☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Class A Non-voting Common Stock, par value $.01 per share | EZPW | NASDAQ Stock Market | ||||||||||||
(NASDAQ Global Select Market) |
Large Accelerated Filer | ☐ | Accelerated Filer | ☒ | ||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☒ | ||||||||
Emerging Growth Company | ☐ |
(in thousands, except share and per share amounts) | (in thousands, except share and per share amounts) | March 31, 2021 | March 31, 2020 | September 30, 2020 | (in thousands, except share and per share amounts) | June 30, 2021 | June 30, 2020 | September 30, 2020 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 335,638 | $ | 193,729 | $ | 304,542 | Cash and cash equivalents | $ | 283,668 | $ | 311,130 | $ | 304,542 | ||||||||||||||||||||
Restricted cash | Restricted cash | 8,006 | 4,000 | 8,011 | Restricted cash | 13,795 | 4,000 | 8,011 | ||||||||||||||||||||||||||
Pawn loans | Pawn loans | 125,268 | 160,179 | 131,323 | Pawn loans | 157,155 | 113,290 | 131,323 | ||||||||||||||||||||||||||
Pawn service charges receivable, net | Pawn service charges receivable, net | 20,842 | 27,304 | 20,580 | Pawn service charges receivable, net | 24,965 | 17,432 | 20,580 | ||||||||||||||||||||||||||
Inventory, net | Inventory, net | 86,214 | 173,251 | 95,891 | Inventory, net | 92,242 | 123,112 | 95,891 | ||||||||||||||||||||||||||
Notes receivable, net | Notes receivable, net | 0 | 3,728 | 0 | Notes receivable, net | 0 | 3,866 | 0 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | 30,676 | 23,629 | 32,903 | Prepaid expenses and other current assets | 28,343 | 25,754 | 32,903 | ||||||||||||||||||||||||||
Total current assets | Total current assets | 606,644 | 585,820 | 593,250 | Total current assets | 600,168 | 598,584 | 593,250 | ||||||||||||||||||||||||||
Investments in unconsolidated affiliates | Investments in unconsolidated affiliates | 34,961 | 27,993 | 32,458 | Investments in unconsolidated affiliates | 35,387 | 29,483 | 32,458 | ||||||||||||||||||||||||||
Property and equipment, net | Property and equipment, net | 51,836 | 58,787 | 56,986 | Property and equipment, net | 55,630 | 58,098 | 56,986 | ||||||||||||||||||||||||||
Lease right-of-use asset | Lease right-of-use asset | 170,479 | 206,839 | 183,809 | Lease right-of-use asset | 185,467 | 204,591 | 183,809 | ||||||||||||||||||||||||||
Goodwill | Goodwill | 258,199 | 257,222 | 257,582 | Goodwill | 283,619 | 257,326 | 257,582 | ||||||||||||||||||||||||||
Intangible assets, net | Intangible assets, net | 58,125 | 64,043 | 58,638 | Intangible assets, net | 61,922 | 65,003 | 58,638 | ||||||||||||||||||||||||||
Notes receivable, net | Notes receivable, net | 1,164 | 1,132 | 1,148 | Notes receivable, net | 1,173 | 1,140 | 1,148 | ||||||||||||||||||||||||||
Deferred tax asset, net | Deferred tax asset, net | 9,693 | 6,251 | 8,931 | Deferred tax asset, net | 10,292 | 5,505 | 8,931 | ||||||||||||||||||||||||||
Other assets | Other assets | 5,152 | 5,045 | 4,221 | Other assets | 4,992 | 4,572 | 4,221 | ||||||||||||||||||||||||||
Total assets | Total assets | $ | 1,196,253 | $ | 1,213,132 | $ | 1,197,023 | Total assets | $ | 1,238,650 | $ | 1,224,302 | $ | 1,197,023 | ||||||||||||||||||||
Liabilities and equity: | Liabilities and equity: | Liabilities and equity: | ||||||||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | Current liabilities: | ||||||||||||||||||||||||||||||||
Current maturities of long-term debt, net | Current maturities of long-term debt, net | $ | 0 | $ | 267 | $ | 213 | Current maturities of long-term debt, net | $ | 0 | $ | 268 | $ | 213 | ||||||||||||||||||||
Accounts payable, accrued expenses and other current liabilities | Accounts payable, accrued expenses and other current liabilities | 69,019 | 53,152 | 71,504 | Accounts payable, accrued expenses and other current liabilities | 84,966 | 58,358 | 71,504 | ||||||||||||||||||||||||||
Customer layaway deposits | Customer layaway deposits | 11,401 | 13,060 | 11,008 | Customer layaway deposits | 11,884 | 11,902 | 11,008 | ||||||||||||||||||||||||||
Lease liability | Lease liability | 41,060 | 44,076 | 49,742 | Lease liability | 47,241 | 48,840 | 49,742 | ||||||||||||||||||||||||||
Total current liabilities | Total current liabilities | 121,480 | 110,555 | 132,467 | Total current liabilities | 144,091 | 119,368 | 132,467 | ||||||||||||||||||||||||||
Long-term debt, net | Long-term debt, net | 257,143 | 244,288 | 251,016 | Long-term debt, net | 260,632 | 247,618 | 251,016 | ||||||||||||||||||||||||||
Deferred tax liability, net | Deferred tax liability, net | 167 | 2,540 | 524 | Deferred tax liability, net | 1,309 | 2,165 | 524 | ||||||||||||||||||||||||||
Lease liability | Lease liability | 138,622 | 171,006 | 153,040 | Lease liability | 149,342 | 167,716 | 153,040 | ||||||||||||||||||||||||||
Other long-term liabilities | Other long-term liabilities | 9,597 | 7,190 | 10,849 | Other long-term liabilities | 10,058 | 7,523 | 10,849 | ||||||||||||||||||||||||||
Total liabilities | Total liabilities | 527,009 | 535,579 | 547,896 | Total liabilities | 565,432 | 544,390 | 547,896 | ||||||||||||||||||||||||||
Commitments and Contingencies (Note 11) | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Commitments and Contingencies (Note 13) | Commitments and Contingencies (Note 13) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Stockholders’ equity: | Stockholders’ equity: | Stockholders’ equity: | ||||||||||||||||||||||||||||||||
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 52,873,568 as of March 31, 2021; 52,097,590 as of March 31, 2020; and 52,332,848 as of September 30, 2020 | 528 | 521 | 521 | |||||||||||||||||||||||||||||||
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 53,086,438 as of June 30, 2021; 52,097,590 as of June 30, 2020; and 52,332,848 as of September 30, 2020 | Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 53,086,438 as of June 30, 2021; 52,097,590 as of June 30, 2020; and 52,332,848 as of September 30, 2020 | 530 | 521 | 521 | ||||||||||||||||||||||||||||||
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 | Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 | 30 | 30 | 30 | Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 | 30 | 30 | 30 | ||||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 399,439 | 406,171 | 398,475 | Additional paid-in capital | 402,522 | 408,601 | 398,475 | ||||||||||||||||||||||||||
Retained earnings | Retained earnings | 327,798 | 347,004 | 318,169 | Retained earnings | 325,228 | 341,517 | 318,169 | ||||||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (58,551) | (76,173) | (68,068) | Accumulated other comprehensive loss | (55,092) | (70,757) | (68,068) | ||||||||||||||||||||||||||
Total equity | Total equity | 669,244 | 677,553 | 649,127 | Total equity | 673,218 | 679,912 | 649,127 | ||||||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 1,196,253 | $ | 1,213,132 | $ | 1,197,023 | Total liabilities and equity | $ | 1,238,650 | $ | 1,224,302 | $ | 1,197,023 |
Three Months Ended March 31, | Six Months Ended March 31, | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share amount) | (in thousands, except per share amount) | 2021 | 2020 | 2021 | 2020 | (in thousands, except per share amount) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Merchandise sales | Merchandise sales | $ | 115,225 | $ | 129,830 | $ | 223,008 | $ | 256,558 | Merchandise sales | $ | 107,808 | $ | 136,537 | $ | 330,816 | $ | 393,095 | ||||||||||||||||||||||||||||
Jewelry scrapping sales | Jewelry scrapping sales | 6,075 | 11,878 | 12,834 | 21,406 | Jewelry scrapping sales | 5,673 | 20,303 | 18,507 | 41,709 | ||||||||||||||||||||||||||||||||||||
Pawn service charges | Pawn service charges | 63,436 | 80,222 | 126,925 | 164,947 | Pawn service charges | 60,431 | 52,460 | 187,356 | 217,407 | ||||||||||||||||||||||||||||||||||||
Other revenues | Other revenues | 203 | 1,350 | 307 | 2,803 | Other revenues | 121 | 924 | 428 | 3,727 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 184,939 | 223,280 | 363,074 | 445,714 | Total revenues | 174,033 | 210,224 | 537,107 | 655,938 | ||||||||||||||||||||||||||||||||||||
Merchandise cost of goods sold | Merchandise cost of goods sold | 65,790 | 85,776 | 130,333 | 169,852 | Merchandise cost of goods sold | 60,539 | 91,859 | 190,872 | 261,711 | ||||||||||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | Jewelry scrapping cost of goods sold | 5,401 | 9,617 | 10,603 | 17,371 | Jewelry scrapping cost of goods sold | 5,473 | 16,158 | 16,076 | 33,529 | ||||||||||||||||||||||||||||||||||||
Other cost of revenues | Other cost of revenues | 0 | 525 | 0 | 1,061 | Other cost of revenues | 0 | 32 | 0 | 1,093 | ||||||||||||||||||||||||||||||||||||
Net revenues | Net revenues | 113,748 | 127,362 | 222,138 | 257,430 | Net revenues | 108,021 | 102,175 | 330,159 | 359,605 | ||||||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Store expenses | Store expenses | 81,149 | 87,648 | 160,458 | 176,923 | Store expenses | 81,803 | 82,341 | 242,261 | 259,264 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 13,771 | 15,341 | 26,281 | 34,179 | General and administrative | 14,589 | 16,176 | 40,870 | 50,355 | ||||||||||||||||||||||||||||||||||||
Impairment of goodwill, intangible and other assets | Impairment of goodwill, intangible and other assets | 0 | 47,060 | 0 | 47,060 | Impairment of goodwill, intangible and other assets | 0 | 0 | 0 | 47,060 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 8,089 | 7,762 | 15,661 | 15,495 | Depreciation and amortization | 7,419 | 7,679 | 23,080 | 23,174 | ||||||||||||||||||||||||||||||||||||
Loss on sale or disposal of assets and other | Loss on sale or disposal of assets and other | 112 | 261 | 90 | 1,005 | Loss on sale or disposal of assets and other | 0 | 255 | 90 | 1,260 | ||||||||||||||||||||||||||||||||||||
Other charges | Other charges | 497 | 0 | 497 | 0 | |||||||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 103,121 | 158,072 | 202,490 | 274,662 | Total operating expenses | 104,308 | 106,451 | 306,798 | 381,113 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | 10,627 | (30,710) | 19,648 | (17,232) | Operating income (loss) | 3,713 | (4,276) | 23,361 | (21,508) | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 5,518 | 5,881 | 10,973 | 11,210 | Interest expense | 5,569 | 5,379 | 16,542 | 16,589 | ||||||||||||||||||||||||||||||||||||
Interest income | Interest income | (585) | (941) | (1,406) | (1,784) | Interest income | (512) | (628) | (1,918) | (2,412) | ||||||||||||||||||||||||||||||||||||
Equity in net (income) loss of unconsolidated affiliates | Equity in net (income) loss of unconsolidated affiliates | (1,250) | (1,184) | (1,766) | 4,713 | Equity in net (income) loss of unconsolidated affiliates | (643) | 1,183 | (2,409) | 5,896 | ||||||||||||||||||||||||||||||||||||
Other expense (income) | Other expense (income) | 145 | (341) | (454) | (243) | Other expense (income) | 65 | 28 | (389) | (215) | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 6,799 | (34,125) | 12,301 | (31,128) | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 1,469 | 6,749 | 2,672 | 8,508 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 5,330 | $ | (40,874) | $ | 9,629 | $ | (39,636) | ||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (Loss) income before income taxes | (766) | (10,238) | 11,535 | (41,366) | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 1,804 | (4,751) | 4,476 | 3,757 | |||||||||||||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | $ | (2,570) | $ | (5,487) | $ | 7,059 | $ | (45,123) | |||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.10 | $ | (0.74) | $ | 0.17 | $ | (0.71) | ||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.10 | $ | (0.74) | $ | 0.17 | $ | (0.71) | ||||||||||||||||||||||||||||||||||||||
Basic (loss) earnings per share | Basic (loss) earnings per share | $ | (0.05) | $ | (0.10) | $ | 0.13 | $ | (0.81) | |||||||||||||||||||||||||||||||||||||
Diluted (loss) earnings per share | Diluted (loss) earnings per share | $ | (0.05) | $ | (0.10) | $ | 0.13 | $ | (0.81) | |||||||||||||||||||||||||||||||||||||
Weighted-average basic shares outstanding | Weighted-average basic shares outstanding | 55,661 | 55,448 | 55,509 | 55,557 | Weighted-average basic shares outstanding | 55,898 | 55,068 | 55,639 | 55,395 | ||||||||||||||||||||||||||||||||||||
Weighted-average diluted shares outstanding | Weighted-average diluted shares outstanding | 55,665 | 55,522 | 55,511 | 55,608 | Weighted-average diluted shares outstanding | 55,898 | 55,068 | 55,653 | 55,395 |
Three Months Ended March 31, | Six Months Ended March 31, | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 5,330 | $ | (40,874) | $ | 9,629 | $ | (39,636) | ||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | $ | (2,570) | $ | (5,487) | $ | 7,059 | $ | (45,123) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of tax | Foreign currency translation adjustment, net of tax | (1,760) | (29,846) | 9,517 | (23,775) | Foreign currency translation adjustment, net of tax | 3,459 | 5,416 | 12,976 | (18,359) | ||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | 3,570 | $ | (70,720) | $ | 19,146 | $ | (63,411) | Comprehensive income (loss) | $ | 889 | $ | (71) | $ | 20,035 | $ | (63,482) |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Shares | Par Value | Total Equity | (in thousands) | Shares | Par Value | Additional Paid-in Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of September 30, 2020 | Balances as of September 30, 2020 | 55,303 | $ | 551 | $ | 398,475 | $ | 318,169 | $ | (68,068) | $ | 649,127 | Balances as of September 30, 2020 | 55,303 | $ | 551 | $ | 398,475 | $ | 318,169 | $ | (68,068) | $ | 649,127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | Stock compensation | — | — | 524 | — | — | 524 | Stock compensation | — | — | 524 | — | — | 524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Release of restricted stock | Release of restricted stock | 296 | 5 | — | — | — | 5 | Release of restricted stock | 296 | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | Taxes paid related to net share settlement of equity awards | — | — | (730) | — | — | (730) | Taxes paid related to net share settlement of equity awards | — | — | (730) | — | — | (730) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation gain | Foreign currency translation gain | — | — | — | — | 11,277 | 11,277 | Foreign currency translation gain | — | — | — | — | 11,277 | 11,277 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 4,299 | — | 4,299 | Net income | — | — | — | 4,299 | — | 4,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2020 | Balances as of December 31, 2020 | 55,599 | $ | 556 | $ | 398,269 | $ | 322,468 | $ | (56,791) | $ | 664,502 | Balances as of December 31, 2020 | 55,599 | $ | 556 | $ | 398,269 | $ | 322,468 | $ | (56,791) | $ | 664,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | Stock compensation | — | — | 1,094 | — | — | 1,094 | Stock compensation | — | — | 1,094 | — | — | 1,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of consideration for prior period acquisition | Transfer of consideration for prior period acquisition | 33 | — | 185 | — | — | 185 | Transfer of consideration for prior period acquisition | 33 | — | 185 | — | — | 185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Release of restricted stock | Release of restricted stock | 212 | 2 | — | — | — | 2 | Release of restricted stock | 212 | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | Taxes paid related to net share settlement of equity awards | — | — | (109) | — | — | (109) | Taxes paid related to net share settlement of equity awards | — | — | (109) | — | — | (109) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation loss | Foreign currency translation loss | — | — | — | — | (1,760) | (1,760) | Foreign currency translation loss | — | — | — | — | (1,760) | (1,760) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 5,330 | — | 5,330 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | — | — | — | 5,330 | — | 5,330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of March 31, 2021 | Balances as of March 31, 2021 | 55,844 | $ | 558 | $ | 399,439 | $ | 327,798 | $ | (58,551) | $ | 669,244 | Balances as of March 31, 2021 | 55,844 | $ | 558 | $ | 399,439 | $ | 327,798 | $ | (58,551) | $ | 669,244 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | Stock compensation | — | — | 1,538 | — | — | 1,538 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of consideration for current period acquisition | Transfer of consideration for current period acquisition | 213 | 2 | 1,545 | — | — | 1,547 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation gain | Foreign currency translation gain | — | — | — | — | 3,459 | 3,459 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | — | — | — | (2,570) | — | (2,570) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of June 30, 2021 | Balances as of June 30, 2021 | 56,057 | $ | 560 | $ | 402,522 | $ | 325,228 | $ | (55,092) | $ | 673,218 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Shares | Par Value | Total Equity | (in thousands) | Shares | Par Value | Additional Paid-in Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of September 30, 2019 | Balances as of September 30, 2019 | 55,535 | $ | 556 | $ | 407,628 | $ | 389,163 | $ | (52,398) | $ | 744,949 | Balances as of September 30, 2019 | 55,535 | $ | 556 | $ | 407,628 | $ | 389,163 | $ | (52,398) | $ | 744,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | Stock compensation | — | — | 1,695 | — | — | 1,695 | Stock compensation | — | — | 1,695 | — | — | 1,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Release of restricted stock | Release of restricted stock | 463 | 5 | — | — | — | 5 | Release of restricted stock | 463 | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | Taxes paid related to net share settlement of equity awards | — | — | (1,395) | — | — | (1,395) | Taxes paid related to net share settlement of equity awards | — | — | (1,395) | — | — | (1,395) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation gain | Foreign currency translation gain | — | — | — | — | 6,071 | 6,071 | Foreign currency translation gain | — | — | — | — | 6,071 | 6,071 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of treasury stock | Purchase and retirement of treasury stock | (142) | (2) | (488) | (473) | — | (963) | Purchase and retirement of treasury stock | (142) | (2) | (488) | (473) | — | (963) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 1,238 | — | 1,238 | Net income | — | — | — | 1,238 | — | 1,238 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2019 | Balances as of December 31, 2019 | 55,856 | $ | 559 | $ | 407,440 | $ | 389,928 | $ | (46,327) | $ | 751,600 | Balances as of December 31, 2019 | 55,856 | $ | 559 | $ | 407,440 | $ | 389,928 | $ | (46,327) | $ | 751,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | Stock compensation | — | — | 930 | — | — | 930 | Stock compensation | — | — | 930 | — | — | 930 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Release of restricted stock | Release of restricted stock | 13 | 1 | — | — | — | 1 | Release of restricted stock | 13 | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | Taxes paid related to net share settlement of equity awards | — | — | (63) | — | — | (63) | Taxes paid related to net share settlement of equity awards | — | — | (63) | — | — | (63) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation loss | Foreign currency translation loss | — | — | — | — | (29,846) | (29,846) | Foreign currency translation loss | — | — | — | — | (29,846) | (29,846) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of treasury stock | Purchase and retirement of treasury stock | (801) | (9) | (2,136) | (2,050) | — | (4,195) | Purchase and retirement of treasury stock | (801) | (9) | (2,136) | (2,050) | — | (4,195) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | — | — | — | (40,874) | — | (40,874) | Net loss | — | — | — | (40,874) | — | (40,874) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of March 31, 2020 | Balances as of March 31, 2020 | 55,068 | $ | 551 | $ | 406,171 | $ | 347,004 | $ | (76,173) | $ | 677,553 | Balances as of March 31, 2020 | 55,068 | $ | 551 | $ | 406,171 | $ | 347,004 | $ | (76,173) | $ | 677,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | Stock compensation | — | — | 2,430 | — | — | 2,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation gain | Foreign currency translation gain | — | — | — | — | 5,416 | 5,416 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | — | — | — | (5,487) | — | (5,487) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of June 30, 2020 | Balances as of June 30, 2020 | 55,068 | $ | 551 | $ | 408,601 | $ | 341,517 | $ | (70,757) | $ | 679,912 |
Six Months Ended March 31, | Nine Months Ended June 30, | |||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2021 | 2020 | ||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 9,629 | $ | (39,636) | Net income (loss) | $ | 7,059 | $ | (45,123) | ||||||||||||
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | Adjustments to reconcile net income (loss) to net cash flows from operating activities: | Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 15,661 | 15,495 | Depreciation and amortization | 23,080 | 23,174 | ||||||||||||||||
Amortization of debt discount and deferred financing costs | Amortization of debt discount and deferred financing costs | 6,754 | 6,493 | Amortization of debt discount and deferred financing costs | 10,243 | 9,814 | ||||||||||||||||
Amortization of lease right-of-use asset | Amortization of lease right-of-use asset | 23,835 | 22,752 | Amortization of lease right-of-use asset | 35,885 | 34,265 | ||||||||||||||||
Accretion of notes receivable discount and deferred compensation fee | Accretion of notes receivable discount and deferred compensation fee | 0 | (546) | Accretion of notes receivable discount and deferred compensation fee | 0 | (688) | ||||||||||||||||
Deferred income taxes | Deferred income taxes | (1,119) | (3,698) | Deferred income taxes | (576) | (3,327) | ||||||||||||||||
Impairment of goodwill and intangible assets | Impairment of goodwill and intangible assets | 0 | 47,060 | Impairment of goodwill and intangible assets | 0 | 47,060 | ||||||||||||||||
Other adjustments | Other adjustments | (250) | 1,810 | Other adjustments | (331) | 2,128 | ||||||||||||||||
Provision for inventory reserve | Provision for inventory reserve | (5,265) | (742) | Provision for inventory reserve | (6,812) | (4,477) | ||||||||||||||||
Stock compensation expense | Stock compensation expense | 1,618 | 2,722 | Stock compensation expense | 3,156 | 5,093 | ||||||||||||||||
Equity in net (income) loss of unconsolidated affiliates | Equity in net (income) loss of unconsolidated affiliates | (1,766) | 4,713 | Equity in net (income) loss of unconsolidated affiliates | (2,409) | 5,896 | ||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||
Changes in operating assets and liabilities, net of business acquisitions: | Changes in operating assets and liabilities, net of business acquisitions: | |||||||||||||||||||||
Service charges and fees receivable | Service charges and fees receivable | (106) | 4,027 | Service charges and fees receivable | (2,832) | 14,076 | ||||||||||||||||
Inventory | Inventory | 6,481 | (539) | Inventory | 5,382 | 12,467 | ||||||||||||||||
Prepaid expenses, other current assets and other assets | Prepaid expenses, other current assets and other assets | 3,874 | (2,791) | Prepaid expenses, other current assets and other assets | 7,908 | (3,348) | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | (43,436) | (37,799) | Accounts payable, accrued expenses and other liabilities | (51,565) | (40,450) | ||||||||||||||||
Customer layaway deposits | Customer layaway deposits | 238 | 538 | Customer layaway deposits | 511 | (709) | ||||||||||||||||
Income taxes | Income taxes | 2,573 | 1,412 | Income taxes | 4,423 | 514 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 18,721 | 21,271 | Net cash provided by operating activities | 33,122 | 56,365 | ||||||||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||||||||
Loans made | Loans made | (269,468) | (351,050) | Loans made | (423,450) | (442,752) | ||||||||||||||||
Loans repaid | Loans repaid | 177,888 | 229,054 | Loans repaid | 260,536 | 321,718 | ||||||||||||||||
Recovery of pawn loan principal through sale of forfeited collateral | Recovery of pawn loan principal through sale of forfeited collateral | 109,019 | 158,792 | Recovery of pawn loan principal through sale of forfeited collateral | 155,595 | 248,290 | ||||||||||||||||
Capital expenditures, net | Capital expenditures, net | (8,359) | (12,160) | Capital expenditures, net | (14,635) | (20,867) | ||||||||||||||||
Acquisitions, net of cash acquired | Acquisitions, net of cash acquired | (15,132) | 0 | |||||||||||||||||||
Principal collections on notes receivable | Principal collections on notes receivable | 0 | 4,000 | Principal collections on notes receivable | 0 | 4,000 | ||||||||||||||||
Net cash provided by investing activities | 9,080 | 28,636 | ||||||||||||||||||||
Net cash (used in) provided by investing activities | Net cash (used in) provided by investing activities | (37,086) | 110,389 | |||||||||||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | Taxes paid related to net share settlement of equity awards | (839) | (1,458) | Taxes paid related to net share settlement of equity awards | (839) | (1,458) | ||||||||||||||||
Payout of deferred consideration | Payout of deferred consideration | 0 | (175) | Payout of deferred consideration | 0 | (350) | ||||||||||||||||
Proceeds from borrowings, net of issuance costs | Proceeds from borrowings, net of issuance costs | 0 | (109) | Proceeds from borrowings, net of issuance costs | 0 | (106) | ||||||||||||||||
Payments on borrowings | (871) | (355) | ||||||||||||||||||||
Payments on assumed debt and other borrowings | Payments on assumed debt and other borrowings | (15,363) | (316) | |||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | 0 | (5,159) | Repurchase of common stock | 0 | (5,158) | ||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (1,710) | (7,256) | Net cash used in financing activities | (16,202) | (7,388) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | Effect of exchange rate changes on cash and cash equivalents and restricted cash | 5,000 | (7,364) | Effect of exchange rate changes on cash and cash equivalents and restricted cash | 5,076 | (6,678) | ||||||||||||||||
Net increase in cash, cash equivalents and restricted cash | 31,091 | 35,287 | ||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | Net (decrease) increase in cash, cash equivalents and restricted cash | (15,090) | 152,688 | |||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | Cash, cash equivalents and restricted cash at beginning of period | 312,553 | 162,442 | Cash, cash equivalents and restricted cash at beginning of period | 312,553 | 162,442 | ||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | Cash, cash equivalents and restricted cash at end of period | $ | 343,644 | $ | 197,729 | Cash, cash equivalents and restricted cash at end of period | $ | 297,463 | $ | 315,130 | ||||||||||||
Supplemental disclosure of cash flow information | Supplemental disclosure of cash flow information | Supplemental disclosure of cash flow information | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 335,638 | $ | 193,729 | Cash and cash equivalents | $ | 283,668 | $ | 311,130 | ||||||||||||
Restricted cash | Restricted cash | 8,006 | 4,000 | Restricted cash | 13,795 | 4,000 | ||||||||||||||||
Total cash and cash equivalents and restricted cash | Total cash and cash equivalents and restricted cash | $ | 343,644 | $ | 197,729 | Total cash and cash equivalents and restricted cash | $ | 297,463 | $ | 315,130 | ||||||||||||
Non-cash investing and financing activities: | Non-cash investing and financing activities: | Non-cash investing and financing activities: | ||||||||||||||||||||
Pawn loans forfeited and transferred to inventory | Pawn loans forfeited and transferred to inventory | $ | 99,285 | $ | 156,468 | Pawn loans forfeited and transferred to inventory | $ | 145,839 | $ | 200,160 | ||||||||||||
Transfer of consideration for current period acquisition | Transfer of consideration for current period acquisition | 1,547 | 0 | |||||||||||||||||||
Acquisition earn-out contingency | Acquisition earn-out contingency | 4,608 | 0 | |||||||||||||||||||
Accrued acquisition consideration held as restricted cash | Accrued acquisition consideration held as restricted cash | 5,824 | 0 |
Cash and cash equivalents | $ | 308 | |||
Earning assets | 9,462 | ||||
Lease right-of-use assets | 10,826 | ||||
Property and equipment | 4,317 | ||||
Intangible assets* | 3,965 | ||||
Goodwill | 22,957 | ||||
Other assets | 649 | ||||
Accounts payable, deferred taxes and other liabilities | (3,150) | ||||
Lease liability | (10,826) | ||||
Assumed debt | (14,931) | ||||
Total consideration | $ | 23,577 | |||
*Intangible assets consist of $4.0 million in trade names. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenue | $ | 180,854 | $ | 216,083 | $ | 558,426 | $ | 681,069 | |||||||||||||||
Net (loss) income | (2,475) | (5,354) | 6,775 | (42,628) | |||||||||||||||||||
Basic (loss) earnings per common share | (0.04) | (0.10) | 0.12 | (0.75) | |||||||||||||||||||
Diluted (loss) earnings per common share | (0.04) | (0.10) | 0.12 | (0.75) |
Nine Months Ended June 30, 2021 | |||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Consolidated | ||||||||||||||
Balances as of September 30, 2020 | $ | 241,928 | $ | 15,654 | $ | 257,582 | |||||||||||
Acquisitions | 2,394 | 22,957 | 25,351 | ||||||||||||||
Effect of foreign currency translation changes | 0 | 686 | 686 | ||||||||||||||
Balances as of June 30, 2021 | $ | 244,322 | $ | 39,297 | $ | 283,619 | |||||||||||
Nine Months Ended June 30, 2020 | |||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Consolidated | ||||||||||||||
Balances as of September 30, 2019 | $ | 251,752 | $ | 48,775 | $ | 300,527 | |||||||||||
Effect of foreign currency translation changes | 0 | (1,888) | (1,888) | ||||||||||||||
Measurement period adjustments | 176 | (149) | 27 | ||||||||||||||
Impairment charge | (10,000) | (31,340) | (41,340) | ||||||||||||||
Balances as of June 30, 2020 | $ | 241,928 | $ | 15,398 | $ | 257,326 | |||||||||||
(in thousands) | (in thousands) | Accrued Charges at September 30, 2020 | Charges | Payments and Adjustments | Accrued Charges at December 31, 2020 | Charges | Payments and Adjustments | Accrued Charges at March 31, 2021 | (in thousands) | Accrued Charges at September 30, 2020 | Charges | Payments and Adjustments | Accrued Charges at March 31, 2021 | Charges | Payments and Adjustments | Accrued Charges at June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash charges: | Cash charges: | Cash charges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Labor reduction costs | $ | 5,946 | $ | 0 | $ | (2,343) | $ | 3,603 | $ | 0 | $ | (1,075) | $ | 2,528 | Labor reduction costs | $ | 5,946 | $ | 0 | $ | (3,418) | $ | 2,528 | $ | 0 | $ | (1,454) | $ | 1,074 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASHMAX shutdown costs | 800 | 0 | $ | (400) | $ | 400 | 0 | $ | (400) | $ | 0 | CASHMAX shutdown costs | 800 | 0 | (800) | 0 | 0 | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Store closure costs | 1,806 | 0 | $ | (1,706) | $ | 100 | 0 | $ | (100) | $ | 0 | Store closure costs | 1,806 | 0 | (1,806) | 0 | 497 | 0 | 497 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 2,166 | 0 | $ | (166) | $ | 2,000 | 0 | $ | 0 | $ | 2,000 | Other | 2,166 | 0 | (166) | 2,000 | 0 | 0 | 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10,718 | $ | 0 | $ | (4,615) | $ | 6,103 | $ | 0 | $ | (1,575) | $ | 4,528 | $ | 10,718 | $ | 0 | $ | (6,190) | $ | 4,528 | $ | 497 | $ | (1,454) | $ | 3,571 |
Three Months Ended March 31, | Six Months Ended March 31, | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | (in thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | (in thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 5,330 | $ | (40,874) | $ | 9,629 | $ | (39,636) | ||||||||||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | $ | (2,570) | $ | (5,487) | $ | 7,059 | $ | (45,123) | |||||||||||||||||||||||||||||||||||||
Earnings per common share | Earnings per common share | Earnings per common share | ||||||||||||||||||||||||||||||||||||||||||||
Average common share outstanding (denominator) | Average common share outstanding (denominator) | 55,661 | 55,448 | 55,509 | 55,557 | Average common share outstanding (denominator) | 55,898 | 55,068 | 55,639 | 55,395 | ||||||||||||||||||||||||||||||||||||
Earnings per common share | $ | 0.10 | $ | (0.74) | $ | 0.17 | $ | (0.71) | ||||||||||||||||||||||||||||||||||||||
(Loss) earnings per common share | (Loss) earnings per common share | $ | (0.05) | $ | (0.10) | $ | 0.13 | $ | (0.81) | |||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | Diluted earnings per common share | ||||||||||||||||||||||||||||||||||||||||||||
Average common share outstanding | Average common share outstanding | 55,661 | 55,448 | 55,509 | 55,557 | Average common share outstanding | 55,898 | 55,068 | 55,639 | 55,395 | ||||||||||||||||||||||||||||||||||||
Dilutive effect of restricted stock and convertible notes* | Dilutive effect of restricted stock and convertible notes* | 4 | 74 | 2 | 51 | Dilutive effect of restricted stock and convertible notes* | 0 | 0 | 14 | 0 | ||||||||||||||||||||||||||||||||||||
Diluted average common shares outstanding (denominator) | Diluted average common shares outstanding (denominator) | 55,665 | 55,522 | 55,511 | 55,608 | Diluted average common shares outstanding (denominator) | 55,898 | 55,068 | 55,653 | 55,395 | ||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.10 | $ | (0.74) | $ | 0.17 | $ | (0.71) | ||||||||||||||||||||||||||||||||||||||
Diluted (loss) earnings per common share | Diluted (loss) earnings per common share | $ | (0.05) | $ | (0.10) | $ | 0.13 | $ | (0.81) | |||||||||||||||||||||||||||||||||||||
Potential common shares excluded from the calculation of diluted earnings per share above*: | ||||||||||||||||||||||||||||||||||||||||||||||
Potential common shares excluded from the calculation of diluted earnings per share above: | Potential common shares excluded from the calculation of diluted earnings per share above: | |||||||||||||||||||||||||||||||||||||||||||||
Restricted stock** | Restricted stock** | 964 | 2,777 | $ | 831 | $ | 2,495 | Restricted stock** | 1,154 | 3,042 | 896 | 2,677 |
(in thousands) | (in thousands) | March 31, 2021 | March 31, 2020 | September 30, 2020 | (in thousands) | June 30, 2021 | June 30, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Right-of-use asset | Right-of-use asset | $ | 170,479 | $ | 206,839 | $ | 183,809 | Right-of-use asset | $ | 185,467 | $ | 204,591 | $ | 183,809 | ||||||||||||||||||||||||||||||||
Lease liability, current | Lease liability, current | $ | 41,060 | $ | 44,076 | $ | 49,742 | Lease liability, current | $ | 47,241 | $ | 48,840 | $ | 49,742 | ||||||||||||||||||||||||||||||||
Lease liability, non-current | Lease liability, non-current | 138,622 | 171,006 | 153,040 | Lease liability, non-current | 149,342 | 167,716 | 153,040 | ||||||||||||||||||||||||||||||||||||||
Total lease liability | Total lease liability | $ | 179,682 | $ | 215,082 | $ | 202,782 | Total lease liability | $ | 196,583 | $ | 216,556 | $ | 202,782 |
Three Months Ended March 31, | Six Months Ended March 31, | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Operating lease expense | Operating lease expense | $ | 14,616 | $ | 15,453 | $ | 29,815 | $ | 31,978 | Operating lease expense | $ | 15,699 | $ | 15,624 | $ | 47,237 | $ | 47,603 | ||||||||||||||||||||||||||||
Variable lease expense | Variable lease expense | 2,923 | 3,093 | 5,968 | 5,900 | Variable lease expense | 3,601 | 3,025 | 9,768 | 8,925 | ||||||||||||||||||||||||||||||||||||
Other (1) | Other (1) | (859) | 0 | (1,725) | 0 | Other (1) | (845) | 0 | (2,570) | 0 | ||||||||||||||||||||||||||||||||||||
Total lease expense | Total lease expense | $ | 16,680 | $ | 18,546 | $ | 34,058 | $ | 37,878 | Total lease expense | $ | 18,455 | $ | 18,649 | $ | 54,435 | $ | 56,528 | ||||||||||||||||||||||||||||
(1) Includes sublease rental income. | (1) Includes sublease rental income. | (1) Includes sublease rental income. |
Six Months Ended March 31, | Nine Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Weighted-average remaining contractual lease term (years) | Weighted-average remaining contractual lease term (years) | 5.07 | 5.72 | Weighted-average remaining contractual lease term (years) | 5.21 | 5.58 | ||||||||||||||||
Weighted-average incremental borrowing rate | Weighted-average incremental borrowing rate | 7.88 | % | 8.25 | % | Weighted-average incremental borrowing rate | 7.86 | % | 8.25 | % |
Remaining 2021 | $ | ||||
Fiscal 2022 | |||||
Fiscal 2023 | |||||
Fiscal 2024 | |||||
Fiscal 2025 | |||||
Thereafter | |||||
Total lease payments | $ | ||||
Less: Portion representing interest | |||||
Present value of operating lease liabilities | $ | ||||
Less: Current portion | |||||
Non-current portion | $ |
December 31, | |||||||||||
(in thousands) | 2020 | 2019 | |||||||||
Current assets | $ | 170,412 | $ | 164,906 | |||||||
Non-current assets | 189,810 | 199,277 | |||||||||
Total assets | $ | 360,222 | $ | 364,183 | |||||||
Current liabilities | $ | 59,962 | $ | 93,958 | |||||||
Non-current liabilities | 58,368 | 60,503 | |||||||||
Shareholders’ equity | 241,892 | 209,722 | |||||||||
Total liabilities and shareholders’ equity | $ | 360,222 | $ | 364,183 |
Half-Year Ended December 31, | |||||||||||
(in thousands) | 2020 | 2019 | |||||||||
Gross revenues | $ | 71,153 | $ | 98,531 | |||||||
Gross profit | 51,231 | 59,250 | |||||||||
Net profit (loss) | 5,561 | (13,280) |
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2021 | Fair Value Measurement Using | June 30, 2021 | June 30, 2021 | Fair Value Measurement Using | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Level 1 | Level 2 | Level 3 | (in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2.89% promissory note receivable due April 2024 | 2.89% promissory note receivable due April 2024 | $ | 1,164 | $ | 1,164 | $ | 0 | $ | 0 | $ | 1,164 | 2.89% promissory note receivable due April 2024 | $ | 1,173 | $ | 1,173 | $ | 0 | $ | 0 | $ | 1,173 | ||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | Investments in unconsolidated affiliates | 34,961 | 45,491 | 37,894 | 0 | 7,597 | Investments in unconsolidated affiliates | 35,387 | 43,440 | 35,970 | 0 | 7,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 Convertible Notes | 2024 Convertible Notes | $ | 120,307 | $ | 132,609 | $ | 0 | $ | 132,609 | $ | 0 | 2024 Convertible Notes | $ | 121,910 | $ | 150,219 | $ | 0 | $ | 150,219 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||
2025 Convertible Notes | 2025 Convertible Notes | 136,836 | 143,175 | 0 | 143,175 | 0 | 2025 Convertible Notes | 138,722 | 154,129 | 0 | 154,129 | 0 |
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2020 | Fair Value Measurement Using | June 30, 2020 | June 30, 2020 | Fair Value Measurement Using | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Level 1 | Level 2 | Level 3 | (in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes receivable from Grupo Finmart, net | Notes receivable from Grupo Finmart, net | $ | 3,728 | $ | 3,853 | $ | 0 | $ | 0 | $ | 3,853 | Notes receivable from Grupo Finmart, net | $ | 3,866 | $ | 3,945 | $ | 0 | $ | 0 | $ | 3,945 | ||||||||||||||||||||||||||||||||||||||||||
2.89% promissory note receivable due April 2024 | 2.89% promissory note receivable due April 2024 | 1,132 | 1,132 | 0 | 0 | 1,132 | 2.89% promissory note receivable due April 2024 | 1,140 | 1,140 | 0 | 0 | 1,140 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | Investments in unconsolidated affiliates | 27,993 | 27,513 | 19,734 | 0 | 7,779 | Investments in unconsolidated affiliates | 29,483 | 33,602 | 25,779 | 0 | 7,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 Convertible Notes | 2024 Convertible Notes | $ | 114,196 | $ | 106,203 | $ | 0 | $ | 106,203 | $ | 0 | 2024 Convertible Notes | $ | 115,681 | $ | 130,669 | $ | 0 | $ | 130,669 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||
2025 Convertible Notes | 2025 Convertible Notes | 129,624 | 128,081 | 0 | 128,081 | 0 | 2025 Convertible Notes | 131,378 | 125,235 | 0 | 125,235 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
8.5% unsecured debt due 2024 | 8.5% unsecured debt due 2024 | 983 | 983 | 0 | 0 | 983 | 8.5% unsecured debt due 2024 | 998 | 998 | 0 | 0 | 998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CASHMAX secured borrowing facility | CASHMAX secured borrowing facility | (248) | 281 | 0 | 0 | 281 | CASHMAX secured borrowing facility | (171) | 295 | 0 | 0 | 295 |
Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | Fair Value Measurement Using | ||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
2.89% promissory note receivable due April 2024 | $ | 1,148 | $ | 1,148 | $ | 0 | $ | 0 | $ | 1,148 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 32,458 | 32,597 | 24,833 | 0 | 7,764 | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
2024 Convertible Notes | $ | 117,193 | $ | 129,979 | $ | 0 | $ | 129,979 | $ | 0 | ||||||||||||||||||||||
2025 Convertible Notes | 133,164 | 137,569 | 0 | 137,569 | 0 | |||||||||||||||||||||||||||
8.5% unsecured debt due 2024 | 872 | 872 | 0 | 0 | 872 |
March 31, 2021 | March 31, 2020 | September 30, 2020 | June 30, 2021 | June 30, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Gross Amount | Debt Discount and Issuance Costs | Carrying Amount | Gross Amount | Debt Discount and Issuance Costs | Carrying Amount | Gross Amount | Debt Discount and Issuance Costs | Carrying Amount | (in thousands) | Gross Amount | Debt Discount and Issuance Costs | Carrying Amount | Gross Amount | Debt Discount and Issuance Costs | Carrying Amount | Gross Amount | Debt Discount and Issuance Costs | Carrying Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 Convertible Notes | 2024 Convertible Notes | $ | 143,750 | $ | (23,443) | $ | 120,307 | $ | 143,750 | $ | (29,554) | $ | 114,196 | $ | 143,750 | $ | (26,557) | $ | 117,193 | 2024 Convertible Notes | $ | 143,750 | $ | (21,840) | $ | 121,910 | $ | 143,750 | $ | (28,069) | $ | 115,681 | $ | 143,750 | $ | (26,557) | $ | 117,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 Convertible Notes | 2025 Convertible Notes | 172,500 | (35,664) | 136,836 | 172,500 | (42,876) | 129,624 | 172,500 | (39,336) | 133,164 | 2025 Convertible Notes | 172,500 | (33,778) | 138,722 | 172,500 | (41,122) | 131,378 | 172,500 | (39,336) | 133,164 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.5% unsecured debt due 2024* | 8.5% unsecured debt due 2024* | 0 | 0 | 0 | 983 | 0 | 983 | 872 | 0 | 872 | 8.5% unsecured debt due 2024* | 0 | 0 | 0 | 998 | 0 | 998 | 872 | 0 | 872 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASHMAX secured borrowing facility* | CASHMAX secured borrowing facility* | 0 | 0 | 0 | 281 | (529) | (248) | 0 | 0 | 0 | CASHMAX secured borrowing facility* | 0 | 0 | 0 | 295 | (466) | (171) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 316,250 | $ | (59,107) | $ | 257,143 | $ | 317,514 | $ | (72,959) | $ | 244,555 | $ | 317,122 | $ | (65,893) | $ | 251,229 | Total | $ | 316,250 | $ | (55,618) | $ | 260,632 | $ | 317,543 | $ | (69,657) | $ | 247,886 | $ | 317,122 | $ | (65,893) | $ | 251,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less current portion | Less current portion | 0 | 0 | 0 | 267 | 0 | 267 | 213 | 0 | 213 | Less current portion | 0 | 0 | 0 | 268 | 0 | 268 | 213 | 0 | 213 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | Total long-term debt | $ | 316,250 | $ | (59,107) | $ | 257,143 | $ | 317,247 | $ | (72,959) | $ | 244,288 | $ | 316,909 | $ | (65,893) | $ | 251,016 | Total long-term debt | $ | 316,250 | $ | (55,618) | $ | 260,632 | $ | 317,275 | $ | (69,657) | $ | 247,618 | $ | 316,909 | $ | (65,893) | $ | 251,016 |
Schedule of Contractual Maturities | |||||||||||||||||||||||||||||
(in thousands) | Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More Than 5 Years | ||||||||||||||||||||||||
2024 Convertible Notes* | $ | 143,750 | $ | 0 | $ | 0 | $ | 143,750 | $ | 0 | |||||||||||||||||||
2025 Convertible Notes* | 172,500 | 0 | 0 | 172,500 | 0 | ||||||||||||||||||||||||
$ | 316,250 | $ | 0 | $ | 0 | $ | 316,250 | $ | 0 |
Three Months Ended March 31, | Six Months Ended March 31, | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
2024 Convertible Notes: | 2024 Convertible Notes: | 2024 Convertible Notes: | ||||||||||||||||||||||||||||||||||||||||||||
Contractual interest expense | Contractual interest expense | $ | 1,033 | $ | 1,033 | $ | 2,066 | $ | 2,066 | Contractual interest expense | $ | 1,033 | $ | 1,033 | $ | 3,100 | $ | 3,100 | ||||||||||||||||||||||||||||
Amortization of debt discount and deferred financing costs | Amortization of debt discount and deferred financing costs | 1,572 | 1,457 | 3,114 | 2,886 | Amortization of debt discount and deferred financing costs | 1,602 | 1,484 | 4,716 | 4,370 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | $ | 2,605 | $ | 2,490 | $ | 5,180 | $ | 4,952 | Total interest expense | $ | 2,635 | $ | 2,517 | $ | 7,816 | $ | 7,470 | ||||||||||||||||||||||||||||
2025 Convertible Notes: | 2025 Convertible Notes: | 2025 Convertible Notes: | ||||||||||||||||||||||||||||||||||||||||||||
Contractual interest expense | Contractual interest expense | $ | 1,024 | $ | 1,024 | $ | 2,048 | $ | 2,048 | Contractual interest expense | $ | 1,024 | $ | 1,024 | $ | 3,073 | $ | 3,072 | ||||||||||||||||||||||||||||
Amortization of debt discount and deferred financing costs | Amortization of debt discount and deferred financing costs | 1,853 | 1,722 | 3,672 | 3,413 | Amortization of debt discount and deferred financing costs | 1,886 | 1,754 | 5,558 | 5,168 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | $ | 2,877 | $ | 2,746 | $ | 5,720 | $ | 5,461 | Total interest expense | $ | 2,910 | $ | 2,778 | $ | 8,631 | $ | 8,240 |
Three Months Ended March 31, 2021 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | (in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merchandise sales | Merchandise sales | $ | 93,827 | $ | 21,398 | $ | 0 | $ | 115,225 | $ | 0 | $ | 115,225 | Merchandise sales | $ | 84,465 | $ | 23,343 | $ | 0 | $ | 107,808 | $ | 0 | $ | 107,808 | ||||||||||||||||||||||||||||||||||||||||||||
Jewelry scrapping sales | Jewelry scrapping sales | 3,581 | 2,494 | 0 | 6,075 | 0 | 6,075 | Jewelry scrapping sales | 1,908 | 3,765 | 0 | 5,673 | 0 | 5,673 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pawn service charges | Pawn service charges | 49,577 | 13,859 | 0 | 63,436 | 0 | 63,436 | Pawn service charges | 44,039 | 16,392 | 0 | 60,431 | 0 | 60,431 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other revenues | Other revenues | 29 | 0 | 174 | 203 | 0 | 203 | Other revenues | 32 | 0 | 89 | 121 | 0 | 121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 147,014 | 37,751 | 174 | 184,939 | 0 | 184,939 | Total revenues | 130,444 | 43,500 | 89 | 174,033 | 0 | 174,033 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merchandise cost of goods sold | Merchandise cost of goods sold | 51,812 | 13,978 | 0 | 65,790 | 0 | 65,790 | Merchandise cost of goods sold | 45,310 | 15,229 | 0 | 60,539 | 0 | 60,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | Jewelry scrapping cost of goods sold | 3,149 | 2,252 | 0 | 5,401 | 0 | 5,401 | Jewelry scrapping cost of goods sold | 1,878 | 3,595 | 0 | 5,473 | 0 | 5,473 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other cost of revenues | Other cost of revenues | 0 | 0 | 0 | 0 | 0 | 0 | Other cost of revenues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | Net revenues | 92,053 | 21,521 | 174 | 113,748 | 0 | 113,748 | Net revenues | 83,256 | 24,676 | 89 | 108,021 | 0 | 108,021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and corporate expenses (income): | Segment and corporate expenses (income): | Segment and corporate expenses (income): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Store expenses | Store expenses | 63,657 | 17,492 | 0 | 81,149 | 0 | 81,149 | Store expenses | 62,507 | 19,296 | 0 | 81,803 | 0 | 81,803 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 0 | 0 | 0 | 0 | 13,771 | 13,771 | General and administrative | 0 | 0 | 0 | 0 | 14,589 | 14,589 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 2,636 | 1,793 | 0 | 4,429 | 3,660 | 8,089 | Depreciation and amortization | 2,600 | 1,806 | 0 | 4,406 | 3,013 | 7,419 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on sale or disposal of assets and other | 0 | 101 | 0 | 101 | 11 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other charges | Other charges | 0 | 497 | 0 | 497 | 0 | 497 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 0 | 0 | 0 | 0 | 5,518 | 5,518 | Interest expense | 0 | 0 | 0 | 0 | 5,569 | 5,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 0 | (571) | 0 | (571) | (14) | (585) | Interest income | 0 | (484) | 0 | (484) | (28) | (512) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | Equity in net income of unconsolidated affiliates | 0 | 0 | (1,250) | (1,250) | 0 | (1,250) | Equity in net income of unconsolidated affiliates | 0 | 0 | (643) | (643) | 0 | (643) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense | 0 | 85 | 9 | 94 | 51 | 145 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense | Other (income) expense | 0 | (5) | 18 | 13 | 52 | 65 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment contribution | Segment contribution | $ | 25,760 | $ | 2,621 | $ | 1,415 | $ | 29,796 | Segment contribution | $ | 18,149 | $ | 3,566 | $ | 714 | $ | 22,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | $ | 29,796 | $ | (22,997) | $ | 6,799 | Income (loss) before income taxes | $ | 22,429 | $ | (23,195) | $ | (766) |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 102,447 | $ | 27,383 | 0 | $ | 129,830 | $ | 0 | $ | 129,830 | ||||||||||||||||||||||||
Jewelry scrapping sales | 9,659 | 2,219 | 0 | 11,878 | 0 | 11,878 | |||||||||||||||||||||||||||||
Pawn service charges | 61,700 | 18,522 | 0 | 80,222 | 0 | 80,222 | |||||||||||||||||||||||||||||
Other revenues | 31 | 25 | 1,294 | 1,350 | 0 | 1,350 | |||||||||||||||||||||||||||||
Total revenues | 173,837 | 48,149 | 1,294 | 223,280 | 0 | 223,280 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 65,286 | 20,490 | 0 | 85,776 | 0 | 85,776 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 7,800 | 1,817 | 0 | 9,617 | 0 | 9,617 | |||||||||||||||||||||||||||||
Other cost of revenues | 0 | 37 | 488 | 525 | 0 | 525 | |||||||||||||||||||||||||||||
Net revenues | 100,751 | 25,805 | 806 | 127,362 | 0 | 127,362 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 67,619 | 18,469 | 1,560 | 87,648 | 0 | 87,648 | |||||||||||||||||||||||||||||
General and administrative | 0 | 0 | 0 | 0 | 15,341 | 15,341 | |||||||||||||||||||||||||||||
Impairment of goodwill, intangible and other assets | 10,000 | 35,936 | 1,124 | 47,060 | 0 | 47,060 | |||||||||||||||||||||||||||||
Depreciation and amortization | 2,711 | 1,940 | 23 | 4,674 | 3,088 | 7,762 | |||||||||||||||||||||||||||||
(Gain) loss on sale or disposal of assets and other | 0 | (123) | 0 | (123) | 384 | 261 | |||||||||||||||||||||||||||||
Interest expense | 0 | 402 | 154 | 556 | 5,325 | 5,881 | |||||||||||||||||||||||||||||
Interest income | 0 | (369) | 0 | (369) | (572) | (941) | |||||||||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | 0 | 0 | (1,184) | (1,184) | 0 | (1,184) | |||||||||||||||||||||||||||||
Other (income) expense | 0 | (309) | 20 | (289) | (52) | (341) | |||||||||||||||||||||||||||||
Segment contribution (loss) | $ | 20,421 | $ | (30,141) | $ | (891) | $ | (10,611) | |||||||||||||||||||||||||||
Loss before income taxes | $ | (10,611) | $ | (23,514) | $ | (34,125) |
Six Months Ended March 31, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | (in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merchandise sales | Merchandise sales | $ | 176,080 | $ | 46,928 | $ | 0 | $ | 223,008 | $ | 0 | $ | 223,008 | Merchandise sales | $ | 116,258 | $ | 20,279 | $ | 0 | $ | 136,537 | 0 | $ | 136,537 | |||||||||||||||||||||||||||||||||||||||||||||
Jewelry scrapping sales | Jewelry scrapping sales | 7,585 | 5,249 | 0 | 12,834 | 0 | 12,834 | Jewelry scrapping sales | 17,129 | 3,174 | 0 | 20,303 | 0 | 20,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pawn service charges | Pawn service charges | 99,797 | 27,128 | 0 | 126,925 | 0 | 126,925 | Pawn service charges | 41,069 | 11,391 | 0 | 52,460 | 0 | 52,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other revenues | Other revenues | 51 | 7 | 249 | 307 | 0 | 307 | Other revenues | 40 | 0 | 884 | 924 | 0 | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 283,513 | 79,312 | 249 | 363,074 | 0 | 363,074 | Total revenues | 174,496 | 34,844 | 884 | 210,224 | 0 | 210,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merchandise cost of goods sold | Merchandise cost of goods sold | 99,871 | 30,462 | 0 | 130,333 | 0 | 130,333 | Merchandise cost of goods sold | 75,838 | 16,021 | 0 | 91,859 | 0 | 91,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | Jewelry scrapping cost of goods sold | 5,993 | 4,610 | 0 | 10,603 | 0 | 10,603 | Jewelry scrapping cost of goods sold | 12,875 | 3,283 | 0 | 16,158 | 0 | 16,158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other cost of revenues | Other cost of revenues | 0 | 0 | 0 | 0 | 0 | 0 | Other cost of revenues | 0 | 32 | 0 | 32 | 0 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | Net revenues | 177,649 | 44,240 | 249 | 222,138 | 0 | 222,138 | Net revenues | 85,783 | 15,508 | 884 | 102,175 | 0 | 102,175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and corporate expenses (income): | Segment and corporate expenses (income): | Segment and corporate expenses (income): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Store expenses | Store expenses | 125,749 | 34,709 | 0 | 160,458 | 0 | 160,458 | Store expenses | 66,243 | 15,041 | 1,057 | 82,341 | 0 | 82,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 0 | 0 | 0 | 0 | 26,281 | 26,281 | General and administrative | 0 | 0 | 0 | 0 | 16,176 | 16,176 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 5,372 | 3,653 | 0 | 9,025 | 6,636 | 15,661 | Depreciation and amortization | 2,749 | 1,647 | 3 | 4,399 | 3,280 | 7,679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on sale or disposal of assets and other | 27 | 0 | 0 | 27 | 63 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gain) loss on sale or disposal of assets and other | (Gain) loss on sale or disposal of assets and other | 234 | 23 | (20) | 237 | 18 | 255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 0 | 0 | 0 | 0 | 10,973 | 10,973 | Interest expense | 0 | 0 | 140 | 140 | 5,239 | 5,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 0 | (1,335) | 0 | (1,335) | (71) | (1,406) | Interest income | 0 | (404) | 0 | (404) | (224) | (628) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | Equity in net income of unconsolidated affiliates | 0 | 0 | (1,766) | (1,766) | 0 | (1,766) | Equity in net income of unconsolidated affiliates | 0 | 0 | 1,183 | 1,183 | 0 | 1,183 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense | Other (income) expense | 0 | (370) | (201) | (571) | 117 | (454) | Other (income) expense | 0 | (61) | (5) | (66) | 94 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment contribution | $ | 46,501 | $ | 7,583 | $ | 2,216 | $ | 56,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 56,300 | $ | (43,999) | $ | 12,301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment contribution (loss) | Segment contribution (loss) | $ | 16,557 | $ | (738) | $ | (1,474) | $ | 14,345 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | Loss before income taxes | $ | 14,345 | $ | (24,583) | $ | (10,238) |
Six Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 197,801 | $ | 58,757 | $ | 0 | $ | 256,558 | $ | 0 | $ | 256,558 | |||||||||||||||||||||||
Jewelry scrapping sales | 15,776 | 5,630 | 0 | 21,406 | 0 | 21,406 | |||||||||||||||||||||||||||||
Pawn service charges | 125,790 | 39,157 | 0 | 164,947 | 0 | 164,947 | |||||||||||||||||||||||||||||
Other revenues | 67 | 50 | 2,686 | 2,803 | 0 | 2,803 | |||||||||||||||||||||||||||||
Total revenues | 339,434 | 103,594 | 2,686 | 445,714 | 0 | 445,714 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 126,650 | 43,202 | 0 | 169,852 | 0 | 169,852 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 12,555 | 4,816 | 0 | 17,371 | 0 | 17,371 | |||||||||||||||||||||||||||||
Other cost of revenues | 0 | 37 | 1,024 | 1,061 | 0 | 1,061 | |||||||||||||||||||||||||||||
Net revenues | 200,229 | 55,539 | 1,662 | 257,430 | 0 | 257,430 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 135,678 | 38,452 | 2,793 | 176,923 | 0 | 176,923 | |||||||||||||||||||||||||||||
General and administrative | 0 | 0 | 0 | 0 | 34,179 | 34,179 | |||||||||||||||||||||||||||||
Impairment of goodwill, intangible and other assets | 10,000 | 35,936 | 1,124 | 47,060 | 0 | 47,060 | |||||||||||||||||||||||||||||
Depreciation and amortization | 5,576 | 3,829 | 57 | 9,462 | 6,033 | 15,495 | |||||||||||||||||||||||||||||
(Gain) loss on sale or disposal of assets and other | 0 | (95) | 0 | (95) | 1,100 | 1,005 | |||||||||||||||||||||||||||||
Interest expense | 0 | 430 | 324 | 754 | 10,456 | 11,210 | |||||||||||||||||||||||||||||
Interest income | 0 | (757) | 0 | (757) | (1,027) | (1,784) | |||||||||||||||||||||||||||||
Equity in net loss of unconsolidated affiliates | 0 | 0 | 4,713 | 4,713 | 0 | 4,713 | |||||||||||||||||||||||||||||
Other (income) expense | 0 | (242) | 19 | (223) | (20) | (243) | |||||||||||||||||||||||||||||
Segment contribution (loss) | $ | 48,975 | $ | (22,014) | $ | (7,368) | $ | 19,593 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 19,593 | $ | (50,721) | $ | (31,128) |
Nine Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 260,545 | $ | 70,271 | $ | 0 | $ | 330,816 | $ | 0 | $ | 330,816 | |||||||||||||||||||||||
Jewelry scrapping sales | 9,493 | 9,014 | 0 | 18,507 | 0 | 18,507 | |||||||||||||||||||||||||||||
Pawn service charges | 143,836 | 43,520 | 0 | 187,356 | 0 | 187,356 | |||||||||||||||||||||||||||||
Other revenues | 83 | 7 | 338 | 428 | 0 | 428 | |||||||||||||||||||||||||||||
Total revenues | 413,957 | 122,812 | 338 | 537,107 | 0 | 537,107 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 145,181 | 45,691 | 0 | 190,872 | 0 | 190,872 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 7,871 | 8,205 | 0 | 16,076 | 0 | 16,076 | |||||||||||||||||||||||||||||
Net revenues | 260,905 | 68,916 | 338 | 330,159 | 0 | 330,159 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 188,256 | 54,005 | 0 | 242,261 | 0 | 242,261 | |||||||||||||||||||||||||||||
General and administrative | 0 | 0 | 0 | 0 | 40,870 | 40,870 | |||||||||||||||||||||||||||||
Depreciation and amortization | 7,972 | 5,459 | 0 | 13,431 | 9,649 | 23,080 | |||||||||||||||||||||||||||||
Loss on sale or disposal of assets and other | 27 | 0 | 0 | 27 | 63 | 90 | |||||||||||||||||||||||||||||
Other charges | 0 | 497 | 0 | 497 | 0 | 497 | |||||||||||||||||||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 16,542 | 16,542 | |||||||||||||||||||||||||||||
Interest income | 0 | (1,819) | 0 | (1,819) | (99) | (1,918) | |||||||||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | 0 | 0 | (2,409) | (2,409) | 0 | (2,409) | |||||||||||||||||||||||||||||
Other (income) expense | 0 | (375) | (183) | (558) | 169 | (389) | |||||||||||||||||||||||||||||
Segment contribution | $ | 64,650 | $ | 11,149 | $ | 2,930 | $ | 78,729 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 78,729 | $ | (67,194) | $ | 11,535 |
Nine Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Other International | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 314,059 | $ | 79,036 | $ | 0 | $ | 393,095 | $ | 0 | $ | 393,095 | |||||||||||||||||||||||
Jewelry scrapping sales | 32,905 | 8,804 | 0 | 41,709 | 0 | 41,709 | |||||||||||||||||||||||||||||
Pawn service charges | 166,859 | 50,548 | 0 | 217,407 | 0 | 217,407 | |||||||||||||||||||||||||||||
Other revenues | 107 | 50 | 3,570 | 3,727 | 0 | 3,727 | |||||||||||||||||||||||||||||
Total revenues | 513,930 | 138,438 | 3,570 | 655,938 | 0 | 655,938 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 202,488 | 59,223 | 0 | 261,711 | 0 | 261,711 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 25,430 | 8,099 | 0 | 33,529 | 0 | 33,529 | |||||||||||||||||||||||||||||
Other cost of revenues | 0 | 69 | 1,024 | 1,093 | 0 | 1,093 | |||||||||||||||||||||||||||||
Net revenues | 286,012 | 71,047 | 2,546 | 359,605 | 0 | 359,605 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 201,921 | 53,493 | 3,850 | 259,264 | 0 | 259,264 | |||||||||||||||||||||||||||||
General and administrative | 0 | 0 | 0 | 0 | 50,355 | 50,355 | |||||||||||||||||||||||||||||
Impairment of goodwill, intangible and other assets | 10,000 | 35,936 | 1,124 | 47,060 | 0 | 47,060 | |||||||||||||||||||||||||||||
Depreciation and amortization | 8,325 | 5,476 | 60 | 13,861 | 9,313 | 23,174 | |||||||||||||||||||||||||||||
(Gain) loss on sale or disposal of assets and other | 234 | (72) | (20) | 142 | 1,118 | 1,260 | |||||||||||||||||||||||||||||
Interest expense | 0 | 430 | 464 | 894 | 15,695 | 16,589 | |||||||||||||||||||||||||||||
Interest income | 0 | (1,161) | 0 | (1,161) | (1,251) | (2,412) | |||||||||||||||||||||||||||||
Equity in net loss of unconsolidated affiliates | 0 | 0 | 5,896 | 5,896 | 0 | 5,896 | |||||||||||||||||||||||||||||
Other (income) expense | 0 | (303) | 14 | (289) | 74 | (215) | |||||||||||||||||||||||||||||
Segment contribution (loss) | $ | 65,532 | $ | (22,752) | $ | (8,842) | $ | 33,938 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 33,938 | $ | (75,304) | $ | (41,366) |
(in thousands) | (in thousands) | March 31, 2021 | March 31, 2020 | September 30, 2020 | (in thousands) | June 30, 2021 | June 30, 2020 | September 30, 2020 | ||||||||||||||||||||||||||
Gross pawn service charges receivable | Gross pawn service charges receivable | $ | 26,607 | $ | 34,843 | $ | 27,259 | Gross pawn service charges receivable | $ | 31,648 | $ | 23,674 | $ | 27,259 | ||||||||||||||||||||
Allowance for uncollectible pawn service charges receivable | Allowance for uncollectible pawn service charges receivable | (5,765) | (7,539) | (6,679) | Allowance for uncollectible pawn service charges receivable | (6,683) | (6,242) | (6,679) | ||||||||||||||||||||||||||
Pawn service charges receivable, net | Pawn service charges receivable, net | $ | 20,842 | $ | 27,304 | $ | 20,580 | Pawn service charges receivable, net | $ | 24,965 | $ | 17,432 | $ | 20,580 | ||||||||||||||||||||
Gross inventory | Gross inventory | $ | 93,470 | $ | 182,794 | $ | 108,205 | Gross inventory | $ | 98,761 | $ | 133,319 | $ | 108,205 | ||||||||||||||||||||
Inventory reserves | Inventory reserves | (7,256) | (9,543) | (12,314) | Inventory reserves | (6,519) | (10,207) | (12,314) | ||||||||||||||||||||||||||
Inventory, net | Inventory, net | $ | 86,214 | $ | 173,251 | $ | 95,891 | Inventory, net | $ | 92,242 | $ | 123,112 | $ | 95,891 | ||||||||||||||||||||
Prepaid expenses and other | Prepaid expenses and other | $ | 7,881 | $ | 8,953 | $ | 10,614 | Prepaid expenses and other | $ | 7,278 | $ | 8,980 | $ | 10,614 | ||||||||||||||||||||
Accounts receivable and other | Accounts receivable and other | 8,442 | 10,934 | 6,991 | Accounts receivable and other | 7,111 | 6,813 | 6,991 | ||||||||||||||||||||||||||
Income taxes receivable | Income taxes receivable | 14,353 | 3,742 | 15,298 | Income taxes receivable | 13,954 | 9,961 | 15,298 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | $ | 30,676 | $ | 23,629 | $ | 32,903 | Prepaid expenses and other current assets | $ | 28,343 | $ | 25,754 | $ | 32,903 | ||||||||||||||||||||
Property and equipment, gross | Property and equipment, gross | $ | 273,513 | $ | 261,234 | $ | 267,509 | Property and equipment, gross | $ | 283,304 | $ | 265,149 | $ | 267,509 | ||||||||||||||||||||
Accumulated depreciation | Accumulated depreciation | (221,677) | (202,447) | (210,523) | Accumulated depreciation | (227,674) | (207,051) | (210,523) | ||||||||||||||||||||||||||
Property and equipment, net | Property and equipment, net | $ | 51,836 | $ | 58,787 | $ | 56,986 | Property and equipment, net | $ | 55,630 | $ | 58,098 | $ | 56,986 | ||||||||||||||||||||
Accounts payable | Accounts payable | $ | 17,957 | $ | 15,582 | $ | 19,114 | Accounts payable | $ | 19,325 | $ | 15,304 | $ | 19,114 | ||||||||||||||||||||
Accrued expenses and other | Accrued expenses and other | 51,062 | 37,570 | 52,390 | Accrued expenses and other | 65,641 | 43,054 | 52,390 | ||||||||||||||||||||||||||
Accounts payable, accrued expenses and other current liabilities | Accounts payable, accrued expenses and other current liabilities | $ | 69,019 | $ | 53,152 | $ | 71,504 | Accounts payable, accrued expenses and other current liabilities | $ | 84,966 | $ | 58,358 | $ | 71,504 |
Strengthen the Core | Renewed focus on the unique and essential elements of our pawn business | |||||||
Cost Reduction and Simplification | Significant and sustained adjustment of cost base through ongoing simplification | |||||||
Innovate and Grow | Broaden customer engagement to service more customers more frequently in more locations |
March 31, | Three Months Ended March 31, | Six Months Ended March 31, | June 30, | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mexican peso | Mexican peso | 20.5 | 23.8 | 20.3 | 20.0 | 20.4 | 19.6 | Mexican peso | 19.9 | 23.1 | 20.0 | 23.3 | 20.3 | 20.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guatemalan quetzal | Guatemalan quetzal | 7.6 | 7.6 | 7.6 | 7.5 | 7.6 | 7.5 | Guatemalan quetzal | 7.6 | 7.5 | 7.6 | 7.5 | 7.6 | 7.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Honduran lempira | Honduran lempira | 23.7 | 24.4 | 23.8 | 24.3 | 23.9 | 24.3 | Honduran lempira | 23.6 | 24.4 | 23.7 | 24.4 | 23.8 | 24.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peruvian sol | Peruvian sol | 3.7 | 3.4 | 3.6 | 3.4 | 3.6 | 3.3 | Peruvian sol | 3.9 | 3.5 | 3.8 | 3.4 | 3.7 | 3.4 |
Three Months Ended March 31, 2021 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Pawn | Latin America Pawn | Consolidated | U.S. Pawn | Latin America Pawn | Consolidated | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | 505 | 502 | 1,007 | |||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2021 | As of March 31, 2021 | 505 | 506 | 1,011 | ||||||||||||||||||||||||||||||||||||||||||
New locations opened | New locations opened | — | 4 | 4 | New locations opened | — | 4 | 4 | ||||||||||||||||||||||||||||||||||||||
As of March 31, 2021 | 505 | 506 | 1,011 | |||||||||||||||||||||||||||||||||||||||||||
Locations acquired | Locations acquired | 11 | 128 | 139 | ||||||||||||||||||||||||||||||||||||||||||
Locations sold, combined or closed | Locations sold, combined or closed | — | (11) | (11) | ||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2021 | As of June 30, 2021 | 516 | 627 | 1,143 |
Three Months Ended March 31, 2020 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Pawn | Latin America Pawn | Other International | Consolidated | U.S. Pawn | Latin America Pawn | Other International | Consolidated | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | 512 | 484 | 22 | 1,018 | ||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2020 | As of March 31, 2020 | 512 | 493 | 22 | 1,027 | |||||||||||||||||||||||||||||||||||||||||
New locations opened | New locations opened | — | 9 | — | 9 | New locations opened | — | 3 | — | 3 | ||||||||||||||||||||||||||||||||||||
As of March 31, 2020 | 512 | 493 | 22 | 1,027 | ||||||||||||||||||||||||||||||||||||||||||
Locations sold, combined or closed | Locations sold, combined or closed | (1) | — | — | (1) | |||||||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | As of June 30, 2020 | 511 | 496 | 22 | 1,029 |
Six Months Ended March 31, 2021 | Nine Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Pawn | Latin America Pawn | Consolidated | U.S. Pawn | Latin America Pawn | Consolidated | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2020 | As of September 30, 2020 | 505 | 500 | 1,005 | As of September 30, 2020 | 505 | 500 | 1,005 | ||||||||||||||||||||||||||||||||||||||
New locations opened | New locations opened | — | 6 | 6 | New locations opened | — | 10 | 10 | ||||||||||||||||||||||||||||||||||||||
As of March 31, 2021 | 505 | 506 | 1,011 | |||||||||||||||||||||||||||||||||||||||||||
Locations acquired | Locations acquired | 11 | 128 | 139 | ||||||||||||||||||||||||||||||||||||||||||
Locations sold, combined or closed | Locations sold, combined or closed | — | (11) | (11) | ||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2021 | As of June 30, 2021 | 516 | 627 | 1,143 |
Six Months Ended March 31, 2020 | |||||||||||||||||||||||
U.S. Pawn | Latin America Pawn | Other International | Consolidated | ||||||||||||||||||||
As of September 30, 2019 | 512 | 480 | 22 | 1,014 | |||||||||||||||||||
New locations opened | — | 13 | — | 13 | |||||||||||||||||||
As of March 31, 2020 | 512 | 493 | 22 | 1,027 |
Nine Months Ended June 30, 2020 | |||||||||||||||||||||||
U.S. Pawn | Latin America Pawn | Other International | Consolidated | ||||||||||||||||||||
As of September 30, 2019 | 512 | 480 | 22 | 1,014 | |||||||||||||||||||
New locations opened | — | 16 | — | 16 | |||||||||||||||||||
Locations sold, combined or closed | (1) | — | — | (1) | |||||||||||||||||||
As of June 30, 2020 | 511 | 496 | 22 | 1,029 |
Three Months Ended March 31, | Change | Three Months Ended June 30, | Change | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||
Net revenues: | Net revenues: | Net revenues: | ||||||||||||||||||||||||||||||||
Pawn service charges | Pawn service charges | $ | 49,577 | $ | 61,700 | (20)% | Pawn service charges | $ | 44,039 | $ | 41,069 | 7% | ||||||||||||||||||||||
Merchandise sales | Merchandise sales | 93,827 | 102,447 | (8)% | Merchandise sales | 84,465 | 116,258 | (27)% | ||||||||||||||||||||||||||
Merchandise sales gross profit | Merchandise sales gross profit | 42,015 | 37,161 | 13% | Merchandise sales gross profit | 39,155 | 40,420 | (3)% | ||||||||||||||||||||||||||
Gross margin on merchandise sales | Gross margin on merchandise sales | 45 | % | 36 | % | 900bps | Gross margin on merchandise sales | 46 | % | 35 | % | 1,100bps | ||||||||||||||||||||||
Jewelry scrapping sales | Jewelry scrapping sales | 3,581 | 9,659 | (63)% | Jewelry scrapping sales | 1,908 | 17,129 | (89)% | ||||||||||||||||||||||||||
Jewelry scrapping sales gross profit | Jewelry scrapping sales gross profit | 432 | 1,859 | (77)% | Jewelry scrapping sales gross profit | 30 | 4,254 | (99)% | ||||||||||||||||||||||||||
Gross margin on jewelry scrapping sales | Gross margin on jewelry scrapping sales | 12 | % | 19 | % | (700)bps | Gross margin on jewelry scrapping sales | 2 | % | 25 | % | (2,300)bps | ||||||||||||||||||||||
Other revenues | Other revenues | 29 | 31 | (6)% | Other revenues | 32 | 40 | (20)% | ||||||||||||||||||||||||||
Net revenues | Net revenues | 92,053 | 100,751 | (9)% | Net revenues | 83,256 | 85,783 | (3)% | ||||||||||||||||||||||||||
Segment operating expenses: | Segment operating expenses: | Segment operating expenses: | ||||||||||||||||||||||||||||||||
Store expenses | Store expenses | 63,657 | 67,619 | (6)% | Store expenses | 62,507 | 66,243 | (6)% | ||||||||||||||||||||||||||
Impairment of goodwill, intangibles and other assets | — | 10,000 | * | |||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 2,636 | 2,711 | (3)% | Depreciation and amortization | 2,600 | 2,749 | (5)% | ||||||||||||||||||||||||||
Loss on sale or disposal of assets and other | Loss on sale or disposal of assets and other | — | 234 | (100)% | ||||||||||||||||||||||||||||||
Segment contribution | Segment contribution | $ | 25,760 | $ | 20,421 | 26% | Segment contribution | $ | 18,149 | $ | 16,557 | 10% | ||||||||||||||||||||||
Other data: | Other data: | Other data: | ||||||||||||||||||||||||||||||||
Net earning assets (a) | Net earning assets (a) | $ | 165,151 | $ | 263,112 | (37)% | Net earning assets (a) | $ | 186,322 | $ | 176,866 | 5% | ||||||||||||||||||||||
Inventory turnover | Inventory turnover | 2.9 | 2.0 | 45% | Inventory turnover | 2.8 | 3.2 | (13)% | ||||||||||||||||||||||||||
Average monthly ending pawn loan balance per store (b) | Average monthly ending pawn loan balance per store (b) | $ | 214 | $ | 271 | (21)% | Average monthly ending pawn loan balance per store (b) | $ | 206 | $ | 172 | 20% | ||||||||||||||||||||||
Monthly average yield on pawn loans outstanding | Monthly average yield on pawn loans outstanding | 15 | % | 14 | % | 100bps | Monthly average yield on pawn loans outstanding | 14 | % | 14 | % | —bps | ||||||||||||||||||||||
Pawn loan redemption rate | Pawn loan redemption rate | 87 | % | 86 | % | 100bps | Pawn loan redemption rate | 88 | % | 88 | % | —bps |
* | Represents a percentage computation that is not mathematically meaningful. | ||||
(a) | Balance includes pawn loans and inventory. | ||||
(b) | Balance is calculated based upon the average of the monthly ending balances during the applicable period. |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 (GAAP) | 2020 (GAAP) | Change (GAAP) | 2021 (Constant Currency) | Change (Constant Currency) | (in thousands) | 2021 (GAAP) | 2020 (GAAP) | Change (GAAP) | 2021 (Constant Currency) | Change (Constant Currency) | ||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | Net revenues: | Net revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pawn service charges | Pawn service charges | $ | 13,859 | $ | 18,522 | (25)% | $ | 14,096 | (24)% | Pawn service charges | $ | 16,392 | $ | 11,391 | 44% | $ | 14,829 | 30% | ||||||||||||||||||||||||||||||||||||||||
Merchandise sales | Merchandise sales | 21,398 | 27,383 | (22)% | 21,804 | (20)% | Merchandise sales | 23,343 | 20,279 | 15% | 20,844 | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
Merchandise sales gross profit | Merchandise sales gross profit | 7,420 | 6,893 | 8% | 7,567 | 10% | Merchandise sales gross profit | 8,114 | 4,258 | 91% | 7,179 | 69% | ||||||||||||||||||||||||||||||||||||||||||||||
Gross margin on merchandise sales | Gross margin on merchandise sales | 35 | % | 25 | % | 1,000bps | 35 | % | 1,000bps | Gross margin on merchandise sales | 35 | % | 21 | % | 1,400bps | 34 | % | 1,300bps | ||||||||||||||||||||||||||||||||||||||||
Jewelry scrapping sales | Jewelry scrapping sales | 2,494 | 2,219 | 12% | 2,472 | 11% | Jewelry scrapping sales | 3,765 | 3,174 | 19% | 3,429 | 8% | ||||||||||||||||||||||||||||||||||||||||||||||
Jewelry scrapping sales gross profit | Jewelry scrapping sales gross profit | 242 | 402 | (40)% | 248 | (38)% | Jewelry scrapping sales gross profit | 170 | (109) | (256)% | 165 | (251)% | ||||||||||||||||||||||||||||||||||||||||||||||
Gross margin on jewelry scrapping sales | Gross margin on jewelry scrapping sales | 10 | % | 18 | % | (800)bps | 10 | % | (800)bps | Gross margin on jewelry scrapping sales | 5 | % | (3) | % | 800bps | 5 | % | 800bps | ||||||||||||||||||||||||||||||||||||||||
Other revenues, net | Other revenues, net | — | (12) | (100)% | — | (100)% | Other revenues, net | — | (32) | (100)% | — | (100)% | ||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | Net revenues | 21,521 | 25,805 | (17)% | 21,911 | (15)% | Net revenues | 24,676 | 15,508 | 59% | 22,173 | 43% | ||||||||||||||||||||||||||||||||||||||||||||||
Segment operating expenses: | Segment operating expenses: | Segment operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Store Expenses | Store Expenses | 17,492 | 18,469 | (5)% | 17,834 | (3)% | Store Expenses | 19,296 | 15,041 | 28% | 17,276 | 15% | ||||||||||||||||||||||||||||||||||||||||||||||
Impairment of goodwill, intangible and other assets | — | 35,936 | (100)% | — | (100)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 1,793 | 1,940 | (8)% | 1,830 | (6)% | Depreciation and amortization | 1,806 | 1,647 | 10% | 1,622 | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||
Other Charges | Other Charges | 497 | — | * | 491 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating contribution | Segment operating contribution | 2,236 | (30,540) | 107% | 2,247 | 107% | Segment operating contribution | 3,077 | (1,180) | 361% | 3,275 | 378% | ||||||||||||||||||||||||||||||||||||||||||||||
Other segment income (a) | Other segment income (a) | (385) | (399) | (4)% | (425) | 7% | Other segment income (a) | (489) | (442) | 11% | 65 | (115)% | ||||||||||||||||||||||||||||||||||||||||||||||
Segment contribution | Segment contribution | $ | 2,621 | $ | (30,141) | 109% | $ | 2,672 | 109% | Segment contribution | $ | 3,566 | $ | (738) | 583% | $ | 3,210 | 535% | ||||||||||||||||||||||||||||||||||||||||
Other data: | Other data: | Other data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earning assets (b) | Net earning assets (b) | $ | 46,331 | $ | 70,318 | (34)% | $ | 41,845 | (40)% | Net earning assets (b) | $ | 63,075 | $ | 59,441 | 6% | $ | 56,453 | (5)% | ||||||||||||||||||||||||||||||||||||||||
Inventory turnover | Inventory turnover | 4.0 | 2.5 | 60% | 4.0 | 60% | Inventory turnover | 4.0 | 2.2 | 82% | 4.0 | 82% | ||||||||||||||||||||||||||||||||||||||||||||||
Average monthly ending pawn loan balance per store (c) | Average monthly ending pawn loan balance per store (c) | $ | 56 | $ | 83 | (33)% | $ | 56 | (33)% | Average monthly ending pawn loan balance per store (c) | $ | 65 | $ | 59 | 10% | $ | 59 | —% | ||||||||||||||||||||||||||||||||||||||||
Monthly average yield on pawn loans outstanding | Monthly average yield on pawn loans outstanding | 17 | % | 15 | % | 200bps | 17 | % | 200bps | Monthly average yield on pawn loans outstanding | 16 | % | 12 | % | 400bps | 16 | % | 400bps | ||||||||||||||||||||||||||||||||||||||||
Pawn loan redemption rate (d) | Pawn loan redemption rate (d) | 82 | % | 78 | % | 400bps | 82 | % | 400bps | Pawn loan redemption rate (d) | 79 | % | 77 | % | 200bps | 79 | % | 200bps |
* | Represents a percentage computation that is not mathematically meaningful. | ||||
(a) | Fiscal 2021 constant currency amount excludes a nominal net GAAP basis foreign currency transaction adjustment resulting from movement in exchange rates. The net foreign currency transaction adjustment for fiscal 2020 was nominal and are included in the above results. | ||||
(b) | Balance includes pawn loans and inventory. | ||||
(c) | Balance is calculated based upon the average of the monthly ending balances during the applicable period. | ||||
(d) | Rate is solely inclusive of results from Mexico Pawn. |
Three Months Ended March 31, | Change | Three Months Ended June 30, | Change | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||
Net revenues: | Net revenues: | Net revenues: | ||||||||||||||||||||||||||||||||
Consumer loan fees, interest and other | Consumer loan fees, interest and other | $ | 174 | $ | 1,294 | (87)% | Consumer loan fees, interest and other | $ | 89 | $ | 884 | (90)% | ||||||||||||||||||||||
Consumer loan debt | Consumer loan debt | — | 488 | * | Consumer loan debt | — | — | * | ||||||||||||||||||||||||||
Net revenues | Net revenues | 174 | 806 | (78)% | Net revenues | 89 | 884 | (90)% | ||||||||||||||||||||||||||
Segment operating expenses: | Segment operating expenses: | Segment operating expenses: | ||||||||||||||||||||||||||||||||
Store expenses | Store expenses | — | 1,560 | * | Store expenses | — | 1,057 | * | ||||||||||||||||||||||||||
Impairment of goodwill, intangibles and other assets | — | 1,124 | * | |||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | — | 23 | * | Depreciation and amortization | — | 3 | * | ||||||||||||||||||||||||||
Equity in net income on unconsolidated affiliates | (1,250) | (1,184) | 6% | |||||||||||||||||||||||||||||||
Gain on sale or disposal of assets | Gain on sale or disposal of assets | — | (20) | * | ||||||||||||||||||||||||||||||
Equity in net (income) loss of unconsolidated affiliates | Equity in net (income) loss of unconsolidated affiliates | (643) | 1,183 | (154)% | ||||||||||||||||||||||||||||||
Segment operating contribution | Segment operating contribution | 1,424 | (717) | 299% | Segment operating contribution | 732 | (1,339) | 155% | ||||||||||||||||||||||||||
Other segment expense | Other segment expense | 9 | 174 | (95)% | Other segment expense | 18 | 135 | (87)% | ||||||||||||||||||||||||||
Segment contribution (loss) | Segment contribution (loss) | $ | 1,415 | $ | (891) | 259% | Segment contribution (loss) | $ | 714 | $ | (1,474) | 148% |
* | Represents a percentage computation that is not mathematically meaningful. |
Three Months Ended March 31, | Percentage Change | Three Months Ended June 30, | Percentage Change | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||
Segment contribution (loss) | $ | 29,796 | $ | (10,611) | 381% | |||||||||||||||||||||||||||||
Segment contribution | Segment contribution | $ | 22,429 | $ | 14,345 | 56% | ||||||||||||||||||||||||||||
Corporate expenses (income): | Corporate expenses (income): | Corporate expenses (income): | ||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 13,771 | 15,341 | (10)% | General and administrative | 14,589 | 16,176 | (10)% | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 3,660 | 3,088 | 19% | Depreciation and amortization | 3,013 | 3,280 | (8)% | ||||||||||||||||||||||||||
Gain on sale or disposal of assets and other | Gain on sale or disposal of assets and other | 11 | 384 | (97)% | Gain on sale or disposal of assets and other | — | 18 | (100)% | ||||||||||||||||||||||||||
Interest expense | Interest expense | 5,518 | 5,325 | 4% | Interest expense | 5,569 | 5,239 | 6% | ||||||||||||||||||||||||||
Interest income | Interest income | (14) | (572) | (98)% | Interest income | (28) | (224) | (88)% | ||||||||||||||||||||||||||
Other expense | Other expense | 51 | (52) | * | Other expense | 52 | 94 | * | ||||||||||||||||||||||||||
Income before income taxes | 6,799 | (34,125) | 120% | |||||||||||||||||||||||||||||||
Income tax expense | 1,469 | 6,749 | (78)% | |||||||||||||||||||||||||||||||
Loss before income taxes | Loss before income taxes | (766) | (10,238) | 93% | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 1,804 | (4,751) | (138)% | ||||||||||||||||||||||||||||||
Net income | $ | 5,330 | $ | (40,874) | 113% | |||||||||||||||||||||||||||||
Net loss | Net loss | $ | (2,570) | $ | (5,487) | 53% |
* | Represents a percentage computation that is not mathematically meaningful. |
Six Months Ended March 31, | Change | Nine Months Ended June 30, | Change | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||
Net revenues: | Net revenues: | Net revenues: | ||||||||||||||||||||||||||||||||
Pawn service charges | Pawn service charges | $ | 99,797 | $ | 125,790 | (21)% | Pawn service charges | $ | 143,836 | $ | 166,859 | (14)% | ||||||||||||||||||||||
Merchandise sales | Merchandise sales | 176,080 | 197,801 | (11)% | Merchandise sales | 260,545 | 314,059 | (17)% | ||||||||||||||||||||||||||
Merchandise sales gross profit | Merchandise sales gross profit | 76,209 | 71,151 | 7% | Merchandise sales gross profit | 115,364 | 111,571 | 3% | ||||||||||||||||||||||||||
Gross margin on merchandise sales | Gross margin on merchandise sales | 43 | % | 36 | % | 700bps | Gross margin on merchandise sales | 44 | % | 36 | % | 800bps | ||||||||||||||||||||||
Jewelry scrapping sales | Jewelry scrapping sales | 7,585 | 15,776 | (52)% | Jewelry scrapping sales | 9,493 | 32,905 | (71)% | ||||||||||||||||||||||||||
Jewelry scrapping sales gross profit | Jewelry scrapping sales gross profit | 1,592 | 3,221 | (51)% | Jewelry scrapping sales gross profit | 1,622 | 7,475 | (78)% | ||||||||||||||||||||||||||
Gross margin on jewelry scrapping sales | Gross margin on jewelry scrapping sales | 21 | % | 20 | % | 100bps | Gross margin on jewelry scrapping sales | 17 | % | 23 | % | (600)bps | ||||||||||||||||||||||
Other revenues | Other revenues | 51 | 67 | (24)% | Other revenues | 83 | 107 | (22)% | ||||||||||||||||||||||||||
Net revenues | Net revenues | 177,649 | 200,229 | (11)% | Net revenues | 260,905 | 286,012 | (9)% | ||||||||||||||||||||||||||
Segment operating expenses: | Segment operating expenses: | Segment operating expenses: | ||||||||||||||||||||||||||||||||
Store expenses | Store expenses | 125,749 | 135,678 | (7)% | Store expenses | 188,256 | 201,921 | (7)% | ||||||||||||||||||||||||||
Impairment of goodwill, intangibles and other assets | Impairment of goodwill, intangibles and other assets | — | 10,000 | * | Impairment of goodwill, intangibles and other assets | — | 10,000 | * | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 5,372 | 5,576 | (4)% | Depreciation and amortization | 7,972 | 8,325 | (4)% | ||||||||||||||||||||||||||
Segment operating contribution | Segment operating contribution | 46,528 | 48,975 | (5)% | Segment operating contribution | 64,677 | 65,766 | (2)% | ||||||||||||||||||||||||||
Other segment expense | Other segment expense | 27 | — | * | Other segment expense | 27 | 234 | * | ||||||||||||||||||||||||||
Segment contribution | Segment contribution | $ | 46,501 | $ | 48,975 | (5)% | Segment contribution | $ | 64,650 | $ | 65,532 | (1)% | ||||||||||||||||||||||
Other data: | Other data: | Other data: | ||||||||||||||||||||||||||||||||
Average monthly ending pawn loan balance per store (a) | Average monthly ending pawn loan balance per store (a) | $ | 224 | $ | 286 | (22)% | Average monthly ending pawn loan balance per store (a) | $ | 218 | $ | 248 | (12)% | ||||||||||||||||||||||
Monthly average yield on pawn loans outstanding | Monthly average yield on pawn loans outstanding | 15 | % | 14 | % | 100bps | Monthly average yield on pawn loans outstanding | 14 | % | 14 | % | —bps | ||||||||||||||||||||||
Pawn loan redemption rate | Pawn loan redemption rate | 86 | % | 86 | % | —bps | Pawn loan redemption rate | 87 | % | 87 | % | —bps |
* | Represents a percentage computation that is not mathematically meaningful. | ||||
(a) | Balance is calculated based upon the average of the monthly ending balances during the applicable period. |
Six Months Ended March 31, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 (GAAP) | 2020 (GAAP) | Change (GAAP) | 2021 (Constant Currency) | Change (Constant Currency) | (in thousands) | 2021 (GAAP) | 2020 (GAAP) | Change (GAAP) | 2021 (Constant Currency) | Change (Constant Currency) | ||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | Net revenues: | Net revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pawn service charges | Pawn service charges | $ | 27,128 | $ | 39,157 | (31)% | $ | 28,045 | (28)% | Pawn service charges | $ | 43,520 | $ | 50,548 | (14)% | $ | 42,873 | (15)% | ||||||||||||||||||||||||||||||||||||||||
Merchandise sales | Merchandise sales | 46,928 | 58,757 | (20)% | 48,588 | (17)% | Merchandise sales | 70,271 | 79,036 | (11)% | 69,431 | (12)% | ||||||||||||||||||||||||||||||||||||||||||||||
Merchandise sales gross profit | Merchandise sales gross profit | 16,466 | 15,555 | 6% | 17,013 | 9% | Merchandise sales gross profit | 24,580 | 19,813 | 24% | 24,191 | 22% | ||||||||||||||||||||||||||||||||||||||||||||||
Gross margin on merchandise sales | Gross margin on merchandise sales | 35 | % | 26 | % | 900bps | 35 | % | 900bps | Gross margin on merchandise sales | 35 | % | 25 | % | 1,000bps | 35 | % | 1,000bps | ||||||||||||||||||||||||||||||||||||||||
Jewelry scrapping sales | Jewelry scrapping sales | 5,249 | 5,630 | (7)% | 5,327 | (5)% | Jewelry scrapping sales | 9,014 | 8,804 | 2% | 8,757 | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||
Jewelry scrapping sales gross profit | Jewelry scrapping sales gross profit | 639 | 814 | (21)% | 666 | (18)% | Jewelry scrapping sales gross profit | 809 | 705 | 15% | 833 | 18% | ||||||||||||||||||||||||||||||||||||||||||||||
Gross margin on jewelry scrapping sales | Gross margin on jewelry scrapping sales | 12 | % | 14 | % | (200)bps | 13 | % | (100)bps | Gross margin on jewelry scrapping sales | 9 | % | 8 | % | 100bps | 10 | % | 200bps | ||||||||||||||||||||||||||||||||||||||||
Other revenues, net | Other revenues, net | 7 | 13 | (46)% | 7 | (46)% | Other revenues, net | 7 | (19) | (137)% | 6 | (132)% | ||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | Net revenues | 44,240 | 55,539 | (20)% | 45,731 | (18)% | Net revenues | 68,916 | 71,047 | (3)% | 67,903 | (4)% | ||||||||||||||||||||||||||||||||||||||||||||||
Segment operating expenses: | Segment operating expenses: | Segment operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Store expenses | Store expenses | 34,709 | 38,452 | (10)% | 35,931 | (7)% | Store expenses | 54,005 | 53,493 | 1% | 53,395 | —% | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 3,653 | 3,829 | (5)% | 3,785 | (1)% | Depreciation and amortization | 5,459 | 5,476 | —% | 5,407 | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||
Impairment of goodwill, intangibles and other assets | Impairment of goodwill, intangibles and other assets | — | 35,936 | (100)% | — | (100)% | Impairment of goodwill, intangibles and other assets | — | 35,936 | (100)% | — | (100)% | ||||||||||||||||||||||||||||||||||||||||||||||
Other Charges | Other Charges | 497 | — | * | 491 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating contribution (loss) | Segment operating contribution (loss) | 5,878 | (22,678) | 126% | 6,015 | 127% | Segment operating contribution (loss) | 8,955 | (23,858) | 138% | 8,610 | 136% | ||||||||||||||||||||||||||||||||||||||||||||||
Other segment income (a) | Other segment income (a) | (1,705) | (664) | 157% | (1,684) | 154% | Other segment income (a) | (2,194) | (1,106) | 98% | (2,110) | 91% | ||||||||||||||||||||||||||||||||||||||||||||||
Segment contribution (loss) | Segment contribution (loss) | $ | 7,583 | $ | (22,014) | 134% | $ | 7,699 | 135% | Segment contribution (loss) | $ | 11,149 | $ | (22,752) | 149% | $ | 10,720 | 147% | ||||||||||||||||||||||||||||||||||||||||
Other data: | Other data: | Other data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average monthly ending pawn loan balance per store (b) | Average monthly ending pawn loan balance per store (b) | $ | 55 | $ | 89 | (38)% | $ | 56 | (37)% | Average monthly ending pawn loan balance per store (b) | $ | 58 | $ | 77 | (25)% | $ | 57 | (26)% | ||||||||||||||||||||||||||||||||||||||||
Monthly average yield on pawn loans outstanding | Monthly average yield on pawn loans outstanding | 17 | % | 16 | % | 100bps | 17 | % | 100bps | Monthly average yield on pawn loans outstanding | 16 | % | 15 | % | 100bps | 16 | % | 100bps | ||||||||||||||||||||||||||||||||||||||||
Pawn loan redemption rate | Pawn loan redemption rate | 82 | % | 78 | % | 400bps | 82 | % | 400bps | Pawn loan redemption rate | 81 | % | 77 | % | 400bps | 81 | % | 400bps |
* | Represents a percentage computation that is not mathematically meaningful. | ||||
(a) | Fiscal 2021 constant currency amount excludes a nominal net GAAP basis foreign currency transaction adjustment resulting from movement in exchange rates. The net foreign currency transaction adjustment for fiscal 2020 was nominal and are included in the above results. | ||||
(b) | Balance is calculated based upon the average of the monthly ending balances during the applicable period. |
Six Months Ended March 31, | Change | Nine Months Ended June 30, | Change | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||
Net revenues: | Net revenues: | Net revenues: | ||||||||||||||||||||||||||||||||
Consumer loan fees, interest and other | Consumer loan fees, interest and other | $ | 249 | $ | 2,686 | (91)% | Consumer loan fees, interest and other | $ | 338 | $ | 3,570 | (91)% | ||||||||||||||||||||||
Consumer loan debt | Consumer loan debt | — | 1,024 | (100)% | Consumer loan debt | — | 1,024 | (100)% | ||||||||||||||||||||||||||
Net revenues | Net revenues | 249 | 1,662 | (85)% | Net revenues | 338 | 2,546 | (87)% | ||||||||||||||||||||||||||
Segment operating expenses: | Segment operating expenses: | Segment operating expenses: | ||||||||||||||||||||||||||||||||
Store expenses | Store expenses | — | 2,850 | (100)% | Store expenses | — | 3,850 | (100)% | ||||||||||||||||||||||||||
Impairment of goodwill, intangible and other assets | Impairment of goodwill, intangible and other assets | — | 1,124 | (100)% | Impairment of goodwill, intangible and other assets | — | 1,124 | (100)% | ||||||||||||||||||||||||||
Gain on sale or disposal of assets | Gain on sale or disposal of assets | — | (20) | (100)% | ||||||||||||||||||||||||||||||
Equity in net (income) loss on unconsolidated affiliates | Equity in net (income) loss on unconsolidated affiliates | (1,766) | 4,713 | 137% | Equity in net (income) loss on unconsolidated affiliates | (2,409) | 5,896 | 141% | ||||||||||||||||||||||||||
Segment operating contribution | Segment operating contribution | 2,015 | (7,025) | 129% | Segment operating contribution | 2,747 | (8,304) | 133% | ||||||||||||||||||||||||||
Other segment (income) expense | Other segment (income) expense | (201) | 343 | 159% | Other segment (income) expense | (183) | 538 | 134% | ||||||||||||||||||||||||||
Segment contribution (loss) | Segment contribution (loss) | $ | 2,216 | $ | (7,368) | 130% | Segment contribution (loss) | $ | 2,930 | $ | (8,842) | 133% |
Six Months Ended March 31, | Percentage Change | Nine Months Ended June 30, | Percentage Change | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||
Segment contribution | Segment contribution | $ | 56,300 | $ | 19,593 | 187% | Segment contribution | $ | 78,729 | $ | 33,938 | 132% | ||||||||||||||||||||||
Corporate expenses (income): | Corporate expenses (income): | Corporate expenses (income): | ||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 26,281 | 34,179 | (23)% | General and administrative | 40,870 | 50,355 | (19)% | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 6,636 | 6,033 | 10% | Depreciation and amortization | 9,649 | 9,313 | 4% | ||||||||||||||||||||||||||
Loss on sale or disposal of assets | Loss on sale or disposal of assets | 63 | 1,100 | (94)% | Loss on sale or disposal of assets | 63 | 1,118 | (94)% | ||||||||||||||||||||||||||
Interest expense | Interest expense | 10,973 | 10,456 | 5% | Interest expense | 16,542 | 15,695 | 5% | ||||||||||||||||||||||||||
Interest income | Interest income | (71) | (1,027) | (93)% | Interest income | (99) | (1,251) | (92)% | ||||||||||||||||||||||||||
Other expense (income) | 117 | (20) | 685% | |||||||||||||||||||||||||||||||
Other expense | Other expense | 169 | 74 | 128% | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | Income (loss) from continuing operations before income taxes | 12,301 | (31,128) | 140% | Income (loss) from continuing operations before income taxes | 11,535 | (41,366) | 128% | ||||||||||||||||||||||||||
Income tax expense | Income tax expense | 2,672 | 8,508 | (69)% | Income tax expense | 4,476 | 3,757 | 19% | ||||||||||||||||||||||||||
Net income (loss) attributable to EZCORP, Inc. | Net income (loss) attributable to EZCORP, Inc. | $ | 9,629 | $ | (39,636) | 124% | Net income (loss) attributable to EZCORP, Inc. | $ | 7,059 | $ | (45,123) | 116% |
Six Months Ended March 31, | Percentage Change | Nine Months Ended June 30, | Percentage Change | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||
Cash flows provided by operating activities | Cash flows provided by operating activities | $ | 18,721 | $ | 21,271 | (12)% | Cash flows provided by operating activities | $ | 33,122 | $ | 56,365 | (41)% | ||||||||||||||||||||||
Cash flows provided by investing activities | 9,080 | 28,636 | (68)% | |||||||||||||||||||||||||||||||
Cash flows (used in) provided by investing activities | Cash flows (used in) provided by investing activities | (37,086) | 110,389 | (134)% | ||||||||||||||||||||||||||||||
Cash flows used in financing activities | Cash flows used in financing activities | (1,710) | (7,256) | 76% | Cash flows used in financing activities | (16,202) | (7,388) | (119)% | ||||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | Effect of exchange rate changes on cash, cash equivalents and restricted cash | 5,000 | (7,364) | 168% | Effect of exchange rate changes on cash, cash equivalents and restricted cash | 5,076 | (6,678) | 176% | ||||||||||||||||||||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 31,091 | $ | 35,287 | (12)% | |||||||||||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (15,090) | $ | 152,688 | (110)% |
Incorporated by Reference | Filed Herewith | |||||||||||||||||||||||||
Exhibit | Description of Exhibit | Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||
31.1 | x | |||||||||||||||||||||||||
31.2 | x | |||||||||||||||||||||||||
32.1† | x | |||||||||||||||||||||||||
32.2† | 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 | x | ||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | x | ||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | x | ||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | x | ||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | x | ||||||||||||||||||||||||
104 | Cover Page Interactive Data File in Inline XBRL format (contained in Exhibit 101) |
† | The certifications furnished in Exhibit 32.1 and Exhibit 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q 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. |
EZCORP, INC. | |||||||||||
Date: | /s/ Jason A. Kulas | ||||||||||
Jason A. Kulas, Chief Executive Officer |