EZCORP Reports Second Quarter Fiscal 2026 Results

AUSTIN, Texas, May 06, 2026 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States, Latin America and the Caribbean, today announced results for its second quarter ended March 31, 2026.

Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

SECOND QUARTER HIGHLIGHTS

• Net income attributable to EZCORP increased 93% to $49.1 million. On an adjusted basis1, net income attributable to EZCORP increased 84% to $46.5 million.
• Diluted earnings per share (EPS) increased 85% to $0.61. On an adjusted basis1, diluted earnings per share increased 76% to $0.58.
• Adjusted EBITDA increased 76% to $76.9 million.
• Total revenues increased 46% to $446.9 million, while gross profit increased 46% to $260.0 million.
• Pawn loans outstanding (PLO) increased 33% to $349.4 million.
• Completed the acquisition of Founders One, LLC ("Founders") and its subsidiary, Simple Management Group, Inc. ("SMG") effective January 2, 2026.
• Grew our footprint by 123 stores, including 117 acquired stores (105 from SMG) and 6 de novo stores.
  
  

CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, "The second quarter was another exceptional period for EZCORP, delivering record revenue, record PLO, and a 76% increase in adjusted EBITDA. This growth was driven by disciplined execution across all segments, sustained customer demand for immediate cash solutions and high-quality, affordable secondhand goods, together with favorable gold prices and the contribution from SMG.

"We expanded our footprint by 123 stores during the quarter, including the SMG and El Bufalo acquisitions completed in early January, and ended the period with 1,506 stores across 16 countries. We are focused on driving operational improvements across SMG while capitalizing on the advantages of our scaled global platform and the significant runway ahead in existing and new pawn markets. In April, we acquired 32 stores in Guatemala strengthening our market leading position there.

"Backed by a highly liquid balance sheet, we remain disciplined in capital allocation and active in pursuing attractive organic and inorganic growth opportunities. I thank our team members across every geography for their dedication to exceptional customer service. Guided by our core values of People, Pawn and Passion, we continue our focus on strengthening our core and scaling our operations, while delivering sustainable, long-term value for our shareholders."

CONSOLIDATED RESULTS

Three Months Ended March 31, As Reported Adjusted1in millions, except per share amounts 2026  2025  2026  2025        Total revenues$446.9 $306.3 $434.9 $306.3Gross profit$260.0 $178.5 $253.4 $178.5Income before income taxes$65.5 $34.4 $61.8 $34.3Consolidated net income attributable to EZCORP$49.1 $25.4 $46.5 $25.3Diluted earnings per share attributable to EZCORP$0.61 $0.33 $0.58 $0.33EBITDA (non-GAAP measure)$80.8 $43.8 $76.9 $43.8            

• PLO increased 33% to $349.4 million (16% on a same-store2 basis), primarily due to higher average loan size, continued strong pawn demand and improved operational performance.
• Total revenues increased 46% and gross profit increased 46%, reflecting improved merchandise sales, jewelry scrap sales, and pawn service charges (PSC). Excluding SMG, total revenues increased 29% and gross profit increased 31%.
• PSC increased 30% as a result of higher average PLO and additional stores.
• Merchandise sales gross margin increased to 36% from 34%, while aged general merchandise decreased 128 basis points (bps) to 1.5% of total general merchandise inventory.
• Jewelry scrap sales increased 288%, and jewelry scrap sales gross margin increased from 22% to 38% due to increase in gold price and jewelry purchases.
• Net inventory increased 33% (15% on a same-store basis) due to an increase in PLO, layaways and purchases, partially offset by an increase in inventory turnover to 2.7x, from 2.5x.
• Store expenses increased 33% (13% on a same-store basis), primarily due to labor costs, including minimum wage increases in Latin America.
• General and administrative expenses increased 37%, primarily due to labor costs (including higher incentive compensation) and expenses associated with SMG.
• Income before taxes increased to $65.5 million, up 90% from $34.4 million, and adjusted EBITDA increased 76% to $76.9 million.
• Diluted earnings per share increased 85% to $0.61. On an adjusted basis, diluted earnings per share increased 76% to $0.58.
• Cash and cash equivalents decreased to $354.2 million from $505.2 million as of March 31, 2025. The decrease was primarily driven by the retirement of SMG’s existing third-party indebtedness of $134.2 million and cash used for acquisitions.
  
  

SEGMENT RESULTS

U.S. Pawn

• PLO increased 16% to $230.5 million (13% on a same-store basis) due to an increase in average loan size, strong loan demand and improved operational performance.
• Total revenues and gross profit increased 27%, driven by increased jewelry scrap sales, PSC and merchandise sales.
• PSC increased 13% as a result of higher average PLO.
• Merchandise sales increased 9% (7% on a same-store basis). Sales gross margin increased by 170 bps to 38%.
• Jewelry scrap sales increased 228%, and jewelry scrap sales gross margin increased to 41% from 22% due to increase in gold price and jewelry purchases.
• Net inventory increased 20% (16% on a same-store basis) due to increase in PLO, layaways and purchases; inventory turnover remained consistent at 2.3x. Aged general merchandise decreased by 95 bps to 2.3%, or $0.9 million of total general merchandise inventory.
• Store expenses increased 9% on a total and 6% on a same-store basis, primarily due to increased labor, in line with store activity.
• Segment contribution increased 59% to $78.1 million.
• Segment store count increased to 559 due to the acquisition of 12 stores in Texas during the quarter.
  
  

Latin America Pawn

• PLO increased 38% to $86.3 million (27% on constant currency basis). On a same-store basis, PLO increased 25% (15% increase on a constant currency basis) due to strong loan demand and improved operational performance.
• Total revenues increased 34% (19% on constant currency basis), and gross profit increased 42% (27% on a constant currency basis), primarily due to increased jewelry scrap sales, PSC and merchandise sales.
• PSC increased to $38.0 million, an increase of 34% (21% on a constant currency basis) as a result of higher average PLO.
• Merchandise sales increased 31% (17% on constant currency basis) and 21% on a same-store basis (8% increase on a constant currency basis). Merchandise sales gross margin increased to 34% from 30%.
• Jewelry scrap sales increased 64%, and jewelry scrap sales gross margin increased to 38% from 24% due to increase in gold price.
• Net inventory increased 21% (10% on a constant currency basis) due to an increase in PLO. Inventory turnover remained consistent at 3.2x. On a same-store basis, net inventory increased by 11% (consistent on a constant currency basis). Aged general merchandise decreased below 1% of total general merchandise inventory.
• Store expenses increased 45% (29% on a constant currency basis) and increased 33% on a same-store basis (19% on a constant currency basis) due to increased labor, in line with store activity and minimum wage increases.
• Segment contribution increased 38% to $19.1 million (24% on a constant currency basis to $17.1 million).
• Segment store count increased by 4 de novo stores to 840 during the quarter.
  
  

SMG

• On January 2, 2026, EZCORP acquired a controlling 87.7% interest in Founders, which owns 85.1% of SMG. The second quarter of fiscal 2026 represents the first quarter of SMG consolidation. As SMG was not owned during the comparable prior-year period, results are presented on an absolute basis without year-over-year comparisons.
• PLO of $32.6 million and net inventory of $26.1 million, with aged general merchandise below 1% of total general merchandise inventory.
• Total revenues were $51.3 million, comprised of jewelry scrap sales of $19.1 million (with a margin of 30.6%), merchandise sales of $17.8 million (with a margin of 33.1%) and PSC of $14.4 million.
• Store expenses totaled $16.6 million.
• Segment contribution was $8.8 million.
• Segment store count increased by 2 to 107 due to the addition of de novo stores.
  
  

FORM 10-Q

EZCORP’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

CONFERENCE CALL

EZCORP will host a conference call on Thursday, May 7, 2026, at 8:00 am Central Time to discuss Second Quarter Fiscal 2026 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI28c4fe4baaf941ed813a0581b4f93ab1. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/dbus7ezd/. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

ABOUT EZCORP

Formed in 1989, EZCORP is a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW.

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FORWARD LOOKING STATEMENTS

This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company's strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with pandemics. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Contact:
Email: [email protected]
Phone: (512) 314-2220

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

  Three Months Ended
March 31,  Six Months Ended
March 31, (in thousands, except per share amount)  2026   2025   2026   2025 Revenues:        Merchandise sales $214,465  $169,467  $424,612  $355,810 Jewelry scrap sales  81,240   20,938   121,149   37,670 Pawn service charges  151,128   115,871   283,045   232,923 Other revenues  48   40   94   83 Total revenues  446,881   306,316   828,900   626,486 Merchandise cost of goods sold  136,788   111,555   269,544   233,379 Jewelry scrap cost of goods sold  50,055   16,309   76,352   29,251 Gross profit  260,038   178,452   483,004   363,856 Operating expenses:        Store expenses  148,119   111,067   274,891   222,003 General and administrative  34,488   25,100   61,231   49,284 Depreciation and amortization  9,588   8,020   18,344   16,355 Loss on sale or disposal of assets and other  —   17   87   25 Total operating expenses  192,195   144,204   354,553   287,667 Operating income  67,843   34,248   128,451   76,189 Interest expense  8,354   3,281   16,520   6,428 Interest income  (2,587)  (1,875)  (7,401)  (3,968)Equity in net income of unconsolidated affiliates  (1,166)  (1,505)  (2,989)  (2,980)Other (income) expense  (2,244)  (65)  (2,336)  913 Income before income taxes  65,486   34,412   124,657   75,796 Income tax expense  15,902   9,022   30,769   19,390 Consolidated net income  49,584   25,390   93,888   56,406 Consolidated net (income) attributable to non-controlling interest  (481)  —   (481)  — Consolidated net income attributable to EZCORP $49,103  $25,390  $93,407  $56,406          Basic earnings per share attributable to EZCORP $0.80  $0.46  $1.52  $1.03 Diluted earnings per share attributable to EZCORP $0.61  $0.33  $1.17  $0.74          Weighted-average basic shares outstanding  61,653   54,965   61,446   54,895 Weighted-average diluted shares outstanding  83,410   83,140   83,354   83,247 

EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands, except per share amount) March 31, 2026 March 31, 2025 September 30, 2025Assets:      Current assets:      Cash and cash equivalents $354,175  $505,239  $469,524 Short-term restricted cash  958   9,499   525 Pawn loans  349,368   261,830   307,496 Pawn service charges receivable, net  53,031   42,323   48,733 Inventory, net  275,963   207,783   248,457 Prepaid expenses and other current assets  58,551   40,283   51,221 Total current assets  1,092,046   1,066,957   1,125,956 Investments in unconsolidated affiliates  26,093   13,967   18,123 Other investments  6,883   51,903   51,903 Property and equipment, net  86,894   64,150   75,331 Right-of-use assets  269,742   229,878   236,462 Long-term restricted cash  14,929   —   14,664 Goodwill  473,513   305,239   324,889 Intangible assets, net  124,657   57,079   58,832 Deferred tax asset, net  13,454   25,090   29,455 Other assets, net  18,546   15,365   15,594 Total assets $2,126,757  $1,829,628  $1,951,209        Liabilities and equity:      Current liabilities:      Current maturities of long-term debt, net $—  $103,325  $— Accounts payable, accrued expenses and other current liabilities  124,185   70,843   105,443 Customer layaway deposits  39,522   31,016   33,901 Operating lease liabilities, current  68,041   58,855   61,228 Total current liabilities  231,748   264,039   200,572 Long-term debt, net  519,001   517,188   518,076 Deferred tax liability, net  2,571   1,818   2,571 Operating lease liabilities  211,956   182,873   184,736 Other long-term liabilities  19,556   12,135   19,769 Total liabilities  984,832   978,053   925,724 Commitments and contingencies      Stockholders’ equity:      Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100,000,000; issued and outstanding: 58,622,115 as of March 31, 2026; 52,043,599 as of March 31, 2025; 57,921,451 as of September 30, 2025  586   520   579 Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3,000,000; issued and outstanding: 2,970,171 as of March 31, 2026, March 31, 2025 and September 30, 2025  30   30   30 Additional paid-in capital  451,471   347,796   450,892 Retained earnings  703,687   561,211   612,687 Accumulated other comprehensive loss  (35,765)  (57,982)  (38,703)Total EZCORP equity  1,120,009   851,575   1,025,485 Non-controlling interest  21,916   —   — Total equity  1,141,925   851,575   1,025,485 Total liabilities and equity $2,126,757  $1,829,628  $1,951,209 

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

  Six Months Ended
March 31, (in thousands)  2026   2025    Operating activities:    Net income $93,888  $56,406 Adjustments to reconcile net income to net cash flows from operating activities:    Depreciation and amortization  18,344   16,355 Amortization of deferred financing costs  925   725 Non-cash lease expense  33,267   28,943 Deferred income taxes  (259)  10 Other adjustments  (897)  (1,241)Provision for inventory reserve  (849)  39 Stock compensation expense  8,534   5,001 Equity in net income from investment in unconsolidated affiliates  (2,989)  (2,980)Gain from remeasurement of previously held equity interest  (1,596)  — Changes in operating assets and liabilities, net of business acquisitions:    Pawn service charges receivable  1,515   1,547 Inventory  (298)  (5,390)Prepaid expenses, other current assets and other assets  (19,114)  444 Accounts payable, accrued expenses and other liabilities  (47,443)  (45,490)Customer layaway deposits  3,537   9,640 Income taxes  1,044   (1,081)Net cash provided by operating activities  87,609   62,928 Investing activities:    Loans made  (591,148)  (484,611)Loans repaid  351,519   284,095 Recovery of pawn loan principal through sale of forfeited collateral  240,010   198,387 Capital expenditures  (17,910)  (13,966)Acquisitions, net of cash acquired  (25,640)  (79)Issuance of notes receivable  (9,000)  — Investment in unconsolidated affiliate  (7,231)  (509)Dividends from unconsolidated affiliates  1,810   1,902 Net cash used in investing activities  (57,590)  (14,781)Financing activities:    Taxes paid related to net share settlement of equity awards  (6,347)  (3,971)Proceeds from issuance of debt  —   300,000 Debt issuance cost  —   (5,310)Payments on debt  (134,151)  — Purchase and retirement of treasury stock  (4,008)  (3,997)Payments of finance leases  (543)  (266)Net cash (used in) provided by financing activities  (145,049)  286,456 Effect of exchange rate changes on cash and cash equivalents and restricted cash  379   328 Net (decrease) increase in cash, cash equivalents and restricted cash  (114,651)  334,931 Cash and cash equivalents and restricted cash at beginning of period  484,713   179,807 Cash and cash equivalents and restricted cash at end of period $370,062  $514,738 

EZCORP, Inc.
OPERATING SEGMENT RESULTS
(Unaudited)

As a result of the acquisition of Founders One, LLC and its subsidiary Simple Management Group, Inc. effective January 2, 2026, the composition of our reportable segments changed beginning in the second quarter of fiscal 2026. SMG is now reported as a standalone reportable segment. Our equity interest in Cash Converters International Limited is now included within Corporate. Prior period segment information has been recast to reclassify Cash Converters equity income and interest income from notes receivable from Founders from the 'Other Investments' segment to Corporate. Because SMG was not a consolidated subsidiary in any prior period presented, no prior period SMG segment results exist.

  Three Months Ended March 31, 2026(in thousands) U.S. Pawn Latin
America
Pawn SMG Total
Segments Corporate
Items Consolidated             Revenues:            Merchandise sales $127,884 $68,762  $17,819 $214,465  $—  $214,465 Jewelry scrap sales  55,490  6,640   19,110  81,240   —   81,240 Pawn service charges  98,770  37,976   14,382  151,128   —   151,128 Other revenues  32  16   —  48   —   48 Total revenues  282,176  113,394   51,311  446,881   —   446,881 Merchandise cost of goods sold  79,647  45,227   11,914  136,788   —   136,788 Jewelry scrap cost of goods sold  32,658  4,137   13,260  50,055   —   50,055 Gross profit  169,871  64,030   26,137  260,038   —   260,038 Segment and corporate expenses (income):            Store expenses  88,982  42,523   16,614  148,119   —   148,119 General and administrative  —  —   —  —   34,488   34,488 Depreciation and amortization  2,809  2,733   674  6,216   3,372   9,588 Interest expense  —  —   —  —   8,354   8,354 Interest income  —  —   —  —   (2,587)  (2,587)Equity in net income of unconsolidated affiliates  —  —   —  —   (1,166)  (1,166)Other (income) expense  —  (343)  38  (305)  (1,939)  (2,244)Segment contribution $78,080 $19,117  $8,811 $106,008     Income (loss) before income taxes       $106,008  $(40,522) $65,486 

  Three Months Ended March 31, 2025(in thousands) U.S. Pawn Latin
America
Pawn Total
Segments Corporate
Items Consolidated           Revenues:          Merchandise sales $116,915 $52,552  $169,467  $—  $169,467 Jewelry scrap sales  16,898  4,040   20,938   —   20,938 Pawn service charges  87,548  28,323   115,871   —   115,871 Other revenues  24  16   40   —   40 Total revenues  221,385  84,931   306,316   —   306,316 Merchandise cost of goods sold  74,772  36,783   111,555   —   111,555 Jewelry scrap cost of goods sold  13,235  3,074   16,309   —   16,309 Gross profit  133,378  45,074   178,452   —   178,452 Segment and corporate expenses (income):          Store expenses  81,718  29,349   111,067   —   111,067 General and administrative  —  —   —   25,100   25,100 Depreciation and amortization  2,682  1,989   4,671   3,349   8,020 Loss on sale or disposal of assets and other  17  —   17   —   17 Interest expense  —  —   —   3,281   3,281 Interest income (a)  —  —   —   (1,875)  (1,875)Equity in net income of unconsolidated affiliates (b)  —  —   —   (1,505)  (1,505)Other (income) expense  4  (137)  (133)  68   (65)Segment contribution $48,957 $13,873  $62,830     Income (loss) before income taxes     $62,830  $(28,418) $34,412 

(a)Interest income includes $0.6 million of interest income from notes receivable from Founders, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.(b)Equity in net income of unconsolidated affiliates includes $1.9 million of equity income from CCV, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.

  Six Months Ended March 31, 2026(in thousands) U.S. Pawn Latin
America
Pawn SMG Total
Segments Corporate
Items Consolidated             Revenues:            Merchandise sales $266,926 $139,867  $17,819 $424,612  $—  $424,612 Jewelry scrap sales  91,005  11,034   19,110  121,149   —   121,149 Pawn service charges  193,944  74,719   14,382  283,045   —   283,045 Other revenues  61  33   —  94   —   94 Total revenues  551,936  225,653   51,311  828,900   —   828,900 Merchandise cost of goods sold  165,334  92,296   11,914  269,544   —   269,544 Jewelry scrap cost of goods sold  56,022  7,070   13,260  76,352   —   76,352 Gross profit  330,580  126,287   26,137  483,004   —   483,004 Segment and corporate expenses (income):            Store expenses  176,148  82,129   16,614  274,891   —   274,891 General and administrative  —  —   —  —   61,231   61,231 Depreciation and amortization  5,532  5,268   674  11,474   6,870   18,344 Loss on sale or disposal of assets and other  87  —   —  87   —   87 Interest expense  —  —   —  —   16,520   16,520 Interest income (c)  —  —   —  —   (7,401)  (7,401)Equity in net income of unconsolidated affiliates (d)  —  —   —  —   (2,989)  (2,989)Other (income) expense  —  (366)  38  (328)  (2,008)  (2,336)Segment contribution $148,813 $39,256  $8,811 $196,880     Income (loss) before income taxes       $196,880  $(72,223) $124,657 

(c)Interest income includes $1.0 million of interest income from notes receivable from Founders recorded in the first quarter of fiscal 2026, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.(d)Equity in net income of unconsolidated affiliates includes $1.8 million of equity income from CCV recorded in the first quarter of fiscal 2026, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.

  Six Months Ended March 31, 2025(in thousands) U.S. Pawn Latin
America
Pawn Total
Segments Corporate
Items Consolidated           Revenues:          Merchandise sales $245,715  $110,095  $355,810  $—  $355,810 Jewelry scrap sales  32,396   5,274   37,670   —   37,670 Pawn service charges  175,424   57,499   232,923   —   232,923 Other revenues  51   32   83   —   83 Total revenues  453,586   172,900   626,486   —   626,486 Merchandise cost of goods sold  156,328   77,051   233,379   —   233,379 Jewelry scrap cost of goods sold  25,203   4,048   29,251   —   29,251 Gross profit  272,055   91,801   363,856   —   363,856 Segment and corporate expenses (income):          Store expenses  163,199   58,804   222,003   —   222,003 General and administrative  —   —   —   49,284   49,284 Depreciation and amortization  5,399   4,035   9,434   6,921   16,355 Loss on sale or disposal of assets and other  17   8   25   —   25 Interest expense  —   —   —   6,428   6,428 Interest income (e)  —   —   —   (3,968)  (3,968)Equity in net income of unconsolidated affiliates (f)  —   —   —   (2,980)  (2,980)Other (income) expense  (7)  (208)  (215)  1,128   913 Segment contribution $103,447  $29,162  $132,609     Income (loss) before income taxes     $132,609  $(56,813) $75,796 

(e)Interest income includes $1.2 million of interest income from notes receivable from Founders, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.(f)Equity in net income of unconsolidated affiliates includes $3.5 million of equity income from CCV, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.

EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)

 Six Months Ended March 31, 2026 U.S. Pawn Latin America
Pawn SMG Consolidated        As of September 30, 2025545  815 — 1,360 New locations opened—  7 — 7 Locations acquired3  14 — 17 Locations combined or closed(1) — — (1)As of December 31, 2025547  836 — 1,383 New locations opened—  4 2 6 Locations acquired12  — 105 117 As of March 31, 2026559  840 107 1,506 

 Six Months Ended March 31, 2025 U.S. Pawn Latin America
Pawn Consolidated      As of September 30, 2024542 737  1,279 New locations opened— 4  4 As of December 31, 2024542 741  1,283 New locations opened— 9  9 Locations acquired— 1  1 Locations combined or closed— (9) (9)As of March 31, 2025542 742  1,284 

Non-GAAP Financial Information (Unaudited)

In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and six months ended March 31, 2026 and 2025 were as follows:

 March 31,  Three Months Ended
March 31,  Six Months Ended
March 31,  2026 2025 2026 2025 2026 2025            Mexican peso18.0 20.4 17.6 20.4 17.9 20.3Guatemalan quetzal7.5 7.6 7.5 7.6 7.5 7.5Honduran lempira26.3 25.2 26.2 25.2 26.1 25.0Australian dollar1.5 1.6 1.4 1.6 1.5 1.6

Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

Miscellaneous Non-GAAP Financial Measures

 Three Months Ended
March 31,   2026   2025     Consolidated net income$49.6  $25.4 Interest expense 8.4   3.3 Interest income (2.6)  (1.9)Income tax expense 15.9   9.0 Depreciation and amortization 9.6   8.0 EBITDA$80.8  $43.8 

 Total
Revenues Gross
Profit Income
Before Tax Tax Effect Consolidated
Net Income Diluted
EPS  EBITDA              2026 Q2 Reported$446.9  $260.0  $65.5  $15.9  $49.6  $0.61  $80.8 Founders fair value adjustment —   —   (1.6)  (0.4)  (1.2)  (0.01)  (1.6)Corporate lease termination —   —   (0.6)  (0.2)  (0.4)  (0.01)  (0.6)Non-recurring foreign tax expense —   —   0.1   (0.1)  0.2   —   0.1 FX impact —   —   (0.4)  (0.1)  (0.3)  —   (0.4)Constant Currency (12.0)  (6.6)  (1.2)  (0.3)  (0.9)  (0.01)  (1.4)2026 Q2 Adjusted$434.9  $253.4  $61.8  $14.8  $47.0  $0.58  $76.9 

 Total
Revenues Gross
Profit Income
Before Tax Tax Effect Consolidated
Net Income Diluted
EPS  EBITDA              2025 Q2 Reported$306.3 $178.5 $34.4  $9.0 $25.4  $0.33 $43.8FX impact —  —  (0.1)  —  (0.1)  —  —2025 Q2 Adjusted$306.3 $178.5 $34.3  $9.0 $25.3  $0.33 $43.8

 Three Months Ended
March 31, 2026 Six Months Ended
March 31, 2026(in millions)U.S. Dollar
Amount Percentage
Change YOY U.S. Dollar
Amount Percentage
Change YOY        Consolidated revenues$446.9  46% $828.9  32%Currency exchange rate fluctuations (12.0)    (19.5)  Constant currency consolidated revenues$434.9  42% $809.4  29%        Consolidated gross profit$260.0  46% $483.0  33%Currency exchange rate fluctuations (6.6)    (10.7)  Constant currency consolidated gross profit$253.4  42% $472.3  30%        Consolidated net inventory$276.0  33% $276.0  33%Currency exchange rate fluctuations (5.5)    (5.5)  Constant currency consolidated net inventory$270.5  30% $270.5  30%        Latin America Pawn gross profit$64.0  42% $126.3  38%Currency exchange rate fluctuations (6.6)    (10.8)  Constant currency Latin America Pawn gross profit$57.4  27% $115.5  26%        Latin America Pawn PLO$86.3  38% $86.3  38%Currency exchange rate fluctuations (7.3)    (7.3)  Constant currency Latin America Pawn PLO$79.0  27% $79.0  27%        Latin America Pawn PSC revenues$38.0  34% $74.7  30%Currency exchange rate fluctuations (3.8)    (6.1)  Constant currency Latin America Pawn PSC revenues$34.2  21% $68.6  19%        Latin America Pawn merchandise sales$68.8  31% $139.9  27%Currency exchange rate fluctuations (7.4)    (12.3)  Constant currency Latin America Pawn merchandise sales$61.4  17% $127.6  16%        Latin America Pawn segment profit before tax$19.1  38% $39.3  35%Currency exchange rate fluctuations (2.0)    (3.2)  Constant currency Latin America Pawn segment profit before tax$17.1  24% $36.1  24%

Note: The underlying numbers are in thousands and, as a result, may not agree to the percentages calculated from numbers in millions and tables may not foot.
1“Adjusted” basis, which is a non-GAAP measure, excludes certain items. “Constant currency” basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.
2“Same Store” basis, which is a financial measure, includes stores open the entirety of the comparable periods.