EX-12.1 3 a2017-q3sx3a2exx121ratioof.htm EXHIBIT 12.1 Exhibit
EXHIBIT 12.1



EZCORP, Inc.
Computation of Ratio of Earnings to Fixed Charges

 
Six Months Ended March 31,
 
Year Ended September 30,
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
 
(In thousands)
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes (a)
$
26,728

 
$
363

 
$
(66,207
)
 
$
7,889

 
$
29,687

 
$
146,139

(Income) loss from investments in unconsolidated affiliates
(2,721
)
 
255

 
5,473

 
(5,948
)
 
(11,878
)
 
(16,038
)
Distributed income from unconsolidated affiliates
1,153

 
2,197

 
4,842

 
5,129

 
10,632

 
5,560

Fixed charges
17,388

 
48,074

 
86,724

 
75,743

 
51,749

 
31,103

Total earnings available for fixed charges
$
42,548

 
$
50,889

 
$
30,832

 
$
82,813

 
$
80,190

 
$
166,764

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense including amortization of discounts and capitalized expenses related to indebtedness (b)
$
11,193

 
$
33,444

 
$
42,202

 
$
28,388

 
$
16,190

 
$
(742
)
Estimated interest portion of rental expense
6,195

 
12,828

 
15,450

 
12,645

 
10,863

 
7,674

Losses under guarantees, net (c)
—

 
1,802

 
29,072

 
34,710

 
24,696

 
24,171

Total fixed charges
$
17,388

 
$
48,074

 
$
86,724

 
$
75,743

 
$
51,749

 
$
31,103

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.45
x
 
1.06
x
 
(d)

 
1.09
x
 
1.55
x
 
5.36
x
 
 
 
 
 
 
 
 
 
 

(a)
Amounts are presented as recast to exclude the results of operations discontinued in fiscal 2016 and prior.
(b)
There was no significant interest associated with uncertain tax positions for any period presented.
(c)
Amounts are presented net of recoveries of previous losses.
(d)
The ratio as computed for fiscal 2015 was less than 1.0 as earnings were not adequate to cover fixed charges. Additional earnings of approximately $56 million would have been necessary to bring the ratio to 1.0.