XML 99 R25.htm IDEA: XBRL DOCUMENT v3.19.3
Quarterly Information (Unaudited)
 12 Months Ended
Sep. 30, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Information (Unaudited)
NOTE 17: QUARTERLY INFORMATION (UNAUDITED)
We revised certain historical amounts below as further described in Note 1.
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
 
 
 
 
 
 
 
 
(in thousands, except per share amounts)
Year Ended September 30, 2019
 
 
 
 
 
 
 
Total revenues
$
215,695

 
$
214,730

 
$
202,465

 
$
214,339

Net revenues
130,049

 
127,690

 
115,853

 
120,856

(Loss) income from continuing operations, net of tax
(3,660
)
 
2,659

 
3,361

 
(592
)
Loss from discontinued operations, net of tax
(183
)
 
(18
)
 
(203
)
 
(53
)
Net (loss) income
(3,843
)
 
2,641

 
3,158

 
(645
)
Net loss attributable to noncontrolling interest
(477
)
 
(753
)
 
—

 
—

Net (loss) income attributable to EZCORP, Inc.
$
(3,366
)

$
3,394


$
3,158


$
(645
)
 
 
 
 
 
 
 
 
Basic earnings per share attributable to EZCORP, Inc.:
 
 
 
 
 
 
 
Continuing operations
$
(0.06
)
 
$
0.06

 
$
0.06

 
$
(0.01
)
Discontinued operations
—

 
—

 
—

 
—

Basic earnings per share
$
(0.06
)
 
$
0.06

 
$
0.06

 
$
(0.01
)
 
 
 
 
 
 
 
 
Diluted earnings per share attributable to EZCORP, Inc.:
 
 
 
 
 
 
 
Continuing operations
$
(0.06
)
 
$
0.06

 
$
0.06

 
$
(0.01
)
Discontinued operations
—

 
—

 
—

 
—

Diluted earnings per share
$
(0.06
)
 
$
0.06

 
$
0.06

 
$
(0.01
)
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
 
 
 
 
 
 
 
 
(in thousands, except per share amounts)
Year Ended September 30, 2018
 
 
 
 
 
 
 
Total revenues
$
204,170

 
$
202,398

 
$
199,612

 
$
205,976

Net revenues
122,089

 
120,257

 
114,742

 
124,463

(Loss) income from continuing operations, net of tax
12,246

 
11,707

 
14,004

 
(807
)
(Loss) income from discontinued operations, net of tax
(222
)
 
(500
)
 
91

 
(225
)
Net (loss) income
12,024

 
11,207

 
14,095

 
(1,032
)
Net income (loss) attributable to noncontrolling interest
(615
)
 
(374
)
 
(359
)
 
360

Net (loss) income attributable to EZCORP, Inc.
$
12,639

 
$
11,581

 
$
14,454

 
$
(1,392
)
 
 
 
 
 
 
 
 
Basic earnings per share attributable to EZCORP, Inc.:
 
 
 
 
 
 
 
Continuing operations
$
0.24

 
$
0.22

 
$
0.26

 
$
(0.02
)
Discontinued operations
—

 
(0.01
)
 
—

 
—

Basic earnings per share
$
0.24


$
0.21

 
$
0.26


$
(0.02
)
 
 
 
 
 
 
 
 
Diluted earnings per share attributable to EZCORP, Inc.:
 
 
 
 
 
 
 
Continuing operations
$
0.23

 
$
0.21

 
$
0.25

 
$
(0.02
)
Discontinued operations
—

 
(0.01
)
 
—

 
—

Diluted earnings per share
$
0.23


$
0.20

 
$
0.25

 
$
(0.02
)


Fiscal 2019 Quarterly Impacts
In the fourth quarter of fiscal 2019, RDC received a qualified third-party investment causing recognition of a loss of $1.9 million on expiration of our call option.
In the third quarter of fiscal 2019, we recorded a $6.1 million adjustment in our Latin America segment to correct the calculation of certain transaction tax liabilities in prior periods, comprised of a $4.6 million reduction in merchandise sales and a $1.5 million increase in interest expense.
In the first quarter of fiscal 2019 as a result of our principal scrap jewelry refiner announcing Chapter 11 bankruptcy restructuring proceedings in the U.S., we recorded a reserve of $4.4 million which is included in "Loss on sale or disposal of assets and other" in our consolidated statements, of which $0.8 million was recovered in the second quarter of fiscal 2019 and included in "Loss on sale or disposal of assets and other."
In the first and second quarters of fiscal 2019, we recorded impairments of $13.3 million ($10.3 million, net of taxes) and $6.5 million ($5.0 million, net of taxes), respectively, of our investment in Cash Converters International.
Fiscal 2018 Quarterly Impacts
In the fourth quarter of fiscal 2018, we recorded an $11.7 million impairment ($9.2 million net of tax) of our investment in Cash Converters International.
During the first and third quarters of fiscal 2018, we recorded a $1.6 million and $3.3 million benefit, respectively, associated with the expiration of a statute of limitations on uncertain tax positions included under “Income tax expense” in our consolidated statements of operations. Additionally, in the first and fourth quarters of fiscal 2018 we recorded $2.8 million and $1.9 million, respectively, for the revaluation of our deferred tax assets and liabilities upon enactment of the Tax Cuts and Jobs Act of 2017 included under "Income tax expense" in our consolidated statements of operations.
Interest expense during our third and fourth quarters of fiscal 2018 began trending higher as a result of the issuance of 2025 Convertible Notes as further discussed in Note 8.
In the third quarter of fiscal 2018, we settled a derivative action originally filed July 2014 with a total of $6.5 million paid into a settlement fund. After payment of an approved $1.3 million fee award to the plaintiff's attorneys, the remaining $5.2 million of the settlement fund was paid to the Company because, as a derivative action, the lawsuit was brought on behalf of the Company. We recorded that amount under "Other (income) expense" in our consolidated statements of operations for the third quarter of fiscal 2018.