Company Quick10K Filing
Quick10K
EZCorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$9.71 55 $538
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-06-24 Regulation FD, Exhibits
8-K 2019-06-17 Regulation FD, Exhibits
8-K 2019-05-13 Officers, Shareholder Vote, Exhibits
8-K 2019-05-08 Earnings, Regulation FD, Exhibits
8-K 2019-05-08 Earnings, Regulation FD, Exhibits
8-K 2019-04-08 Officers, Shareholder Vote, Regulation FD, Exhibits
8-K 2019-02-08 Regulation FD
8-K 2019-02-04 Regulation FD, Exhibits
8-K 2019-01-30 Earnings, Regulation FD, Exhibits
8-K 2018-11-23 Shareholder Vote, Regulation FD, Exhibits
8-K 2018-11-14 Earnings, Regulation FD, Exhibits
8-K 2018-10-23 Officers
8-K 2018-08-01 Earnings, Regulation FD, Exhibits
8-K 2018-06-25 Regulation FD, Exhibits
8-K 2018-06-11 Regulation FD, Exhibits
8-K 2018-05-30 Regulation FD
8-K 2018-05-15 Enter Agreement, Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2018-05-09 Shareholder Vote, Other Events, Exhibits
8-K 2018-05-08 Other Events, Exhibits
8-K 2018-03-19 Shareholder Vote, Regulation FD
ANET Arista Networks 20,490
LKQ LKQ 8,610
OAK Oaktree Capital 7,670
FELE Franklin Electric 2,190
SVBI Severn Bancorp 117
MYSZ My Size 22
EGN Energen 0
CMTA Clementia Pharmaceuticals 0
PARF Paradise 0
MEC Mayville Engineering 0
EZPW 2019-03-31
Part I - Financial Information
Item 1. Financial Statements
Note 1: Organization and Summary of Significant Accounting Policies
Note 2: Acquisitions
Note 3: Earnings per Share
Note 4: Strategic Investments
Note 5: Fair Value Measurements
Note 6: Debt
Note 7: Stock Compensation
Note 8: Contingencies
Note 9: Segment Information
Note 10: Supplemental Consolidated Financial Information and Other
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 a2019-q210qex3113312019.htm
EX-31.2 a2019-q210qex3123312019.htm
EX-32.1 a2019-q210qex3213312019.htm

EZCorp Earnings 2019-03-31

EZPW 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
 
 
FORM 10-Q
 
 
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019
or 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                         
Commission File No. 0-19424
ezcorplogoa54.jpg
EZCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware
74-2540145
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
2500 Bee Cave Road, Bldg One, Suite 200, Rollingwood, Texas
78746
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (512) 314-3400
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
x
Non-accelerated filer
¨
Smaller reporting company
¨
 
 
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
APPLICABLE ONLY TO CORPORATE ISSUERS:
The only class of voting securities of the registrant issued and outstanding is the Class B Voting Common Stock, par value $.01 per share, all of which is owned by an affiliate of the registrant. There is no trading market for the Class B Voting Common Stock.
As of April 25, 2019, 52,475,070 shares of the registrant’s Class A Non-voting Common Stock ("Class A Common Stock"), par value $.01 per share, and 2,970,171 shares of the registrant’s Class B Voting Common Stock, par value $.01 per share, were outstanding.


Table of Contents

EZCORP, Inc.
INDEX TO FORM 10-Q
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
 
March 31,
2019
 
March 31,
2018
 
September 30,
2018
 
 
 
 
 
 
 
(Unaudited)
 
 
Assets:
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
347,786

 
$
159,216

 
$
285,311

Pawn loans
173,138

 
159,410

 
198,463

Pawn service charges receivable, net
27,097

 
24,130

 
30,959

Inventory, net
173,348

 
158,642

 
166,997

Notes receivable, net
23,450

 
38,091

 
34,199

Prepaid expenses and other current assets
32,984

 
29,533

 
33,456

Total current assets
777,803

 
569,022

 
749,385

Investment in unconsolidated affiliates
29,387

 
46,509

 
49,500

Property and equipment, net
67,518

 
64,833

 
73,649

Goodwill
296,881

 
290,884

 
299,248

Intangible assets, net
58,503

 
45,728

 
54,923

Notes receivable, net
8,509

 
18,660

 
3,226

Deferred tax asset, net
10,119

 
15,087

 
7,986

Other assets
4,395

 
19,773

 
3,863

Total assets
$
1,253,115

 
$
1,070,496

 
$
1,241,780

 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Current maturities of long-term debt, net
$
192,901

 
$
103,287

 
$
190,181

Accounts payable, accrued expenses and other current liabilities
58,696

 
60,538

 
57,958

Customer layaway deposits
13,564

 
12,225

 
11,824

Total current liabilities
265,161

 
176,050

 
259,963

Long-term debt, net
232,733

 
198,338

 
226,702

Deferred tax liability, net
9,012

 
2,525

 
8,817

Other long-term liabilities
6,450

 
9,359

 
6,890

Total liabilities
513,356

 
386,272

 
502,372

Commitments and contingencies (Note 8)


 


 


Stockholders’ equity:
 
 
 
 
 
Class A Non-voting Common Stock, par value $.01 per share; shares authorized: 100 million; issued and outstanding: 52,475,070 as of March 31, 2019; 51,494,246 as of March 31, 2018; and 51,614,746 as of September 30, 2018
524

 
515

 
516

Class B Voting Common Stock, convertible, par value $.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171
30

 
30

 
30

Additional paid-in capital
402,505

 
353,698

 
397,927

Retained earnings
386,650

 
373,560

 
386,622

Accumulated other comprehensive loss
(49,950
)
 
(40,247
)
 
(42,356
)
EZCORP, Inc. stockholders’ equity
739,759

 
687,556

 
742,739

Noncontrolling interest

 
(3,332
)
 
(3,331
)
Total equity
739,759

 
684,224

 
739,408

Total liabilities and equity
$
1,253,115

 
$
1,070,496

 
$
1,241,780

See accompanying notes to unaudited interim condensed consolidated financial statements.

1

Table of Contents

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
(Unaudited)
 
(in thousands, except per share amounts)
Revenues:
 
 
 
 
 
 
 
Merchandise sales
$
121,260

 
$
114,945

 
$
242,284

 
$
228,533

Jewelry scrapping sales
10,380

 
11,525

 
19,661

 
23,738

Pawn service charges
81,799

 
74,031

 
165,318

 
150,053

Other revenues
1,291

 
1,897

 
3,162

 
4,244

Total revenues
214,730

 
202,398

 
430,425

 
406,568

Merchandise cost of goods sold
77,800

 
72,220

 
154,912

 
143,387

Jewelry scrapping cost of goods sold
8,833

 
9,574

 
16,883

 
19,911

Other cost of revenues
407

 
347

 
891

 
924

Net revenues
127,690

 
120,257

 
257,739

 
242,346

Operating expenses:
 
 
 
 
 
 
 
Operations
88,243

 
82,180

 
177,029

 
165,826

Administrative
16,487

 
13,341

 
31,742

 
26,420

Depreciation and amortization
7,012

 
6,451

 
13,860

 
12,174

(Gain) loss on sale or disposal of assets and other
(823
)
 
100

 
3,619

 
139

Total operating expenses
110,919

 
102,072

 
226,250

 
204,559

Operating income
16,771

 
18,185

 
31,489

 
37,787

Interest expense
8,589

 
5,829

 
17,380

 
11,676

Interest income
(3,126
)
 
(4,268
)
 
(6,465
)
 
(8,538
)
Equity in net (income) loss of unconsolidated affiliates
(431
)
 
(876
)
 
688

 
(2,326
)
Impairment of investment in unconsolidated affiliates
6,451

 

 
19,725

 

Other expense (income)
269

 
(4
)
 
(117
)
 
(186
)
Income from continuing operations before income taxes
5,019

 
17,504

 
278

 
37,161

Income tax expense
2,360

 
5,797

 
1,279

 
13,208

Income (loss) from continuing operations, net of tax
2,659

 
11,707

 
(1,001
)
 
23,953

Loss from discontinued operations, net of tax
(18
)
 
(500
)
 
(201
)
 
(722
)
Net income (loss)
2,641

 
11,207

 
(1,202
)
 
23,231

Net loss attributable to noncontrolling interest
(753
)
 
(374
)
 
(1,230
)
 
(989
)
Net income attributable to EZCORP, Inc.
$
3,394

 
$
11,581

 
$
28

 
$
24,220

 
 
 
 
 
 
 
 
Basic earnings per share attributable to EZCORP, Inc. — continuing operations
$
0.06

 
$
0.22

 
$

 
$
0.46

Diluted earnings per share attributable to EZCORP, Inc. — continuing operations
$
0.06

 
$
0.21

 
$

 
$
0.44

 
 
 
 
 
 
 
 
Weighted-average basic shares outstanding
55,445

 
54,464

 
55,236

 
54,447

Weighted-average diluted shares outstanding
55,463

 
57,624

 
55,247

 
56,642

See accompanying notes to unaudited interim condensed consolidated financial statements.

2

Table of Contents

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
(Unaudited)
 
(in thousands)
Net income (loss)
$
2,641

 
$
11,207

 
$
(1,202
)
 
$
23,231

Other comprehensive (loss) gain:
 
 
 
 
 
 
 
Foreign currency translation (loss) gain, net of income tax (benefit) expense for our investment in unconsolidated affiliate of ($602) and ($515) for the three and six months ended March 31, 2019 respectively, and $6 and $182 for the three and six months ended March 31, 2018, respectively.
(1,211
)
 
5,945

 
(7,594
)
 
(529
)
Comprehensive income (loss)
1,430

 
17,152

 
(8,796
)
 
22,702

Comprehensive loss attributable to noncontrolling interest
(753
)

(228
)
 
(1,230
)

(883
)
Comprehensive income (loss) attributable to EZCORP, Inc.
$
2,183

 
$
17,380

 
$
(7,566
)
 
$
23,585

See accompanying notes to unaudited interim condensed consolidated financial statements.
EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
 
Common Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive (Loss) Income
 
Noncontrolling Interest
 
Total Equity
 
Shares
 
Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited, except balances as of September 30, 2017)
 
(in thousands)
Balances as of September 30, 2017
54,398

 
$
544

 
$
348,532

 
$
347,885

 
$
(38,157
)
 
$
(2,449
)
 
$
656,355

Stock compensation

 

 
2,889

 

 

 

 
2,889

Release of restricted stock
66

 
1

 

 

 

 

 
1

Taxes paid related to net share settlement of equity awards

 

 
(311
)
 

 

 

 
(311
)
Foreign currency translation loss

 

 

 

 
(6,434
)
 
(40
)
 
(6,474
)
Net income (loss)

 

 

 
12,639

 

 
(615
)
 
12,024

Balances as of December 31, 2017
54,464

 
$
545

 
$
351,110

 
$
360,524

 
$
(44,591
)
 
$
(3,104
)
 
$
664,484

Stock compensation

 

 
2,588

 

 

 

 
2,588

Reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act

 

 

 
1,455

 
(1,455
)
 

 

Foreign currency translation gain

 

 

 

 
5,799

 
146

 
5,945

Net income (loss)

 

 

 
11,581

 

 
(374
)
 
11,207

Balances as of March 31, 2018
54,464

 
$
545

 
$
353,698

 
$
373,560

 
$
(40,247
)
 
$
(3,332
)
 
$
684,224


3

Table of Contents

 
Common Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive Loss
 
Noncontrolling Interest
 
Total Equity
 
Shares
 
Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited, except balances as of September 30, 2018)
 
(in thousands)
Balances as of September 30, 2018
54,585

 
$
546

 
$
397,927

 
$
386,622

 
$
(42,356
)
 
$
(3,331
)
 
$
739,408

Stock compensation

 

 
2,247

 

 

 

 
2,247

Release of restricted stock
860

 
8

 

 

 

 

 
8

Taxes paid related to net share settlement of equity awards

 

 
(3,288
)
 

 

 

 
(3,288
)
Transfer of subsidiary shares to noncontrolling interest

 

 
3,195

 

 

 
(3,195
)
 

Foreign currency translation loss

 

 

 

 
(6,383
)
 

 
(6,383
)
Net loss

 

 

 
(3,366
)
 

 
(477
)
 
(3,843
)
Balances as of December 31, 2018
55,445

 
$
554

 
$
400,081

 
$
383,256

 
$
(48,739
)
 
$
(7,003
)
 
$
728,149

Stock compensation

 

 
2,424

 

 

 

 
2,424

Deconsolidation of subsidiary

 

 

 

 

 
7,756

 
7,756

Foreign currency translation loss

 

 

 

 
(1,211
)
 

 
(1,211
)
Net income (loss)

 

 

 
3,394

 

 
(753
)
 
2,641

Balances as of March 31, 2019
55,445

 
$
554

 
$
402,505

 
$
386,650

 
$
(49,950
)
 
$

 
$
739,759

See accompanying notes to unaudited interim condensed consolidated financial statements.

4

Table of Contents

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Six Months Ended March 31,
 
2019
 
2018
 
 
 
 
 
(Unaudited)
 
(in thousands)
Operating activities:
 
 
 
Net (loss) income
$
(1,202
)
 
$
23,231

Adjustments to reconcile net (loss) income to net cash flows from operating activities:
 
 
 
Depreciation and amortization
13,860

 
12,174

Amortization of debt discount and deferred financing costs
11,225

 
7,439

Accretion of notes receivable discount and deferred compensation fee
(2,492
)
 
(5,032
)
Deferred income taxes
358

 
2,801

Impairment of investment in unconsolidated affiliate
19,725

 

Other adjustments
1,265

 
1,081

Reserve on jewelry scrap receivable
3,646

 

Stock compensation expense
4,697

 
5,534

Loss (income) from investment in unconsolidated affiliates
688

 
(2,326
)
Changes in operating assets and liabilities, net of business acquisitions:
 
 
 
Service charges and fees receivable
3,797

 
4,644

Inventory
421

 
(628
)
Prepaid expenses, other current assets and other assets
(3,590
)
 
(2,982
)
Accounts payable, accrued expenses and other liabilities
(409
)
 
(5,357
)
Customer layaway deposits
1,810

 
1,128

Income taxes, net of excess tax benefit from stock compensation
(3,176
)
 
3,937

Net cash provided by operating activities
50,623

 
45,644

Investing activities:
 
 
 
Loans made
(353,537
)
 
(330,732
)
Loans repaid
225,695

 
220,267

Recovery of pawn loan principal through sale of forfeited collateral
142,656

 
134,870

Additions to property and equipment, net
(13,863
)
 
(19,251
)
Acquisitions, net of cash acquired
(627
)
 
(63,780
)
Principal collections on notes receivable
14,591

 
9,152

Net cash provided by (used in) investing activities
14,915

 
(49,474
)
Financing activities:
 
 
 
Taxes paid related to net share settlement of equity awards
(3,288
)
 
(311
)
Proceeds from borrowings, net of issuance costs
1,066

 

Payments on borrowings
(509
)
 

Net cash used in financing activities
(2,731
)
 
(311
)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(599
)
 
(238
)
Net increase (decrease) in cash, cash equivalents and restricted cash
62,208

 
(4,379
)
Cash, cash equivalents and restricted cash at beginning of period
285,578

 
163,868

Cash, cash equivalents and restricted cash at end of period
$
347,786

 
$
159,489

 
 
 
 
Non-cash investing and financing activities:
 
 
 
Pawn loans forfeited and transferred to inventory
$
151,211

 
$
134,952


See accompanying notes to unaudited interim condensed consolidated financial statements.

5

Table of Contents

EZCORP, Inc.
Notes to Interim Condensed Consolidated Financial Statements (Unaudited)
March 31, 2019
NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Business
When used in this report, the terms “we,” “us,” “our,” “EZCORP” and the “Company” mean EZCORP, Inc. and its consolidated subsidiaries, collectively.
We are a leading provider of pawn loans in the United States and Latin America. Pawn loans are non-recourse loans collateralized by tangible property. We also sell merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers, and operate a small number of financial services stores in Canada.
Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. Our management has included all adjustments it considers necessary for a fair presentation which are of a normal, recurring nature. All intercompany accounts and transactions have been eliminated in consolidation.
The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended September 30, 2018 and as corrected below. The balance sheet as of September 30, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements.
Our business is subject to seasonal variations, and operating results for the three and six months ended March 31, 2019 and 2018 (the "current quarter" and "current six-months" and "prior-year quarter" and "prior-year six-months," respectively) are not necessarily indicative of the results of operations for the full fiscal year.
There have been no changes in significant accounting policies as described in our Annual Report on Form 10-K for the year ended September 30, 2018, other than those described below.
Use of Estimates and Assumptions
The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, inventories, loan loss allowances, long-lived and intangible assets, share-based compensation, income taxes, contingencies and litigation. We base our estimates on historical experience, observable trends and various other assumptions that we believe are reasonable under the circumstances. We use this information to make judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

6

Table of Contents

Corrections to Prior Period Financial Statements
During the current quarter, we identified errors in our previously reported financial statements during the ordinary course of account reviews and subsequent investigation of related accounts. None of the identified errors was material to any previously reported period. These have now been corrected in all periods presented. The errors relate primarily to the overstatement of historical balances of pawn service charges receivable resulting from errors in the configuration of information technology reports. These errors resulted in an overstatement of October 1, 2017 beginning retained earnings of $3.8 million. The impact of these corrections on the condensed consolidated financial statements is as follows (in thousands except per share amounts):
Condensed Consolidated Balance Sheets
 
March 31, 2018
 
As Previously Reported
 
Corrections
 
As Corrected
 
 
 
 
 
 
Cash and cash equivalents
$
159,912

 
$
(696
)
 
$
159,216

Pawn service charges receivable, net
30,493

 
(6,363
)
 
24,130

Prepaid expenses and other current assets
29,222

 
311

 
29,533

Goodwill
289,438

 
1,446

 
290,884

Deferred tax asset, net
13,842

 
1,245

 
15,087

Accounts payable, accrued expenses and other current liabilities
60,689

 
(151
)
 
60,538

Retained earnings
377,682

 
(4,122
)
 
373,560

Accumulated other comprehensive loss
(40,463
)
 
216

 
(40,247
)
 
September 30, 2018
 
As Previously Reported
 
Corrections
 
As Corrected
 
 
 
 
 
 
Cash and cash equivalents
$
286,015

 
$
(704
)
 
$
285,311

Pawn service charges receivable, net
38,318

 
(7,359
)
 
30,959

Prepaid expenses and other current assets
33,154

 
302

 
33,456

Goodwill
297,448

 
1,800

 
299,248

Deferred tax asset, net
7,165

 
821

 
7,986

Accounts payable, accrued expenses and other current liabilities
57,800

 
158

 
57,958

Retained earnings
392,180

 
(5,558
)
 
386,622

Accumulated other comprehensive loss
(42,616
)
 
260

 
(42,356
)
Condensed Consolidated Statements of Operations
 
Three Months Ended March 31, 2018
 
As Previously Reported
 
Corrections
 
As Corrected
 
 
 
 
 
 
Pawn service charges
$
74,367

 
$
(336
)
 
$
74,031

Operations expense
82,160

 
20

 
82,180

Income from continuing operations before income taxes
17,860

 
(356
)
 
17,504

Income tax expense
5,921

 
(124
)
 
5,797

Income from continuing operations, net of tax
11,939

 
(232
)
 
11,707

Basic earnings per share attributable to EZCORP, Inc. — continuing operations
$
0.23

 
$
(0.01
)
 
$
0.22

Diluted earnings per share attributable to EZCORP, Inc. — continuing operations
$
0.21

 
$

 
$
0.21


7

Table of Contents

 
Six Months Ended March 31, 2018
 
As Previously Reported
 
Corrections
 
As Corrected
 
 
 
 
 
 
Pawn service charges
$
150,727

 
$
(674
)
 
$
150,053

Operations expense
165,770

 
56

 
165,826

Administrative expense
26,659

 
(239
)
 
26,420

Income from continuing operations before income taxes
37,652

 
(491
)
 
37,161

Income tax expense
13,358

 
(150
)
 
13,208

Income from continuing operations, net of tax
24,294

 
(341
)
 
23,953

Basic earnings per share attributable to EZCORP, Inc. — continuing operations
$
0.46

 
$

 
$
0.46

Diluted earnings per share attributable to EZCORP, Inc. — continuing operations
$
0.45

 
$
(0.01
)
 
$
0.44

Condensed Consolidated Statements of Cash Flows
 
Six Months Ended March 31, 2018
 
As Previously Reported
 
Corrections
 
As Corrected
 
 
 
 
 
 
Net income
$
23,572

 
$
(341
)
 
$
23,231

Service charges and fees receivable
3,964

 
680

 
4,644

Accounts payable, accrued expenses and other liabilities
(5,006
)
 
(351
)
 
(5,357
)
Income taxes, net of excess tax benefit from stock compensation
4,085

 
(