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Corrections and Revisions to Prior Period Financial Statements (Tables)
12 Months Ended
Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]  
Schedule of prior period adjustments
The following tables show the impact of the foregoing.
EZCORP, Inc.
CONSOLIDATED BALANCE SHEET
(in thousands, except share and per share amounts)
 
September 30, 2015
 
As Previously Reported
 
Corrections of Errors
 
Discontinued Operations
 
Other
 
As Corrected and Reclassified
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
59,124

 
$

 
$
(2,880
)
 
$

 
$
56,244

Restricted cash
15,137

 

 
(14,993
)
 
(144
)
 

Pawn loans
159,964

 

 

 

 
159,964

Consumer loans, net
36,533

 

 
(31,824
)
 
(4,709
)
 

Pawn service charges receivable, net
30,852

 

 

 

 
30,852

Consumer loan fees and interest receivable, net
19,802

 

 
(19,105
)
 
(697
)
 

Inventory, net
124,084

 

 

 

 
124,084

Deferred tax asset, net
44,134

 

 

 
(44,134
)
 

Prepaid income taxes
7,945

 
(7,945
)
 

 

 

Income taxes receivable
37,230

 
7,499

 
(2,498
)
 

 
42,231

Current assets held for sale

 

 
72,849

 

 
72,849

Prepaid expenses and other current assets
21,076

 

 
(1,549
)
 
5,550

 
25,077

Total current assets
555,881

 
(446
)
 

 
(44,134
)
 
511,301

Investment in unconsolidated affiliate
56,182

 

 

 

 
56,182

Property and equipment, net
75,594

 

 
(1,656
)
 

 
73,938

Restricted cash, non-current
2,883

 

 
(2,883
)
 

 

Goodwill
327,460

 
3,319

 
(79,133
)
 

 
251,646

Intangible assets, net
50,434

 

 
(10,485
)
 
(9,171
)
 
30,778

Non-current consumer loans, net
75,824

 

 
(75,824
)
 

 

Deferred tax asset, net
24,987

 
(16,942
)
 
(18,003
)
 
44,134

 
34,176

Non-current assets held for sale

 

 
217,233

 

 
217,233

Other assets, net
42,985

 

 
(29,249
)
 

 
13,736

Total assets
$
1,212,230

 
$
(14,069
)
 
$

 
$
(9,171
)
 
$
1,188,990

 
 
 
 
 
 
 
 
 
 
Liabilities, temporary equity and equity:
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Current maturities of long-term debt
$
74,345

 
$

 
$
(74,345
)
 
$

 
$

Accounts payable, accrued expenses and other current liabilities
107,871

 
(396
)
 
(12,984
)
 
15,384

 
109,875

Current liabilities held for sale

 

 
87,329

 

 
87,329

Other current liabilities
15,384

 

 

 
(15,384
)
 

Customer layaway deposits
10,470

 

 

 

 
10,470

Total current liabilities
208,070

 
(396
)
 

 

 
207,674

Long-term debt, net
306,337

 

 
(99,190
)
 
(9,171
)
 
197,976

Non-current liabilities held for sale

 

 
101,644

 

 
101,644

Deferred gains and other long-term liabilities
6,157

 
6,226

 
(2,454
)
 

 
9,929

Total liabilities
520,564

 
5,830

 

 
(9,171
)
 
517,223

Commitments and contingencies
 
 
 
 
 
 
 
 
 
Temporary equity:
 
 
 
 
 
 
 
 
 
Class A Non-voting Common Stock, subject to possible redemption at $10.06 per share; 1,168,456 shares issued and outstanding at redemption value as of September 30, 2015
11,696

 

 

 

 
11,696

Redeemable noncontrolling interest
3,235

 
805

 

 

 
4,040

Total temporary equity
14,931

 
805

 

 

 
15,736

Stockholders’ equity:
 
 
 
 
 
 
 
 
 
Class A Non-voting Common Stock, par value $.01 per share; shares authorized: 100 million as of September 30, 2015; issued and outstanding: 50,726,289 as of September 30, 2015
507

 

 

 

 
507

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
307,080

 
2,958

 

 

 
310,038

Retained earnings
423,137

 
(22,585
)
 

 

 
400,552

Accumulated other comprehensive loss
(54,019
)
 
(1,077
)
 

 

 
(55,096
)
EZCORP, Inc. stockholders’ equity
676,735

 
(20,704
)
 

 

 
656,031

Total liabilities, temporary equity and equity
$
1,212,230

 
$
(14,069
)
 
$

 
$
(9,171
)
 
$
1,188,990

EZCORP, Inc.
CONSOLIDATED STATEMENT OF OPERATIONS
 
Fiscal Year Ended September 30, 2015
 
As Previously Reported
 
Corrections of Errors
 
Discontinued Operations
 
Other
 
As Corrected and Reclassified
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except per share amounts)
Revenues:
 
 
 
 
 
 
 
 
 
Merchandise sales
$
402,118

 
$

 
$

 
$

 
$
402,118

Jewelry scrapping sales
57,973

 

 

 

 
57,973

Pawn service charges
247,204

 

 

 

 
247,204

Consumer loan fees and interest
78,066

 

 
(68,114
)
 
(9,952
)
 

Other revenues
3,008

 

 
(255
)
 
9,952

 
12,705

Total revenues
788,369

 

 
(68,369
)
 

 
720,000

Merchandise cost of goods sold
267,789

 

 

 

 
267,789

Jewelry scrapping cost of goods sold
46,066

 

 

 

 
46,066

Consumer loan bad debt
29,571

 

 
(26,446
)
 
(3,125
)
 

Other cost of revenues

 

 

 
3,125

 
3,125

Net revenues
444,943

 

 
(41,923
)
 

 
403,020

Operating expenses:
 
 
 
 
 
 
 
 
 
Operations
327,603

 

 
(32,664
)
 

 
294,939

Administrative
72,986

 

 

 

 
72,986

Depreciation and amortization
33,543

 

 
(2,584
)
 

 
30,959

Loss on sale or disposal of assets
2,659

 

 

 

 
2,659

Restructuring
17,080

 

 

 

 
17,080

Total operating expenses
453,871

 

 
(35,248
)
 

 
418,623

Operating loss
(8,928
)
 

 
(6,675
)
 

 
(15,603
)
Interest expense
42,202

 

 
(25,817
)
 

 
16,385

Interest income
(1,608
)
 

 
1,330

 

 
(278
)
Loss from investments in unconsolidated affiliates
5,473

 

 

 

 
5,473

Impairment of investments
29,237

 
(2,400
)
 

 

 
26,837

Other expense
6,611

 

 
(4,424
)
 

 
2,187

Loss from continuing operations before income taxes
(90,843
)
 
2,400

 
22,236

 

 
(66,207
)
Income tax benefit
(26,695
)
 
5,163

 
7,507

 

 
(14,025
)
Loss from continuing operations, net of tax
(64,148
)
 
(2,763
)
 
14,729

 

 
(52,182
)
Loss from discontinued operations, net of tax
(27,316
)
 

 
(14,729
)
 

 
(42,045
)
Net loss
(91,464
)
 
(2,763
)
 

 

 
(94,227
)
Net loss attributable to noncontrolling interest
(5,015
)
 
(20
)
 

 

 
(5,035
)
Net loss attributable to EZCORP, Inc.
$
(86,449
)
 
$
(2,743
)
 
$

 
$

 
$
(89,192
)
 
 
 
 
 
 
 
 
 
 
Basic loss per share attributable to EZCORP, Inc.:
 
 
 
 
 
 
 
 
 
Continuing operations
$
(1.09
)
 
$
(0.05
)
 
$
0.20

 
$

 
$
(0.94
)
Discontinued operations
(0.50
)
 

 
(0.20
)
 

 
(0.70
)
Basic loss per share
$
(1.59
)
 
$
(0.05
)
 
$

 
$

 
$
(1.64
)
 
 
 
 
 
 
 
 
 
 
Diluted loss per share attributable to EZCORP, Inc.:
 
 
 
 
 
 
 
 
 
Continuing operations
$
(1.09
)
 
$
(0.05
)
 
$
0.20

 
$

 
$
(0.94
)
Discontinued operations
(0.50
)
 

 
(0.20
)
 

 
(0.70
)
Diluted loss per share
$
(1.59
)
 
$
(0.05
)
 
$

 
$

 
$
(1.64
)
 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
54,369

 

 

 

 
54,369

Diluted
54,369

 

 

 

 
54,369

 
 
 
 
 
 
 
 
 
 
Loss from continuing operations attributable to EZCORP, Inc.
$
(59,133
)
 
$
(2,743
)
 
$
10,578

 
$

 
$
(51,298
)
Loss from discontinued operations attributable to EZCORP, Inc.
(27,316
)
 

 
(10,578
)
 

 
(37,894
)
Net loss attributable to EZCORP, Inc.
$
(86,449
)
 
$
(2,743
)
 
$

 
$

 
$
(89,192
)
EZCORP, Inc.
CONSOLIDATED STATEMENT OF OPERATIONS
 
Fiscal Year Ended September 30, 2014
 
As Previously Reported
 
Corrections of Errors
 
Discontinued Operations
 
Other
 
As Corrected and Reclassified
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except per share amounts)
Revenues:
 
 
 
 
 
 
 
 
 
Merchandise sales
$
388,022

 
$

 
$

 
$

 
$
388,022

Jewelry scrapping sales
96,241

 

 

 

 
96,241

Pawn service charges
248,378

 

 

 

 
248,378

Consumer loan fees and interest
63,702

 

 
(53,377
)
 
(10,325
)
 

Other revenues
3,949

 

 
(1,145
)
 
10,325

 
13,129

Total revenues
800,292

 

 
(54,522
)
 

 
745,770

Merchandise cost of goods sold
248,637

 

 

 

 
248,637

Jewelry scrapping cost of goods sold
72,830

 

 

 

 
72,830

Consumer loan bad debt
22,051

 

 
(19,605
)
 
(2,446
)
 

Other cost of revenues

 

 

 
2,446

 
2,446

Net revenues
456,774

 

 
(34,917
)
 

 
421,857

Operating expenses:
 
 
 
 
 
 
 
 


Operations
325,921

 

 
(32,184
)
 

 
293,737

Administrative
79,944

 

 

 

 
79,944

Depreciation and amortization
31,762

 

 
(2,503
)
 

 
29,259

Loss on sale or disposal of assets
(5,841
)
 

 

 

 
(5,841
)
Restructuring
6,664

 

 

 

 
6,664

Total operating expenses
438,450

 

 
(34,687
)
 

 
403,763

Operating income
18,324

 

 
(230
)
 

 
18,094

Interest expense
28,389

 

 
(20,478
)
 

 
7,911

Interest income
(1,298
)
 

 
999

 

 
(299
)
Income from investments in unconsolidated affiliates
(5,948
)
 

 

 

 
(5,948
)
Impairment of investments
7,940

 

 

 

 
7,940

Other expense
480

 

 
121

 

 
601

Income (loss) from continuing operations before income taxes
(11,239
)
 

 
19,128

 

 
7,889

Income tax expense (benefit)
(7,246
)
 
3,956

 
7,741

 

 
4,451

Income (loss) from continuing operations, net of tax
(3,993
)
 
(3,956
)
 
11,387

 

 
3,438

Loss from discontinued operations, net of tax
(68,093
)
 
2,006

 
(11,387
)
 

 
(77,474
)
Net loss
(72,086
)
 
(1,950
)
 

 

 
(74,036
)
Net loss attributable to noncontrolling interest
(7,387
)
 
1,068

 

 

 
(6,319
)
Net loss attributable to EZCORP, Inc.
$
(64,699
)
 
$
(3,018
)
 
$

 
$

 
$
(67,717
)
 
 
 
 
 
 
 
 
 
 
Basic loss per share attributable to EZCORP, Inc.:
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.05

 
$
(0.08
)
 
$
0.11

 
$

 
$
0.08

Discontinued operations
(1.25
)
 
0.03

 
(0.11
)
 

 
(1.33
)
Basic loss per share
$
(1.20
)
 
$
(0.05
)
 
$

 
$

 
$
(1.25
)
 
 
 
 
 
 
 
 
 
 
Diluted loss per share attributable to EZCORP, Inc.:
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.06

 
$
(0.09
)
 
$
0.11

 
$

 
$
0.08

Discontinued operations
(1.25
)
 
0.03

 
(0.11
)
 

 
(1.33
)
Diluted loss per share
$
(1.19
)
 
$
(0.06
)
 
$

 
$

 
$
(1.25
)
 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
54,148

 

 

 

 
54,148

Diluted
54,292

 

 

 

 
54,292

 
 
 
 
 
 
 
 
 
 
Income from continuing operations attributable to EZCORP, Inc.
$
3,394

 
$
(5,024
)
 
$
6,106

 
$

 
$
4,476

Loss from discontinued operations attributable to EZCORP, Inc.
(68,093
)
 
2,006

 
(6,106
)
 

 
(72,193
)
Net loss attributable to EZCORP, Inc.
$
(64,699
)
 
$
(3,018
)
 
$

 
$

 
$
(67,717
)