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    EZPW   US3023011063

EZCORP, INC.

(EZPW)
  Report
Delayed Quote. Delayed Nasdaq - 06/11 04:00:00 pm
7.15 USD   +3.17%
06/09EZCORP  : Acquires 128 Pawn Stores in Mexico for $33.8 Million
MT
06/09EZCORP  : Acquires 128 Pawn Stores in Mexico
BU
05/17MILLENNIUM SERVICES  : Names CEO
MT
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EZCORP : Second Quarter Fiscal 2021 Presentation

05/06/2021 | 03:15pm EDT

Second Quarter Fiscal 2021 Earnings

May 6, 2021

Preliminary Statements

Forward Looking Statements

This document contains certain forward-looking statements. 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, that address activities or results that the company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future 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 and current or future litigation. 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.

Other Available Information

This information should be read in conjunction with, and not in lieu of, the company's annual, quarterly and other reports filed with the Securities and Exchange Commission. Those reports contain important information about the company's business and performance, including financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), as well as a description of the important risk factors that may materially and adversely affect our business, financial condition or results of operations.

Adjusted Information

Unless otherwise specified, all amounts in this presentation reflect certain non-GAAP adjustments for various discrete items and constant currency. For a discussion of the comparable GAAP amounts, see "EZCORP GAAP Results" and "GAAP to Non-GAAP Reconciliation" in the Appendix.

Market Comparisons

All market comparisons are based on available information from similar publicly traded companies.

Defined Terms

See Appendix for definition of terms and acronyms used in this presentation.

2

Company Overview

Formed in 1989, EZCORP has grown into a leading provider of pawn loans in the United States and Latin America. We also sell pre-owned merchandise through a broad network of retail locations. We are dedicated to building shareholder value by satisfying the short-term cash needs of our customers, focusing on an industry-leading experience that is fueled by continuous innovation.

1,024 Pawn Stores

Passion for Pawn and People

  • Health and safety in our stores is paramount
  • Continual focus on a customer centric culture with an increased passion for pawnbroking

U.S.

516

Mexico

373

Peru 11

Guatemala 90

Honduras 16

El Salvador 18

Ready to Meet Our Customers' Needs

  • Cash on hand to fund loan demand
  • Provider of affordable pre-owned general merchandise and jewelry

Scale-Enabled

  • 1,024 stores and 5,800 team members in 6 countries providing essential service
  • Strong and differentiated POS system

Diversified

  • U.S. - 516 stores
  • Latin America - 508 stores

Positioned for Core Pawn Growth

  • Strong balance sheet and liquidity
  • Able to operate successfully through economic cycles
  • Differentiated digital and IT platform

3

Our Path To Strengthen And Grow The Core

Continuing Progress Toward Our Strategic Goals

  • Declining attrition
  • Diversity and Inclusion programs
  • New recognition programs
  • Merchandise sales gross profit up with higher margins
  • Increased inventory turnover
  • Declining Aged GM inventory
  • Store traffic counters implemented in the U.S. allowing us to better understand customer behaviors
  • Acquired 11 stores in the Houston, TX area in May 2021
  • Opened 4 new stores in LatAm in Q2FY21 and 2 additional stores since March 2021
  • Increased the targeted annual cost savings to $14M+
  • Q2FY21 Adjusted EPS of $0.17 consistent with Q2FY20
  • ROEA improved Y/Y to 199% vs. 137%

4

2021 Q2 Key Financial Themes

Positioning EZCORP for Positive Operating Leverage as Demand for Pawn Loans Returns

Earnings

PLO Down on Stimulus

& Seasonality

Higher Merchandise Sales Gross Profit

Ongoing Expense

Reductions

Strong

Balance Sheet

  • Adjusted EPS of $0.17 consistent with Q2FY20, as lower net revenue was offset by reduced expenses
  • Net revenue down 11% Y/Y driven by lower PSC partially offset by higher merchandise gross profit
  • Adjusted EBITDA of $20.0M down 23% from $26.0M due to reduced PSC
  • PLO balance of $122.5M at 3/31/21, down 24% consistent with the Y/Y variance despite additional stimulus in the quarter leading to a 21% reduction in PSC
  • Demand for pawn loans negatively impacted by stimulus payments
  • Ongoing pressure in April related to delayed tax season and lingering stimulus impact
  • Merchandise sales gross profit up 12% Y/Y due to higher margins of 43% driven by ongoing focus on inventory turnover (inventory turnover of 3.1x improving from 2.1x)
  • Aged GM inventory improved to $0.7M (2% of GM inventory) from $7.4M (8%)
  • Lower inventory/merchandise sales tied to lower pawn loans/forfeitures
  • On track to achieve more than $14M of annual expense reductions (up from $13M announced last quarter) mostly related to G&A
  • G&A expenses decreased 11% Y/Y due to lower professional fees, licenses and T&E
  • Store expenses decreased 7% Y/Y primarily due to lower labor costs attributable to a reduced labor force compared to last year
  • $335.6M cash balance at 3/31/21 ($290.5M at 12/31/20) primarily due to higher loan redemptions and merchandise sales
  • No near-term debt maturities or restrictive debt covenants
  • Ample liquidity to fund PLO, de novo stores and inorganic growth opportunities

Accomplishments in 2021 Q2 on this slide unless otherwise stated. Amounts in this presentation are continuing operations only and comparisons are relative to same period in prior year

unless otherwise stated. Amounts in this presentation are adjusted for discrete items and constant currency unless otherwise identified and reflect the correction of immaterial errors in prior

periods, as discussed in the footnotes to the annual report on Form 10-K. EZCORP Same Store amounts in this presentation exclude pawn stores acquired unless outstanding for the entire

5

periods presented. See "EZCORP GAAP Results" in "Additional Information" and "GAAP to Non-GAAP Reconciliation."

Disclaimer

EZCORP Inc. published this content on 05 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2021 19:14:20 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 709 M - -
Net income 2021 1,11 M - -
Net Debt 2021 - - -
P/E ratio 2021 286x
Yield 2021 -
Capitalization 399 M 399 M -
Capi. / Sales 2021 0,56x
Capi. / Sales 2022 0,49x
Nbr of Employees 5 900
Free-Float 90,6%
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Technical analysis trends EZCORP, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 6,75 $
Last Close Price 7,15 $
Spread / Highest target 11,9%
Spread / Average Target -5,59%
Spread / Lowest Target -23,1%
EPS Revisions
Managers and Directors
NameTitle
Jason A. Kulas President, Chief Executive Officer & Director
Timothy K. Jugmans CFO, Treasury, VP-Mergers & Acquisitions
Philip Ean Cohen Executive Chairman
Keith Robertson Chief Information Officer
Nicole Swies Chief Revenue & Operations Officer
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