Delivering Significant Growth Investor Update March 23, 2018 - - PowerPoint PPT Presentation

Delivering Significant Growth

Investor Update March 23, 2018

Preliminary Statements

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Forward Looking Statements This document contains certain forward-looking statements. These statements are based on the company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, that address activities or results that the company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future are forward-looking

• statements. Actual results for future periods may differ materially from those expressed or implied by

these forward-looking statements due to a number of uncertainties and other factors, including

• perating risks, liquidity risks, legislative or regulatory developments, market factors and current or

future litigation. For a discussion of these and other factors affecting the company’s business and prospects, see the company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. Other Information This information should be read in conjunction with, and not in lieu of, the company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. Those reports contain important information about the company’s business and performance, including financial statements prepared in accordance with U.S. generally accepted accounting principles, as well as a description of the important risk factors that may materially and adversely affect our business, financial condition or results of operations. All market comparisons are based on available information from similar publicly traded companies.

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Table of Contents

Section Slide Numbers Company Overview 4 to 6 Initiatives To Drive Long-Term Growth 7 to 12 Why EZCORP Is Attractive Investment 13 EZCORP Financial Performance Relative to Public Pawn Competitors 14 to 19 EZCORP Recent Quarterly Financial Results 20 to 30 Additional Information 31 to 38 GAAP to Non-GAAP Reconciliation 39 to 44

Company Overview

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EZCORP is a leading provider of pawn loans in the United States and Latin America. At our pawn stores we also sell merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers 43% of EZCORP total pawn stores are now in Latin America, specifically Mexico, Guatemala, El Salvador, Honduras, and Peru. Added 137 Latin America pawn stores in Q1FY18, 133 via acquisitions and 4 store

• penings

IPO Date 8/27/1991 Headquarters Austin, TX Market Capitalization

(52 Week Range as of 3/21/18)

$413m to $754m Share Price

(52 Week Range as of 3/21/18)

$7.60 to $13.85 Convertible Debt Due 2019 Bond Price

(52 Week Range as of 3/21/18)

92 to 107 Convertible Debt Due 2024 Bond Price

(Range from July 2017 offering completed)

101 to 153 Total Revenue in FY17 $748.0m Profit Before Tax in FY17 $43.2m Diluted Earnings Per Share in FY17 $0.62 Institutional Holdings 88% Index inclusion: Russell 2000, S&P SmallCap 600, S&P 1000, NASDAQ Composite United States 513 Latin America 383 Cash Max in Canada 27

PAWN STORE LOCATIONS as of 12/31/17 FINANCIAL SERVICES LOCATIONS as of 12/31/17 KEY STATISTICS

U.S. Pawn 57% Latin America Pawn 43%

EZCORP Pawn Store Count 12/31/17

Pawn 101: Our Pawn Growth Drivers

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INCOME STATEMENT ASSETS Purchases + Forfeitures

NET REVENUE TOTAL EXPENSES Profit Before Tax

Key Growth Drivers

Pawn Service Charges

#3 Pawn Loans Outstanding #2

Sales Gross Profit

#5

Pawn Loans Outstanding (PLO) is the most influential driver

• f EZCORP revenue and profitability. EZCORP continued

focus and investment in satisfying customers’ need for cash whenever they need it is driving PLO, Net Revenue and profitable growth

Inventory #4

Quality & Tenure of Store Manager

#1

Store Managers are important to customer and Team Member experience and store performance. Pawn Loans Outstanding are secured loans, typically small, and fully collateralized by tangible personal property. No personal recourse to customers or negative credit

• reporting. Same Store basis is the most relevant measure of pawn growth.

We earn Pawn Service Charge revenue on pawn loans which varies primarily based upon statutory rates by state and loan valuations. Inventory for retail sales occur through pawn loan forfeitures and purchases of customers’ merchandise. If customer does not repay, renew or extend a loan, the collateral is forfeited to us and becomes inventory available for sale to drive sales gross profit.

We serve a large market…

U.S. 20% of U.S. Households are underbanked (~25 million households)* 7% of U.S. Households are unbanked (~9 million households)* Latin America Growing consumer base Large underbanked and unbanked population

The opportunity is larger…

In addition to underbanked and unbanked households: There are many others who are “cash and credit constrained” The “cash and credit constrained consumer” does not have access to cash or credit to satisfy basic needs (and / or wants) at a particular point in time

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Pawn Customer

* 2015 FDIC National Survey of Unbanked and Underbanked Households;” published October 2016

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Initiatives To Drive Long-Term Growth

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• Best-in-class systems
• Cloud-based infrastructure
• Upgraded IT will provide:

– Efficient integration of acquisitions – Streamlined team Member on- boarding and training – Speed to market of new capabilities – Ability to plug and play

• Performance based store incentive

program

• Process innovation

Strengthen Competitive Advantage in Customer Experience Leadership and PLO Growth Transforming Customer and Team Member Experience Creates Significant Opportunities

• Upgrading POS
• New “intelligent” predictive analytics
• f customer behavior and product

data to deliver improved experience to customers

• Continuous measurement of

customer experience and feedback

• Training, coaching & mentoring of

field team

Potential To Accelerate Growth Via Disciplined Store Acquisitions And New Stores

• 56% increase in pawn store count in

Latin America from 246 stores on 9/30/17 to 383 on 12/31/17

• Larger scale with 43% of total pawn

stores in Latin America, a potential high growth market

• Geographic diversification. Large

and fragmented markets.

• Quality management team in place

with in-country expertise

Initiatives to Drive Long-Term Growth Investing in Pawn Fundamentals

Continued market share gains and growth leadership Significant potential of store

• penings and acquisitions

Continued economic efficiency, scalability, strong margins and

• perating leverage

• Timely access to data
• Streamlined workflow
• Speed and scale deployments
• Cloud based infrastructure
• Access to new data sets
• Low capital intensity
• Customer behavior

analytics

• Predictive product pricing
• Big data

Systems Transforming Customer Experience

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VELOCITY

• Data driven decision proliferation
• Speedy deployment of new products and services
• Speed to innovate new products and services based on customer data
• Ability to push accretive functionality to acquired targets

ECONOMIC EFFICIENCY

• Usage payment model
• Low capital intensity allowing efficient new market entry
• Low barrier to access big data analytics and insights

SCALABILITY

• Grow or shrink based on business cycles
• Accessibility of large data sets to drive customer insights
• Frictionless acquisition capability
• Ability to plug and play new customer centric capabilities
• Mobility
• On floor engagement (Tablets)
• Visibility and seamless movement of inventory

Value Today and Beyond

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Upgraded POS

• Intuitive interaction
• Streamlined workflow
• Data accuracy
• Multi-form factor capability

New “Intelligent” Customer Grading

• Multi-dimensional criteria modeling

inclusive of customer historical performance

• Intuitive value assessment

New “Intelligent” Dynamic Pricing

• Internal and external data sources
• Real world market price verification
• Machine learning predictive

forecasting New Time Tracking & Workforce Management System

• Automated scheduling and

forecasting

• Overtime optimization
• Efficient counter coverage

Cloud Based Infrastructure

• Innovative technology roadmap
• Sophisticated disaster recovery capabilities
• Speed and scale deployments
• Frictionless global scale

New Big Data/Predictive Analytics Capability

• Competitive insights and

customer correlations

• Customer behavior modeling
• Inventory and discount “what if’s”
• Deep machine learning

Cloud Based Electronic Office

• Global footprint to enable seamless

communications

• State of the art security and

management New Enterprise Reporting & Business Intelligent System

• Effective sales and inventory tracking
• Daily sales and target attainment reporting
• Dynamic financial pro-forma forecasting

Customer Centric Information Technology Drives

VELOCITY, ECONOMIC EFFICIENCY & GLOBAL SCALABILITY

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Upgraded POS New “Intellige nt” Custome r Grading New “Intelligen t” Dynamic Pricing New Time Tracking & Workforce Mgmt. System New Enterprise Reporting & Business Intelligent System Cloud Based Electronic Office New Big Data/Predic tive Analytics Capability Cloud Based Infrastructur e

Upgraded Systems Underway

Customer Record Aggregation “Intelligent” Customer Grading “Intelligent” Product Pricing

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Upgraded POS

Upgraded Point of Sale System

• One screen rather than five look up screens to abstract

data

• All information consolidates on one screen
• No grids for manual insertion
• Loan to value is calculated and provided
• Pawnbroker can only adjust based on qualifying

questions and visual ques within defined loan value range

• Ensure consistent accurate loan to value by customer
• Systemic lending process
• Simplifies and accelerates new Team Member learning

curve

Benefits Upgraded POS brings data to Team Member that human brain is incapable of assembling!

Why EZCORP Is An Attractive Investment

EZCORP Investment Appeal

Proven Management Execution Accelerating Earnings Growth Attractive Industry Dynamics Geographic Diversification in High Growth Markets New Technologies To Accelerate Growth Market Leadership in Key Drivers of Growth

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EZCORP Relative to Public Pawn Competitors Financial Performance

Acquisitions and Compound PLO Growth Drive Latin America Profit

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Same Store PLO Growth

Two-Year Stacked YOY Growth

LATIN AMERICA PAWN

EZCORP Public Pawn Competitors

Amounts in this slide are adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” Weighted average based on available information from each company’s public filings. This information may be determined or calculated differently by companies, limiting the usefulness of these measures for comparative purposes.

Latin America Net Revenue and Profit Before Tax

YOY Growth

Acquisitions, compound PLO growth, and expense control drives operating leverage EZCORP achieved 14 consecutive quarters of Latin America Pawn double-digit Same Store PLO growth YOY

*Includes stores acquired and new stores opened in Q1FY18

Accelerating EZCORP Latin America Pawn Performance

16 $50 $75 $100

2015 2016 2017 USD $000s

Pawn Loans Outstanding Per Store

EZCORP Public Pawn Competitors $30 $40

2015 2016 2017 USD $000s

Pawn Service Charges Per Store

EZCORP Public Pawn Competitors

All charts on this slide are twelve months ended September 30 in 2015, 2016, and 2017.

$50 $60 $70 $80 $90 $100

2015 2016 2017 USD $000s

Sales Per Store

EZCORP Public Pawn Competitors $10 $20 $30 $40

2015 2016 2017 USD $000s

Sales Gross Profit Per Store

EZCORP Public Pawn Competitors

Lending Disposition

Market Leading U.S. Same Store PLO Growth

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Same Store PLO Growth

Two-Year Stacked YOY Growth

U.S. PAWN

EZCORP achieved nine consecutive quarters of market leading U.S. Pawn Same Store PLO growth YOY EZCORP

Amounts in this slide are adjusted for discrete items. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” Weighted average based on available information from each company’s public filings. This information may be determined or calculated differently by companies, limiting the usefulness of these measures for comparative purposes.

U.S. Pawn Net Revenue and Profit Before Tax

YOY Growth

Strong Same Store PLO growth and expense control driving U.S. operating leverage

*Q1FY18 was first full quarter stores were affected by hurricanes Harvey and Irma

Public Pawn Competitors

EZCORP Same Store PLO up 3% in Dec’17 and Sept ’17 in stores unaffected by hurricanes Harvey and Irma

Market Leading EZCORP U.S. Pawn Performance

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All charts on this slide are twelve months ended September 30 in 2015, 2016, and 2017. Public Pawn Competitors’ results are a weighted average based on public reports. Public Pawn Competitors’ 2016 per store averages not available on Pawn Service Charges, Sales, and Sales Gross Profit.

$250 $260 $270 $280 $290

2015 2016 2017 USD $000s

Pawn Loans Outstanding Per Store

EZCORP Public Pawn Competitors $80 $90 $100 $110 $120

2015 2016 2017 USD $000s

Pawn Service Charges Per Store

EZCORP Public Pawn Competitors $150 $160 $170 $180

2015 2016 2017 USD $000s

Sales Per Store

EZCORP Public Pawn Competitors $50 $60 $70

2015 2016 2017 USD $000s

Sales Gross Profit Per Store

EZCORP Public Pawn Competitors

Lending Disposition

Outstanding Performance vs. Competition

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U.S. PAWN

Quarter Ended December 31, 2017

EZCORP Public Pawn Competitors Store Count 513 1068 Pawn Loans Outstanding per store $285 $259 Pawn Service Charges per store $116 $87 Average Monthly Yield 14% 11% Sales per store $178 $185 Sales Gross Profit per store $69 $63 Merchandise Sales Margin 38.7% 34.1% Inventory Turns 1.8x 2.7x EBITDA (YOY Growth) +3% (16)%

LATIN AMERICA PAWN

Quarter Ended December 31, 2017

EZCORP Public Pawn Competitors Store Count 383 971 Pawn Loans Outstanding per store $81 $70 Pawn Service Charges per store $45 $35 Average Monthly Yield 17% 14% Sales per store $60 $106 Sales Gross Profit per store $19 $38 Merchandise Sales Margin 31.7% 36.1% Inventory Turns 3.0x 4.4x EBITDA (YOY Growth) +31% +21%

Amounts in this slide are based on company GAAP results and per store amounts are in thousands.

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EZCORP Financial Information From Recent Quarterly Results

Q1FY18 Highlights Growth Potential Being Realized

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Amounts in this presentation are continuing operations only and comparisons are Q1FY18 relative to same period in prior year unless stated. Amounts in this slide are adjusted for discrete items and constant currency unless otherwise identified as GAAP. EZCORP Same Store amounts in this presentation exclude pawn stores acquired. EZCORP U.S. Same Store metrics in this presentation are stores unaffected by hurricanes Harvey and Irma unless stated. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

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U.S. Pawn consistent profit growth

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• Profit before tax of $28m, up 4% despite the continuing short-term

impacts of hurricanes Harvey and Irma on PLO, PSC and sales

• Same Store PLO up 3% in stores unaffected by Hurricanes Harvey and
• Irma. PLO recovery from hurricanes continuing; expect return to normal

PLO levels after tax-refund season

• PLO per store relatively stable at $285k, despite impact of hurricanes

Harvey and Irma

Latin America Pawn accelerates growth trajectory

• Profit before tax more than doubled YOY to $9m
• PLO more than doubled to $30m
• Same Store PLO up 11%; 14 consecutive quarters of double-digit growth
• Latin America Pawn is now 24% of total pawn profit before tax, up from

13% in Q1FY17

• PLO per store up 34% to $79k
• Acquired 133 pawn stores in Latin America
• Opened four stores in Latin America in Q1FY18; expect to open

eight more in Q2FY18

• Compelling growth potential, attractive runway for store openings

and complementary acquisition opportunities in Latin America

• Larger scale with 43% of total pawn stores now in Latin America, a

high growth market

Pawn store acquisitions drive strong earnings

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Adjusted EPS up 73%

• GAAP EPS up 53% to $0.23 and adjusted EPS up 73% to $0.26
• EBITDA up 21% to $27.1m and adjusted EBITDA up 25% to $27.3
• Merchandise margin increased 170bps to 37%
• GAAP net revenue up 9% to $122.4m
• GAAP PLO up 9%, to $177m and PSC up 11% to $76m
• Strong balance sheet with cash balance up 78% to $114m

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Successful Execution of Business Strategy Drives Strong EBITDA Growth

Compound PLO Growth, Acquisitions, and Expense Control Driving EBITDA Growth

Amounts in this slide are in millions and are adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

EBITDA Consolidated

EBITDA / Net Revenue 12% 15% 20% 22% # of Pawn Stores 754 759 759 896

Fix & Simplify Build Growth Platform Long-Term Growth

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Increasing Operating Leverage

Amounts in this slide are in millions and are adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” Acquired 133 pawn stores and built four pawn stores in Latin America in Q1FY18

Growth Potential Being Realized Proven Pawn Expertise and Outstanding Results in Growth Market Focused Execution Delivers PLO and Strong EBITDA Growth Geographic Diversification and Significant Growth Potential in Latin America

U.S. Pawn 57% Latin America Stores on 9/30/17 28% Acquired and built stores in LatAm in Q1FY18 15%

EZCORP Pawn Store Count 12/31/17

43% of EZCORP total pawn stores are in Latin America as of December 31, 2017, specifically Mexico, Guatemala, El Salvador, Honduras, and Peru

EBITDA Consolidated EBITDA Latin America Pawn EBITDA U.S. Pawn

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Reduction in net interest expense due to higher interest income on promissory note associated with Grupo Finmart sale Eight consecutive quarters of YOY profit growth Net Revenue up 9% primarily on strong PSC performance Merchandise margin increased 170bps to 37% Strong operating leverage as 45% of net revenue growth flows to EBITDA

Outstanding Financial Performance

EZCORP GAAP Results

Strong performance in Q1 despite impact of hurricanes Increased operations expenses due to acquired

• stores. Improved 110bps to 68% of Net Revenue

Growth and expansion in Latin America driving significant increase in PLO Profit before tax is largest first quarter in five years

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*Adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

Adjusted EPS Up 73%

Strong operating leverage as EBITDA margin up 280bps and 56% of net revenue growth flows to EBITDA 10% PSC Growth and 6% Merchandise Gross Profit increase produced strong net revenue growth Consolidated merchandise margin increased 170bps to 37% Increased operations expenses due to acquired stores. Improved 130bps to 68% of Net Revenue Net Income is largest first quarter in five years Eight consecutive quarters of YOY profit growth

EZCORP Continuing Operations Adjusted Results*

Continued improvement in Corporate Expenses Successful pawn store acquisitions, strong

• rganic growth, and cost control deliver 59%

increase in profit before tax Adjusted EPS up 73%

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INCOME STATEMENT

Pawn Service Charges Total Up 103% to $16m

Sales Up 27% Sales Gross Profit Total Up 30% to $7m Merchandise Margin 32%

ASSETS

SAME STORE UP 17%

Purchases + Forfeitures

Pawn Loans Outstanding Total Up 114% Inventory Total Up 35%

SAME STORE UP 11%

NET REVENUE Up 73% to $23m TOTAL EXPENSES Up 64% to 15m PROFIT BEFORE TAX Up 106% to $9m

• Continued focus on customer experience led to Same Store

PLO up 11% as Same Store Pawn Service Charges increased 17% and Sales Gross Profit increased 9%

• PLO per store of $79k, up 34%
• PLO monthly yield of 17% vs 16%
• Inventory turns of 3.0x vs 2.6x
• Return on earning assets 160% vs 150%

Amounts in this slide are adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” Sales Gross Profit includes Merchandise, Scrap Gross Profit and Other Revenue.

Quality Store Manager

SAME STORE UP 4%

GROSS PROFIT SAME STORE UP 9%

Acquired 133 pawn stores and opened four stores in Latin America in Q1FY18. Expect to open eight additional stores in Q2FY18. Attractive runway for continued store openings and acquisitions Initiatives underway to continue improving Net Revenue and profitability in the long term, including upgrading POS and analytics of customer behavior and product data

Accelerating Growth in Latin America With Two Acquisitions

Same store PLO up 11%; 14 consecutive quarters of double-digit growth Successful pawn store acquisitions, strong organic growth, and

• perating leverage deliver more than double profit before tax

to $9m

Latin America Pawn Q1FY18

Amounts in this slide are adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” nm = not meaningful.

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• Successful pawn store acquisitions, strong organic growth, and operating leverage deliver

more than double profit before tax to $8.7m

• PLO more than doubled to $30m; added 137 Latin America pawn stores in Q1FY18, 133 via

acquisitions and 4 store openings

Latin America Pawn

Accelerating Growth in Latin America With Two Acquisitions

Acquisitions, Compound Same Store PLO Growth, and Operating Leverage Delivering Profit Growth Latin America Pawn

*Includes stores acquired and new stores opened in Q1FY18

** *

Purchases + Forfeitures

Focused Execution Delivers PLO and Profit Growth

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INCOME STATEMENT

Pawn Service Charges Total Down 2% to $60m Sales Down 4% Sales Gross Profit Up 3% to $37m Merchandise Margin 39%

ASSETS

SAME STORE UP 3%*

GROSS PROFIT SAME STORE UP 6%*

Inventory Total Up 10% NET REVENUE Flat at $97m

• Continued focus on customer experience and business

execution led to PLO and profit growth

• PLO per store relatively stable at $285k, despite impact of

hurricanes Harvey and Irma TOTAL EXPENSES Down 2% to $69m PROFIT BEFORE TAX Up 4% to $28m

• PLO monthly yield consistent at 14%
• Inventory turns of 1.8x vs 2.1x
• Return on Earning Assets of 135% vs 140%

U.S. Pawn Q1FY18

Pawn Loans Outstanding Total Down 2%

SAME STORE UP 3%*

Quality Store Manager

SAME STORE UP 16%*

Serving and satisfying customers’ need for cash fuels continued Same Store PLO growth Merchandise margin increased 220bps to 39%

3% increase in Same Store PLO drove similar increase in pawn service charges Serving and satisfying customers’ need for cash fuels continued Same Store PLO growth

* Same Store metrics are stores unaffected by hurricanes Harvey and Irma. Amounts in this slide are adjusted for discrete items. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” Sales Gross Profit includes Merchandise, Scrap Gross Profit, and Other Revenue.

Profit growth despite the continuing short-term impacts of hurricanes Harvey and Irma on PLO, PSC and merchandise sales 3% increase in Same Store PLO* drove similar increase in pawn service charges

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U.S. Pawn

Amounts in this slide are adjusted for discrete items. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

• Strong management execution and expense control drives profit before tax.

Solid results despite the continuing short-term impacts of hurricanes Harvey and Irma on PLO, PSC and merchandise sales

• Merchandise margin of 39%, up 220 bps; expect full fiscal year to be within our

target range of 35-38%

Focused Execution Delivers PLO and Profit Growth

Business Transformation Strong Management Execution and Expense Control Drives Profit Growth U.S. Pawn

*Q1FY18 was first full quarter stores were affected by hurricanes Harvey and Irma

Receiving Notes Receivable Payments Within Schedule

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¹Interest income on notes receivable from AlphaCredit. ²Total Deferred Compensation Fee will be reduced to $10m if the notes are pre-paid on or prior to June 30, 2019.

Amounts above are in millions of U.S. dollars and based on exchange rates in effect historically or as of December 31, 2017 for all future amounts.

GAAP Interest Income From Notes¹ $14.7 $5.6 $0.8 $21.1

Detail: Amortization of Deferred Compensation Fee² $9.2 $4.0 $0.8 $14.0 Cash Interest Income $5.5 $1.6 $0.0 $7.1

$3.8 $3.8 $28.4 $28.0 $32.2 $56.4

FY18 FY19 FY20 Total

Notes Receivable

(Principal as of 1/31/2018) Notes Receivable Cash Received As of January 31, 2018 $0 $60.2

AlphaCredit has already paid $40m principal and interest owed to EZCORP in connection with the sale of Grupo Finmart We have received all payments to-date as contractually

• bligated

Expect to collect an additional $28.4m principal in the remainder of FY18 and $28.0m in FY19 in addition to interest and a deferred compensation fee of $14.0m, payable $6.0m in September 2019, $4.0m in March 2020 and $4.0m in September 2020²

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Additional Information

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Investor Resources

1 PLO monthly yield in FY17 2 Based on average exchange rate in FY17

Product Overview and Key Pawn Terms

Summary of Key Pawn Terms in FY17

United States Mexico Average Loan Size ~$100 - $120 ~1,100 pesos (or ~$582) PLO monthly yield1 14% per month 16% per month Loan Term 30-90 days, generally 30 days NET REVENUE BY PRODUCT

Pawn Service Charges 63% Other 1% Jewelry Scrapping Sales Gross Profit 2% Merchandise Sales Gross Profit 34%

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Consolidated Net Revenue in FY17

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Definition of Terms

Monthly PLO Yield = pawn service charges days in period average PLO X 365 Inventory Yield = sales gross profit days in period average net inventory X 365 Return on Earning Assets sales gross profit + PSC days in period average net inventory + average PLO X 365 Inventory Turnover = total cost of sales days in period average net inventory X 365 =

/ 12

EBITDA Margin = EBITDA net revenue

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Latin America Store Map

GUATEMALA (73) HONDURAS (12) MEXICO (270) PERU (11)

EZCORP acquired 112 stores and built a store in Central America in Q1FY18 EZCORP’s 270 store presence in Mexico includes 21 stores acquired and 3 stores built in Q1FY18

Store count as of 12/31/17. *Calculated in constant currency.

EL SALVADOR (17)

• 383 EZCORP Latin America pawn store

locations, including 133 stores acquired in Q1FY18 in Mexico, Guatemala, El Salvador, Honduras, and Peru

• Attractive runway to expand general

merchandise pawn loans, continued store

• penings and acquisitions
• EZCORP achieved 14 consecutive quarters of

double-digit Same Store PLO growth YOY in Latin America*

EZCORP U.S. Pawn Store Map

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EZCORP pawn platform supports geographic diversity of store mix Stable state regulation; rate setting authority is at state level

NY WA MT ND SD WY

ID

NM KS NE MO KY LA SC NC WV OH MI ME VT MA NH CT RI PA VA 2 3 8 GA 97 FL AL 5 2 MS 1 AR 1 OK 21 TX 218 AZ 20 CO 34 UT 9 NV 17 OR 5 MN 7 WI 3 IA 11 IL 21 IN 15 TN 13 N J D E MD

513 EZCORP Stores

Store count as of 12/31/17

2.875% Convertible Senior Notes Due 2024 Potential EPS Dilution

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In July 2017, we issued $143.75 million aggregate principal amount of 2.875% Convertible Senior Notes Due 2024. The Convertible Notes are convertible into cash or shares of Class A Non-voting Common Stock, or any combination thereof, at our option subject to satisfaction of certain conditions and during certain periods, based on an initial conversion rate of 100 shares of Class A Common Stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of $10.00 per share of

• ur Class A Common Stock).

We have included above an estimate of the incremental shares we would need to include in our calculation of fully diluted EPS using the “treasury stock” method of accounting, if our average share price is above $10.00 while the Convertible Notes due 2024 are outstanding.

Average Share Estimated Incremental Price for Period Dilutive Shares for Period 10.00 $

• 11.00

$ 1,306,818 12.00 $ 2,395,833 13.00 $ 3,317,308 14.00 $ 4,107,143 15.00 $ 4,791,667 16.00 $ 5,390,625 17.00 $ 5,919,118 18.00 $ 6,388,889 19.00 $ 6,809,211 20.00 $ 7,187,500

The following is provided for purposes of calculating the potentially dilutive shares to be included in accounting for diluted EPS at a hypothetical conversion price of $10 or higher:

At higher share prices above $20, there is a potential for further increase in dilution

Investor Relations Contact

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Jeff Christensen, CPA Vice President, Investor Relations EZCORP, Inc. Email: jeff_christensen@ezcorp.com Phone: (512) 437-3545

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GAAP to Non-GAAP Reconciliation

In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States

• f America ("GAAP"), we provide certain other financial information that is adjusted to exclude the impact of restructuring and

restatement charges and other discreet items and to reflect the results of our Latin America Pawn operations on a constant currency basis. We believe that presentation of the non-GAAP financial information is meaningful and useful in evaluating and comparing our operating results across accounting periods and understanding the operating and financial performance of our

• business. We believe that the non-GAAP financial information reflects an additional way of viewing aspects of our business that,

when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. You should consider the non-GAAP information in addition to, but not instead of or superior to, our results prepared in accordance with GAAP. Non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of that information for comparative purposes.

40

GAAP to Non-GAAP Reconciliation Q1 – Continuing Operations*

(B) (C) (A) (E) Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount includes $0.3m Hurricane Store Operating Expenses Impact Footnote (B) Amount includes $0.4m of Acquisition related Expenses Footnote (C) Amount includes $0.3m Gain on FX Footnote (D) Amount includes $0.3m Gain on FX Footnote (E) Amount includes $2.8m expense for revaluation of deferred tax assets upon tax reform and $1.6m credit for FIN 48 – expiration of statute of limitation on uncertain tax positions *We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. As the results of GPMX are not included in fiscal 2017, such results included on a constant currency basis reflect the actual exchange rates in effect during the current quarter without adjustment. The end-of-period Mexican peso to U.S. dollar exchange rate as of December 31, 2017 and 2016 was 19.7 to 1 and 20.7 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for the three months ended December 31, 2017 and 2016 was 19.0 to 1 and 19.8 to 1, respectively, however our statement of operations constant currency results reflect the impact of monthly effects of exchange rates and so are not directly calculable from the above rates. (D)

41

GAAP to Non-GAAP Reconciliation Q1 – U.S. Pawn*

Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount includes $0.3m Hurricane Store Operating Expenses Impact

(A)

42

GAAP to Non-GAAP Reconciliation Q1 – Latin America Pawn*

Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount includes ~$0.1m Gain on FX We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. As the results of GPMX are not included in fiscal 2017, such results included on a constant currency basis reflect the actual exchange rates in effect during the current quarter without adjustment. The end-of-period Mexican peso to U.S. dollar exchange rate as of December 31, 2017 and 2016 was 19.7 to 1 and 20.7 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for the three months ended December 31, 2017 and 2016 was 19.0 to 1 and 19.8 to 1, respectively, however our statement of operations constant currency results reflect the impact of monthly effects of exchange rates and so are not directly calculable from the above rates. (A)

43

Pawn Quarterly Growth Reconciliation*

Footnote * - Includes immaterial presentation reclassifications and rounding

44

Consolidated Growth Reconciliation*

Footnote * - Includes immaterial presentation reclassifications and rounding