of Contents
PART I
This report contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. Our actual results
may differ materially from those currently anticipated and expressed or implied by those forward-looking statements because of a number of
risks and uncertainties, including those discussed under “Part I, Item 1A — Risk Factors.” We caution that assumptions, expectations,
projections, intentions or beliefs about future events may, and often do, vary from actual results, and the differences can be material. See
also “Part II, Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations — Cautionary Statement
Regarding Risks and Uncertainties That May Affect Future Results.”
Unless otherwise specified, references to the “Company,” “we,” “our,” “us” and “EZCORP” refer to EZCORP, Inc. and its consolidated
subsidiaries, collectively. References to a “fiscal” year refer to our fiscal year ended September 30 of the specified year. For example, “fiscal
2024” refers to the fiscal year ended September 30, 2024. All currency amounts preceded with “$” are stated in U.S. dollars, except as
otherwise indicated.
ITEM 1. BUSINESS
Purpose, Vision and Strategy
EZCORP, Inc. is a leading provider of pawn services in the United States (“U.S.”) and Latin America with 1,279 locations and more than
8,000 Team Members. We are a Delaware corporation headquartered in Austin, Texas.
Our purpose statement:
“We exist to serve our customers’ short-term cash and pre-owned retail needs, helping them to live and enjoy their lives.
We are driven by a diverse team with a passion for pawn who are motivated to be their best — because our customers, families,
stakeholders, and the communities and environment in which we live deserve it.”
This purpose is supported by a customer-centric strategy that includes the following:
•
Providing fast, easy and simple access to cash;
•
Serving our customers in a friendly and respectful way;
•
Always being competitive and fair;
•
Passionately serving customer needs;
•
Building enduring relationships; and
•
Recognizing and rewarding customer loyalty.
That strategy consists of three fundamental pillars:
•
Strengthen the Core — Relentless focus on superior execution and operational excellence in our pawn business.
•
Cost Efficiency and Simplification — Shape a culture of cost efficiency through ongoing focus on simplification and optimization.
•
Innovate and Grow — Broaden customer engagement to serve more customers more frequently in more locations.
And we rely on four foundational capabilities to execute our strategy and achieve our purpose:
•
Team Members — We enable diverse, engaged and tenured teams with a true passion for pawnbroking.
•
IT and Data Modernization — We modernize our IT and data assets to capitalize on growth opportunities and create greater value
at every customer interaction.
•
Risk Management and Building a Culture of Compliance — We are continually focused on strengthening our capabilities to
manage operational, financial, regulatory, compliance, information security and reputational risk.
•
Environment, Social and Governance (“ESG”) — We prioritize developing the foundational elements of a comprehensive and
integrated sustainability program.
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Overview of Our Business
At September 30, 2024, we operated a total of 1,279 locations, consisting of:
•
542 U.S. pawn stores (operating primarily as EZPAWN or Value Pawn & Jewelry);
•
565 Mexico pawn stores (operating primarily as Empeño Fácil and Cash Apoyo Efectivo); and
•
172 pawn stores in Guatemala, El Salvador and Honduras (operating as GuatePrenda and MaxiEfectivo).
At our pawn stores, we advance cash against the value of collateralized tangible personal property and sell merchandise to customers
looking for good value. The merchandise we sell primarily consists of pre-owned collateral forfeited from our pawn activities or merchandise
purchased from customers. By store count, we are the second largest pawn store owner and operator in the U.S. and one of the largest in
Latin America. We also offer web-based applications under the name EZ+ that allow customers to manage their pawn transactions, layaways
and loyalty rewards online.
In addition to our core pawn business in the U.S. and Latin America, we have made the following strategic investments:
•
We own 43.7% of Cash Converters International Limited (“Cash Converters”), a publicly traded company (ASX: CCV) headquartered
in Perth, Western Australia. Cash Converters and its controlled companies comprise a diverse group generating revenues from
franchising, store operations, personal finance (including pawn transactions) and vehicle finance in 669 stores across 17 countries.
•
We own a preferred interest in Founders One, LLC (“Founders”) that has majority ownership in Simple Management Group, Inc.
(“SMG”), which owns and operates 102 pawn stores in the U.S., Caribbean and Central America, with plans to build and acquire
more stores in those regions.    
We generate revenues primarily from pawn service charges (“PSC”) on pawn loans outstanding (“PLO”), merchandise sales and jewelry
scrapping. We remain focused on optimizing our balance of PLO and the resulting higher PSC. The following chart presents sources of gross
profit, including PSC, merchandise sales gross profit (“Merchandise sales GP”) and jewelry scrapping gross profit (“Jewelry scrapping GP”)
for fiscal 2024, fiscal 2023 and fiscal 2022:
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The following charts present sources of gross profit by geography for fiscal 2024, fiscal 2023 and fiscal 2022:
Segment and Geographic Information
We conduct our business globally and manage our business by geography. Our business is organized into the following reportable
segments:
•
U.S. Pawn, which includes our EZPAWN, Value Pawn & Jewelry and other branded pawn operations in the United States;
•
Latin America Pawn, which includes our Empeño Fácil, Cash Apoyo Efectivo and other branded pawn operations in Mexico, as well
as our GuatePrenda and MaxiEfectivo pawn operations in Guatemala, El Salvador and Honduras (referred to as “GPMX”); and
•
Other Investments, which primarily includes our equity interest in Cash Converters and our investment in and notes receivable from
Founders.
The following table presents store data by segment:
 
Company-owned Stores
 
U.S. Pawn
Latin America
Pawn
Consolidated
As of September 30, 2021
516 
632 
1,148 
New locations opened
— 
28 
28 
Locations acquired
3 
— 
3 
Locations combined or closed
(4)
— 
(4)
As of September 30, 2022
515 
660 
1,175 
New locations opened
3 
44 
47 
Locations acquired
12 
— 
12 
Locations combined or closed
(1)
(2)
(3)
As of September 30, 2023
529 
702 
1,231 
New locations opened
1 
40 
41 
Locations acquired
13 
— 
13 
Locations combined or closed
(1)
(5)
(6)
As of September 30, 2024
542 
737 
1,279 
For additional information about our segments and geographic areas, see Note 12: Segment Information of Notes to Consolidated Financial
Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.”
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Pawn Activities
At our pawn stores, we advance cash against the value of collateralized tangible personal property. We earn pawn service charges (“PSC”)
for those cash advances, and the PSC rate varies by state and transaction size. At the time of the transaction, we take possession of the
pawned collateral, which consists of tangible personal property, generally jewelry, consumer electronics, tools, sporting goods and musical
instruments. If the customer chooses to redeem their pawn, they will repay the amount advanced plus any accrued PSC. If the customer
chooses not to redeem their pawn, the pawned collateral becomes our inventory, which we sell in our retail merchandise sales activities or, in
some cases, scrap for its inherent gold or precious stone content. Consequently, the success of our pawn business is largely dependent on
our ability to accurately assess the probability of pawn redemption and the estimated resale or scrap value of the collateralized personal
property.
As of September 30, 2024, we had a closing PLO balance of $274.1 million. In fiscal 2024, PSC accounted for approximately 38% of our total
revenues and 64% of our gross profit.
In the U.S., PSC rates generally vary between 12% and 25% per month as permitted by applicable law, and the pawn term generally ranges
between 30 and 90 days. Individual pawn transactions typically average between $170 and $200.
In Mexico, PSC rates generally vary between 15% and 21% per month as permitted by applicable law, and the pawn primary term is 30 days.
Individual pawn transactions typically average between 1,200 and 1,500 Mexican pesos, or approximately $65 to $85 on average using the
average exchange rate for fiscal 2024.
In GPMX, PSC rates generally vary between 12% and 18% per month as permitted by applicable law, and the pawn primary term is 30 days.
Individual pawn transactions are made in the local currency of the country and typically average between $120 and $140 using the average
exchange rates for fiscal 2024. The average transaction amounts tend to be higher in the GPMX countries than in Mexico due to the higher
concentration of jewelry used as pawn collateral.
If a customer chooses not to redeem, renew or extend their pawn, the pawn collateral is forfeited and becomes inventory available for sale.
We do not record losses or charge-offs when the pawned collateral is forfeited because the amount advanced for the unpaid pawn becomes
the inventory carrying cost of the forfeited collateral. The difference between the subsequent sale of the forfeited collateral and the amount of
the pawn (offset by any inventory reserve) is reflected in merchandise sales gross margin.
Our ability to offer quality pre-owned goods at prices significantly lower than original retail prices attracts value-conscious customers. The
gross profit on sales of inventory depends primarily on our assessment of the estimated resale or scrap value at the time the property is
either accepted as pawn collateral or purchased and our ability to sell that merchandise in a timely manner. As a significant portion of our
inventory and sales involve gold and jewelry, our results can be influenced by the market price of gold and diamonds.
Customers in the U.S. and the majority of our Latin America stores may purchase a product protection plan that allows them to exchange
certain general merchandise (non-jewelry) sold through our retail pawn operations within six months of purchase. In the U.S., we also offer a
jewelry VIP package, which guarantees customers a minimum future pawn advance amount on the item sold, allows them full credit if they
trade in the item to purchase a more expensive piece of jewelry and provides minor repair service on the item sold. Customers may also
purchase an item on layaway by paying a minimum layaway deposit of typically 10% of the item’s sale price, in addition to an upfront fee. We
typically hold items on layaway for a 90-180 day period, during which the customer is required to pay the balance of the sales price through a
series of installment payments. If a payment is missed, we hold the item for up to 30 days, after which it is returned to active inventory for
sale.
Operations and Risk Management
Our pawn operations are designed to provide the optimum level of support to the store teams, providing coaching, mentoring and problem
solving to identify opportunities to better serve our customers and position us to be the leader in customer service and satisfaction.
Our risk management structure consists of asset protection, compliance and internal audit departments, which monitor the inventory system,
lending practices, regulatory compliance and compliance with our policies and procedures. We perform full physical audits of inventory at
each store at least annually, and more often in higher risk stores or those experiencing higher shrinkage. Inventory counts are completed
daily for jewelry and firearms, and other inventory categories more susceptible to theft are cycle counted multiple times annually. We record
shrink adjustments for known losses at the conclusion of each inventory count. These adjustments are recorded as estimates during interim
periods and as discovered during cycle counts.
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Human Capital Management
Engagement Survey
We performed a Global Employee Engagement Survey, administered by Glint, in April 2024, and had a 87% participation rate with an overall
engagement score of 84. Our engagement score is ten points higher than the global benchmark, which contains data from over 1,100
companies of varying size across a variety of industries (Finance, Healthcare, Manufacturing, Professional Services, Retail, Technology and
Utilities) and includes results from over eight million respondents located in over 150 countries.
Our top strengths were Career, Customer Focus and Continuous Improvement. Our focus areas for improvement included Team, Valued
Teammate and Work-Life Balance. Team Members provided over 11,900 comments with mixed sentiment, 27% positive, 38% neutral and
35% negative. To ensure we address issues raised in the survey, all people leaders at the District Manager and above level will have
Engagement Objectives for fiscal 2025 guided by actions that will yield the greatest business and Team Member impact.
Talent Management and Development
We employ approximately 8,000 Team Members across all our geographies, including approximately 3,600 in United States, 3,500 in Mexico
and 900 in Central America. We seek to hire and promote Team Members to lead the way today and to step into greater roles in the future.
We achieve this goal through Training and Development programs that Team Members can use to plan their careers and identify future
growth opportunities. We engage Team Members at all levels so we can understand their professional and personal goals, identify high
potential future leaders to strengthen our internal bench, support them in their journey and retain our talent.
In our pawn stores we provide:
•
An onboarding program that blends online and hands-on training in the art and science of pawnbroking;
•
Career path programs aligned with our talent and succession strategy, emphasizing career progression and individual development
programs; and
•
A learning experience that unlocks and accelerates Team Member potential as well as business growth.
Our investment in store-level Team Members produced tangible results during fiscal 2024:
•
High scoring questions in our 2024 Global Employee Engagement Survey included “I know the career path(s) available to me at
EZCORP” (with an 89% favorability rating) and “I have good opportunities to learn and develop at EZCORP” (with an 86%
favorability rating).
•
Over 85% of managerial positions were filled via internal promotion.
We reinforced the utilization of our career path (Operations) and career and competency framework (Corporate Support Center) to build
individual development plans to guide the career paths of Team Members and to prepare them for future roles.
Culture and Ethics
Culture is critical to our long-term success and to our ability to attract, develop and retain the top talent needed to accomplish our Purpose,
Vision and Strategy.
Our values — People, Pawn, Passion — define our priorities as a business, and our Guiding Principles — Leadership, Customer Service,
Accountability, Respect, Diversity and Sustainability — characterize the expectations for how we interact with Team Members, customers and
communities. Various tools are used globally to demonstrate commitment to our principles, values and positive culture, including a plain-
language Code of Conduct and supporting policies, annual training on expectations and clear communications from executive management
reinforcing ethical behavior and a positive culture.
To support our ethical business practices, we maintain an Ethics Hotline available to all Team Members and external stakeholders to report
(anonymously if desired) any matter of concern. Communications to the hotline (which is managed by an independent third party) are routed
to appropriate functions (whether Human Resources, Legal or Compliance), and in some cases directly to the Board of Directors, for
investigation and resolution. In addition, any shareholder or other interested party may send communications to the Board of Directors, either
individually or as a group, through a process that is outlined in the Investor Relations section of our website.
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Diversity and Inclusion
At EZCORP, we foster an environment that values diversity, inclusion and development for all. In our 2024 Global Employee Engagement
Survey, 83% of participants responded positively to the question, “I feel a sense of belonging at EZCORP.” In fiscal 2024, we continued to
further our Diversity and Inclusion strategy by focusing on the following initiatives:
•
Commitment and Accountability — Demonstrate commitment and accountability through corporate policy, communications and
actions.
•
Workplace Inclusion — Foster work environments that value diversity and inclusion and encourage collaboration, flexibility and
fairness.
•
Diverse Workforce — Recruit and promote from diverse, qualified candidate pools to increase diversity of perspectives and
experiences.
We sponsor affinity groups to foster an inclusive and supportive environment, where Team Members with shared characteristics, experiences
or interests can connect, collaborate and contribute effectively. The Women’s Empowerment, Black Empowerment, Hispanic Organization for
Leadership Advocacy (HOLA) and EZ Pride affinity groups in the U.S. and the Women’s Empowerment and Working Parents affinity groups
in Latin America all aim to enhance diversity, equity and inclusion efforts by providing a platform for open dialogue, resource-sharing,
professional development and cultural enrichment.
Fiscal 2024 U.S. Race and Ethnicity Demographics 
Fiscal 2024 Global Gender Demographics 
(1)    The term underrepresented minority is used to describe diverse populations, including African American, Hispanic, Asian and Native American Team Members who self-
identified their race and ethnicity at hire.
(2)    The term Management is used to describe Team Members with one or more direct reports.
(1) (2)
(2)
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Total Rewards
Our compensation programs are designed to align the compensation of Team Members with individual and Company performance and to
provide the proper incentives to attract, retain and motivate Team Members to achieve results.
The structure of our compensation programs balances incentive earnings for both short-term and long-term performance. Specifically:
•
We provide wages and incentive plans that are competitive and consistent with positions, skill levels, experience, knowledge and
geographic location. Additionally, on an annual basis (U.S.) gender and racial/ethnic analysis is performed to ensure pay equity.
•
We engage a nationally recognized outside compensation and benefits consulting firm to independently evaluate the effectiveness of
our executive compensation and to provide benchmarking against our selected peer group, which includes similarly-sized companies
from relevant industries that serve similar customer bases, operate in the retail or consumer finance industries and typically have
similar operating dynamics.
•
We align our executives’ long-term equity compensation with our shareholders’ interests by linking realizable pay with stock
performance.
•
All employees are eligible for paid time off, Company-paid life insurance and participation in a tenure award program which
recognizes their commitment and loyalty by awarding EZ+ Rewards points based on their years of service.
Health and Safety
Our commitment to our Team Members is to provide a safe and injury-free workplace. We continue to invest in programs designed to
improve physical, mental and social well-being.
Management and Oversight
The People and Compensation Committee of the Board of Directors has primary responsibility for analyzing, advising and (as appropriate)
approving executive compensation. The committee is also responsible for organizational development matters and otherwise assisting the
Board of Directors in its overall responsibility to enable EZCORP to attract, retain, develop and motivate qualified executives who will
contribute to the long-term success of the Company.
The committee actively participates in the executive recruitment and selection process. Committee members are instrumental in the
executive talent management and succession processes, including the review and attainment of annual objectives for our executive officers.
All executive officers have a minimum of one objective related to People, generally broken into the areas of Employee Engagement Scores,
Voluntary Attrition and Inclusion.
Environmental, Social and Governance (ESG)
EZCORP is committed to meeting our customers’ needs in a responsible manner, and in that regard, we have aligned purpose, vision,
values, guiding principles and business strategy with environmental, social and governance sustainability factors.
Our pawnbroking and related retail sales activities inherently contribute to the “circular economy” and promote environmental sustainability.
We provide unique options for our customers to satisfy their needs for cash — options that are not offered by traditional lenders such as
banks and credit unions, credit card providers, or installment and short-term lenders. For many of our customers, pawn transactions provide
an essential and financially responsible lifeline for meeting their unexpected expenses. Our retail activities rely primarily on local sourcing of
pre-owned merchandise and the recirculation of those items back into the neighborhoods we serve. In short, our business is unique,
essential and sustainable.
Environmental Sustainability
Our business contributes to overall environmental sustainability in the following ways:
•
Our business is fundamentally a neighborhood business, where each store principally serves the surrounding neighborhood. This
“local” focus reduces the need of our customers to travel long distances to access our products and services and eliminates the need
for delivery services.
•
Each of our stores serves as its own “supply chain.” We take in pre-owned merchandise, either through pawn or purchases from
customers, and then sell that merchandise (after forfeiture, in the case of pawn transactions), generally in the same store. Thus, we
do not maintain or rely on mass supply, distribution or warehousing facilities.
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•
Virtually all of the merchandise we sell is pre-owned, which contributes to pre-owned goods recycling and the circular economy. In
fiscal 2024, we sold approximately 5.2 million pre-owned items, including over 2.9 million items in the consumer electronics, camera
and household goods categories, 1.4 million other general merchandise items (such as tools and musical instruments) and 0.8
million jewelry items. In addition, through our jewelry scrapping activities, we recycle significant volumes of gold and diamonds. All of
these activities effectively extend the useful life of many products, reducing waste and lessening the demand for new manufacturing
and mining.
•
Our store operations themselves leave a relatively small carbon footprint when compared to big-box or other mass retailers that rely
on manufacturers and extensive supply chain and distribution channels. Our stores are relatively small (generally 3,300 square feet
or less). To reduce energy consumption, we have installed energy-efficient LED lighting in 78% of our U.S. stores and 62% of Latin
America stores.
•
In all of our facilities, including our corporate support offices, we promote environmental stewardship by reducing consumption,
recycling paper products (approximately 1 million pounds across all U.S. locations during fiscal 2024) and responsibly disposing of
end-of-life computers, electronics and related accessories through recycling or other sound e-waste processing. Our corporate office
in Austin, Texas is LEED Certified Silver status.
Social Responsibility
Our business promotes social responsibility in the following ways:
•
Our business serves as an essential and responsible financial resource for unbanked and or underserved consumers who have
limited access to traditional forms of capital or credit. We improve the reach and access to financial services through neighborhood-
based stores, supported by digital offerings. We provide instant access to cash in transactions that generally average $185 in the
U.S. Our pawn transactions are simple, transparent, regulated and safe, and funding approval is based on the valuation of the
collateral item, not on the credit worthiness of the customer. The customer is not required to repay the amount advanced; rather, the
customer may choose to repay the amount advanced and the PSC or forfeit the collateralized merchandise. We do not engage in
collection efforts or take other legal actions against our customers, and we do not report transaction histories to external credit
agencies.
•
Customer satisfaction measurement and feedback are key factors in improving our customer service and Team Member
engagement. To capture direct customer feedback, we have enabled Google Reviews across all stores and have received over
349,000 Google reviews with an average satisfaction rating of 4.8 out of 5 across U.S and Latin America.
•
We offer customers multiple payment options, including cross-store, over-the-phone and web-based and mobile platforms, reducing
the need to travel to stores to make payments. Online payments are accepted on layaways and pawn extensions, with electronic
payment receipts delivered on these transactions.
•
We have refreshed the mission of EZCORP Foundation, our philanthropic arm that is focused on making a difference in communities
where we live and operate by supporting charitable organizations that align with our operating values of People, Pawn and Passion.
Current initiatives include supporting financial literacy efforts, working to eradicate food insecurity, empowering young people to
succeed and other poverty intervention activities.
•
For a discussion of our Diversity and Inclusion initiatives, see “Human Capital Management — Diversity and Inclusion” above.
Governance
At EZCORP, we believe that “The Way We Do Business is as Important as the Business We Do.” That belief underlies our Code of Conduct,
which outlines our expectations and provides guidance on how our Team Members can carry out their daily activities ethically and
responsibly. Our ethical principles include Honesty, Integrity, Reliability, Loyalty, Respect, Responsibility, Fairness, Caring, Leadership and
Diversity, and these principles form the foundation for how we govern our business.
•
Even though we are a “Controlled Company” under the Nasdaq Listing Rules, we maintain the governance standards required of all
publicly-listed Nasdaq companies, including:
•
Independent directors comprise a majority of our Board of Directors. Four of the seven members of our Board of Directors
meet all of the “independence” requirements set forth in the Nasdaq Listing Rules, and none of the independent directors
have any past or existing relationship with our controlling stockholder outside of their Board service.
•
All of our standing Board committees (Audit and Risk Committee, People and Compensation Committee and Nominating
Committee) are comprised of solely independent directors.
•
We satisfy Nasdaq’s board diversity rules, with two of our seven Board members being diverse directors, one of whom self-
identifies as female and an underrepresented minority and one whom self-identifies as an underrepresented minority.
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For further discussion of our corporate governance standards, see “Part III, Item 10 — Directors, Executive Officers and Corporate
Governance.”
•
Our pawn operations are licensed and supervised in all jurisdictions in which we operate. We maintain a strong compliance culture
that is monitored and overseen by our Board of Directors and supported by seasoned regulatory and compliance teams.
•
Protecting the privacy, integrity and security of our customers’ data and our enterprise network is a top priority that is also monitored
and overseen by our Board of Directors. We maintain a separate IT Security team that is responsible for the design and
implementation of our cyber risk strategy, including deployment of systems, enterprise-wide training, monitoring and reporting of
threat incidents and response preparedness.
Growth and Expansion
Part of our strategy is to grow the number of locations we operate through opening new (“de novo”) locations and through acquisitions in both
Latin America and the U.S. and potential new markets. Our ability to add new stores is dependent on several variables, such as projected
achievement of internal investment hurdles, the availability of acceptable sites or acquisition candidates, the alignment of acquirer/seller price
expectations, the regulatory environment, local zoning ordinances, access to capital and availability of qualified personnel.
During fiscal 2024, we continued our expansion in Latin America and the U.S. with the opening of 41 de novo stores (20 in Mexico, 17 in
Guatemala, 3 in Honduras and 1 in Nevada) and the acquisition of 13 stores in the U.S. We also consolidated 6 stores, 5 in Latin America
and 1 in the U.S. We now own a total of 1,279 stores, 737 in Latin America (58%) and 542 in the U.S. (42%). In fiscal 2024, the Latin
America stores represented 27% of our consolidated gross profit as the average scale of Latin America pawn stores is smaller than in the
U.S. We see opportunity for further expansion in Latin America and the U.S. through both acquisitions and de novo openings.
Seasonality and Quarterly Results
In the U.S., PSC is historically highest in our fourth fiscal quarter (July through September) due to a higher average PLO balance during the
summer and lowest in our third fiscal quarter (April through June) following the tax refund season, and merchandise sales are highest in our
first and second fiscal quarters (October through March) due to the holiday season, jewelry sales surrounding Valentine’s Day and the
availability of tax refunds. In Latin America, most of our customers receive additional compensation from their employers in December, and
many receive additional compensation in June or July, applying downward pressure on PLO balances and fueling some merchandise sales
in those periods. In Mexico, we saw similar downward pressure in loan balances during the third quarter of fiscal 2023 due to a change in law
related to company profit sharing payments to employees. We anticipated this change would impact pawn loan redemptions annually in May
and June; however, in fiscal 2024, the demand for pawn loans in Mexico exceeded any downward pressure related to profit sharing
payments. As a net effect of these and other factors and excluding discrete charges, our consolidated income before tax is generally highest
in our first fiscal quarter (October through December) and lowest in our third fiscal quarter (April through June).
Competition
We encounter significant competition in connection with all of our activities. These competitive conditions may have an impact on our
revenues, profitability and ability to expand. We compete with other pawn stores, credit service organizations, banks, credit unions and other
financial institutions, such as consumer finance companies. We believe the primary elements of competition are the quality of customer
service and relationship management, including understanding our customers’ needs better than anyone else, convenience, store location
and a customer-friendly environment. In addition, we believe the ability to compete effectively will be based increasingly on strong general
management, regional focus, automated management information systems, access to capital and superior customer service.
Our competitors for merchandise sales include numerous retail and wholesale stores such as jewelry stores, discount retail stores, consumer
electronics stores, other pawn stores, other resale stores, electronic commerce retailers and auction sites. Competitive factors in our retail
operations include the ability to provide customers with a variety of merchandise at considerable value coupled with exceptional customer
service and convenient locations.
The pawn industry in the U.S. is large, relatively mature and highly fragmented. The industry consists of a few large operators (of which we
are the second largest) and then independent operators who primarily own one-to-three locations.
The pawn industry in Latin America is also fragmented, but less so than in the U.S. The industry consists of pawn stores owned by
independent operators and chains, including some not-for-profit organizations. We are the second largest for-profit operator in Mexico and
the largest operator in Guatemala. The pawn industry, particularly full-line stores dealing in both general merchandise and jewelry, remains in
an expansion stage in Latin America.
We launched our EZ+ Rewards loyalty program in the U.S. and Mexico in 2021 and in GPMX in 2022, and now have 5.4 million members
globally. This free program allows customers to earn points on most transactions that may be applied as a discount towards retail sales once
a certain threshold is met. We believe this program provides a distinct competitive advantage over other pawn operators.
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Trademarks and Trade Names
We operate our U.S. pawn stores principally under the names “EZPAWN” or “Value Pawn & Jewelry,” our Mexico pawn stores principally
under the name “EMPEÑO FÁCIL” and “Cash Apoyo Efectivo,” our Guatemala pawn stores under the name “GuatePrenda,” and our El
Salvador and Honduras pawn stores under the name “MaxiEfectivo.” We have registered the names EZPAWN, Value Pawn & Jewelry and
EZCORP, among others, with the United States Patent and Trademark Office. In Mexico, we have registered the names “EMPEÑO FÁCIL,”
“Bazareño,” “Presta Dinero”, “Montepio San Patricio” and “Cash Apoyo Efectivo” with the Instituto Mexicano de la Propiedad Industrial. We
have registered the name “GuatePrenda” in Guatemala and the name “MaxiEfectivo” in Guatemala, El Salvador and Honduras.
Regulation
Compliance with federal, state and local laws and regulations is an integral part of how we manage our business, and we conduct our
business in material compliance with all of these rules. The following is a general description of significant regulations affecting our business.
U.S. Regulations
Pawn Regulations — Our pawn stores are regulated by the states in which they are located and, in some cases, by individual municipalities
or other local authorities. The applicable statutes, ordinances and regulations vary from location to location and typically impose licensing
requirements for pawn stores or individual pawn store Team Members. Licensing requirements typically relate to financial responsibility and
character and may establish restrictions on where pawn stores can operate. Additional rules regulate various aspects of the day-to-day pawn
operations, including the pawn service charges that a pawn store may charge, the maximum amount of a pawn loan, the minimum or
maximum term of a pawn loan, the content and format of the pawn ticket, and the length of time after a pawn loan default that a pawn store
must hold a pawned item before it can be offered for sale. Failure to observe applicable regulations could result in a revocation or suspension
of pawn licenses, the imposition of fines or requirements to refund service charges and fees and other civil or criminal penalties. We must
also comply with various federal requirements regarding the disclosure of the annual percentage rate, finance charge, amount financed, total
of payments and payment schedule related to each pawn loan transaction. Additional federal regulations applicable to our pawn lending
business are described in “Other Regulations” below.
The majority of our pawn stores, voluntarily or pursuant to applicable laws, provide periodic (generally daily) reports to local law enforcement
agencies. These reports provide local law enforcement with information about the items received from customers (whether through pawn or
purchase), including a detailed description of the goods involved and the name and address of the customer. If we accept as collateral or
purchase merchandise from a customer and it is determined that our customer was not the rightful owner, the merchandise is subject to
recovery by the rightful owner and those losses are included in our shrinkage. Historically, we have not experienced a material number of
claims of this nature.
Some of our pawn stores in the U.S. handle firearms and each of those stores maintains a federal firearms license as required by federal law.
The federal Gun Control Act of 1968 and regulations issued by the Bureau of Alcohol, Tobacco, Firearms and Explosives also require each
pawn store dealing in firearms to maintain a permanent written record of all receipts and dispositions of firearms. In addition, we must comply
with the Brady Handgun Violence Prevention Act, which requires us to conduct a background check before releasing, selling or otherwise
disposing of firearms.
Other Regulations — Our pawn lending activities are subject to other state and federal statutes and regulations, including the following:
•
We are subject to the Truth in Lending Act (“TILA”), and its underlying regulations, which requires lenders to disclose information
about the terms and costs of credit in a standardized manner, including in the form of an annual percentage rate. The TILA
regulations also require us to provide certain disclosure in advertising our products and services.
•
We are subject to the federal Gramm-Leach-Bliley Act and its underlying regulations, as well as various state laws and regulations
relating to privacy and data security. Under these regulations, we are required to disclose to our customers our policies and practices
relating to the protection and sharing of customers’ nonpublic personal information. These regulations also require us to ensure that
our systems are designed to protect the confidentiality of customers’ nonpublic personal information, and many of these regulations
dictate certain actions that we must take to notify customers if their personal information is disclosed in an unauthorized manner. In
some jurisdictions, we are subject to the laws restricting the scope of data we collect and granting rights to our customers to access,
correct, and/or delete the information we obtain.
•
We are subject to the Fair Credit Reporting Act, which was enacted, in part, to address privacy concerns associated with the sharing
of consumers’ financial information and credit history contained in consumer credit reports and limits our ability to share certain
consumer report information.
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•
We are subject to the Federal Fair and Accurate Credit Transactions Act, which amended the Fair Credit Reporting Act and requires
us to adopt written guidance and procedures for detecting, preventing and mitigating identity theft and to adopt various policies and
procedures (including Team Member training) that address and aid in detecting and responding to suspicious activity or identity theft
“red flags.”
•
As a provider of consumer financial products, we are prohibited from engaging in any unfair, deceptive or abusive act or practice
(UDAAP) under the Dodd-Frank Act, as they can cause significant financial injury to consumers, erode consumer confidence and
undermine the financial marketplace.
•
The Equal Credit Opportunity Act prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age,
receipt of public assistance or good faith exercise of any rights under the Consumer Credit Protection Act.
•
Under the USA PATRIOT Act, we must maintain an anti-money laundering compliance program that includes the development of
internal policies, procedures and controls; the designation of a compliance officer; an ongoing Team Member training program and
an independent audit function to test the program.
•
We are subject to the Bank Secrecy Act and its underlying regulations, which require us to report and maintain records of certain
high-dollar transactions. In addition, federal laws and regulations require us to report certain transactions (or series of transactions)
deemed suspicious to the Financial Crimes Enforcement Network of the Treasury Department (“FinCen”). Generally, a transaction is
considered suspicious if we know, suspect or have reason to suspect that the transaction (a) involves funds derived from illegal
activity or is intended to hide or disguise such funds, (b) is designed to evade the requirements of the Bank Secrecy Act or
(c) appears to serve no legitimate business or lawful purpose.
•
The Office of Foreign Assets Control (“OFAC”) of the Department of the Treasury administers and enforces economic and trade
sanctions based on U.S. foreign policy and national security goals against targeted foreign countries and regimes, terrorists,
international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction and other
threats to the national security, foreign policy or economy of the United States. We are prohibited from doing business with named
individuals, businesses and countries subject to sanctions and restrictions, and we are required to report any transactions involving
those named by the US. Department of the Treasury.
•
The Foreign Corrupt Practices Act ("FCPA") makes it unlawful for certain classes of persons and entities to make payments to
foreign government officials to assist in obtaining or retaining business. Specifically, the anti-bribery provisions of the FCPA prohibit
the willful use of mail or any means of instrumentality of interstate commerce corruptly in furtherance of any offer, payment, promise
to pay, or authorization of the payment of money or anything of value to any person, while knowing that all or a portion of such
money or thing of value will be offered, given or promised, directly or indirectly, to a foreign official to influence the foreign official in
his or her official capacity, induce the foreign official to do or omit to do an act in violation of his or her lawful duty, or to secure any
improper advantage in order to assist in obtaining or retaining business for or with, or directing business to, any person.
•
The Department of Defense regulations promulgated under the Military Lending Act limit the annual percentage rate charged on
certain consumer loans (including pawn loans) made to active military personnel or their dependents to 36%.
Under certain circumstances, the federal Consumer Financial Protection Bureau (“CFPB”) may be able to exercise regulatory authority over
the U.S. pawn industry through its rule making authority. To date, the CFPB has not taken any steps to exercise such authority or indicated
any intention to do so, although it has initiated actions against pawn companies for alleged violations of consumer lending regulations,
including the Military Lending Act discussed above.
Mexico Regulations
Pawn Regulations — Federal law in Mexico provides for administrative regulation of the pawnshop industry by Procuraduría Federal del
Consumidor (PROFECO), Mexico’s primary federal consumer protection agency. PROFECO regulates the form and terms of pawn loan
contracts (but not interest or service charge rates) and defines certain operating standards and procedures for pawnshops, including retail
operations, and establishes registration, disclosure, bonding and reporting requirements. There are significant fines and sanctions, including
operating suspensions, for failure to comply with PROFECO’s rules and regulations.
PROFECO requires that we report certain transactions (or series of transactions) when a customer pawns more than three items of the same
category. Anti-money laundering regulations restrict the use of cash in certain transactions. Relevant aspects of the law specifically affecting
the pawn industry include monthly reporting on “vulnerable activities,” which includes certain high-value pawn and precious metal
transactions.
The Federal Law on the Protection of Personal Data Held by Private Parties requires us to protect our customers’ personal information. This
law requires us to inform customers if we share customer personal information with third parties and to post (both online and in-store) our
Data Privacy Policy.
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Our pawn business in Mexico is also subject to regulation at the state and local level through state laws and local zoning and permitting
ordinances. For example, some states require permits for pawn stores to operate, certification of Team Members as trained in the valuation
of merchandise and strict customer identification controls. State and local agencies often have authority to suspend store operations pending
resolution of actual or alleged regulatory, licensing and permitting issues.
Other Regulations — Our pawn business in Mexico is subject to the General Law of Administrative Responsibility (“GLAR”), which requires
us to implement an integrity policy that contains mechanisms to ensure integrity standards throughout the organization. GLAR establishes
administrative penalties for improper payments to government officials, influence peddling (including the hiring of public officials and the use
of undue influence) and other corrupt acts in public procurement processes.
We are also subject to The Federal Law for the Prevention and Identification of Transactions with Funds from Illegal Sources, which requires
reporting of certain transactions exceeding certain monetary limits, the appointment of a compliance officer and maintenance of customer
identification records and controls. This law affects all vulnerable activities in Mexico and is intended to detect commercial activities arising
from illicit or ill-gotten means through bilateral cooperation between Mexico’s Ministry of Finance and Public Credit and Mexico’s Attorney
General’s Office. The law also restricts the use of cash in certain transactions associated with high-value assets and limits and, to the extent
possible, money laundering activities protected by the anonymity that such cash transactions provide. Relevant aspects of the law specifically
affecting the pawn industry include monthly reporting on “vulnerable activities,” which include pawn transactions exceeding 174,254.85
Mexican pesos and retail transactions of precious metals exceeding 174.254.85 Mexican pesos. Retail transactions of precious metals in
cash exceeding 348,509.70 Mexican pesos are prohibited. There are significant fines and sanctions for failure to comply with these rules.
We must also comply with the Official Mexican Standards issued by regulatory agencies in accordance with Article 40 of the Federal Law on
Metrology and Standardization, which establishes rules applicable to a retail products and services and related disclosures, labeling and
marketing, including NOM-179-SCFI-2016, NOM-017-SCFI-1993 and NOM-024-SCFI-2013.
In addition to the above, our pawn business in Mexico is subject to various general business regulations in the areas of tax compliance,
customs, consumer protections, money laundering, civil protection regulations, municipal regulations, trade code (federal), public safety and
employment matters, among others, by various federal, state and local governmental agencies.
Other Latin American Regulations
Local governmental entities in Guatemala, El Salvador and Honduras also regulate lending and retail businesses. Certain laws and local
zoning and permitting ordinances require basic commercial business licenses and signage permits. Operating in these countries also
subjects us to other types of regulations, including regulations related to financial reporting, data protection and privacy, tax compliance, labor
and employment practices, real estate transactions, anti-money laundering, commercial and electronic banking restrictions, credit card
transactions, usury law, consumer protection, marketing, advertising and other general business activities. As the scope of our international
operations increases, we may face additional administrative and regulatory costs in managing our business. In addition, unexpected changes
in laws and regulations, administrative interpretations of local requirements or legislation, or public remarks by elected officials could
negatively affect our operations and profitability.
Available Information
We file annual, quarterly and current reports and other documents with the Securities and Exchange Commission (“SEC”) under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). The SEC maintains an internet website that contains reports and other
information regarding issuers that file electronically with the SEC. The public can obtain any documents that we file with the SEC at
www.sec.gov.
We maintain a website at www.ezcorp.com. Our filings with the SEC, including our Annual Reports on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K and Section 16 filings, are available free of charge through links maintained on our website under the
heading “Investor Relations — SEC Filings.” Information contained on our website is not incorporated by reference into this report.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
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ITEM 1A. RISK FACTORS
There are many risks and uncertainties that may affect our operations, performance, development and results. Many of these risks are
beyond our control. The following is a description of the important risk factors that may affect our business. If any of these risks were to
occur, our business, financial condition or results of operations could be materially adversely affected. Additional risks and uncertainties not
currently known to us or that we currently consider to be immaterial may also materially adversely affect our business, financial condition or
results of operations.
Company Specific Risks
Changes in, or failure to comply with, laws and regulations affecting our products and services could have a material adverse
effect on our operations and financial performance.
Our products and services are subject to regulation under various laws and regulations in each country and jurisdiction in which we operate
(see “Part I, Item 1 — Business — Regulation”), and adverse legislation or regulations could be adopted in any such country or jurisdiction. If
such legislation or regulation is adopted in any particular jurisdiction, we generally evaluate our business in the context of the new rules and
determine whether we can continue to operate in that jurisdiction with new or modified products or whether it is feasible to enhance our
business with additional product offerings. In any case, if we are unable to continue to operate profitably under the new rules, we may decide
to close or consolidate stores, resulting in decreased revenues, earnings and assets. Further, our failure to comply with applicable laws and
regulations could result in fines, penalties or orders to cease or suspend operations, which could have a material adverse effect on our
results of operations.
Negative characterizations of the pawn industry by consumer advocates, media or others could result in increased legislative or
regulatory activity, could adversely affect the market value of our publicly traded stock, or could make it harder to operate our
business successfully.
Many of the legislative and regulatory efforts that are adverse to the pawn industry are the result of negative characterization of the pawn
industry by consumer advocacy groups, members of the media or others that focus on the cost of pawn loans or instances of pawn operators
purchasing stolen property or accepting it as pawn collateral. We can give no assurance that there will not be further negative
characterizations of our industry or that legislative or regulatory efforts to restrict the availability of pawn loans or otherwise regulate pawn
operations will not be successful despite significant customer demand for such services. Such efforts, if successful, could have a material
adverse effect on our operations or financial performance.
Furthermore, negative characterizations of our industry could limit the number of investors who are willing to hold our Class A Common
Stock, which may adversely affect its market value; limit sources of the debt or equity financing that we need in order to conduct our
operations and achieve our strategic growth objectives; or make it harder for us to attract, hire and retain talented executives and other key
Team Members.
A significant portion of our U.S. business is concentrated in Texas and Florida.
As of September 30, 2024, more than 63% of our U.S. pawn stores were located in Texas (46%) and Florida (17%), and those stores
account for a significant portion of our revenues and profitability. The legislative, regulatory and general business environment in Texas and
Florida has been relatively favorable for our pawn business activities, but a negative legislative or regulatory change in either of those states
could have a material adverse effect on our overall operations and financial performance. Further, as discussed below, areas in Texas and
Florida where we have significant operations are particularly susceptible to hurricane and tropical storm activity.
A significant or sudden decrease in gold values or the volume of gold transactions may have a material impact on our earnings
and financial position.
Gold jewelry comprises a large portion of the collateral security for our pawn loans and our inventory. PSC, sales proceeds and our ability to
liquidate excess jewelry inventory at an acceptable margin are dependent upon gold values and the volume of gold transactions. A decline in
the availability of gold or our customers’ willingness or ability to sell us gold or use gold as collateral for pawn loans could impact our
business. The impact on our financial position and results of operations of decreases in gold values or volumes or a change in customer
behavior cannot be reasonably estimated because the market and customer response to changes in gold values is not known; however, a
significant decline in gold values or gold volumes could result in decreases in sales, sales margins, PLO and PSC.
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Fluctuations in our sales, PLO, sales margins and pawn redemption rates could have a material adverse impact on our operating
results.
We regularly experience fluctuations in a variety of operating metrics. Changes in any of these metrics, as might be caused by changes in
the economic environment, competitive pressures, changes in customers’ tastes and preferences or a significant decrease in gold prices,
could materially and adversely affect our profitability and ability to achieve our planned results of operations.
Achievement of our growth objectives is dependent upon our ability to open and acquire new stores.
Our expansion strategy includes acquiring existing stores and opening de novo store locations. Our acquisition strategy is dependent upon
the availability of attractive acquisition candidates, while the success of our de novo store strategy is contingent upon numerous factors that
cannot be predicted or controlled, such as the availability of acceptable locations with a desirable customer base, the negotiation of
acceptable lease terms, the ability to obtain required government permits and licenses and the existence of a suitable competitive
environment. The achievement of our growth objectives is also subject to our ability to attract, train and retain qualified Team Members.
Failure to achieve our expansion goals could adversely affect our prospects, future results of operations and future cash flows.
We continue to have limited indemnity obligations to AlphaCredit for pre-closing taxes.
Under the terms of the Purchase Agreement related to the sale of our 94%-owned subsidiary, Prestaciones Finmart, S.A.P.I. de C.V.,
SOFOM, E.N.R. ("Grupo Finmart") to Alpha Holding, S.A. de C.V. (“AlphaCredit”) in September 2016, we remain obligated to indemnify
AlphaCredit for any “pre-closing taxes” (i.e., tax obligations arising from the Grupo Finmart business that are attributable to periods prior to
the completion of the sale in September 2016). Those obligations continue until the expiration of the statute of limitations applicable to the
pre-closing periods. In August 2019, AlphaCredit notified us of a potential indemnity claim for certain pre-closing taxes, but the nature, extent
and validity of such claim has yet to be determined. The final payments from AlphaCredit totaling $8.0 million were placed into escrow in
2019 pending resolution of the potential indemnity claim.
The statute of limitations applicable to most of the pre-closing years has now expired, but AlphaCredit has informed us that they filed an
amended return for 2016, which they claim extends the statute of limitations for that year. We are continuing to pursue release of the funds.
One person beneficially owns all of our voting stock and generally controls the outcome of all matters requiring a vote of
stockholders, which may influence the value of our publicly traded non-voting stock.
Phillip E. Cohen is the beneficial owner of all our Class B Voting Common Stock, and all our publicly traded stock is non-voting stock.
Consequently, stockholders other than Mr. Cohen have no vote with respect to the election of directors or any other matter requiring a vote of
stockholders except in limited circumstances as required by law. Further, our Bylaws currently provide that the voting stockholder may
appoint or remove officers or take any other action that the Board of Directors may take with respect to officers under the Bylaws. The lack of
voting rights may adversely affect the market value of our publicly traded Class A Common Stock.
Mr. Cohen is a member of our Board of Directors and serves as Executive Chairman. As a member of the Board, Mr. Cohen is entitled to
vote on all matters requiring approval of the Board. Our Bylaws currently provide that the presence of all directors shall constitute a quorum
for the transaction of business, and that any act of the Board of Directors requires a unanimous approval of all directors. Consequently, Mr.
Cohen, as is the case with each of the other directors, has the ability to block actions of the Board. Mr. Cohen has agreed that, as a member
of the Board of Directors, he will not participate in any Board vote regarding his position as Executive Chairman.
We have a significant firearms business in the U.S., which exposes us to increased risks of regulatory fines and penalties, lawsuits
and related liabilities.
Some of our stores in the U.S. conduct pawn and retail transactions involving firearms, which may be associated with an increased risk of
injury and related lawsuits. We may be subject to lawsuits relating to the improper use of firearms that we sell, including actions by persons
attempting to recover damages from firearms retailers relating to misuse of firearms. We may also incur fines, penalties or liabilities, or have
our federal firearms licenses revoked or suspended if we fail to properly perform required background checks for, and otherwise record and
report, firearms transactions. Any such actions could have a material adverse effect on our business, prospects, results of operations,
financial condition and reputation.
Our business is subject to Team Member and third-party robberies, burglaries and other crimes at the store level.
The nature of our business requires us to maintain significant cash on hand, loan collateral and inventories in our stores. Consequently, we
are subject to loss of cash or merchandise as a result of robberies, burglaries, thefts, riots, looting and other criminal activity in our stores.
Further, we could be subject to liability to customers or other third parties as a result of such activities. While we maintain asset protection
and monitoring programs to mitigate these risks, as well as insurance programs to protect against catastrophic loss or exposure, there can
be no assurance that these crimes will not occur or that such losses will not have an adverse effect on our business or results of operations.
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Changes in competition from various sources could have a material adverse impact on our ability to achieve our plans.
We encounter significant competition from other pawn stores, consumer lending companies, other retailers, online retailers and auction sites,
many of which have significantly greater financial resources than we do. Increases in the number or size of competitors or other changes in
competitive influences, such as aggressive marketing and pricing practices, could adversely affect our operations. In Mexico, we compete
directly with certain pawn stores owned and operated by government affiliated or sponsored non-profit foundations, and the government
could take actions that would harm our ability to compete in that market.
Our continued profitability and growth plans are dependent on our ability to successfully design or acquire, deploy and maintain
information technology and other business systems to support our current business and our planned growth and expansion.
The success of our business depends on the efficiency and reliability of our information technology and business systems and related
controls, including the point-of-sale system utilized in our store locations. If access to our technology infrastructure is impaired (as may occur
with a computer virus, a cyber-attack or other intentional disruption by a third party, natural disaster, telecommunications system failure,
electrical system failure or lost connectivity), or if there are flaws in the design or roll-out of new or refreshed technology systems (such as
our point-of-sale system), we may be unable to process transactions or otherwise carry on our business in a timely and efficient manner. An
infrastructure disruption could damage our reputation and cause us to lose customers and revenue. We consider security risks from multiple
viewpoints, including physical security as well as security of infrastructure and databases. As our technology infrastructure continues to
evolve from on premise to cloud service providers, we continue to assess the security of such infrastructure, including third party service
providers.
We invested in Cash Converters International Limited for strategic reasons. Law or regulatory changes in Australia or other
jurisdictions in which Cash Converters operates, or other factors, could adversely affect Cash Converters’ operating performance,
our share of which would be reflected in our own financial statements due to the equity method of accounting. Further, if that
operating performance, or other factors, adversely impact the value of Cash Converters’ publicly traded stock, then we may be
required to impair our investment, as we have done in the past.
We own 43.7% of the outstanding ordinary shares of Cash Converters, which is a publicly traded company based in Australia. We made the
initial investment in November 2009 and have made incremental investments periodically since then. The success of this strategic
investment is dependent on a variety of factors, including Cash Converters’ business performance and the market’s assessment of that
performance.
In December 2022, the Australian Parliament passed the Financial Sector Reform Bill 2022, which establishes lending limits on small amount
credit contracts and that bill became effective in June 2023. To reflect the expected adverse impact to its operating results, Cash Converters
recorded a one-time, non-cash impairment expense during the period ended December 31, 2022 and we recorded our share of that charge
during the second quarter of our fiscal 2023.
We have recorded a number of impairments to the carrying value of our investment in Cash Converters in the past. After an analysis of Cash
Converters’ stock price performance and other factors, we determined the fair value of our investment in Cash Converters at September 30,
2024 was greater than its carrying value. See Note 3: Strategic Investments of Notes to Consolidated Financial Statements included in “Part
II, Item 8 — Financial Statements and Supplementary Data.” If the fair value of our investment declines and we determine that such decline
is other-than-temporary, we may be required to further impair our investment and recognize the related investment loss, which would
adversely affect our results of operations and financial position in the period of impairment. Furthermore, there can be no assurance that we
will be able to dispose of some or all of our investment in Cash Converters on favorable terms, should we decide to do so in the future.
Our ability to recover our investments in other companies (such as our indirect investment in Simple Management Group, Inc. and
our investment in Rich Data Corporation) is heavily dependent on the success and performance of those companies, including
their respective ability to obtain further debt or equity financing.
We have certain investments in other companies. See Note 1: Organization And Summary Of Significant Accounting Policies — Investments
of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.” Our ability to
recover our investment in these companies is heavily dependent on their success and performance, potentially including their ability to obtain
further debt or equity financing. To the extent that any of such companies are not successful, we may be required in future periods to impair
our investment and recognize related investment losses.
We may incur property, casualty or other losses, including losses related to natural disasters such as hurricanes, earthquakes and
volcanoes. Not all such losses will be covered by insurance.
We maintain a program of insurance coverage for various types of property, casualty and other risks. The types and amounts of insurance
that we obtain vary from time to time, depending on availability, cost and our decisions with respect to risk retention. The policies are subject
to deductibles and exclusions that result in our retention of a level of risk on a self-insurance basis. Losses not covered by insurance could
be substantial and may increase our expenses, which could harm our results of operations and financial condition.
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We have significant operations located in areas that are susceptible to hurricanes (notably the Atlantic and Gulf Coast regions of Florida, the
Gulf Coast regions of Texas including Houston, as well as Mexico and Central America). Certain areas of our operations are also susceptible
to other types of natural disasters such as earthquakes, volcanoes and tornadoes. As noted above, not all physical damage that we incur as
a result of any such natural disaster will be covered by insurance due to policy deductibles and risk retentions. In addition, natural disasters
could have a significant negative impact on our business beyond physical damage to property, including a reduction of our PLO, inventory,
pawn service charges and merchandise sales. Only limited portions, if any, of those negative impacts will be covered by applicable business
interruption insurance policies. As a result, geographically isolated natural disasters could have a material adverse effect on our overall
operations and financial performance.
Goodwill comprises a significant portion of our total assets. We assess goodwill for impairment at least annually, which could
result in a material, non-cash write-down and could have a material adverse effect on our results of operations and financial
conditions.
The carrying value of our goodwill was $306.5 million, or approximately 21% of our total assets, as of September 30, 2024. We test goodwill
and intangible assets with an indefinite life for potential impairment annually, or more frequently if an event occurs or circumstances change
that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include
a significant change in the business climate, a change in strategic direction, legal factors, operating performance indicators, a change in the
competitive environment, the sale or disposition of a significant portion of a reporting unit, or future economic factors such as unfavorable
changes in the estimated future discounted cash flows of our reporting units.
When performing our annual test of goodwill for impairment in the fourth quarter, we have the option to first assess qualitative factors to
determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the estimated fair
value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine an impairment is
more-likely-than-not, we are then required to perform a quantitative impairment test; otherwise, no further analysis is required. We also may
elect not to perform a qualitative assessment and, instead, proceed directly to a quantitative impairment test. When performing a quantitative
impairment test, we apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s
carrying amount over its fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
When we perform a quantitative goodwill impairment test, we estimate the fair value of the reporting unit using an income approach based on
the present value of expected future cash flows, including terminal value, utilizing a market-based weighted average cost of capital (“WACC”)
determined separately for each reporting unit. The determination of fair value involves the use of estimates and assumptions, including
revenue growth rates, operating margins and terminal growth rates discounted by an estimated WACC derived from other publicly traded
companies that are similar but not identical to us from an operational and economic standpoint. We use discount rates that are
commensurate with the risks and uncertainties inherent in the respective businesses and in our internally developed forecasts.
See Note 1: Organization and Summary of Significant Accounting Policies and Note 6: Goodwill and Intangible Assets of Notes to
Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data” for a discussion of our
annual impairment tests performed for goodwill and indefinite-lived intangible assets.
The conversion feature of our convertible notes, if triggered, may adversely affect our financial condition and operating results.
We have a total of $333.4 million of convertible notes outstanding as of September 30, 2024. See Note 7: Debt of Notes to Consolidated
Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.” If the conversion feature of any of those
convertible notes is triggered, holders will be entitled to convert the notes at their option at any time during specified periods. If one or more
holders elect to convert their notes, we may be required, or may choose, to settle the obligation through the payment of cash, which could
adversely affect our liquidity. In addition, even if holders do not elect to convert their notes, we could be required under applicable accounting
rules to reclassify all or a portion of the outstanding principal of the convertible notes as a current rather than long-term liability, which would
result in a material reduction of our net working capital.
Conversion of our convertible notes into stock may dilute the ownership interests of existing stockholders or may otherwise
depress the price of our Class A Common Stock.
If it were to occur, the conversion of convertible notes would dilute the ownership interests of existing stockholders to the extent we deliver
shares of Class A Common Stock upon conversion. Any sales in the public market of such shares could adversely affect prevailing market
prices of our Class A Common Stock. In addition, the existence of the convertible notes may encourage short selling by market participants
because the conversion of such notes could be used to satisfy short positions, or anticipated conversion of the notes into shares of our Class
A Common Stock could depress the price of our Class A Common Stock.
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We have a limited number of unreserved shares available for future issuance, which may limit our ability to conduct future
financings and other transactions and our ability to offer equity awards to management.
Our certificate of incorporation currently authorizes us to issue up to 100 million shares of Class A Common Stock. Taking into consideration
the shares that are issued and outstanding, as well as the shares that have been reserved for issuance pursuant to convertible notes,
outstanding equity incentive compensation awards and the conversion of the Class B Common Stock, we had approximately 7.7 million
shares of authorized Class A Common Stock available for other uses as of September 30, 2024. We expect that number will be reduced to
7.0 million following the issuance of currently approved Long-Term Incentive awards in November 2024. Therefore, our ability to issue shares
of Class A Common Stock (other than pursuant to the existing reserved-for commitments), or securities or instruments that are convertible
into or exchangeable for shares of Class A Common Stock, may be limited until such time additional authorized, unissued and unreserved
shares become available or unless we determine we are unlikely to issue all of the shares that are currently reserved. During this time, for
example, our ability to complete equity or equity-linked financings or other transactions (including strategic acquisitions) that involve the
issuance or potential issuance of Class A Common Stock may be limited. Further, our ability to offer equity-based compensation to our
management team may also be limited, which could adversely affect our ability to align management’s incentives with stockholders or attract
and retain key management personnel.
General Risks
Public health issues could adversely affect our financial condition, results of operations or liquidity.
Our business may be impacted by public health issues, such as COVID-19, other pandemics and the spread of contagious diseases. Such
public health issues, and the government and consumer responses thereto, may (i) limit our ability to supply products and services to our
customers as a result of store closures, reduced access to or foot traffic in our stores, or labor shortages, (ii) adversely affect the demand for
our products and services or (iii) cause other unforeseen negative developments. Any of these factors may adversely affect our financial
condition, results of operations or liquidity.
We have significant operations in Latin America, and changes in the business, regulatory, political or social climate could impact
our operations there, which could adversely affect our results of operations and growth plans.
We own and operate a significant number of pawn stores in Latin America (primarily Mexico, but also Guatemala, El Salvador and
Honduras). Further, our growth plans include potential expansion in some of those countries as well as potentially other countries in Latin
America. Doing business in those countries exposes us to risks related to political instability, corruption, economic volatility, drug cartel and
gang-related violence, social unrest including riots and looting, tax and foreign investment policies, public safety and security concerns and
uncertain application of laws and regulations. Consequently, actions or events in any of those countries that are beyond our control could
restrict our ability to operate there or otherwise adversely affect the profitability of those operations. Furthermore, changes in the business,
regulatory or political climate in any of those countries, or significant fluctuations in currency exchange rates, could affect our ability to
expand or continue our operations there, which could have a material adverse impact on our prospects, results of operations and cash flows.
For a description of the current regulatory environment in the Latin American countries in which we operate, see “Mexico Regulations” and
“Other Latin America Regulations” under “Part I, Item 1 — Business — Regulation.”
A significant change in foreign currency exchange rates could have a material adverse impact on our earnings and financial
position.
We have foreign operations in Latin America (primarily Mexico, but also Guatemala, El Salvador and Honduras) and an equity investment in
Australia. Our assets and investments in, and earnings and dividends from each of these countries must be translated to U.S. dollars from
their respective functional currencies. A significant weakening of any of these foreign currencies could result in lower assets and earnings in
U.S. dollars, resulting in a potentially material adverse impact on our financial position, results of operations and cash flows.
Litigation and regulatory proceedings could have a material adverse impact on our business.
We are currently subject to various litigation and regulatory actions, and additional actions could arise in the future. Potential actions range
from claims and assertions arising in the ordinary course of business (such as contract, customer or employment disputes) to more
significant corporate-level matters or shareholder litigation. All of these matters are subject to inherent uncertainties, and unfavorable rulings
could occur, which could include monetary damages, fines and penalties or other relief. Any unfavorable ruling or outcome could have a
material adverse effect on our results of operations or could negatively affect our reputation.
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Under our certificate of incorporation, we are generally obligated to indemnify our directors and officers for costs and liabilities they incur in
their capacity as directors or officers of the Company. Consequently, if a proceeding names or involves any of our directors or officers, then
(subject to certain exceptions) we are generally obligated to pay or reimburse the cost or liability such director or officer incurs as a result of
such proceeding (including defense costs, judgments and amounts paid in settlement). We maintain management liability insurance that
protects us from much of this potential indemnification exposure, as well as potential costs or liabilities that may be directly incurred by the
Company in some cases. However, our insurance coverage is subject to deductibles and there may be elements of the costs or liabilities that
are not covered under the insurance policies. In addition, to the extent our ultimate liability in any such proceeding (or any combination of
proceedings that are included in the same policy year) exceeds the management liability policy limits, our results of operations and financial
condition could be adversely affected.
Our acquisitions, investments and other transactions could disrupt our ongoing business and harm our results of operations.
In pursuing our business strategy, we routinely conduct discussions, evaluate opportunities and enter into agreements regarding possible
acquisitions, investments and other transactions. These transactions may involve significant challenges and risks, including risks that we may
not realize the expected return on an acquisition or investment, that we may not be able to retain key personnel of an acquired business, or
that we may experience difficulty in integrating acquired businesses into our business systems and processes. If we do enter into
agreements with respect to acquisitions, investments or other transactions, we may fail to complete them due to inability to obtain required
regulatory or other approvals or other factors. Furthermore, acquisitions, investments and other transactions require substantial management
resources and have the potential to divert our attention from our existing business, and there are inherent risks in integrating and operating
any acquired business. These factors could harm our business and results of operations.
We may be exposed to liabilities under applicable anti-bribery, anti-corruption, anti-money laundering and other general business
laws and regulations, and any determination that we violated these laws or regulations could have a material adverse effect on our
business.
We are subject to various anti-bribery and anti-corruption laws that prohibit improper payments or offers of payments to foreign governments
and their officials for the purpose of obtaining or retaining business, including the Foreign Corrupt Practices Act in the U.S. and the General
Law of Administrative Responsibility in Mexico. We are also subject to various laws and regulations designed to prevent money laundering or
the financial support of terrorism or other illegal activity, including the USA PATRIOT Act and the Bank Secrecy Act in the U.S. and The
Federal Law for the Prevention and Identification of Transactions with Funds From Illegal Sources in Mexico. See “Part I, Item 1 — Business
— Regulation.” Further, our business is expanding in countries and regions that are less developed and are generally recognized as
potentially more corrupt business and political environments.
While we maintain controls and policies to ensure compliance with applicable laws and regulations, these controls and policies may prove to
be less than effective. If Team Members, agents or other persons for whose conduct we are held responsible violate our policies, we may be
subject to severe criminal or civil sanctions and penalties, and we may be subject to other liabilities that could have a material adverse effect
on our business, results of operations and financial condition.
Changes in our liquidity and capital requirements or in access to capital markets or other financing and transactional banking
sources could limit our ability to achieve our plans.
A significant reduction in cash flows from operations or the availability of debt or equity financing could materially and adversely affect our
ability to achieve our planned growth and operating results. Our ability to obtain debt or equity financing, including the possible refinancing of
existing indebtedness, will depend upon market conditions, our financial condition and the willingness of financing sources to make capital
available to us at acceptable rates and terms. The inability to access capital at acceptable rates and terms could restrict or limit our ability to
achieve our growth objectives, which could adversely affect our financial condition and results of operations.
Our access to transactional banking services, as well as international wire services between certain countries, is an ongoing business
requirement. Inability in accessing or maintaining transactional banking or wire services could lead to increased costs or the inability to
efficiently manage our cash as we would be required to seek alternative banking services or obtain services from several regional or local
retail banks.
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We collect and store a variety of sensitive customer information, and breaches in data security or other cyber-attacks could harm
our business operations and lead to reputational damage.
In the course of conducting our business, we collect and store on our information technology systems a variety of information about our
customers, including sensitive personal identifying and financial information. We may not have the resources or technical expertise to
anticipate or prevent rapidly evolving types of cyber-attacks. Attacks may be targeted at us, our service providers, our customers or others
who have entrusted us with information. Actual or anticipated attacks may cause us to incur increased costs, including costs to hire additional
personnel, purchase additional protection technologies, train Team Members and engage third-party experts and consultants. Advances in
computer capabilities, new technological discoveries or other developments may result in the technology we use to protect data being
breached or compromised. In addition, data and security breaches can occur as a result of non-technical issues, including breach by us or by
persons with whom we have commercial relationships that result in the unauthorized release of personal or confidential information. We
could be subject to fines, penalties and liabilities if any such information is misappropriated from our systems or we otherwise fail to maintain
the security and confidentiality of such information. Further, any such data security breach could cause damage to our reputation and a loss
of confidence in our data security measures, which could adversely affect our business and prospects.
We may face business interruptions or other adverse effects on our operations and growth.
Our business and operations could be subject to interruption or damage due to inclement weather, natural disaster, power loss, acts of
violence, terrorist attacks, war, civil unrest or similar events. Further, we may experience information technology or other business systems
disruptions. Such events could impair our customers' access to our business, impact our ability to expand or continue our operations or
otherwise have an adverse effect on our financial condition.
We face other risks discussed under “Part II, Item 7A — Quantitative and Qualitative Disclosures about Market Risk.”
ITEM 1C. CYBERSECURITY
Cybersecurity Risk Management and Strategy
We face various cybersecurity risks, including those related to unauthorized access to and misuse of data, system interruptions,
ransomware, malicious software and other threats. Our cybersecurity program incorporates information technology, retail technology and
customer products designed to mitigate cyber risks. Our security measures are customized to meet our unique business requirements and
encompass firewalls, intrusion detection and prevention systems, encryption and multi-factor authentication. We also engage external
experts to enhance and assess our cybersecurity measures in the form of maturity assessments, incident response, penetration testing and
other advisory services. We adhere to the practices and standards outlined by the National Institute of Standards and Technology Cyber
Security Framework.
We employ continual monitoring of our systems and data, managed by an external detection and response firm. In the event of a cyber
incident, we maintain an incident response plan coordinated across multiple departments. This strategy is designed for rapid and effective
incident management to minimize operational disruption. Our response protocol includes steps for detection, containment, eradication,
recovery and post-incident review, including impact on safety, data loss, operational disruption, cost and potential reputational damage.
Recognizing our employees as a vital defense mechanism, we provide cybersecurity, privacy and information-handling training. Additionally,
we conduct regular phishing exercises to enhance employee vigilance. Our educational programs aim to raise awareness about cyber risks
and teach employees to safeguard the Company, our customers and themselves against cyber threats. These programs inform our
workforce about the latest cybersecurity dangers and safe online practices, including secure access, phishing awareness, remote work
security and reporting suspicious activities.
Cybersecurity Governance and Oversight
Our cybersecurity governance framework is structured to promote accountability and ongoing enhancement of cybersecurity measures.
Management of the cybersecurity program involves cross-functional resources, our Cyber and Technology Risk Committee, an internal multi-
departmental committee formed to address cyber and data privacy matters. The cybersecurity program is led by our Chief Information
Security Officer (“CISO”) who reports to the Chief Legal Officer. The Internal Audit Department monitors and reviews our cybersecurity
initiatives.
The Board of Directors is responsible for overseeing and monitoring the material risks facing the Company. The Audit and Risk Committee of
the Board is charged with overseeing our risk management framework, including cybersecurity risks. The CISO reports directly to the Audit
and Risk Committee on cybersecurity risks on a quarterly basis.
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To date, we have not identified any cybersecurity threats or incidents that have had or are likely to have a material impact on our business,
financial condition or results of operations. Nonetheless, the escalation of cybersecurity threats poses a risk to our systems, networks and
products and services, which, despite our efforts to mitigate these risks, may not protect against all incidents. For a detailed discussion on
how cybersecurity risks could materially impact our business, see “Part I, Item 1A — Risk Factors.”
ITEM 2. PROPERTIES
We lease our pawn store locations, which are located throughout our geographic areas of operations. See “Part I, Item 1 — Business —
Segment and Geographic Information.” Our pawn stores are typically located in a freestanding building or occupy all or part of a retail strip
center with contiguous parking. A portion of the store interior is designed for retail operations, with merchandise displayed for sale by
category. Distinctive exterior design and attractive in-store signage provide an appealing atmosphere to customers. We maintain or
reimburse our landlords for maintaining property and general liability insurance for each of our stores. Our stores are open six or seven days
a week.
Leases for our U.S. locations generally have initial terms ranging from three to ten years and typically allow for renewals in increments of
three-to-five years. Our primary corporate office is located in Austin, Texas and is leased through March 2029 with escalating rent payments
annually and includes two five-year extension options at the end of the lease term. Our locations in Latin America are generally leased on
three-to-five year terms.
Our existing leases expire on various dates through fiscal 2039, with a small number of leases on month-to-month terms. All leases provide
for specified periodic rental payments at market rates. Most leases require us to maintain the property and pay the cost of insurance and
taxes. We believe the termination of any one of our leases would not have a material adverse effect on our operations. Our strategy generally
is to lease rather than own space for our stores. On an ongoing basis, we may close or consolidate under-performing store locations.
As of September 30, 2024, we had a total of 1,279 stores, 542 of which are located in the U.S., with 46% located in Texas, 17% in Florida
and the remainder spread across 17 other states. We also have 565 locations in Mexico, 133 in Guatemala, 18 in El Salvador and 21 in
Honduras.
In addition to our store leases, we lease approximately 108,000 square feet of corporate office space in Austin, Texas (70,742 square feet of
which is being subleased or made available for sublease to other tenants). We lease other corporate office space in Mexico (8,600 square
feet), Guatemala (3,500 square feet), El Salvador (4,500 square feet) and Honduras (1,200 square feet).
For additional information about store locations, see “Part I, Item 1 — Business — Segment and Geographic Information.
ITEM 3. LEGAL PROCEEDINGS
See Note 11: Contingencies of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and
Supplementary Data.”
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
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PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our Class A Non-Voting Common Stock (“Class A Common Stock”) is traded on the NASDAQ Stock Market under the symbol “EZPW.” As of
November 1, 2024, there were approximately 69 registered stockholders of record of our Class A Common Stock. There is no trading market
for our Class B Voting Common Stock (“Class B Common Stock”), which was held by one stockholder as of November 1, 2024. As of
September 30, 2024, the closing sales price of our Class A Common Stock, as reported by the NASDAQ Stock Market, was $11.21 per
share.
Stock Performance Graph
The following Stock Performance Graph and related information shall not be deemed to be “filed” with the Securities and Exchange
Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities
Exchange Act of 1934.
The following table compares cumulative total stockholder returns for our Class A Common Stock for the last five fiscal years, with the
cumulative total return on the NASDAQ Composite Index (ticker symbol: IXIC) and the NASDAQ Other Financial Index (ticker symbol: IXFN)
over the same period. The graph shows the value, at the end of each of the last five fiscal years, of $100 invested in our Class A Common
Stock or the indices on September 30, 2019. The graph depicts the change in the value of our Class A Common Stock relative to the indices
at the end of each fiscal year and not for any interim period. Historical stock price performance is not necessarily indicative of future stock
price performance.
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Company Index
2019
2020
2021
2022
2023
2024
EZCORP, INC.
$100.00
$77.86
$117.18
$119.35
$127.71
$173.53
NASDAQ Composite Index
$100.00
$139.61
$180.62
$132.21
$165.26
$227.38
NASDAQ Other Finance Index
$100.00
$104.68
$127.41
$87.79
$106.70
$128.75
Share Repurchase Activity
The table below provides certain information about our repurchase of shares of Class A Non-voting Common Stock during the quarter ended
September 30, 2024. All repurchases during the quarter were made in open market transactions at prevailing market prices and were
executed pursuant to a trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934.
Share Repurchases
Total Number of
Shares Purchased
(1)
Average Price Paid
Per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced
Programs
Approximate Dollar
Value of Shares
That May Yet Be
Purchased Under
the Programs (1)
(in thousands, except number of shares and average price information)
July 1, 2024 through July 31, 2024
98,391
$
10.14 
98,391
$
26,015 
August 1, 2024 through August 31, 2024
92,870
$
11.66 
92,870
$
24,933 
September 1, 2024 through September 30, 2024
81,493
$
11.22 
81,493
$
24,019 
Quarter ended September 30, 2024
272,754
$
10.98 
272,754
$
24,019 
(1) On May 3, 2022, the Board of Directors approved a share repurchase program, under which the Company is authorized to repurchase up to $50 million of our Class A
Non-Voting Common Stock over a three-year period. Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the
expected return on investment compared to other opportunities.
ITEM 6. [RESERVED]
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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to inform the reader about matters
affecting the financial condition and results of operations of EZCORP, Inc. and its subsidiaries (collectively, “we,” “us”, “our” or the
“Company”) for the two-year period ended September 30, 2024. The following discussion should be read together with our consolidated
financial statements and accompanying notes included in “Part II, Item 8 — Financial Statements and Supplementary Data.” This discussion
and analysis contains forward-looking statements, and our actual results could differ materially from those anticipated in these forward-
looking statements. See “Part I, Item 1A — Risk Factors” and “Cautionary Statement Regarding Risks and Uncertainties That May Affect
Future Results” below.
Business Development
On September 11, 2024, the Company announced entry into an acquisition agreement with Presta Dinero, S.A. de C.V. for the purchase of
53 pawn stores in Mexico. While at the time we expected to complete the transaction by October 31, 2024, the transaction has not yet closed
and the parties remain in discussion.
Results of Operations
Non-GAAP Financial Information
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide certain other
non-GAAP financial information on a constant currency basis (“constant currency”) and “same store” 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 analyze results on a same store basis (which is defined as stores open during the entirety of the comparable
periods) to better understand existing store performance without the influence of increases or decreases resulting solely from changes in
store count. We believe presentation of constant currency and same store results is meaningful and useful in understanding the activities and
business metrics of our Latin America Pawn operations (in the case of constant currency) and our store operations (in the case of same store
results) and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a better
understanding and evaluation 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 rather
than 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. 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. Our statement of
operations constant currency results reflect the monthly exchange rate fluctuations and are not directly calculable from the rates below.
Constant currency results, where presented, also exclude the foreign currency gain or loss. The end-of-period and approximate average
exchange rates for each applicable currency as compared to U.S. dollars as of and for the fiscal years ended September 30,
2024 and 2023 were as follows:

September 30,
Twelve Months Ended

September 30,
2024
2023
2024
2023
Mexican peso
19.7 
17.4 
17.7 
18.3 
Guatemalan quetzal
7.6 
7.7 
7.6 
7.6 
Honduran lempira
24.6 
24.5 
24.4 
24.3 
Australian dollar
1.4 
1.6 
1.5 
1.5
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Operating Results
Fiscal 2024 vs. Fiscal 2023
These tables, as well as the discussion that follows, should be read in conjunction with the accompanying consolidated financial statements
and related notes.
Summary Financial Data
The following table presents selected summary consolidated financial data for fiscal 2024 and fiscal 2023.
 
Fiscal Year Ended

September 30,
Change
(in thousands)
2024
2023
Gross profit:
 
 
Pawn service charges
$
436,545 
$
383,772 
14%
Merchandise sales
663,736 
615,446 
8%
Merchandise sales gross profit
236,333 
220,667 
7%
Gross margin on merchandise sales
36 %
36 %
0 bps
Jewelry scrapping sales
61,082 
49,528 
23%
Jewelry scrapping gross profit
9,156 
5,104 
79%
Gross margin on jewelry scrapping sales
15 %
10 %
500 bps
Other revenues
239 
295 
(19)%
Gross profit
682,273 
609,838 
12%
Operating expenses:
Store expenses
461,055 
418,574 
10%
General and administrative
75,557 
67,529 
12%
Impairment of other assets
843 
4,343 
(81)%
Depreciation and Amortization
33,069 
32,131 
3%
(Gain) loss on sale or disposal of assets and other
(16)
208 
(108)%
Other operating income
(765)
(5,097)
(85)%
Total operating expenses
569,743 
517,688 
10%
Interest expense
13,585 
16,456 
(17)%
Interest income
(10,575)
(7,470)
42%
Equity in net (income) loss of unconsolidated affiliates
(4,711)
28,459 
117%
Other (income) expense
(1,377)
3,072 
145%
Total non-operating (income) expenses
(3,078)
40,517 
108%
Income before income taxes
115,608 
51,633 
124%
Income tax expense
32,513 
13,170 
147%
Net income
$
83,095 
$
38,463 
116%
Net pawn earning assets:
Pawn loans
$
274,084 
$
245,766 
12%
Inventory, net
191,923 
166,477 
15%
Total net pawn earning assets
$
466,007 
$
412,243 
13%
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Pawn loans outstanding (“PLO”) increased $28.3 million (12%) to $274.1 million due to improved operational performance and continued
strong pawn demand.
Total revenues increased $112.6 million (11%) and gross profit increased 12%, reflecting improved pawn service charge (“PSC”) revenue,
merchandise sales and merchandise sales gross profit.
PSC increased $52.8 million (14%) as a result of higher average PLO. Merchandise sales increased $48.3 million (8%). Merchandise sales
gross margin remains within our targeted range at 36%.
Operating expenses increased $52.1 million (10%) primarily due to (a) a $42.5 million increase in store expenses as a result of increased
labor driven by inflationary and minimum wage increases and, to a lesser extent, expenses related to rent and (b) a $8.0 million increase in
general and administrative expenses, primarily due to labor, incentive compensation and to a lesser extent, cost related to the
implementation and ongoing support for our Workday ERP system.
Total non-operating income increased $43.6 million (108%), primarily due to recognition in the prior year of our share of losses in Cash
Converters’ net results related to their non-cash goodwill impairment charge, a reduction of interest expense and an increase in interest
income. Interest expense decreased $2.9 million, primarily driven by the prior year net loss recorded on the partial extinguishments of the
2024 convertible notes and 2025 convertible notes. See Note 7: Debt of Notes to Consolidated Financial Statements in “Part II, Item 8 —
Financial Statements and Supplemental Data” for further discussion. The interest income increase is primarily due to our treasury
management with increased market interest rates.
Income tax expense increased $19.3 million, primarily due to the increase in income before income taxes of $64.0 million, an increase in
non-deductible expense in Latin America and accrued withholding taxes on prior earnings that are no longer permanently reinvested. Income
tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate. These
items include the net effect of state taxes, non-deductible items and changes in valuation allowances for certain foreign operations. See Note
9: Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data”
for quantification of these items.
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U.S. Pawn
The following table presents selected summary financial data from our U.S. Pawn segment:
 
Fiscal Year Ended
September 30,
Change
(in thousands)
2024
2023
Gross profit:
Pawn service charges
$
322,362 
$
285,919 
13%
Merchandise sales
459,251 
432,578 
6%
Merchandise sales gross profit
170,357 
164,704 
3%
Gross margin on merchandise sales
37 %
38 %
(100) bps
Jewelry scrapping sales
54,344 
43,305 
25%
Jewelry scrapping sales gross profit
8,418 
5,596 
50%
Gross margin on jewelry scrapping sales
15 %
13 %
200 bps
Other revenues
126 
119 
6%
Gross profit
501,263 
456,338 
10%
Segment operating expenses:
Store expenses
325,816 
299,319 
9%
Depreciation and amortization
10,147 
10,382 
(2)%
Loss on sale or disposal of assets and other
3 
115 
(97)%
Segment operating contribution
165,297 
146,522 
13%
Other segment income
7 
(2)
*
Segment contribution
$
165,290 
$
146,524 
13%
Other data:
 
 
Average monthly ending pawn loan balance per store (a)
$
361 
$
327 
10%
Monthly average yield on pawn loans outstanding
14 %
14 %
— bps
Pawn collateral - general merchandise
34 %
34 %
—%
Pawn collateral - jewelry
66 %
66 %
—%
*
Represents a percentage computation that is not mathematically meaningful.
(a)
Balance is calculated based on the average of the monthly ending balance averages during the applicable period.
PLO ended the year at $214.3 million, up 12% on a total and same store basis.
Total revenues increased 10% and gross profit increased 10%, primarily due to increased PSC and higher merchandise sales.
PSC increased 13% as a result of higher average PLO.
Merchandise sales increased 6%. Offsetting the sales increase, merchandise sales gross margin decreased 100 bps to 37%.
Store expenses increased 9% (8% on a same store basis), primarily due to labor costs driven by inflation.
Segment contribution increased $18.8 million due to the changes described above.
During fiscal 2024, segment net store count in our U.S. pawn segment increased by 13 due to the acquisition of 13 stores, the addition of
one de novo store and the consolidation of one store.
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Latin America Pawn
The following table presents selected summary financial data from our Latin America Pawn segment, including constant currency results,
after translation to U.S. dollars from functional currencies. See “Results of Operations — Non-GAAP Financial Information” above.
 
Fiscal Year Ended September 30,
(in thousands)
2024
(GAAP)
2023
(GAAP)
Change
(GAAP)
2024
(Constant
Currency)
Change
(Constant
Currency)
Gross profit:
Pawn service charges
$
114,183 
$
97,853 
17%
$
111,784 
14%
Merchandise sales
204,485 
182,868 
12%
199,012 
9%
Merchandise sales gross profit
65,976 
55,963 
18%
64,138 
15%
Gross margin on merchandise sales
32 %
31 %
100 bps
32 %
100 bps
Jewelry scrapping sales
6,738 
6,223 
8%
6,779 
9%
Jewelry scrapping sales gross profit
738 
(492)
250%
739 
250%
Gross margin on jewelry scrapping sales
11 %
(8)%
238%
11 %
238%
Other revenues, net
78 
121 
(36)%
76 
(37)%
Gross profit
180,975 
153,445 
18%
176,737 
15%
Segment operating expenses:
Store expenses
135,239 
119,255 
13%
131,831 
11%
Depreciation and amortization
8,865 
9,191 
(4)%
8,599 
(6)%
Other operating income
— 
(5,097)
100%
— 
100%
Segment operating contribution
36,871 
30,096 
23%
36,307 
21%
Other segment income (a)
(1,970)
(1,562)
26%
(1,846)
18%
Segment contribution
$
38,841 
$
31,658 
23%
$
38,153 
21%
Other data:
 
 
Average monthly ending pawn loan balance per store
(b)
$
83 
$
73 
14%
$
82 
12%
Monthly average yield on pawn loans outstanding
16 %
17 %
(100) bps
16 %
(100) bps
Pawn collateral - general merchandise
64 %
68 %
(6)%
65 %
(4)%
Pawn collateral - jewelry
36 %
32 %
13%
35 %
9%
*
Represents a percentage computation that is not mathematically meaningful.
(a)
Fiscal 2024 and 2023 constant currency amounts exclude net GAAP basis foreign currency transaction loss of $0.1 million and $0.4 million, respectively, resulting from
movement in exchange rates.
(b)
Balance is calculated based on the average of the monthly ending balance averages during the applicable period.
2024 Change
(GAAP)
2024 Change
(Constant Currency)
Same Store data: (a)
PLO
7%
16%
PSC
16%
14%
Merchandise Sales
11%
8%
Merchandise Sales Gross Profit
16%
13%
Store Expenses
12%
9%
(a)
Stores open at the end of the period included in the same store calculation were 697.
PLO improved to $59.8 million, up 8% (18% on constant currency basis). On a same store basis, PLO increased 7% (16% on a constant
currency basis) due to improved operational performance and increased loan demand.
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Total revenues were up 13% (11% on a constant currency basis), and gross profit increased by 18% (15% on a constant currency basis),
reflecting increased PSC, higher merchandise sales and improved gross profit.
PSC increased 17% (14% on constant currency basis) as a result of higher average PLO.
Merchandise sales increased 12% (9% on a constant currency basis) and 11% on a same store basis (8% on a constant currency basis).
Merchandise sales gross margin increased 100 bps to 32%.
Store expenses increased $16.0 million, up 13% (11% on a constant currency basis), primarily due to increased labor headcount, in line with
store activity and minimum wage increases and, to a lesser extent, rent associated with lease renewals.. Same-store expenses increased
12% (9% on a constant currency basis).
Segment contribution was up 23% to $38.8 million (21% on a constant currency basis), due to the changes noted above, in addition to the
impact of the prior year reversal of contingent consideration liability in connection with a previously completed acquisition, which was
recorded to “Other operating income.”
During fiscal 2024, net store count in our Latin America pawn segment increased by 35 due to the opening of 40 de novo stores and the
consolidation of five stores.
Other Investments
The following table presents selected summary financial data for our Other Investments segment after translation to U.S. dollars from its
functional currency of primarily Australian dollars:
 
Fiscal Year Ended
September 30,
Change
(in thousands)
2024
2023
Gross profit:
Consumer loan fees, interest and other
$
35 
$
55 
(36)%
Gross profit
35 
55 
(36)%
Segment operating expenses:
Interest income
(2,422)
(1,500)
61%
Equity in net (income) loss of unconsolidated affiliates
(4,993)
28,459 
118%
Segment operating contribution (loss)
7,450 
(26,904)
128%
Other segment (income) loss
— 
31 
100%
Segment contribution (loss)
$
7,450 
$
(26,935)
128%
Segment income was $7.5 million, an increase of $34.4 million, primarily due to the prior year net loss on our share of Cash Converters’ net
results related to their non-cash goodwill impairment charge.
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Other Items
The following table reconciles our consolidated segment contribution discussed above to net income attributable to EZCORP, Inc., including
items that affect our consolidated financial results but are not allocated among segments:
 
Fiscal Year Ended
September 30,
 Change
(in thousands)
2024
2023
Segment contribution
$
211,581 
$
151,247 
40%
Corporate expenses (income):
General and administrative
75,557 
67,532 
12%
Impairment of other assets
843 
4,343 
(81)%
Depreciation and amortization
14,057 
12,558 
12%
Loss on sale or disposal of assets and other
121 
382 
(68)%
Other operating income
(765)
— 
100%
Interest expense
13,585 
16,456 
(17)%
Interest income
(6,541)
(4,829)
35%
Equity in net loss of unconsolidated affiliates
282 
— 
*
Other (income) expense
(1,166)
3,172 
137%
Income before income taxes
115,608 
51,633 
124%
Income tax expense
32,513 
13,170 
147%
Net income
$
83,095 
$
38,463 
116%
*
Represents a percentage computation that is not mathematically meaningful.
Segment contribution increased $60.3 million or 40%, primarily due to the improved operating results of the segments, as discussed above.
General and administrative expenses increased $8.0 million (12%), primarily due to labor, incentive compensation and, to a lesser extent,
costs related to the implementation and ongoing support of our Workday ERP system.
Interest expense decreased $2.9 million (17%), primarily driven by the prior year net loss recorded on the partial extinguishments of the 2024
convertible notes and 2025 convertible notes. See Note 7: Debt of Notes to Consolidated Financial Statements included in “Part II, Item 8 —
Financial Statements and Supplemental Data” for further discussion.
Interest income increased $1.7 million, due primarily to our treasury management with increased market interest rates.
Income tax expense increased $19.3 million primarily due to the increase in income before income taxes of $64.0 million, an increase in non-
deductible expense in Latin America and accrued withholding taxes on prior earnings that are no longer permanently reinvested. Income tax
expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate. These items
include the net effect of state taxes, non-deductible items and changes in valuation allowances for certain foreign operations. See Note 9:
Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data” for
quantification of these items.
Fiscal 2023 vs. Fiscal 2022
The Results of Operations discussion for fiscal 2023 vs. fiscal 2022 is located in “Part II, Item 7 — Management’s Discussion and Analysis of
Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended September 30, 2023.
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Liquidity and Capital Resources
Cash and Cash Equivalents
Our cash and equivalents balance was $170.5 million at September 30, 2024 compared to $220.6 million at September 30, 2023. Our cash
and equivalents were held in cash depository accounts with major banks or invested in high quality, short-term liquid investments.
Cash Flows
The table and discussion below present a summary of the sources and uses of our cash:
 
Fiscal Year Ended

September 30,
Change
(in thousands)
2024
2023
Cash flows provided by operating activities
$
113,600 
$
101,834 
12%
Cash flows used in investing activities
(111,853)
(110,886)
1%
Cash flows (used in) provided by financing activities
(50,183)
23,692 
(312)%
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(725)
(41)
*
Net (decrease) increase in cash and cash equivalents and restricted cash
$
(49,161)
$
14,599 
(437)%
*
Represents a percentage computation that is not mathematically meaningful.
The $11.8 million increase in cash flows provided by operating activities was primarily due to an increase in net income (when considering
adjustments for non-cash items affecting net income) as well as changes in working capital primarily related to the timing of payments of
income taxes, prepaid expenses, accounts payable and inventory.
The $1.0 million increase in cash flows used in investing activities was primarily due to an increase of $51.7 million in net pawn lending
outflows, offset by a $27.0 million increase in cash inflows from the sale of forfeited collateral and a $23.7 million net decrease in cash flows
used to fund strategic investments, capital expenditures and acquisitions.
The $73.9 million increase in cash flows used in financing activities was primarily related to the December 2022 financing of the 2029
Convertible Notes, in which we issued $230.0 million principal amount of 3.750% Convertible Senior Notes Due 2029 offset by the
extinguishment of approximately $109.4 million aggregate principal amount of our 2024 Convertible Notes for approximately $117.5 million
plus accrued interest and approximately $69.1 million aggregate principal amount of our 2025 Convertible Notes for approximately
$62.9 million plus accrued interest. In addition, we used approximately $5.0 million of the net proceeds from the 2029 Convertible Notes
offering to repurchase 578,703 shares of our Class A common stock from purchasers of the notes in privately negotiated transactions.
Further, on July 1, 2024, the 2024 Convertible Notes matured and the remaining $34.4 million aggregate principal amount outstanding plus
accrued interest was repaid using cash on hand. During 2024, the Company repurchased and retired 1,218,503 shares of our Class A
Common Stock for $12.0 million under the Common Stock Repurchase Program.
The net effect of these changes was a $49.2 million decrease in cash on hand during the current year, resulting in a $179.8 million ending
cash and restricted cash balance.
Sources and Uses of Cash
In December 2022, we issued $230.0 million aggregate principal amount of 2029 Convertible Notes. In conjunction with the issuance of the
2029 Convertible Notes, we extinguished approximately $109.4 million aggregate principal amount of our 2024 Convertible Notes for
approximately $117.5 million plus accrued interest and approximately $69.1 million aggregate principal amount of our 2025 Convertible Notes
for approximately $62.9 million plus accrued interest. In addition, we used approximately $5.0 million of the net proceeds from the 2029
Convertible Notes offering to repurchase 578,703 shares of our Class A common stock from purchasers of the notes in privately negotiated
transactions. See Note 7: Debt of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and
Supplementary Data.” The shares repurchased in conjunction with the transactions discussed above were authorized separately from, and
not considered part of, the publicly announced share repurchase program referred to below.
On May 3, 2022, our Board authorized the repurchase of up to $50 million of our Class A Common Stock over three years. As of
September 30, 2024, we have repurchased 2,845,548 shares of our Class A Common Stock under the program for $26.0 million which
amount was allocated between “Additional paid-in capital” and “Retained earnings” in our Consolidated Balance Sheets. Execution of the
program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared
to other opportunities.
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Under the stock repurchase program, we may purchase Class A Non-Voting common stock from time to time at management’s discretion in
accordance with applicable securities laws, including through open market transactions, block or privately negotiated transactions, or any
combination thereof. In addition, we may purchase shares pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the
Securities Exchange Act of 1934.
The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market
conditions, legal and regulatory requirements, general business conditions, the level of cash flows and corporate considerations determined
by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The
Board has reserved the right to modify, suspend or terminate the program at any time.
On July 1, 2024, the 2024 Convertible Notes matured and the remaining $34.4 million aggregate principal amount outstanding plus accrued
interest was repaid using cash on hand.
We anticipate that cash flows from operations and cash on hand will be adequate to fund ongoing operations, debt service requirements, tax
payments, any future stock repurchases, strategic investments, our contractual obligations, planned de novo store growth, capital
expenditures and working capital requirements through fiscal 2025. We continue to explore acquisition opportunities, both large and small,
and may choose to pursue additional debt, equity or equity-linked financings in the future should the need arise. Depending on the level of
acquisition activity and other factors, our ability to repay our longer term debt obligations, including the convertible debt maturing in May 2025
and December 2029, may require us to refinance these obligations through the issuance of new debt securities, equity securities, convertible
securities or through new credit facilities.
Convertible Notes
For a description of the terms of our convertible notes, including the associated conversion and other related features and transactions, see
Note 7: Debt of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.”
Contractual Obligations
Below is a summary of our cash needs to meet future aggregate contractual obligations as of September 30, 2024:
 
 
Payments due by Period
(in thousands)
 Total
Less than
1 year
1-3 years
 3-5 years
More than

5 years
Debt obligations (a)
$
333,373 
$
103,373 
$
— 
$
— 
$
230,000 
Interest on long-term debt obligations
46,713 
10,057 
17,250 
17,250 
2,156 
Lease obligations (b)
293,380 
76,639 
118,792 
59,939 
38,010 
Total (c) (d)
$
673,466 
$
190,069 
$
136,042 
$
77,189 
$
270,166 
(a)    Excludes debt discount and deferred financing costs as well as convertible features.
(b)    Excludes $5.6 million in sublease payments expected to be received.
(c)    No provision for uncertain tax benefits has been reflected in the contractual obligations table as the timing of any such payment is uncertain. See Note 9: Income Taxes of
Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.” Additionally, no provision for insurance reserves,
deferred compensation arrangements, or other liabilities totaling $8.5 million has been included as the timing of such payments are uncertain.
(d)    Total excludes contractual obligations already recorded on our consolidated balance sheets as current liabilities, except for current maturities of long-term debt, which are
included in the debt obligations caption above and accrued portions of interest and lease obligations, which are included in the interest on long-term debt obligations and
lease obligations captions above.
In addition to the lease obligations in the table above, we are responsible for the maintenance, property taxes and insurance at most of our
locations. During the fiscal year ended September 30, 2024, these collectively amounted to $17.7 million.
Critical Accounting Estimates
The preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires
us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure
of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and judgments including those related to revenue
recognition, inventory, loan loss allowances, goodwill and indefinite-lived intangible assets, long-lived and other intangible assets, income
taxes, contingencies and litigation. We base our estimates on historical experience, observable trends and various other assumptions that we
believe to be reasonable under the circumstances. We use this information to make judgments about the carrying values of assets and
liabilities that are not readily apparent from other sources. Actual results may differ from the estimates under different assumptions or
conditions.
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The critical accounting policies and estimates that could have a significant impact on our results of operations, as well as relevant recent
accounting pronouncements, are described in Note 1: Organization And Summary Of Significant Accounting Policies of Notes to
Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.” Certain accounting policies
regarding the quantification of the sensitivity of certain critical estimates are discussed further below.
Pawn Loan Revenue Recognition
We record PSC using the effective interest method over the life of the loan for all pawn loans we believe to be collectible. We base our
estimate of collectible loans on several inputs, including recent redemption rates, historical trends in redemption rates and the amount of
loans due in the following months. Unexpected variations in any of these factors could change our estimate of collectible loans, affecting our
earnings and financial condition. As of September 30, 2024, the balance of our PSC receivable was $44.0 million. Assuming the average
forfeiture rate increased or decreased by 10%, our pawn service charges receivable balance as of September 30, 2024 would have
increased or decreased by approximately $1.4 million.
Inventory and Cost of Goods Sold
We consider our estimates of obsolete or slow-moving inventory and shrinkage in determining the appropriate overall valuation allowance for
inventory. We monitor our sales margins for each type of inventory on an ongoing basis and compare to historical margins. Significant
variances in those margins may require a revision to future inventory reserve estimates. We have historically revised our reserve pertaining
to jewelry inventory depending on the current price of gold and resulting trends in margins. Future declines in gold prices may cause an
increase in reserve rates pertaining to jewelry inventory. As of September 30, 2024, the gross balance of our inventory was $194.7 million, for
which we have included reserves of $2.7 million. Assuming the reserve rates were increased or decreased by 10%, our inventory reserve
balance as of September 30, 2024 would have increased or decreased by approximately $0.3 million.
Goodwill and Indefinite-Lived Intangible Assets
When testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or
circumstances leads to a determination that it is more-likely-than-not that the estimated fair value of a reporting unit is less than its carrying
amount. If we elect to perform a qualitative assessment and determine an impairment is more-likely-than-not, we are then required to perform
a quantitative impairment test; otherwise, no further analysis is required. We also may elect not to perform a qualitative assessment and,
instead, proceed directly to a quantitative impairment test. When performing a quantitative impairment test, we apply a one-step quantitative
test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the
total amount of goodwill allocated to that reporting unit.
When we perform a quantitative goodwill impairment test, we estimate the fair value of the reporting unit using an income approach based on
the present value of expected future cash flows, including terminal value, utilizing a market-based weighted average cost of capital (“WACC”)
determined separately for each reporting unit. The determination of fair value involves the use of estimates and assumptions, including
revenue growth rates, operating margins and terminal growth rates discounted by an estimated WACC derived from other publicly traded
companies that are similar but not identical to us from an operational and economic standpoint. We use discount rates that are
commensurate with the risks and uncertainties inherent in the respective businesses and in our internally developed forecasts.
We test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is necessary to perform a
quantitative impairment test. If we believe as a result of the qualitative assessment that it is more-likely-than-not that the fair value of the
indefinite-lived intangible asset is less than its carrying amount, a quantitative impairment test is required. Otherwise, no further testing is
required.
We consider the assessment of the occurrence of triggering events or substantive changes in circumstances that may indicate the fair value
of goodwill may be impaired to be a critical estimate. Furthermore, we consider the assumptions discussed above pertaining to the income
approach we use in the quantitative testing of impairment to be critical estimates.
The results of the impairment analyses for fiscal 2024 and fiscal 2023 are discussed in Note 6: Goodwill And Intangible Assets of Notes to
Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.”
Income Taxes
Management believes that it is more likely than not that forecasted income, including income that may be generated as a result of certain tax
planning strategies, together with future reversals of existing taxable temporary differences, will be sufficient to fully recover the net recorded
deferred tax assets. In the event we determine all or part of the net deferred tax assets are not realizable in the future, we will make an
adjustment to the valuation allowance that would be charged to earnings in the period such determination is made. We have included
valuation allowances against deferred tax assets for net operating losses and tax credits not expected to be utilized based on specific facts
and estimates for each jurisdiction.
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We consider the earnings of certain non-U.S. subsidiaries to be indefinitely invested outside the U.S. on the basis of estimates that future
domestic cash generation will be sufficient to meet future domestic cash needs and our specific plans for reinvestment of those subsidiary
earnings. We have not recorded a deferred tax liability related to foreign withholding taxes of our undistributed earnings of foreign
subsidiaries indefinitely invested outside the U.S.
We may be subject to income tax audits by the respective tax authorities in any or all of the jurisdictions in which we operate or have
operated within a relevant period. Significant judgment is required in determining uncertain tax positions. We utilize the required two-step
approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the
weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related
appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be
realized upon ultimate settlement. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may
require periodic adjustments and which may not accurately forecast actual outcomes. We adjust these reserves in light of changing facts and
circumstances, such as the closing of an audit or the refinement of an estimate. Changes in recognition or measurement are reflected in the
period in which the change in judgment occurs. We believe adequate provisions for income taxes have been made for all periods.
Cautionary Statement Regarding Risks and Uncertainties That May Affect Future Results
This Annual Report on Form 10-K, including Management’s Discussion and Analysis of Financial Condition and Results of Operations,
includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. We intend that all forward-looking statements be subject to the safe harbors created by these laws. All statements,
other than statements of historical facts, regarding our strategy, future operations, financial position, future revenues, projected costs,
prospects, plans and objectives are forward-looking statements. The words “may,” "can," “should,” “could,” “will,” "would," “predict,”
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project” and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain these identifying words. Such statements are only predictions of the outcome
and timing of future events based on our current expectations and currently available information. Actual results could differ materially from
those expressed in the forward-looking statements due to a number of risks and uncertainties, many of which are beyond our control.
Accordingly, you should not regard any forward-looking statement as a representation that the expected results will be achieved. When
considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this report. Such risks
and uncertainties include, among other things:
•
Changes in laws and regulations;
•
Negative characterizations of our industry;
•
Concentration of business in Texas and Florida;
•
Changes in gold prices or volumes;
•
Changes in sales, pawn loan balances, sales margins, pawn redemption rates or other important operating metrics;
•
Our ability to continue growing our store count through acquisitions and de novo openings;
•
Continuing indemnification obligations for pre-closing taxes related to our sale of Grupo Finmart;
•
Our controlled ownership structure;
•
Potential regulatory fines and penalties, lawsuits and related liabilities related to firearms business;
•
Potential robberies, burglaries and other crimes at our stores;
•
Changes in the competitive landscape;
•
Our ability to design or acquire, deploy and maintain adequate information technology and other business systems;
•
Failure to achieve adequate return on investments;
•
Potential uninsured property, casualty or other losses;
•
Potential natural disasters;
•
Financial statement impact of potential impairment of goodwill or other intangible assets such as trade names;
•
Potential conversion of Convertible Notes into cash (which could adversely affect liquidity) or stock (which will cause dilution of
existing stockholders);
•
Limited number of unreserved shares available for future issuance;
•
Public health issues that could adversely affect our financial condition or results of operations;
•
Changes in the business, regulatory, political or social climate in Latin America;
•
Changes in foreign currency exchange rates;
•
The outcome of future litigation and regulatory proceedings;
•
Potential disruptive effect of acquisitions, investments and new businesses;
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•
Potential exposure under anti-corruption, anti-bribery, anti-money laundering and other general business laws and regulations;
•
Changes in liquidity, capital requirements or access to debt and capital markets;
•
Potential data security breaches or other cyber-attacks; and
•
Potential civil unrest or government overthrow and other events beyond our control.
For a discussion of these important risk factors, see “Part I, Item 1A — Risk Factors.”
In addition, we cannot predict all of the risks and uncertainties that could cause our actual results to differ from those expressed in the
forward-looking statements. You should not place undue reliance on our forward-looking statements. Although forward-looking statements
reflect our good faith beliefs, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause
our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed
or implied by such forward-looking statements. Accordingly, you should not regard any forward-looking statements as a representation that
the expected results will be achieved.
We specifically disclaim any responsibility to publicly update any information contained in a forward-looking statement except as required by
law. All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market Risk Disclosures
We are exposed to market risk related primarily to gold values and changes in foreign currency exchange rates.
Our earnings and financial position are affected by changes in gold values and, to a lesser extent, silver and precious stone values and the
resulting impact on pawn lending, jewelry sales and jewelry cost of goods sold. The proceeds of scrap sales and our ability to sell jewelry
inventory at an acceptable margin depend on gold values. The impact on our financial position and results of operations of a hypothetical
change in gold values cannot be reasonably estimated due to the timing of scrap sales, among other operational considerations.
Our earnings and financial position are affected by foreign exchange rate fluctuations related to our equity investments and our operations
outside the U.S. While we generally do not seek to hedge amounts in foreign currencies, we consider hedging strategies from time to time to
mitigate certain discrete risks of exposure via short term arrangements.
The translation adjustment from Cash Converters through June 30, 2024 (included in our September 30, 2024 results on a three-month lag)
was a nominal increase to stockholders’ equity, excluding income tax impacts. As of September 30, 2024, $1.00 Australian dollar
strengthened at $0.6944 U.S. as compared to $0.6452 in the prior year.
The translation adjustment from Latin America primarily representing the change of the Mexican peso during the fiscal year ended
September 30, 2024 was a $20.5 million decrease to stockholders’ equity. As of September 30, 2024, the Mexican peso weakened
approximately 11% to $1.00 Mexican to $0.0508 U.S. from $0.0574 U.S. as of September 30, 2023. As of September 30, 2024, the
Guatemalan quetzal strengthened approximately 2% Q1.00 Guatemalan to $0.1325 U.S. from $0.1302 U.S. as of September 30, 2023. We
have currently assumed indefinite reinvestment of earnings and capital in Latin America in excess of the $20.0 million of prior earnings for
which applicable withholding taxes have been accrued as of September 30, 2024. Accumulated translation gains or losses related to any
future repatriation of earnings or capital would impact our earnings in the period of repatriation.
To a lesser degree, our operations are affected by fluctuations in the exchange rate of the Honduran lempira.
We cannot predict the future valuation of foreign currencies or how further movements in exchange rates could affect our future earnings or
financial position due to the interrelationship of operating results and exchange rates.
36

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Index to Consolidated Financial Statements

Page
Report of Independent Registered Public Accounting Firm (BDO USA, P.C.; Dallas, Texas; PCAOB ID #243)
38
Consolidated Financial Statements:
 
Consolidated Balance Sheets as of September 30, 2024 and 2023
40
Consolidated Statements of Operations for each of the three years ended September 30, 2024, 2023 and 2022
41
Consolidated Statements of Comprehensive Income for three years ended September 30, 2024, 2023 and 2022
42
Consolidated Statements of Stockholders’ Equity for each of the three years ended September 30, 2024, 2023 and 2022
43
Consolidated Statements of Cash Flows for each of the three years ended September 30, 2024, 2023 and 2022
44
Notes to Consolidated Financial Statements
45
Note 1: Organization and Summary of Significant Accounting Policies
45
Note 2: Earnings Per Share
51
Note 3: Strategic Investments
52
Note 4: Fair Value Measurements
53
Note 5: Property and Equipment
53
Note 6: Goodwill and Intangible Assets
53
Note 7: Debt
54
Note 8: Common Stock and Stock Compensation
57
Note 9: Income Taxes
61
Note 10: Leases
63
Note 11: Contingencies
65
Note 12: Segment Information
65
Note 13: Supplemental Consolidated Financial Information
68
37

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Report of Independent Registered Public Accounting Firm
Shareholders and Board of Directors
EZCORP, Inc.
Rollingwood, Texas
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of EZCORP, Inc. (the “Company”) as of September 30, 2024 and 2023, the
related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for each of the three years in the
period ended September 30, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion,
the consolidated financial statements present fairly, in all material respects, the financial position of the Company at September 30, 2024 and
2023, and the results of its operations and its cash flows for each of the three years in the period ended September 30, 2024, in conformity
with accounting principles generally accepted in the United States of America.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the
Company's internal control over financial reporting as of September 30, 2024, based on criteria established in Internal Control – Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and our report dated
November 13, 2024, expressed an unqualified opinion thereon.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on
the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or
fraud.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that
was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material
to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of
a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by
communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to
which it relates.
Revenue Recognition for United States (U.S.) and Mexico Merchandise Sales and Pawn Service Charges
As described in Note 1 to the consolidated financial statements, the Company recognizes revenue for merchandise sales at the point in time
when merchandise inventory is sold and delivered to the customer. The Company recognizes revenue for pawn service charges using the
effective interest method over the life of the pawn loans for all pawn loans the Company believes to be collectible. As described in Note 12 to
the consolidated financial statements, for the year ended September 30, 2024, the Company’s total revenues within the U.S. and Mexico
were $836.1 million and $247.6 million, respectively, substantially all of which related to merchandise sales and pawn service charges.
We identified revenue recognition for merchandise sales and pawn service charges within the U.S. and Mexico as a critical audit matter, as
auditing merchandise sales and pawn service charges revenue within these locations required a higher extent of audit effort.
The primary procedures we performed to address this critical audit matter included:
•
Testing the effectiveness of automated application controls over the initiation, processing and recording of revenue for merchandise
sales and pawn service charges within the U.S. and Mexico.
38

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•
Testing U.S. and Mexico merchandise sales revenue and pawn service charges revenue transactions, on a sample basis, by tracing
the sampled transactions to supporting information, such as electronic sales records and electronic evidence of payment.
/s/ BDO USA, P.C.
We have served as the Company’s auditor since 2015.
Dallas, Texas
November 13, 2024
39

EZCORP, Inc.
CONSOLIDATED BALANCE SHEETS
September 30,
(in thousands, except share and per share amounts)
2024
2023
Assets:
Current assets:
Cash and cash equivalents
$
170,513 
$
220,595 
Restricted cash
9,294 
8,373 
Pawn loans
274,084 
245,766 
Pawn service charges receivable, net
44,013 
38,885 
Inventory, net
191,923 
166,477 
Prepaid expenses and other current assets
39,171 
39,623 
Total current assets
728,998 
719,719 
Investments in unconsolidated affiliates
13,329 
10,987 
Other investments
51,900 
36,220 
Property and equipment, net
65,973 
68,096 
Right-of-use assets, net
226,602 
234,388 
Goodwill
306,478 
302,372 
Intangible assets, net
58,451 
58,216 
Deferred tax asset, net
25,362 
25,702 
Other assets, net
16,144 
12,011 
Total assets
$
1,493,237 
$
1,467,711 
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net
$
103,072 
$
34,265 
Accounts payable, accrued expenses and other current liabilities
85,737 
81,605 
Customer layaway deposits
21,570 
18,920 
Operating lease liabilities, current
58,998 
57,182 
Total current liabilities
269,377 
191,972 
Long-term debt, net
224,256 
325,847 
Deferred tax liability, net
2,080 
435 
Operating lease liabilities
180,616 
193,187 
Other long-term liabilities
12,337 
10,502 
Total liabilities
688,666 
721,943 
Commitments and contingencies (Note 11)
Stockholders’ equity:
Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100 million; 51,582,698
issued and outstanding as of September 30, 2024; and issued and outstanding of 51,869,569 as of
September 30, 2023
516 
519 
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued
and outstanding: 2,970,171 as of September 30, 2024 and 2023
30 
30 
Additional paid-in capital
348,366 
346,181 
Retained earnings
507,206 
431,140 
Accumulated other comprehensive loss
(51,547)
(32,102)
Total equity
804,571 
745,768 
Total liabilities and equity
$
1,493,237 
$
1,467,711 
See accompanying notes to consolidated financial statements.
40

EZCORP, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
Fiscal Year Ended September 30,
(in thousands, except per share amounts)
2024
2023
2022
Revenues:
Merchandise sales
$
663,736 
$
615,446 
$
532,886 
Jewelry scrapping sales
61,082 
49,528 
32,033 
Pawn service charges
436,545 
383,772 
320,865 
Other revenues
239 
295 
441 
Total revenues
1,161,602 
1,049,041 
886,225 
Merchandise cost of goods sold
427,403 
394,779 
329,382 
Jewelry scrapping cost of goods sold
51,926 
44,424 
28,696 
Gross profit
682,273 
609,838 
528,147 
Operating expenses:
Store expenses
461,055 
418,574 
357,417 
General and administrative
75,557 
67,529 
64,342 
Impairment of other assets
843 
4,343 
— 
Depreciation and amortization
33,069 
32,131 
32,140 
(Gain) loss on sale or disposal of assets and other
(16)
208 
(674)
Other operating income
(765)
(5,097)
— 
Total operating expenses
569,743 
517,688 
453,225 
Operating income
112,530 
92,150 
74,922 
Interest expense
13,585 
16,456 
9,972 
Interest income
(10,575)
(7,470)
(817)
Equity in net (income) loss of unconsolidated affiliates
(4,711)
28,459 
(1,779)
Other (income) expense
(1,377)
3,072 
(167)
Income before income taxes
115,608 
51,633 
67,713 
Income tax expense
32,513 
13,170 
17,553 
Net income
$
83,095 
$
38,463 
$
50,160 
Basic earnings per share
$
1.51 
$
0.69 
$
0.89 
Diluted earnings per share
$
1.10 
$
0.53 
$
0.70 
Weighted-average basic shares outstanding
54,935 
55,586 
56,498 
Weighted-average diluted shares outstanding
84,448 
80,865 
82,400 
See accompanying notes to consolidated financial statements.
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EZCORP, Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Fiscal Year Ended September 30,
(in thousands)
2024
2023
2022
Net income
$
83,095 
$
38,463 
$
50,160 
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of income tax expense for our investment in
unconsolidated affiliate of $7, $666 and $229 for the years ended September 30, 2024, 2023
and 2022, respectively
(19,445)
23,567 
2,746 
Comprehensive income
$
63,650 
$
62,030 
$
52,906 
See accompanying notes to consolidated financial statements.    
42

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EZCORP, Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
 
Common Stock
Additional
Paid-in
Capital
 
Accumulated Other
Comprehensive
Loss
Total Equity
(in thousands)
Shares
Par

Value
Retained

Earnings
Balances as of October 1, 2021
56,057 
$
560 
$
403,312 
$
326,781 
$
(58,415)
$
672,238 
Stock compensation
— 
— 
5,053 
— 
— 
5,053 
Transfer of consideration for other investment
213 
2 
1,498 
— 
— 
1,500 
Release of restricted stock
393 
4 
— 
— 
— 
4 
Taxes paid related to net share settlement of equity awards
— 
— 
(792)
— 
— 
(792)
Cumulative effect of adoption of ASU 2020-06
— 
— 
(62,804)
26,166 
— 
(36,638)
Foreign currency translation gain
— 
— 
— 
— 
2,746 
2,746 
Purchase and retirement of treasury stock
(238)
(2)
(937)
(1,101)
— 
(2,040)
Net income
— 
— 
— 
50,160 
— 
50,160 
Balances as of September 30, 2022
56,425
$
564 
$
345,330 
$
402,006 
$
(55,669)
$
692,231 
Stock compensation
— 
— 
9,539 
— 
— 
9,539 
Transfer of equity consideration for acquisition
10 
— 
99 
— 
— 
99 
Release of restricted stock, net of shares withheld for taxes
373 
5 
— 
— 
— 
5 
Taxes paid related to net share settlement of equity awards
(1)
— 
(1,148)
— 
— 
(1,148)
Foreign currency translation gain
— 
— 
— 
— 
23,567 
23,567 
Purchase and retirement of treasury stock
(1,967)
(20)
(7,639)
(9,329)
— 
(16,988)
Net income
— 
— 
— 
38,463 
— 
38,463 
Balances as of September 30, 2023
54,840
$
549 
$
346,181 
$
431,140 
$
(32,102)
$
745,768 
Stock compensation
— 
— 
10,406 
— 
— 
10,406 
Release of restricted stock, net of shares withheld for taxes
855 
9 
40 
— 
— 
49 
Settlement of conversion premium of convertible notes due 2024
77 
1 
(1)
— 
— 
— 
Taxes paid related to net share settlement of equity awards
— 
— 
(3,294)
— 
— 
(3,294)
Foreign currency translation loss
— 
— 
— 
— 
(19,445)
(19,445)
Purchase and retirement of treasury stock
(1,219)
(13)
(4,966)
(7,029)
— 
(12,008)
Net income
— 
— 
— 
83,095 
— 
83,095 
Balances as of September 30, 2024
54,553
$
546 
$
348,366 
$
507,206 
$
(51,547)
$
804,571 
See accompanying notes to consolidated financial statements.
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EZCORP, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Fiscal Year Ended September 30,
(in thousands)
2024
2023
2022
Operating activities:
Net income
$
83,095 
$
38,463 
$
50,160 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
33,069 
32,131 
32,140 
Amortization of debt discount and deferred financing costs
1,605 
1,561 
1,433 
Non-cash lease expense
58,393 
56,937 
52,201 
Deferred income taxes
1,354 
(12,802)
4,945 
Impairment of other assets
843 
4,343 
— 
Other adjustments
789 
(2,890)
2,511 
Provision for inventory reserve
73 
603 
(2,253)
Stock compensation expense
10,406 
9,539 
5,053 
Equity in net (income) loss from investment in unconsolidated affiliates
(4,711)
28,459 
(1,779)
Net loss on extinguishment of debt
— 
3,545 
— 
Changes in operating assets and liabilities, net of business acquisitions:
Service charges and fees receivable
(5,217)
(4,204)
(4,572)
Inventory
(8,488)
(4,810)
(15,341)
Prepaid expenses, other current assets and other assets
(8,638)
(1,814)
3,238 
Accounts payable, accrued expenses and other liabilities
(57,158)
(61,522)
(65,141)
Customer layaway deposits
2,950 
1,376 
3,359 
Income taxes
5,235 
12,919 
(2,785)
Dividends from unconsolidated affiliates
— 
— 
3,366 
Net cash provided by operating activities
113,600 
101,834 
66,535 
Investing activities:
Loans made
(937,014)
(821,725)
(740,057)
Loans repaid
522,497 
458,854 
410,523 
Recovery of pawn loan principal through sale of forfeited collateral
363,396 
336,349 
274,423 
Capital expenditures, net
(35,764)
(40,446)
(31,895)
Acquisitions, net of cash acquired
(12,113)
(14,874)
(1,850)
Proceeds from (issuance of) note receivable
421 
(15,500)
(1,000)
Investment in unconsolidated affiliate
(1,131)
(2,133)
(6,927)
Investment in other investments
(15,680)
(15,000)
(16,500)
Dividends from unconsolidated affiliates
3,535 
3,589 
— 
Net cash used in investing activities
(111,853)
(110,886)
(113,283)
Financing activities:
Taxes paid related to net share settlement of equity awards
(3,294)
(1,148)
(792)
Proceeds from borrowings
— 
230,000 
— 
Debt issuance cost
— 
(7,458)
— 
Cash paid on extinguishment of debt
— 
(1,951)
— 
Payments on assumed debt
(34,389)
(178,488)
— 
Purchase and retirement of treasury stock
(12,008)
(16,988)
(2,040)
Payments of finance leases
(492)
(275)
— 
Net cash (used in) provided by financing activities
(50,183)
23,692 
(2,832)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(725)
(41)
325 
Net (decrease) increase in cash and cash equivalents and restricted cash
(49,161)
14,599 
(49,255)
Cash and cash equivalents and restricted cash at beginning of period
228,968 
214,369 
263,624 
Cash and cash equivalents and restricted cash at end of period
$
179,807 
$
228,968 
$
214,369 
    
See accompanying notes to consolidated financial statements.
44

Table of Contents
Notes to Consolidated Financial Statements
NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Business
EZCORP, Inc. was founded in 1989 and is a provider of pawn services in the United States and Latin America. At our pawn stores, we
advance cash against the value of collateralized personal property. We also sell merchandise, primarily collateral forfeited from pawn
activities and pre-owned merchandise purchased from customers. We fulfill short-term cash needs to consumers, with a focus on delivering
an industry-leading customer experience.
As of September 30, 2024, we operated a total of 1,279 locations, consisting of:
•
542 United States pawn stores (operating primarily as EZPAWN or Value Pawn & Jewelry);
•
565 Mexico pawn stores (operating primarily as Empeño Fácil and Cash Apoyo Efectivo); and
•
172 pawn stores in Guatemala, El Salvador and Honduras (operating as GuatePrenda and MaxiEfectivo).
We have an equity interest (43.7% as of September 30, 2024) in Cash Converters International Limited (“Cash Converters”), a publicly
traded company (ASX:CCV) headquartered in Perth, Western Australia. Cash Converters and its controlled companies comprise a diverse
group generating revenues from franchising, store operations, personal finance (including pawn transactions) and vehicle finance, in 669
stores across 17 countries. Additionally, we own a preferred interest in Founders One, LLC (“Founders”) that has majority ownership in
Simple Management Group, Inc. (“SMG”).
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles and
are expressed in U.S. dollars. They include the accounts of EZCORP, Inc., and its wholly-owned subsidiaries. We use the equity method of
accounting for entities over which we exercise significant influence, but in which we have a 50% or less investment. We account for equity
investments in entities over which we do not exercise significant influence, and do not have a readily determinable fair value, at cost. If we
obtain evidence that the fair value of such an investment has declined below its cost, we reduce the recorded cost to the lower value through
an impairment charge recorded in the Consolidated Statements of Operations. All inter-company accounts and transactions have been
eliminated in consolidation.
Use of Estimates and Assumptions
The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of
assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. We regularly evaluate estimates and
judgments, including those related to revenue recognition, inventory, loan loss allowances, long-lived and intangible assets, share-based
compensation, income taxes, contingencies and litigation. We base our estimates on historical experience, observable trends and various
other assumptions we believe are reasonable, the results of which form the basis for making judgements about the carrying values of assets
and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Actual results may differ materially
from the estimates under different assumptions or conditions.
Pawn Loans and Revenue Recognition
Our pawn loans are fully collateralized and the carrying values are based on the initial amounts loaned to customers. We record pawn
service charges using the effective interest method over the life of the pawn loans for all pawn loans we believe to be collectible. We base
our estimate of collectability on several inputs, including recent redemption rates, historical trends in redemption rates and the amount of
loans due in the following months. Unexpected variations in any of these factors could change our estimate of collectability and affect our
results of operations and financial condition. If a pawn loan is not repaid, the forfeited collateral is recorded as inventory at the lower of the
principal balance of the pawn loan or the net realizable value of the item. As of September 30, 2024, consolidated pawn loans outstanding
was $274.1 million, of which $107.5 million (39%) is attributable to stores in Texas and $28.6 million (10%) is attributable to stores in Florida.
As of September 30, 2023, consolidated pawn loans outstanding was $245.8 million, of which $95.5 million (39%) is attributable to stores in
Texas and $25.7 million (10%) is attributable to stores in Florida.
45

Table of Contents
Merchandise Sales Revenue Recognition
Our performance obligations for merchandise sales primarily relate to point in time retail sales in our stores. We recognize the satisfaction of
the performance obligations and record merchandise sales revenue and the related costs when merchandise inventory is sold and delivered
to the customer or, in the case of a layaway sale, when we receive the final payment. Customer layaway deposits are recorded as liabilities
when a customer provides a deposit for merchandise. Customer layaway deposits are generally refundable upon cancellation. Our customer
layaway deposits balance as of September 30, 2024, 2023 and 2022 was $21.6 million, $18.9 million and $16.0 million, respectively, and are
generally recognized as revenue within a one-year period. Customers have a limited period of time to return merchandise for a refund or
exchange, and actual returns for refunds are not material. Sales taxes collected on sales of inventory are excluded from the amounts
recognized as merchandise sales and are recorded as “Accounts payable, accrued expenses and other current liabilities” in our Consolidated
Balance Sheets until remitted to the appropriate governmental authorities.
For precious metals and stones sold as scrap, we recognize the satisfaction of the performance obligations and record the revenues and the
related costs when the inventory is legally transferred to the refiner and the refiner obtains control of the inventory. The accounts receivable
outstanding at the end of a given reporting period from such transactions are not material as payments are generally received within a short
period of time after the legal transfer of the inventory.
Our transaction prices are explicitly stated within the contracts with our customers.
Inventory and Cost of Goods Sold
If a pawn loan is not redeemed, the forfeited collateral is recorded as inventory at the lower of the principal balance of the pawn loan or the
net realizable value of the item. We do not record a loan loss allowance or charge-off expense on the principal portion of forfeited pawn
loans, as such loans are fully collateralized. Inventory is recorded using the specific identification method of accounting.
In order to state inventory at the lower of cost or net realizable value, we record an allowance for excess, obsolete or slow-moving inventory
based on the type and age of the underlying merchandise. Our inventory consists primarily of general merchandise and jewelry.
“Merchandise cost of goods sold” as recorded in our Consolidated Statements of Operations includes the historical cost of inventory sold,
inventory shrinkage and any change in the allowance for inventory shrinkage and valuation. We include the costs of operating our central
jewelry processing unit as “Jewelry scrapping cost of goods sold” in our Consolidated Statements of Operations as such costs relate directly
to sales of precious metals and stones to refiners.
We consider our estimates of obsolete or slow-moving inventory and shrinkage critical to the determination of the appropriate overall
valuation allowance for inventory. We continually monitor our sales margins for each type of inventory and compare the current margins to
historical margins. Significant variances in those margins may require a revision to future inventory reserve estimates. We determine our
reserve pertaining to jewelry inventory based on the current and projected prices of gold. Future declines in the value of gold may result in an
increase in reserves pertaining to jewelry inventory.
Situations that may result in excess or obsolete inventory include changes in business and economic conditions, changes in consumer
confidence caused by changes in market conditions, decreases in demand for our products or inventory obsolescence resulting from
changes in technology.
With respect to our Mexico pawn operations, we do not own the forfeited collateral. However, we assume the risk of loss on such collateral
and are solely responsible for its care and disposition and, therefore, record such collateral as inventory in our Consolidated Balance Sheets.
As of September 30, 2024 and 2023, inventory related to our Mexico pawn operations was $42.2 million and $31.4 million, respectively.
Cash and Cash Equivalents and Cash Concentrations
Cash and cash equivalents consist primarily of cash on deposit or highly liquid investments with original contractual maturities of three
months or less, or money market mutual funds. We hold cash at major financial institutions in amounts that often exceed FDIC insured limits.
We manage our credit risk associated with cash and cash equivalents and cash concentrations by maintaining our cash deposits in high
quality financial institutions and by periodically evaluating the credit quality of the primary financial institutions issuing investments or holding
such deposits. Historically, we have not experienced any losses due to such cash concentrations.
Restricted Cash
As of September 30, 2024 and 2023, restricted cash consists of $0.5 million and $0.3 million, respectively, related to the acquisition of PLO
del Bajio S. de. R.L. de C.V. and $8.8 million and $8.1 million, respectively, held in escrow pending the resolution of a pre-closing tax
indemnity claim related to the sale of Grupo Finmart.
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Investments
We account for our investment in Cash Converters under the equity method. Because the fiscal year of Cash Converters ends three months
before our fiscal year, we record our interest from the results of Cash Converters on a three-month lag. Thus, the results of our operations
reported for the fiscal years ended September 30, 2024, 2023 and 2022 include our percentage interest in the results of Cash Converters for
the twelve-month periods ended June 30, 2024, 2023 and 2022, respectively.
During the first quarter of our fiscal year, we record our percentage interest in the results of Cash Converters for the three months ended
December 31 based on an estimate of the results of Cash Converters for the three months ended September 30 of that year. Similarly, during
the third quarter of our fiscal year, we record our percentage interest in the results of Cash Converters for the three months ended June 30
using the estimated results of Cash Converters for the three months ended March 31 of that year. Cash Converters files semi-annual
financial reports with the Australian Securities & Investments Commission and the Australian Stock Exchange as of and for the periods
ended June 30 and December 31. We use these publicly available financial reports to adjust the estimated amounts we recorded. The actual
results of Cash Converters may vary from our estimates. Refer to Note 3: Strategic Investments for further details on our investment in Cash
Converters.
We account for our investment in Rich Data Corporation (“RDC”) in accordance with ASC 321, Investments — Equity Securities, and we
have elected to use the measurement alternative to measure this investment at cost, less any impairment, plus or minus changes resulting
from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. As of September 30,
2024 and 2023, the carrying value of our investment in RDC was $6.2 million.
Refer to Note 3: Strategic Investments for details on our investment in Founders.
Leases
We determine if an arrangement contains a lease at inception. We have elected not to recognize on the balance sheet leases with terms of
one year or less as a practical expedient. Operating lease assets are included in Right-of-use assets, net and financing lease assets are
included in Other assets, net on the Consolidated Balance Sheets. We enter into operating lease agreements for real estate related to pawn
locations and corporate offices. We have entered into financing lease agreements mainly for motor vehicles.
Operating and financing lease liabilities are recognized at the lease commencement date based on the present value of fixed lease
payments using the Company’s incremental borrowing rate. As our leases generally do not include an implicit rate, we compute our
incremental borrowing rate based on information available at the lease commencement date applying the portfolio approach to groups of
leases with similar characteristics. Our lease terms include options to extend the lease when it is reasonably certain we will exercise its
option. We used incremental borrowing rates that match the duration of the remaining lease terms of our operating leases on a fully
collateralized basis to initially measure our lease liability. We evaluate renewal options periodically for any changes in assumptions.
We do not account for lease and non-lease components separately. Lease components generally include rent, taxes and insurance and non-
lease components generally include common area maintenance. Right-of-use assets are tested for impairment in the same manner as long-
lived assets. We recognize lease expense on a straight-line basis over the lease term with variable lease expense recognized in the period in
which the costs are incurred. Our operating lease portfolio consists of pawn locations and corporate offices with lease terms ranging from
three to ten years, including options to renew. Our financing lease terms range from two to five years. We generally account for the initial
lease term of our pawn locations as up to ten years. Our primary corporate office is leased through March 2029 with annual escalating rent
payments.
Goodwill and Indefinite-Lived Intangible Assets
Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a
business combination measured at fair value. We evaluate goodwill for impairment annually on September 30 and upon the occurrence of
certain triggering events or substantive changes in circumstances that indicate that the fair value of goodwill may be impaired. We consider
the assessment of the occurrence of triggering events or substantive changes in circumstances that may indicate the fair value of goodwill
may be impaired to be a critical estimate.
Impairment of goodwill is tested at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment,
referred to as a “component.” A component of an operating segment is required to be identified as a reporting unit if the component is a
business for which discrete financial information is available and segment management regularly reviews its operating results.
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When testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or
circumstances leads to a determination that it is more-likely-than-not the estimated fair value of a reporting unit is less than its carrying
amount. If we elect to perform a qualitative assessment and determine that an impairment is more-likely-than-not, we are then required to
perform a quantitative impairment test; otherwise, no further analysis is required. We also may elect not to perform a qualitative assessment
and, instead, proceed directly to a quantitative impairment test. When performing a quantitative impairment test, we apply a one-step
quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to
exceed the total amount of goodwill allocated to that reporting unit.
When we perform a quantitative goodwill impairment test, we estimate the fair value of the reporting unit using an income approach based on
the present value of expected future cash flows, including terminal value, utilizing a market-based weighted average cost of capital (“WACC”)
determined separately for each reporting unit. The determination of fair value involves the use of estimates and assumptions, including
revenue growth rates, operating margins and terminal growth rates discounted by an estimated WACC derived from other publicly traded
companies that are similar but not identical to us from an operational and economic standpoint. We use discount rates that are
commensurate with the risks and uncertainties inherent in the respective businesses and in our internally developed forecasts.
We test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is necessary to perform a
quantitative impairment test. If we believe as a result of its qualitative assessment that it is more-likely-than-not the fair value of the indefinite-
lived intangible asset is less than its carrying amount, a quantitative impairment test is required. Otherwise, no further testing is required.
Property and Equipment
We record property and equipment at cost. We depreciate these assets on a straight-line basis using estimated useful lives of 30 years for
buildings and two-to-seven years for furniture, equipment and software development costs. We depreciate leasehold improvements over the
shorter of their estimated useful life (typically 10 years) or the reasonably assured lease term at the inception of the lease.
Valuation of Long-Lived Assets
The carrying values of long-lived assets, inclusive of right-of-use (ROU) assets, are periodically reviewed whenever events or changes in
circumstances indicate the carrying value may not be recoverable, such as historical operating losses or plans to close stores before the end
of their previously estimated useful lives. A potential impairment has occurred if projected future undiscounted cash flows are less than the
carrying value of the assets. The estimate of cash flows includes management's assumptions of cash inflows and outflows directly resulting
from the use of those assets in operations. We consider the assumptions associated with the determination of projected future cash flows to
be a critical estimate. When a potential impairment has occurred, an impairment write-down is recorded if the carrying value of the long-lived
asset exceeds its fair value.
Software Development Costs and Cloud Computing Arrangements
We capitalize certain costs incurred in connection with developing or obtaining software for internal use and amortize the costs on a straight-
line basis over the estimated useful lives of the software, typically five years. Net capitalized development costs are included in “Capital
expenditures, net” in our Consolidated Statements of Cash Flows.
In evaluating whether our cloud computing arrangements include a software license, we consider whether we have the contractual right to
take possession of the software at any time during the hosting period without significant penalty and whether it is feasible for us to either run
the software on our own hardware or contract with another party unrelated to the vendor to host the software. If a cloud computing
arrangement includes a software license, we account for the software license element of the arrangement consistent with the acquisition of
other software licenses. If a cloud computing arrangement does not include a software license, we account for the arrangement as a service
contract. For cloud computing arrangements that meet the definition of a service contract, the Company capitalizes implementation costs
incurred during the application development stage and until the software is ready for its intended use within Other assets, net in our
Consolidated Balance Sheets and then amortizes the costs on a straight-line basis over the term of the contract. The hosting service fees are
not considered an implementation cost and are treated as a prepaid expense and then the Company amortizes the costs on a straight-line
basis over the term of the contract. Costs related to data conversion, training and other maintenance activities are expensed as incurred.
Business Combinations
We allocate the total acquisition price to the fair value of assets and liabilities acquired under the acquisition method with goodwill
representing the excess of purchase price over the fair value of net assets acquired. We expense transaction costs as incurred. We
recognize any adjustments to provisional amounts and goodwill that are identified during the measurement period in the reporting period in
which the adjustment amounts are determined, with the effect on current period earnings of changes in depreciation, amortization or other
income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the
acquisition date.
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Convertible Debt Securities
On October 1, 2021, we early adopted Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options
(Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40), (“ASU 2020-06”) on a modified
retrospective basis. Under ASU 2020-06, we no longer separate the convertible senior notes into liability and equity components. We
recognized a cumulative effect of initially applying the ASU as an adjustment to the October 1, 2021 opening balance of retained earnings.
The conversion option that was previously accounted for in equity under the cash conversion model was recombined into the convertible debt
outstanding, and as a result, additional paid in capital and the related unamortized debt discount on the convertible senior notes were
reduced. The removal of the remaining debt discounts recorded for this previous separation has the effect of increasing our net debt balance.
The prior period consolidated financial statements have not been retrospectively adjusted and continue to be reported under the accounting
standards in effect for those periods.
Foreign Currency
Our foreign subsidiaries use the local currency of their respective countries as their functional currency. Assets and liabilities of our foreign
subsidiaries' balance sheet accounts and our equity method investments are translated from their respective functional currencies into United
States dollars at the exchange rate at the end of each quarter, and their earnings are translated into United States dollars at the average
exchange rate each quarter. We present resulting translation adjustments as a separate component of stockholders’ equity. The cumulative
translation adjustments associated with the net assets of foreign subsidiaries are the only amounts recorded in Accumulated Other
Comprehensive Loss in the accompanying Consolidated Statements of Stockholders’ Equity.
Foreign currency transaction gains and losses not accounted for as translations are included in “Other (income) expense” in our
Consolidated Statements of Operations.
Store Expenses
Included in “Store expenses” are costs related to operating our stores and any direct costs of support offices. These costs include labor, other
direct expenses such as utilities, supplies and banking fees and indirect expenses such as store rent, building repairs and maintenance,
advertising, store property taxes and insurance and regional and area management expenses.
General and Administrative Expense
Included in “General and administrative” expense are costs related to our executive and administrative offices. This includes executive and
administrative salaries, wages, stock and incentive compensation, professional fees, license fees, costs related to the operation of our
administrative offices such as rent, property taxes, insurance, information technology and other corporate costs.
Advertising
Advertising costs are expensed as incurred and included primarily within “Store expenses” in our Consolidated Statements of Operations.
These costs were $6.2 million, $4.9 million and $2.3 million for fiscal 2024, 2023 and 2022, respectively. During fiscal 2024, 2023 and 2022,
we incurred $3.6 million, $2.9 million and $0.3 million, respectively, related to digital advertising. The remaining for each year relates to
general advertising costs.
Stock Compensation
We measure share-based compensation expense at the grant date based on the price of underlying shares at that date and recognize it as
expense ratably over the vesting or service period, as applicable, of the stock award. Our policy is to recognize expense on performance-
based awards, where satisfaction of the performance condition is probable, ratably over the awards’ vesting period and recognize expense
on awards that only have service requirements on a straight-line basis. We recognize forfeitures as they occur when calculating share-based
compensation expense.
Income Taxes
We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement carrying value of assets and liabilities and their tax basis and for
operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to
taxable income in the years in which the related temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized when the rate change is enacted.
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We consider the earnings of certain non-U.S. subsidiaries to be indefinitely invested outside the United States on the basis of estimates that
future domestic cash generation will be sufficient to meet future domestic cash needs and our specific plans for reinvestment of those
subsidiary earnings. We have not recorded a deferred tax liability related to the U.S. federal and state income taxes and foreign withholding
taxes of our undistributed earnings of foreign subsidiaries indefinitely invested outside the U.S. We treat taxes due on future U.S. inclusions
in taxable income related to Global Intangible Low-Taxed Income (“GILTI”) as a current-period expense when incurred.
We may be subject to income tax audits by the respective tax authorities in any or all of the jurisdictions in which we operate or have
operated within a relevant period. Significant judgment is required in determining uncertain tax positions. We utilize the required two-step
approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the
weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related
appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be
realized upon ultimate settlement. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may
require periodic adjustments, and which may not accurately forecast actual outcomes. We adjust these reserves in light of changing facts
and circumstances, such as the closing of an audit or the refinement of an estimate. Changes in recognition or measurement are reflected in
the period in which the change in judgment occurs. We believe adequate provisions for income taxes have been made for all periods. We
recognize interest and penalties related to unrecognized tax benefits as “Income tax expense” in our Consolidated Statements of Operations.
Our policy is to release income tax effects from accumulated other comprehensive income on a segregated unit of account basis.
We consider our assessment of the recognition of deferred tax assets as well as estimates of uncertain tax positions to be critical estimates.
Share Repurchases
When treasury shares are retired, the Company allocates the excess of the repurchase price over the par value of shares acquired between
additional paid-in capital and retained earnings. The portion allocated to additional paid-in capital is limited to the pro rata portion of additional
paid-in capital for the retired treasury shares. Any further excess of the repurchase price is allocated to retained earnings.
Earnings per Share and Common Stock
We compute basic earnings per share based on the weighted average number of shares of common stock outstanding during the period.
Upon our adoption of ASU 2020-06 on October 1, 2021, interest charges on the convertible debt are required to be added to net income and
we calculate diluted earnings per share during the period using the if-converted method. Diluted net income (loss) and diluted weighted-
average shares outstanding are adjusted to account for the impact of the assumed issuance of potential common shares that are dilutive,
subject to dilution sequencing rules. Dilutive potential common shares include outstanding restricted stock awards as well as shares issuable
on conversion of our outstanding convertible debt securities. Potential common shares are required to be excluded from the computation of
diluted earnings per share if the assumed proceeds upon exercise or vest are greater than the cost to re-acquire the same number of shares
at the average market price, and therefore the effect would be anti-dilutive. There were no participating securities outstanding during fiscal
2024, 2023 and 2022 requiring the application of the two-class method. When we are in a loss position for the period, dilutive securities are
excluded from the calculation of earnings per share, as they would have an anti-dilutive effect.
Our capital stock consists of two classes of common stock designated as Class A Non-Voting Common Stock (“Class A Common Stock”) and
Class B Voting Common Stock (“Class B Common Stock”). The rights, preferences and privileges of the Class A and Class B Common Stock
are similar except that each share of Class B Common Stock has one vote and each share of Class A Common Stock has no voting
privileges, except as required by law. All Class A Common Stock is publicly held. Holders of Class B Common Stock may, individually or as a
class, convert some or all of their shares into Class A Common Stock on a one-to-one basis. Class A Common Stock becomes voting
common stock upon the conversion of all Class B Common Stock to Class A Common Stock. We are required to reserve the number of
authorized but unissued shares of Class A Common Stock that would be issuable upon conversion of all outstanding shares of Class B
Common Stock.
Recently Issued Accounting Pronouncements
In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06, Disclosure Improvements - Codification
Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 will impact various
disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity,
derivatives and transfers of financial assets. The amendments in this ASU 2023-06 will be effective on the date the related disclosures are
removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable
disclosure requirement by June 30, 2027. Early adoption is prohibited. We are currently evaluating the impact of this standard on our
consolidated financial statements and related disclosures.
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In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
(“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses regularly provided to the chief operating decision maker
(“CODM”) included within segment operating profit or loss. Additionally, the ASU requires a description of how the CODM utilizes segment
operating profit or loss to assess segment performance. The requirements of ASU 2023-07 are effective for the Company for fiscal years
beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted,
and retrospective application is required for all periods presented. We are currently evaluating the impact of this standard on our consolidated
financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).
ASU 2023-09 requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also
requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax
expense or benefit and income tax expense or benefit from continuing operations. The requirements of this ASU 2023-09 are effective for the
Company for fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied on a
prospective basis. Retrospective application is permitted. We are currently evaluating the impact of this standard on our consolidated
financial statements and related disclosures.
In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts
Statements (“ASU 2024-02”). ASU 2024-02 contains amendments to the Codification that remove references to various FASB Concepts
Statements. The requirements of this ASU 2024-02 are effective for the Company for fiscal years beginning after December 15, 2024 and
can be applied on a prospective or retrospective basis. This standard is not expected to have a significant impact on our consolidated
financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation
Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosure in the
notes to the financial statements of specified information about certain costs and expenses. The requirements of ASU 2024-03 are effective
for the Company for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15,
2027. Early adoption is permitted and should be applied either prospectively to financial statements issued for reporting periods after the
effective date of this ASU or retrospectively to any or all period periods presented in the financial statements. We are currently evaluating the
impact of this standard on our consolidated financial statements and related disclosures.
NOTE 2: EARNINGS PER SHARE
The following table reconciles the number of common shares used to compute basic and diluted earnings per common share:
Fiscal Year Ended September 30,
(in thousands, except per share amounts)
2024
2023
2022
Basic earnings per common share:
Net Income - Basic
$
83,095 
$
38,463 
$
50,160 
Weighted shares outstanding - Basic
54,935 
55,586 
56,498 
Basic earnings per common share
$
1.51 
$
0.69 
$
0.89 
Diluted earnings per common share:
Net Income - Basic
$
83,095 
$
38,463 
$
50,160 
Add: Convertible Notes interest expense, net of tax*
9,947 
4,327 
7,489 
Net Income - Diluted
$
93,042 
$
42,790 
$
57,649 
Weighted shares outstanding - basic
54,935 
55,586 
56,498 
Equity-based compensation awards - effect of dilution**
1,651 
1,482 
678 
Convertible Notes - effect of dilution***
27,862 
23,797 
25,224 
Weighted Shares Outstanding - Diluted
84,448 
80,865 
82,400 
Diluted earnings per common share
$
1.10 
$
0.53 
$
0.70 
Potential common shares excluded from the calculation of diluted earnings per share
above:
Convertible Notes***
— 
5,596 
— 
Restricted stock****
782
801 
1,975 
Total
782
6,397
1,975
*    Effective January 1, 2024, we were required to combination settle the 2024 Convertible Notes. Only the first quarter of 2024 interest expense is included for the year ended
September 30, 2024. The year ended September 30, 2023 includes $5.4 million gain on the partial extinguishment of debt, associated with the 2025 Convertible Notes,
which was recorded to “Interest expense” in our condensed consolidated statement of operations. See Note 7: Debt for additional information.
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**    Includes time-based share-based awards and performance-based awards for which targets for fiscal year tranches have been achieved and vesting is subject only to
achievement of service conditions.
***    As we were required to combination settle the 2024 Convertible Notes effective January 1, 2024, only weighted average shares of 883,283 were included until settlement
on July 1, 2024. On July 1, 2024, the $34.4 million aggregate principal amount outstanding plus accrued interest was repaid using cash on hand and 77,328 shares of
Class A Common Stock, equal to the accreted value, were issued as part of the 2024 Convertible Notes conversion. The 2024 Convertible Notes were considered anti-
dilutive in the sequencing calculation for the fiscal year ended September 30, 2023. See Note 7: Debt for conversion price, initial conversion rate and additional information
on the 2024 Convertible Notes, 2025 Convertible Notes and 2029 Convertible Notes.
****    Includes antidilutive share-based awards and performance-based share-based awards that are contingently issuable, but for which the condition for issuance has not
been met as of the end of the reporting period.
NOTE 3: STRATEGIC INVESTMENTS
Cash Converters International Limited
As of September 30, 2024, we owned 273,939,157 shares, or approximately 43.7%, of Cash Converters. We acquired our original
investment in November 2009 and have increased our ownership through the acquisition of additional shares periodically since that time.
We received cash dividends from Cash Converters of $3.5 million, $3.6 million and $3.4 million during the years ended September 30, 2024,
2023 and 2022, respectively. In October 2024, we received a cash dividend of $1.8 million from Cash Converters.
The following tables present summary financial information for Cash Converters’ most recently reported results as applicable after translation
to U.S. dollars:
 
June 30,
(in thousands)
2024
2023
Current assets
$
185,649 
$
189,563 
Non-current assets
133,043 
103,595 
Total assets
$
318,692 
$
293,158 
Current liabilities
$
103,771 
$
97,630 
Non-current liabilities
74,010 
58,777 
Shareholders’ equity
140,911 
136,751 
Total liabilities and shareholders’ equity
$
318,692 
$
293,158 
 
Fiscal Year Ended June 30,
(in thousands)
2024
2023
2022
Gross revenues
$
251,135 
$
203,608 
$
178,215 
Gross profit
$
152,879 
$
125,709 
$
116,106 
Net profit (loss)
$
11,420 
$
(65,351)
$
8,099 
Our equity in Cash Converters’ net income was $5.0 million and $2.9 million in fiscal 2024 and 2022, respectively. Our equity in Cash
Converters’ net loss was $28.5 million in fiscal 2023, which includes $32.4 million of our share of their non-cash goodwill impairment charge.
Cash Converters’ accumulated undistributed after-tax loss included in our consolidated retained earnings were $14.7 million as of
September 30, 2024.
At September 30, 2024, 2023 and 2022, the fair value of our investment in Cash Converters, as estimated by reference to its quoted market
price per share, was greater than its carrying value. See Note 4: Fair Value Measurements for the fair value and carrying value of our
investment in Cash Converters.
Founders One, LLC
In fiscal 2022, we invested $15.0 million in exchange for a non-redeemable voting participating preferred equity interest in Founders One,
LLC (“Founders”), a then newly-formed entity with one other member. In fiscal 2023, we contributed an additional $15.0 million associated
with our preferred interest and loaned Founders $15.0 million in exchange for a Demand Promissory Note secured by the common interest
held by the other member. In fiscal 2024, we contributed an additional $15.0 million associated with our preferred interest, bringing our total
preferred equity investment in Founders to $45.0 million.
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We have an interest in Founders, a variable interest entity, but because we are not the primary beneficiary, we do not consolidate Founders.
Further, as we are not the appointed manager, we do not have the ability to direct the activities of the investment entity that most significantly
impact its economic performance. Consequently, our equity investment in Founders is accounted for utilizing the measurement alternative
within ASC 321, Investments — Equity Securities. As of September 30, 2024, our $45.0 million carrying value of the investment and
$15.0 million Demand Promissory Note are included in “Other investments” and “Prepaid expenses and other current assets” in our
consolidated balance sheets, respectively. As of September 30, 2024, our maximum exposure for losses related to our investment in
Founders was our $45.0 million equity investment and $15.0 million Demand Promissory Note plus accrued and unpaid interest. See Note 4:
Fair Value Measurements for the fair value and carrying value of our loan to Founders.
NOTE 4: FAIR VALUE MEASUREMENTS
The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the quality and reliability of the
information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant
to the fair value measurement. The fair value hierarchy is defined into the following three categories:
•
Level 1 — Quoted market prices in active markets for identical assets or liabilities.
•
Level 2 — Other observable market-based inputs or unobservable inputs that are corroborated by market data.
•
Level 3 — Unobservable inputs that are not corroborated by market data.
Financial Assets and Liabilities Not Measured at Fair Value
The tables below present our financial assets and liabilities that were not measured at fair value:
Carrying Value
Estimated Fair Value
 
September 30,
2024
September 30,
2024
Fair Value Measurement Using
(in thousands)
Level 1
Level 2
Level 3
Financial assets:
Promissory note receivable from Founders
$
15,722 
$
15,722 
$
— 
$
— 
$
15,722 
Investments in unconsolidated affiliates
13,329 
42,496 
41,646 
— 
850 
Financial liabilities:
2025 Convertible Notes
$
103,072 
$
100,401 
$
— 
$
100,401 
$
— 
2029 Convertible Notes
224,256 
273,700 
— 
273,700 
— 
Carrying Value
Estimated Fair Value
 
September 30,
2023
September 30,
2023
Fair Value Measurement Using
(in thousands)
Level 1
Level 2
Level 3
Financial assets:
Promissory note receivable due April 2024
$
1,251 
$
1,251 
$
— 
$
— 
$
1,251 
Promissory note receivable from Founders
16,500 
16,500 
— 
— 
16,500 
Investments in unconsolidated affiliate
10,987 
35,998 
35,998 
— 
— 
Financial liabilities:
2024 Convertible Notes
$
34,265 
$
35,765 
$
— 
$
35,765 
$
— 
2025 Convertible Notes
102,563 
96,137 
— 
96,137 
— 
2029 Convertible Notes
223,284 
224,112 
— 
224,112 
— 
Based primarily on the short-term nature of cash and cash equivalents, pawn loans, pawn service charges receivable and other liabilities, we
estimate that their carrying value approximates fair value. We consider our cash and cash equivalents to be measured using Level 1 inputs
and our pawn loans, pawn service charges receivable and other liabilities to be measured using Level 3 inputs. Significant increases or
decreases in the underlying assumptions used to value pawn loans, pawn service charges receivable, consumer loans, fees and interest
receivable and other debt could significantly increase or decrease these fair value estimates.
In fiscal 2023, we loaned $15.0 million to Founders in exchange for a Demand Promissory Note secured by the common interest in Founders
held by the other member. As of September 30, 2024, the interest rate on the note was 15.00% per annum, and all principal and accrued
interest is due on demand. Based primarily on the short-term nature of the note, we estimate that its carrying value approximates fair value
as of September 30, 2024.
We use the equity method of accounting to account for our ownership interest in Cash Converters. The inputs used to generate the fair value
of the investment in Cash Converters were considered Level 1 inputs. These inputs consist of (a) the quoted stock price on the Australian
Stock Exchange multiplied by (b) the number of shares we owned multiplied by (c) the applicable foreign currency exchange rate as of the
end of our reporting period. We included no control premium for owning a large percentage of outstanding shares.
We measured the fair value of the 2024, 2025 and 2029 Convertible Notes using quoted price inputs. The notes are not actively traded, and
thus the price inputs represent a Level 2 measurement. As the quoted price inputs are highly variable from day to day, the fair value
estimates disclosed above could significantly increase or decrease.
In fiscal 2019, we received $1.1 million in previously escrowed seller funds as a result of settling certain indemnification claims with the seller
of GPMX. In April 2019, we loaned the $1.1 million back to the seller of GPMX in exchange for a promissory note. The interest rate on the
note was 2.89% per annum and was secured by certain marketable securities owned by the seller and held in a U.S. brokerage account. All
principal and accrued interest on the promissory note was received in April 2024.
See “Note 10: Leases” for discussion on the non-recurring fair value adjustment related to our corporate office lease during fiscal 2023.

NOTE 5: PROPERTY AND EQUIPMENT
Major classifications of property and equipment were as follows:
 
September 30,
 
2024
2023
(in thousands)
Carrying

Amount
Accumulated

Depreciation
Net Book

Value
Carrying

Amount
Accumulated

Depreciation
Net Book

Value
Land
$
4 
$
— 
$
4 
$
4 
$
— 
$
4 
Buildings and improvements
145,001 
(105,337)
39,664 
146,687 
(109,710)
36,977 
Furniture and equipment
100,823 
(74,882)
25,941 
164,818 
(133,870)
30,948 
Software
34,886 
(34,522)
364 
33,952 
(33,785)
167 
$
280,714 
$
(214,741)
$
65,973 
$
345,461 
$
(277,365)
$
68,096 
The depreciation of property and equipment is recorded as depreciation expense and included under “Depreciation and amortization”
recorded in our Consolidated Statements of Operations. These amounts were $21.5 million, $22.1 million and $20.4 million for fiscal 2024,
2023 and 2022, respectively.    
NOTE 6: GOODWILL AND INTANGIBLE ASSETS
We evaluate goodwill for impairment annually on September 30 and upon the occurrence of certain triggering events or substantive changes
in circumstances that indicate that the fair value of goodwill may be impaired.
As of September 30, 2024, we assessed qualitative and quantitative factors and determined that it was not more-likely-than-not that the fair
values of our reporting units were less than their carrying values as of the testing date. As a result of our assessment, no goodwill impairment
charge was recorded during the fiscal year ended September 30, 2024. There was no impairment charge recorded during the fiscal years
ended September 30, 2023 and 2022. Accumulated goodwill impairment losses of $41.3 million were recorded prior to 2022 associated with
the U.S. Pawn ($10.0 million) and Latin America Pawn ($31.3 million) segments because of the impact of the COVID-19 pandemic on typical
customer behavior, which led to a significant decline in pawn loan balances and the mandated closure of stores in our GPMX countries.
The following table presents the changes in the carrying value of goodwill by segment:
(in thousands)
U.S. Pawn
Latin America
Pawn
Consolidated
Balances as of September 30, 2022
$
245,503 
$
41,325 
$
286,828 
Acquisitions
10,439 
— 
10,439 
Effect of foreign currency translation changes
— 
5,105 
5,105 
Balances as of September 30, 2023
$
255,942 
$
46,430 
$
302,372 
Acquisitions
8,486 
— 
8,486 
Effect of foreign currency translation changes
— 
(4,380)
(4,380)
Balances as of September 30, 2024
$
264,428 
$
42,050 
$
306,478 
(a) Amount represents goodwill recognized in connection with acquisitions within the U.S. Pawn segment that were immaterial, individually and in the aggregate, and we have
therefore omitted certain disclosures.
(a)
(a)
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As of September 30, 2024, we assessed qualitative and quantitative factors and determined that it was not more-likely-than-not that the fair
values of our indefinite-lived intangible assets were less than their carrying values.
The following table presents the balance of each major class of intangible assets:
 
September 30,
(in thousands)
2024
2023
Non-amortizing intangible assets:
        Trade names
$
18,771 
$
19,793 
        Pawn licenses
9,534 
9,535 
$
28,305 
$
29,328 
Amortizing intangible assets:
        Internally developed software
$
103,428 
$
89,488 
        Accumulated amortization
(73,318)
(60,628)
$
30,110 
$
28,860 
   Other
$
2,303 
$
2,346 
   Accumulated amortization
(2,267)
(2,318)
$
36 
$
28 
Intangible assets, net
$
58,451 
$
58,216 
The amortization of most definite-lived intangible assets is recorded as amortization expense and included under “Depreciation and
amortization” expense in our Consolidated Statements of Operations. These amounts were $11.6 million, $10.0 million and $11.7 million for
fiscal 2024, 2023 and 2022, respectively.
A charge of $2.4 million was recorded during fiscal 2022 to ”General and administrative” expenses in our Consolidated Statements of
Operations related to an asset write-down associated with an information technology software infrastructure migration.
As of September 30, 2024, our estimate of future amortization expense for definite-lived intangible assets is as follows (in thousands):
2025
$
10,674 
2026
8,257 
2027
6,008 
2028
3,485 
2029
1,708 
Thereafter
14 
$
30,146 
As acquisitions and dispositions occur in the future, amortization expense may vary from these estimates.
NOTE 7: DEBT
The following table presents the Company’s debt instruments outstanding:
 
September 30, 2024
September 30, 2023
(in thousands)
Gross
Amount
Debt Issuance
Costs
Carrying

Amount
Gross
Amount
Debt Issuance
Costs
Carrying

Amount
2029 Convertible Notes
$
230,000 
$
(5,744)
$
224,256 
$
230,000 
$
(6,716)
$
223,284 
2025 Convertible Notes
103,373 
(301)
103,072 
103,373 
(810)
102,563 
2024 Convertible Notes
— 
— 
— 
34,389 
(124)
34,265 
Total
$
333,373 
$
(6,045)
$
327,328 
$
367,762 
$
(7,650)
$
360,112 
Less current portion
103,373 
(301)
103,072 
34,389 
(124)
34,265 
Total long-term debt
$
230,000 
$
(5,744)
$
224,256 
$
333,373 
$
(7,526)
$
325,847 
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The following table presents the Company’s contractual maturities related to the debt instruments as of September 30, 2024
Schedule of Contractual Maturities
(in thousands)
2029 Convertible Notes
2025 Convertible Notes
Total
Fiscal 2025
$
— 
$
103,373 
$
103,373 
Fiscal 2026
— 
— 
— 
Fiscal 2027
— 
— 
— 
Fiscal 2028
— 
— 
— 
Fiscal 2029
— 
— 
— 
Thereafter
230,000 
— 
230,000 
Total long-term debt
$
230,000 
$
103,373 
$
333,373 
The following table presents the Company’s interest expense related to the Convertible Notes:
Fiscal Year Ended September 30,
(in thousands)
2024
2023
2022
2029 Convertible Notes:
Contractual interest expense
$
8,625 
$
6,900 
$
— 
Amortization of deferred financing costs
972 
742 
— 
Total interest expense
$
9,597 
$
7,642 
$
— 
2025 Convertible Notes:
Contractual interest expense
$
2,455 
$
2,779 
$
4,097 
Amortization of deferred financing costs
509 
559 
797 
Gain on extinguishment
— 
(5,389)
— 
Total interest expense
$
2,964 
$
(2,051)
$
4,894 
2024 Convertible Notes:
Contractual interest expense
$
742 
$
1,609 
$
4,133 
Amortization of deferred financing costs
124 
260 
635 
Loss on extinguishment
— 
8,935 
— 
Total interest expense
$
866 
$
10,804 
$
4,768 
3.750% Convertible Senior Notes Due 2029
In December 2022, we issued $230.0 million aggregate principal amount of 3.750% Convertible Senior Notes Due 2029 (the “2029
Convertible Notes”), for which $230.0 million remains outstanding as of September 30, 2024. The 2029 Convertible Notes were
issued pursuant to an indenture dated December 12, 2022 (the “2022 Indenture”) by and between the Company and Truist Bank, as trustee.
The 2029 Convertible Notes were issued in a private offering under Rule 144A under the Securities Act of 1933. The 2029 Convertible Notes
pay interest semi-annually in arrears at a rate of 3.750% per annum on June 15 and December 15 of each year, commencing June 15, 2023,
and mature on December 15, 2029 (the “2029 Maturity Date”), unless converted, redeemed or repurchased in accordance with the terms
prior to such date. At maturity, the holders of the 2029 Convertible Notes will be entitled to receive cash equal to the principal of the 2029
Convertible Notes plus accrued interest.
The effective interest rate for fiscal 2024 was approximately 4.28%. As of September 30, 2024, the remaining unamortized debt issuance
costs will be amortized using the effective interest method through the 2029 Maturity Date assuming no early conversion.
The 2029 Convertible Notes are convertible based on an initial conversion rate of 89.0313 shares of Class A Common Stock per $1,000
principal amount (equivalent to an initial conversion price of $11.23 per share). The conversion rate will not be adjusted for any accrued and
unpaid interest. The 2029 Convertible Notes contain certain make-whole fundamental change premiums and customary anti-dilution
adjustments. Upon conversion, we may settle in cash, shares of Class A Common Stock or any combination thereof, at our election.
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Prior to June 15, 2029, the 2029 Convertible Notes will be convertible only under the following circumstances: (1) during any fiscal quarter
commencing after the fiscal quarter ending on March 31, 2023 (and only during such fiscal quarter), if the last reported sale price of our Class
A Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last
trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading
day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading
price, as defined in the 2022 Indenture, per $1,000 principal amount of notes for each trading day of the measurement period was less than
98% of the product of the last reported sale price of our Class A Common Stock and the conversion rate on such trading day; (3) if we call
any or all of the 2029 Convertible Notes for redemption, at any time prior to the close of business on the business day immediately preceding
the redemption date; or (4) upon the occurrence of specified corporate events, as defined in the 2022 Indenture. On or after June 15, 2029
until the close of business on the business day immediately preceding the 2029 Maturity Date, holders of 2029 Convertible Notes may, at
their option, convert their 2029 Convertible Notes at any time, regardless of the foregoing circumstances.
We may not redeem the 2029 Convertible Notes prior to December 21, 2026. At our option, we may redeem for cash all or any portion of the
2029 Convertible Notes on or after December 21, 2026, if the last reported sale price of the Class A Common Stock has been at least 130%
of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately
preceding the date on which we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the
trading day immediately preceding the date on which we provide notice of redemption. The redemption price will be equal to 100% of the
principal amount of the 2029 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
As of September 30, 2024, the 2029 Convertible Notes were not convertible as no conditions of conversion had been met. Accordingly, the
net balance of the 2029 Convertible Notes was classified as a non-current liability in our Consolidated Balance Sheets as of September 30,
2024. The classification of the 2029 Convertible Notes as current or non-current in the Consolidated Balance Sheets is evaluated at each
balance sheet date and may change from time to time depending on whether any of the conversion conditions has been met.
If one of the conversion conditions is met in any future fiscal quarter, we will classify our net liability under the 2029 Convertible Notes as a
current liability in the Consolidated Balance Sheets as of the end of that fiscal quarter. If none of the conversion conditions have been met in
a future fiscal quarter prior to the one-year period immediately preceding the 2029 Maturity Date, we will classify our net liability under the
2029 Convertible Notes as a non-current liability in the Consolidated Balance Sheets as of the end of that fiscal quarter. If the note holders
elect to convert their 2029 Convertible Notes prior to maturity, any unamortized debt issuance costs will be recognized as expense at the
time of conversion. If the entire outstanding principal amount had been converted on September 30, 2024, we would have recorded an
expense associated with the conversion, comprised of $5.7 million of unamortized debt issuance costs. As of September 30, 2024, none of
the note holders had elected to convert their 2029 Convertible Notes.
The stock trading price condition and other triggers are measured on a quarter-by-quarter basis and were not met as of September 30,
2024. As of September 30, 2024, the if-converted value of the 2029 Convertible Notes did not exceed the principal amount.
Note Repurchases
In December 2022, we repurchased approximately $109.4 million aggregate principal amount of 2.875% Convertible Senior Notes Due 2024
for approximately $117.5 million plus accrued interest and approximately $69.1 million aggregate principal amount of 2.375% Convertible
Senior Notes Due 2025 for approximately $62.9 million plus accrued interest and recognized a $3.5 million loss on extinguishment of debt
recorded to “Interest expense” in our Consolidated Statement of Operations.
2.375% Convertible Senior Notes Due 2025
In May 2018, we issued $172.5 million aggregate principal amount of 2.375% Convertible Senior Notes Due 2025 (the “2025 Convertible
Notes”), for which $103.4 million remains outstanding as of September 30, 2024. The 2025 Convertible Notes were issued pursuant to an
indenture dated May 14, 2018 (the “2018 Indenture”) by and between the Company and Wells Fargo Bank, National Association, as the
original trustee. Effective October 1, 2019, Truist (formerly BB&T) assumed the duties and responsibilities as trustee under the 2018
Indenture. The 2025 Convertible Notes were issued in a private offering under Rule 144A under the Securities Act of 1933. The 2025
Convertible Notes pay interest semi-annually in arrears at a rate of 2.375% per annum on May 1 and November 1 of each year, commencing
November 1, 2018, and mature on May 1, 2025 (the “2025 Maturity Date”), unless converted, redeemed or repurchased in accordance with
the terms prior to such date.
The effective interest rate for fiscal 2024 was approximately 2.88% for the 2025 Convertible Notes. As of September 30, 2024, the remaining
unamortized debt issuance costs will be amortized using the effective interest method through the 2025 Maturity Date assuming no early
conversion.
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The 2025 Convertible Notes are convertible based on an initial conversion rate of 62.8931 shares of Class A Common Stock per $1,000
principal amount (equivalent to an initial conversion price of $15.90 per share). The conversion rate will not be adjusted for any accrued and
unpaid interest. The 2025 Convertible Notes contain certain make-whole fundamental change premiums and customary anti-dilution
adjustments. Upon conversion prior to November 1, 2024, we could settle in cash, shares of Class A Common Stock or any combination
thereof, at our election.
Prior to November 1, 2024, the 2025 Convertible Notes were convertible at the option of the holders only upon certain conditions, none of
which were met. On or after November 1, 2024 until the close of business on the business day immediately preceding the 2025 Maturity
Date, holders of 2025 Convertible Notes may, at their option, convert their 2025 Convertible Notes at any time. Conversions occurring on or
after November 1, 2024, are settled in a combination of cash and shares of Class A Common Stock, unless, by November 1, 2024, we elect
another settlement method. Pursuant to the terms of the 2018 Indenture, we have elected to settle any conversions of the 2025 Convertible
Notes using shares of Class A Common Stock (physical settlement). On October 28, 2024, we provided notice of that election to the trustee.
Given the 2025 Maturity Date of May 1, 2025, the net balance of the 2025 Convertible Notes was classified as a current liability in our
Consolidated Balance Sheets as of September 30, 2024. If the note holders elect to convert their 2025 Convertible Notes prior to maturity,
any unamortized debt issuance costs will be recognized as expense at the time of conversion. If the entire outstanding principal amount had
been converted on September 30, 2024, we would have recorded an expense associated with the conversion, comprised of $0.3 million of
unamortized debt issuance costs. The stock trading price condition and other triggers are measured on a quarter-by-quarter basis and were
not met as of September 30, 2024. As of September 30, 2024, the if-converted value of the 2025 Convertible Notes did not exceed the
principal amount and none of the note holders had elected to convert their 2025 Convertible Notes.
2.875% Convertible Senior Notes Due 2024
In July 2017, we issued $143.75 million aggregate principal amount of 2.875% Convertible Senior Notes Due 2024 (the “2024 Convertible
Notes”), none of which remain outstanding as of September 30, 2024. The 2024 Convertible Notes were issued pursuant to an indenture
dated July 5, 2017 (the “2017 Indenture”) by and between the Company and Wells Fargo Bank, National Association, as the original trustee.
Effective October 1, 2019, Truist (formerly BB&T) assumed the duties and responsibilities as trustee under the 2017 Indenture. The 2024
Convertible Notes were issued in a private offering under Rule 144A under the Securities Act of 1933. The 2024 Convertible Notes paid
interest semi-annually in arrears at a rate of 2.875% per annum on January 1 and July 1 of each year, commencing January 1, 2018, and
matured on July 1, 2024 (the “2024 Maturity Date”). On July 1, 2024, the $34.4 million aggregate principal amount outstanding plus accrued
interest was repaid using cash on hand and 77,328 Class A Common Stock shares, equal to the accreted value, were issued as part of the
2024 Convertible Notes conversion.
NOTE 8: COMMON STOCK AND STOCK COMPENSATION
Common Stock Repurchase Program
On May 3, 2022, our Board of Directors (the “Board”) authorized the repurchase of up to $50 million of our Class A Common Stock over three
years (the “Common Stock Repurchase Program”). Execution of the program will be responsive to fluctuating market conditions and
valuations, liquidity needs and the expected return on investment compared to other opportunities.
The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market
conditions, legal and regulatory requirements, general business conditions, the level of cash flows and corporate considerations determined
by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The
Board has reserved the right to modify, suspend or terminate the program at any time. As of September 30, 2024, we had repurchased and
retired 2,845,548 shares of our Class A Common Stock for $26.0 million under the Common Stock Repurchase Program, of which 1,218,503
and 1,389,102 shares were repurchased and retired for $12.0 million during the fiscal years ended September 30, 2024 and 2023,
respectively. The repurchase amount is allocated between “Additional paid-in capital” and “Retained earnings” in our Consolidated Balance
Sheets.
Other Common Stock Repurchases
During December 2022, we used approximately $5.0 million of the net proceeds from the 2029 Convertible Notes offering to repurchase for
cash 578,703 shares of our Class A Common Stock from purchasers of the notes in privately negotiated transactions. Such transactions
were authorized separately from, and not considered a part of, the publicly announced Common Stock Repurchase Program discussed
above. The repurchase amount is allocated between “Additional paid-in capital” and “Retained earnings” in our consolidated balance sheets.
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Stock Compensation
We utilize equity-based awards as a long-term incentive to attract and retain qualified employees, consultants and directors and motivate
them to achieve long-term goals, thereby promoting the long-term financial interests of the Company and enhancing long-term stockholder
return.
2022 LTI Plan
On March 1, 2022, we adopted the 2022 Long-Term Incentive Plan (the “2022 LTI Plan”), which gives us the ability to grant equity-based
incentive compensation awards, in the form of restricted stock or restricted stock units, to our employees, members of the Board of Directors
and consultants, independent contractors or advisors who are determined to have a direct and significant effect on the Company’s
performance. The total number of shares of Class A Common Stock that may be issued pursuant to awards under the 2022 LTI Plan
(“Authorized Shares”) is such number that is from time to time approved by the holder of the Company’s Class B Voting Common Stock (the
“Voting Stockholder”). At the time the 2022 LTI Plan was adopted, 400,000 shares of our Class A Common Stock were added as Authorized
Shares. That number was increased to 1,900,000 in October 2022, to 3,300,000 in November 2023 and to 4,150,000 in October 2024. At
any time, the number of shares that are available for issuance under future awards (“Available Shares”) is equal to the number of Authorized
Shares reduced by the number of shares previously issued and the number of shares that may be issued under outstanding awards. The
number of Available Shares is increased for shares covered by awards that are forfeited, cancelled or otherwise terminated without the
issuance of shares or shares that are withheld at the request of a participant to satisfy such participant’s tax withholding obligations.
The 2022 LTI Plan is administered by the People and Compensation Committee of the Board of Directors (the “Committee”). The Committee
generally determines and recommends the type, recipient, amount and terms for all awards issued under the 2022 LTI Plan, but each award
issuance requires the approval of the full Board of Directors.
Restricted stock awards are generally subject to continued service over a specified period (typically one-to-three years) and expensed
straight-line over the service period. Restricted stock units are generally subject to the achievement of performance goals in addition to
continued service, and they are expensed, on a tranche-by-tranche basis, ratably over the service period beginning with the start of the
measurement of performance.
2010 LTI Plan
The 2022 LTI Plan replaced the 2010 Long-Term Incentive Plan (the “2010 LTI Plan”) for all long-term incentive awards issued from and after
January 1, 2022. The 2010 LTI Plan remains effective, but only with respect to LTI awards issued and outstanding as of December 31, 2021,
and any authorized but unissued shares remaining in the 2010 LTI Plan are available only to satisfy such awards.
Under the 2010 LTI Plan, we granted awards of restricted stock or restricted stock units to employees and non-employee directors. Awards
granted to employees were typically subject to performance and service conditions. Awards granted to non-employee directors were time-
based awards subject only to service conditions. Awards were measured at the grant date fair value with compensation costs associated with
the awards recognized over the requisite service period, usually the vesting period, on a straight-line basis.
Board of Director Awards
Immediately after our 2024 Annual Meeting of Stockholders in March 2024, we granted each of the five non-employee directors a restricted
stock award of 15,037 shares (75,185 shares in total). Those shares are scheduled to vest on the day immediately preceding the 2025
Annual Meeting of Stockholders (but in no event later than March 31, 2025), subject only to service conditions.
In March 2023, we granted each of the five non-employee directors a restricted stock award of 18,038 shares (90,190 shares in total). Those
shares vested on the day immediately preceding the 2024 Annual Meeting of Stockholders in March 2024.
In March 2022, we granted each of the five non-employee directors a restricted stock award of 26,490 shares (132,450 shares in total).
Those shares vested on the day immediately preceding the 2023 Annual Meeting of Stockholders in March 2023.
In February 2021, we granted each of the four non-employee directors serving at that time a restricted stock award of 31,936 shares
(127,744 shares in total). Those shares vested on the day immediately preceding our 2022 Annual Meeting of Stockholders in March 2022.
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Employee Awards
FY24 Awards — In November 2023, we granted restricted stock unit awards of a total of 995,759 shares to our executive officers and other
key employees. These awards were issued as part of our annual LTI program for fiscal 2024. The awards have a three-year performance
period consisting of fiscal 2024, fiscal 2025 and fiscal 2026. For each award, 60% of the total number of shares was allocated equally among
the three fiscal years in the performance period (20% each), with each tranche having separate performance conditions. In addition, 20% of
the total number of shares was allocated to a three-year cumulative performance condition applicable to the entire three-year performance
period, and 20% was subject only to continued service. The number of shares available to vest from each performance-based tranche can
range from 0 to 150% and is dependent on the achievement of the performance conditions for that tranche. All of the performance-based
shares that become available to vest based on the achievement of the performance conditions, along with the time-based tranche, will vest
on September 30, 2026, so long as the participant continues active employment with the Company through that date. Performance targets
for the fiscal 2024 tranche and the three-year cumulative tranche were determined and communicated at the time of grant. Grant dates for
the fiscal 2025 and fiscal 2026 tranches will be determined when the applicable performance targets are established for those tranches. As of
September 30, 2024, we considered the performance targets for the fiscal 2024 tranche to be probable of achievement at the 133% level and
the cumulative performance target for the three-year cumulative tranche to be probable of achievement at the 100% level. During fiscal 2024,
we granted restricted stock unit awards of an additional 17,524 shares to key employees in connection with promotions or new hires. These
additional awards carry the same terms as those granted in November 2023.
FY23 Awards — In October 2022, we granted restricted stock unit awards of a total of 912,524 shares to our executive officers and other key
employees. These awards were issued as part of our annual LTI program for fiscal 2023. The awards have a three-year performance period
consisting of fiscal 2023, fiscal 2024 and fiscal 2025. For each award, 60% of the total number of shares was allocated equally among the
three fiscal years in the performance period (20% each), with each tranche having separate performance conditions. In addition, 20% of the
total number of shares was allocated to a three-year cumulative performance condition applicable to the entire three-year performance
period, and 20% was subject only to continued service. The number of shares available to vest from each performance-based tranche can
range from 0 to 150% and is dependent on the achievement of the performance conditions for that tranche. All of the performance-based
shares that become available to vest based on the achievement of the performance conditions, along with the time-based tranche, will vest
on September 30, 2025, so long as the participant continues active employment with the Company through that date. Performance targets
for the fiscal 2023 tranche and the three-year cumulative tranche were determined and communicated at the time of grant. Grant dates for
the fiscal 2024 and fiscal 2025 tranches correspond to the establishment and communication of the applicable performance targets for those
tranches. As of September 30, 2023, we considered the performance targets for the fiscal 2023 tranche to be probable of achievement at the
147% level, and as of September 30, 2024, we considered the performance targets for the fiscal 2024 tranche to be probable of achievement
at the 133% level, and the cumulative performance target for the three-year cumulative tranche to be probable of achievement at the 150%
level. During fiscal 2023, we granted restricted stock unit awards of an additional 8,036 shares to key employees in connection with
promotions or new hires. These additional awards carry the same terms as those granted in October 2022.
FY22 Awards — In October and November 2021, we granted restricted stock unit awards of a total of 981,327 shares to our executive
officers and other key employees. These awards were issued as part of our annual LTI program for fiscal 2022. The awards have a three-
year performance period consisting of fiscal 2022, fiscal 2023 and fiscal 2024. For each award, the total number of shares was allocated
equally among the three fiscal years in the performance period, with each tranche having separate performance conditions. The number of
shares available to vest from each tranche can range from 0 to 150% and is dependent on the achievement of the performance condition for
that tranche. All of the shares that become available to vest based on the achievement of the performance conditions will vest on September
30, 2024, so long as the participant continues active employment with the Company through that date. Performance targets for the fiscal
2022 tranche were determined and communicated at the time of grant. Grant dates for the other two tranches correspond to the
establishment and communication of the applicable performance targets for these tranches. As of September 30, 2022, we considered the
performance targets for the fiscal 2022 tranche to be probable of achievement at the 150% level, as of September 30, 2023, we considered
the performance targets for the fiscal 2023 tranche to be probable of achievement at the 147% level, and as of September 30, 2024, we
considered the performance targets for the fiscal 2024 tranche to be probable of achievement at the 133% level. During fiscal 2022, we
granted restricted stock unit awards of an additional 161,265 shares to executive officers and other key employees in connection with
promotions or new hires. These additional awards carry the same terms as those granted in October and November 2021.
In October 2021, we granted a restricted stock award of 29,722 shares to an executive officer as a special performance and retention award.
This awards vested ratably over three years (fiscal 2022, fiscal 2023 and fiscal 2024).
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FY21 Awards — In February 2021, we granted restricted stock units of a total of 1,177,214 shares to our executive officers and other key
employees. The awards have a three-year performance period consisting of fiscal 2021, fiscal 2022 and fiscal 2023. For each award, the
total number of shares was allocated equally among the three fiscal years in the performance period, with each tranche having separate
performance conditions. The number of shares available to vest from each tranche can range from 0 to 150% and is dependent on the
achievement of the performance condition for that tranche. All of the shares that became available to vest based on the achievement of the
performance conditions vested on September 30, 2023, for participants whose active employment with the Company continued through that
date. Performance targets for the fiscal 2021 tranche were determined and communicated in February 2021, and performance targets for the
fiscal 2022 tranche were determined and communicated in October 2021, and performance targets for the fiscal 2023 tranche were
determined and communicated in October 2022. As of September 30, 2021, we considered the performance targets for the fiscal 2021
tranche to be probable of achievement at the 150% level, as of September 30, 2022, we considered the performance targets for the fiscal
2022 tranche to be probable of achievement at the 150% level, and as of September 30, 2023, we considered the performance targets for
the fiscal 2023 tranche to be probable of achievement at the 135% level. During fiscal 2021, we granted restricted stock unit awards of an
additional 4,722 shares of restricted stock to employees in connection with promotions or new hires. These additional awards carry the same
terms as those granted in February 2021. All of these awards vested in November 2023, after the Committee determined that the
performance conditions had been met.
FY20 Awards — In January 2020, the Committee approved restricted stock unit awards for executive officers and key employees, but did not
finalize the performance targets at that time. In January 2021, the Committee approved the applicable performance targets and we granted
restricted stock unit awards of a total of 550,224 shares of restricted stock to employees. We consider the awards to have a three-year
performance period consisting of fiscal 2020, fiscal 2021 and fiscal 2022, with a service condition applicable to fiscal 2020 and then separate
performance conditions applicable to fiscal 2021 and 2022. For each award, the total number of shares was allocated equally among fiscal
2021 and fiscal 2022, with each tranche having separate performance conditions. The number of shares available to vest from each tranche
was dependent on the achievement of the performance condition for that tranche and could range from 0 to 100%. All of the shares that
became available to vest based on the achievement of the performance conditions vested on September 30, 2022, for participants whose
active employment with the Company continued through that date. Performance targets for the fiscal 2021 tranche were communicated in
January 2021, and performance targets for the fiscal 2022 tranche were determined and communicated in October 2021. As of September
30, 2021, we considered the performance targets for the fiscal 2021 tranche to be probable of achievement at the 100% level, and as of
September 30, 2022, we considered the performance targets for the fiscal 2022 tranche to be probable of achievement at the 100% level. All
of these awards vested in November 2022, after the Committee determined that the performance conditions had been met.
As of September 30, 2024, the unamortized fair value of share awards to be amortized over their remaining vesting periods was
approximately $11.6 million. The weighted-average period over which these costs will be amortized is approximately two years.
The following table presents amounts related to our stock compensation arrangements:
 
Fiscal Year Ended September 30,
(in thousands)
2024
2023
2022
Share-based compensation costs
$
10,406 
$
9,539 
$
5,053 
Income tax benefit on share-based compensation
(1,071)
(1,125)
(557)
The following table presents a summary of stock compensation activity:
Shares
Weighted

Average

Grant Date

Fair Value
Outstanding as of September 30, 2023
2,555,899 
$
6.80 
Granted
1,442,461 
7.59 
Released 
(1,235,235)
5.28 
Cancelled
(63,211)
7.32 
Outstanding as of September 30, 2024
2,699,914 
$
7.91 
(a) Includes performance adjustment of 353,993 shares awarded above their target grants resulting from the achievement of performance targets established at the grant date.
(b) 380,931 shares were withheld to satisfy related income tax withholding.
The following table presents a summary of the fair value of shares granted:
 
Fiscal Year Ended September 30,
(in millions except per share amounts)
2024
2023
2022
Weighted average grant date fair value per share granted 
$
7.59 
$
7.82 
$
7.24 
Total market value of shares released
$
10.7 
$
4.7 
$
3.7 
(a) Awards with performance and time-based vesting provisions are generally valued based upon the underlying share price as of the issuance date.
 (a)
(b)
(a)
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Other
We have not declared or paid any dividends and currently do not anticipate paying any dividends in the immediate future. As described in
Note 7: Debt, payment of a dividend requires an adjustment to the conversion rate of our Convertible Notes. Should we pay dividends in the
future, our certificate of incorporation provides that cash dividends on common stock, when declared, must be declared and paid at the same
per share amounts on both classes of stock. Any future determination to pay cash dividends will be at the discretion of our Board of
Directors.
NOTE 9: INCOME TAXES
The following table presents the components of our income before income taxes, including inter-segment amounts:
 
Fiscal Year Ended September 30,
(in thousands)
2024
2023
2022
Domestic*
$
82,703 
$
26,209 
$
49,937 
Foreign
32,905 
25,424 
17,776 
$
115,608 
$
51,633 
$
67,713 
*    Includes the majority of our corporate administrative costs. See Note 12: Segment Information for information pertaining to segment contribution.
The following table presents the significant components of the income tax provision:
 
Fiscal Year Ended September 30,
(in thousands)
2024
2023
2022
Current:
 
 
 
Federal
$
20,176 
$
18,753 
$
9,465 
State and foreign
10,983 
7,219 
3,143 
 
31,159 
25,972 
12,608 
Deferred:
 
 
 
Federal
(1,719)
(11,182)
983 
State and foreign
3,073 
(1,620)
3,962 
 
1,354 
(12,802)
4,945 
 Total income tax expense
$
32,513 
$
13,170 
$
17,553 
    
The following table presents a reconciliation of income taxes calculated at the statutory rate and the provision for income taxes:
 
Fiscal Year Ended September 30,
(in thousands)
2024
2023
2022
Income tax expense (benefit) at the federal statutory rate
$
24,278 
$
10,843 
$
14,223 
State taxes, net of federal benefit
3,421 
1,814 
1,728 
Mexico inflation adjustment
(2,154)
(1,787)
(2,089)
Non-deductible items
4,169 
2,655 
1,705 
Foreign rate differential
2,098 
2,381 
1,306 
Change in valuation allowance
(411)
311 
660 
Stock compensation
(202)
(62)
(161)
Uncertain tax positions
(198)
(174)
(2,025)
Foreign withholding tax
998 
— 
— 
Deferred tax true-up
587 
(165)
3,811 
Dividends received deduction
(742)
(754)
(699)
Non-deductible loss on debt restructuring
— 
1,710 
— 
U.S. GAAP/statutory book adjustments
(239)
(1,143)
— 
Other
908 
(2,459)
(906)
Total income tax expense
$
32,513 
$
13,170 
$
17,553 
Effective tax rate
28 %
26 %
26 %
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The following table shows significant components of our deferred tax assets and liabilities:
 
September 30,
(in thousands)
2024
2023
Deferred tax assets:
 
 
Cash Converters
$
20,051 
$
20,364 
Tax over book inventory
8,595 
8,186 
Accrued liabilities
7,958 
7,689 
Pawn service charges receivable
3,182 
2,764 
Stock compensation
1,718 
1,645 
Foreign tax credit
1,696 
1,696 
State and foreign net operating loss carryforwards
13,030 
14,547 
Book over tax depreciation
7,052 
7,298 
Operating lease liabilities
52,444 
56,720 
Other
6,510 
7,612 
Total deferred tax assets before valuation allowance
122,236 
128,521 
Valuation allowance
(15,685)
(16,885)
Total deferred tax assets, net
106,551 
111,636 
Deferred tax liabilities:
 
 
Tax over book amortization
31,436 
30,906 
Right-of-use assets, net
49,747 
53,366 
Prepaid expenses
2,086 
2,097 
Total deferred tax liabilities
83,269 
86,369 
Net deferred tax asset
$
23,282 
$
25,267 
As of September 30, 2024, we had state net operating loss carryforwards of approximately $5.2 million, which begin to expire in 2025 if not
utilized. We also had foreign net operating loss carryforwards of $47.1 million, which will begin to expire in 2030 if not utilized. Additionally,
we have a $1.7 million foreign tax credit that will expire between 2025 to 2026 if not utilized.
Deferred tax assets and liabilities are recorded for the estimated tax impact of temporary differences between the tax basis and book basis of
assets and liabilities. The Company has elected to account for the tax on GILTI as a period cost and therefore has not recorded deferred
taxes related to GILTI on its foreign subsidiaries. As of September 30, 2024, tax in amount of $0.7 million has been accrued for estimated tax
on GILTI that will be due. A valuation allowance is established against a deferred tax asset when it is more likely than not that the deferred
tax asset will not be realized. Our valuation allowance has been established to offset certain state and foreign net operating loss
carryforwards and foreign tax credit carryforwards that are not more likely than not to be utilized prior to expiration. The valuation allowance
decreased by $1.2 million in fiscal 2024, primarily due to the release of valuation allowance associated with net operating losses no longer
available for use. We believe our results from future operations will generate sufficient taxable income in the appropriate jurisdictions such
that it is more likely than not that the remaining deferred tax assets will be realized.
Deferred taxes are not provided for undistributed earnings of foreign subsidiaries of approximately $98.2 million which are intended to be
reinvested outside of the U.S. Accordingly, no provision for foreign withholding taxes associated with a distribution of those earnings has
been made. We estimate that, upon distribution of our share of these earnings, we would be subject to withholding taxes of approximately
$5.0 million as of September 30, 2024. We provided deferred income taxes on all undistributed earnings from Cash Converters. After
extensive search for multi-store acquisitions in Guatemala, in the fourth quarter of fiscal 2024, we altered our Guatemala growth strategy to a
focus on organic growth of existing stores, denovos and potentially small acquisitions. As a result, we provided for applicable foreign
withholding taxes on $20 million of undistributed foreign earnings and recorded a liability of $1.0 million.
The following table presents a roll-forward of unrecognized tax benefits:
 
Fiscal Year Ended September 30,
(in thousands)
2024
2023
2022
Beginning balance
$
3,293 
$
3,568 
$
4,763 
Increase for tax positions taken during a prior period
223 
396 
547 
Decrease for tax positions taken during a prior period
(337)
(259)
— 
Decrease for tax positions as a result of the lapse of the statute of limitations
(378)
(412)
(1,742)
Ending balance
$
2,801 
$
3,293 
$
3,568 
All of the above unrecognized tax benefits, if recognized, would impact our effective tax rate for the respective period of each ending balance.
The statute of limitations will expire within the next twelve months with respect to approximately $0.7 million of foreign uncertain tax positions.
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We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During 2024, we recognized
income tax expense of $0.5 million offset by the reversal of previously accrued interest and penalties of $0.4 million due to the lapse of the
statute of limitations on the associated tax position and income tax expense of $0.2 million during 2023 and an income tax benefit of
$0.8 million during 2022, related to interest and penalties. The total amount of accrued interest and penalties was $0.8 million, $0.7 million
and $1.0 million in 2024, 2023 and 2022, respectively.
We are subject to U.S., Mexico, Canada, Guatemala, Honduras, El Salvador, Peru, United Kingdom, and the Netherlands income taxes as
well as income taxes levied by various state and local jurisdictions. With few exceptions, we are no longer subject to examinations by tax
authorities for years before the tax year ended September 30, 2018. We believe that adequate provisions have been made for any
adjustments that may result from tax examinations.
NOTE 10: LEASES
The table below presents balances of our lease assets and liabilities and their balance sheet locations for both operating and financing
leases:
(in thousands)
Balance Sheet Location
September 30, 2024
September 30, 2023
Lease assets:
Operating lease right-of-use assets
Right-of-use assets, net
$
226,602 
$
234,388 
Financing lease assets
Other assets, net
1,559 
2,178 
Total lease assets
$
228,161 
$
236,566 
Lease liabilities:
Current:
Operating lease liabilities
Operating lease liabilities, current
$
58,998 
$
57,182 
Financing lease liabilities
Accounts payable, accrued expenses and other current
liabilities
570 
530 
Total current lease liabilities
$
59,568 
$
57,712 
Non-current:
Operating Lease liabilities
Operating lease liabilities
$
180,616 
$
193,187 
Financing lease liabilities
Other long-term liabilities
1,110 
1,715 
Total non-current lease liabilities
$
181,726 
$
194,902 
Total lease liabilities
$
241,294 
$
252,614 
The table below provides major components of our lease costs:
 
Fiscal Year Ended September 30,
(in thousands)
2024
2023
2022
Operating lease cost:
Operating lease cost *
$
79,184 
$
74,086 
$
67,414 
Variable lease cost
17,732 
16,315 
15,229 
Total operating lease cost
$
96,916 
$
90,401 
$
82,643 
Financing lease cost:
Amortization of financing lease assets
$
568 
$
327 
$
3 
Interest on financing lease liabilities
215 
145 
1 
Total financing lease cost
$
783 
$
472 
$
4 
Total lease cost
$
97,699 
$
90,873 
$
82,647 
* Includes a reduction for sublease rental income of $3.1 million, $3.7 million and $3.6 million for fiscal years ending September 2024, 2023 and 2022,
respectively.
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Lease expense is recognized on a straight-line basis over the lease term with variable lease expense recognized in the period in which the
costs are incurred. The components of lease expense are included in “Store expenses” and “General and administrative” expense, based on
the underlying lease use. Cash paid for operating leases was $79.7 million, $76.7 million and $72.3 million for the fiscal years ended
September 30, 2024, 2023 and 2022, respectively. Cash paid for principal and interest on finance leases was $0.5 million and $0.2 million
respectively, for the fiscal year ended September 30, 2024, and $0.3 million and $0.1 million, respectively, for the fiscal year ended
September 30, 2023. There was no cash paid for finance leases for the fiscal year ended September 30, 2022.
The weighted- average term and discount rates for leases are as follows:
Fiscal Year Ended September 30,
2024
2023
Weighted-average remaining lease term (years):
Operating leases
4.81
4.97
Financing leases
2.77
3.67
Weighted-average discount rate:
Operating leases
8.30 %
8.51 %
Financing leases
11.14 %
11.14 %
As of September 30, 2024, maturities of lease liabilities under ASC 842 by fiscal year were as follows (in thousands):
Operating Leases
Financing Leases
Fiscal 2025
$
75,923 
$
716 
Fiscal 2026
65,945 
733 
Fiscal 2027
51,645 
469 
Fiscal 2028
36,755 
37 
Fiscal 2029
23,146 
1 
Thereafter
38,010 
— 
Total lease liabilities
$
291,424 
$
1,956 
Less: portion representing imputed interest
51,810 
276 
Total net lease liabilities
$
239,614 
$
1,680 
Less: current portion
58,998 
570 
Total long term net lease liabilities
$
180,616 
$
1,110 
In December 2014, we entered into a non-cancelable 13-year operating lease for our corporate offices, with rent payments beginning
February 2016 and ending March 2029. Annual rent, net of square footage subsequently terminated as a result of negotiations with the
landlord, escalate from $2.5 million at lease inception to $3.9 million in the terminal year of the lease.
The lease includes two five-year extension options at the end of the initial lease term. The estimated minimum future rental payments under
the lease are approximately $15.4 million as of September 30, 2024. As of September 30, 2024, we have subleases in place for a portion of
our corporate operating office lease for estimated minimum future sublease payments of approximately $5.1 million.
In fiscal 2023, we assessed the recoverability of the right-of-use asset for our corporate office, primarily due to the termination of a significant
sublease. We determined the undiscounted cash flows of the relative corporate lease and sublease did not exceed the net book value of the
right-of-use asset. We then determined the fair value of the corporate lease and sublease did not exceed the book value of the right-of-use
asset, and an impairment charge of $4.3 million was recorded in fiscal 2023 to “Impairment of other assets” in the Consolidated Statements
of Operations.
The following table presents our corporate office lease measured at fair value as a result of the aforementioned impairment charges
aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at September 30, 2023, and the
related impairment charge recorded (in thousands):
Fair Value as of September 30, 2023
Fiscal Year Ended 2023
Level 1
Level 2
Level 3
Total
Impairment Charges
Corporate office
$
— 
$
— 
$
6,233 
$
6,233 
$
4,343 
We recorded $55.3 million, $66.5 million and 69.4 million in non-cash additions to our operating right-of-use assets and lease liabilities for the
fiscal year ended September 30, 2024, 2023 and 2022, respectively. We recorded $0.2 million and $2.5 million in non-cash additions to our
finance right-of-use assets and lease liabilities for the year ended September 30, 2024 and 2023, respectively.
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NOTE 11: CONTINGENCIES
Currently, and from time to time, we are involved in various claims, disputes, lawsuits, investigations and legal and regulatory proceedings.
We accrue for contingencies if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
Because these matters are inherently unpredictable and unfavorable developments or resolutions can occur, assessing contingencies
requires judgments and is highly subjective about future events, and the amount of resulting loss may differ from these estimates. We do not
believe the resolution of any particular matter will have a material adverse effect on our financial condition, results of operations or liquidity.
NOTE 12: SEGMENT INFORMATION
Our operations are primarily managed on a geographical basis and consist of three reportable segments. The factors for determining our
reportable segments include the manner in which our chief operating decision maker (“CODM”) evaluates performance for purposes of
allocating resources and assessing performance.
We currently report our segments as follows:
•
U.S. Pawn — All pawn activities in the United States.
•
Latin America Pawn — All pawn activities in Mexico and other parts of Latin America.
•
Other Investments — Primarily our equity interest in Cash Converters and our investment in and notes receivable from Founders.
There are no inter-segment revenues presented below, and the amounts below were determined in accordance with the same accounting
principles used in our consolidated financial statements.
The following income (loss) before income taxes tables present revenue for each reportable segment, disaggregated revenue within our
reportable segments and Corporate, segment profits and segment contribution.
Fiscal Year Ended September 30, 2024
(in thousands)
U.S. Pawn
Latin
America
Pawn
Other
Investments
Total
Segments
Corporate
Items
Consolidated
Revenues:
Merchandise sales
$
459,251 
$
204,485 
$
— 
$
663,736 
$
— 
$
663,736 
Jewelry scrapping sales
54,344 
6,738 
— 
61,082 
— 
61,082 
Pawn service charges
322,362 
114,183 
— 
436,545 
— 
436,545 
Other revenues
126 
78 
35 
239 
— 
239 
Total revenues
836,083 
325,484 
35 
1,161,602 
— 
1,161,602 
Merchandise cost of goods sold
288,894 
138,509 
— 
427,403 
— 
427,403 
Jewelry scrapping cost of goods sold
45,926 
6,000 
— 
51,926 
— 
51,926 
Gross profit
501,263 
180,975 
35 
682,273 
— 
682,273 
Segment and corporate expenses (income):
Store expenses
325,816 
135,239 
— 
461,055 
— 
461,055 
General and administrative
— 
— 
— 
— 
75,557 
75,557 
Impairment of other assets
— 
— 
— 
— 
843 
843 
Depreciation and amortization
10,147 
8,865 
— 
19,012 
14,057 
33,069 
Loss (gain) on sale or disposal of assets and other
3 
(140)
— 
(137)
121 
(16)
Other operating income
— 
— 
— 
— 
(765)
(765)
Interest expense
— 
— 
— 
— 
13,585 
13,585 
Interest income
— 
(1,612)
(2,422)
(4,034)
(6,541)
(10,575)
Equity in net (income) loss of unconsolidated
affiliates
— 
— 
(4,993)
(4,993)
282 
(4,711)
Other income
7 
(218)
— 
(211)
(1,166)
(1,377)
Segment contribution
$
165,290 
$
38,841 
$
7,450 
$
211,581 
Income (loss) before income taxes
$
211,581 
$
(95,973)
$
115,608 
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Fiscal Year Ended September 30, 2023
(in thousands)
U.S. Pawn
Latin
America
Pawn
Other

Investments
Total
Segments
Corporate
Items
Consolidated
Revenues:
Merchandise sales
$
432,578 
$
182,868 
$
— 
$
615,446 
$
— 
$
615,446 
Jewelry scrapping sales
43,305 
6,223 
— 
49,528 
— 
49,528 
Pawn service charges
285,919 
97,853 
— 
383,772 
— 
383,772 
Other revenues
119 
121 
55 
295 
— 
295 
Total revenues
761,921 
287,065 
55 
1,049,041 
— 
1,049,041 
Merchandise cost of goods sold
267,874 
126,905 
— 
394,779 
— 
394,779 
Jewelry scrapping cost of goods sold
37,709 
6,715 
— 
44,424 
— 
44,424 
Gross profit
456,338 
153,445 
55 
609,838 
— 
609,838 
Segment and corporate expenses (income):
Store expenses
299,319 
119,255 
— 
418,574 
— 
418,574 
General and administrative
— 
(3)
— 
(3)
67,532 
67,529 
Impairment of other assets
— 
— 
— 
— 
4,343 
4,343 
Depreciation and amortization
10,382 
9,191 
— 
19,573 
12,558 
32,131 
Loss (gain) on sale or disposal of assets and
other
115 
(289)
— 
(174)
382 
208 
Other operating Income
— 
(5,097)
— 
(5,097)
— 
(5,097)
Interest expense
— 
— 
— 
— 
16,456 
16,456 
Interest income
(2)
(1,139)
(1,500)
(2,641)
(4,829)
(7,470)
Equity in net loss of unconsolidated affiliates
— 
— 
28,459 
28,459 
— 
28,459 
Other (income) expense
— 
(131)
31 
(100)
3,172 
3,072 
Segment contribution
$
146,524 
$
31,658 
$
(26,935)
$
151,247 
Income (loss) before income taxes
$
151,247 
$
(99,614)
$
51,633 
Fiscal Year Ended September 30, 2022
(in thousands)
U.S. Pawn
Latin
America
Pawn
Other
Investments
Total
Segments
Corporate
Items
Consolidated
Revenues:
Merchandise sales
$
391,958 
$
140,928 
$
— 
$
532,886 
$
— 
$
532,886 
Jewelry scrapping sales
25,739 
6,294 
— 
32,033 
— 
32,033 
Pawn service charges
240,982 
79,883 
— 
320,865 
— 
320,865 
Other revenues
83 
247 
111 
441 
— 
441 
Total revenues
658,762 
227,352 
111 
886,225 
— 
886,225 
Merchandise cost of goods sold
230,241 
99,141 
— 
329,382 
— 
329,382 
Jewelry scrapping cost of goods sold
22,755 
5,941 
— 
28,696 
— 
28,696 
Gross profit
405,766 
122,270 
111 
528,147 
— 
528,147 
Segment and corporate expenses (income):
Store expenses
266,114 
91,303 
— 
357,417 
— 
357,417 
General and administrative
— 
— 
— 
— 
64,342 
64,342 
Depreciation and amortization
10,552 
7,913 
— 
18,465 
13,675 
32,140 
Loss (gain) on sale or disposal of assets
51 
(37)
— 
14 
(688)
(674)
Interest expense
— 
— 
— 
— 
9,972 
9,972 
Interest income
(2)
(815)
— 
(817)
— 
(817)
Equity in net income of unconsolidated affiliates
— 
— 
(1,779)
(1,779)
— 
(1,779)
Other (income) expense
— 
(148)
52 
(96)
(71)
(167)
Segment contribution
$
129,051 
$
24,054 
$
1,838 
$
154,943 
Income (loss) before income taxes
$
154,943 
$
(87,230)
$
67,713 
66

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The following table presents separately identified segment assets:
(in thousands)
U.S. Pawn
Latin America
Pawn
Other
Investments )
Corporate
Total
Assets as of September 30, 2024
Pawn loans
$
214,306 
$
59,778 
$
— 
$
— 
$
274,084 
Pawn service charges receivable, net
39,194 
4,819 
— 
— 
44,013 
Inventory, net
138,624 
53,299 
— 
— 
191,923 
Total assets
1,009,226 
311,824 
79,421 
92,766 
1,493,237 
Assets as of September 30, 2023
Pawn loans
$
190,624 
$
55,142 
$
— 
$
— 
245,766 
Pawn service charges receivable, net
34,318 
4,567 
— 
— 
38,885 
Inventory, net
128,901 
37,576 
— 
— 
166,477 
Total assets
984,539 
313,164 
63,707 
106,301 
1,467,711 
 Segment assets as of September 30, 2023 have been recast to conform to current year presentation as CCV no longer meets the 10 percent threshold to be considered its
own segment
The following tables provide geographic information:
Fiscal Year Ended September 30,
(in thousands)
2024
2023
2022
Revenues:
United States
$
836,083 
$
761,921 
$
658,762 
Mexico
247,613 
223,765 
173,122 
Other Latin America
77,871 
63,300 
54,230 
Other Investments
35 
55 
111 
Total revenues
$
1,161,602 
$
1,049,041 
$
886,225 
September 30,
(in thousands)
2024
2023
Property and equipment, net:
United States
$
35,634 
$
37,695 
Mexico
21,839 
$
24,033 
Other Latin America
8,500 
$
6,368 
Property and equipment, net
$
65,973 
$
68,096 
(a
(a)
67

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NOTE 13: SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION
Supplemental Consolidated Financial Information
The following table provides information on net amounts included in our Consolidated Balance Sheets:
September 30,
(in thousands)
2024
2023
Gross pawn service charges receivable
$
57,544 
$
50,881 
Allowance for uncollectible pawn service charges receivable
(13,531)
(11,996)
Pawn service charges receivable, net
$
44,013 
$
38,885 
Gross inventory
$
194,657 
$
169,138 
Inventory reserves
(2,734)
(2,661)
Inventory, net
$
191,923 
$
166,477 
Prepaid expenses and other
$
3,350 
$
4,106 
Accounts receivable and other
16,482 
12,797 
Notes receivable
16,332 
17,751 
Income taxes prepaid and receivable
3,007 
4,969 
Prepaid expenses and other current assets
$
39,171 
$
39,623 
Accounts payable
$
20,850 
$
23,022 
Accrued payroll
13,541 
11,472 
Incentive accrual
19,883 
18,544 
Other payroll related expenses
3,999 
5,262 
Accrued sales and VAT taxes
3,954 
5,565 
Accrued income taxes payable
5,934 
2,628 
Other current liabilities
17,576 
15,112 
Account payable, accrued expenses and other current liabilities
$
85,737 
$
81,605 
Unrecognized tax benefits, non-current
2,835 
$
2,226 
Other non-current liabilities
9,502 
8,276 
Other long-term liabilities
$
12,337 
$
10,502 
Valuation and Qualifying Accounts
The following table provides information on our valuation and qualifying accounts not disclosed elsewhere:
(in thousands)
Balance at
Beginning of
Period
Charged to
Expense
Deductions
Balance at End
of Period
Allowance for valuation of inventory:
Year Ended September 30, 2024
$
2,661 
$
917 
$
844 
$
2,734 
Year Ended September 30, 2023
2,058 
603 
— 
2,661 
Year Ended September 30, 2022
4,311 
— 
2,253 
2,058 
Allowance for uncollectible pawn service charges receivable:
Year Ended September 30, 2024
$
11,996 
$
1,535 
$
— 
$
13,531 
Year Ended September 30, 2023
10,716 
1,280 
— 
11,996 
Year Ended September 30, 2022
8,023 
2,693 
— 
10,716 
Allowance for valuation of deferred tax assets:
Year Ended September 30, 2024
$
16,885 
$
164 
$
1,364 
$
15,685 
Year Ended September 30, 2023
17,966 
311 
1,392 
16,885 
Year Ended September 30, 2022
19,135 
660 
1,829 
17,966 
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The following table provides supplemental disclosure of Consolidated Statements of Cash Flows information:
 
Fiscal Year Ended September 30,
(in thousands)
2024
2023
2022
Supplemental disclosure of cash flow information
Cash and cash equivalents
$
170,513 
$
220,595 
$
206,028 
Restricted cash
9,294 
8,373 
8,341 
Total cash and cash equivalents and restricted cash
$
179,807 
$
228,968 
$
214,369 
Cash paid during the period for interest
$
12,069 
$
11,143 
$
8,230 
Cash paid during the period for income taxes, net
$
25,739 
$
11,415 
$
15,899 
Non-cash investing and financing activities:
Pawn loans forfeited and transferred to inventory
$
383,374 
$
330,947 
$
300,487 
Transfer of consideration for other investment
— 
— 
1,500 
Transfer of equity consideration for acquisition
— 
99 
— 
Acquisition earn-out contingency
— 
2,000 
— 
Accrued acquisition consideration
791 
1,412 
— 
Convertible notes share settlement
799 
— 
— 
69

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are designed to ensure that
information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to our
management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.
In connection with the preparation of this Annual Report on Form 10-K, our management, under the supervision and with the participation of
our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and
procedures as of September 30, 2024. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures were effective as of September 30, 2024. We believe the consolidated financial statements included in
this Annual Report on Form 10-K fairly present, in all material respects, our financial position, results of operations, stockholders’ equity and
cash flows as of the dates, and for the periods, presented in conformity with GAAP.
Management’s Report on Internal Control Over Financial Reporting
Management, under the supervision of the Chief Executive Officer and the Chief Financial Officer, is responsible for establishing and
maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of our internal control over financial
reporting. Internal control over financial reporting (as defined in Rules 13a-15(f) and 15d(f) under the Exchange Act) is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting
purposes in accordance with U.S. GAAP. Internal control over financial reporting includes those policies and procedures that (a) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets, (b) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S.
GAAP, (c) provide reasonable assurance that receipts and expenditures are being made only in accordance with appropriate authorization of
management and the Board of Directors and (d) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of assets that could have a material effect on the financial statements.
In connection with the preparation of this Annual Report on Form 10-K, our management, under the supervision and with the participation of
our Chief Executive Officer and Chief Financial Officer, conducted an assessment of the effectiveness of our internal control over financial
reporting as of September 30, 2024 based on the criteria established in Internal Control - Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on that assessment, our Chief Executive Officer and
Chief Financial Officer concluded that our internal control over financial reporting was effective as of September 30, 2024.
Our internal control over financial reporting as of September 30, 2024 has been audited by our independent registered public accounting
firm, as stated in their report appearing below.
Changes in Internal Control Over Financial Reporting
During the fourth quarter of fiscal 2024, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)
under the Securities Exchange Act of 1934) that, in the aggregate, have materially affected, or are reasonably likely to materially affect, our
internal control over financial reporting.
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Inherent Limitations on Internal Controls
Notwithstanding the foregoing, management does not expect that our disclosure controls and procedures or our internal control over financial
reporting will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only
reasonable, not absolute, assurance that the objectives of the control system will be met. Limitations inherent in any control system include
the following:
•
Judgments in decision-making can be faulty, and control and process breakdowns can occur because of simple errors or mistakes.
•
Controls can be circumvented by individuals, acting alone or in collusion with others, or by management override.
•
The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no
assurance that any design will succeed in achieving its stated goals under all potential future conditions.
•
Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with
associated policies or procedures.
•
The design of a control system must reflect the fact that resources are constrained, and the benefits of controls must be considered
relative to their costs.
Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and
instances of fraud, if any, have been detected.
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Report of Independent Registered Public Accounting Firm
Shareholders and Board of Directors
EZCORP, Inc.
Rollingwood, Texas
Opinion on Internal Control over Financial Reporting
We have audited EZCORP, Inc.’s (the “Company’s”) internal control over financial reporting as of September 30, 2024, based on criteria
established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (the “COSO criteria”). In our opinion, the Company maintained, in all material respects, effective internal control over financial
reporting as of September 30, 2024, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the
consolidated balance sheets of the Company as of September 30, 2024 and 2023, the related consolidated statements of operations,
comprehensive income, stockholders’ equity, and cash flows for each of the three years in the period ended September 30, 2024, and the
related notes and our report dated November 13, 2024 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the
effectiveness of internal control over financial reporting, included in the accompanying Item 9A, Management’s Report on Internal Control
over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our
audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in
accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audit of internal control over financial reporting in accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the
risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that
our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
/s/ BDO USA, P.C.
Dallas, Texas
November 13, 2024
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ITEM 9B. OTHER INFORMATION
Insider Trading Arrangements
No director or executive officer adopted, modified or terminated any contract, instruction, written plan or other trading arrangement relating to
the purchase or sale of Company securities during the fourth quarter of fiscal 2024.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS
Not applicable.
PART III
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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Board of Directors
Set forth below are the names of the persons who, as of November 1, 2024, constituted our Board of Directors and their ages and committee
assignments as of that date:
Name
Age
Committees
Matthew W. Appel
68
Audit and Risk, People and Compensation, Nominating (Chair), Lead Independent
Director
Zena Srivatsa Arnold
46
Audit and Risk, People and Compensation, Nominating
Phillip E. Cohen (Executive Chairman)
77
—
Lachlan P. Given
48
—
Jason A. Kulas
54
—
Pablo Lagos Espinosa
69
Audit and Risk, People and Compensation (Chair), Nominating
Gary L. Tillett
65
Audit and Risk (Chair), People and Compensation, Nominating
Director Qualifications — The Board believes that individuals who serve on the Board of Directors should have demonstrated notable or
significant achievements in business, education or public service; should possess the requisite intelligence, education and experience to
make a significant contribution to the Board and bring a range of skills, diverse perspectives and backgrounds to its deliberations; and should
have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of our stockholders. The
following are qualifications, experience and skills for Board members which are important to our business and its future:
•
Leadership Experience — Our directors should demonstrate extraordinary leadership qualities. Strong leaders bring vision, strategic
agility, diverse and global perspectives and broad business insight to the company. They demonstrate practical management
experience, skills for managing change and deep knowledge of industries, geographies and risk management strategies relevant to
our business. They have experience in identifying and developing the current and future leaders of the company.
•
Finance Experience — We believe that all directors should possess an understanding of finance and related reporting processes.
•
Strategically Relevant Experience — Our directors should have business experience that is relevant to our strategic goals and
objectives, including geographical and product expansion. We value experience in our high priority growth areas, including new or
expanding geographies or customer segments and existing and new technologies; understanding of our business environments; and
experience with, exposure to or reputation among a broad subset of our customer base.
•
Government Experience — Our business is subject to a variety of legislative and regulatory risks. Accordingly, we value experience
in the legislative, judicial or regulatory branches of government or government relations.
Board Diversity — The following table summarizes the gender and demographic diversity of our Board of Directors:
Board Diversity Matrix (as of November 1, 2024)
Total number of Directors
7
Female
Male
Gender Identity
1
14%
6
86%
Demographic Background:
Asian
1
14%
Hispanic or Latinx
1
14%
White
5
72%
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Table of Contents
Biographical Information — Set forth below is current biographical information about our directors, including the qualifications, experience
and skills that make them suitable for service as a director.
•
Matthew W. Appel — Mr. Appel joined EZCORP as a director in January 2015. He is the Lead Independent Director (and, as such,
serves as Chair of the Nominating Committee) and is a member of the Audit and Risk Committee and the People and Compensation
Committee. Mr. Appel spent 37 years in finance, administration and operations roles with a variety of companies, most recently Zale
Corporation, an NYSE listed jewelry retailer, where he served as Chief Financial Officer from May 2009 to May 2011 and Chief
Administrative Officer from May 2011 to July 2014 and co-led the successful turnaround of the company. Prior to joining Zale, Mr.
Appel was Chief Financial Officer of EXL Service Holdings, Inc., a NASDAQ listed business process solutions company (February
2007 to May 2009); spent four years (February 2003 to February 2007) at Electronic Data Systems Corporation, serving as Vice
President, Finance and Administration BPO and Vice President, BPO Management; and held a variety of finance and operations
roles from 1984 to 2003 at Tenneco Inc., Affiliated Computer Services, Inc. and PricewaterhouseCoopers. Mr. Appel began his
professional career with Arthur Andersen & Company, working there from 1977 to 1984. He received an MBA in Accounting from the
Rutgers University Graduate School of Business in 1977 and a Business Administration degree from Rutgers College in 1976. Mr.
Appel is a Certified Public Accountant and a Certified Management Accountant.
Director qualifications: leadership, chief financial officer and executive management experience; broad business and strategically
relevant experience; retail management experience; financial experience, including accounting, tax and financial reporting;
experience in developing growth strategies; personnel development.
•
Zena Srivatsa Arnold — Ms. Arnold has been a director since May 2019. She is a member of the Audit and Risk Committee, the
People and Compensation Committee and the Nominating Committee. Ms. Arnold has over 20 years of experience in marketing,
brand management, strategy development and business operations. She serves as Chief Marketing Officer at Sephora, one of the
world’s largest luxury cosmetic brands that is part of the Moet Hennessy Louis Vuitton conglomerate. Prior to joining Sephora in May
2023, she was Senior Vice President, Carbonated Soft Drinks, at PepsiCo., Inc., where she oversaw the brand and business for the
Carbonated Soft Drink portfolio in North America, including some of the company’s largest brands such as Pepsi and Mountain Dew.
Prior to joining PepsiCo in March 2022, she was the Chief Digital and Marketing Officer of Kimberly-Clark Corporation, a global
personal care and consumer products company (April 2020 to March 2022), and spent six years with Google, serving as Global
Head of Growth for Chromebook (May 2019 to March 2020); General Manager, US Chromebooks (March 2018 to May 2019); Global
Head of Marketing, Chromebooks and IoT (November 2016 to March 2018); Head of Americas Marketing, Google Play (April 2015 to
October 2016); and Head of NA Marketing, Google Play (October 2013 to April 2015). Prior to joining Google, Ms. Arnold spent over
nine years in various brand management positions with Kellogg Company (August 2010 to October 2013) and Procter & Gamble
(April 2004 to August 2010). Ms. Arnold began her professional career at General Electric Corporation, where she served as Product
Manager, Server Solutions for GE Capital IT Solutions (April 2002 to April 2004). Ms. Arnold received a Bachelor of Science degree
in Computer Science, with a minor in Business Marketing, from The Ohio State University. She was recognized in 2014 as one of
Brand Innovators “40 Under 40,” and has received numerous other professional awards and recognitions. Ms. Arnold also serves on
the board of directors of Lancaster Colony Corporation (NASDAQ: LANC).
Director qualifications: leadership, executive management experience; broad business and strategically relevant experience;
experience in developing growth strategies.
•
Phillip E. Cohen — Mr. Cohen has been a member of the Board of Directors and the Executive Chairman since September 2019. He
has been an owner of, and advisor to, the Company for over 30 years. He acquired the Company in 1989 and took it public in 1991
with an initial public offering of Class A Non-Voting Common Stock. Mr. Cohen has 50 years of investment banking and financial
advisory experience with a variety of firms, including Kuhn Loeb & Co. Incorporated (1973-1977), Lehman Brothers Kuhn Loeb
Incorporated (1977-1979), The First Boston Corporation (1980), Oppenheimer & Co, Inc. (1980-1984), Morgan Schiff & Co., Inc.
(1984-Present) and Madison Park LLC (2004 to Present). Mr. Cohen received a Bachelor of Commerce degree from the University of
Melbourne and a Masters of Business Administration from Harvard University. Mr. Cohen is the sole stockholder of MS Pawn
Corporation, which is the general partner of MS Pawn Limited Partnership, the owner of 100% of the outstanding shares of our Class
B Voting Common Stock.
Director qualifications: leadership; broad business and strategically relevant experience; retail management experience; financial
experience; international experience and global perspective; industry knowledge; experience in developing growth strategies.
Further, Mr. Cohen has deep knowledge of the Company and its opportunities and challenges spanning multiple economic cycles.
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Lachlan P. Given — Mr. Given is our Chief Executive Officer and a director, having been appointed to that role, and elected to the 
Board of Directors, in March 2022, after serving as Co-Interim Chief Executive Officer since January 2022. From September 2020 to
January 2022, he was Chief Strategy, M&A and Funding Officer, with responsibility for overseeing the Company’s strategic planning;
mergers, acquisitions and strategic investments; and capital market and institutional funding activities. From September 2019 to
September 2020, he was the Chief M&A and Strategic Funding Officer. He previously served on the Board of Directors from July
2014 to September 2019, holding the position of Non-Executive Chairman (July 2014 to August 2014), Executive Vice Chairman
(August 2014 to February 2015) and Executive Chairman (February 2015 to September 2019). Before joining the Company as an
executive, Mr. Given provided financial and advisory services to the Company through his own business and financial advisory firm
and as a consultant to Madison Park LLC, which is wholly owned by Phillip E. Cohen, who is the beneficial owner of all of our Class
B Voting Common Stock. Mr. Given is also a director of The Farm Journal Corporation, a 135+ year old pre-eminent U.S. agricultural
media company; Senetas Corporation Limited (ASX: SEN), a developer and manufacturer of certified, defense-grade encryption
solutions; CANSTAR Pty Ltd, an Australian financial services ratings and research firm; and Cash Converters International Limited
(ASX: CCV). Mr. Given began his career working in the investment banking and equity capital markets divisions of Merrill Lynch in
Hong Kong and Sydney, Australia, where he specialized in the origination and execution of a variety of M&A, equity, equity-linked
and fixed income transactions.
•
Jason A. Kulas — Mr. Kulas is a member of the Board of Directors and holds the position of Vice Chairman and Chief Financial
Officer of Exeter Finance LLC, a leading indirect auto finance company. He is a former EZCORP executive, having served as Chief
Executive Officer from July 2020 to January 2022 when he left to join Exeter Finance, and President and Chief Financial Officer from
February 2020 to July 2020. He first became associated with EZCORP in April 2019 when he was appointed as an independent
member of the Board of Directors. While an independent director, he served on the Audit and Risk Committee and the Nominating
Committee. Mr. Kulas resigned from the Board of Directors when he joined the Company as an executive in February 2020, and was
reappointed to the Board in connection with his appointment as Chief Executive Officer. Prior to joining the Company as an
executive, Mr. Kulas spent over 25 years in financial analysis, investment banking and executive-level finance and operations roles
with a variety of companies, most recently Santander Consumer USA Inc., a NYSE-listed auto finance company, where he served as
Chief Executive Officer and a director from 2015 to 2017, President from 2013 to 2015, Chief Financial Officer from 2007 to 2015
and a director from 2007 to 2012. Prior to joining Santander Consumer USA, Mr. Kulas was a Managing Director in Investment
Banking with J.P. Morgan Chase & Co. (1995 to 2007), where he managed JPMorgan’s South Region investment banking office. He
has also served as an Adjunct Professor of Marketing at Texas Christian University (1997 to 1999); Securities Analyst at William C.
Connor Foundation – TCU Educational Investment Fund (1994 to 1995); and an intern and Financial Analyst at Dun & Bradstreet
(1993 to 1995). Mr. Kulas received an MBA with a concentration in Finance and Marketing from Texas Christian University in 1995
and a Bachelor of Arts degree from Southern Methodist University in 1993. He formerly served as an advisor to Warburg Pincus
International LLC. He has been involved in a variety of civic and philanthropic activities, including the Salesmanship Club of Dallas,
Momentous Institute, Exchange Club of East Dallas, Dallas Citizens Council, Baylor Scott & White Dallas Foundation and Art House
Dallas.
Director qualifications: leadership, chief executive officer, chief financial officer and executive management experience; broad
business and strategically relevant experience; financial experience; experience in developing growth strategies; personnel
development.
•
Pablo Lagos Espinosa — Mr. Lagos joined EZCORP as a director in October 2010. He is Chair of the People and Compensation
Committee and a member of the Audit and Risk Committee and Nominating Committee. Mr. Lagos served as President and Chief
Executive Officer of Pepsi Bottling Group Mexico from 2006 to 2008 and as its Chief Operating Officer from 2003 to 2006. He
previously held various executive management positions with Pepsi Bottling Group, PepsiCo Inc., Unilever Mexico and PepsiCola
International, Inc., concentrating exclusively in Latin America. Since his retirement in December 2008, Mr. Lagos has been an
investor and consultant in various private business ventures and has served as a keynote speaker on organizational leadership and
management. He currently serves as Chairman of the board of Casa del Parque, a privately held enterprise focused on developing
senior living residences in Mexico. He is also a member of the Mexican Advisory Board for Niagara Waters, a leading manufacturer
of bottled water in the U.S. and Mexico. He received a Bachelor of Science degree in Industrial & Systems Engineering from Instituto
Technológico de Monterrey, Master of Science degrees in Industrial Engineering and Operations Research and an MBA from
Stanford University.
Director qualifications: leadership, chief executive officer and executive management experience in significant multi-national
environments; deep understanding of strategically important geographies and international markets; risk management experience;
financial experience; experience in developing, implementing and managing strategic plans, including international expansion;
personnel development; legislative and government relations experience.
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•
Gary L. Tillett — Mr. Tillett has been a director since April 2019 and serves as Chair of the Audit and Risk Committee and a member
of the People and Compensation Committee and the Nominating Committee. He has more than 40 years of experience in public
accounting and business management. He spent 31 years at PricewaterhouseCoopers, where he progressed from entry-level staff to
senior partner serving a variety of businesses in the Insurance Practice, the Transaction Services Practice and the U.S. Financial
Services Practice. From 2005 to 2010, he was the Transactions Services Leader of the firm’s U.S. Financial Services Practice,
leading a newly assembled team of professionals providing service to clients pursuing transactions in the financial services sector. At
the time of his retirement from PwC in 2014, he was the Transaction Services Leader of the firm’s New York Metro Practice, where
he led teams advising clients on complex transactions, including structuring, due diligence, valuation and financial reporting. Mr.
Tillett left PwC in 2014 to take the role of Executive Vice President and Chief Financial Officer of Walter Investment Management
Corp., then a publicly traded independent originator and servicer of residential mortgage loans. Walter Investment Management
Corp. initiated Chapter 11 bankruptcy proceedings in November 2017 and successfully completed a financial restructuring plan in
February 2018 and changed its name to Ditech Holding Corp. Mr. Tillett retired from his position in February 2018 after assisting with
the development and execution of the financial restructuring plan. From January 2020 through June 2022, Mr. Tillett assisted a
private mortgage servicing company in a financial consulting role. Mr. Tillett received an MBA from the Manchester Business School
at the University of Manchester and a Bachelor of Science degree with an emphasis in Accounting from the University of Texas at
Dallas. He is a Certified Public Accountant.
Director qualifications: leadership, chief financial officer and executive management experience; broad business and strategically
relevant experience; financial experience, including accounting, tax and financial reporting; personnel development.
Executive Officers
Set forth below are the name, age and position of each of the persons serving as our executive officers as of November 1, 2024:
Name
Age
Title
Phillip E. Cohen
77
Executive Chairman
Lachlan P. Given
48
Chief Executive Officer
Ellen Bryant
52
Chief Legal Officer and Secretary
Timothy K. Jugmans
48
Chief Financial Officer
John Blair Powell, Jr.
56
Chief Operating Officer
Keith Robertson
60
Chief Information Officer
Sunil Sajnani
44
Chief Audit and Loss Prevention Executive
Nicole Swies
46
Chief Revenue Officer
Lisa VanRoekel
55
Chief Human Resources Officer
Set forth below is current biographical information about our executive officers, except for Mr. Cohen and Mr. Given, whose biographical
information is included under “Board of Directors” above.
Ellen Bryant — Ms. Bryant serves as Chief Legal Officer and Secretary, having been promoted to that position in January 2023 after having
served as Vice President and Deputy General Counsel. Ms. Bryant joined the Company in January 2004 as Associate General Counsel and
has held legal roles of increasing responsibility through August 2015, when she was promoted to Deputy General Counsel. During her tenure
with the Company, Ms. Bryant has been primarily responsible for legal support of the Company’s pawn segments, with experience in the U.S.
and Mexico, mergers and acquisitions, financial services, compliance and general corporate matters. Prior to joining the Company, Ms.
Bryant was a Staff Attorney with the Texas Automobile Dealers Association. She received a Bachelor of Arts degree from the University of
Texas at Austin and a J.D. degree from the University of Houston Law Center and has been a member of the Texas State Bar since
November 1998.
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Timothy K. Jugmans — Mr. Jugmans serves as Chief Financial Officer, having been appointed to that role in May 2021. He served as Interim
Chief Financial Officer from September 2020 to May 2021. Prior to that, he served as Vice President, Treasury and M&A since December
2016 and as a consultant to EZCORP performing similar duties since March 2015. From January 2015 to December 2016, Mr. Jugmans was
a principal of Selene Partners Inc., a financial consulting firm providing strategic advice and other business services to a variety of clients,
including the Company and Morgan Schiff & Co., Inc. He served as the Chief Financial Officer of Morgan Schiff from April 2013 to December
2014, and was Chief Financial Officer of ShippingEasy, Inc. from July 2011 to April 2013. From April 2005 to June 2012, Mr. Jugmans was a
Corporate Advisor at Lexicon Partners Pty Limited, an independent corporate advisory and consulting firm based in Sydney, Australia. He
served in various analyst and senior analyst positions at boutique investment banks for seven years prior to that. Mr. Jugmans received a
Bachelor of Business degree with a major in Finance and a minor in Mathematics from the University of Technology in Sydney. He serves as
non-executive Chairman of the Board of Cash Converters International Limited (ASX:CCV), having been appointed to that position in April
2022. From April 2015 to April 2021, he served as a non-executive board member and Chairman of Ratecity Pty Ltd., which operates one of
Australia’s leading financial comparison sites.
John Blair Powell, Jr. — Mr. Powell serves as Chief Operating Officer and has responsibility for store-level operations for all of the
Company’s locations worldwide. He joined EZCORP in 1989 as a pawnbroker in Houston, Texas, and during his 30+-year tenure at
EZCORP, has held all field level positions, from store level to multi-unit management positions, including Regional Director of Operations. He
moved into Operations at the Corporate Support Center in 2000 and was our top Operations Administration executive for the 13 years, most
recently serving as Chief Customer Service Officer for Global Pawn. Mr. Powell was named President, US Pawn in September 2020 and was
promoted to President, Global Pawn in October 2021. He served as Co-Interim Chief Executive Officer from January 2022 to March 2022,
when he was appointed Chief Operating Officer.
Keith Robertson — Mr. Robertson is our Chief Information Officer. He joined the Company in October 2018 as Senior Vice President, Global
IT and New Ventures, and was promoted to his current position in November 2019. Prior to joining the Company, he spent seven years at
AIG, working on a global transformation of the IT systems, facilities and workforce. From 1989 until 2011, Mr. Robertson worked at EDS/HP,
last serving as the Chief Operating Officer for the Financial Services division, where he led IT programs supporting Bank of America,
American Express, State Farm and others. Mr. Robertson grew up in Scotland and attended Heriot-Watt University in Edinburgh, where he
graduated with an Honors degree in Electrical and Electronic Engineering.
Sunil Sajnani — Mr. Sajnani joined the Company in April 2020 and serves as Chief Audit and Loss Prevention Executive. Prior to joining the
Company, he spent six years at Santander Consumer USA in multiple leadership roles, initially as Chief Audit Executive and most recently as
Executive Vice President, Head of Digital, Direct to Consumer and Service for Others. Prior to Santander Consumer, Mr. Sajnani held a
variety of management positions at Conn’s, Inc., most recently serving as the Head of Internal Audit, Enterprise Risk Management and
Regulatory Compliance. He began his career with PricewaterhouseCoopers in Transaction Advisory Services, mainly serving large banks
and specialty finance institutions. Mr. Sajnani received a bachelor’s degree in Financial Economics from the University of Michigan at Ann
Arbor and a master’s degree in accounting from Eastern Michigan University. He is a Certified Public Accountant and a Certified Regulatory
Compliance Manager.
Nicole Swies — Ms. Swies is our Chief Revenue Officer, responsible for global operations administration and earning assets. Ms. Swies
joined EZCORP in November 2002 as a Financial Analyst and has worked in various finance and analytics positions primarily supporting
operations in the U.S. and Latin America pawn segments and the legacy Financial Services businesses. She served as Chief Revenue and
Operations Officer, with additional responsibility for digital initiatives and marketing, from September 2020 to March 2022, when her title was
changed to Chief Revenue Officer. Ms. Swies is a member of the Community Advisory Council for the Ronald McDonald House Charities of
Central Texas and serves on the finance committee of ConnectHer, a global non-profit organization dedicated to improving the lives of
women and girls through projects, stories and film. She earned her Bachelor of Business Administration in finance from the University of
Texas at Austin.
Lisa VanRoekel — Ms. VanRoekel is the Chief Human Resources Officer, having joined the Company in January 2021. In March 2022, she
was assigned the additional responsibility of overseeing the Company’s Real Estate and Facilities team. Prior to joining the Company, Ms.
VanRoekel spent 19 years in expanding roles with Grupo Santander, one of the world’s largest international banks serving over 100 million
customers with 187,000 employees. As an expert leading cultural change and innovative large-scale organizational transformation, Ms.
VanRoekel led the Human Resources functions at Santander Digital (USA, Spain and UK), Santander Consumer USA and Santander Bank,
N.A. Her most recent role with Grupo Santander was Group Vice President: Human Resources at Santander Digital, where she was
responsible for successfully building digital and innovation talent across the U.S., Europe and Latin America. Prior to joining Grupo
Santander, she was Director of Human Resources at Allied Riser Communications. Ms. VanRoekel holds B.S. and M.S. degrees in
Journalism from Texas A & M Commerce (formerly East Texas State University).
Section 16(a) Beneficial Ownership Reporting Compliance
Based on written representations and a review of the relevant Forms 3, 4 and 5, during fiscal 2024 all persons subject to Section 16 of the
Securities Exchange Act of 1934 with respect to EZCORP timely filed all reports required by Section 16(a) of the Securities Exchange Act.
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Code of Conduct
We maintain a Code of Conduct that is applicable to all of our Team Members, including our Chief Executive Officer, Chief Financial Officer
and Chief Accounting Officer. That Code of Conduct, which satisfies the requirements of a “code of ethics” under applicable SEC rules,
contains written standards that are designed to deter wrongdoing and to promote honest and ethical conduct, including the ethical handling
of actual or apparent conflicts of interest; full, fair, accurate, timely and understandable public disclosures and communications, including
financial reporting; compliance with applicable laws, rules and regulations; prompt internal reporting of violations of the code and
accountability for adherence to the code. A copy of the Code of Conduct is posted in the Investor Relations section of on our website at
www.ezcorp.com
We will post any waivers of the Code of Conduct, or amendments thereto, that are applicable to our Chief Executive Officer, Chief Financial
Officer or Chief Accounting Officer in the Investor Relations section of our website at www.ezcorp.com. To date, there have been no such
waivers.
Insider Trading Policy
We maintain an insider trading policy addressing the purchase, sale and other disposition of the Company’s securities by its officers,
directors and employees that is reasonably designed to promote compliance with U.S. federal insider trading laws, rules and regulations and
the Nasdaq Listing Rules. That policy is filed as an exhibit to this report.
Corporate Governance
Controlled Company Exemptions — The Nasdaq Listing Rules contain several corporate governance requirements for Nasdaq-listed
companies. These requirements generally relate to the composition of the board and its committees. For example, the rules require the
following:
•
A majority of the directors must be independent (Rule 5605(b)(1));
•
The audit committee must have at least three members, each of whom must be independent (Rule 5605(c)(2));
•
Executive officer compensation must be determined, or recommended to the board of directors for determination, by either (1) a
majority of the independent directors or (2) a compensation committee comprised solely of independent directors (Rule 5605(d)); and
•
Director nominations must be selected, or recommended for the board’s selection, by either (1) a majority of the independent
directors or (2) a nominations committee comprised solely of independent directors (Rule 5605(e)).
Rule 5615(c)(2), however, provides that a “Controlled Company” is exempt from the requirement to have a majority of independent directors
and from the requirements to have independent director oversight over executive compensation and director nominations. The Listing Rules
define a “Controlled Company” as a company of which more than 50% of the voting power for the election of directors is held by an
individual, a group or another company. EZCORP is a “Controlled Company” within this meaning by virtue of the fact that 100% of the
outstanding Class B Voting Common Stock (the only class of voting securities outstanding) is held of record solely by MS Pawn Limited
Partnership and beneficially by Phillip E. Cohen.
The Company has relied on the Controlled Company exemptions in the past, but is not currently relying on such exemptions. The controlling
shareholder or the Board may implement changes in the future that would again require the Company to rely on the Controlled Company
exemptions under the Nasdaq Listing Rules.
Committees of the Board of Directors — The Board of Directors maintains the following committees to assist it in its oversight responsibilities.
The current membership of each committee is indicated in the list of directors set forth under “Board of Directors” above.
•
Audit and Risk Committee — The Audit and Risk Committee assists the Board in fulfilling its responsibility to provide oversight with
respect to our financial statements and reports and other disclosures provided to stockholders, the system of internal controls, the
audit process and legal and ethical compliance. Its duties include reviewing the scope and adequacy of our internal and financial
controls and procedures; reviewing the scope and results of the audit plans of our independent and internal auditors; reviewing the
objectivity, effectiveness and resources of the internal audit function; and appraising our financial reporting activities and the
accounting standards and principles followed. The Audit and Risk Committee also selects, engages, compensates and oversees our
independent auditor and pre-approves all services to be performed by the independent auditing firm.
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The Audit and Risk Committee has further responsibility for overseeing our risk management and compliance processes. In carrying
out that responsibility, the Audit and Risk Committee ensures that adequate policies and procedures have been designed and
implemented to (a) manage and monitor significant risks the Company faces, including financial, operational, security, IT and
cybersecurity, legal, compliance and regulatory risks; and (b) assure compliance with all applicable laws and regulations, including
data privacy requirements.
The Audit and Risk Committee is comprised entirely of directors who satisfy the standards of independence described under “Part III,
Item 13 — Certain Relationships and Related Transactions, and Director Independence — Director Independence,” as well as
additional or supplemental independence standards applicable to audit committee members established under applicable law and
Nasdaq listing requirements. The Board has determined that each Audit and Risk Committee member meets the Nasdaq “financial
literacy” requirement and that Mr. Tillett, Chair of the committee, and Mr. Appel are “financial experts” within the meaning of the
current rules of the SEC.
•
People and Compensation Committee — The People and Compensation Committee has the primary responsibility of reviewing,
analyzing and (as appropriate) approving, on behalf of the Board, executive compensation and organizational development matters
and otherwise assisting the Board in its overall responsibility to enable the Company to attract, retain, develop and motivate qualified
executives and employees who will contribute to our long-term success. Specific responsibilities and duties include assisting
management and the Board in identifying, developing and evaluating potential candidates for senior executive positions; overseeing
the development of succession plans for senior executive positions; reviewing and approving (or recommending, as appropriate)
amounts and types of compensation to be paid to our executive officers; reviewing and recommending to the full Board the amount
and type of compensation to be paid to our non-employee directors; reviewing and recommending to the full Board all equity
compensation to be paid to our Team Members (including the executive officers); and advising management with respect to the
quality of the workforce to carry out our strategic goals. The People and Compensation Committee is comprised entirely of directors
who satisfy the standards of independence described under “Part III, Item 13 — Certain Relationships and Related Transactions, and
Director Independence — Director Independence.”
•
Nominating Committee — The Nominating Committee assists the Board with respect to the selection and nomination of candidates
for election or appointment to the Board, including making recommendations to the Board regarding the size and composition of the
Board and its committees; recommending to the Board the qualifications needed or required of Board members; identifying and
evaluating qualified individuals to become Board members; making recommendations to the full Board regarding the nomination of
appropriate candidates; and assessing and monitoring each continuing and prospective director’s independence and qualification to
serve on the Board and its committees. The Nominating Committee is comprised entirely of directors who satisfy the standards of
independence described under “Part III, Item 13 — Certain Relationships and Related Transactions, and Director Independence —
Director Independence.”
Each of the three standing committees is governed by a written charter, a copy of which can be found in the Investor Relations section of our
website at www.ezcorp.com.
Meetings and Attendance — The following table sets forth the number of meetings held during fiscal 2024 by the Board of Directors and each
committee thereof, as well as the number of times during the year that action was taken by unanimous written consent. Our bylaws currently
require the unanimous attendance of all directors in order for a quorum to be present at a meeting of the Board of Directors. In addition to the
number of official Board meetings noted below, the Board of Directors also held five other meetings that were not considered official
meetings of the Board due to the absence of a quorum.
All directors attended at least 75% of the meetings of the Board and of the committees on which they served.
Fiscal 2024
Meetings Held
Action by Unanimous
Written Consent
Board of Directors
7
7
Audit and Risk Committee
4
—
People and Compensation Committee
6
2
Nominating Committee
—
1
In addition, during fiscal 2022, the Board of Directors formed and commissioned a “Share Buyback Committee,” consisting of Mr. Appel, Mr.
Given, Mr. Kulas and Mr. Tillett, for the purpose of reviewing and approving the Company’s share repurchase plans. That committee met a
total of four times during fiscal 2024.
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ITEM 11. EXECUTIVE COMPENSATION
Compensation Discussion and Analysis
This Compensation Discussion and Analysis describes our compensation practices and the executive compensation policies, decisions and
actions of the People and Compensation Committee of our Board of Directors (the “Committee”). It focuses specifically on compensation
earned during fiscal 2024 by the following individuals, referred to as our Named Executive Officers.
Name
Position
Lachlan P. Given
Chief Executive Officer
Timothy K. Jugmans
Chief Financial Officer
Philip E. Cohen
Executive Chairman
John Blair Powell, Jr.
Chief Operating Officer
Lisa VanRoekel
Chief Human Resources Officer
Executive Compensation Philosophy and Program Design
Philosophy and Goals — We have designed our executive compensation program to accomplish the following primary goals:
Attract and retain high performers
• Compensation is competitive to attract and retain high performers
• When performance objectives are achieved, resulting pay is competitive with market
• When performance is outstanding and exceeds performance objectives, resulting pay is
positioned above, and potentially near the top of, the market
Pay for performance
• The majority of compensation is performance-based (short-and long-term)
• These performance-based incentives are tied to the achievement of financial and
strategic objectives, recognizing company-wide and individual performance
Shareholder alignment
• The value of equity awards is dependent on our stock performance and the
achievement of objective financial goals
• Equity incentives will have the greatest weight in the mix of variable compensation for
executives
Long-term commitment
• Equity incentive awards vest over multiple years to align executives with the investment
horizon of long-term shareholders
• After vesting, executives are subject to stock ownership requirements
These principles are reflected in the following best-practice features of our executive compensation program:
What We Do
What We Don’t Do
☑Emphasize performance-based variable pay
☒Generally, no single trigger change-in-control payments
☑Link significant portion of equity incentive grants to
performance goals
☒No significant perquisites
☑Require stock retention by executives and directors
☒No hedging or pledging of Company stock
☑Perform annual risk assessments
☑Retain an independent compensation consultant
☑Maintain an incentive clawback policy
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Compensation Components — “Total direct” compensation is composed of four principal components, each one contributing to the
accomplishment of our compensation program goals:
Compensation Component
Description
Attract and
Retain
Pay for
Performance
Shareholder
Alignment
Long-term
Commitment
Base salary
A market-competitive salary to provide a fixed annual cash
income
ü
Short-term incentives
Annual cash incentive opportunity tied to an assessment of
annual corporate and business unit financial performance, as
well as individual contributions
ü
ü
ü
Long-term incentives
Equity incentive grants with vesting tied to achievement of
earnings-based goals and continued employment
ü
ü
ü
ü
Executive retirement
(US only)
Annual retirement plan contributions that vest over three
years
ü
ü
The Committee reviews the executive pay mix on an annual basis. The Committee does not target a fixed percentage allocation among the
compensation components, but rather aims to provide the majority of executive officer compensation opportunities in the form of at-risk
incentive compensation.
Benchmarking and Peer Group Data
To attract and retain the best executives for key management positions, we provide compensation opportunities that are competitive based
on peer group and survey data. We do not target any specific pay percentile for our executive officers. It is important to note, however, that
the majority of pay opportunities for our top executives are incentive-based and that actual realizable compensation is heavily dependent
upon actual business results. See “Executive Compensation Philosophy and Program Design” above. Failure to achieve targeted results
could result in realized compensation being below the competitive benchmarks. Conversely, our incentive compensation programs provide
opportunities for compensation to exceed the competitive benchmarks if specified objectives are achieved at targeted levels or higher. The
Committee believes that actual realizable compensation for our top executives is well aligned with our performance.
The Committee asks its independent compensation consultant to conduct an annual competitive compensation review to benchmark
compensation for executive officers. Mercer (US) Inc. (“Mercer”), the Committee’s independent compensation consultant, delivered its Fiscal
2024 Executive Compensation Competitive Market Assessment (the “FY24 Mercer Executive Compensation Report”) to the Committee in
August 2023 in connection with the Committee’s review and evaluation of the executive compensation program and pay levels for fiscal
2024. For that report, Mercer collected competitive pay data for a peer group of 14 publicly traded companies that were reviewed and
approved by the Committee in May 2023.
There is only one publicly traded company in the marketplace with which we directly compete, FirstCash Holdings, Inc. As a result, the
Committee uses a set of similarly-sized companies from relevant industries that serve similar customer bases, operate in the retail or
consumer finance industries and typically have similar operating dynamics as the Company. The Committee believes this approach
appropriately reflects the diverse labor market for executive talent in which we compete and presents a reasonable reference for evaluating
the competitiveness of our executive compensation levels and practices.
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The fiscal 2024 peer group consisted of the following companies:
Peer Company
Stock Symbol
Primary Business
The Aaron's Company, Inc.
AAN
Homefurnishing Retail
The Cato Corporation
CATO
Apparel Retail
Conn's, Inc.
CONN
Computer and Electronics Retail
CURO Group Holdings Corp.
CURO
Consumer Finance
Enova International, Inc.
ENVA
Consumer Finance
FirstCash Holdings, Inc.
FCFS
Consumer Finance — Pawn Operator
Green Dot Corporation
GDOT
Consumer Finance
LendingClub Corporation
LC
Consumer Finance
LendingTree, Inc.
TREE
Consumer Finance
MoneyGram International, Inc.
MGI
Data Processing and Outsourced Services — Fintech
Oportun Financial Corporation
OPRT
Consumer Finance
PRA Group, Inc.
PRAA
Consumer Finance
Regional Management Corp.
RM
Consumer Finance
World Acceptance Corporation
WRLD
Consumer Finance
In comparison to the peer group used in fiscal 2023, in fiscal 2024, two companies were removed and three were added. Atlanticus Holdings
Corporation was removed due to its revenue size being outside the range of reasonable comparability, and Elevate Credit, Inc. was removed
due to it no longer being public. The three companies added (Green Dot Corporation, LendingTree, Inc. and PRA Group Inc.) maintain focus
on the Consumer Finance industry. When the peer group was approved by the Committee, Mercer noted that the Company was at the 38th
percentile of the peer group in terms of revenue size and at the 49th percentile in terms of market capitalization.
To benchmark our executive compensation, Mercer used peer group data from the most recently available proxy filings (CEO and CFO
positions and other executive positions where available) and its own executive compensation survey data (for all executive officer positions).
Additional data from other published surveys was used as secondary reference points.
The FY24 Mercer Executive Compensation Report contained the following general observations, which the Committee took into
consideration in evaluating and approving executive compensation for fiscal 2024:
•
Total cash compensation (at target levels) for our executive officers as a group approximates the 59th percentile, with seven of eight
executive officers approximating or exceeding the 50th percentile.
•
Long-term incentive compensation (at target levels) is less competitive at below the 25th percentile, with six of eight executive
officers below the 50th percentile.
•
As a whole, total direct compensation (cash compensation plus long-term incentive) for our executive officers is at the 45th
percentile, with half of our executive officers approximating or exceeding the 50th percentile.
Components of Compensation and Fiscal 2024 Executive Compensation Actions
Our executive compensation program consists of four main elements: base salaries, short-term cash incentive opportunities, long-term
incentive opportunities (generally paid in the form of equity awards) and other benefits, including healthcare and retirement. Each of these
components is discussed in more detail below, along with the compensation actions that were taken during fiscal 2024.
Base Salary
Our primary objective with respect to base salary levels is to provide sufficient fixed cash income to attract and retain experienced leaders in
a competitive market. The base salaries of our executive officers are reviewed and adjusted (if appropriate) annually to reflect, among other
things, individual performance, review of market data, experience in role, macro-economic conditions and internal equity.
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The following table shows, for each Named Executive Officer, the base salaries that were in effect for fiscal 2024 and 2023:
Named Executive Officer
Fiscal 2024 Base
Salary
Fiscal 2023 Base
Salary
Increase
Lachlan P. Given
$
750,000 
$
750,000 
0%
Timothy K. Jugmans
$
475,000 
$
450,000 
6%
Philip E. Cohen
$
1,500,000 
$
1,500,000 
0%
John Blair Powell, Jr.
$
600,000 
$
550,000 
9%
Lisa VanRoekel
$
410,000 
$
410,000 
0%
In October 2024, the Committee determined that the fiscal 2025 base salaries for the Named Executive Officers would be as follows: Mr,.
Given, $750,000 (no increase); Mr. Jugmans, $500,000 (5.3% increase); Mr. Cohen, $1,500,000 (no increase); Mr. Powell, $600,000 (no
increase); and Ms. VanRoekel, $410,000 (no increase).
Annual Short-Term Incentive
Our executive officers, as well as other key Team Members, are eligible to participate in our annual short-term incentive (“STI”) plan. The
plan is designed to provide financial reward contingent on achievement of annual corporate and business unit financial results, as well as
personal objectives tied to our strategic goals.
The following is a summary of the terms of the fiscal 2024 STI plan, which the Committee approved in May 2023:
•
The fiscal 2024 STI plan provides cash bonus opportunities based on achievement of specified performance goals. The bonus
opportunity for each participant was determined based on a designated target amount, a business performance modifier based on
the achievement of specified EBITDA-based performance goals for the Company as a whole (consolidated) and each business unit,
and an assessment of individual performance.
•
Participants were assigned to one of two “STI Incentive Pools” — Consolidated Executive Officer and Consolidated — and the total
target amount for each pool equaled the aggregate designated target amount for the participants in that pool. The Consolidated Pool
also includes three sub-pools based on individual business unit performance.
•
The plan was subject to a “Company Performance Gate,” such that no pool would be funded if the Company did not achieve the
minimum level of Adjusted EBITDA required for a corporate-level payout.
•
If the Company Performance Gate was achieved, then each pool was funded in a range from 0% to 150% of the total target amount
assigned to that pool, based on the level of achievement of the applicable performance goal for that pool.
•
The performance goal for both the Consolidated Executive Officer pool and the Consolidated pool was based on the consolidated
Adjusted EBITDA shown in the Board-approved budget for fiscal 2024 (excluding any impact of our investment in Cash Converters).
The threshold level for each pool (i.e. the performance needed to achieve 50% funding) was set at 85% of the designated
performance goal for that pool, and the maximum level (i.e. the performance needed to achieve 150% funding) was set at 115% of
the designated performance goal. The Company Performance Gate was set at 85% of the consolidated performance goal.
•
The Committee retained discretionary authority to make adjustments to the reported EBITDA as it, in its sole discretion, determined
to be necessary, appropriate or desirable to take into consideration special events or other circumstances reasonably beyond
management’s control (referred to as “Adjusted EBITDA”).
•
Each participant’s bonus amount was funded out of their assigned pool based on an evaluation of their individual performance
against objectives specified at the beginning of the year. For all participants other than the executive officers, the final bonus
amounts were determined by management. For the executive officers (other than the CEO), the final bonus amounts were
recommended by the CEO and approved by the Committee. The final bonus amount for the CEO was determined by the Committee.
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The following table sets forth the fiscal 2024 STI target amount for each of the Named Executive Officers:
Named Executive Officer (1)
Fiscal 2024 STI
Target Amount
Target Amount as
% of Base Salary
Lachlan P. Given
$
1,125,000 
150%
Timothy K. Jugmans
$
475,000 
100%
John Blair Powell, Jr.
$
600,000 
100%
Lisa VanRoekel
$
246,000 
60%
(1)    Mr. Cohen, in his role as Executive Chairman, is not a participant in the STI plan, but is subject to a separate incentive opportunity specified in the terms of his
employment. Pursuant to those terms, he had the opportunity to earn an incentive award of up to $1,750,000. See “Executive Chairman Incentive Award” below.
The amount of each Named Executive Officer’s STI bonus opportunity at the Threshold, Target and Maximum levels is set forth in the
“Grants of Plan-Based Awards” table under “Incentive Plan Based Awards” below.
All of the Named Executive Officers were assigned to the Consolidated Executive Officer pool. During fiscal 2024, the Company achieved
109% of the specified consolidated performance goal.
In addition to the noted financial performance, management was successful in completing specific initiatives that were designed to drive
progress across the key strategic focus areas for fiscal 2024, which included:
•
Strengthening our core pawn business;
•
Driving cost efficiency;
•
Improving our Team Member experience;
•
Improving and expanding our customer engagement through innovation and growth;
•
Modernizing our IT and data management systems;
•
Enhancing and maintaining our culture of risk management and compliance; and
•
Developing the foundations of a comprehensive and integrated sustainability program.
These strategic focus areas provided the foundation for delivering strong financial performance through increased earnings and efficient
balance sheet management.
Following a consideration of all of these factors, the Committee approved a funding level of 127% for the Consolidated Executive Officer
pool, which included all of the Named Executive Officers. The specific bonus amount approved for each Named Executive Officer is indicated
in the “Non-Equity Incentive Plan Compensation” column in the Summary Compensation Table below. Those amounts were calculated as
follows:
Named Executive Officer (1)
Target Amount
STI Payout
Percent of
Target Awarded
Lachlan P. Given
$
1,125,000 
$
1,428,750 
127%
Timothy K. Jugmans
$
475,000 
$
603,250 
127%
John Blair Powell, Jr.
$
600,000 
$
762,000 
127%
Lisa VanRoekel
$
246,000 
$
312,420 
127%
(1)    Mr. Cohen’s bonus payout was calculated as described below under “Executive Chairman Incentive Award.”
In November 2024, the Committee approved the STI plan for fiscal 2025. The fiscal 2025 STI plan contains the same design elements as the
fiscal 2024 plan; however the individual business unit sub-pools were removed from the Consolidated Pool. For fiscal 2025, the Target
Amounts for each of the Named Executive Officers will be as follows: Mr. Given, $1,125,000; Mr. Jugmans, $500,000; Mr. Powell, $600,000;
and Ms. VanRoekel, $246,000.
Long-Term Incentives
General — Long-term incentive (“LTI”) compensation, in the form of equity awards, is a key component in our executive compensation
program, helping to encourage long-term commitment, shareholder alignment and long-term performance orientation. The value of equity
awards over time bears a direct relationship to the price of our stock and the gain or loss experienced by our stockholders.
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All of our executive officers are eligible to receive LTI awards. We structure our LTI compensation program to place greater emphasis on
long-term performance that enhances stockholder value. Many of our peers have a significant time-based vesting component to their long-
term awards, while 80% of our LTI awards are subject to performance-based vesting. To further emphasize the long-term nature of these
awards, 100% of the LTI awards vest at the end of a three-year performance period, rather than a prorated vesting each year during the
performance period. The Committee believes this structure incentivizes and rewards longer-term vision and strategies and provides a
balance to our short-term programs, which are focused on annual performance.
We are currently issuing LTI awards under the 2022 Long-Term Incentive Plan (the “2022 LTI Plan”). Under the terms of the 2022 LTI Plan, all
awards must be approved by the full Board of Directors, following recommendation by the Committee.
Grant frequency — Although LTI awards may be made at any time as determined by the Committee and approved by the Board, the
Committee generally considers new LTI grants for executive officers and other key employees on an annual basis. Given that these annual
LTI awards are intended to incentivize performance over the full designated performance period, the Committee considers it appropriate to
use the stock price at the beginning of the performance period in determining the number of shares or units to be granted. In the Committee’s
view, this methodology, consistently applied, neutralizes the stock price as a factor impacting the timing of awards.
Fiscal 2024 Actions — For fiscal 2024, the Committee took the following actions regarding LTI awards:
•
Grant of fiscal 2024 LTI awards — In May 2023, the Committee approved the design and structure of the fiscal 2024 LTI awards. In
October 2023, the Committee authorized the issuance of awards to the executive officers and other key employees, which awards
were granted in October 2023 following approval by the Board. The number of units awarded to each participant was determined by
dividing the participant’s designated LTI target amount by $8.25, the closing trading price of our Class A Non-Voting Common Stock
on September 29, 2023. The following table shows the fiscal 2024 LTI awards for the Named Executive Officers (other than Mr.
Cohen, who is subject to a separate incentive program and is not eligible for LTI awards):
Named Executive Officer
Fiscal 2024 LTI
Target Amount
Number of Units
Lachlan P. Given
$
2,600,000 
315,151
Timothy K. Jugmans
$
700,000 
84,848
John Blair Powell, Jr.
$
1,200,000 
145,454
Lisa VanRoekel
$
350,000 
42,424
The awards took the form of restricted stock units with the following terms:
•
Performance will be measured over a three-year performance period (fiscal 2024, fiscal 2025 and fiscal 2026).
•
Vesting for 80% of the units awarded is subject to performance measured against specified net income targets — 20% of the
units are allocated to each of the three years in the performance period (with each year measured separately based on an
annual Adjusted Net Income performance goal), and 20% of the units are subject to a cumulative performance goal based
on Adjusted Net Income growth over the three-year performance period.
The Committee continues to consider net income to be the long-term shareholder value metric against which management
should be measured, as it reflects the scaling of profitability in a fiscally robust way. Net income takes into account the full
bottom-line performance and growth of the Company, including a prudent capital structure; it is the metric that primarily
drives our stock price, closely aligning management’s interests with those of our shareholders; it is one of the three primary
financial goals in the Company’s “Strategic Goals and Measures” framework; and it is less susceptible to manipulation, as
EPS often is with debt-financed share buybacks that potentially put financial position at risk.
•
The remaining 20% of the units are subject to time-based vesting, contingent only on continuous active employment through
the end of the performance period.
•
The number of performance-based units (whether annual or cumulative) that will be available to vest at the end of the
performance period will range from 50% (assuming minimum threshold performance is achieved) and 150%, depending on
the level of performance target achievement. There is no “bonus” unit opportunity for the time-based units, and they will vest
at 100% only if the continuous active employment condition is met; otherwise, they will be forfeited.
The Committee believes this structure aligns with the Company’s business strategy by maintaining executive focus on each year’s
results but also driving long-term, multi-year performance. Additionally, the Committee determined, with the advice of its independent
consultant, that the inclusion of a relatively small time-based element aligns the Company’s equity awards with market comparables.
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•
Vesting of fiscal 2022 awards — As described in our Annual Report on Form 10-K for the year ended September 30, 2022 (the “2022
Annual Report”), the fiscal 2022 LTI awards were approved in October 2021. The basic design of the fiscal 2022 awards is similar to the
fiscal 2024 awards discussed above, except that 100% of the units awarded are subject to performance-based vesting (divided equally
among the three years in the performance period, fiscal 2022, fiscal 2023 and fiscal 2024). As reported in our Annual Report on Form 10-
K for the year ended September 30, 2023 (the “2023 Annual Report”), the Committee previously determined that 150% of the units
allocated to fiscal 2022 and 147% of the units allocated to fiscal 2023 were available for vesting for those participants whose employment
continued through fiscal 2024.
During fiscal 2024, the Company’s Adjusted Net Income performance ($84.7 million) exceeded the specified performance goal at the
target level, and in November 2024, the Committee determined that 133% of the units allocated to fiscal 2024 (along with the units
allocated to fiscal 2022 and fiscal 2023 as described above) were vested for those participants whose employment continued through the
end of fiscal 2024. The resulting vesting for the Named Executive Officers was as follows: this includes 235,925 units for Mr. Given,
(including 71,325 “bonus” units); 83,599 units for Mr. Jugmans, (including 25,273 “bonus” units); 136,168 units for Mr. Powell, (including
41,165 “bonus” units); and 59,535 units for Ms. VanRoekel, (including 17,996 “bonus” units).
•
Second-year performance of fiscal 2023 awards — As described in our 2023 Annual Report, the fiscal 2023 LTI awards were approved
in October 2022. The basic design of the fiscal 2023 awards is substantially similar to the fiscal 2024 awards discussed above, except
that the three-year performance period consists of fiscal 2023, fiscal 2024 and fiscal 2025. As reported in the 2023 Annual Report, the
Committee determined in November 2023 that 147% of the units allocated to fiscal 2023 were available for vesting for those participants
whose employment continues through fiscal 2024.
During fiscal 2024, the Company’s Adjusted Net Income performance ($84.7 million) exceeded the specified performance goal at the
target level, and in November 2024, the Committee determined that 133% of the units allocated to fiscal 2024 were available for vesting
for those participants whose employment continues through the end of fiscal 2025. For the Named Executive Officers, this includes
69,001 units for Mr. Given (including 17,120 “bonus” units); 17,250 units for Mr. Jugmans (including 4,280 “bonus” units); 28,463 units for
Mr. Powell (including 7,062 “bonus” units); and 11,316 units for Ms. VanRoekel (including 2,807 “bonus” units).
•
First-year performance of fiscal 2024 awards — During fiscal 2024, the Company’s Adjusted Net Income performance ($84.7 million)
exceeded the specified performance goal at the target level, and in November 2024, the Committee determined that 133% of the units
allocated to fiscal 2024 are available for vesting for those participants whose employment continues through the end of fiscal 2026. For
the Named Executive Officers, this includes 83,829 units for Mr. Given (including 20,799 “bonus” units); 22,568 units for Mr. Jugmans
(including 5,599 “bonus” units); 38,689 units for Mr. Powell (including 9,599 “bonus” units); and 11,283 units for Ms. VanRoekel (including
2,799 “bonus” units).
•
Grant of fiscal 2025 Awards — In October 2024, the Committee approved the plan design for the fiscal 2025 LTI awards. The approved
design is substantially identical to the fiscal 2024 awards described above, except that the three-year performance period covers fiscal
2025, fiscal 2026 and fiscal 2027. The fiscal 2025 LTI awards were granted in November 2024 following approval by the Board. The
number of units awarded to each participant was determined by dividing the participant’s designated LTI target amount by $11.21, the
closing trading price of our Class A Non-Voting Common Stock on September 30, 2024. The following table shows the fiscal 2025 LTI
awards for the Named Executive Officers (other than Mr. Cohen, who is subject to a separate incentive program and is not eligible for LTI
awards):
Named Executive Officer (1)
Fiscal 2025 LTI
Target Amount
Number of Units
Lachlan P. Given
$
3,000,000 
267,618
Timothy K. Jugmans
$
900,000 
80,285
John Blair Powell, Jr.
$
1,200,000 
107,047
Lisa VanRoekel
$
400,000 
35,682
(1)    In October 2024, the Committee approved increases in the LTI target amounts for Mr. Given (from $2,600,000 to 3,000,000), Mr. Jugmans (from $700,000 to $900,000),
and Ms. VanRoekel (from $350,000 to $400,000). These changes better align the executives’ long-term incentive compensation and total direct compensation with peer
group executives in comparable positions (at the 41st percentile and 43rd percentile, respectively, for Mr. Given; at the 43rd percentile and 45th percentile, respectively, for
Mr. Jugmans; and at the 43rd percentile and 63rd percentile, respectively, for Ms. VanRoekel), and is consistent with the Company’s pay-for-performance philosophy and
emphasis on long-term compensation.
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Executive Chairman Incentive Award
As Executive Chairman, Mr. Cohen has an incentive compensation opportunity of $1,750,000 per year, awarded in the form of cash-settled
phantom stock units (“Units”) tied to the trading price of the Company’s Class A Common Stock, as follows:
•
Award — At the beginning of a fiscal year (the “Performance Year”), the number of Units awarded is determined by dividing
$1,750,000 by the stock price at the close of the immediately preceding fiscal year.
•
Vesting — The awarded Units vest at the end of the Performance Year so long as the “Company Performance Gate” under the
Company’s STI plan for the Performance Year has been achieved. The Company Performance Gate is the level of performance
(generally measured in terms of Adjusted EBITDA) needed to achieve any payout under the STI plan. Even if the Company
Performance Gate is achieved, the Committee in its discretion may reduce the number of Units that vest based upon the
Committee’s evaluation of Mr. Cohen’s achievement of individual performance objectives. Conversely, if the Company Performance
Gate is not achieved, the Committee in its discretion may choose to vest some or all of the Units based an evaluation of Mr. Cohen’s
achievement of individual performance objectives.
•
Payout — The vested Units will be paid out in two installments. The first installment will be paid as soon as practicable after the end
of the Performance Year and will be an amount of cash equal to 50% of the vested Units multiplied by the stock price at the end of
the Performance Year. The second installment will be paid out at the end of the next fiscal year and will be an amount of cash equal
to 50% of the vested Units multiplied by the stock price at that time.
At the beginning of fiscal 2024, Mr. Cohen received 212,121 Units (the “FY24 Units”), which was calculated by dividing the bonus opportunity
($1,750,000) by $8.25, the closing trading price of our Class A Non-Voting Common Stock on September 29, 2023. In September 2024, the
Committee reviewed and evaluated Mr. Cohen’s individual performance during fiscal 2024, noting Mr. Cohen’s valuable contributions in key
strategic areas, including the following:
•
Providing leadership and mentorship to the CEO, COO and CFO;
•
Providing counsel and advice on development and execution of strategic plan;
•
Providing direction, high-level involvement and support on key growth initiatives, including acquisitions, strategic investments and
partnerships and de novo developments;
•
Providing counsel and operational guidance to improve store-level performance and Team Member engagement; and
•
Providing thought leadership and guidance on financing and capital allocation strategies.
As noted above, the Committee has determined that the Company Performance Gate under the fiscal 2024 STI plan has been achieved. See
“Annual Short-Term Incentive” above. Consequently, and taking into consideration the Committee’s evaluation of Mr. Cohen’s individual
performance, the Committee approved the vesting of 100% of the FY24 Units. Under the terms of Mr. Cohen’s incentive opportunity, 50% of
those Units (or 106,060 Units) will be paid out on a per-Unit value of $11.21 (the closing trading price of our Class A Common Stock on
September 30, 2024), translating to a cash payout of $1,188,933. The remaining 50% of the FY24 Units (106,061 Units) will be paid at the
end of fiscal 2025 based on the closing trading price of our Class A Non-Voting Common Stock at that time.
In September 2024, the Committee maintained Mr. Cohen’s incentive compensation opportunity at $1,750,000, and for fiscal 2025, Mr.
Cohen received 156,110 Units (the “FY25 Units”), which was calculated by dividing the bonus opportunity ($1,750,000) by $11.21, the closing
trading price of our Class A Non-Voting Common Stock on September 30, 2024. The FY25 Units will be subject to the vesting and payout
terms described above.
Supplemental Executive Retirement Plan
We provide selected executives with a non-qualified Supplemental Executive Retirement Plan (“SERP”) to offer a competitive benefit and to
assist in offsetting potential impacts of contribution limitations applicable to our 401(k) retirement savings plan. For fiscal 2024, the
Committee approved SERP contributions for each of the executive officers equal to 10% of base salary. This resulted in the following SERP
contributions for each of the Named Executive Officers (other than Mr. Cohen who is not eligible for SERP contributions):
Named Executive Officer
Fiscal 2024 SERP
Contribution
Lachlan P. Given
$
75,000 
Timothy K. Jugmans
$
47,500 
John Blair Powell, Jr.
$
60,000 
Lisa VanRoekel
$
41,000 
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In September 2024, the Committee approved fiscal 2025 SERP contributions equal to 10% of base salary for each of the executive officers
(other than Mr. Cohen). For the Named Executive Officers, those contributions were $75,000 for Mr. Given, $50,000 for Mr. Jugmans,
$60,000 for Mr. Powell and $41,000 for Ms. VanRoekel.
Other Benefits and Perquisites
The executive officers participate in other benefit plans on the same terms as other Team Members. These plans include medical, dental, life
insurance and our 401(k) retirement savings plan. In addition, we provide supplemental healthcare benefits to our executive officers. The
amount of that benefit for the Named Executive Officers is included in the “All Other Compensation” column of the Summary Compensation
Table below.
Executive Compensation Governance and Process
Composition of the People and Compensation Committee
The People and Compensation Committee is comprised of four members — Mr. Lagos (Chair), Mr. Appel, Ms. Arnold and Mr. Tillett — each
of whom is an independent director. See “Part III, Item 10 — Directors, Executive Officers and Corporate Governance — Board of Directors.”
Role of the Committee
The Board of Directors has authorized the Committee to establish the compensation programs for all executive officers and to provide
oversight for compliance with our compensation philosophy. The Committee delegates the day-to-day administration of the compensation
plans to management and retains responsibility for ensuring that the plan administration is consistent with our policies.
Annually, the Committee sets the compensation for our executive officers, including objectives and awards under incentive plans (subject to
approval of LTI awards by the Board of Directors). The Committee also reviews all other proposed LTI awards and makes recommendations
to the Board of Directors on proposed LTI awards and the appropriate compensation for the non-employee directors.
The Committee also oversees the Company’s human capital management (HCM) strategy, policies and activities, including succession
planning and corresponding individual development in order to maintain the talent necessary to fulfill our operational and strategic objectives;
diversity and inclusion initiatives; Team Member engagement; and assessing the overall effectiveness of our HCM programs. For more
information on the Committee's role, see “Part III, Item 10 — Directors, Executive Officers and Corporate Governance — Corporate
Governance — Committees of the Board — People and Compensation Committee,” as well as the Committee's charter, which can be found
in the Investor Relations section of our website at www.ezcorp.com.
Role of Management
The Committee receives data regarding compensation trends, succession plans, issues and recommendations from management. Members
of management, including the Chief Executive Officer, Chief Human Resources Officer and Chief Legal Officer, attend Committee meetings
at the invitation of the Committee. In addition, our Chief Executive Officer provides input on individual performance and recommendations
regarding compensation adjustments to the Committee for executive officer positions other than his own.
Role of the Independent Compensation Consultant
Under its charter, the Committee has sole authority to retain, terminate, obtain advice from, oversee and compensate its outside advisors,
including its compensation consultant. We have provided appropriate funding to the Committee to do so.
Since March 2020, the Committee has retained Mercer as its independent compensation consultant. The Committee’s independent
compensation consultant reports directly to the Committee, and the Committee may replace its independent compensation consultant or hire
additional consultants at any time. The Committee’s independent compensation consultant communicates with, and attends meetings of, the
Committee as requested.
The Committee annually evaluates the independence of its independent compensation consultant in providing executive compensation
consulting services, and to date has found no conflict of interest with respect to Mercer.
During fiscal 2024, Mercer, among other things, advised the Committee on the principal aspects of our executive compensation program,
updated the Committee on evolving best practices and provided market information and analysis regarding the competitiveness of our
program design and award values.
Compensation Risk
The Committee continually monitors our general compensation practices, specifically the design, administration and assessment of our
incentive plans, to identify any components, measurement factors or potential outcomes that might create an incentive for excessive risk-
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taking detrimental to the Company. The Committee has determined that our compensation plans and policies do not encourage excessive
risk-taking.
Our executive compensation program provides a balance of short-term and long-term incentives that reward achievement of profitable,
consistent and sustainable results. These include:
•
Annual incentive compensation tied to achievement of profitable Company or business unit performance (as measured by
consolidated and/or business unit EBITDA);
•
Meaningful long-term equity incentive opportunities that are substantially performance-based and provide an incentive to deliver
long-term growth in stockholder value as a result of sustained earnings growth.
We maintain the following policies to mitigate compensation risk:
•
Compensation Recovery Policy — The Board of Directors has adopted a Compensation Recovery Policy that complies with the
requirements of the Nasdaq Listing Rules. Under the policy, the Company generally is required to take reasonably prompt action to
recover “Erroneously Awarded Compensation” from the persons subject to the policy (including the executive officers) if the
Company is required to prepare an accounting restatement due to the Company’s material noncompliance with financial reporting
requirements. “Erroneously Awarded Compensation” is the amount of incentive compensation received by a covered person in
excess of the amount that would have been received had it been determined based on the restated amounts. A copy of the
Compensation Recovery Policy, which became effective on August 1, 2023, is filed as an exhibit to this Report.
•
Anti-Hedging Policy — We maintain a policy prohibiting the trading of “derivative securities” related to, or engaging in “short sales” of,
our stock by members of the Board of Directors, executive officers or any other persons associated or affiliated with the Company
(through employment, contractual relationship or otherwise) who are designated from time to time by the Board of Directors. For
purposes of the policy, a “derivative security” is any option, warrant, convertible security, stock appreciation right or similar right with
an exercise or conversion privilege at a price related to our stock, or similar securities with a value derived from the value of our
stock; and a “short sale” is any sale of stock that the seller does not own or any sale that is consummated by the delivery of stock
borrowed by, or for the account of, the seller. The Board believes that this policy, by preventing the shifting of the risks of ownership
of Company stock, helps to align the interests of management with the interests of the other Company stockholders.
•
Executive Share Retention Policy — The Board of Directors has adopted stock ownership requirements applicable to the members
of the Board of Directors and the executive officers. Pursuant to those requirements, each non-executive member of the Board of
Directors and each executive officer is required to hold a number of shares of Class A Non-Voting Common Stock having a market
value equal to the applicable “Required Multiple” of the annual retainer fee (in the case of the non-executive directors) or base salary
(in the case of the executive officers). The Required Multiple is 4X for the non-executive directors and the CEO, 2X for the Executive
Chairman and 1X for the other executive officers. Each person subject to the stock ownership requirements is required to hold at
least 50% (in the case of the non-executive directors) or 30% (in the case of the executive officers) of each vesting of restricted stock
or restricted stock units until the required stock ownership amount is satisfied. Thereafter, such person can sell shares (subject to our
trading window policy) as long as the required stock ownership amount is maintained. Because each share of Class B Voting
Common Stock is convertible into a share of Class A Non-Voting Common Stock, the shares of Class B Voting Common Stock held
by Mr. Cohen are treated as the equivalent number of shares of Class A Non-Voting Common Stock for purposes of applying the
stock ownership requirements.
All directors and executive officers are currently in compliance with the stock ownership requirements.
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Other Executive Compensation Matters
Change in Control Severance Plan — The executive officers (other than Mr. Cohen) are participants in the EZCORP, Inc. Change in Control
Severance Plan (the “CIC Severance Plan”), which was approved and adopted by the Board of Directors in November 2022. A participant in
the CIC Severance Plan is entitled to receive certain severance benefits if both of the following events occur (a “double trigger”): The
Company experiences a change in control and the executive’s employment is terminated within two years thereafter. The severance benefits
include a cash payment equal to (1) a multiple of the participant’s annual base salary and target STI bonus plus (2) the participant’s prorated
target bonus for the year in which the termination occurs. In addition, the Company will provide continued healthcare benefits for a number of
years equal to the applicable multiple. The multiple referred to varies by executive officer, with the CEO, COO and CFO having multiples of
2.0 and the remaining executive officer participants having multiples of 1.5.
The Board of Directors has also approved amendments to the 2022 Long-Term Incentive Plan and all outstanding LTI awards to provide for
the acceleration of vesting (at target levels, in the case of performance-based awards) upon the occurrence of a qualifying termination
following a change in control. This acceleration of vesting benefit applies to the CIC Severance Plan participants, as well as all other holders
of outstanding LTI awards.
Generally, for purposes of the CIC Severance Plan, a change in control will be deemed to have occurred if a person or group acquires
beneficial ownership of 50% or more of the combined voting power of the outstanding Company securities, either directly or through
consummation of a business combination; provided, however, that any acquisition or beneficial ownership of voting securities by, or a transfer
of voting securities to, Mr. Cohen, any of his heirs or any entity that is owned or controlled by Mr. Cohen or any of his heirs, shall not
constitute a change in control.
The foregoing is a summary description of the principal terms of the CIC Severance Plan and is qualified in its entirety by reference to the full
terms and provisions set forth in the plan document, which is filed as an exhibit to this Report.
Other severance benefits — We provide the following other severance benefits to our executive officers (other than Mr. Cohen):
•
Unless severance benefits under the CIC Severance Plan are triggered, each of our executive officers will receive one year’s base
salary (as a lump sum or in the form of salary continuation) if their employment is terminated by the Company without cause.
•
Generally, restricted stock and restricted stock unit awards, including those granted to the executive officers, provide for accelerated
vesting of some or all of the unvested shares or units in the event of the holder's death or disability.
More information on severance arrangements can be found under “Other Benefit Plans — Certain Termination Benefits” below. The
Committee believes that these benefits provide important protection to the executive officers, are consistent with practice of the peer
companies and are appropriate for attraction and retention of executive talent.
Restrictive Covenant Agreements — Each of our executive officers (other than Mr. Cohen), along with other key Team Members, has entered
into a Restrictive Covenant Agreement under which the executive is subject to confidentiality and non-disclosure obligations with respect to
various categories of proprietary, competitively sensitive and confidential information. In addition, each such executive has agreed that, for a
period of one year following the termination of employment with the Company, they will not compete with the Company (within a defined
area) and will not solicit the Company's Team Members or suppliers.
Employment Contract for Mr. Given — On November 14, 2023, we entered into an Employment Contract with Mr. Given, our Chief Executive
Officer, who resides in London, England. The Employment Contract was entered into to comply with U.K. employment laws and is not
intended to alter the fundamental elements of Mr. Given’s employment relationship, including the compensatory arrangement as reflected in
this Compensation Discussion and Analysis. The terms of the Employment Contract mirror as close as possible the terms of Mr. Given’s pre-
existing U.S. employment, although certain modifications were necessary to adapt to a U.K. employment environment, particularly with
regards to healthcare and other benefits. All compensation received by Mr. Given under the Employment Contract is reflected in the
Summary Compensation Table below, including the “All Other Compensation” column, which includes healthcare and other benefits.
Compensation Committee Report
The Compensation Committee has reviewed the foregoing Compensation Discussion and Analysis and has discussed it with management.
Based on that review and those discussions, the Committee has recommended to the Board of Directors that the Compensation Discussion
and Analysis be included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024.
Pablo Lagos Espinosa, Chair

Matthew W. Appel

Zena Srivatsa Arnold

Gary L. Tillett
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Compensation Committee Interlocks and Insider Participation
None of the persons who served as members of the Compensation Committee during fiscal 2024 are or have ever been an officer of or
employed by the Company, nor do they have any relationship that requires disclosure under Item 404 of Regulation S-K, the SEC’s rules
requiring disclosure of certain relationships and related party transactions.
Summary Compensation Table
The table below summarizes the total compensation for fiscal 2024, 2023 and 2022 for the Named Executive Officers. The amounts shown
reflect the compensation received by each of the Named Executive Officers for the positions in which they were serving during the fiscal
years so noted, as follows:
•
Mr. Given served as Chief Strategy, M&A and Strategic Funding Officer during fiscal 2021 and the first quarter of fiscal 2022. He was
named Co-Interim Chief Executive Officer effective January 12, 2022 and appointed Chief Executive Officer on March 3, 2022.
•
Mr. Jugmans has served as Chief Financial Officer during all of the three fiscal years reported.
•
Mr. Cohen has served as Executive Chairman during all of the three fiscal years reported.
•
Mr. Powell was promoted to the position of President, Global Pawn in October 2021 and held that position until he was named Co-
Interim Chief Executive Officer effective January 12, 2022 and appointed Chief Operating Officer on March 3, 2022.
•
Ms. VanRoekel has served as Chief Human Resources Officer during all of the three fiscal years reported.
Name and Principal Position
Fiscal
Year
Base Salary
Stock Awards
(1)
Non-Equity
Incentive Plan
Compensation (2)
All Other
Compensation (3)
Total
Lachlan P. Given (4)
2024
$
750,000 
$
2,934,775 
$
1,428,750 
$
93,071 
$
5,206,596 
Chief Executive Officer
2023
$
750,000 
$
2,261,136 
$
1,383,750 
$
86,394 
$
4,481,280 
2022
$
728,654 
$
1,045,197 
$
1,465,274 
$
84,452 
$
3,323,577 
Timothy K. Jugmans (4)
2024
$
475,000 
$
857,775 
$
603,250 
$
108,910 
$
2,044,935 
Chief Financial Officer
2023
$
450,000 
$
749,143 
$
553,500 
$
71,679 
$
1,824,322 
2022
$
438,615 
$
412,239 
$
626,745 
$
71,146 
$
1,548,745 
Philip E. Cohen
2024
$
1,500,000 
— 
$
2,279,402 
$
19,046 
$
3,798,448 
Executive Chairman
2023
$
1,500,000 
— 
$
1,619,896 
$
21,597 
$
3,141,493 
2022
$
1,500,000 
— 
$
1,913,468 
$
23,310 
$
3,436,778 
John Blair Powell, Jr.
2024
$
600,000 
$
1,403,763 
$
762,000 
$
94,447 
$
2,860,210 
Chief Operating Officer
2023
$
550,000 
$
1,076,827 
$
676,500 
$
84,410 
$
2,387,737 
2022
$
515,577 
$
777,148 
$
744,576 
$
85,510 
$
2,122,811 
Lisa VanRoekel
2024
$
410,000 
$
525,496 
$
312,420 
$
58,526 
$
1,306,442 
Chief Human Resources
2023
$
410,000 
$
568,644 
$
302,580 
$
54,386 
$
1,335,610 
Officer
2022
$
391,077 
$
290,106 
$
353,762 
$
56,215 
$
1,091,160 
(1)
Amounts represent the aggregate grant date fair value of restricted stock or restricted stock unit awards, computed in accordance with FASB ASC 718-10-25. See Note 8:
Common Stock And Stock Compensation of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.” The
actual value realized by the Named Executive Officer with respect to stock awards will depend on whether the award vests and, if it vests, the market value of our stock on
the date the stock is sold.
For a description of these awards, see the “Grant of Plan-Based Awards” table under “Incentive Plan Based Awards” below. See also “Compensation Discussion and
Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Long-Term Incentives” above.
(2)
For Named Executive Officers other than Mr. Cohen, amounts represent the incentive bonuses paid pursuant to the Short-Term Incentive Compensation Plan. See
“Compensation Discussion and Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Annual Incentive Bonuses” above. For Mr.
Cohen, amounts represent the incentive bonuses paid pursuant to the special incentive compensation arrangement described under “Compensation Discussion and
Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Executive Chairman Incentive Award.”
(3)
Amounts include the cost of providing various perquisites and personal benefits, as well as the value of our contributions to the company-sponsored 401(k) plan and
Supplemental Executive Retirement Plan. For detail of the amounts shown for each Named Executive Officer, see the table under “Other Benefits and Perquisites — All
Other Compensation” below.
(4)
Mr. Given and Mr. Jugmans serve on the board of directors of Cash Converters International Limited, with Mr. Jugmans serving as non-executive chairman. The director
fees paid to each of them during fiscal 2024 by Cash Converters International Limited were as follows: Mr. Given, AUD $97,500; and Mr. Jugmans, AUD $172,500. These
amounts are not included in the Summary Compensation Table, as they were paid by Cash Converters International Limited, which is not controlled by EZCORP.
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CEO Pay Ratio
The following information sets forth our calculation of the ratio between the annual total compensation of Lachlan P. Given, our Chief
Executive Officer, and the annual total compensation of our median Team Member (“CEO Pay Ratio”).
•
Mr. Given’s total annual compensation for fiscal 2024 was $5,206,596. That number is derived from the numbers set forth in the
Summary Compensation Table above.
•
Our median Team Member’s total annual compensation for fiscal 2024 was $18,137, consisting of gross annual wages, bonuses,
overtime pay and other benefits.
•
Based on those numbers, our CEO Pay ratio for fiscal 2024 is 287:1.
Our CEO Pay Ratio is based on the following methodology:
•
When we identified our median Team Member, we selected gross wages paid during fiscal 2024 as the most appropriate measure of
compensation and applied that measure consistently across our global population. Gross wages generally include salary and wages
(regular, hourly and overtime), commissions and bonuses. We annualized the compensation of all permanent full-time and part-time
Team Members as of September 30, 2024.
•
We calculated the median Team Member’s total annual compensation in accordance with the rules used to calculate the CEO’s
compensation included in the Summary Compensation Table above.
•
Using this methodology, we determined that our median Team Member was a full-time certified store manager located in Mexico
where Team Member wages and cost of living are significantly lower than the U.S.
In calculating CEO pay ratios, companies are permitted to adopt a variety of methodologies, apply certain exclusions and make reasonable
estimates and assumptions reflecting their unique employee populations. Therefore, our CEO Pay Ratio, as described above, may not be
comparable to CEO pay ratios reported by other companies due to differences in industries and geographical dispersion of employees, as
well as the different estimates, assumptions and methodologies applied by other companies in calculating their CEO pay ratios.
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Incentive Plan Based Awards
The following table sets forth certain information about plan-based awards that we made to the Named Executive Officers during fiscal 2024.
For information about the plans under which these awards were granted, see “Compensation Discussion and Analysis — Components of
Compensation and Fiscal 2024 Compensation Actions — Annual Incentive Bonus” and “Compensation Discussion and Analysis —
Components of Compensation and Fiscal 2024 Executive Compensation Actions — Long-Term Incentives” above.
Grants of Plan-Based Awards
Estimated Future Payouts Under

Non-Equity Incentive Plan Awards (1)
Estimated Future Payouts Under
Equity Incentive Plan Awards (2)
Name
Grant Date
Threshold
Target
Maximum
Threshold
Target
Maximum
Grant Date

Fair Value
Lachlan P. Given
10/01/2023
$
562,500 
$ 1,125,000 
$1,687,500
— 
— 
— 
— 
11/04/2023
189,090
315,151 
441,211
$
1,560,001  (3)
11/14/2023
13,916 
$
107,292  (4)
11/14/2023
25,787 
$
198,818  (5)
11/14/2023
24,384 
$
188,001  (6)
Prior Years
$
880,663  (7)
Timothy K. Jugmans
10/01/2023
$
237,500 
$
475,000 
$
712,500 
— 
— 
— 
— 
11/04/2023
50,907
84,848 
118,786
$
420,008  (3)
11/14/2023
6,865 
$
52,929  (4)
11/14/2023
9,137 
$
70,446  (5)
11/14/2023
6,095 
$
46,992  (6)
Prior Years
$
267,399  (7)
Philip E. Cohen
10/1/2023
$ 1,750,000 
$ 1,750,000 
$
1,750,000 
— 
— 
— 
— 
John Blair Powell, Jr.
10/01/2023
$
300,000 
$
600,000 
$
900,000 
— 
— 
— 
— 
11/04/2023
87,272
145,454 
203,636
$
720,011  (3)
11/14/2023
6,958 
$
53,646  (4)
11/14/2023
14,883 
$
114,748  (5)
11/14/2023
10,058 
$
77,547  (6)
Prior Years
$
437,811  (7)
Lisa VanRoekel
10/01/2023
$
123,000 
$
246,000 
$
369,000 
— 
— 
— 
— 
11/04/2023
25,454
42,424
59,394
$
210,012  (3)
11/14/2023
6,494 
$
50,069  (4)
11/14/2023
6,504 
$
50,146  (5)
11/14/2023
3,999 
$
30,832  (6)
Prior Years
$
184,437  (7)
(1)
These amounts represent the potential payouts under the fiscal 2024 Short-Term Incentive Compensation Plan. See “Compensation Discussion and Analysis —
Components of Compensation and Fiscal 2024 Executive Compensation Actions — Annual Incentive Bonuses” above. The “Target” amount is the amount that would be
paid if the specified performance goals are achieved at the target level (although the People and Compensation Committee may reduce any award if it chooses to do so).
The “Threshold” reflects the amount that would be paid if the minimum performance goals are achieved, while the “Maximum” amount represents the maximum amount
that would be paid if the maximum performance goals are achieved or exceeded. See the “Non-Equity Incentive Plan Compensation” column in the Summary
Compensation Table above for the amount of the actual payout for each of the Named Executive Officers.
(2)
The amounts shown represent long-term incentive (LTI) awards (stated in number of units) under our Long-Term Incentive Plans. See “Compensation Discussion and
Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Long-Term Incentives.
(3)
Represents the estimated grant date fair value of the fiscal 2024 LTI awards, assuming payout at “Target” level. This is the estimated amount of aggregate compensation
cost we expect to recognize over the performance period, determined as of the grant date. Because of the structure of the fiscal 2024 awards (as described under
“Compensation Discussion and Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Long-Term Incentives — Fiscal 2024
Actions — Grant of Fiscal 2024 Awards” above), each annual tranche of the awards is treated as a separate award for accounting purposes. Consequently, the amount
shown represents the grant date fair value of the first annual tranche (20% of the award) plus the grant date fair value of the cumulative three-year performance tranche
(20% of the award) plus the grant date fair value of the time-based tranche (20% of the award). The grant date fair value of the second and third annual tranches will be
reflected in future years when the performance conditions for those tranches are established and they are deemed to be granted for accounting purposes.
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(4)
Represents the grant date fair value of the “bonus” units awarded with respect to the third tranche of the fiscal 2021 LTI awards based on Adjusted Net Income
performance during fiscal 2023, as discussed in our 2023 Annual Report under “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2023
Executive Compensation Actions — Long-Term Incentives — Fiscal 2023 Actions — Third Year Performance of Fiscal 2021 Awards.”
(5)
Represents the grant date fair value of the “bonus” units awarded with respect to the second tranche of the fiscal 2022 LTI awards based on Adjusted Net Income
performance during fiscal 2023, as discussed in our 2023 Annual Report under “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2023
Executive Compensation Actions — Long-Term Incentives — Fiscal 2023 Actions — Second Year Performance of Fiscal 2022 Awards.”
(6)
Represents the grant date fair value of the “bonus” units awarded with respect to the first tranche of the fiscal 2023 LTI awards based on Adjusted Net Income performance
during fiscal 2023, as discussed in our 2023 Annual Report under “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2023 Executive
Compensation Actions — Long-Term Incentives — Fiscal 2023 Actions — First Year Performance of Fiscal 2023 Awards.”
(7)
Represents the aggregate grant date fair value of the third tranche of the fiscal 2022 LTI awards and the second tranche of the fiscal 2023 LTI awards. Because of the
structure of those awards, these tranches were treated as separate awards for accounting purposes granted at the beginning of fiscal 2024, even though the full number of
units associated with the awards was included in the “Grants of Plan-Based Awards” table in the 2022 Annual Report and the 2023 Annual Report, respectively.
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The following table sets forth certain information about outstanding stock awards held by the Named Executive Officers as of the end of fiscal
2024. None of the Named Executive Officers holds any stock options.
Outstanding Equity Awards at Fiscal Year-End
 
 
Stock Awards
Name
Award Date
Number of Shares or

Units of Stock

That Have Not Vested (1)
Market Value of Shares or

Units of Stock

That Have Not Vested (2)
Lachlan P. Given
11/14/2023
24,384 
$
273,345 
11/14/2023
25,787  (3)
$
289,072 
11/04/2023
315,151 
$
3,532,843 
11/16/2022
27,434  (3)
$
307,535 
10/11/2022
259,403 
$
2,907,908 
03/07/2022
85,340  (3)
$
956,661 
10/13/2021
79,260  (3)
$
888,505 
$
9,155,869 
Timothy K. Jugmans
11/14/2023
6,095 
$
68,325 
11/14/2023
9,137  (3)
$
102,426 
11/04/2023
84,848 
$
951,146 
11/16/2022
9,721  (3)
$
108,972 
10/11/2022
64,850 
$
726,969 
03/07/2022
2,844  (3)
$
31,881 
10/13/2021
55,482  (3)
$
621,953 
$
2,611,672 
Philip E. Cohen
— 
$
— 
John Blair Powell, Jr.
11/14/2023
10,058 
$
112,750 
11/14/2023
14,883  (3)
$
166,838 
11/04/2023
145,454 
$
1,630,539 
11/16/2022
15,834  (3)
$
177,499 
10/11/2022
107,003 
$
1,199,504 
03/07/2022
35,558  (3)
$
398,605 
10/13/2021
9,907  (3)
$
111,057 
10/13/2021
59,445  (3)
$
666,378 
$
4,463,170 
Lisa VanRoekel
11/14/2023
3,999 
$
44,829 
11/14/2023
6,504  (3)
$
72,910 
11/04/2023
42,424 
$
475,573 

11/16/2022
6,923  (3)
$
77,607 
10/11/2022
42,542 
$
476,896 
03/07/2022
4,551  (3)
$
51,017 
10/13/2021
36,988  (3)
$
414,635 
$
1,613,467 
(1)
Stated at target levels.
(2)
Market value is based on the closing price of our Class A Common Stock on September 30, 2024, the last market trading day of fiscal 2024 ($11.21).
(3)
These units vested in November 2024 following approval by the People and Compensation Committee. See “Compensation Discussion and Analysis — Components of
Compensation and Fiscal 2023 Executive Compensation Actions — Long-Term Incentives” above.
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Stock Vested
The following table sets forth, with respect to each of the Named Executive Officers, certain information about restricted stock that vested
during fiscal 2024:
 
Stock Awards
 Named Executive Officer
Number of Shares

Acquired on Vesting (1)
Value Realized

on Vesting (2)
Lachlan P. Given
172,962 
$ 1,426,937 
Timothy K. Jugmans
85,327 
$
703,948 
Philip E. Cohen
— 
— 
John Blair Powell, Jr.
96,389 
$
795,209 
Lisa VanRoekel
80,716 
$
665,907 
(1)
Includes shares withheld to satisfy tax withholding obligations.
(2)
Computed using the fair market value of the stock on the date of vesting.
Other Benefits and Perquisites
401(k) Retirement Plan — All U.S. Team Members are given an opportunity to participate in our 401(k) retirement savings plan (following a
new-hire waiting period). Subject to statutory limits of the IRS, this plan allows participants to have pre-tax amounts withheld from their pay
and provides for a discretionary employer matching contribution (historically, 25% up to 6% of salary). Matching contributions are made in the
form of cash. Participants may invest their contributions in various fund options, but are prohibited from investing their contributions in our
common stock. A participant vests in the matching contributions over the first three years of service, provided the hours worked requirement
is met. A participant’s’ matching contributions vest 100% in the event of death, disability or termination of the plan due to a change in control.
Supplemental Executive Retirement Plan — We provide U.S. executive officers with a non-qualified Supplemental Executive Retirement Plan
(“SERP”) to offer a competitive benefit and to assist in offsetting potential impacts of contribution limitations applicable to our 401(k)
retirement savings plan. The SERP has similar investment options as are available under the 401(k) retirement savings plan. Company
contributions to the SERP are formula-based, reviewed and approved by the People and Compensation Committee each year. For fiscal
2024, our annual contributions to the SERP were calculated as 10% of base salary. For fiscal 2025, the Company contributions to the SERP
will continue at the same rates for executive officers. Under the terms of the SERP, participants are also allowed to voluntarily defer all or a
portion of their salary and bonus payments into the SERP. There were eight participants during fiscal 2024.
All Company contributed SERP funds have a vesting schedule as an additional retention tool. Generally, the funds vest over three years from
the contribution date, with one-third vesting each year. All of a participant’s Company contributed SERP funds vest 100% in the event of the
participant’s death or disability or the termination of the plan due to a change in control. In addition, all Company contributed SERP funds are
100% vested when a participant attains age 50 and five years of active service. All Company contributed SERP funds are forfeited,
regardless of vesting status, if the participant’s employment is terminated for cause.
A participant may not withdraw any portion of his or her SERP account while still employed by the Company unless, in the sole opinion of
management, the participant has an unforeseeable emergency, which is defined as a severe financial hardship resulting from an illness or
accident of the participant, the participant’s spouse or a dependent; the loss of the participant’s property due to casualty; or other similar
extraordinary and unforeseeable circumstance arising as a result of events beyond the participant’s control.
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The following table describes the SERP contributions, earnings and balance at the end of fiscal 2024 for each of the Named Executive
Officers:
Nonqualified Deferred Compensation
Named Executive Officer
Company
Contributions in
Fiscal 2024 (1)
Aggregate
Earnings in
Fiscal 2024 (2)
Aggregate
Withdrawals/Distributions
in Fiscal 2024
Aggregate
Forfeitures in
Fiscal 2024
Aggregate
Balance at
September 30,
2024 (3)
Lachlan P. Given
$
75,000 
$
156,020 
$
— 
$
— 
$
1,010,025 
Timothy K. Jugmans
$
47,500 
$
54,082 
$
— 
$
— 
$
253,221 
Philip E. Cohen
$
— 
$
— 
$
— 
$
— 
$
— 
John Blair Powell, Jr.
$
60,000 
$
12,087 
$
— 
$
— 
$
255,578 
Lisa VanRoekel
$
41,000 
$
15,362 
$
— 
$
— 
$
178,479 
(1)
These amounts were included in the Summary Compensation Table above in the column labeled “All Other Compensation.”
(2)
These amounts were not included in the Summary Compensation Table as the earnings were not in excess of market rates.
(3)
Of the Aggregate Balance at September 30, 2024, the following amounts were previously reported as compensation in the Summary Compensation Tables for prior years:
$573,395 for Mr. Given; $102,943 for Mr. Jugmans; $127,463 for Mr. Powell, and $82,841 for Ms. VanRoekel.
All Other Compensation — The following table describes each component of the amounts shown in the “All Other Compensation” column in
the Summary Compensation Table above.
Named Executive Officer
Year
Health Care
Supplemental
Insurance (1)
Value of
Supplemental
Life Insurance
Premiums (2)
Company
Contributions to
Defined
Contribution
Plans (3)
Other Benefits
(4)
Total
Lachlan P. Given
2024
$
9,640 
$
4,818 
$
75,000 
$
3,613 
$
93,071 
2023
$
6,576 
$
4,818 
$
75,000 
$
— 
$
86,394 
2022
$
12,873 
$
812 
$
70,767 
$
— 
$
84,452 
Timothy K.Jugmans
2024
$
28,248 
$
1,572 
$
51,058 
$
28,032 
$
108,910 
2023
$
22,068 
$
1,236 
$
48,375 
$
— 
$
71,679 
2022
$
22,068 
$
1,392 
$
47,686 
$
— 
$
71,146 
Philip E. Cohen
2024
$
14,736 
$
1,572 
$
2,738 
$
— 
$
19,046 
2023
$
14,736 
$
1,236 
$
5,625 
$
— 
$
21,597 
2022
$
14,736 
$
1,392 
$
7,182 
$
— 
$
23,310 
John Blair Powell, Jr.
2024
$
28,248 
$
1,572 
$
64,627 
$
— 
$
94,447 
2023
$
22,068 
$
1,236 
$
61,106 
$
— 
$
84,410 
2022
$
22,068 
$
1,392 
$
62,050 
$
— 
$
85,510 
Lisa VanRoekel
2024
$
9,804 
$
1,572 
$
47,150 
$
— 
$
58,526 
2023
$
7,656 
$
1,236 
$
45,494 
$
— 
$
54,386 
2022
$
7,656 
$
1,392 
$
47,167 
$
— 
$
56,215 
(1)
We provide a fully insured supplemental executive medical plan to certain executives, including all of the Named Executive Officers, to cover most healthcare costs in
excess of amounts covered by our health insurance plans. The amounts shown (other than the fiscal 2024 and fiscal 2023 amounts for Mr. Given) represent the total
premiums paid for the supplemental executive medical plan for each of the Named Executive Officers during each of the years presented. The fiscal 2024 and fiscal 2023
amounts for Mr. Given represent the amount we reimbursed Mr. Given for a supplemental health policy and other medical services in the U.K. that, along with his U.K.
National Health Service coverage, provides Mr. Given with healthcare benefits that are comparable to the benefits provided to the other executive officers.
(2)
Represents group life insurance premiums paid on behalf of the Named Executive Officers. The benefit provides life and accidental death and dismemberment coverage
for the Named Executive Officers at three times annual salary up to a maximum of $1 million. The fiscal 2024 and fiscal 2023 amounts for Mr. Given represent the amount
we paid for a rider to the group term policy to provide Mr. Given with comparable benefits in the U.K.
(3)
Includes Company contributions to the 401(k) plan and the Supplemental Executive Retirement Plan.
(4)
Includes Company-reimbursed expenses related to immigration assistance and tax support services.
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Certain Termination and Change-in-Control Benefits — The following is a summary of various agreements that provide for benefits to the
continuing Named Executive Officers upon termination of employment or a change-in-control:
•
Restricted Stock Award Agreements — The standard restricted stock award agreement pursuant to which we grant restricted stock
or restricted stock units to our Team Members generally provides that vesting is accelerated in the event of the holder’s death or
disability.
•
SERP Contributions — For all executives who participate in the SERP (including the Named Executive Officers), any unvested
Company contributions to the SERP will vest in the case of death or disability of the participant or a change in control.
•
General Severance Benefits — We currently provide each of our executive officers (other than Mr. Cohen) with one-year salary
continuation if his or her employment is terminated by the Company without cause. This severance benefit is reflected in the terms of
Mr. Given’s U.K. Employment Contract. See “Compensation Discussion and Analysis — Other Executive Compensation Matters —
Employment Contract for Mr. Given.”
•
Change in Control Severance Benefits — The executive officers (other than Mr. Cohen) are subject to the Change in Control
Severance Plan, which provides them with certain severance benefits in the form cash payments and continued healthcare benefits
in the event that their employment is terminated in connection with or within two years following a change in control of the Company.
See “Compensation Discussion and Analysis — Other Executive Compensation Matters — Change in Control Severance Plan.” In
addition, all outstanding LTI awards provide for the acceleration of vesting (at target levels, in the case of performance-based
awards) upon the occurrence of a qualifying termination following a change in control.
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Table of Contents
The following table sets forth the amounts of severance or termination benefits that would have been payable to each of the Named
Executive Officers upon the occurrence of various events, assuming each of the events occurred on September 30, 2024:
Salary
Incentive
Bonus
Accelerated
Vesting of

Restricted

Stock (1)
Accelerated
Vesting of

SERP

Balance
Resignation for Good Reason:
Lachlan P. Given
$
— 
$
— 
$
— 
$
— 
Timothy K. Jugmans
$
— 
$
— 
$
— 
$
— 
Philip E. Cohen
$
— 
$
— 
$
— 
$
— 
John Blair Powell, Jr.
$
— 
$
— 
$
— 
$
— 
Lisa VanRoekel
$
— 
$
— 
$
— 
$
— 
Termination Without Cause:
Lachlan P. Given
$
750,000 
$
— 
$
— 
$
— 
Timothy K. Jugmans
$
475,000 
$
— 
$
— 
$
— 
Philip E. Cohen
$
— 
$
— 
$
— 
$
— 
John Blair Powell, Jr.
$
600,000 
$
— 
$
— 
$
— 
Lisa VanRoekel
$
410,000 
$
— 
$
— 
$
— 
Death or Disability:
Lachlan P. Given
$
— 
$
— 
$
9,155,869 
$
160,443 
Timothy K. Jugmans
$
— 
$
— 
$
2,611,672 
$
113,619 
Philip E. Cohen
$
— 
$
— 
$
— 
$
— 
John Blair Powell, Jr. (2)
$
— 
$
— 
$
4,463,170 
$
— 
Lisa VanRoekel
$
— 
$
— 
$
1,613,467 
$
87,942 
Change in Control (3):
Lachlan P. Given
$
1,500,000 
$
2,250,000 
$
9,155,869 
$
160,443 
Timothy K. Jugmans
$
950,000 
$
950,000 
$
2,611,672 
$
113,619 
Philip E. Cohen
$
— 
$
— 
$
— 
$
— 
John Blair Powell, Jr. (2)
$
1,200,000 
$
1,200,000 
$
4,463,170 
$
— 
Lisa VanRoekel
$
615,000 
$
369,000 
$
1,613,467 
$
87,942 
(1)
Represents the number of shares subject to accelerated vesting (as described above), multiplied by the closing sales price of the Class A Common Stock on
September 30, 2024 ($11.21).
(2)
Mr. Powell is fully vested in his SERP account.
(3)
Subject to the terms of the Change in Control Severance Plan. See “Compensation Discussion and Analysis — Other Executive Compensation Matters — Change in
Control Severance Plan.”
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Table of Contents
Director Compensation
Each non-employee director receives a basic annual retainer fee, with the Lead Independent Director, the chair of the Audit and Risk
Committee and the chair of the People and Compensation Committee each receiving an additional amount. During fiscal 2023 the basic
annual retainer fee was $80,000, and additional amounts paid to the Lead Independent Director, the chair of the Audit and Risk Committee
and the chair of the People and Compensation Committee were $40,000, $27,500 and $15,000, respectively. Annual retainer fees are paid in
cash on a quarterly basis.
The non-employee directors are also eligible for stock option and restricted stock awards. The number of options or shares of restricted stock
awarded, as well as the other terms and conditions of the awards (such as vesting and exercisability schedules and termination provisions),
are determined by the Board of Directors upon the recommendation of the People and Compensation Committee. Historically, the directors
have each received an annual restricted stock award with a grant date value equal to 2X the annual retainer fee. The annual award cycle is
based on our Annual Meeting of Stockholders, which is generally held in February or March of each year, with the awards being granted on
the date of the Annual Meeting of Stockholders and vesting on the day immediately preceding the date of the Annual Meeting of
Stockholders held in the following year (but no later than March 31).
The following table sets forth the compensation paid to our non-employee directors for fiscal 2024. Mr. Cohen and Mr. Given are executive
officers of the Company and do not receive any additional compensation for serving on the Board of Directors.
Director
Fees Earned or
Paid in Cash
Restricted Stock
Awards (1)
Total
Matthew W. Appel
$
120,000 
$
160,000 
$
280,000 
Zena Srivatsa Arnold
$
80,000 
$
160,000 
$
240,000 
Jason A. Kulas
$
80,000 
$
160,000 
$
240,000 
Pablo Lagos Espinosa
$
95,000 
$
160,000 
$
255,000 
Gary L. Tillett
$
107,500 
$
160,000 
$
267,500 
(1)
Amounts represent the aggregate grant date fair value of restricted stock awards, computed in accordance with FASB ASC 718-10-25. See Note 8: Common Stock And
Stock Compensation of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data”. The actual value
realized by the director with respect to stock awards will depend on the market value of our stock on the date the stock is sold.
Each of the non-employee directors received a grant of 15,037 shares of restricted stock on March 21, 2024. That amount was determined by dividing $160,000 (2X the
annual director fee) by $10.64, the trading price of the Class A Common Stock at the time of grant. These shares are scheduled to vest immediately before the 2025
Annual Meeting of Stockholders (but no later than March 31, 2025).
As of September 30, 2024, each of the continuing non-employee directors held 15,037 shares of unvested restricted stock.
The non-employee director compensation program for fiscal 2025 will generally be the same as the fiscal 2024 program described above.
101

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS
Equity Compensation Plans
We have two equity compensation plans that have been approved by stockholders — the 2010 Long-Term Incentive Plan (applicable to
outstanding long-term incentive awards issued on or before December 31, 2021) and the 2022 Long-Term Incentive Plan (applicable to all
long-term incentive awards issued on or after January 1, 2022). New awards can be in the form of stock options, stock appreciation rights,
stock bonuses, restricted stock, restricted stock units, performance units or performance shares although generally we issue only restricted
stock and restricted stock unit awards. We do not have any equity compensation plans that were not approved by stockholders. The following
table summarizes information about our equity compensation plans as of September 30, 2024:
Plan Category
Number of Securities to

be Issued Upon Exercise

of Outstanding Options

(a)
Weighted Average

Exercise Price of

Outstanding Options

(b)
Number of Securities

Remaining Available for

Future Issuance Under

Equity Compensation

Plans (Excluding

Securities Reflected in

Column (a))

(c)
Equity compensation plans approved by security holders
— 
— 
576,429  (1)
Equity compensation plans not approved by security holders
— 
— 
— 
Total
— 
— 
576,429  (1)
(1)    Amount represents the number of shares available for issuance in the 2022 Long-Term Incentive Plan as of September 30, 2024. An additional 850,000 shares were added
to the plan on October 30, 2024 to cover the fiscal 2025 LTI awards to be issued in November 2024 which will leave 280,927 shares for future issuances. The 2010 Long-
Term Incentive Plan remains effective only to cover currently outstanding awards issued on or prior to December 31, 2021, as that plan was replaced by the 2022 Long-
Term Incentive Plan.
102

Table of Contents
Stock Ownership
Phillip E. Cohen controls EZCORP through his ownership of all of the issued and outstanding stock of MS Pawn Corporation, the sole
general partner of MS Pawn Limited Partnership, which owns 100% of our Class B Voting Common Stock. The following table presents
information regarding the beneficial ownership of our Common Stock as of November 1, 2024 (except as noted below) for (i) each person
known to us to be the beneficial owner of more than 5% of the total number of shares outstanding, (ii) each of our directors, (iii) each of the
Named Executive Officers and (iv) all directors and executive officers as a group. Unless otherwise indicated, each person named below
holds sole voting and investment power over the shares shown, subject to community property laws where applicable.
Class A Non-voting

Common Stock
Class B Voting

Common Stock
Beneficial Owner
Number
 
Percent
 
Number
Percent
Voting Percent
MS Pawn Limited Partnership (a)
MS Pawn Corporation
Phillip Ean Cohen
2500 Bee Cave Road
Bldg One, Suite 200
Rollingwood, Texas 78746
2,974,047 
(b)
5.46 %
(b)
2,970,171 
100 %
100 %
Blackrock Inc.
50 Hudson Yards
New York, New York 10001
9,761,969  (c)
17.92 %
— 
— 
— 
Dimensional Fund Advisors LP
6300 Bee Cave Road, Building One
Austin, Texas 78746
4,068,011 
(d)
7.47 %
— 
— 
— 
Vanguard Group Inc.
P.O. Box 2600, V26
Valley Forge, Pennsylvania 19482-2600
3,389,461 
(c)
6.22 %
— 
— 
— 
Matthew W. Appel
123,647 
*
— 
— 
— 
Zena Srivatsa Arnold
125,721 
*
— 
— 
— 
Lachlan P. Given
818,477 
(e)
*
— 
— 
— 
Jason A. Kulas
158,545 
(f)
*
Pablo Lagos Espinosa
213,140 
(g)
*
Gary L. Tillett
125,721 
*
Timothy K. Jugmans
176,322 
(h)
*
— 
— 
— 
John Blair Powell, Jr.
272,396 
(i)
*
Lisa VanRoekel
103,925 
(j)
*
— 
— 
— 
Directors and executive officers as a group
(14 persons)
5,625,444 
(k)
10.33 %
2,970,171 
100 %
100 %
(a)
MS Pawn Corporation is the general partner of MS Pawn Limited Partnership and has the sole right to vote its shares of Class B Common Stock and to direct their
disposition. Mr. Cohen is the sole stockholder of MS Pawn Corporation.
(b)
The number of shares and percentage reflect Class A Common Stock, inclusive of Class B Common Stock, shares of which are convertible to Class A Common Stock on a
one-to-one basis.
(c)
As of June 30, 2024 based on Form 13F.
(d)
As of September 30, 2024 based on Form 13F.
(e)
Includes 217,821 unvested restricted stock units expected to vest within 60 days of November 1, 2024.
(f)
These shares are held by a revocable trust of which Mr, Kulas is a co-trustee.
(g)
These shares are held by Lakeside Growth Enterprises, L.P., of which Mr. Lagos is sole beneficial owner.
(h)
Includes 77,184 unvested restricted stock units expected to vest within 60 days of November 1, 2024.
(i)
Includes 125,722 unvested restricted stock units expected to vest within 60 days of November 1, 2024.
(j)
Includes 54,970 unvested restricted stock units expected to vest within 60 days of November 1, 2024.
(k)
Group includes those persons who were serving as directors and executive officers on November 1, 2024. Number shown includes 663,305 unvested restricted stock units
expected to vest within 60 days of November 1, 2024.
*    Shares beneficially owned do not exceed one percent of Class A Common Stock.
103

Table of Contents
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE
Related Party Transactions
Review and Approval of Transactions with Related Persons
The Board of Directors has adopted a written comprehensive policy for the review and evaluation of all related party transactions. Under that
policy, the Audit and Risk Committee is charged with the responsibility of (a) reviewing and evaluating all transactions, or proposed
transactions, between the Company and a related person and (b) approving, ratifying, rescinding or taking other action with respect to each
such transaction. With respect to any specific transaction, the Audit and Risk Committee may, in its discretion, transfer its responsibilities to
either the full Board of Directors or to any special committee of the Board of Directors designated and created for the purpose of reviewing,
evaluating, approving or ratifying such transaction.
Employment arrangement with Nicholas Cohen
Nicholas Cohen, the son of Phillip E. Cohen, the beneficial owner of all of our Class B Voting Common Stock and our Executive Chairman,
has been an employee of the Company since May 2018, currently serving in the position of Vice President, Business Development. The
Company considers the employment relationship with Nicholas Cohen to be a related party transaction that is subject to the Company’s
Policy for Review and Evaluation of Related Party Transactions. Accordingly, the Audit and Risk Committee reviews and approves all
promotion opportunities and compensation changes for Nicholas Cohen.
Director Independence
The Board of Directors believes that the interests of the stockholders are best served by having a substantial number of objective,
independent representatives on the Board. For this purpose, a director is considered to be independent if the Board determines that the
director does not have any direct or indirect material relationship with the Company that may impair, or appear to impair, the director’s ability
to make independent judgments.
The Board has evaluated all relationships between the Company and each of the persons who served as a director during any portion of
fiscal 2024 and has made the following determinations with respect to each director’s independence:
Director
Status (a)
Matthew W. Appel
Independent
Zena Srivatsa Arnold
Independent
Phillip E. Cohen
Not independent (b)
Lachlan P. Given
Not independent (b)
Jason A. Kulas
Not independent (b)
Pablo Lagos Espinosa
Independent
Gary L. Tillett
Independent
(a)
The Board’s determination that a director is independent was made on the basis of the standards for independence set forth in the Nasdaq Listing
Rules. Under those standards, a person generally will not be considered independent if he or she has a relationship that, in the opinion of the Board of
Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The Nasdaq rules also describe
specific relationships that will prevent a person from being considered independent.
(b)
Mr. Cohen and Mr. Given were executive officers of the Company during all of fiscal 2024, and Mr. Kulas was an executive officer of the Company from
February 2020 until January 2022. Therefore, they are not independent in accordance with the standards set forth in the Nasdaq Listing Rules.
104

Table of Contents
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The following table presents all fees we incurred in connection with professional services provided by BDO USA, P.C. for fiscal 2024 and
2023:
 
Year Ended September 30,
 
2024
2023
Audit of financial statements and audit pursuant to section 404 of the Sarbanes-Oxley Act and quarterly reviews
$
1,912,000 
$
1,767,000 
Audit related fees
— 
— 
Tax fees
— 
— 
All other fees
— 
— 
$
1,912,000 
$
1,767,000 
The Audit and Risk Committee has adopted a policy requiring its pre-approval of all fees to be paid to our independent audit firm, regardless
of the type of service.
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) The following documents are filed as a part of this 10-K:
(1) Financial Statements
The following consolidated financial statements of EZCORP, Inc. are included in “Part II — Item 8 — Financial Statements and
Supplementary Data”:
•
Report of Independent Registered Public Accounting Firm (2024 and 2023) — BDO USA, P.C.
•
Consolidated Balance Sheets as of September 30, 2024 and 2023
•
Consolidated Statements of Operations for each of the three years in the period ended September 30, 2024
•
Consolidated Statements of Comprehensive Income for each of the three years in the period ended September 30, 2024
•
Consolidated Statements of Cash Flows for each of the three years in the period ended September 30, 2024
•
Consolidated Statements of Stockholders’ Equity for each of the three years in the period ended September 30, 2024
•
Notes to Consolidated Financial Statements.
(2) Financial Statement Schedules
Financial statement schedules are omitted because they are not required or are not applicable, or the required information is provided in the
consolidated financial statements or notes described in Item 15(a)(1) above.
ITEM 16. FORM 10-K SUMMARY
None.
105

Table of Contents
Exhibits
Incorporated by Reference
Filed
Herewith
Exhibit
Description of Exhibit
Form
File No.
Exhibit
Filing Date
3.1
Amended and Restated Certificate of Incorporation
8-K
0-19424
3.1
October 3, 2013
3.2
Certificate of Amendment, dated March 25, 2014, to the Company’s Amended
and Restated Certificate of Incorporation
8-K
0-19424
99.1
March 25, 2014
3.3
Amended and Restated By-Laws, effective July 20, 2014
8-K
0-19424
3.2
July 22, 2014
4.1
Specimen of Class A Non-voting Common Stock Certificate
S-1
33-41317
4.1
August 23, 1991
4.2
Description of EZCORP, Inc. Class A Non-voting Common Stock
8-K
0-19424
4.1
October 3, 2013
4.3
Indenture, dated July 5, 2017, between EZCORP, Inc., and Wells Fargo Bank,
National Association, as trustee
8-K
0-19424
4.1
July 6, 2017
4.4
Indenture, dated May 14, 2018, between EZCORP, Inc., and Wells Fargo Bank,
National Association, as trustee
8-K
0-19424
4.1
May 15, 2018
4.5
Successor Trustee Agreement, dated September 12, 2019, Between EZCORP,
Inc., and Wells Fargo Bank, National Association, as prior trustee, and Branch
Banking and Trust Company, as successor trustee
8-K
0-19424
4.1
October 7, 2019
4.6
Indenture, dated December 12, 2022, between EZCORP, Inc. and Truist Bank,
as trustee
8-K
0-19424
4.1
December 13, 2022
10.1*
EZCORP, Inc. Supplemental Executive Retirement Plan effective December 1,
2005
8-K
0-19424
10.94
December 1, 2005
10.2*
Amended and Restated EZCORP, Inc. 2010 Long-Term Incentive Plan,
Effective November 28, 2018
8-K
0-19424
10.1
November 29, 2018
10.3*
Form of Protection of Sensitive Information, Noncompetition and Nonsolicitation
Agreement between the Company and certain employees, including the
executive officers
10-K
0-19424
10.15
November 24, 2010
10.4*
Form of Restricted Stock Award for non-employee directors
10-K
0-19424
10.17
November 24, 2010
10.5*
Amended and Restated EZCORP, Inc. 2022 Long-term Incentive Plan, Effective
November 15, 2022
10-K
0-19424
10.5
November 16, 2022
10.6*
EZCORP, Inc. Change in Control Severance Plan, Effective November 15,
2022
10-K
0-19424
10.6
November 16, 2022
10.7*
Amendment to Amended and Restated EZCORP, Inc. 2010 Long-Term
Incentive Plan, Effective November 15, 2022
10-K
0-19424
10.7
November 16, 2022
10.8*
Employment Contract, dated November 14, 2023, between EZCORP UK
Limited and Lachlan P. Given
10-K
0-19424
10.8
November 15, 2023
19.1
EZCORP, Inc. Insider Trading Policy, effective November 5, 2024
x
21.1
List of Subsidiaries of EZCORP, Inc.
x
23.1
Consent of BDO USA, P.C., Independent Registered Public Accounting Firm
x
31.1
Certification of Principal Executive Officer, pursuant to Rule 13a-14(a) under the
Securities Exchange Act of 1934
x
31.2
Certification of Principal Financial Officer, pursuant to Rule 13a-14(a) under the
Securities Exchange Act of 1934
x
32.1†
Certification of the Principal Executive Officer and Principal Financial Officer
pursuant to 18 U.S.C. Section 1350
x
97.1
EZCORP, Inc. Compensation Recovery Policy, effective August 1, 2023
x
101.INS Inline XBRL Instance Document (the instance document does not appear in the
interactive data files because the XBRL tags are embedded within the Inline
XBRL document)
101.SCH Inline XBRL Taxonomy Extension Schema Document
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File in Inline XBRL format (contained in Exhibit
101)
_____________________________
*
Identifies Exhibit that consists of or includes a management contract or compensatory plan or arrangement.
†
The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Annual Report on Form 10-K and will not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by
reference.
106

Table of Contents
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized:
 
EZCORP, Inc.
Date: November 13, 2024
By:  
/s/ Lachlan P. Given
 
 
Lachlan P. Given
 
 
Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated:

Signature
Title
Date
/s/ Lachlan P. Given
Chief Executive Officer and Director

(principal executive officer)
November 13, 2024
Lachlan P. Given
 
 
 
 
 
/s/ Timothy K. Jugmans
Chief Financial Officer (principal financial officer)
November 13, 2024
Timothy K. Jugmans
 
/s/ Phillip E. Cohen
Executive Chairman of the Board
November 13, 2024
Phillip E. Cohen
 
 
/s/ Matthew W. Appel
Director
November 13, 2024
Matthew W. Appel
/s/ Zena Srivatsa Arnold
Director
November 13, 2024
Zena Srivatsa Arnold
 
 
/s/ Jason A. Kulas
Director
November 13, 2024
Jason A. Kulas
 
 
/s/ Pablo Lagos Espinosa
Director
November 13, 2024
Pablo Lagos Espinosa
 
 
/s/ Gary L. Tillett
Director
November 13, 2024
Gary L. Tillett
/s/ Robbie Hicks
Chief Accounting Officer (principal accounting officer)
November 13, 2024
Robert J. Hicks
 
 
107

INSIDER TRADING POLICY
1.
INTRODUCTION
This policy provides detailed information about the treatment of material, non-public information related to the EZCORP, Inc. and
its wholly owned subsidiaries and affiliates (the “Company”) and the rules pertaining to such information with which all directors,
officers, employees, contractors, and consultants are expected to comply.


2.
DEFINITIONS
Material Information - Information is material if there is a substantial likelihood a reasonable investor would consider the
information as significantly altering the total mix of information available. Thus, information may be material if it is likely
that a reasonable investor would consider it important in making a decision to buy, hold, or sell securities. Any
information that could be expected to affect the Company’s stock price, whether it is positive or negative, should be
considered material. Examples of information that could be, but is not necessarily, material are:
•
Financial results (annual, quarterly or otherwise), including earnings that are inconsistent with the Company’s
consensus expectations of the investment community or guidance, if any;
•
Projections of future earnings or losses, or other earnings guidance;
•
A pending or proposed merger, acquisition or tender offer;
•
A pending or proposed acquisition or disposition of a significant asset;
•
A change in dividend policy, declaration of stock split or other offering of securities;
•
Significant changes in the Company’s credit ratings;
•
Significant corporate events, including material cyber, data or personnel matters;
•
Major personnel changes ,particularly departures or elections of executive officers or certain directors;
•
Development of a significant new product, service or process;
•
Impending bankruptcy or the existence of severe liquidity problems;
•
The gain or loss of a significant customer or supplier; and
•
Significant actions or threats of actions by regulatory bodies or litigation related to the Company.
If you are uncertain whether the information is material, please consult with the Chief Legal Officer.
Non-Public Information – Information is “non-public” if it has not been previously disclosed to the general public and is
otherwise not generally available to the investing public. In order for information to be considered “public,” it must be
widely disseminated in a manner making it generally available to the investing public with enough time for the investing
public to absorb the information fully.

3.
POLICY
3.1
Prohibited Transactions. It is the policy of the Company that no director, officer, employee, contractor or
consultant of the Company who is aware of Material, Non-Public Information relating to the Company may,
directly or through Related Persons (as defined below), (a) engage in any transaction in the Company’s securities,
including by buying, selling or gifting securities of the Company, or (b) disclosing or tipping that information, either
directly or indirectly, on to others outside the Company who may transact in the Company’s securities, except as
permitted by this policy.
In addition, it is the policy of the Company that no director, officer or other employee or consultant of the
Company who, in the course of working for the Company, learns of Material, Non-Public Information about a
company with which the Company does business, including a customer or supplier of the Company, may trade in
that company’s securities until the information becomes public or is no longer material
3.2
Mandatory Advance Notification and Approval Procedures
All directors and officers and their Related Persons (each a “Covered Person”) are subject to the mandatory
advance notification and approval requirements. Any Covered Person who intends to transact in the Company’s
securities must review the proposed transaction in advance with the Chief Legal Officer or their designee
(trading@ezcorp.com).
You should provide the Chief Legal Officer with information regarding the type of transaction and the number of
shares involved, and either confirm that you possess no Material, Non-Public Information concerning the Company
or inform the reviewer of any circumstances that you believe could present an issue in that regard. The reviewer
will subsequently contact you in writing to communicate any position the Company has on the proposed
transaction. You may not engage in the transaction unless you receive approval from the Chief Legal Officer. If you
receive approval but you do not execute the transaction within four business days after the transaction is reviewed
and approved, you should check with the reviewer again before entering into the transaction. Please allow
sufficient time (at least two business days) for consideration of a proposed transaction under the advance
notification and approval requirements.
The clearance of a proposed transaction by the Chief Legal Officer does not constitute legal advice or otherwise
acknowledge that you do not possess Material, Non-Public Information. You must ultimately make your own
judgments regarding, and are personally responsible for determining, whether you are in possession of m
Material, Non-Public Information.
The existence of the foregoing approval procedures does not obligate the Company to approve any transaction
involving Company securities. The Chief Legal Officer may reject any approval request in their discretion, subject to
review by, and the discretion of, the Chief Executive Officer.

3.3
Blackout Periods
The Company has designated blackout periods when it is more likely that you have Material, Non-Public
Information. You may not trade in the Company’s securities during any of these designated blackout periods.
These blackout periods begin on the 16 day of the last month of each quarter (December 16, March 16, June
16, and September 16) and continue until two business days after the Company’s earnings announcement.
The Company may make an announcement of material information not related to periodic earnings. In this case,
you should not trade in the Company’s securities for two business days after the announcement. Depending on
the particular circumstances, the Company may determine that a longer or shorter blackout period should apply
to the release of Material, Non-Public Information. If you have any questions about whether the information is
public or about designated blackout periods, you must consult with the Company’s Chief Legal Officer.
3.4
Additional Restrictions in Specific Circumstances
From time to time, the Company may recommend or require that directors, officers, selected employees and
others refrain from trading because of developments known to the Company and not yet disclosed to the public.
In such a case, the persons so advised should not engage in any transaction involving the Company’s securities
until advised that the restriction has been terminated and should not disclose to others inside or outside of the
Company the fact that the Company has imposed a trading restriction.
3.5
No Safe Harbor
The existence of blackout periods and situation-specific trading restrictions should not be considered a safe
harbor for trading during other periods, and all directors, officers and other employees or consultants should
use good judgment at all times.
3.6
Transactions by Related Persons
This policy also applies to anyone who lives in your household, any family members who do not live in your
household but whose transactions in the Company’s securities are directed by you or are subject to your influence
or control (such as parents or children who consult with you before they trade in Company’s securities), and
entities over which you have actual control, directly or indirectly (collectively, “Related Persons”). You are
responsible for the transactions of these Related Persons and therefore should make them aware of the need to
confer with you before they trade in the Company’s securities.
th 

3.7
Permitted Transactions
Regardless of whether you are in possession of material, non-public information, the following transactions are
permitted by this Policy, except as specifically noted:
•
Restricted Stock Awards: This policy permits the grant or vesting of an award of restricted stock, or the
exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares of
stock to satisfy tax withholding requirements upon the vesting of any restricted stock. This policy does not
permit, however, any market sale of restricted stock.

•
Rule 10b5-1 Plans: This policy permits transactions made pursuant to a Rule 10b5-1 Plan. A “Rule 10b5-1
Plan” is a written plan for transacting in the Company securities that, at the time it is adopted or modified,
conforms to all of the requirements of Rule 10b5-1 as then in effect. Everyone must obtain authorization
from the Chief Legal Officer before entering into or modifying a Rule 10b5-1 Plan. Transactions made under
an approved Rule 10b-5 Plan are not subject to quarterly trading restrictions or pre-clearance
requirements.

•
Stock Option Exercises: This policy permits the exercise or settlement of an employee stock option or other
stock-based compensation acquired pursuant to a Company stock option plan, or to the exercise of a tax
withholding right or net settlement pursuant to which the Company withholds shares subject to an option
to satisfy tax withholding requirements or the exercise price. This policy does not permit, however, any sale
of stock as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose
of generating the cash needed to pay the exercise price of an option.

•
401(k) Plan: This policy permits purchases of Company stock in a 401(k) plan resulting from your periodic
contribution of money to the plan pursuant to your payroll deduction election and elections to suspend
entirely future payroll deductions designated for the purchase of Company common stock through any
Company 401(k) plan. This policy does not permit, however, certain elections you may make under a 401(k)
plan, including (a) an election to increase or decrease the percentage of your periodic contributions that
will be allocated to the Company stock fund, (b) an election to make an intra-plan transfer of an existing
account balance into or out of the Company stock fund, (c) an election to borrow money against your
401(k) plan account if the loan will result in a liquidation of some or all of your Company stock fund
balance, and (d) your election to pre-pay a plan loan if the pre-payment will result in allocation of loan
proceeds to the Company stock fund.

•
Approved Transactions: Any transaction approved in writing in advance by the Chief Legal Officer, subject
to the terms of the requestor’s disclosure.

3.8
Additional Prohibited Transactions
No one may engage in any of the following transactions:
•
Post-Termination Transactions: This policy continues to apply to your transactions in the Company’s
securities even after you have terminated employment. If you are in possession of Material, Non-Public
Information when your employment terminates, you may not trade in the Company’s securities until that
information has become public or is no longer material.

•
Other Transactions: Other transactions in the Company’s securities that are barred by any other Company
policy, including as described in the Company’s Derivative Trading Policy.
3.9
Duty to Report
Any director, officer or other employee or consultant who violates this policy or any federal or state laws governing
insider trading or tipping, or knows of any such violation by any other employee, officer or director, must report
the violation immediately to the Chief Legal Officer. Upon learning of any such violation, the Chief Legal Officer, in
consultation with the Company’s Chief Executive Officer and Chief Financial Officer, will determine whether the
Company should release any Material, Non-Public Information or whether the Company should report the
violation to the U.S. Securities and Exchange Commission or other appropriate governmental authority.
4.
SCOPE
This policy applies to all directors, officers, employees, consultants, and contractors of the Company. As noted above, this
policy also applies to Related Persons of the aforementioned parties.

5.
COMPLIANCE
The Legal Department is responsible for administering and enforcing the policy. 
Failure to comply with this policy may subject a director, officer, employee, contractor or consultant to civil or criminal
penalties. Violations of this policy also may result in Company-imposed sanctions, including disciplinary action, up to and
including termination.
A violation of this policy is not necessarily the same as a violation of law. The Company reserves the right to determine, in
its own discretion and on the basis of the information available to it, whether this policy has been violated. The Company
may determine that specific conduct violates this policy, whether or not the conduct also violates the law. It is not
necessary for the Company to await the filing or conclusion of a civil or criminal action against the alleged violator before
taking disciplinary action
Any person who has a question about this policy or its application to any proposed transaction may obtain additional
guidance from the Chief Legal Officer by contacting trading@ezcorp.com. Ultimately, however, the responsibility for
adhering to this policy and avoiding unlawful transactions rests with the individual employee.
Directors and officers are subject to additional restrictions on their transactions in Company securities, which are
described in a separate memorandum.
6.
APPROVED BY
This policy was approved by the Executive Committee. The policy will be reviewed periodically and updated as needed.

Exhibit 21.1
CONSOLIDATED SUBSIDIARIES OF EZCORP, INC.
SEPTEMBER 30, 2024
Entity
Jurisdiction of Organization
Brainerd Honduras, S.A. de C.V.
Honduras
Brainerd, S.A.
Guatemala
Brainerd, S.A. de C.V.
El Salvador
Camira Administration Corp.
British Virgin Islands
Change Capital International Holdings, B.V.
Netherlands
Change Capital Mexico Holdings, S.A. de C.V.
Mexico
CCV Americas, LLC
Delaware
CCV Latin America Coöperatief, U.A.
Netherlands
CCV Pennsylvania, Inc.
Delaware
EGreen Financial, Inc.
Delaware
EZ Online Sales, Inc.
Delaware
EZ Talent S. de R.L. de C.V.
Mexico
EZ Transfers S.A. de C.V.
Mexico
EZCORP FS Holdings, Inc.
Delaware
EZCORP Global, B.V.
Netherlands
EZCORP Global Holdings, C.V.
Netherlands
EZCORP International, Inc.
Delaware
EZCORP International Holdings, LLC
Delaware
EZCORP Latin America Coöperatief, U.A.
Netherlands
EZCORP Services, Inc.
Delaware
EZCORP UK Limited
United Kingdom
EZCORP USA, Inc.
Delaware
EZMONEY Canada Holdings, Inc.
British Columbia
EZMONEY Canada, Inc.
Delaware
EZMONEY Tario, Inc.
British Columbia
EZPAWN Alabama, Inc.
Delaware
EZPAWN Arizona, Inc.
Delaware
EZPAWN Arkansas, Inc.
Delaware
EZPAWN Colorado, Inc.
Delaware
EZPAWN Florida, Inc.
Delaware
EZPAWN Georgia, Inc.
Delaware
EZPAWN Holdings, Inc.
Delaware
EZPAWN Illinois, Inc.
Delaware
EZPAWN Indiana, Inc.
Delaware
EZPAWN Iowa, Inc.
Delaware
EZPAWN Management Mexico, S. de R.L. de C.V.
Mexico
EZPAWN Mexico Holdings, LLC
Delaware
EZPAWN Mexico Ltd., LLC
Delaware
EZPAWN Minnesota, Inc.
Delaware
EZPAWN MS, Inc.
Delaware
EZPAWN Nevada, Inc.
Delaware
EZPAWN Oklahoma, Inc.
Delaware
EZPAWN Oregon, Inc.
Delaware

CONSOLIDATED SUBSIDIARIES OF EZCORP, INC.
SEPTEMBER 30, 2024
EZPAWN Services Mexico, S. de R.L. de C.V.
Mexico
EZPAWN Tennessee, Inc.
Delaware
EZPAWN Utah, Inc.
Delaware
Janama Honduras, S.A. de C.V.
Honduras
Janama, S.A.
Guatemala
Janama, S.A. de C.V.
El Salvador
Khoper Advisors, Ltd.
British Virgin Islands
Madras Investments Corp.
British Virgin Islands
Maxiprestamos. S.A. de C.V.
El Salvador
Miravet Planning Corp
Panama
Mister Money Holdings, Inc.
Colorado
MP Luxury, LLC
Delaware
Operadora de Servicios, S.A. de C.V.
El Salvador
Parkway Insurance, Inc.
Texas
PLO Del Bajio S. de R.L. de C.V.
Mexico
Prenda Aval, S.A. de C.V.
El Salvador
Renueva Comercial, S.A.P.I. de C.V.
Mexico
Rollingwood Holdings, LLC
Delaware
Salvaprenda, S.A. de C.V.
El Salvador
Texas EZPAWN, L.P.
Texas
Texas EZPAWN Management, Inc.
Delaware
Unicode Market, Inc.
Panama
USA Pawn & Jewelry Co. XI, LLC
Nevada
USA Pawn & Jewelry Co. 19, LLC
Nevada

Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
EZCORP, Inc.
Rollingwood, Texas
We hereby consent to the incorporation by reference in the Registration Statements on Form S-4 (No. 333-202627), Form S-8 (No. 333-
282908), Form S-8 (No. 333-275304), Form S-8 (No. 333-267814), Form S-8 (333-266551), Form S-8 (333-263308), Form S-8 (No. 333-
228618), Form S-8 (No. 333-221996), Form S-8 (No. 333-215294), Form S-8 (No. 333-210647), Form S-8 (No. 333-209088), Form S-8 (No.
333-202628), Form S-8 (No. 333-191677) of EZCORP, Inc. of our reports dated November 13, 2024, relating to the consolidated financial
statements, and the effectiveness of EZCORP, Inc.’s internal control over financial reporting, which appear in this Annual Report on Form 10-
K.
/s/ BDO USA, P.C.

Dallas, Texas
November 13, 2024

Exhibit 31.1
Certification of Lachlan P. Given, Chief Executive Officer,
pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934,
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Lachlan P. Given, certify that:
1.
I have reviewed this Annual Report on Form 10-K of EZCORP, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-
15(f)) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most
recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting.
Date: November 13, 2024
 
/s/ Lachlan P. Given
 
Lachlan P. Given
 
Chief Executive Officer

Exhibit 31.2
Certification of Timothy K. Jugmans, Chief Financial Officer,
pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934,
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Timothy K. Jugmans, certify that:
1.
I have reviewed this Annual Report on Form 10-K of EZCORP, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-
15(f)) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most
recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting.
Date: November 13, 2024
 
/s/ Timothy K. Jugmans
 
Timothy K. Jugmans
 
Chief Financial Officer

Exhibit 32.1
Certification of Lachlan P. Given, Chief Executive Officer, and Timothy K. Jugmans, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
The undersigned officers of EZCORP, Inc. hereby certify that (a) EZCORP’s Annual Report on Form 10-K for the year ended September 30, 2024, as filed
with the Securities and Exchange Commission, fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934, as amended,
and (b) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of EZCORP.
Date: November 13, 2024
/s/ Lachlan P. Given
Lachlan P. Given
Chief Executive Officer
 Date: November 13, 2024
/s/ Timothy K. Jugmans
 
Timothy K. Jugmans
 
Chief Financial Officer

Compensation Recovery Policy
This Compensation Recovery Policy is adopted to address recovery of Erroneously Awarded Compensation from Covered Persons in the
event of an Accounting Restatement, as further described herein. Terms used herein with their initial letter capitalized have the
meanings ascribed to them under “Definitions” below.
Recovery of Erroneously Awarded Compensation
If the Company is required to prepare an Accounting Restatement, the Company shall take reasonably prompt action to recover all
Erroneously Awarded Compensation from any Covered Person (except as described under “Exceptions to Recovery” below).
This Policy is in addition to any right of repayment, forfeiture or offset against any Covered Person that may be available under
applicable law or otherwise, whether implemented prior to or after the effective date of this Policy. The Board or any authorized
committee thereof, each in its sole discretion and in the exercise of its business judgment, may determine whether and to what extent
additional action is appropriate to address the circumstances surrounding any Accounting Restatement to minimize the likelihood of
any recurrence and to impose such other discipline as it deems necessary, appropriate or desirable.
Compensation Subject to Recovery
“Erroneously Awarded Compensation,” with respect to any Covered Person, is the amount of Incentive Compensation Received by
such Covered Person in excess of the amount of Incentive Compensation that would have been Received by such Covered Person had
such Incentive Compensation been determined based on the restated amounts. Such amount shall be computed without regard to
any taxes paid.
Notwithstanding the foregoing, only Incentive Compensation that is Received by a Covered Person (a) after beginning service as an
Executive Officer, (b) who served as an Executive Officer at any time during the performance period associated with that Incentive
Compensation, (c) while the Company had a class of securities listed on a national securities exchange or national securities
association and (d) during the Recovery Period shall be subject to recovery as Erroneously Awarded Compensation.
For Incentive Compensation based on stock price or total shareholder return where the amount of Erroneously Awarded
Compensation is not subject to mathematical recalculation directly from information included in the Accounting Restatement, the
amount of the Erroneously Awarded Compensation shall be determined by the P&C Committee based on a reasonable estimate of the
effect of the Accounting Restatement on the stock price or total shareholder return upon which the Incentive Compensation was
based. The Company shall maintain the documentation of such reasonable estimate as part of the P&C Committee’s records and shall
provide copies of such to Nasdaq.
Method of Recovery
Subject to applicable law, the Company may seek to recover Erroneously Awarded Compensation by any means or combination of
means as the P&C Committee, in its sole discretion, determines to be necessary, appropriate or desirable, including requiring a
Covered Person to repay such amount to the
COMPENSATION RECOVERY POLICY
ADOPTION DATE: AUGUST 1, 2023
PAGE 1

Company or offsetting a Covered Person’s other compensation. Each Covered Person shall be required to reimburse the Company for
any and all expenses reasonably incurred by the Company (including external legal fees) in recovering Erroneously Awarded
Compensation from such Covered Person.
Exceptions to Recovery
Notwithstanding the obligation to seek recovery of Erroneously Awarded Compensation stated above under “Recovery of Erroneously
Awarded Compensation,” the Company shall not be required to seek recovery of Erroneously Awarded Compensation if one or more
of the conditions described in Nasdaq Listing Rule 5608(b)(1)(iv)(A), (B) or (C) are met and, by reason thereof, the P&C Committee
determines that recovery of the Erroneously Awarded Compensation is impracticable (after the Company has taken the steps
described in Nasdaq Listing Rule 5608(b)(1)(iv)(A) or (B), as applicable).
General Provisions
No Indemnification — Notwithstanding the terms of any of the Company’s organizational documents, any corporate policy or any
contract, the Company shall not indemnify any Covered Person against the loss of any Erroneously Awarded Compensation recovered
pursuant to this Policy.
Administration of Policy — The P&C Committee shall be responsible for administering this Policy and in connection therewith shall
make such determinations and interpretations, and take such actions, as it deems necessary, appropriate or desirable. The P&C
Committee shall consult with the Board, the Audit Committee and the Company’s Chief Financial Officer and Chief Accounting Officer
as needed in order to properly administer and interpret any provision of this Policy. All determinations and interpretations made by
the P&C Committee shall be final, binding and conclusive.
Amendment or Termination of Policy — The P&C Committee shall have the authority to amend or terminate this Policy; provided,
however, that no such amendment or termination shall be effective if such amendment or termination would (after taking into
account any actions taken by the Company contemporaneously with such amendment or termination) cause the Company to be in
violation of any after August 1, 2023 federal securities laws or any rules or regulations issued thereunder or any Nasdaq Listing Rules.
Disclosures and Record Keeping — The Company shall make all disclosures and filings with respect to this Policy and maintain all
documents and records that are required by applicable federal securities laws or any rules or regulation issued thereunder or any
Nasdaq Listing Rules.
Governing Law — The validity, construction and effect of this Policy, and any determinations relating to this Policy, shall be construed
in accordance with the laws of the State of Delaware without regard to its conflicts of laws principles.
Successors — This Policy shall be binding and enforceable against all Covered Persons and their beneficiaries, heirs, executors,
administrators or other legal representatives.
Effective Date — This Policy shall be effective from August 1, 2023 and shall apply to Erroneously Awarded Compensation Received by
any Covered Person on or after October 2, 2023.
Acknowledgement by Covered Persons
The Company shall provide notice to, and seek written acknowledgement of this Policy from, each Covered Person; provided,
however, that the failure to provide such notice or obtain such acknowledgement shall not affect the applicability or enforceability of
this Policy. Such acknowledgement may be set forth in a separate acknowledgement form executed by such Covered Person or in the
incentive compensation plan or award agreement pursuant to which such Covered
COMPENSATION RECOVERY POLICY
ADOPTION DATE: AUGUST 1, 2023
PAGE 2

Person received Incentive Compensation subject to recovery hereunder, as determined by the P&C Committee.
Definitions
The following terms, when used in this Policy, shall have the following meanings:
Accounting Restatement — An accounting restatement that is due to the Company’s material noncompliance with any financial
reporting requirement under the U.S. federal securities laws, including any required accounting restatement to correct an error in
previously issued financial statements that is material to the previously issued financial statements (sometimes referred to as a “big R
restatement”) or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in
the current period (sometimes referred to as a “little R restatement”).
For purposes of clarity, the term “Accounting Restatement” does not include financial statement changes that did not result from the
Company’s material noncompliance with financial reporting requirements. For example, the following changes to previously reported
financial statements shall not be considered Accounting Restatements under this Policy:
(a)
Application of a change in accounting principles;
(b)
Revision to reportable segment information due to a change in the structure of the Company’s internal organization;
(c)
Reclassification due to a discontinued operation;
(d)
Application of a change in reporting entity, such as from a reorganization of entities under common control;
(e)
Adjustment to provision amounts in connection with a prior business combination; and
(f)
Revision for stock splits, stock dividends, reverse stock splits or other changes in capital structure.
Audit Committee — The Audit Committee of the Board of Directors.
Board — The Board of Directors of the Company.
Covered Person — Shall mean each of the following persons:
(a)
The Executive Officers;
(b)
The Company’s Chief Accounting Officer;
(c)
Any other person whose role in the Company is described in the definition of “Executive Officer” set forth in Nasdaq
Listing Rule 5608(d);
(d)
Any person who served in any of the capacities described in (a), (b) or (c) above at any time during the performance
period applicable to any Incentive Compensation; and
(e)
Any other person designated by the P&C Committee as being subject to this Policy.
Erroneously Awarded Compensation — Has the meaning specified under “Compensation Subject to Recovery” above.
COMPENSATION RECOVERY POLICY
ADOPTION DATE: AUGUST 1, 2023
PAGE 3

Executive Officer — Each person who has been designated by the Board as an “Executive Officer.”
Financial Reporting Measure — A measure that is determined and presented in accordance with the accounting principles used in
preparing the Company’s financial statements and any measure (including “non-GAAP” financial measures) that is derived in whole or
in part from such measure. Examples of Financial Reporting Measures include measures based on revenues, operating income, net
income, financial ratios or EBITDA; liquidity measures based on cash flow, cash balances or net debt; return measures (such as return
on assets, return on invested capital or return on equity); and profitability of a business unit or segment. Measures that are
determined on the basis of stock price or total shareholder return are also considered to be Financial Reporting Measures.
Incentive Compensation — Any compensation that is granted, earned or vested based in whole or in part upon the attainment of one
or more Financial Reporting Measures.
P&C Committee — The People and Compensation Committee of the Board of Directors.
Received – Incentive Compensation is deemed “Received” in any fiscal period during which the Financial Reporting Measure specified
in the Incentive Compensation award is attained, even if the payment or grant of the Incentive Compensation occurs after the end of
that period.
Recovery Period — The three completed fiscal years immediately preceding the earlier of (a) the date the Board or the Audit
Committee concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement or
(b) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement. The
Recovery Period shall also include transition periods that result from a change in the Company’s fiscal year, as described in Listing Rule
5608(b)(1)(i)(D). Notwithstanding the above, the Recovery Period applicable to any Covered Person shall not include any period
during which such person was not a Covered Person.
COMPENSATION RECOVERY POLICY
ADOPTION DATE: AUGUST 1, 2023
PAGE 4