The following table summarizes the impact of the restatement adjustments for the first quarter of fiscal 2015 (ended December 31, 2014):



	Quarter Ended December 31, 2014
	(in thousands)
Income from continuing operations before income taxes (as previously reported)	$	20,435
Asset sale impact	(1,772		)
Portfolio review impact	(8,039		)
Other impacts	1,589
Net impact of adjustments	(8,222		)
Income from continuing operations before income taxes (as restated)	$	12,213

The effects of the restatement on our unaudited condensed consolidated financial statements as of and for the quarter ended December 31, 2014 are set forth below.

EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEET (in thousands, except share amounts)

	December 31, 2014
	(Unaudited)
	As Previously Reported			Restatement Adjustments			As Restated
Assets:
Current assets:
Cash and cash equivalents	$	77,599		$	—		$	77,599
Restricted cash	60,218			—			60,218
Pawn loans	150,930			—			150,930
Consumer loans, net	62,380			(1,033		)	61,347
Pawn service charges receivable, net	30,241			—			30,241
Consumer loan fees and interest receivable, net	28,355			(15,156		)	13,199
Inventory, net	133,986			(1,327		)	132,659
Deferred tax asset	20,858			(3,286		)	17,572
Prepaid income taxes	23,790			29,033			52,823
Receivables, prepaid expenses and other current assets	34,195			(120		)	34,075
Total current assets	622,552			8,111			630,663
Investments in unconsolidated affiliates	99,219			—			99,219
Property and equipment, net	104,353			—			104,353
Restricted cash, non-current	3,454			856			4,310
Goodwill	337,498			—			337,498
Intangible assets, net	60,739			1,338			62,077
Non-current consumer loans, net	36,449			41,913			78,362
Deferred tax asset	11,630			(1,013		)	10,617
Other assets, net	75,489			1,863			77,352
Total assets	$	1,351,383		$	53,068		$	1,404,451

Liabilities and stockholders’ equity:
Current liabilities:
Current maturities of long-term debt	$	24,789		$	50,043		$	74,832
Current capital lease obligations	258			—			258
Accounts payable and other accrued expenses	80,314			1,103			81,417
Other current liabilities	6,000			—			6,000
Customer layaway deposits	5,133			—			5,133
Total current liabilities	116,494			51,146			167,640
Long-term debt, less current maturities	324,029			63,125			387,154
Long-term capital lease obligations	—			—			—
Deferred gains and other long-term liabilities	10,803			(2,357		)	8,446
Total liabilities	451,326			111,914			563,240
Commitments and contingencies
Temporary equity:
Redeemable noncontrolling interest	31,868			(13,318		)	18,550
Stockholders’ equity:
Class A Non-voting Common Stock, par value $.01 per share; shares authorized: 100 million as of December 31, 2014; issued and outstanding: 50,680,358 as of December 31, 2014	506			—			506
Class B Voting Common Stock, convertible, par value $.01 per share; 3 million shares authorized; issued and outstanding: 2,970,171	30			—			30
Additional paid-in capital	338,667			(9,224		)	329,443
Retained earnings	562,437			(41,239		)	521,198
Accumulated other comprehensive loss	(33,451		)	4,935			(28,516		)
EZCORP, Inc. stockholders’ equity	868,189			(45,528		)	822,661
Total liabilities and stockholders’ equity	$	1,351,383		$	53,068		$	1,404,451

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

	Three Months Ended December 31, 2014
	(Unaudited)
	(in thousands, except per share amounts)
	As Previously Reported			Restatement Adjustments			As Restated
Revenues:
Merchandise sales	$	109,639		$	—		$	109,639
Jewelry scrapping sales	18,534			—			18,534
Pawn service charges	64,927			—			64,927
Consumer loan fees and interest	52,232			6,615			58,847
Other revenues	7,312			(6,441		)	871
Total revenues	252,644			174			252,818
Merchandise cost of goods sold	72,388			90			72,478
Jewelry scrapping cost of goods sold	14,675			—			14,675
Consumer loan bad debt	15,251			6,799			22,050
Net revenues	150,330			(6,715		)	143,615
Operating expenses:
Operations	103,656			38			103,694
Administrative	10,174			(1,822		)	8,352
Depreciation	7,573			—			7,573
Amortization	1,457			—			1,457
Loss on sale or disposal of assets	259			—			259
Total operating expenses	123,119			(1,784		)	121,335
Operating income	27,211			(4,931		)	22,280
Interest expense	8,958			3,076			12,034
Interest income	(525		)	(7		)	(532		)
Equity in net income of unconsolidated affiliates	(2,194		)	—			(2,194		)
Other expense	537			222			759
Income from continuing operations before income taxes	20,435			(8,222		)	12,213
Income tax expense	6,365			(2,787		)	3,578
Income from continuing operations, net of tax	14,070			(5,435		)	8,635
Income from discontinued operations, net of tax	1,043			—			1,043
Net income	15,113			(5,435		)	9,678
Net loss from continuing operations attributable to redeemable noncontrolling interest	(147		)	(1,787		)	(1,934		)
Net income attributable to EZCORP, Inc.	$	15,260		$	(3,648	)	$	11,612

Basic earnings per share attributable to EZCORP, Inc.:
Continuing operations	$	0.26		$	(0.06	)	$	0.20
Discontinued operations	0.02			—			0.02
Basic earnings per share	$	0.28		$	(0.06	)	$	0.22

Diluted earnings per share attributable to EZCORP, Inc.:
Continuing operations	$	0.26		$	(0.06	)	$	0.20
Discontinued operations	0.02			—			0.02
Diluted earnings per share	$	0.28		$	(0.06	)	$	0.22

Net income from continuing operations attributable to EZCORP, Inc.	$	14,217		$	(3,648	)	$	10,569
Income from discontinued operations attributable to EZCORP, Inc.	1,043			—			1,043
Net income attributable to EZCORP, Inc.	$	15,260		$	(3,648	)	$	11,612

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME

	Three Months Ended December 31, 2014
	(Unaudited)
	(in thousands)
	As Previously Reported			Restatement Adjustments			As Restated
Net income	$	15,113		$	(5,435	)	$	9,678
Other comprehensive loss:
Foreign currency translation loss	(27,145		)	5,624			(21,521		)
Cash flow hedges:				—
Amounts reclassified from accumulated other comprehensive loss	352			—			352
Income tax benefit	2,050			(1,631		)	419
Other comprehensive loss, net of tax	(24,743		)	3,993			(20,750		)
Comprehensive loss	$	(9,630	)	$	(1,442	)	$	(11,072	)
Attributable to redeemable noncontrolling interest:
Net loss	(147		)	(1,787		)	(1,934		)
Foreign currency translation loss	(3,569		)	1,167			(2,402		)
Amounts reclassified from accumulated other comprehensive loss	86			—			86
Comprehensive loss attributable to redeemable noncontrolling interest	(3,630		)	(620		)	(4,250		)
Comprehensive loss attributable to EZCORP, Inc.	$	(6,000	)	$	(822	)	$	(6,822	)

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	Three Months Ended December 31, 2014
	(Unaudited)
	(in thousands)
	As Previously Reported			Restatement Adjustments			As Restated
Operating activities:
Net income	$	15,113		$	(5,435	)	$	9,678
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,030			—			9,030
Amortization of debt discount and consumer loan premium	1,982			—			1,982
Consumer loan loss provision	6,241			1,349			7,590
Deferred income taxes	1,497			1			1,498
Amortization of deferred financing costs	1,633			—			1,633
Amortization of prepaid commissions	2,967			46			3,013
Other adjustments	(176		)	—			(176		)
Loss on sale or disposal of assets	324			—			324
Gain on sale of loan portfolio	(6,576		)	6,576			—
Stock compensation benefit	(636		)	(1,822		)	(2,458		)
Income from investments in unconsolidated affiliates	(2,194		)	—			(2,194		)
Tax provision from stock compensation	167			(167		)	—
Changes in operating assets and liabilities, net of business acquisitions:
Service charges and fees receivable	(806		)	(2,555		)	(3,361		)
Inventory	421			88			509
Receivables. prepaid expenses, other current assets and other assets	(7,926		)	102			(7,824		)
Accounts payable and other accrued expenses and deferred gains and other long-term liabilities	(10,911		)	(3,044		)	(13,955		)
Customer layaway deposits	(2,895		)	—			(2,895		)
Deferred gains and other long-term liabilities	(278		)	278			—
Change in restricted cash	(933		)	—			(933		)
Prepaid income taxes	4,769			(670		)	4,099
Payments of restructuring charges	(2,285		)	—			(2,285		)
Dividends from unconsolidated affiliates	2,407			—			2,407
Net cash provided by operating activities	10,935			(5,253		)	5,682
Investing activities:
Loans made	(223,748		)	—			(223,748		)
Loans repaid	147,981			18,790			166,771
Recovery of pawn loan principal through sale of forfeited collateral	69,886			—			69,886
Additions to property and equipment	(8,954		)	—			(8,954		)
Investments in unconsolidated affiliates	(12,140		)	—			(12,140		)
Proceeds from sale of assets	65,849			(65,849		)	—
Net cash (used in) provided by investing activities	38,874			(47,059		)	(8,185		)

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Financing activities:
Tax deficiency of stock compensation	(167		)	167			—
Taxes paid related to net share settlement of equity awards	(196		)	—			(196		)
Payout of deferred and contingent consideration	(6,000		)	—			(6,000		)
Proceeds from settlement of forward currency contracts	2,313			—			2,313
Change in restricted cash	(1,840		)	1,045			(795		)
Proceeds from bank borrowings	3,609			62,951			66,560
Payments on bank borrowings and capital lease obligations	(23,805		)	(10,845		)	(34,650		)
Net cash provided by (used in) financing activities	(26,086		)	53,318			27,232
Effect of exchange rate changes on cash and cash equivalents	(2,453		)	(2		)	(2,455		)
Net increase in cash and cash equivalents	21,270			1,004			22,274
Cash and cash equivalents at beginning of period	56,329			(1,004		)	55,325
Cash and cash equivalents at end of period	$	77,599		$	—		$	77,599

Non-cash investing and financing activities:
Pawn loans forfeited and transferred to inventory	$	66,699		$	—		$	66,699

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

	Common Stock			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive (Loss) Income			EZCORP, Inc. Stockholders’ Equity
	Shares	Par Value		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive (Loss) Income			EZCORP, Inc. Stockholders’ Equity

	(Unaudited, except balances as of September 30, 2014)
	(in thousands)
	As Previously Reported
Balances as of September 30, 2014	53,585	$	536	$	339,666		$	547,177		$	(12,191	)	$	875,188
Stock compensation benefit	—	—		(636		)	—			—			(636		)
Release of restricted stock	65	—		—			—			—			—
Tax deficiency of stock compensation	—	—		(167		)	—			—			(167		)
Taxes paid related to net share settlement of equity awards	—	—		(196		)	—			—			(196		)
Amounts reclassified from accumulated other comprehensive loss	—	—		—			—			266			266
Foreign currency translation adjustment	—	—		—			—			(21,526		)	(21,526		)
Net income attributable to EZCORP, Inc.	—	—		—			15,260			—			15,260
Balances as of December 31, 2014	53,650	$	536	$	338,667		$	562,437		$	(33,451	)	$	868,189

	Restatement Adjustments
Balances as of September 30, 2014	—	$	—	$	(7,402	)	$	(37,591	)	$	2,109		$	(42,884	)
Stock compensation benefit	—	—		(1,822		)	—			—			(1,822		)
Foreign currency translation adjustment	—	—		—			—			2,826			2,826
Net income attributable to EZCORP, Inc.	—	—		—			(3,648		)	—			(3,648		)
Balances as of December 31, 2014	—	$	—	$	(9,224	)	$	(41,239	)	$	4,935		$	(45,528	)

	As Restated
Balances as of September 30, 2014	53,585	$	536	$	332,264		$	509,586		$	(10,082	)	$	832,304
Stock compensation benefit	—	—		(2,458		)	—			—			(2,458		)
Release of restricted stock	65	—		—			—			—			—
Tax deficiency of stock compensation	—	—		(167		)	—			—			(167		)
Taxes paid related to net share settlement of equity awards	—	—		(196		)	—			—			(196		)
Amounts reclassified from accumulated other comprehensive loss	—	—		—			—			266			266
Foreign currency translation adjustment	—	—		—			—			(18,700		)	(18,700		)
Net income attributable to EZCORP, Inc.	—	—		—			11,612			—			11,612
Balances as of December 31, 2014	53,650	$	536	$	329,443		$	521,198		$	(28,516	)	$	822,661