x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 74-2540145 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1901 Capital Parkway Austin, Texas | 78746 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | ¨ |
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
March 31, 2013 | March 31, 2012 | September 30, 2012 | |||||||||
(in thousands) | |||||||||||
Assets: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 41,443 | $ | 46,674 | $ | 48,477 | |||||
Restricted cash | 1,204 | 930 | 1,145 | ||||||||
Pawn loans | 138,380 | 122,305 | 157,648 | ||||||||
Consumer loans, net | 36,596 | 24,275 | 34,152 | ||||||||
Pawn service charges receivable, net | 25,388 | 22,296 | 29,401 | ||||||||
Consumer loan fees receivable, net | 33,507 | 24,551 | 30,416 | ||||||||
Inventory, net | 116,517 | 87,834 | 109,214 | ||||||||
Deferred tax asset | 15,716 | 18,228 | 14,984 | ||||||||
Income tax receivable | 3,079 | 2,351 | 10,511 | ||||||||
Prepaid expenses and other assets | 42,421 | 34,474 | 45,451 | ||||||||
Total current assets | 454,251 | 383,918 | 481,399 | ||||||||
Investments in unconsolidated affiliates | 147,232 | 120,056 | 126,066 | ||||||||
Property and equipment, net | 118,979 | 95,044 | 108,131 | ||||||||
Restricted cash, non-current | 2,197 | — | 4,337 | ||||||||
Goodwill | 432,124 | 324,281 | 374,663 | ||||||||
Intangible assets, net | 61,487 | 38,804 | 45,185 | ||||||||
Non-current consumer loans, net | 77,414 | 56,632 | 61,997 | ||||||||
Other assets, net | 20,723 | 8,792 | 16,229 | ||||||||
Total assets (1) | $ | 1,314,407 | $ | 1,027,527 | $ | 1,218,007 | |||||
Liabilities and stockholders’ equity: | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term debt | $ | 34,912 | $ | 22,849 | $ | 21,085 | |||||
Current capital lease obligations | 533 | — | 594 | ||||||||
Accounts payable and other accrued expenses | 63,298 | 58,110 | 64,104 | ||||||||
Other current liabilities | 36,096 | 16,723 | 14,821 | ||||||||
Customer layaway deposits | 8,191 | 7,193 | 7,238 | ||||||||
Total current liabilities | 143,030 | 104,875 | 107,842 | ||||||||
Long-term debt, less current maturities | 137,376 | 108,084 | 198,836 | ||||||||
Long-term capital lease obligations | 648 | — | 995 | ||||||||
Deferred tax liability | 10,104 | 8,455 | 7,922 | ||||||||
Deferred gains and other long-term liabilities | 15,080 | 13,487 | 13,903 | ||||||||
Total liabilities (2) | 306,238 | 234,901 | 329,498 | ||||||||
Commitments and contingencies | |||||||||||
Temporary equity: | |||||||||||
Redeemable noncontrolling interest | 52,982 | 36,908 | 53,681 | ||||||||
Stockholders’ equity: | |||||||||||
Class A Non-voting Common Stock, par value $.01 per share; authorized 54 million shares; issued and outstanding: 51,208,328 at March 31, 2013, 48,002,116 at March 31, 2012; and 48,255,536 at September 30, 2012 | 508 | 480 | 482 | ||||||||
Class B Voting Common Stock, convertible, par value $.01 per share; 3 million shares authorized; issued and outstanding: 2,970,171 | 30 | 30 | 30 | ||||||||
Additional paid-in capital | 315,092 | 258,343 | 268,626 | ||||||||
Retained earnings | 630,501 | 498,708 | 565,803 | ||||||||
Accumulated other comprehensive income (loss) | 9,056 | (1,843 | ) | (113 | ) | ||||||
EZCORP, Inc. stockholders’ equity | 955,187 | 755,718 | 834,828 | ||||||||
Total liabilities and stockholders’ equity | $ | 1,314,407 | $ | 1,027,527 | $ | 1,218,007 |
EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Revenues: | |||||||||||||||
Merchandise sales | $ | 100,906 | $ | 94,997 | $ | 196,488 | $ | 181,891 | |||||||
Jewelry scrapping sales | 43,568 | 53,175 | 89,493 | 109,578 | |||||||||||
Pawn service charges | 62,594 | 56,444 | 128,618 | 116,236 | |||||||||||
Consumer loan fees | 62,310 | 50,319 | 127,075 | 95,407 | |||||||||||
Other revenues | 2,696 | 1,343 | 7,526 | 2,039 | |||||||||||
Total revenues | 272,074 | 256,278 | 549,200 | 505,151 | |||||||||||
Merchandise cost of goods sold | 59,177 | 55,880 | 114,678 | 104,276 | |||||||||||
Jewelry scrapping cost of goods sold | 30,092 | 32,310 | 62,291 | 67,734 | |||||||||||
Consumer loan bad debt | 8,880 | 6,466 | 22,954 | 17,491 | |||||||||||
Net revenues | 173,925 | 161,622 | 349,277 | 315,650 | |||||||||||
Operating expenses: | |||||||||||||||
Operations | 105,547 | 86,624 | 212,809 | 169,182 | |||||||||||
Administrative | 8,603 | 11,998 | 22,274 | 23,652 | |||||||||||
Depreciation and amortization | 8,763 | 7,259 | 16,415 | 12,514 | |||||||||||
(Gain) loss on sale or disposal of assets | 13 | 27 | 42 | (174 | ) | ||||||||||
Total operating expenses | 122,926 | 105,908 | 251,540 | 205,174 | |||||||||||
Operating income | 50,999 | 55,714 | 97,737 | 110,476 | |||||||||||
Interest income | (138 | ) | (314 | ) | (316 | ) | (353 | ) | |||||||
Interest expense | 3,891 | 2,560 | 7,706 | 3,150 | |||||||||||
Equity in net income of unconsolidated affiliates | (4,125 | ) | (4,577 | ) | (9,163 | ) | (8,738 | ) | |||||||
Other (income) expense | 405 | 802 | (96 | ) | (317 | ) | |||||||||
Income before income taxes | 50,966 | 57,243 | 99,606 | 116,734 | |||||||||||
Income tax expense | 16,086 | 19,870 | 32,571 | 40,009 | |||||||||||
Net income | 34,880 | 37,373 | 67,035 | 76,725 | |||||||||||
Net income attributable to redeemable noncontrolling interest | 899 | 112 | 2,337 | 112 | |||||||||||
Net income attributable to EZCORP, Inc. | $ | 33,981 | $ | 37,261 | $ | 64,698 | $ | 76,613 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 0.63 | $ | 0.73 | $ | 1.22 | $ | 1.51 | |||||||
Diluted | $ | 0.63 | $ | 0.73 | $ | 1.22 | $ | 1.51 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 54,172 | 50,794 | 53,099 | 50,573 | |||||||||||
Diluted | 54,252 | 51,069 | 53,172 | 50,887 |
EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||||
Net income | $ | 34,880 | $ | 37,373 | $ | 67,035 | $ | 76,725 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation gain (loss) | 11,111 | 6,394 | 14,579 | (2,374 | ) | ||||||||||
Unrealized holding loss arising during period | (221 | ) | (179 | ) | (264 | ) | (738 | ) | |||||||
Income tax benefit (provision) | (1,057 | ) | (75 | ) | (3,037 | ) | 2,511 | ||||||||
Other comprehensive income (loss), net of tax | 9,833 | 6,140 | 11,278 | (601 | ) | ||||||||||
Comprehensive income | $ | 44,713 | $ | 43,513 | $ | 78,313 | $ | 76,124 | |||||||
Attributable to redeemable noncontrolling interest: | |||||||||||||||
Net income | 899 | 112 | 2,337 | 112 | |||||||||||
Foreign currency translation gain | 2,760 | 496 | 2,109 | 496 | |||||||||||
Comprehensive income attributable to redeemable noncontrolling interest | 3,659 | 608 | 4,446 | 608 | |||||||||||
Comprehensive income attributable to EZCORP, Inc. | $ | 41,054 | $ | 42,905 | $ | 73,867 | $ | 75,516 |
EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
Six Months Ended March 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Operating Activities: | |||||||
Net income | $ | 67,035 | $ | 76,725 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 16,415 | 12,514 | |||||
Consumer loan loss provision | 12,900 | 6,761 | |||||
Deferred income taxes | 1,400 | 465 | |||||
(Gain) loss on sale or disposal of assets | 42 | (174 | ) | ||||
Stock compensation | 3,054 | 3,238 | |||||
Income from investments in unconsolidated affiliates | (9,163 | ) | (8,738 | ) | |||
Changes in operating assets and liabilities, net of business acquisitions: | |||||||
Service charges and fees receivable, net | 2,366 | 6,551 | |||||
Inventory, net | (3,034 | ) | 1,446 | ||||
Prepaid expenses, other current assets, and other assets, net | (7,072 | ) | 2,644 | ||||
Accounts payable and accrued expenses | (2,743 | ) | (18,718 | ) | |||
Customer layaway deposits | 812 | 206 | |||||
Deferred gains and other long-term liabilities | 350 | 10,856 | |||||
Excess tax benefit from stock compensation | (342 | ) | (1,521 | ) | |||
Income taxes receivable/payable | 7,320 | (1,949 | ) | ||||
Dividends from unconsolidated affiliates | 4,828 | 4,788 | |||||
Net cash provided by operating activities | 94,168 | 95,094 | |||||
Investing Activities: | |||||||
Loans made | (440,917 | ) | (360,354 | ) | |||
Loans repaid | 307,930 | 260,289 | |||||
Recovery of pawn loan principal through sale of forfeited collateral | 129,965 | 129,518 | |||||
Additions to property and equipment | (23,506 | ) | (20,842 | ) | |||
Acquisitions, net of cash acquired | (12,279 | ) | (83,057 | ) | |||
Investments in unconsolidated affiliates | (11,018 | ) | — | ||||
Net cash used in investing activities | (49,825 | ) | (74,446 | ) | |||
Financing Activities: | |||||||
Proceeds from exercise of stock options | 6 | 634 | |||||
Excess tax benefit from stock compensation | 342 | 1,521 | |||||
Debt issuance cost | (259 | ) | — | ||||
Taxes paid related to net share settlement of equity awards | (3,596 | ) | (1,071 | ) | |||
Change in restricted cash | 2,303 | (935 | ) | ||||
Proceeds from revolving line of credit | 148,265 | 321,617 | |||||
Payments on revolving line of credit | (194,805 | ) | (318,227 | ) | |||
Proceeds from bank borrowings | 1,172 | — | |||||
Payments on bank borrowings and capital lease obligations | (5,170 | ) | (1,056 | ) | |||
Net cash provided by (used in) financing activities | (51,742 | ) | 2,483 | ||||
Effect of exchange rate changes on cash and cash equivalents | 365 | (426 | ) | ||||
Net increase (decrease) in cash and cash equivalents | (7,034 | ) | 22,705 | ||||
Cash and cash equivalents at beginning of quarter | 48,477 | 23,969 | |||||
Cash and cash equivalents at end of quarter | $ | 41,443 | $ | 46,674 | |||
Non-cash Investing and Financing Activities: | |||||||
Pawn loans forfeited and transferred to inventory | $ | 130,675 | $ | 123,587 | |||
Issuance of common stock due to acquisitions | $ | 38,705 | $ | 11,615 | |||
Deferred consideration | $ | 24,000 | $ | 5,785 | |||
Contingent consideration | $ | — | $ | 23,000 | |||
Accrued additions to property and equipment | $ | — | $ | 1,404 |
EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY | ||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | EZCORP, Inc. Stockholders’ Equity | ||||||||||||||||||
Shares | Par Value | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Balances at September 30, 2011 | 50,199 | $ | 501 | $ | 242,398 | $ | 422,095 | $ | (746 | ) | $ | 664,248 | ||||||||||
Stock compensation | — | — | 3,238 | — | — | 3,238 | ||||||||||||||||
Stock options exercised | 196 | 2 | 632 | — | — | 634 | ||||||||||||||||
Issuance of common stock due to acquisitions | 427 | 5 | 11,625 | — | — | 11,630 | ||||||||||||||||
Release of restricted stock | 150 | 2 | — | — | — | 2 | ||||||||||||||||
Excess tax benefit from stock compensation | — | — | 1,521 | — | — | 1,521 | ||||||||||||||||
Taxes paid related to net share settlement of equity awards | — | — | (1,071 | ) | — | — | (1,071 | ) | ||||||||||||||
Unrealized loss on available-for-sale securities | — | — | — | — | (480 | ) | (480 | ) | ||||||||||||||
Foreign currency translation adjustment | — | — | — | — | (617 | ) | (617 | ) | ||||||||||||||
Net income attributable to EZCORP, Inc. | — | — | — | 76,613 | — | 76,613 | ||||||||||||||||
Balances at March 31, 2012 | 50,972 | $ | 510 | $ | 258,343 | $ | 498,708 | $ | (1,843 | ) | $ | 755,718 | ||||||||||
Balances at September 30, 2012 | 51,226 | $ | 512 | $ | 268,626 | $ | 565,803 | $ | (113 | ) | $ | 834,828 | ||||||||||
Stock compensation | — | — | 3,054 | — | — | 3,054 | ||||||||||||||||
Stock options exercised | 3 | — | 6 | — | — | 6 | ||||||||||||||||
Issuance of common stock due to acquisitions | 1,965 | 20 | 38,685 | — | — | 38,705 | ||||||||||||||||
Issuance of common stock due to purchase of subsidiary shares from noncontrolling interest | 592 | 6 | 10,398 | — | — | 10,404 | ||||||||||||||||
Purchase of subsidiary shares from noncontrolling interest | — | — | (2,423 | ) | — | 85 | (2,338 | ) | ||||||||||||||
Release of restricted stock | 392 | — | — | — | — | — | ||||||||||||||||
Excess tax benefit from stock compensation | — | — | 342 | — | — | 342 | ||||||||||||||||
Taxes paid related to net share settlement of equity awards | — | — | (3,596 | ) | — | — | (3,596 | ) | ||||||||||||||
Unrealized loss on available-for-sale securities | — | — | — | — | (172 | ) | (172 | ) | ||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 9,256 | 9,256 | ||||||||||||||||
Net income attributable to EZCORP, Inc. | — | — | — | 64,698 | — | 64,698 | ||||||||||||||||
Balances at March 31, 2013 | 54,178 | $ | 538 | $ | 315,092 | $ | 630,501 | $ | 9,056 | $ | 955,187 |
Six Months Ended March 31, 2013 | |||||
Go Cash | Other Acquisitions | ||||
Number of asset purchase acquisitions | 1 | — | |||
Number of stock purchase acquisitions | — | 2 | |||
U.S. stores acquired | — | 12 | |||
Foreign stores acquired | — | 20 | |||
Total stores acquired | — | 32 |
Six Months Ended March 31, 2013 | |||||||
Go Cash | Other Acquisitions | ||||||
(in thousands) | |||||||
Consideration: | |||||||
Cash | $ | — | $ | 15,318 | |||
Equity instruments | 27,776 | 10,929 | |||||
Deferred consideration | 23,000 | 1,000 | |||||
Fair value of total consideration transferred | 50,776 | 27,247 | |||||
Cash acquired | — | (3,040 | ) | ||||
Total purchase price | $ | 50,776 | $ | 24,207 |
Six Months Ended March 31, 2013 | |||||||
Go Cash | Other Acquisitions | ||||||
(in thousands) | |||||||
Current assets: | |||||||
Pawn loans | $ | — | $ | 5,714 | |||
Service charges and fees receivable, net | 23 | 400 | |||||
Inventory, net | — | 2,441 | |||||
Prepaid expenses and other assets | 120 | 508 | |||||
Total current assets | 143 | 9,063 | |||||
Property and equipment, net | 268 | 1,064 | |||||
Goodwill | 38,128 | 17,126 | |||||
Intangible assets | 12,315 | 96 | |||||
Other assets | 124 | 314 | |||||
Total assets | $ | 50,978 | $ | 27,663 | |||
Current liabilities: | |||||||
Accounts payable and other accrued expenses | $ | 202 | $ | 517 | |||
Customer layaway deposits | — | 103 | |||||
Total current liabilities | 202 | 620 | |||||
Total liabilities | 202 | 620 | |||||
Redeemable noncontrolling interest | — | 2,836 | |||||
Net assets acquired | $ | 50,776 | $ | 24,207 | |||
Goodwill deductible for tax purposes | $ | 38,128 | $ | — | |||
Indefinite-lived intangible assets acquired: | |||||||
Domain name | $ | 215 | $ | — | |||
Definite-lived intangible assets acquired (1): | |||||||
Non-compete agreements | $ | — | $ | 30 | |||
Internally developed software | $ | 12,100 | $ | 66 |
Fiscal Year Ended September 30, 2012 | |||||||
Grupo Finmart | Other Acquisitions | ||||||
(in thousands) | |||||||
Current assets: | |||||||
Pawn loans | $ | — | $ | 6,781 | |||
Consumer loans, net | 8,935 | 3,641 | |||||
Service charges and fees receivable, net | 18,844 | 1,940 | |||||
Inventory, net | — | 5,911 | |||||
Deferred tax asset | — | 238 | |||||
Prepaid expenses and other assets | 3,543 | 204 | |||||
Total current assets | 31,322 | 18,715 | |||||
Property and equipment, net | 2,326 | 4,061 | |||||
Goodwill | 99,486 | 99,747 | |||||
Non-current consumer loans, net | 56,120 | — | |||||
Intangible assets | 16,400 | 3,980 | |||||
Other assets | 7,497 | 294 | |||||
Total assets | $ | 213,151 | $ | 126,797 | |||
Current liabilities: | |||||||
Accounts payable and other accrued expenses | $ | 6,853 | $ | 5,496 | |||
Customer layaway deposits | — | 808 | |||||
Current maturities of long-term debt | 22,810 | — | |||||
Other current liabilities | — | 257 | |||||
Total current liabilities | 29,663 | 6,561 | |||||
Long-term debt, less current maturities | 86,872 | — | |||||
Deferred tax liability | 171 | 113 | |||||
Total liabilities | 116,706 | 6,674 | |||||
Redeemable noncontrolling interest | 36,300 | 9,557 | |||||
Net assets acquired | $ | 60,145 | $ | 110,566 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Net income attributable to EZCORP (A) | $ | 33,981 | $ | 37,261 | $ | 64,698 | $ | 76,613 | |||||||
Weighted average outstanding shares of common stock (B) | 54,172 | 50,794 | 53,099 | 50,573 | |||||||||||
Dilutive effect of stock options and restricted stock | 80 | 275 | 73 | 314 | |||||||||||
Weighted average common stock and common stock equivalents (C) | 54,252 | 51,069 | 53,172 | 50,887 | |||||||||||
Basic earnings per share (A/B) | $ | 0.63 | $ | 0.73 | $ | 1.22 | $ | 1.51 | |||||||
Diluted earnings per share (A/C) | $ | 0.63 | $ | 0.73 | $ | 1.22 | $ | 1.51 | |||||||
Potential common shares excluded from the calculation of diluted earnings per share | — | — | 7 | — |
As of December 31, | |||||||
2012 | 2011 | ||||||
(in thousands) | |||||||
Current assets | $ | 162,078 | $ | 134,387 | |||
Non-current assets | 74,711 | 65,354 | |||||
Total assets | $ | 236,789 | $ | 199,741 | |||
Current liabilities | $ | 22,267 | $ | 21,021 | |||
Non-current liabilities | 83,332 | 62,169 | |||||
Shareholders’ equity | 131,190 | 116,551 | |||||
Total liabilities and shareholders’ equity | $ | 236,789 | $ | 199,741 |
Six Months Ended December 31, | |||||||
2012 | 2011 | ||||||
(in thousands) | |||||||
Gross revenues | $ | 93,793 | $ | 99,804 | |||
Gross profit | 53,612 | 58,165 | |||||
Profit for the year (net income) | 9,796 | 14,208 |
As of December 31, | |||||||
2012 | 2011 | ||||||
(in thousands) | |||||||
Current assets | $ | 169,739 | $ | 128,289 | |||
Non-current assets | 141,258 | 121,835 | |||||
Total assets | $ | 310,997 | $ | 250,124 | |||
Current liabilities | $ | 38,735 | $ | 33,290 | |||
Non-current liabilities | 31,591 | 37,797 | |||||
Shareholders’ equity | 240,671 | 179,037 | |||||
Total liabilities and shareholders’ equity | $ | 310,997 | $ | 250,124 |
Six Months Ended December 31, | |||||||
2012 | 2011 | ||||||
(in thousands) | |||||||
Gross revenues | $ | 140,123 | $ | 115,256 | |||
Gross profit | 95,149 | 76,405 | |||||
Profit for the year (net income) | 19,143 | 13,668 |
March 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||
(in thousands of U.S. dollars) | |||||||||||
Albemarle & Bond: | |||||||||||
Recorded value | $ | 53,053 | $ | 49,175 | $ | 51,812 | |||||
Fair value | 54,103 | 92,868 | 65,109 | ||||||||
Cash Converters International: | |||||||||||
Recorded value | $ | 94,179 | $ | 70,881 | $ | 74,254 | |||||
Fair value | 208,110 | 85,277 | 100,705 |
March 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||
(in thousands) | |||||||||||
Pawn licenses | $ | 8,836 | $ | 8,836 | $ | 8,836 | |||||
Trade name | 9,772 | 7,097 | 9,845 | ||||||||
Domain name | 215 | — | — | ||||||||
Goodwill | 432,124 | 324,281 | 374,663 | ||||||||
Total | $ | 450,947 | $ | 340,214 | $ | 393,344 |
U.S. & Canada | Latin America | Other International | Consolidated | ||||||||||||
(in thousands) | |||||||||||||||
Balances at September 30, 2012 | $ | 224,306 | $ | 110,401 | $ | 39,956 | $ | 374,663 | |||||||
Acquisitions | 53,033 | 2,221 | — | 55,254 | |||||||||||
Effect of foreign currency translation changes | (1 | ) | 4,578 | (2,370 | ) | 2,207 | |||||||||
Balances at March 31, 2013 | $ | 277,338 | $ | 117,200 | $ | 37,586 | $ | 432,124 |
U.S. & Canada | Latin America | Other International | Consolidated | ||||||||||||
(in thousands) | |||||||||||||||
Balances at September 30, 2011 | $ | 163,897 | $ | 9,309 | $ | — | $ | 173,206 | |||||||
Acquisitions | 50,001 | 99,486 | — | 149,487 | |||||||||||
Effect of foreign currency translation changes | (1 | ) | 1,589 | — | 1,588 | ||||||||||
Balances at March 31, 2012 | $ | 213,897 | $ | 110,384 | $ | — | $ | 324,281 |
March 31, | September 30, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Net Book Value | Carrying Amount | Accumulated Amortization | Net Book Value | Carrying Amount | Accumulated Amortization | Net Book Value | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Real estate finders’ fees | $ | 1,741 | $ | (662 | ) | $ | 1,079 | $ | 1,327 | $ | (533 | ) | $ | 794 | $ | 1,457 | $ | (590 | ) | $ | 867 | ||||||||||||||
Non-compete agreements | 4,600 | (3,666 | ) | 934 | 4,301 | (2,877 | ) | 1,424 | 4,504 | (3,290 | ) | 1,214 | |||||||||||||||||||||||
Favorable lease | 1,159 | (491 | ) | 668 | 985 | (381 | ) | 604 | 1,159 | (436 | ) | 723 | |||||||||||||||||||||||
Franchise rights | 1,571 | (132 | ) | 1,439 | 1,602 | (67 | ) | 1,535 | 1,625 | (102 | ) | 1,523 | |||||||||||||||||||||||
Deferred financing costs | 11,182 | (5,207 | ) | 5,975 | 7,607 | (2,493 | ) | 5,114 | 10,584 | (3,459 | ) | 7,125 | |||||||||||||||||||||||
Contractual relationship | 15,082 | (1,920 | ) | 13,162 | 14,504 | (1,407 | ) | 13,097 | 14,517 | (1,075 | ) | 13,442 | |||||||||||||||||||||||
Internally developed software | 20,028 | (895 | ) | 19,133 | — | — | — | 1,344 | (19 | ) | 1,325 | ||||||||||||||||||||||||
Other | 325 | (51 | ) | 274 | 323 | (20 | ) | 303 | 321 | (36 | ) | 285 | |||||||||||||||||||||||
Total | $ | 55,688 | $ | (13,024 | ) | $ | 42,664 | $ | 30,649 | $ | (7,778 | ) | $ | 22,871 | $ | 35,511 | $ | (9,007 | ) | $ | 26,504 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||||
Amortization expense | $ | 1,322 | $ | 1,697 | $ | 2,045 | $ | 1,924 | |||||||
Operations expense | 32 | 23 | 67 | 49 | |||||||||||
Interest expense | 760 | 444 | 1,524 | 595 | |||||||||||
Total expense from the amortization of definite-lived intangible assets | $ | 2,114 | $ | 2,164 | $ | 3,636 | $ | 2,568 |
Fiscal Years Ended September 30, | Amortization expense | Operations expense | Interest expense | |||||||||
(in thousands) | ||||||||||||
2013 | $ | 2,676 | $ | 67 | $ | 1,636 | ||||||
2014 | 5,740 | 126 | 2,164 | |||||||||
2015 | 5,452 | 113 | 1,108 | |||||||||
2016 | 5,392 | 111 | 580 | |||||||||
2017 | 5,304 | 111 | 487 |
March 31, 2013 | March 31, 2012 | September 30, 2012 | |||||||||||||||||||||
Carrying Amount | Debt Premium | Carrying Amount | Debt Premium | Carrying Amount | Debt Premium | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Recourse to EZCORP: | |||||||||||||||||||||||
Domestic line of credit up to $175,000 due 2015 | $ | 74,000 | $ | — | $ | 30,000 | $ | — | $ | 130,000 | $ | — | |||||||||||
Capital lease obligations | 1,181 | — | — | — | 1,589 | — | |||||||||||||||||
Non-recourse to EZCORP: | |||||||||||||||||||||||
Secured foreign currency line of credit up to $4,000 due 2014 | 2,009 | 156 | 3,327 | 264 | 2,629 | 199 | |||||||||||||||||
Secured foreign currency line of credit up to $20,000 due 2015 | 12,142 | — | 21,799 | 5,243 | 16,073 | — | |||||||||||||||||
Secured foreign currency line of credit up to $23,000 due 2017 | 22,352 | — | 10,495 | 3,285 | 11,263 | — | |||||||||||||||||
Consumer loans facility due 2017 | 33,995 | — | — | — | 32,679 | — | |||||||||||||||||
10% unsecured notes due 2013 | 664 | — | 1,820 | — | 1,766 | — | |||||||||||||||||
15% unsecured notes due 2013 | 14,273 | 825 | — | — | 14,262 | 1,334 | |||||||||||||||||
16% unsecured notes due 2013 | — | — | 5,404 | 315 | 5,248 | 108 | |||||||||||||||||
20% unsecured notes due 2013 | — | — | 12,730 | 2,057 | — | — | |||||||||||||||||
10% unsecured notes due 2014 | 2,373 | — | — | — | 963 | — | |||||||||||||||||
11% unsecured notes due 2014 | 5,347 | — | — | — | — | — | |||||||||||||||||
17% secured notes due 2014 | — | — | 32,850 | 4,297 | — | — | |||||||||||||||||
10% unsecured notes due 2015 | 444 | — | — | — | 427 | — | |||||||||||||||||
15% secured notes due 2015 | 4,561 | 513 | — | — | 4,488 | 597 | |||||||||||||||||
18% secured notes due 2015 | — | — | 4,592 | 736 | — | — | |||||||||||||||||
25% secured notes due 2015 | — | — | 6,402 | 1,362 | — | — | |||||||||||||||||
10% unsecured notes due 2016 | 128 | — | 1,514 | — | 123 | — | |||||||||||||||||
Total long-term obligations | 173,469 | 1,494 | 130,933 | 17,559 | 221,510 | 2,238 | |||||||||||||||||
Less current portion | 35,445 | 1,141 | 22,849 | 5,625 | 21,679 | 1,497 | |||||||||||||||||
Total long-term and capital lease obligations | $ | 138,024 | $ | 353 | $ | 108,084 | $ | 11,934 | $ | 199,831 | $ | 741 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||||
Gross compensation costs | $ | 2,129 | $ | 1,725 | $ | 3,054 | $ | 3,238 | |||||||
Income tax benefits | (720 | ) | (570 | ) | (1,019 | ) | (1,016 | ) | |||||||
Net compensation expense | $ | 1,409 | $ | 1,155 | $ | 2,035 | $ | 2,222 |
Redeemable Noncontrolling Interests | |||
(in thousands) | |||
Balance as of September 30, 2011 | $ | — | |
Acquisition of redeemable noncontrolling interest | 36,300 | ||
Net income attributable to redeemable noncontrolling interests | 112 | ||
Foreign currency translation adjustment attributable to noncontrolling interests | 496 | ||
Balance as of March 31, 2012 | $ | 36,908 | |
Balance as of September 30, 2012 | $ | 53,681 | |
Acquisition of redeemable noncontrolling interest | 2,836 | ||
Sale of additional shares to parent | (7,981 | ) | |
Net income attributable to redeemable noncontrolling interests | 2,337 | ||
Foreign currency translation adjustment attributable to noncontrolling interests | 2,109 | ||
Balance as of March 31, 2013 | $ | 52,982 |
• | U.S. & Canada – Includes all business activities in the United States and Canada |
• | Latin America – Includes all business activities in Mexico and other parts of Latin America |
• | Other International – Includes all business activities in the rest of the world (currently consisting of consumer loans online in the U.K. and our equity interests in the net income of Albemarle & Bond and Cash Converters International) |
Three Months Ended March 31, 2013 | |||||||||||||||
U.S. & Canada | Latin America | Other International | Consolidated | ||||||||||||
(in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Merchandise sales | $ | 87,048 | $ | 13,858 | $ | — | $ | 100,906 | |||||||
Jewelry scrapping sales | 40,671 | 2,897 | — | 43,568 | |||||||||||
Pawn service charges | 54,512 | 8,082 | — | 62,594 | |||||||||||
Consumer loan fees | 43,825 | 11,842 | 6,643 | 62,310 | |||||||||||
Other revenues | 1,620 | 217 | 859 | 2,696 | |||||||||||
Total revenues | 227,676 | 36,896 | 7,502 | 272,074 | |||||||||||
Merchandise cost of goods sold | 51,167 | 8,010 | — | 59,177 | |||||||||||
Jewelry scrapping cost of goods sold | 27,663 | 2,429 | — | 30,092 | |||||||||||
Consumer loan bad debt | 6,864 | (661 | ) | 2,677 | 8,880 | ||||||||||
Net revenues | 141,982 | 27,118 | 4,825 | 173,925 | |||||||||||
Segment expenses: | |||||||||||||||
Operations | 85,477 | 16,401 | 3,669 | 105,547 | |||||||||||
Depreciation and amortization | 4,909 | 1,771 | 143 | 6,823 | |||||||||||
(Gain) loss on sale or disposal of assets | (1 | ) | 14 | — | 13 | ||||||||||
Interest (income) expense, net | 15 | 2,802 | (1 | ) | 2,816 | ||||||||||
Equity in net income of unconsolidated affiliates | — | — | (4,125 | ) | (4,125 | ) | |||||||||
Other income | (1 | ) | (315 | ) | — | (316 | ) | ||||||||
Segment contribution | $ | 51,583 | $ | 6,445 | $ | 5,139 | $ | 63,167 | |||||||
Corporate expenses: | |||||||||||||||
Administrative | 8,603 | ||||||||||||||
Depreciation and amortization | 1,940 | ||||||||||||||
Interest expense, net | 937 | ||||||||||||||
Other expense | 721 | ||||||||||||||
Income before taxes | 50,966 | ||||||||||||||
Income tax expense | 16,086 | ||||||||||||||
Net income | 34,880 | ||||||||||||||
Net income attributable to noncontrolling interest | 899 | ||||||||||||||
Net income attributable to EZCORP, Inc. | $ | 33,981 |
Three Months Ended March 31, 2012 | |||||||||||||||
U.S. & Canada | Latin America | Other International | Consolidated | ||||||||||||
(in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Merchandise sales | $ | 85,498 | $ | 9,499 | $ | — | $ | 94,997 | |||||||
Jewelry scrapping sales | 49,414 | 3,761 | — | 53,175 | |||||||||||
Pawn service charges | 50,505 | 5,939 | — | 56,444 | |||||||||||
Consumer loan fees | 42,806 | 7,383 | 130 | 50,319 | |||||||||||
Other revenues | 1,219 | 124 | — | 1,343 | |||||||||||
Total revenues | 229,442 | 26,706 | 130 | 256,278 | |||||||||||
Merchandise cost of goods sold | 50,499 | 5,381 | — | 55,880 | |||||||||||
Jewelry scrapping cost of goods sold | 29,537 | 2,773 | — | 32,310 | |||||||||||
Consumer loan bad debt | 5,878 | 508 | 80 | 6,466 | |||||||||||
Net revenues | 143,528 | 18,044 | 50 | 161,622 | |||||||||||
Segment expenses: | |||||||||||||||
Operations | 75,364 | 11,090 | 170 | 86,624 | |||||||||||
Depreciation and amortization | 3,390 | 2,404 | 14 | 5,808 | |||||||||||
Loss on sale or disposal of assets | 25 | 2 | — | 27 | |||||||||||
Interest expense, net | — | 1,769 | — | 1,769 | |||||||||||
Equity in net income of unconsolidated affiliates | — | — | (4,577 | ) | (4,577 | ) | |||||||||
Other expense | 909 | 13 | — | 922 | |||||||||||
Segment contribution | $ | 63,840 | $ | 2,766 | $ | 4,443 | $ | 71,049 | |||||||
Corporate expenses: | |||||||||||||||
Administrative | 11,998 | ||||||||||||||
Depreciation and amortization | 1,451 | ||||||||||||||
Interest expense, net | 477 | ||||||||||||||
Other income | (120 | ) | |||||||||||||
Income before taxes | 57,243 | ||||||||||||||
Income tax expense | 19,870 | ||||||||||||||
Net income | 37,373 | ||||||||||||||
Net income attributable to noncontrolling interest | 112 | ||||||||||||||
Net income attributable to EZCORP, Inc. | $ | 37,261 |
Six Months Ended March 31, 2013 | |||||||||||||||
U.S. & Canada | Latin America | Other International | Consolidated | ||||||||||||
(in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Merchandise sales | $ | 167,513 | $ | 28,975 | $ | — | $ | 196,488 | |||||||
Jewelry scrapping sales | 82,813 | 6,680 | — | 89,493 | |||||||||||
Pawn service charges | 112,722 | 15,896 | — | 128,618 | |||||||||||
Consumer loan fees | 89,784 | 23,719 | 13,572 | 127,075 | |||||||||||
Other revenues | 4,414 | 1,871 | 1,241 | 7,526 | |||||||||||
Total revenues | 457,246 | 77,141 | 14,813 | 549,200 | |||||||||||
Merchandise cost of goods sold | 97,899 | 16,779 | — | 114,678 | |||||||||||
Jewelry scrapping cost of goods sold | 56,820 | 5,471 | — | 62,291 | |||||||||||
Consumer loan bad debt | 18,345 | (1,709 | ) | 6,318 | 22,954 | ||||||||||
Net revenues | 284,182 | 56,600 | 8,495 | 349,277 | |||||||||||
Segment expenses: | |||||||||||||||
Operations | 172,920 | 32,142 | 7,747 | 212,809 | |||||||||||
Depreciation and amortization | 9,011 | 3,446 | 219 | 12,676 | |||||||||||
Loss on sale or disposal of assets | 28 | 14 | — | 42 | |||||||||||
Interest (income) expense, net | 32 | 5,415 | (1 | ) | 5,446 | ||||||||||
Equity in net income of unconsolidated affiliates | — | — | (9,163 | ) | (9,163 | ) | |||||||||
Other income | (5 | ) | (295 | ) | (69 | ) | (369 | ) | |||||||
Segment contribution | $ | 102,196 | $ | 15,878 | $ | 9,762 | $ | 127,836 | |||||||
Corporate expenses: | |||||||||||||||
Administrative | 22,274 | ||||||||||||||
Depreciation and amortization | 3,739 | ||||||||||||||
Interest expense, net | 1,944 | ||||||||||||||
Other expense | 273 | ||||||||||||||
Income before taxes | 99,606 | ||||||||||||||
Income tax expense | 32,571 | ||||||||||||||
Net income | 67,035 | ||||||||||||||
Net income attributable to noncontrolling interest | 2,337 | ||||||||||||||
Net income attributable to EZCORP, Inc. | $ | 64,698 |
Six Months Ended March 31, 2012 | |||||||||||||||
U.S. & Canada | Latin America | Other International | Consolidated | ||||||||||||
(in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Merchandise sales | $ | 162,050 | $ | 19,841 | $ | — | $ | 181,891 | |||||||
Jewelry scrapping sales | 102,280 | 7,298 | — | 109,578 | |||||||||||
Pawn service charges | 104,875 | 11,361 | — | 116,236 | |||||||||||
Consumer loan fees | 87,818 | 7,383 | 206 | 95,407 | |||||||||||
Other revenues | 1,795 | 244 | — | 2,039 | |||||||||||
Total revenues | 458,818 | 46,127 | 206 | 505,151 | |||||||||||
Merchandise cost of goods sold | 93,950 | 10,326 | — | 104,276 | |||||||||||
Jewelry scrapping cost of goods sold | 62,687 | 5,047 | — | 67,734 | |||||||||||
Consumer loan bad debt | 16,768 | 508 | 215 | 17,491 | |||||||||||
Net (losses) revenues | 285,413 | 30,246 | (9 | ) | 315,650 | ||||||||||
Segment expenses: | |||||||||||||||
Operations | 150,358 | 18,056 | 768 | 169,182 | |||||||||||
Depreciation and amortization | 6,613 | 3,174 | 36 | 9,823 | |||||||||||
(Gain) loss on sale or disposal of assets | (175 | ) | 1 | — | (174 | ) | |||||||||
Interest expense, net | 4 | 1,733 | — | 1,737 | |||||||||||
Equity in net income of unconsolidated affiliates | — | — | (8,738 | ) | (8,738 | ) | |||||||||
Other (income) expense | (151 | ) | 16 | (64 | ) | (199 | ) | ||||||||
Segment contribution | $ | 128,764 | $ | 7,266 | $ | 7,989 | $ | 144,019 | |||||||
Corporate expenses: | |||||||||||||||
Administrative | 23,652 | ||||||||||||||
Depreciation and amortization | 2,691 | ||||||||||||||
Interest expense, net | 1,060 | ||||||||||||||
Other income | (118 | ) | |||||||||||||
Income before taxes | 116,734 | ||||||||||||||
Income tax expense | 40,009 | ||||||||||||||
Net income | 76,725 | ||||||||||||||
Net income attributable to noncontrolling interest | 112 | ||||||||||||||
Net income attributable to EZCORP, Inc. | $ | 76,613 |
U.S. & Canada | Latin America | Other International | Consolidated | ||||||||||||
(in thousands) | |||||||||||||||
Assets at March 31, 2013 | |||||||||||||||
Cash and cash equivalents | $ | 11,721 | $ | 14,602 | $ | 2,765 | $ | 29,088 | |||||||
Restricted cash | — | 1,204 | — | 1,204 | |||||||||||
Pawn loans | 119,681 | 18,699 | — | 138,380 | |||||||||||
Consumer loans, net | 17,736 | 91,418 | 4,856 | 114,010 | |||||||||||
Service charges and fees receivable, net | 28,968 | 28,673 | 1,254 | 58,895 | |||||||||||
Inventory, net | 95,307 | 21,210 | — | 116,517 | |||||||||||
Property and equipment, net | 68,725 | 29,388 | 1,499 | 99,612 | |||||||||||
Restricted cash, non-current | — | 2,197 | — | 2,197 | |||||||||||
Goodwill | 277,338 | 117,200 | 37,586 | 432,124 | |||||||||||
Intangibles, net | 28,853 | 21,018 | 2,726 | 52,597 | |||||||||||
Total separately identified recorded segment assets | $ | 648,329 | $ | 345,609 | $ | 50,686 | $ | 1,044,624 | |||||||
Consumer loans outstanding from unaffiliated lenders | $ | 19,879 | $ | — | $ | — | $ | 19,879 | |||||||
Assets at March 31, 2012 | |||||||||||||||
Cash and cash equivalents | $ | 17,266 | $ | 15,220 | $ | 258 | $ | 32,744 | |||||||
Restricted cash | — | 930 | — | 930 | |||||||||||
Pawn loans | 108,804 | 13,501 | — | 122,305 | |||||||||||
Consumer loans, net | 14,074 | 66,747 | 86 | 80,907 | |||||||||||
Service charges and fees receivable, net | 25,886 | 20,933 | 28 | 46,847 | |||||||||||
Inventory, net | 77,132 | 10,702 | — | 87,834 | |||||||||||
Property and equipment, net | 56,544 | 18,948 | 223 | 75,715 | |||||||||||
Goodwill | 213,897 | 110,384 | — | 324,281 | |||||||||||
Intangibles, net | 17,651 | 19,305 | 42 | 36,998 | |||||||||||
Total separately identified recorded segment assets | $ | 531,254 | $ | 276,670 | $ | 637 | $ | 808,561 | |||||||
Consumer loans outstanding from unaffiliated lenders | $ | 19,130 | $ | — | $ | — | $ | 19,130 | |||||||
Assets at September 30, 2012 | |||||||||||||||
Cash and cash equivalents | $ | 14,820 | $ | 16,365 | $ | 1,789 | $ | 32,974 | |||||||
Restricted cash | — | 1,145 | — | 1,145 | |||||||||||
Pawn loans | 140,885 | 16,763 | — | 157,648 | |||||||||||
Consumer loans, net | 18,960 | 73,422 | 3,767 | 96,149 | |||||||||||
Service charges and fees receivable, net | 34,066 | 24,637 | 1,114 | 59,817 | |||||||||||
Inventory, net | 94,449 | 14,765 | — | 109,214 | |||||||||||
Property and equipment, net | 60,476 | 23,005 | 1,503 | 84,984 | |||||||||||
Restricted cash, non-current | — | 4,337 | — | 4,337 | |||||||||||
Goodwill | 224,306 | 110,401 | 39,956 | 374,663 | |||||||||||
Intangibles, net | 17,498 | 21,867 | 2,946 | 42,311 | |||||||||||
Total separately identified recorded segment assets | $ | 605,460 | $ | 306,707 | $ | 51,075 | $ | 963,242 | |||||||
Consumer loans outstanding from unaffiliated lenders | $ | 24,773 | $ | — | $ | — | $ | 24,773 |
March 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||
(in thousands) | |||||||||||
Total separately identified recorded segment assets | $ | 1,044,624 | $ | 808,561 | $ | 963,242 | |||||
Corporate assets | 269,783 | 218,966 | 254,765 | ||||||||
Total assets | $ | 1,314,407 | $ | 1,027,527 | $ | 1,218,007 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
U.S. | $ | 222,947 | $ | 225,490 | $ | 447,703 | $ | 451,205 | |||||||
Mexico | 36,896 | 26,706 | 77,141 | 46,127 | |||||||||||
Canada | 4,729 | 3,952 | 9,543 | 7,613 | |||||||||||
U.K | 7,502 | 130 | 14,813 | 206 | |||||||||||
Total | 272,074 | 256,278 | 549,200 | 505,151 |
March 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||
(in thousands) | |||||||||||
Long-lived assets: | |||||||||||
U.S. | $ | 393,698 | $ | 298,031 | $ | 317,887 | |||||
Mexico | 167,904 | 148,812 | 155,488 | ||||||||
Canada | 9,177 | 11,021 | 10,199 | ||||||||
U.K. | 41,769 | 223 | 44,363 | ||||||||
Other | 42 | 42 | 42 | ||||||||
Total | $ | 612,590 | $ | 458,129 | $ | 527,979 |
Description | Allowance Balance at Beginning of Period | Charge-offs | Recoveries | Provision | Translation Adjustment | Allowance Balance at End of Period | Financing Receivable at End of Period | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Unsecured short-term consumer loans: | |||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | $ | 2,553 | $ | (10,875 | ) | $ | 5,480 | $ | 5,076 | $ | — | $ | 2,234 | $ | 20,022 | ||||||||||||
Three Months Ended March 31, 2012 | $ | 1,730 | $ | (4,274 | ) | $ | 2,245 | $ | 1,741 | $ | — | $ | 1,442 | $ | 12,892 | ||||||||||||
Six Months Ended March 31, 2013 | $ | 2,390 | $ | (22,924 | ) | $ | 10,281 | $ | 12,487 | $ | — | $ | 2,234 | $ | 20,022 | ||||||||||||
Six Months Ended March 31, 2012 | $ | 1,727 | $ | (8,953 | ) | $ | 3,703 | $ | 4,965 | $ | — | $ | 1,442 | $ | 12,892 | ||||||||||||
Secured short-term consumer loans: | |||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | $ | 1,473 | $ | (10,597 | ) | $ | 9,840 | $ | 642 | $ | — | $ | 1,358 | $ | 6,163 | ||||||||||||
Three Months Ended March 31, 2012 | $ | 982 | $ | (4,427 | ) | $ | 3,823 | $ | 330 | $ | — | $ | 708 | $ | 3,418 | ||||||||||||
Six Months Ended March 31, 2013 | $ | 942 | $ | (19,271 | ) | $ | 17,800 | $ | 1,887 | $ | — | $ | 1,358 | $ | 6,163 | ||||||||||||
Six Months Ended March 31, 2012 | $ | 538 | $ | (7,767 | ) | $ | 6,642 | $ | 1,295 | $ | — | $ | 708 | $ | 3,418 | ||||||||||||
*Unsecured long-term consumer loans: | |||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | $ | 624 | $ | (791 | ) | $ | 1,136 | $ | (663 | ) | ** | $ | 24 | $ | 330 | $ | 91,747 | ||||||||||
Three Months Ended March 31, 2012 | $ | — | $ | (572 | ) | $ | 232 | $ | 508 | $ | (2 | ) | $ | 166 | $ | 66,913 | |||||||||||
Six Months Ended March 31, 2013 | $ | 623 | $ | (952 | ) | $ | 2,357 | $ | (1,716 | ) | ** | $ | 18 | $ | 330 | $ | 91,747 | ||||||||||
Six Months Ended March 31, 2012 | $ | — | $ | (572 | ) | $ | 232 | $ | 508 | $ | (2 | ) | $ | 166 | $ | 66,913 |
Days Past Due | Total | Current | Fair Value | Total Financing | Allowance | Recorded Investment > 90 Days | |||||||||||||||||||||||||||||||||
1-30 | 31-60 | 61-90 | >90 | Past Due | Receivable | Adjustment | Receivable | Balance | Accruing | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||
Unsecured short-term consumer loans:* | |||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Consumer loans | $ | 13 | $ | 13 | $ | — | $ | — | $ | 26 | $ | 119 | $ | — | $ | 145 | $ | 30 | $ | — | |||||||||||||||||||
Secured short-term consumer loans: | |||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Consumer loans | $ | 1,299 | $ | 747 | $ | 506 | $ | 825 | $ | 3,377 | $ | 2,786 | $ | — | $ | 6,163 | $ | 1,358 | $ | — | |||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||||||||||||||||
Consumer loans | $ | 530 | $ | 285 | $ | 252 | $ | 433 | $ | 1,500 | $ | 1,918 | $ | — | $ | 3,418 | $ | 708 | $ | — | |||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Consumer loans | $ | 1,246 | $ | 708 | $ | 466 | $ | 391 | $ | 2,811 | $ | 3,140 | $ | — | $ | 5,951 | $ | 942 | $ | — | |||||||||||||||||||
Unsecured long-term consumer loans: | |||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Consumer loans | $1,545 | $ | 5,519 | $ | 3,856 | $ | 27,479 | $ | 38,399 | $ | 54,447 | $ | (1,099 | ) | $ | 91,747 | $ | 330 | $ | 27,479 | |||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||||||||||||||||
Consumer loans | $8,847 | $ | 15,636 | $ | 574 | $ | 6,009 | $ | 31,066 | $ | 40,181 | $ | (4,334 | ) | $ | 66,913 | $ | 166 | $ | 6,009 | |||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Consumer loans | $ | 2,465 | $ | 28,783 | $ | 949 | $ | 7,507 | $ | 39,704 | $ | 37,120 | $ | (2,779 | ) | $ | 74,045 | $ | 623 | $ | 7,507 |
March 31, 2013 | Fair Value Measurements Using | |||||||||||||||
Financial assets (liabilities): | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Marketable equity securities | $ | 4,367 | $ | 4,367 | $ | — | $ | — | ||||||||
Contingent consideration | (23,678 | ) | — | — | (23,678 | ) | ||||||||||
Net financial assets (liabilities) | $ | (19,311 | ) | $ | 4,367 | $ | — | $ | (23,678 | ) | ||||||
March 31, 2012 | Fair Value Measurements Using | |||||||||||||||
Financial assets (liabilities): | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Marketable equity securities | $ | 4,628 | $ | 4,628 | $ | — | $ | — | ||||||||
Contingent consideration | (23,000 | ) | — | — | (23,000 | ) | ||||||||||
Net financial assets (liabilities) | $ | (18,372 | ) | $ | 4,628 | $ | — | $ | (23,000 | ) | ||||||
September 30, 2012 | Fair Value Measurements Using | |||||||||||||||
Financial assets (liabilities): | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Marketable equity securities | $ | 4,631 | $ | 4,631 | $ | — | $ | — | ||||||||
Contingent consideration | (23,432 | ) | — | — | (23,432 | ) | ||||||||||
Net financial assets (liabilities) | $ | (18,801 | ) | $ | 4,631 | $ | — | $ | (23,432 | ) |
Losses (Gains) Recognized in Income | ||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||
Derivative Instrument | Location of Loss (Gain) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||||
Non-designated derivatives: | ||||||||||||||||||
Gold Collar | Other (income) expense | $ | — | $ | 922 | $ | — | $ | (151 | ) |
March 31, 2013 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 703 | $ | 21,521 | $ | 19,219 | $ | — | $ | 41,443 | |||||||||
Restricted cash | — | — | 1,204 | — | 1,204 | ||||||||||||||
Pawn loans | — | 119,681 | 18,699 | — | 138,380 | ||||||||||||||
Consumer loans, net | — | 14,912 | 21,684 | — | 36,596 | ||||||||||||||
Pawn service charges receivable, net | — | 22,475 | 2,913 | — | 25,388 | ||||||||||||||
Consumer loan fees receivable, net | — | 5,899 | 27,608 | — | 33,507 | ||||||||||||||
Inventory, net | — | 93,760 | 22,757 | — | 116,517 | ||||||||||||||
Deferred tax asset | 9,484 | 6,232 | — | — | 15,716 | ||||||||||||||
Intercompany receivables | 351,557 | 96,938 | — | (448,495 | ) | — | |||||||||||||
Income tax receivable | 3,028 | 51 | — | — | 3,079 | ||||||||||||||
Prepaid expenses and other assets | 4 | 35,823 | 6,594 | — | 42,421 | ||||||||||||||
Total current assets | 364,776 | 417,292 | 120,678 | (448,495 | ) | 454,251 | |||||||||||||
Investments in unconsolidated affiliates | 94,179 | 53,053 | — | — | 147,232 | ||||||||||||||
Investments in subsidiaries | 675,350 | 99,942 | — | (775,292 | ) | — | |||||||||||||
Property and equipment, net | — | 80,143 | 38,836 | — | 118,979 | ||||||||||||||
Restricted cash, non-current | — | — | 2,197 | — | 2,197 | ||||||||||||||
Goodwill | — | 277,307 | 154,817 | — | 432,124 | ||||||||||||||
Intangible assets, net | 1,248 | 34,999 | 25,240 | — | 61,487 | ||||||||||||||
Non-current consumer loans, net | — | — | 77,414 | — | 77,414 | ||||||||||||||
Other assets, net | — | 8,561 | 12,162 | — | 20,723 | ||||||||||||||
Total assets | $ | 1,135,553 | $ | 971,297 | $ | 431,344 | $ | (1,223,787 | ) | $ | 1,314,407 | ||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | — | $ | 34,912 | $ | — | $ | 34,912 | |||||||||
Current capital lease obligations | — | 533 | — | — | 533 | ||||||||||||||
Accounts payable and other accrued expenses | 57 | 49,143 | 14,098 | — | 63,298 | ||||||||||||||
Other current liabilities | 12,000 | 425 | 23,671 | — | 36,096 | ||||||||||||||
Customer layaway deposits | — | 7,107 | 1,084 | — | 8,191 | ||||||||||||||
Intercompany payables | 73,327 | 245,909 | 114,672 | (433,908 | ) | — | |||||||||||||
Total current liabilities | 85,384 | 303,117 | 188,437 | (433,908 | ) | 143,030 | |||||||||||||
Long-term debt, less current maturities | 74,000 | — | 77,963 | (14,587 | ) | 137,376 | |||||||||||||
Long-term capital lease obligations | — | 648 | — | — | 648 | ||||||||||||||
Deferred tax liability | 8,982 | 1,122 | — | — | 10,104 | ||||||||||||||
Deferred gains and other long-term liabilities | 12,000 | 2,233 | 847 | — | 15,080 | ||||||||||||||
Total liabilities | 180,366 | 307,120 | 267,247 | (448,495 | ) | 306,238 | |||||||||||||
Commitments and contingencies | |||||||||||||||||||
Temporary equity: | |||||||||||||||||||
Redeemable noncontrolling interest | — | — | 52,982 | — | 52,982 | ||||||||||||||
Stockholders’ equity: | |||||||||||||||||||
Class A Non-voting Common Stock, par value $.01 per share; | 508 | 12 | — | (12 | ) | 508 | |||||||||||||
Class B Voting Common Stock, convertible, par value $.01 per share; | 30 | — | 1 | (1 | ) | 30 | |||||||||||||
Additional paid-in capital | 315,092 | 155,527 | 103,763 | (259,290 | ) | 315,092 | |||||||||||||
Retained earnings | 630,501 | 509,249 | 6,334 | (515,583 | ) | 630,501 | |||||||||||||
Accumulated other comprehensive income (loss) | 9,056 | (611 | ) | 1,017 | (406 | ) | 9,056 | ||||||||||||
EZCORP, Inc. stockholders' equity | 955,187 | 664,177 | 111,115 | (775,292 | ) | 955,187 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 1,135,553 | $ | 971,297 | $ | 431,344 | $ | (1,223,787 | ) | $ | 1,314,407 |
March 31, 2012 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 703 | $ | 29,020 | $ | 16,951 | $ | — | $ | 46,674 | |||||||||
Restricted cash | — | — | 930 | — | 930 | ||||||||||||||
Pawn loans | — | 108,804 | 13,501 | — | 122,305 | ||||||||||||||
Consumer loans, net | — | 11,910 | 12,365 | — | 24,275 | ||||||||||||||
Pawn service charges receivable, net | — | 20,210 | 2,086 | — | 22,296 | ||||||||||||||
Consumer loan fees receivable, net | — | 5,523 | 19,028 | — | 24,551 | ||||||||||||||
Inventory, net | — | 75,815 | 12,019 | — | 87,834 | ||||||||||||||
Deferred tax asset | 12,298 | 5,478 | 452 | — | 18,228 | ||||||||||||||
Intercompany receivables | 286,603 | 83,648 | — | (370,251 | ) | — | |||||||||||||
Income tax receivable | 2,351 | — | — | — | 2,351 | ||||||||||||||
Prepaid expenses and other assets | 4 | 29,440 | 5,030 | — | 34,474 | ||||||||||||||
Total current assets | 301,959 | 369,848 | 82,362 | (370,251 | ) | 383,918 | |||||||||||||
Investments in unconsolidated affiliates | 70,881 | 49,175 | — | — | 120,056 | ||||||||||||||
Investments in subsidiaries | 465,383 | 89,574 | — | (554,957 | ) | — | |||||||||||||
Property and equipment, net | — | 66,331 | 28,713 | — | 95,044 | ||||||||||||||
Goodwill | 42 | 213,824 | 110,415 | — | 324,281 | ||||||||||||||
Intangible assets, net | 1,848 | 16,028 | 20,928 | — | 38,804 | ||||||||||||||
Non-current consumer loans, net | — | — | 56,632 | — | 56,632 | ||||||||||||||
Other assets, net | — | 6,821 | 1,971 | — | 8,792 | ||||||||||||||
Total assets | $ | 840,113 | $ | 811,601 | $ | 301,021 | $ | (925,208 | ) | $ | 1,027,527 | ||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Current maturities of long-term debt | — | — | 22,849 | — | 22,849 | ||||||||||||||
Accounts payable and other accrued expenses | 46 | 45,443 | 12,621 | — | 58,110 | ||||||||||||||
Other current liabilities | — | 5,123 | 11,600 | — | 16,723 | ||||||||||||||
Customer layaway deposits | — | 6,551 | 642 | — | 7,193 | ||||||||||||||
Intercompany payables | 47,389 | 282,342 | 30,251 | (359,982 | ) | — | |||||||||||||
Total current liabilities | 47,435 | 339,459 | 77,963 | (359,982 | ) | 104,875 | |||||||||||||
Long-term debt, less current maturities | 30,000 | — | 88,353 | (10,269 | ) | 108,084 | |||||||||||||
Deferred tax liability | 6,960 | 1,304 | 191 | — | 8,455 | ||||||||||||||
Deferred gains and other long-term liabilities | — | 1,989 | 11,498 | — | 13,487 | ||||||||||||||
Total liabilities | 84,395 | 342,752 | 178,005 | (370,251 | ) | 234,901 | |||||||||||||
Commitments and contingencies | |||||||||||||||||||
Temporary equity: | |||||||||||||||||||
Redeemable noncontrolling interest | — | — | 36,908 | — | 36,908 | ||||||||||||||
Stockholders’ equity: | |||||||||||||||||||
Class A Non-voting Common Stock, par value $.01 per share; | 480 | 12 | — | (12 | ) | 480 | |||||||||||||
Class B Voting Common Stock, convertible, par value $.01 per share; | 30 | — | 1 | (1 | ) | 30 | |||||||||||||
Additional paid-in capital | 258,343 | 129,871 | 95,820 | (225,691 | ) | 258,343 | |||||||||||||
Retained earnings | 498,708 | 340,494 | (5,808 | ) | (334,686 | ) | 498,708 | ||||||||||||
Accumulated other comprehensive income (loss) | (1,843 | ) | (1,528 | ) | (3,905 | ) | 5,433 | (1,843 | ) | ||||||||||
EZCORP, Inc. stockholders' equity | 755,718 | 468,849 | 86,108 | (554,957 | ) | 755,718 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 840,113 | $ | 811,601 | $ | 301,021 | $ | (925,208 | ) | $ | 1,027,527 |
September 30, 2012 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 703 | $ | 27,686 | $ | 20,088 | $ | — | $ | 48,477 | |||||||||
Restricted cash | — | — | 1,145 | — | 1,145 | ||||||||||||||
Pawn loans | — | 140,885 | 16,763 | — | 157,648 | ||||||||||||||
Consumer loans, net | — | 16,562 | 17,590 | — | 34,152 | ||||||||||||||
Pawn service charges receivable, net | — | 26,663 | 2,738 | — | 29,401 | ||||||||||||||
Consumer loan fees receivable, net | — | 6,899 | 23,517 | — | 30,416 | ||||||||||||||
Inventory, net | — | 93,165 | 16,049 | — | 109,214 | ||||||||||||||
Deferred tax asset | 9,484 | 5,500 | — | — | 14,984 | ||||||||||||||
Intercompany receivables | 363,065 | — | — | (363,065 | ) | — | |||||||||||||
Income taxes receivable | 10,209 | — | 302 | — | 10,511 | ||||||||||||||
Prepaid expenses and other assets | 2,243 | 38,629 | 4,579 | — | 45,451 | ||||||||||||||
Total current assets | 385,704 | 355,989 | 102,771 | (363,065 | ) | 481,399 | |||||||||||||
Investments in unconsolidated affiliates | 74,254 | 51,812 | — | — | 126,066 | ||||||||||||||
Investments in subsidiaries | 510,045 | 95,942 | — | (605,987 | ) | — | |||||||||||||
Property and equipment, net | — | 74,837 | 33,294 | — | 108,131 | ||||||||||||||
Restricted cash, non-current | — | — | 4,337 | — | 4,337 | ||||||||||||||
Goodwill | — | 224,275 | 150,388 | — | 374,663 | ||||||||||||||
Intangible assets, net | 1,548 | 17,228 | 26,409 | — | 45,185 | ||||||||||||||
Non-current consumer loans, net | — | — | 61,997 | — | 61,997 | ||||||||||||||
Other assets, net | — | 8,585 | 7,644 | — | 16,229 | ||||||||||||||
Total assets | $ | 971,551 | $ | 828,668 | $ | 386,840 | $ | (969,052 | ) | $ | 1,218,007 | ||||||||
Current liabilities: | |||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | — | $ | 21,085 | $ | — | $ | 21,085 | |||||||||
Current capital lease obligations | — | 594 | — | — | 594 | ||||||||||||||
Accounts payable and other accrued expenses | 128 | 53,169 | 10,807 | — | 64,104 | ||||||||||||||
Other current liabilities | — | 2,925 | 11,896 | — | 14,821 | ||||||||||||||
Customer layaway deposits | — | 6,251 | 987 | — | 7,238 | ||||||||||||||
Intercompany payables | — | 257,571 | 84,850 | (342,421 | ) | — | |||||||||||||
Total current liabilities | 128 | 320,510 | 129,625 | (342,421 | ) | 107,842 | |||||||||||||
Long-term debt, less current maturities | 130,000 | — | 89,480 | (20,644 | ) | 198,836 | |||||||||||||
Long-term capital lease obligations | — | 995 | — | — | 995 | ||||||||||||||
Deferred tax liability | 6,595 | 1,327 | — | — | 7,922 | ||||||||||||||
Deferred gains and other long-term liabilities | — | 1,898 | 12,005 | — | 13,903 | ||||||||||||||
Total liabilities | 136,723 | 324,730 | 231,110 | (363,065 | ) | 329,498 | |||||||||||||
Commitments and contingencies | |||||||||||||||||||
Temporary equity: | |||||||||||||||||||
Redeemable noncontrolling interest | — | — | 53,681 | — | 53,681 | ||||||||||||||
Stockholders’ equity: | |||||||||||||||||||
Class A Non-voting Common Stock, par value $.01 per share; | 482 | 12 | — | (12 | ) | 482 | |||||||||||||
Class B Voting Common Stock, convertible, par value $.01 per share; | 30 | 1 | — | (1 | ) | 30 | |||||||||||||
Additional paid-in capital | 268,626 | 80,210 | 102,188 | (182,398 | ) | 268,626 | |||||||||||||
Retained earnings | 565,803 | 425,024 | 2,373 | (427,397 | ) | 565,803 | |||||||||||||
Accumulated other comprehensive income (loss) | (113 | ) | (1,309 | ) | (2,512 | ) | 3,821 | (113 | ) | ||||||||||
EZCORP, Inc. stockholders' equity | 834,828 | 503,938 | 102,049 | (605,987 | ) | 834,828 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 971,551 | $ | 828,668 | $ | 386,840 | $ | (969,052 | ) | $ | 1,218,007 |
Three Months Ended March 31, 2013 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Merchandise sales | $ | — | $ | 85,964 | $ | 14,942 | $ | — | $ | 100,906 | |||||||||
Jewelry scrapping sales | — | 40,384 | 3,184 | — | 43,568 | ||||||||||||||
Pawn service charges | — | 54,512 | 8,082 | — | 62,594 | ||||||||||||||
Consumer loan fees | — | 40,725 | 21,585 | — | 62,310 | ||||||||||||||
Other revenues | — | 1,362 | 1,334 | — | 2,696 | ||||||||||||||
Total revenues | — | 222,947 | 49,127 | — | 272,074 | ||||||||||||||
Merchandise cost of goods sold | — | 50,581 | 8,596 | — | 59,177 | ||||||||||||||
Jewelry scrapping cost of goods sold | — | 27,501 | 2,591 | — | 30,092 | ||||||||||||||
Consumer loan bad debt | — | 6,045 | 2,835 | — | 8,880 | ||||||||||||||
Net revenues | — | 138,820 | 35,105 | — | 173,925 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Operations | — | 81,355 | 24,192 | — | 105,547 | ||||||||||||||
Administrative | — | 8,354 | 249 | — | 8,603 | ||||||||||||||
Depreciation and amortization | — | 6,382 | 2,381 | — | 8,763 | ||||||||||||||
(Gain) loss on sale or disposal of assets | — | (1 | ) | 14 | — | 13 | |||||||||||||
Total operating expenses | — | 96,090 | 26,836 | — | 122,926 | ||||||||||||||
Operating income | — | 42,730 | 8,269 | — | 50,999 | ||||||||||||||
Interest (income) expense | 960 | (362 | ) | 3,155 | — | 3,753 | |||||||||||||
Equity in net income of unconsolidated affiliates | (3,058 | ) | (1,067 | ) | — | — | (4,125 | ) | |||||||||||
Equity of net income in subsidiaries | (46,034 | ) | — | — | 46,034 | — | |||||||||||||
Other expense | — | 272 | 133 | — | 405 | ||||||||||||||
Income (loss) before income taxes | 48,132 | 43,887 | 4,981 | (46,034 | ) | 50,966 | |||||||||||||
Income tax expense | 14,151 | (2 | ) | 1,937 | — | 16,086 | |||||||||||||
Net income (loss) | 33,981 | 43,889 | 3,044 | (46,034 | ) | 34,880 | |||||||||||||
Net income attributable to redeemable noncontrolling interest | — | — | 899 | — | 899 | ||||||||||||||
Net income (loss) attributable to EZCORP, Inc. | $ | 33,981 | $ | 43,889 | $ | 2,145 | $ | (46,034 | ) | $ | 33,981 |
Three Months Ended March 31, 2012 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Merchandise sales | $ | — | $ | 84,739 | $ | 10,258 | $ | — | $ | 94,997 | |||||||||
Jewelry scrapping sales | — | 49,033 | 4,142 | — | 53,175 | ||||||||||||||
Pawn service charges | — | 50,505 | 5,939 | — | 56,444 | ||||||||||||||
Consumer loan fees | — | 40,233 | 10,086 | — | 50,319 | ||||||||||||||
Other revenues | — | 985 | 358 | — | 1,343 | ||||||||||||||
Total revenues | — | 225,495 | 30,783 | — | 256,278 | ||||||||||||||
Merchandise cost of goods sold | — | 50,063 | 5,817 | — | 55,880 | ||||||||||||||
Jewelry scrap cost of goods sold | — | 29,327 | 2,983 | — | 32,310 | ||||||||||||||
Consumer loan bad debt | — | 5,310 | 1,156 | — | 6,466 | ||||||||||||||
Net revenues | — | 140,795 | 20,827 | — | 161,622 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Operations | — | 71,199 | 15,425 | — | 86,624 | ||||||||||||||
Administrative | — | 10,918 | 1,080 | — | 11,998 | ||||||||||||||
Depreciation and amortization | — | 4,447 | 2,812 | — | 7,259 | ||||||||||||||
Loss on sale or disposal of assets | — | 2 | 25 | — | 27 | ||||||||||||||
Total operating expense | — | 86,566 | 19,342 | — | 105,908 | ||||||||||||||
Operating income | — | 54,229 | 1,485 | — | 55,714 | ||||||||||||||
Interest (income) expense | (396 | ) | 689 | 1,953 | — | 2,246 | |||||||||||||
Equity in net income of unconsolidated affiliates | (2,142 | ) | (2,435 | ) | — | — | (4,577 | ) | |||||||||||
Equity of net income in subsidiaries | (53,538 | ) | — | — | 53,538 | — | |||||||||||||
Other (income) expense | — | 803 | (1 | ) | — | 802 | |||||||||||||
Income (loss) before income taxes | 56,076 | 55,172 | (467 | ) | (53,538 | ) | 57,243 | ||||||||||||
Income tax expense | 18,815 | — | 1,055 | — | 19,870 | ||||||||||||||
Net income (loss) | 37,261 | 55,172 | (1,522 | ) | (53,538 | ) | 37,373 | ||||||||||||
Net income attributable to redeemable noncontrolling interest | — | — | 112 | — | 112 | ||||||||||||||
Net income (loss) attributable to EZCORP, Inc. | $ | 37,261 | $ | 55,172 | $ | (1,634 | ) | $ | (53,538 | ) | $ | 37,261 |
Six Months Ended March 31, 2013 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Merchandise sales | $ | — | $ | 165,166 | $ | 31,322 | $ | — | $ | 196,488 | |||||||||
Jewelry scrapping sales | — | 82,222 | 7,271 | — | 89,493 | ||||||||||||||
Pawn service charges | — | 112,722 | 15,896 | — | 128,618 | ||||||||||||||
Consumer loan fees | — | 83,661 | 43,414 | — | 127,075 | ||||||||||||||
Other revenues | — | 3,931 | 3,595 | — | 7,526 | ||||||||||||||
Total revenues | — | 447,702 | 101,498 | — | 549,200 | ||||||||||||||
Merchandise cost of goods sold | — | 96,632 | 18,046 | — | 114,678 | ||||||||||||||
Jewelry scrap cost of goods sold | — | 56,490 | 5,801 | — | 62,291 | ||||||||||||||
Consumer loan bad debt | — | 16,692 | 6,262 | — | 22,954 | ||||||||||||||
Net revenues | — | 277,888 | 71,389 | — | 349,277 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Operations | — | 163,871 | 48,938 | — | 212,809 | ||||||||||||||
Administrative | (103 | ) | 21,868 | 509 | — | 22,274 | |||||||||||||
Depreciation and amortization | — | 11,793 | 4,622 | — | 16,415 | ||||||||||||||
Loss on sale or disposal of assets | — | 27 | 15 | — | 42 | ||||||||||||||
Total operating expense | (103 | ) | 197,559 | 54,084 | — | 251,540 | |||||||||||||
Operating income | 103 | 80,329 | 17,305 | — | 97,737 | ||||||||||||||
Interest (income) expense | 1,976 | (732 | ) | 6,146 | — | 7,390 | |||||||||||||
Equity in net income of unconsolidated affiliates | (6,226 | ) | (2,937 | ) | — | — | (9,163 | ) | |||||||||||
Equity of net income in subsidiaries | (88,186 | ) | — | — | 88,186 | — | |||||||||||||
Other (income) expense | — | (227 | ) | 131 | — | (96 | ) | ||||||||||||
Income (loss) before income taxes | 92,539 | 84,225 | 11,028 | (88,186 | ) | 99,606 | |||||||||||||
Income tax expense | 27,841 | — | 4,730 | — | 32,571 | ||||||||||||||
Net income (loss) | 64,698 | 84,225 | 6,298 | (88,186 | ) | 67,035 | |||||||||||||
Net income attributable to redeemable noncontrolling interest | — | — | 2,337 | — | 2,337 | ||||||||||||||
Net income (loss) attributable to EZCORP, Inc. | $ | 64,698 | $ | 84,225 | $ | 3,961 | $ | (88,186 | ) | $ | 64,698 |
Six Months Ended March 31, 2012 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Merchandise sales | $ | — | $ | 160,711 | $ | 21,180 | $ | — | $ | 181,891 | |||||||||
Jewelry scrapping sales | — | 101,607 | 7,971 | — | 109,578 | ||||||||||||||
Pawn service charges | — | 104,875 | 11,361 | — | 116,236 | ||||||||||||||
Consumer loan fees | — | 82,650 | 12,757 | — | 95,407 | ||||||||||||||
Other revenues | 20,139 | 1,835 | 676 | (20,611 | ) | 2,039 | |||||||||||||
Total revenues | 20,139 | 451,678 | 53,945 | (20,611 | ) | 505,151 | |||||||||||||
Merchandise cost of goods sold | — | 93,178 | 11,098 | — | 104,276 | ||||||||||||||
Jewelry scrap cost of goods sold | — | 62,333 | 5,401 | — | 67,734 | ||||||||||||||
Consumer loan bad debt | — | 15,501 | 1,990 | — | 17,491 | ||||||||||||||
Net revenues | 20,139 | 280,666 | 35,456 | (20,611 | ) | 315,650 | |||||||||||||
Operating expenses: | |||||||||||||||||||
Operations | — | 142,796 | 26,386 | — | 169,182 | ||||||||||||||
Administrative | — | 21,735 | 2,389 | (472 | ) | 23,652 | |||||||||||||
Depreciation and amortization | — | 8,594 | 3,920 | — | 12,514 | ||||||||||||||
(Gain) loss on sale or disposal of assets | — | (222 | ) | 48 | — | (174 | ) | ||||||||||||
Total operating expense | — | 172,903 | 32,743 | (472 | ) | 205,174 | |||||||||||||
Operating income | 20,139 | 107,763 | 2,713 | (20,139 | ) | 110,476 | |||||||||||||
Interest (income) expense | (2,269 | ) | 3,142 | 1,924 | — | 2,797 | |||||||||||||
Equity in net income of unconsolidated affiliates | (4,478 | ) | (4,260 | ) | — | — | (8,738 | ) | |||||||||||
Equity of net income in subsidiaries | (87,451 | ) | — | — | 87,451 | — | |||||||||||||
Other (income) expense | — | (334 | ) | 17 | — | (317 | ) | ||||||||||||
Income before income taxes | 114,337 | 109,215 | 772 | (107,590 | ) | 116,734 | |||||||||||||
Income tax expense | 37,724 | 20,139 | 2,285 | (20,139 | ) | 40,009 | |||||||||||||
Net income (loss) | 76,613 | 89,076 | (1,513 | ) | (87,451 | ) | 76,725 | ||||||||||||
Net income attributable to redeemable noncontrolling interest | — | — | 112 | — | 112 | ||||||||||||||
Net income (loss) attributable to EZCORP, Inc. | $ | 76,613 | $ | 89,076 | $ | (1,625 | ) | $ | (87,451 | ) | $ | 76,613 |
Three Months Ended March 31, 2013 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net income (loss) | $ | 33,981 | $ | 43,889 | $ | 3,044 | $ | (46,034 | ) | $ | 34,880 | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation gain (loss) | 8,351 | (12 | ) | 7,871 | (5,099 | ) | 11,111 | ||||||||||||
Unrealized holding gains (losses) arising during period | (221 | ) | (221 | ) | — | 221 | (221 | ) | |||||||||||
Income tax benefit (provision) | (1,057 | ) | 82 | — | (82 | ) | (1,057 | ) | |||||||||||
Other comprehensive income (loss), net of tax | 7,073 | (151 | ) | 7,871 | (4,960 | ) | 9,833 | ||||||||||||
Comprehensive income (loss) | $ | 41,054 | $ | 43,738 | $ | 10,915 | $ | (50,994 | ) | $ | 44,713 | ||||||||
Attributable to redeemable noncontrolling interest: | |||||||||||||||||||
Net income | — | — | 899 | — | 899 | ||||||||||||||
Foreign currency translation gain | — | — | 2,760 | — | 2,760 | ||||||||||||||
Comprehensive income attributable to redeemable noncontrolling interest | — | — | 3,659 | — | 3,659 | ||||||||||||||
Comprehensive income (loss) attributable to EZCORP, Inc. | $ | 41,054 | $ | 43,738 | $ | 7,256 | $ | (50,994 | ) | $ | 41,054 |
Three Months Ended March 31, 2012 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net income (loss) | $ | 37,261 | $ | 55,172 | $ | (1,522 | ) | $ | (53,538 | ) | $ | 37,373 | |||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation gain (loss) | 5,898 | (458 | ) | 6,029 | (5,075 | ) | 6,394 | ||||||||||||
Unrealized holding gains (losses) arising during period | (179 | ) | (179 | ) | — | 179 | (179 | ) | |||||||||||
Income tax benefit (provision) | (75 | ) | 213 | — | (213 | ) | (75 | ) | |||||||||||
Other comprehensive income (loss), net of tax | 5,644 | (424 | ) | 6,029 | (5,109 | ) | 6,140 | ||||||||||||
Comprehensive income (loss) | $ | 42,905 | $ | 54,748 | $ | 4,507 | $ | (58,647 | ) | $ | 43,513 | ||||||||
Attributable to redeemable noncontrolling interest: | |||||||||||||||||||
Net income | — | — | 112 | — | 112 | ||||||||||||||
Foreign currency translation gain | — | — | 496 | — | 496 | ||||||||||||||
Comprehensive income attributable to redeemable noncontrolling interest | — | — | 608 | — | 608 | ||||||||||||||
Comprehensive income (loss) attributable to EZCORP, Inc. | $ | 42,905 | $ | 54,748 | $ | 3,899 | $ | (58,647 | ) | $ | 42,905 |
Six Months Ended March 31, 2013 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net income (loss) | $ | 64,698 | $ | 84,225 | $ | 6,298 | $ | (88,186 | ) | $ | 67,035 | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation gain (loss) | 12,470 | 1,337 | 5,638 | (4,866 | ) | 14,579 | |||||||||||||
Unrealized holding gains (losses) arising during period | (264 | ) | (264 | ) | — | 264 | (264 | ) | |||||||||||
Income tax benefit (provision) | (3,037 | ) | (375 | ) | — | 375 | (3,037 | ) | |||||||||||
Other comprehensive income (loss), net of tax | 9,169 | 698 | 5,638 | (4,227 | ) | 11,278 | |||||||||||||
Comprehensive income (loss) | $ | 73,867 | $ | 84,923 | $ | 11,936 | $ | (92,413 | ) | $ | 78,313 | ||||||||
Attributable to redeemable noncontrolling interest: | |||||||||||||||||||
Net income | — | — | 2,337 | — | 2,337 | ||||||||||||||
Foreign currency translation gain | — | — | 2,109 | — | 2,109 | ||||||||||||||
Comprehensive income attributable to redeemable noncontrolling interest | — | — | 4,446 | — | 4,446 | ||||||||||||||
Comprehensive income (loss) attributable to EZCORP, Inc. | $ | 73,867 | $ | 84,923 | $ | 7,490 | $ | (92,413 | ) | $ | 73,867 |
Six Months Ended March 31, 2012 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net income (loss) | $ | 76,613 | $ | 89,076 | $ | (1,513 | ) | $ | (87,451 | ) | $ | 76,725 | |||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation gain (loss) | (2,870 | ) | (1,336 | ) | 4,090 | (2,258 | ) | (2,374 | ) | ||||||||||
Unrealized holding gains (losses) arising during period | (738 | ) | (738 | ) | — | 738 | (738 | ) | |||||||||||
Income tax benefit (provision) | 2,511 | 716 | — | (716 | ) | 2,511 | |||||||||||||
Other comprehensive income (loss), net of tax | (1,097 | ) | (1,358 | ) | 4,090 | (2,236 | ) | (601 | ) | ||||||||||
Comprehensive income (loss) | $ | 75,516 | $ | 87,718 | $ | 2,577 | $ | (89,687 | ) | $ | 76,124 | ||||||||
Attributable to redeemable noncontrolling interest: | |||||||||||||||||||
Net income | — | — | 112 | — | 112 | ||||||||||||||
Foreign currency translation gain | — | — | 496 | — | 496 | ||||||||||||||
Comprehensive income attributable to redeemable noncontrolling interest | — | — | 608 | — | 608 | ||||||||||||||
Comprehensive income (loss) attributable to EZCORP, Inc. | $ | 75,516 | $ | 87,718 | $ | 1,969 | $ | (89,687 | ) | $ | 75,516 |
Six Months Ended March 31, 2013 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 70,266 | $ | (11,375 | ) | $ | 35,277 | $ | — | $ | 94,168 | ||||||||
Investing Activities: | |||||||||||||||||||
Loans made | — | (324,903 | ) | (116,014 | ) | — | (440,917 | ) | |||||||||||
Loans repaid | — | 237,041 | 70,889 | — | 307,930 | ||||||||||||||
Recovery of pawn loan principal through sale of forfeited collateral | — | 112,660 | 17,305 | — | 129,965 | ||||||||||||||
Additions to property and equipment | — | (15,955 | ) | (7,551 | ) | — | (23,506 | ) | |||||||||||
Acquisitions, net of cash acquired | — | (11,162 | ) | (1,117 | ) | — | (12,279 | ) | |||||||||||
Proceeds on advances to subsidiaries | — | 7,754 | — | (7,754 | ) | — | |||||||||||||
Investment in unconsolidated affiliates | (11,018 | ) | — | — | — | (11,018 | ) | ||||||||||||
Net cash used in investing activities | $ | (11,018 | ) | $ | 5,435 | $ | (36,488 | ) | $ | (7,754 | ) | $ | (49,825 | ) | |||||
Financing Activities: | |||||||||||||||||||
Proceeds from exercise of stock options | 6 | — | — | — | 6 | ||||||||||||||
Excess tax benefit from stock compensation | 342 | — | — | — | 342 | ||||||||||||||
Debt issuance cost | — | — | (259 | ) | — | (259 | ) | ||||||||||||
Taxes paid related to net share settlement of equity awards | (3,596 | ) | — | — | — | (3,596 | ) | ||||||||||||
Change in restricted cash | — | — | 2,303 | — | 2,303 | ||||||||||||||
Proceeds from revolving line of credit | 138,000 | — | 10,265 | — | 148,265 | ||||||||||||||
Payments on revolving line of credit | (194,000 | ) | — | (805 | ) | — | (194,805 | ) | |||||||||||
Proceeds from bank borrowings | — | — | 1,172 | — | 1,172 | ||||||||||||||
Payments on bank borrowings and capital lease obligations | — | (225 | ) | (12,699 | ) | 7,754 | (5,170 | ) | |||||||||||
Net cash provided by (used in) financing activities | $ | (59,248 | ) | $ | (225 | ) | $ | (23 | ) | $ | 7,754 | $ | (51,742 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 365 | — | 365 | ||||||||||||||
Net decrease in cash and cash equivalents | — | (6,165 | ) | (869 | ) | — | (7,034 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 703 | 27,686 | 20,088 | — | 48,477 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 703 | $ | 21,521 | $ | 19,219 | $ | — | $ | 41,443 |
Six Months Ended March 31, 2012 | |||||||||||||||||||
Parent | Subsidiary Guarantors | Other Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (12,881 | ) | $ | 46,249 | $ | 61,726 | $ | — | $ | 95,094 | ||||||||
Investing Activities: | |||||||||||||||||||
Loans made | — | (293,161 | ) | (67,193 | ) | — | (360,354 | ) | |||||||||||
Loans repaid | — | 212,065 | 48,224 | — | 260,289 | ||||||||||||||
Recovery of pawn loan principal through sale of forfeited collateral | — | 117,114 | 12,404 | — | 129,518 | ||||||||||||||
Additions to property and equipment | — | (12,584 | ) | (8,258 | ) | — | (20,842 | ) | |||||||||||
Acquisitions, net of cash acquired | — | (51,254 | ) | (31,803 | ) | — | (83,057 | ) | |||||||||||
Proceeds on advances to subsidiaries | — | $ | (10,269 | ) | $ | — | $ | 10,269 | $ | — | |||||||||
Net cash provided by (used in) investing activities | $ | — | $ | (38,089 | ) | $ | (46,626 | ) | $ | 10,269 | $ | (74,446 | ) | ||||||
Financing Activities: | |||||||||||||||||||
Proceeds from exercise of stock options | 634 | — | — | — | 634 | ||||||||||||||
Excess tax benefit from stock compensation | 1,521 | — | — | — | 1,521 | ||||||||||||||
Taxes paid related to net share settlement of equity awards | (1,071 | ) | — | — | — | (1,071 | ) | ||||||||||||
Change in restricted cash | — | — | (935 | ) | — | (935 | ) | ||||||||||||
Proceeds on revolving line of credit | 321,500 | — | 117 | — | 321,617 | ||||||||||||||
Payments on revolving line of credit | (309,000 | ) | — | (9,227 | ) | — | (318,227 | ) | |||||||||||
Proceeds from bank borrowings | — | — | 10,269 | (10,269 | ) | — | |||||||||||||
Payments on bank borrowings and capital lease obligations | — | — | (1,056 | ) | — | (1,056 | ) | ||||||||||||
Net cash provided by (used in) financing activities | $ | 13,584 | $ | — | $ | (832 | ) | $ | (10,269 | ) | $ | 2,483 | |||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (426 | ) | — | (426 | ) | ||||||||||||
Net increase in cash and cash equivalents | 703 | 8,160 | 13,842 | — | 22,705 | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 20,860 | 3,109 | — | 23,969 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 703 | $ | 29,020 | $ | 16,951 | $ | — | $ | 46,674 |
March 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||
(in thousands) | |||||||||||
Pawn service charges receivable: | |||||||||||
Gross pawn service charges receivable | $ | 33,944 | $ | 30,534 | $ | 40,828 | |||||
Allowance for uncollectible pawn service charges receivable | (8,556 | ) | (8,238 | ) | (11,427 | ) | |||||
Pawn service charges receivable, net | $ | 25,388 | $ | 22,296 | $ | 29,401 | |||||
Consumer loan fees receivable: | |||||||||||
Gross consumer loan fees receivable | $ | 36,331 | $ | 28,376 | $ | 34,846 | |||||
Allowance for uncollectible consumer loan fees receivable | (2,824 | ) | (3,825 | ) | (4,430 | ) | |||||
Consumer loan fees receivable, net | $ | 33,507 | $ | 24,551 | $ | 30,416 | |||||
Inventory: | |||||||||||
Inventory, gross | $ | 121,893 | $ | 93,970 | $ | 114,788 | |||||
Inventory reserves | (5,376 | ) | (6,136 | ) | (5,574 | ) | |||||
Inventory, net | $ | 116,517 | $ | 87,834 | $ | 109,214 | |||||
Property and equipment: | |||||||||||
Property and equipment, gross | $ | 285,748 | $ | 234,844 | $ | 260,379 | |||||
Accumulated depreciation | (166,769 | ) | (139,800 | ) | (152,248 | ) | |||||
Property and equipment, net | $ | 118,979 | $ | 95,044 | $ | 108,131 |
March 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||
(in thousands) | |||||||||||
Consumer loans: | |||||||||||
Expected LOC losses | $ | 1,666 | $ | 1,402 | $ | 1,776 | |||||
Maximum exposure for LOC losses | $ | 22,737 | $ | 21,727 | $ | 27,373 |
• | 492 U.S. pawn stores (operating primarily as EZPAWN or Value Pawn); |
• | 7 U.S. buy/sell stores (operating as Cash Converters); |
• | 277 Mexico pawn stores (operating as Empeño Fácil or Empeñe su Oro; |
• | 20 Mexico buy/sell stores (operating as TUYO); |
• | 490 U.S. financial services stores (operating primarily as EZMONEY); |
• | 33 financial services stores in Canada (operating as CASHMAX ); |
• | 36 buy/sell and financial services stores in Canada (operating as Cash Converters); and |
• | 48 Grupo Finmart locations in Mexico. |
• | U.S. & Canada – All business activities in the United States and Canada |
• | Latin America – All business activities in Mexico and other parts of Latin America |
• | Other International – All business activities in the rest of the world (currently consisting of consumer loans online in the U.K. and our equity interests in the net income of Albemarle & Bond and Cash Converters International) |
Three Months Ended March 31, 2013 | ||||||||||||||
Company-owned Stores | ||||||||||||||
U.S. & Canada | Latin America | Other International | Consolidated | Franchises | ||||||||||
Stores in operation: | ||||||||||||||
Beginning of period | 1,050 | 319 | — | 1,369 | 10 | |||||||||
De novo | 12 | 27 | — | 39 | — | |||||||||
Acquired | — | — | — | — | — | |||||||||
Sold, combined, or closed | (4 | ) | (1 | ) | — | (5 | ) | (1 | ) | |||||
End of period | 1,058 | 345 | — | 1,403 | 9 |
Six Months Ended March 31, 2013 | ||||||||||||||
Company-owned Stores | ||||||||||||||
U.S. & Canada | Latin America | Other International | Consolidated | Franchises | ||||||||||
Stores in operation: | ||||||||||||||
Beginning of period | 987 | 275 | — | 1,262 | 10 | |||||||||
De novo | 63 | 51 | — | 114 | — | |||||||||
Acquired | 12 | 20 | — | 32 | — | |||||||||
Sold, combined, or closed | (4 | ) | (1 | ) | — | (5 | ) | (1 | ) | |||||
End of period | 1,058 | 345 | — | 1,403 | 9 |
Three Months Ended March 31, 2012 | ||||||||||||||
Company-owned Stores | ||||||||||||||
U.S. & Canada | Latin America | Other International | Consolidated | Franchises | ||||||||||
Stores in operation: | ||||||||||||||
Beginning of period | 950 | 192 | — | 1,142 | 12 | |||||||||
De novo | 8 | 13 | — | 21 | — | |||||||||
Acquired | 15 | 45 | — | 60 | — | |||||||||
Sold, combined, or closed | (3 | ) | — | — | (3 | ) | — | |||||||
End of period | 970 | 250 | — | 1,220 | 12 |
Six Months Ended March 31, 2012 | ||||||||||||||
Company-owned Stores | ||||||||||||||
U.S. & Canada | Latin America | Other International | Consolidated | Franchises | ||||||||||
Stores in operation: | ||||||||||||||
Beginning of period | 933 | 178 | — | 1,111 | 13 | |||||||||
De novo | 8 | 27 | — | 35 | — | |||||||||
Acquired | 40 | 45 | — | 85 | — | |||||||||
Sold, combined, or closed | (11 | ) | — | — | (11 | ) | (1 | ) | ||||||
End of period | 970 | 250 | — | 1,220 | 12 |
Three Months Ended March 31, | Percentage Change | |||||||||
2013 | 2012 | |||||||||
(in thousands) | ||||||||||
Revenues: | ||||||||||
Sales | $ | 144,474 | $ | 148,172 | (2.5 | )% | ||||
Pawn service charges | 62,594 | 56,444 | 10.9 | % | ||||||
Consumer loan fees | 62,310 | 50,319 | 23.8 | % | ||||||
Other | 2,696 | 1,343 | 100.7 | % | ||||||
Total revenues | 272,074 | 256,278 | 6.2 | % | ||||||
Cost of goods sold | 89,269 | 88,190 | 1.2 | % | ||||||
Consumer loan bad debt | 8,880 | 6,466 | 37.3 | % | ||||||
Net revenues | $ | 173,925 | $ | 161,622 | 7.6 | % | ||||
Net income attributable to EZCORP, Inc. | $ | 33,981 | $ | 37,261 | (8.8 | )% |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Revenues: | |||||||
Merchandise sales | $ | 87,048 | $ | 85,498 | |||
Jewelry scrapping sales | 40,671 | 49,414 | |||||
Pawn service charges | 54,512 | 50,505 | |||||
Consumer loan fees | 43,825 | 42,806 | |||||
Other revenues | 1,620 | 1,219 | |||||
Total revenues | 227,676 | 229,442 | |||||
Merchandise cost of goods sold | 51,167 | 50,499 | |||||
Jewelry scrapping cost of goods sold | 27,663 | 29,537 | |||||
Consumer loan bad debt | 6,864 | 5,878 | |||||
Net revenues | 141,982 | 143,528 | |||||
Segment expenses: | |||||||
Operations | 85,477 | 75,364 | |||||
Depreciation and amortization | 4,909 | 3,390 | |||||
(Gain) loss on sale or disposal of assets | (1 | ) | 25 | ||||
Interest expense, net | 15 | — | |||||
Other (income) expense | (1 | ) | 909 | ||||
Segment contribution | $ | 51,583 | $ | 63,840 | |||
Other data: | |||||||
Gross margin on merchandise sales | 41.2 | % | 40.9 | % | |||
Gross margin on jewelry scrapping sales | 32.0 | % | 40.2 | % | |||
Gross margin on total sales | 38.3 | % | 40.7 | % | |||
Average pawn loan balance per pawn store at period end | $ | 240 | $ | 236 | |||
Average yield on pawn loan portfolio (a) | 162 | % | 163 | % | |||
Pawn loan redemption rate | 84 | % | 83 | % | |||
Consumer loan bad debt as a percentage of consumer loan fees | 15.7 | % | 13.7 | % |
(a) | Average yield on pawn loan portfolio is calculated as pawn service charge revenues for the period divided by the average pawn loan balance during the period. |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Revenues: | |||||||
Merchandise sales | $ | 13,858 | $ | 9,499 | |||
Jewelry scrapping sales | 2,897 | 3,761 | |||||
Pawn service charges | 8,082 | 5,939 | |||||
Consumer loan fees | 11,842 | 7,383 | |||||
Other revenues | 217 | 124 | |||||
Total revenues | 36,896 | 26,706 | |||||
Merchandise cost of goods sold | 8,010 | 5,381 | |||||
Jewelry scrapping cost of goods sold | 2,429 | 2,773 | |||||
Consumer loan bad debt | (661 | ) | 508 | ||||
Net revenues | 27,118 | 18,044 | |||||
Segment expenses: | |||||||
Operations | 16,401 | 11,090 | |||||
Depreciation and amortization | 1,771 | 2,404 | |||||
Loss on sale or disposal of assets | 14 | 2 | |||||
Interest expense, net | 2,802 | 1,769 | |||||
Other (income) expense | (315 | ) | 13 | ||||
Segment contribution | $ | 6,445 | $ | 2,766 | |||
Other data: | |||||||
Gross margin on merchandise sales | 42.2 | % | 43.4 | % | |||
Gross margin on jewelry scrapping sales | 16.2 | % | 26.3 | % | |||
Gross margin on total sales | 37.7 | % | 38.5 | % | |||
Average pawn loan balance per pawn store at period end | $ | 68 | $ | 66 | |||
Average yield on pawn loan portfolio (a) | 195 | % | 203 | % | |||
Pawn loan redemption rate | 76 | % | 77 | % | |||
Consumer loan bad debt as a percentage of consumer loan fees | (5.6 | )% | 6.9 | % |
(a) | Average yield on pawn loan portfolio is calculated as pawn service charge revenues for the period divided by the average pawn loan balance during the period. |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Consumer loan fees | $ | 6,643 | $ | 130 | |||
Other revenues | 859 | — | |||||
Total revenues | 7,502 | 130 | |||||
Consumer loan bad debt | 2,677 | 80 | |||||
Net revenues | 4,825 | 50 | |||||
Segment expenses: | |||||||
Operations expense | 3,669 | 170 | |||||
Depreciation and amortization | 143 | 14 | |||||
Interest income, net | (1 | ) | — | ||||
Equity in net income of unconsolidated affiliates | (4,125 | ) | (4,577 | ) | |||
Segment contribution | $ | 5,139 | $ | 4,443 | |||
Other data: | |||||||
Consumer loan bad debt as a percent of consumer loan fees | 40 | % | 62 | % |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Segment contribution | $ | 63,167 | $ | 71,049 | |||
Corporate expenses: | |||||||
Administrative | 8,603 | 11,998 | |||||
Depreciation and amortization | 1,940 | 1,451 | |||||
Interest expense, net | 937 | 477 | |||||
Other (income) expense | 721 | (120 | ) | ||||
Consolidated income before income taxes | 50,966 | 57,243 | |||||
Income tax expense | 16,086 | 19,870 | |||||
Net income | 34,880 | 37,373 | |||||
Net income attributable to noncontrolling interest | 899 | 112 | |||||
Net income attributable to EZCORP, Inc. | $ | 33,981 | $ | 37,261 |
Six Months Ended March 31, | Percentage Change | |||||||||
2013 | 2012 | |||||||||
(in thousands) | ||||||||||
Revenues: | ||||||||||
Sales | $ | 285,981 | $ | 291,469 | (1.9 | )% | ||||
Pawn service charges | 128,618 | 116,236 | 10.7 | % | ||||||
Consumer loan fees | 127,075 | 95,407 | 33.2 | % | ||||||
Other | 7,526 | 2,039 | 269.1 | % | ||||||
Total revenues | 549,200 | 505,151 | 8.7 | % | ||||||
Cost of goods sold | 176,969 | 172,010 | 2.9 | % | ||||||
Consumer loan bad debt | 22,954 | 17,491 | 31.2 | % | ||||||
Net revenues | $ | 349,277 | $ | 315,650 | 10.7 | % | ||||
Net income attributable to EZCORP, Inc. | $ | 64,698 | $ | 76,613 | (15.6 | )% |
Six Months Ended March 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Revenues: | |||||||
Merchandise sales | $ | 167,513 | $ | 162,050 | |||
Jewelry scrapping sales | 82,813 | 102,280 | |||||
Pawn service charges | 112,722 | 104,875 | |||||
Consumer loan fees | 89,784 | 87,818 | |||||
Other revenues | 4,414 | 1,795 | |||||
Total revenues | 457,246 | 458,818 | |||||
Merchandise cost of goods sold | 97,899 | 93,950 | |||||
Jewelry scrapping cost of goods sold | 56,820 | 62,687 | |||||
Consumer loan bad debt | 18,345 | 16,768 | |||||
Net revenues | 284,182 | 285,413 | |||||
Segment expenses: | |||||||
Operations | 172,920 | 150,358 | |||||
Depreciation and amortization | 9,011 | 6,613 | |||||
(Gain) loss on sale or disposal of assets | 28 | (175 | ) | ||||
Interest expense | 32 | 4 | |||||
Other income | (5 | ) | (151 | ) | |||
Segment contribution | $ | 102,196 | $ | 128,764 | |||
Other data: | |||||||
Gross margin on merchandise sales | 41.6 | % | 42.0 | % | |||
Gross margin on jewelry scrapping sales | 31.4 | % | 38.7 | % | |||
Gross margin on total sales | 38.2 | % | 40.7 | % | |||
Average pawn loan balance per pawn store at period end | $ | 240 | $ | 236 | |||
Average yield on pawn loan portfolio (a) | 164 | % | 162 | % | |||
Pawn loan redemption rate | 83 | % | 82 | % | |||
Consumer loan bad debt as a percentage of consumer loan fees | 20.4 | % | 19.1 | % |
(a) | Average yield on pawn loan portfolio is calculated as pawn service charge revenues for the period divided by the average pawn loan balance during the period. |
Six Months Ended March 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Revenues: | |||||||
Merchandise sales | $ | 28,975 | $ | 19,841 | |||
Jewelry scrapping sales | 6,680 | 7,298 | |||||
Pawn service charges | 15,896 | 11,361 | |||||
Consumer loan fees | 23,719 | 7,383 | |||||
Other revenues | 1,871 | 244 | |||||
Total revenues | 77,141 | 46,127 | |||||
Merchandise cost of goods sold | 16,779 | 10,326 | |||||
Jewelry scrapping cost of goods sold | 5,471 | 5,047 | |||||
Consumer loan bad debt | (1,709 | ) | 508 | ||||
Net revenues | 56,600 | 30,246 | |||||
Segment expenses: | |||||||
Operations | 32,142 | 18,056 | |||||
Depreciation and amortization | 3,446 | 3,174 | |||||
Loss on sale or disposal of assets | 14 | 1 | |||||
Interest expense, net | 5,415 | 1,733 | |||||
Other (income) expense | (295 | ) | 16 | ||||
Segment contribution | $ | 15,878 | $ | 7,266 | |||
Other data: | |||||||
Gross margin on merchandise sales | 42.1 | % | 48.0 | % | |||
Gross margin on jewelry scrapping sales | 18.1 | % | 30.8 | % | |||
Gross margin on total sales | 37.6 | % | 43.4 | % | |||
Average pawn loan balance per pawn store at period end | $ | 68 | $ | 66 | |||
Average yield on pawn loan portfolio (a) | 190 | % | 198 | % | |||
Pawn loan redemption rate | 76 | % | 77 | % | |||
Consumer loan bad debt as a percentage of consumer loan fees | (7.2 | )% | 6.9 | % |
(a) | Average yield on pawn loan portfolio is calculated as pawn service charge revenues for the period divided by the average pawn loan balance during the period. |
Six Months Ended March 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Consumer loan fees | $ | 13,572 | $ | 206 | |||
Other revenues | 1,241 | — | |||||
Total revenues | 14,813 | 206 | |||||
Consumer loan bad debt | 6,318 | 215 | |||||
Net revenues | 8,495 | (9 | ) | ||||
Segment expenses: | |||||||
Operations | 7,747 | 768 | |||||
Depreciation and amortization | 219 | 36 | |||||
Interest income, net | (1 | ) | — | ||||
Equity in net income of unconsolidated affiliates | (9,163 | ) | (8,738 | ) | |||
Other income | (69 | ) | (64 | ) | |||
Segment contribution | $ | 9,762 | $ | 7,989 | |||
Other data: | |||||||
Consumer loan bad debt as a percent of consumer loan fees | 47 | % | 104 | % |
Six Months Ended March 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Segment contribution | $ | 127,836 | $ | 144,019 | |||
Corporate expenses: | |||||||
Administrative | 22,274 | 23,652 | |||||
Depreciation and amortization | 3,739 | 2,691 | |||||
Interest expense, net | 1,944 | 1,060 | |||||
Other (income) expense | 273 | (118 | ) | ||||
Consolidated income before income taxes | 99,606 | 116,734 | |||||
Income tax expense | 32,571 | 40,009 | |||||
Net income | 67,035 | 76,725 | |||||
Net income attributable to noncontrolling interest | 2,337 | 112 | |||||
Net income attributable to EZCORP, Inc. | $ | 64,698 | $ | 76,613 |
Payments due by Period | |||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||
(in thousands) | |||||||||||||||||||
Long-term debt obligations* | $ | 170,794 | $ | 27,727 | $ | 103,589 | $ | 39,478 | $ | — | |||||||||
Interest on long-term debt obligations** | 30,148 | 11,474 | 16,004 | 2,670 | — | ||||||||||||||
Operating lease obligations | 243,970 | 59,094 | 93,717 | 51,286 | 39,873 | ||||||||||||||
Capital lease obligations | 1,181 | 525 | 656 | — | — | ||||||||||||||
Interest on capital lease obligations | 130 | 88 | 42 | — | — | ||||||||||||||
Deferred consideration | 12,000 | — | 12,000 | — | — | ||||||||||||||
Total | $ | 458,223 | $ | 98,908 | $ | 226,008 | $ | 93,434 | $ | 39,873 | |||||||||
* Excludes debt premium related to Grupo Finmart | |||||||||||||||||||
** Future interest on long-term obligations calculated on interest rates effective at the balance sheet date |
• | Judgments in decision-making can be faulty, and control and process breakdowns can occur because of simple errors or mistakes. |
• | Controls can be circumvented by individuals, acting alone or in collusion with others, or by management override. |
• | The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. |
• | Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with associated policies or procedures. |
• | The design of a control system must reflect the fact that resources are constrained, and the benefits of controls must be considered relative to their costs. |
Exhibit No. | Description of Exhibit | ||
31.1 | Certification of Paul E. Rothamel, Chief Executive Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
31.2 | Certification of Mark Kuchenrither, Chief Financial Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
32.1 | Certifications of Paul E. Rothamel, Chief Executive Officer, and Mark Kuchenrither, Chief Financial Officer , pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
101.INS* | XBRL Instance Document | ||
101.SCH* | XBRL Taxonomy Extension Schema Document | ||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.LAB* | XBRL Taxonomy Label Linkbase Document | ||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | ||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets at March 31, 2013, March 31, 2012 and September 30, 2012; (ii) Consolidated Statements of Income for the three and six months ended March 31, 2013 and March 31, 2012; (iii) Consolidated Statements of Comprehensive Income for the three and six months ended March 31, 2013 and March 31, 2012 (iv) Consolidated Statements of Cash Flows for the six months ended March 31, 2013 and March 31, 2012; and (v) Notes to Consolidated Financial Statements. |
EZCORP, INC. | |||
Date: | May 10, 2013 | /s/ Jeffrey S. Byal | |
Jeffrey S. Byal Senior Vice President and Chief Accounting Officer |
Exhibit No. | Description of Exhibit | |
31.1 | Certification of Paul E. Rothamel, Chief Executive Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certification of Mark Kuchenrither, Chief Financial Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1 | Certifications of Paul E. Rothamel, Chief Executive Officer, and Mark Kuchenrither, Chief Financial Officer , pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS* | XBRL Instance Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB* | XBRL Taxonomy Label Linkbase Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets at March 31, 2013, March 31, 2012 and September 30, 2012; (ii) Consolidated Statements of Income for the three and six months ended March 31, 2013 and March 31, 2012; (iii) Consolidated Statements of Comprehensive Income for the three and six months ended March 31, 2013 and March 31, 2012 (iv) Consolidated Statements of Cash Flows for the six months ended March 31, 2013 and March 31, 2012; and (v) Notes to Consolidated Financial Statements. |
1. | I have reviewed this Quarterly Report on Form 10-Q of EZCORP, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Paul E. Rothamel | |||
Paul E. Rothamel | |||
President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of EZCORP, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Mark Kuchenrither | |||
Mark Kuchenrither | |||
Executive Vice President and Chief Financial Officer |
Date: | May 10, 2013 | /s/ Paul E. Rothamel |
Paul E. Rothamel | ||
President and Chief Executive Officer | ||
Date: | May 10, 2013 | /s/ Mark Kuchenrither |
Mark Kuchenrither | ||
Executive Vice President and Chief Financial Officer |
Organization and Summary of Significant Accounting Policies (Details)
|
Mar. 31, 2013
|
Nov. 14, 2012
|
Nov. 13, 2012
|
---|---|---|---|
Grupo Finmart [Member]
|
|||
Redeemable Noncontrolling Interest [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | ||
Cash Genie [Member]
|
|||
Redeemable Noncontrolling Interest [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 95.00% | 95.00% | 72.00% |
Renueva Comercial S.A. de C.V [Member]
|
|||
Redeemable Noncontrolling Interest [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% |
Common Stock, Options and Stock Compensation (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Compensation costs included in net income | ||||
Gross compensation costs | $ 2,129 | $ 1,725 | $ 3,054 | $ 3,238 |
Income tax benefits | (720) | (570) | (1,019) | (1,016) |
Net compensation expense | 1,409 | 1,155 | 2,035 | 2,222 |
Proceeds from exercise of stock options | 6 | 634 | ||
Common Stock Class A Non-voting
|
||||
Compensation costs included in net income | ||||
Stock options exercised, shares | 3,000 | 195,898 | 3,000 | 195,898 |
Proceeds from exercise of stock options | $ 600 | $ 600 |
Condensed Consolidating Financial Information (Details) (Textual) (USD $)
|
Mar. 31, 2013
|
Sep. 30, 2012
|
Mar. 31, 2012
|
---|---|---|---|
Common Stock Class A Non-voting [Member]
|
|||
Stockholders' Equity | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock Class B Voting
|
|||
Stockholders' Equity | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Redeemable Noncontrolling Interest (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Noncontrolling Interest [Abstract] | |||
Noncontrolling Interest, Increase from Business Combination | $ 36,300 | $ 2,836 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Beginning balance | 53,681 | 0 | |
Sale of additional shares to parent | (7,981) | ||
Net income attributable to redeemable noncontrolling interests | 2,337 | 112 | |
Foreign currency translation adjustment attributable to noncontrolling interests | 2,109 | 496 | |
Ending balance | $ 52,982 | $ 52,982 | $ 36,908 |
Strategic Investments (Details Textual) (USD $)
|
6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 37 Months Ended | ||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
Albemarle & Bond Holdings [Member]
|
Dec. 31, 2012
Albemarle & Bond Holdings [Member]
|
Dec. 31, 2012
Albemarle & Bond Holdings [Member]
|
Nov. 30, 2012
Cash Converters International Limited [Member]
|
Mar. 31, 2013
Cash Converters International Limited [Member]
|
Dec. 31, 2012
Cash Converters International Limited [Member]
|
Dec. 31, 2012
Cash Converters International Limited [Member]
|
Nov. 30, 2012
Cash Converters International Limited [Member]
|
Jun. 30, 2012
Cash Converters International Limited [Member]
Store
|
|
Strategic Investments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||||||||
Number of common shares owned | 16,644,640 | 136,848,000 | |||||||||
Percentage of common shares owned | 30.00% | 33.00% | |||||||||
Total cost of common shares owned | $ 27,600,000 | ||||||||||
Income from investment, period | 3 months | 3 months | |||||||||
Percentage Increase in total assets | 13.00% | 22.00% | |||||||||
Percentage change in net income | 31.00% | 39.00% | |||||||||
Number of owned and franchise stores | 700 | ||||||||||
Number of shares acquired | 12,430,000 | ||||||||||
Payments to acquire equity method investment | $ 11,018,000 | $ 0 | $ 11,000,000 | $ 68,800,000 |
Operating Segment Information (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating segment information | The following tables present operating segment information for the three and six-month periods ending March 31, 2013 and 2012:
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Separately identified segment assets | The following table presents separately identified segment assets:
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Reconciliation of Assets from Segment to Consolidated [Table Text Block] | The following table reconciles separately identified recorded segment assets, as shown above, to our consolidated total assets:
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Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | The following tables provide geographic information required by ASC 280-10-50-41:
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Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] |
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Supplemental Consolidated Financial Information (Details Textual) (USD $)
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3 Months Ended | 6 Months Ended | |||
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Mar. 31, 2013
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Sep. 30, 2012
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Mar. 31, 2012
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Mar. 31, 2013
Assets Held under Capital Leases [Member]
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Mar. 31, 2013
Assets Held under Capital Leases [Member]
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Property, Plant and Equipment [Line Items] | |||||
Property and equipment, net | $ 118,979,000 | $ 108,131,000 | $ 95,044,000 | $ 1,300,000 | $ 1,300,000 |
Depreciation and amortization | 100,000 | 300,000 | |||
Future minimum lease payments related to capital leases due within one year | 600,000 | ||||
Future minimum lease payments related to capital leases due within two years | 600,000 | ||||
Future minimum lease payments related to capital leases due within three years | 100,000 | ||||
Future minimum lease payments related to capital leases | 1,300,000 | ||||
Future minimum lease payments related to capital leases, interest | 100,000 | ||||
Present value of net minimum lease payments | $ 1,200,000 |
Income Taxes (Details Textual)
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3 Months Ended | 6 Months Ended | ||
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Mar. 31, 2013
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Mar. 31, 2012
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Mar. 31, 2013
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Mar. 31, 2012
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Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 31.60% | 34.70% | 32.70% | 34.30% |
Supplemental Consolidated Financial Information (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
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Sep. 30, 2012
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Mar. 31, 2012
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Pawn service charges receivable: | |||
Gross pawn service charges receivable | $ 33,944 | $ 40,828 | $ 30,534 |
Allowance for uncollectible pawn service charges receivable | (8,556) | (11,427) | (8,238) |
Pawn service charges receivable, net | 25,388 | 29,401 | 22,296 |
Consumer loan fees receivable: | |||
Gross consumer loan fees receivable | 36,331 | 34,846 | 28,376 |
Allowance for uncollectible consumer loan fees receivable | (2,824) | (4,430) | (3,825) |
Consumer loan fees receivable, net | 33,507 | 30,416 | 24,551 |
Inventory: | |||
Inventory, gross | 121,893 | 114,788 | 93,970 |
Inventory reserves | (5,376) | (5,574) | (6,136) |
Inventory, net | 116,517 | 109,214 | 87,834 |
Property and equipment: | |||
Property and equipment, gross | 285,748 | 260,379 | 234,844 |
Accumulated depreciation | (166,769) | (152,248) | (139,800) |
Property and equipment, net | $ 118,979 | $ 108,131 | $ 95,044 |
Organization and Summary of Significant Accounting Policies (Policies)
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6 Months Ended |
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Mar. 31, 2013
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles 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. These adjustments are of a normal, recurring nature except for those related to acquired businesses (described in Note 2). The accompanying financial statements should be read with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended September 30, 2012. The balance sheet at September 30, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Our business is subject to seasonal variations, and operating results for the three and six months ended March 31, 2013 (the “current quarter” and "current six-month period") are not necessarily indicative of the results of operations for the full fiscal year. Certain prior period balances have been reclassified to conform to the current presentation and to reflect adjustments to purchase price allocations that were updated as additional information became available. The consolidated financial statements include the accounts of EZCORP, Inc. ("EZCORP") and its consolidated subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. As of March 31, 2013, we own 60% of the outstanding equity interests in Prestaciones Finmart, S.A. de C.V., SOFOM, E.N.R. (“Grupo Finmart"), doing business under the brands "Crediamigo” and "Adex," 95% of Ariste Holding Limited and its affiliates ("Cash Genie"), and 51% of Renueva Comercial S.A. de C.V. ("TUYO"), and therefore, include their results in our consolidated financial statements. We account for our investments in Albemarle & Bond Holdings, PLC and Cash Converters International Limited using the equity method. With the exception of the policies described below, 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, 2012. |
Unsecured Consumer Loan Revenue and Bad Debt | Unsecured Consumer Loan Revenue and Bad Debt— Consumer loans made by EZCORP Online are considered delinquent if they are not repaid or renewed by the maturity date. We do not accrue additional revenues on delinquent loans. All outstanding principal balances and fee receivables greater than 60 days past due are considered defaulted. Upon default, we charge consumer loan principal to consumer loan bad debt and reverse accrued unsecured consumer loan fee revenue. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In October 2012, the FASB issued ASU 2012-04, Technical Corrections and Improvements. This update clarifies the Codification or corrects unintended application of guidance and includes amendments identifying when the use of fair value should be linked to the definition of fair value in Topic 820, Fair Value Measurement. Amendments to the Codification without transition guidance are effective upon issuance for both public and nonpublic entities. For public entities, amendments subject to transition guidance will be effective for fiscal periods beginning after December 15, 2012. We do not anticipate that the adoption of ASU 2012-04 will have a material effect on our financial position, results of operations or cash flows. In February 2013, the FASB issued ASU 2013-02, Comprehensive income (Topic 220) — Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This update, requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update requires entities to apply the amendments for periods beginning after December 15, 2012 and interim periods within those annual periods and to provide the required disclosures for all reporting periods presented. We do not anticipate the adoption of ASU 2013-03 to have a material effect on our financial position, results of operations or cash flows. In February 2013, the FASB issued ASU 2013-04, Liabilities (Topic 405)—Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force). This update provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date (except for obligations addressed within existing guidance in U.S. GAAP). Examples of obligations within the scope of ASU 2013-04 include debt arrangements, other contractual obligations and settled litigation and judicial rulings. ASU 2013-04 is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We do not anticipate that the adoption of ASU 2013-04 will have a material effect on our financial position, results of operations or cash flows. In March 2013, the FASB issued ASU 2013-05, Foreign Currency Matters (Topic 830) — Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force). This update applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity, or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We do not anticipate that the adoption of ASU 2013-05 will have a material effect on our financial position, results of operations or cash flows. |
Goodwill and Other Intangible Assets (Details 3) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Mar. 31, 2013
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Mar. 31, 2012
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Mar. 31, 2013
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Mar. 31, 2012
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Classification of amortization recognized as expense | ||||
Amortization expense | $ 1,322 | $ 1,697 | $ 2,045 | $ 1,924 |
Operations expense | 32 | 23 | 67 | 49 |
Interest expense | 760 | 444 | 1,524 | 595 |
Total expense from the amortization of definite-lived intangible assets | $ 2,114 | $ 2,164 | $ 3,636 | $ 2,568 |
Earnings per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Mar. 31, 2013
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Mar. 31, 2012
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Mar. 31, 2013
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Mar. 31, 2012
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Net Components of Basic and Diluted Earnings per Share | ||||
Net income attributable to EZCORP (A) | $ 33,981 | $ 37,261 | $ 64,698 | $ 76,613 |
Weighted average outstanding shares of common stock (B) | 54,172 | 50,794 | 53,099 | 50,573 |
Dilutive effect of stock options and restricted stock | 80 | 275 | 73 | 314 |
Weighted average common stock and common stock equivalents (C) | 54,252 | 51,069 | 53,172 | 50,887 |
Basic earnings per share (A/B) | $ 0.63 | $ 0.73 | $ 1.22 | $ 1.51 |
Diluted earnings per share (A/C) | $ 0.63 | $ 0.73 | $ 1.22 | $ 1.51 |
Potential common shares excluded from the calculation of diluted earnings per share | 0 | 0 | 7 | 0 |
Condensed Consolidating Financial Information (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheets
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Income | Condensed Consolidating Statements of Operations
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed consolidated statements of comprehensive income | Condensed Consolidating Statements of Comprehensive Income
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed consolidated Statement of cash flows | Condensed Consolidating Statements of Cash Flows
|
Long-term Debt and Capital Lease Obligations (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Sep. 30, 2012
|
Mar. 31, 2012
|
May 10, 2011
Domestic line of credit up to $175,000 due 2015 [Member]
|
Mar. 31, 2013
Recourse to EZCORP [Member]
|
Sep. 30, 2012
Recourse to EZCORP [Member]
|
Mar. 31, 2012
Recourse to EZCORP [Member]
|
Mar. 31, 2013
Recourse to EZCORP [Member]
Domestic line of credit up to $175,000 due 2015 [Member]
|
Sep. 30, 2012
Recourse to EZCORP [Member]
Domestic line of credit up to $175,000 due 2015 [Member]
|
Mar. 31, 2012
Recourse to EZCORP [Member]
Domestic line of credit up to $175,000 due 2015 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
10% unsecured notes due 2013 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
10% unsecured notes due 2013 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
10% unsecured notes due 2013 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
15% unsecured notes due 2013 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
15% unsecured notes due 2013 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
15% unsecured notes due 2013 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
16% unsecured notes due 2013 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
16% unsecured notes due 2013 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
16% unsecured notes due 2013 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
20% unsecured notes due 2013 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
20% unsecured notes due 2013 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
20% unsecured notes due 2013 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
10% unsecured notes due 2014 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
10% unsecured notes due 2014 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
10% unsecured notes due 2014 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
11% unsecured notes due 2014 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
11% unsecured notes due 2014 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
11% unsecured notes due 2014 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
17% secured notes due 2014 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
17% secured notes due 2014 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
17% secured notes due 2014 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
10% unsecured notes due 2015 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
10% unsecured notes due 2015 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
10% unsecured notes due 2015 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
15% secured notes due 2015 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
15% secured notes due 2015 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
15% secured notes due 2015 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
18% secured notes due 2015 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
18% secured notes due 2015 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
18% secured notes due 2015 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
25% secured notes due 2015 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
25% secured notes due 2015 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
25% secured notes due 2015 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
10% unsecured notes due 2016 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
10% unsecured notes due 2016 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
10% unsecured notes due 2016 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
Secured foreign currency line of credit [Member]
Secured foreign currency line of credit up to $4,000 due 2014 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
Secured foreign currency line of credit [Member]
Secured foreign currency line of credit up to $4,000 due 2014 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
Secured foreign currency line of credit [Member]
Secured foreign currency line of credit up to $4,000 due 2014 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
Secured foreign currency line of credit [Member]
Secured foreign currency line of credit up to $20,000 due 2015 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
Secured foreign currency line of credit [Member]
Secured foreign currency line of credit up to $20,000 due 2015 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
Secured foreign currency line of credit [Member]
Secured foreign currency line of credit up to $20,000 due 2015 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
Secured foreign currency line of credit [Member]
Secured foreign currency line of credit up to $23,000 due 2017 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
Secured foreign currency line of credit [Member]
Secured foreign currency line of credit up to $23,000 due 2017 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
Secured foreign currency line of credit [Member]
Secured foreign currency line of credit up to $23,000 due 2017 [Member]
|
Mar. 31, 2013
Non-recourse to EZCORP [Member]
Revolving Credit Facility [Member]
Consumer loans facility due 2017 [Member]
|
Sep. 30, 2012
Non-recourse to EZCORP [Member]
Revolving Credit Facility [Member]
Consumer loans facility due 2017 [Member]
|
Mar. 31, 2012
Non-recourse to EZCORP [Member]
Revolving Credit Facility [Member]
Consumer loans facility due 2017 [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | $ 175,000 | $ 175,000 | $ 4,000 | $ 20,000 | $ 23,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate of notes | 10.00% | 15.00% | 16.00% | 20.00% | 10.00% | 11.00% | 17.00% | 10.00% | 15.00% | 18.00% | 25.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | 74,000 | 130,000 | 30,000 | 664 | 1,766 | 1,820 | 14,273 | 14,262 | 0 | 0 | 5,248 | 5,404 | 0 | 0 | 12,730 | 2,373 | 963 | 0 | 5,347 | 0 | 0 | 0 | 0 | 32,850 | 444 | 427 | 0 | 4,561 | 4,488 | 0 | 0 | 0 | 4,592 | 0 | 0 | 6,402 | 128 | 123 | 1,514 | 2,009 | 2,629 | 3,327 | 12,142 | 16,073 | 21,799 | 22,352 | 11,263 | 10,495 | 33,995 | 32,679 | 0 | |||||||
Capital lease obligations | 1,181 | 1,589 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term obligations | 173,469 | 221,510 | 130,933 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less current portion | 35,445 | 21,679 | 22,849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term and capital lease obligations | 138,024 | 199,831 | 108,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Premium | 1,494 | 2,238 | 17,559 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 825 | 1,334 | 0 | 0 | 108 | 315 | 0 | 0 | 2,057 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,297 | 0 | 0 | 0 | 513 | 597 | 0 | 0 | 0 | 736 | 0 | 0 | 1,362 | 0 | 0 | 0 | 156 | 199 | 264 | 0 | 0 | 5,243 | 0 | 0 | 3,285 | 0 | 0 | 0 | |
Premium, noncurrent | 353 | 741 | 11,934 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium, current | $ 1,141 | $ 1,497 | $ 5,625 |
Allowance for Losses and Credit Quality of Financing Receivables (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
|||||||||
Unsecured Short-term consumer loans [Member]
|
||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||
Financing Receivable at End of Period | $ 20,022 | $ 12,892 | $ 20,022 | $ 12,892 | ||||||||
Allowance for losses on consumer loans | ||||||||||||
Allowance Balance at Beginning of Period | 2,553 | 1,730 | 2,390 | 1,727 | ||||||||
Charge-offs | (10,875) | (4,274) | (22,924) | (8,953) | ||||||||
Recoveries | 5,480 | 2,245 | 10,281 | 3,703 | ||||||||
Provision | 5,076 | 1,741 | 12,487 | 4,965 | ||||||||
Translation Adjustment | 0 | 0 | 0 | 0 | ||||||||
Allowance Balance at End of Period | 2,234 | 1,442 | 2,234 | 1,442 | ||||||||
Secured Short-term consumer loans [Member]
|
||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||
Financing Receivable at End of Period | 6,163 | 3,418 | 6,163 | 3,418 | ||||||||
Allowance for losses on consumer loans | ||||||||||||
Allowance Balance at Beginning of Period | 1,473 | 982 | 942 | 538 | ||||||||
Charge-offs | (10,597) | (4,427) | (19,271) | (7,767) | ||||||||
Recoveries | 9,840 | 3,823 | 17,800 | 6,642 | ||||||||
Provision | 642 | 330 | 1,887 | 1,295 | ||||||||
Translation Adjustment | 0 | 0 | 0 | 0 | ||||||||
Allowance Balance at End of Period | 1,358 | 708 | 1,358 | 708 | ||||||||
Unsecured Long-term consumer loans [Member]
|
||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||
Financing Receivable at End of Period | 91,747 | [1] | 66,913 | [1] | 91,747 | [1] | 66,913 | [1] | ||||
Allowance for losses on consumer loans | ||||||||||||
Allowance Balance at Beginning of Period | 624 | [1] | 0 | [1] | 623 | [1] | 0 | [1] | ||||
Charge-offs | (791) | [1] | (572) | [1] | (952) | [1] | (572) | [1] | ||||
Recoveries | 1,136 | [1] | 232 | [1] | 2,357 | [1] | 232 | [1] | ||||
Provision | (663) | [1],[2] | 508 | [1] | (1,716) | [1],[2] | 508 | [1] | ||||
Translation Adjustment | 24 | [1] | (2) | [1] | 18 | [1] | (2) | [1] | ||||
Allowance Balance at End of Period | $ 330 | [1] | $ 166 | [1] | $ 330 | [1] | $ 166 | [1] | ||||
|
Goodwill and Other Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Sep. 30, 2012
|
Mar. 31, 2012
|
Sep. 30, 2011
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Summary of major class of indefinite-lived intangible asset | ||||
Pawn licenses | $ 8,836 | $ 8,836 | $ 8,836 | |
Trade name | 9,772 | 9,845 | 7,097 | |
Domain name | 215 | 0 | 0 | |
Goodwill | 432,124 | 374,663 | 324,281 | 173,206 |
Total | $ 450,947 | $ 393,344 | $ 340,214 |
Acquisitions
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | NOTE 2: ACQUISITIONS Go Cash On November 20, 2012, we entered into a definitive agreement with Go Cash, LLC and certain of its affiliates ("Go Cash") to acquire substantially all the assets of Go Cash's online lending business. This acquisition was completed on December 20, 2012 and accounted for as an asset purchase. No liabilities were assumed other than trade payables and accounts payable incurred prior to closing in the ordinary course of business, which were less than $0.2 million. The assets acquired include a proprietary software platform, including a loan management system and a lending decision science engine, that will enable geographic expansion both within the U.S. and internationally; an internal customer service and collections call center; a portion of the existing Go Cash multi-state loan portfolio; and related assets, including customer lists, customer data and customer transaction information. We hired substantially all of Go Cash's employees, including the management team, an internal underwriting and customer experience analytics team, and an experienced customer service and collections call center team. The total purchase price is performance-based and will be determined over a period of four years following the closing. A minimum of $50.8 million will be paid, of which $27.8 million was paid at closing, $11.0 million will be paid on November 10, 2013, $6.0 million will be paid on November 10, 2014, and $6.0 million will be paid on November 10, 2015. The performance consideration element will be based on the net income generated by the "Post-Closing Business Unit" (which will include all of EZCORP's online consumer lending business). Within a specified period after the end of each of the first four years following the closing, EZCORP will make a contingent supplemental payment equal to the difference between (a) the adjusted net income for such year, multiplied by 6.0, and (b) all consideration payments previously paid. Each payment may be made, in EZCORP's sole discretion, in cash or in the form of shares of EZCORP Class A Non-Voting Common Stock. The initial payment was made in the form of 1,400,198 shares of EZCORP Class A Non-Voting Common Stock. The contingent consideration element of the purchase price, which is the amount in excess of the guaranteed $50.8 million, has not yet been valued as of March 31, 2013 and therefore has not been included in the purchase price allocation or the financial statements of EZCORP as of March 31, 2013. The three and six month periods ended March 31, 2013 include $1.4 million and $1.5 million in total revenues and $2.8 million and $3.1 million in losses related to EZCORP online. TUYO On November 1, 2012, we acquired a 51% interest in Renueva Comercial S.A. de C.V., a company headquartered in Mexico City and doing business under the name “TUYO.” TUYO owns and operates 20 stores in Mexico City and the surrounding metropolitan area. In these stores, TUYO buys quality used merchandise from customers and then resells that merchandise to other customers. TUYO also sells refurbished or other merchandise acquired in bulk from wholesalers. As this acquisition was individually immaterial, we present its related information, other than information related to the redeemable noncontrolling interest, on a combined basis. Pursuant to the acquisition agreement, the sellers have a put option with respect to their remaining shares of TUYO. The sellers have the right to sell their TUYO shares to EZCORP during a specified exercise period, with specified limitations on the number of shares that may be sold within a consecutive 12-month period. Under the guidance in ASC 480-10-S99, securities that are redeemable for cash or other assets are to be classified outside of permanent equity; therefore, we have included the redeemable noncontrolling interest related to TUYO in temporary equity. The fair value of the TUYO redeemable noncontrolling interest was estimated by applying an income and market approach. This fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. Key assumptions include discount rates of 10% and 18% representing discounts for lack of control and lack of marketability respectively that market participants would consider when estimating the fair value of the noncontrolling interest. The fair market value of TUYO was determined using a multiple of future earnings. We expect the recorded values related to the noncontrolling interest at March 31, 2013 to approximate fair value. Other The six-month period ended March 31, 2013, includes the December 2012 acquisition of 12 pawn locations in Arizona. Arizona is a new state of operation for EZCORP. As this acquisition was individually immaterial, we present its related information on a consolidated basis. The following tables provide information related to the acquisitions of domestic and foreign retail and financial services locations during the six months ended March 31, 2013:
(1) The weighted average useful life of definite-lived intangible assets acquired is five years. All acquisitions were made as part of our continuing strategy to enhance and diversify our earnings over the long-term. The factors contributing to the recognition of goodwill were based on several strategic and synergistic benefits we expect to realize from the acquisitions. These benefits include our initial entry into several markets and a greater presence in others, as well as the ability to further leverage our expense structure through increased scale. The purchase price allocation of assets acquired in the most recent twelve month period is preliminary as we continue to receive information regarding the acquired assets. Transaction related expenses for the six-month periods ended March 31, 2013 and 2012 of approximately $0.5 million and $1.7 million, respectively, were expensed as incurred and recorded as administrative expenses. These amounts exclude costs related to transactions that did not close and future acquisitions. The results of all acquisitions have been consolidated with our results since their respective closing. Pro forma results of operations have not been presented because it is impracticable to do so, as historical audited financial statements in U.S. GAAP are not readily available. Grupo Finmart On January 30, 2012, we acquired a 60% interest in Grupo Finmart, now doing business under the brands of Crediamigo and Adex, a specialty consumer finance company headquartered in Mexico City, with 45 loan servicing locations throughout the country, for total consideration of $60.1 million, net of cash acquired. This amount includes contingent consideration related to two earn out payments. If certain financial performance targets are achieved, during calendar years 2012 and 2013, we will make a payment to the sellers of $12.0 million, each year, for a total amount of $24.0 million. The Grupo Finmart purchase price allocation presented below includes a fair value amount of $23.0 million attributable to the contingent consideration payments. The first contingent consideration payment of $12.0 million was paid in April 2013. Pursuant to the Master Transaction Agreement, the sellers have a put option with respect to their remaining shares of Grupo Finmart. Under the guidance in ASC 480-10-S99, securities that are redeemable for cash or other assets are to be classified outside of permanent equity; therefore, we have included the redeemable noncontrolling interest related to Grupo Finmart in temporary equity. The fair value of the Grupo Finmart redeemable noncontrolling interest was estimated by applying an income and market approach. This fair value measurement at acquisition was based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. We expect the recorded values related to the noncontrolling interest at March 31, 2013 to approximate fair value. Cash Genie On April 14, 2012, we acquired a 72% interest in Ariste Holding Limited and its affiliates, which provides online loans in the U.K. under the name "Cash Genie." As this acquisition was individually immaterial, we present its related information, other than information related to the redeemable noncontrolling interest, on a combined basis. Pursuant to the acquisition agreement, the sellers have a put option with respect to their remaining shares of Cash Genie. The seller has the right to sell their Cash Genie shares to EZCORP during the exercise period. Under the guidance in ASC 480-10-S99, securities that are redeemable for cash or other assets are to be classified outside of permanent equity; therefore, we have included the redeemable noncontrolling interest related to Cash Genie in temporary equity. On November 14, 2012, a seller exercised his option with respect to his remaining shares. This transaction increased our ownership percentage to 95%, and was treated as an equity transaction and not an adjustment to the purchase price of the Company's initial controlling interest acquisition of Cash Genie. The details of the transaction are described further in Note 8. We expect the remaining recorded values related to the noncontrolling interest at March 31, 2013 to approximate fair value. Other In fiscal 2012, we acquired 50 locations in the U.S. and one in Canada. As these acquisitions, were individually immaterial, we present their related information on a consolidated basis. The following table provides information related to the acquisitions of domestic and foreign retail and financial services locations in fiscal 2012:
As per FASB ASC 805-10-25 adjustments to provisional purchase price allocation amounts made during the measurement period, shall be recorded as if the accounting for the business combination had been completed at the acquisition date. Thus, the acquirer shall revise comparative information for prior periods presented in financial statements. The amounts above and our consolidated balance sheet as of March 31, 2012 reflect all measurement period adjustments recorded since the acquisition date. These adjustments resulted in a $0.1 million decrease in the purchase price and include a $0.3 million increase in current assets, a $5.5 million decrease in other assets, a $1.4 million decrease in current liabilities $3.0 million decrease in long-term liabilities and a $2.8 million increase in the redeemable noncontrolling interest, for a net change in goodwill of $3.6 million. |