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EZCORP Reports Third Quarter Fiscal 2025 Results

1. EZCORP reported a 48% rise in net income to $26.5 million. 2. Pawn loans outstanding grew 11% to $291.6 million amid strong demand. 3. 52 new stores opened, including 40 in Mexico, enhancing market presence. 4. Adjusted EBITDA surged 42% to $45.2 million, showcasing strong earnings growth. 5. CEO emphasizes a strategic approach for ongoing expansion and capital allocation.

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FAQ

Why Very Bullish?

A significant growth in revenue, net income, and store expansion signals strong financial health. Historical performance shows similar patterns where strong earnings contributed to positive stock price movements.

How important is it?

The substantial increases in key financial metrics and strategic growth initiatives suggest a robust future for EZPW, likely impacting stock performance favorably in the near and long term.

Why Long Term?

The ongoing expansion strategy and strong financial performance indicate sustained growth, with potential for long-term value creation and continued market share increase.

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Continued Top-line Momentum Drives Exceptional Earnings Growth July 30, 2025 16:31 ET  | Source: EZCORP, Inc. AUSTIN, Texas, July 30, 2025 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 2025. 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. THIRD QUARTER HIGHLIGHTS Pawn loans outstanding (PLO) increased 11% to $291.6 million.Net income increased 48% to $26.5 million. On an adjusted basis1, net income increased 46% to $25.2 million.Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.Adjusted EBITDA increased 42% to $45.2 million.Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025. CEO COMMENTARY AND OUTLOOK Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS. “During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores. “Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.” CONSOLIDATED RESULTS Three Months Ended June 30As Reported Adjusted1in millions, except per share amounts 2025  2024  2025  2024        Total revenues$311.0 $281.4 $319.9 $281.4Gross profit$183.6 $166.7 $188.4 $166.7Income before tax$34.7 $23.0 $34.0 $22.9Net income$26.5 $18.0 $25.2 $17.2Diluted earnings per share$0.34 $0.25 $0.33 $0.24EBITDA (non-GAAP measure)$45.7 $31.8 $45.2 $31.7             PLO increased 11% to $291.6 million, up $29.9 million. On a same-store2 basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.PSC increased 7% as a result of higher average PLO.Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.Store expenses increased 2% and 1% on a same-store basis.General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets. SEGMENT RESULTS U.S. Pawn PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.Store expenses increased 3% on a total and same-store basis. Segment contribution increased 32% to $47.6 million.Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach. Latin America Pawn PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store. FORM 10-Q EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 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, July 31, 2025, at 8:00 am Central Time to discuss Third Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. 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/hqptihjy. 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 has grown into 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 and is a member of the S&P 1000 Index and Nasdaq Composite Index.  Follow us on social media: Facebook EZPAWN Official https://www.facebook.com/EZPAWN/  EZCORP Instagram Official https://www.instagram.com/ezcorp_official/  EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/  EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/  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 the COVID-19 pandemic. 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: Investor_Relations@ezcorp.com Phone: (512) 314-2220 EZCORP, Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)     Three Months EndedJune 30, Nine Months EndedJune 30,(in thousands, except per share amounts) 2025   2024   2025   2024 Revenues:       Merchandise sales$168,624  $158,140  $524,434  $502,230 Jewelry scrapping sales 26,970   15,395   64,640   43,191 Pawn service charges 115,339   107,830   348,262   321,442 Other revenues 48   56   131   188 Total revenues 310,981   281,421   937,467   867,051 Merchandise cost of goods sold 108,226   101,211   341,605   322,680 Jewelry scrapping cost of goods sold 19,116   13,483   48,367   37,479 Gross profit 183,639   166,727   547,495   506,892 Operating expenses:       Store expenses 119,123   116,335   352,101   341,472 General and administrative 21,780   20,060   60,089   54,869 Depreciation and amortization 8,003   8,158   24,358   24,942 Loss (gain) on sale or disposal of assets and other —   20   25   (149)Other operating income (1,262)  —   (1,262)  (765)Total operating expenses 147,644   144,573   435,311   420,369 Operating income 35,995   22,154   112,184   86,523 Interest expense 8,458   3,539   14,886   10,381 Interest income (5,440)  (2,931)  (9,408)  (8,452)Equity in net income of unconsolidated affiliates (1,200)  (1,263)  (4,180)  (4,135)Other (income) expense (536)  (191)  377   (627)Income before income taxes 34,713   23,000   110,509   89,356 Income tax expense 8,210   5,050   27,600   21,457 Net income$26,503  $17,950  $82,909  $67,899         Basic earnings per share$0.45  $0.33  $1.47  $1.23 Diluted earnings per share$0.34  $0.25  $1.08  $0.89         Weighted-average basic shares outstanding 59,134   54,898   56,308   55,022 Weighted-average diluted shares outstanding 82,918   83,008   83,144   84,309                  EZCORP, Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)      (in thousands, except share and per share amounts)June 30,2025 June 30,2024 September 30,2024      Assets:     Current assets:     Cash and cash equivalents$472,088  $218,038  $170,513 Short-term restricted cash 9,609   9,204   9,294 Pawn loans 291,634   261,720   274,084 Pawn service charges receivable, net 45,410   40,638   44,013 Inventory, net 225,489   171,937   191,923 Prepaid expenses and other current assets 43,417   40,391   39,171 Total current assets 1,087,647   741,928   728,998 Investments in unconsolidated affiliates 13,753   12,297   13,329 Other investments 51,903   51,220   51,900 Property and equipment, net 67,439   59,926   65,973 Right-of-use assets, net 236,064   235,030   226,602 Long-term restricted cash 5,380   —   — Goodwill 321,907   308,847   306,478 Intangible assets, net 57,960   60,164   58,451 Deferred tax asset, net 25,841   25,245   25,362 Other assets, net 15,174   15,506   16,144 Total assets$1,883,068  $1,510,163  $1,493,237       Liabilities and equity:     Current liabilities:     Current maturities of long-term debt, net$—  $137,326  $103,072 Accounts payable, accrued expenses and other current liabilities 78,756   69,742   85,737 Customer layaway deposits 33,336   20,067   21,570 Operating lease liabilities, current 60,183   58,905   58,998 Total current liabilities 172,275   286,040   269,377 Long-term debt, net 517,601   223,998   224,256 Deferred tax liability, net 2,017   416   2,080 Operating lease liabilities 184,295   188,996   180,616 Other long-term liabilities 16,822   9,258   12,337 Total liabilities 893,010   708,708   688,666 Commitments and contingencies     Stockholders’ equity:     Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024 580   518   516 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 448,073   347,082   348,366 Retained earnings 586,549   493,830   507,206 Accumulated other comprehensive loss (45,174)  (40,005)  (51,547)Total equity 990,058   801,455   804,571 Total liabilities and equity$1,883,068  $1,510,163  $1,493,237              EZCORP, Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)   Nine Months EndedJune 30,(in thousands) 2025   2024   Operating activities:   Net income$82,909  $67,899 Adjustments to reconcile net income to net cash provided by operating activities:   Depreciation and amortization 24,358   24,942 Amortization of deferred financing costs 1,238   1,212 Non-cash lease expense 43,889   43,999 Deferred income taxes (542)  438 Other adjustments (1,877)  69 Provision for inventory reserve 39   589 Stock compensation expense 9,213   7,945 Equity in net income from investment in unconsolidated affiliates (4,180)  (4,135)Changes in operating assets and liabilities, net of business acquisitions:   Pawn service charges receivable (364)  (1,593)Inventory (9,205)  (2,775)Prepaid expenses, other current assets and other assets (74)  (3,625)Accounts payable, accrued expenses and other liabilities (58,023)  (65,396)Customer layaway deposits 11,276   1,055 Income taxes (927)  (360)Net cash provided by operating activities 97,730   70,264 Investing activities:   Loans made (738,670)  (683,121)Loans repaid 417,734   391,297 Recovery of pawn loan principal through sale of forfeited collateral 291,903   272,781 Capital expenditures, net (23,051)  (16,870)Acquisitions, net of cash acquired (17,093)  (11,963)Proceeds from note receivable 241   1,100 Investment in unconsolidated affiliate (718)  (993)Investment in other investments —   (15,000)Dividends from unconsolidated affiliates 3,614   3,535 Net cash used in investing activities (66,040)  (59,234)Financing activities:   Taxes paid related to net share settlement of equity awards (3,971)  (3,253)Proceeds from borrowings 300,000   — Debt issuance cost (7,563)  — Payments on assumed debt (6,410)  — Purchase and retirement of treasury stock (6,000)  (9,009)Payments of finance leases (450)  (386)Net cash provided by (used in) financing activities 275,606   (12,648)Effect of exchange rate changes on cash and cash equivalents and restricted cash (26)  (108)Net increase in cash, cash equivalents and restricted cash 307,270   (1,726)Cash and cash equivalents and restricted cash at beginning of period 179,807   228,968 Cash and cash equivalents and restricted cash at end of period$487,077  $227,242      EZCORP, Inc.OPERATING SEGMENT RESULTS  Three Months Ended June 30, 2025(Unaudited)(in thousands)U.S. Pawn Latin America Pawn Other Investments Total Segments Corporate Items Consolidated            Revenues:           Merchandise sales$112,249 $56,375  $—  $168,624  $—  $168,624 Jewelry scrapping sales 23,750  3,220   —   26,970   —   26,970 Pawn service charges 83,930  31,409   —   115,339   —   115,339 Other revenues 31  17   —   48   —   48 Total revenues 219,960  91,021   —   310,981   —   310,981 Merchandise cost of goods sold 69,084  39,142   —   108,226   —   108,226 Jewelry scrapping cost of goods sold 16,814  2,302   —   19,116   —   19,116 Gross profit 134,062  49,577   —   183,639   —   183,639 Segment and corporate expenses (income):           Store expenses 83,778  35,345   —   119,123   —   119,123 General and administrative —  —   —   —   21,780   21,780 Depreciation and amortization 2,651  2,156   —   4,807   3,196   8,003 Other operating income —  —   —   —   (1,262)  (1,262)Interest expense —  71   —   71   8,387   8,458 Interest income —  (427)  (604)  (1,031)  (4,409)  (5,440)Equity in net (income) loss of unconsolidated affiliates —  —   (1,409)  (1,409)  209   (1,200)Other expense (income) —  (12)  —   (12)  (524)  (536)Segment contribution$47,633 $12,444  $2,013  $62,090     Income (loss) before income taxes      $62,090  $(27,377) $34,713                     Three Months Ended June 30, 2024(Unaudited)(in thousands)U.S. Pawn Latin America Pawn Other Investments Total Segments Corporate Items Consolidated            Revenues:           Merchandise sales$107,849  $50,291  $—  $158,140  $—  $158,140 Jewelry scrapping sales 13,757   1,638   —   15,395   —   15,395 Pawn service charges 77,416   30,414   —   107,830   —   107,830 Other revenues 28   28   —   56   —   56 Total revenues 199,050   82,371   —   281,421   —   281,421 Merchandise cost of goods sold 67,229   33,982   —   101,211   —   101,211 Jewelry scrapping cost of goods sold 11,887   1,596   —   13,483   —   13,483 Gross profit 119,934   46,793   —   166,727   —   166,727 Segment and corporate expenses (income):           Store expenses 81,441   34,894   —   116,335   —   116,335 General and administrative —   —   —   —   20,060   20,060 Depreciation and amortization 2,408   2,090   —   4,498   3,660   8,158 (Gain) loss on sale or disposal of assets and other (2)  22   —   20   —   20 Interest expense —   —   —   —   3,539   3,539 Interest income —   (370)  (605)  (975)  (1,956)  (2,931)Equity in net (income) loss of unconsolidated affiliates —   —   (1,406)  (1,406)  143   (1,263)Other (income) expense —   (184)  12   (172)  (19)  (191)Segment contribution$36,087  $10,341  $1,999  $48,427     Income (loss) before income taxes      $48,427  $(25,427) $23,000                     Nine Months Ended June 30, 2025(Unaudited)(in thousands)U.S. Pawn Latin America Pawn Other Investments Total Segments Corporate Items Consolidated            Revenues:           Merchandise sales$357,964  $166,470  $—  $524,434  $—  $524,434 Jewelry scrapping sales 56,146   8,494   —   64,640   —   64,640 Pawn service charges 259,354   88,908   —   348,262   —   348,262 Other revenues 82   49   —   131   —   131 Total revenues 673,546   263,921   —   937,467   —   937,467 Merchandise cost of goods sold 225,412   116,193   —   341,605   —   341,605 Jewelry scrapping cost of goods sold 42,017   6,350   —   48,367   —   48,367 Gross profit 406,117   141,378   —   547,495   —   547,495 Segment and corporate expenses (income):           Store expenses 250,399   101,702   —   352,101   —   352,101 General and administrative —   —   —   —   60,089   60,089 Depreciation and amortization 8,050   6,191   —   14,241   10,117   24,358 Loss on sale or disposal of assets and other 17   8   —   25   —   25 Other operating income —   —   —   —   (1,262)  (1,262)Interest expense —   71   —   71   14,815   14,886 Interest income —   (966)  (1,803)  (2,769)  (6,639)  (9,408)Equity in net (income) loss of unconsolidated affiliates —   —   (4,898)  (4,898)  718   (4,180)Other expense (income) (7)  (220)  —   (227)  604   377 Segment contribution 147,658   34,592  $6,701  $188,951     Income (loss) before income taxes      $188,951  $(78,442) $110,509                     Nine Months Ended June 30, 2024(Unaudited)(in thousands)U.S. Pawn Latin America Pawn Other Investments Total Segments Corporate Items Consolidated            Revenues:           Merchandise sales$348,211  $154,019  $—  $502,230  $—  $502,230 Jewelry scrapping sales 39,258   3,933   —   43,191   —   43,191 Pawn service charges 236,499   84,943   —   321,442   —   321,442 Other revenues 94   59   35   188   —   188 Total revenues 624,062   242,954   35   867,051   —   867,051 Merchandise cost of goods sold 218,736   103,944   —   322,680   —   322,680 Jewelry scrapping cost of goods sold 33,965   3,514   —   37,479   —   37,479 Gross profit 371,361   135,496   35   506,892   —   506,892 Segment and corporate expenses (income):           Store expenses 239,536   101,936   —   341,472   —   341,472 General and administrative —   —   —   —   54,869   54,869 Depreciation and amortization 7,548   6,821   —   14,369   10,573   24,942 (Gain) loss on sale or disposal of assets and other (6)  (240)  —   (246)  97   (149)Other operating income —   —   —   —   (765)  (765)Interest expense —   —   —   —   10,381   10,381 Interest income —   (1,398)  (1,811)  (3,209)  (5,243)  (8,452)Equity in net (income) loss of unconsolidated affiliates —   —   (4,278)  (4,278)  143   (4,135)Other (income) expense —   (231)  27   (204)  (423)  (627)Segment contribution$124,283  $28,608  $6,097  $158,988     Income (loss) before income taxes      $158,988  $(69,632) $89,356                    EZCORP, Inc.STORE COUNT ACTIVITY(Unaudited)  Three Months Ended June 30, 2025 U.S. Pawn Latin America Pawn Consolidated      As of March 31, 2025542 742  1,284 New locations opened— 10  10 Locations acquired3 40  43 Locations combined or closed— (1) (1)As of June 30, 2025545 791  1,336           Three Months Ended June 30, 2024 U.S. Pawn Latin America Pawn Consolidated      As of March 31, 2024535 711 1,246New locations opened1 6 7Locations acquired5 — 5As of June 30, 2024541 717 1,258        Nine Months Ended June 30, 2025 U.S. Pawn Latin America Pawn Consolidated      As of September 30, 2024542 737  1,279 New locations opened— 23  23 Locations acquired3 41  44 Locations combined or closed— (10) (10)As of June 30, 2025545 791  1,336           Nine Months Ended June 30, 2024 U.S. Pawn Latin America Pawn Consolidated      As of September 30, 2023529  702  1,231 New locations opened1  20  21 Locations acquired12  —  12 Locations combined or closed(1) (5) (6)As of June 30, 2024541  717  1,258           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 nine months ended June 30, 2025 and 2024 were as follows:   June 30, Three Months EndedJune 30, Nine Months EndedJune 30,  2025 2024 2025 2024 2025 2024             Mexican peso 18.8 18.3 19.5 17.2 20.0 17.3Guatemalan quetzal 7.6 7.6 7.6 7.6 7.6 7.6Honduran lempira 25.8 24.3 25.7 24.3 25.2 24.3Australian dollar 1.5 1.5 1.6 1.5 1.6 1.5              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 EndedJune 30,(in millions) 2025   2024     Net income$26.5  $18.0 Interest expense 8.5   3.5 Interest income (5.4)  (2.9)Income tax expense 8.2   5.0 Depreciation and amortization 8.0   8.2 EBITDA$45.7  $31.8           Total Revenues Gross Profit Income Before Tax Tax Effect Net Income Diluted EPS  EBITDA              2025 Q3 Reported$311.0 $183.6 $34.7  $8.2  $26.5  $0.34  $45.7 Corporate lease termination —  —  (1.3)  (0.3)  (1.0)  (0.01)  (1.3)FX impact —  —  (0.2)  —   (0.2)  —   (0.2)Non-recurring foreign tax expense —  —  —   0.8   (0.8)  (0.01)  — Constant Currency 8.9  4.8  0.8   0.1   0.7   0.01   1.0 2025 Q3 Adjusted$319.9 $188.4 $34.0  $8.8  $25.2  $0.33  $45.2   Total Revenues Gross Profit Income Before Tax Tax Effect Net Income Diluted EPS  EBITDA              2024 Q3 Reported$281.4 $166.7 $23.0  $5.0 $18.0  $0.25  $31.8 Non-recurring foreign tax expense —  —  —   0.7  (0.7)  (0.01)  — FX impact —  —  (0.1)  —  (0.1)  —   (0.1)2024 Q3 Adjusted$281.4 $166.7 $22.9  $5.7 $17.2  $0.24  $31.7                            Three Months Ended June 30, 2025 Nine Months EndedJune 30, 2025(in millions)U.S. Dollar Amount Percentage Change YOY U.S. Dollar Amount Percentage Change YOY        Consolidated revenues$311.0 11% $937.5 8%Currency exchange rate fluctuations 8.9    30.9  Constant currency consolidated revenues$319.9 14% $968.4 12%        Consolidated gross profit$183.6 10% $547.5 8%Currency exchange rate fluctuations 4.8    16.1  Constant currency consolidated gross profit$188.4 13% $563.6 11%        Consolidated net inventory$225.5 31% $225.5 31%Currency exchange rate fluctuations 1.3    1.3  Constant currency consolidated net inventory$226.8 32% $226.8 32%        Latin America Pawn gross profit$49.6 6% $141.4 4%Currency exchange rate fluctuations 4.8    16.1  Constant currency Latin America Pawn gross profit$54.4 16% $157.5 16%        Latin America Pawn PLO$70.6 13% $70.6 13%Currency exchange rate fluctuations 1.5    1.5  Constant currency Latin America Pawn PLO$72.1 16% $72.1 16%        Latin America Pawn PSC revenues$31.4 3% $88.9 5%Currency exchange rate fluctuations 2.9    9.6  Constant currency Latin America Pawn PSC revenues$34.3 13% $98.5 16%        Latin America Pawn merchandise sales$56.4 12% $166.5 8%Currency exchange rate fluctuations 5.7    20.2  Constant currency Latin America Pawn merchandise sales$62.1 23% $186.7 21%        Latin America Pawn segment profit before tax$12.4 20% $34.6 21%Currency exchange rate fluctuations 1.1    3.0  Constant currency Latin America Pawn segment profit before tax$13.5 30% $37.6 32%

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