EZCORP Reports Strong Financial Performance

By Bobby Samwell • Thursday, November 14 06:08 • Permanent Link

EZCORP, Inc. (NASDAQ: EZPW) has reported its fourth quarter and full year fiscal 2024 results, showing robust performance in various key metrics. Here are the specific figures and changes from the prior year:

Pawn loans outstanding (PLO) increased by 12% to $274.1 million in the fourth quarter, up $28.3 million. On a same-store basis, PLO increased by 11%.
Net income for the fourth quarter was up $4.9 million to $15.2 million. On an adjusted basis, net income increased by 9%.
Diluted earnings per share for the fourth quarter stood at $0.21, up from $0.15. On an adjusted basis, diluted earnings per share increased by 13% to $0.26.
Total revenues for the fourth quarter increased by 9% to $294.6 million, while gross profit increased by 10% to $175.4 million.
For the full year 2024, net income was $83.1 million, an increase of $44.6 million. On an adjusted basis, net income increased by 20%.
Diluted earnings per share for the full year stood at $1.10, up from $0.53. On an adjusted basis, diluted earnings per share increased by 20% to $1.12.
Total revenues for the full year increased by 11% to $1,161.6 million, while gross profit increased by 12% to $682.3 million.

Furthermore, the company's return on earning assets (ROEA) remained strong at 154% for the fourth quarter and 160% for the full year.

CEO Lachie Given highlighted the exceptional performance, citing the dedication of the company's 8,000+ team members and strong consumer demand for immediate cash solutions and cost-effective second-hand goods.

In terms of operational highlights, the company added 21 stores during the quarter, including one acquired store in the U.S. and 20 de novo stores in Latin America, bringing the total store count to 1,279 across five countries.

From a segment perspective:

In the U.S. Pawn segment, PLO ended the year at $214.3 million, up 12% on a total and same-store basis.
In the Latin America Pawn segment, PLO improved to $59.8 million, up 8% (18% on constant currency basis). On a same-store basis, PLO increased by 7% (16% on a constant currency basis).

The company reported that cash and cash equivalents at the end of the quarter was $170.5 million, down 23% year-over-year due to various factors including strategic investments and acquisitions, and share repurchases.

EZCORP's annual report on Form 10-K for the quarter ended September 30, 2024, has been filed with the Securities and Exchange Commission.

The company will host a conference call on Thursday, November 14, 2024, at 8:00 am Central Time to discuss the results.

EZCORP, formed in 1989, has grown into a leading provider of pawn transactions in the United States and Latin America. It is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and NASDAQ Composite Index. As a result of these announcements, the company's shares have moved 0.7% on the market, and are now trading at a price of $11.85. For the full picture, make sure to review EZCORP's 8-K report.

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