Item 2.02 - Results of Operations and Financial Condition
On December 5, 2019, EZCORP, Inc. issued a press release announcing its results
of operations and financial condition for the quarter and year ended September
30, 2019. A copy of that press release is attached as Exhibit 99.1.
In addition to the financial information prepared in conformity with accounting
principles generally accepted in the United States ("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
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 reflect an additional way
of viewing aspects of our business that, when viewed with GAAP results, provide
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.
Additionally, we provide free cash flow which represents net cash provided by
operating activities less net funding of loan originations and maintenance
capital expenditures which is commonly used by investors as an additional
measure of cash generated by business operations that may be used to repay
scheduled debt maturities and debt service or, following payment of such debt
obligations and other non-discretionary items, may be available to invest in
future growth through new business development activities or acquisitions, among
other things. These metrics can also be used to evaluate our ability to generate
cash flow from business operations and the impact that this cash flow has on our
liquidity. However, free cash flow has limitations as an analytical tool and
should not be considered in isolation or as a substitute for cash flow from
operating activities or other income statement data prepared in accordance with
GAAP.
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.
The information set forth under this Item 2.02, including Exhibit 99.1, shall
not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 or otherwise subject to the liabilities of that section, and shall not
be deemed to be incorporated by reference in any filing made by EZCORP under the
Securities Act of 1933 or the Securities Exchange Act of 1934.
Item 7.01 - Regulation FD Disclosure
A copy of the presentation materials that management will review during the
Company's fiscal 2019 earnings conference call (to be held on December 5, 2019)
will be posted in the Investor Relations section of the company's website at
www.ezcorp.com.
The information set forth, or referred to, in this Item 7.01 shall not be deemed
"filed" for purposes of the Securities Exchange Act of 1934 or otherwise subject
to the liabilities of that section, and shall not be deemed to be incorporated
by reference into any registration statement or other filing made by EZCORP
under the Securities Act of 1933 or the Securities Exchange Act of 1934, unless
such subsequent filing specifically references this Item 7.01 of this Report.
Item 8.01 - Other Events
On December 2, 2019, the Company's Board of Directors authorized a share
repurchase program for up to $60 million of the Company's publicly traded Class
A Non-Voting Common Stock over the next three years.  Under the stock repurchase
program, the Company is authorized to repurchase shares from time to time at
management's discretion through open market purchases, privately-negotiated
transactions, block purchases or otherwise in accordance with applicable federal
securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934
(the "Exchange Act").
The Board also authorized the Company to enter into written trading plans under
Rule 10b5-1 of the Exchange Act. Adopting a trading plan that satisfies the
conditions of Rule 10b5-1 allows a company to repurchase its shares at times
when it might otherwise be prevented from doing so due to self-imposed trading
blackout periods or pursuant to insider trading laws. Under any Rule 10b5-1
trading plan, the Company's third-party broker, subject to Securities and
Exchange Commission regulations regarding certain price, market, volume and
timing constraints, would have authority to purchase the Company's common stock
in accordance with the terms of the plan. The Company may from time to time
enter into Rule 10b5-1 trading plans to facilitate the repurchase of its common
stock pursuant to its share repurchase program.
The Company cannot predict when or if it will repurchase any shares of common
stock as such stock repurchase program will depend on a number of factors,
including stock price, trading volume, general market conditions, legal and
regulatory

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requirements, general business conditions, the level of cash flows, and
corporate considerations determined by management and the Board, such as
liquidity and capital needs and the availability of attractive alternative
investment opportunities.  Information regarding share repurchases will be
available in the Company's periodic reports on Forms 10-Q and 10-K filed with
the Securities and Exchange Commission as required by the applicable rules of
the Exchange Act.
This report contains forward-looking information, as that term is defined under
the Exchange Act, including information regarding purchases by the Company of
its outstanding shares of Class A Non-Voting Common Stock.  By their nature,
forward-looking information and statements are subject to risks, uncertainties
and contingencies, including changes in price and volume and the volatility of
the Company's common stock; adverse developments affecting either or both of
prices and trading of exchange-traded securities, including securities listed on
the Nasdaq Stock Market; and unexpected or otherwise unplanned or alternative
requirements with respect to the capital investments of the Company.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits.

99.1 Press Release, dated December 5, 2019, announcing EZCORP, Inc.'s results

of operations and financial condition for the quarter and year ended

September 30, 2019, and announcing share repurchase authorization

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