Delivering Significant Growth Second Quarter Fiscal 2018 Conference - - PowerPoint PPT Presentation

Delivering Significant Growth

Second Quarter Fiscal 2018 Conference Call May 3, 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.

Q2FY18 Highlights Business Execution Drives Outstanding Profit Growth

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*Excludes estimated impact of hurricanes on PSC and discrete technology change related costs. Amounts in this presentation are continuing operations only and comparisons are Q2FY18 relative to same period in prior year unless stated. Amounts in this slide are adjusted for discrete items and constant currency unless identified as GAAP. EZCORP Same Store amounts in this presentation exclude pawn stores acquired. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

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U.S. Pawn leading the market

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• Adjusted profit before tax up 5%*
• Significant scale and strong segment contribution
• Same Store PLO up 2% in stores unaffected by hurricanes; led the market

in 10 consecutive quarters. PLO recovery from hurricanes continues

• Strong PLO per store at $243k (GAAP), despite hurricane impact; led the

market in 7 consecutive quarters

Latin America Pawn earnings more than doubled

• LatAm profit before tax up 112% to $7m; more than doubled YOY for the

second consecutive quarter

• PLO increased 96% to $35m
• 16th consecutive quarter of positive Same Store PLO growth, up 9%
• PLO per store up 21% to $90k; led the market
• Opened four stores in LatAm in Q2FY18, 57% increase in LatAm

stores in FY18 to 387 stores

• High growth LatAm segment is now 43% of total pawn stores
• Strong store presence in five LatAm countries – Mexico, Guatemala,

El Salvador, Honduras, and Peru – springboard to growth within these countries and other high growth LatAm markets

• Relatively low capital investment and high return

Business expansion provides springboard for continued growth

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Net Income up 47% with strong cash flow

• Net Income up 47% and basic EPS up 53% to $0.23 (GAAP);

ninth consecutive quarter of YOY earnings growth

• PLO up 11% to $159m and PSC up 11% to $74m (GAAP)
• Net revenue up 10% to $121m, merchandise margin increase of 100bps

to 37% and retail sales gross profit up 9% (GAAP)

• Strong balance sheet with cash balance up 33% YOY to $160m (GAAP)

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*Excludes estimated impact of hurricanes on PSC and discrete technology change related costs. Amounts in this slide are in millions except for store count 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 eight pawn stores in Latin America in 1HFY18

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 27% Acquired and built stores in LatAm in 1HFY18 16%

EZCORP Pawn Store Count 3/31/18

43% of EZCORP total pawn stores are in Latin America as of March 31, 2018, specifically Mexico, Guatemala, El Salvador, Honduras, and Peru

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

Successful Execution of Business Strategy Drives Strong EBITDA Growth

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Reduction in net interest expense due to continued interest income on promissory note associated with Grupo Finmart sale 47% net income growth Nine consecutive quarters of YOY net income growth 11% growth in PSC revenues and 9% increase in retail gross profit produced strong net revenue growth Merchandise margin increased 100bps to 37% Strong operating leverage as 25% of net revenue growth flows to EBITDA

EZCORP GAAP Results

Strong performance in Q2 despite impact of hurricanes Increased operations expenses due primarily to acquired stores. Operations expenses in Q2FY18 consistent with Q1FY18 at 68% of Net Revenue Growth and expansion in Latin America driving significant increase in PLO Successful pawn store acquisitions, strong

• rganic growth, and cost control deliver strong

profit before tax increase

47% Net Income Growth

NM = not meaningful.

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*Adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” NM = not meaningful.

Adjusted Net Income Up 38%

Continued compounded growth in EBITDA and Profit Before Tax 10% PSC growth and 6% Merchandise Gross Profit increase produced strong net revenue growth Merchandise margin increased 120bps to 37% Increased operations expenses due primarily to acquired stores. Operations expenses in Q2FY18 consistent with Q1FY18 at 68% of Net Revenue 38% net income growth Nine consecutive quarters of YOY profit growth

EZCORP Continuing Operations Adjusted Results*

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U.S. Pawn

• Solid results excluding lingering short-term impacts of FY17 Hurricanes Harvey and Irma
• Merchandise margin of 38%, up 150bps; within our target range of 35-38%

Continued Focus on Business Execution and Pawn Fundamentals

Strong Business Execution YOY Change U.S. Pawn

*1HFY18 was affected by Hurricanes Harvey and Irma Excludes estimated impact of hurricanes on PSC and discrete technology change related costs. Amounts in this slide are adjusted for discrete items. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

Purchases + Forfeitures

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+

• =

=

INCOME STATEMENT

Pawn Service Charges Total Down 1% to $59m Same Store Sales Flat Sales Gross Profit Up 5% to $38m Merchandise Margin 38%

ASSETS

SAME STORE UP 2%1

GROSS PROFIT SAME STORE UP 8%1

Inventory Total Up 11%

ADJUSTED NET REVENUE UP 4% TO $100m1

• Up 1% to $97m
• Market leading PLO per store at $243k (GAAP), as business

continues recovery from hurricanes

• Continued focus on customer experience and business execution

led to Same Store PLO growth in stores unaffected by hurricanes ADJUSTED TOTAL EXPENSES Up 3% to $69m1

• Up 4% to $69m

ADJUSTED PROFIT BEFORE TAX Up 5% to $31m1

• Down 6% to $28m
• PLO monthly yield of 15% vs. 14% (GAAP)
• Inventory turns of 1.9x vs 2.2x (GAAP)
• Return on Earning Assets of 143% vs 147% (GAAP)

U.S. Pawn Q2FY18

Pawn Loans Outstanding Total Down 1%

SAME STORE UP 2%1

Quality Store Manager

SAME STORE UP 16%1

Sales gross profit up 5% during annual tax refund season with merchandise margin up 150bps to 38%, within our target range of 35% to 38%

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

1 Excludes estimated impact of hurricanes and discrete technology change related costs.

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.

Continued recovery from FY17 hurricanes negatively affected PLO, PSC and sales relative to prior year Same store PLO increased 2% in stores unaffected by hurricanes

Continued Focus on Business Execution and Pawn Fundamentals

Market Leading U.S. Same Store PLO Growth

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Same Store PLO Growth¹

Two-Year Stacked YOY Change

U.S. PAWN

EZCORP achieved ten consecutive quarters of market leading Same Store PLO growth YOY EZCORP

U.S. Pawn Net Revenue and Profit Before Tax

YOY Change

Strong business execution driving U.S. operating leverage

*1HFY18 was affected by Hurricanes Harvey and Irma

Public Pawn Competitors

Excludes estimated impact of hurricanes on PSC and discrete technology change related costs.

¹Weighted 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. Amounts in this slide are adjusted for discrete items. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” EZCORP Same Store PLO up 2% in Mar ’18, and up 3% in Dec’17 and Sept ’17 in stores unaffected by Hurricanes Harvey and Irma

U.S. Pawn Per Store Economics vs. Competition

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SUPERIOR EBITDA GROWTH

Quarter Ended March 31, 2018

EZCORP

Public Pawn Competitors EZCORP Relative to Competitors Store Count 510 1064 EBITDA (YOY Growth) (2%) (15)% 1700bps Pawn Loans Outstanding per store $243 $223 9% Pawn Service Charges per store $116 $90 28% Average Monthly PLO Yield 15% 12% 300bps Sales per store $185 $175 6% Sales Gross Profit per store $71 $61 16% Merchandise Sales Margin 38.2% 35.2% 300bps Inventory Turns 1.9x 3.0x (1.1x)

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

SUPERIOR PAWN SERVICE CHARGES AND YIELD FROM PAWN LOAN PORTFOLIO

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

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

more than double profit before tax to $6.8m

• PLO up 96% to $35m; added 141 Latin America pawn stores 1HFY18, 133 via acquisitions and 8

store openings

Latin America Pawn

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

*Includes stores acquired and new stores opened in 1HFY18

Profit More Than Doubled in Latin America

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+

• =

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INCOME STATEMENT

Pawn Service Charges Total Up 96% to $15m

Sales Up 28% Sales Gross Profit Total Up 29% to $6m Merchandise Margin 32%

ASSETS

SAME STORE UP 7%

Purchases + Forfeitures

Pawn Loans Outstanding Total Up 96% Inventory Total Up 50%

SAME STORE UP 9%

NET REVENUE Up 69% to $21m TOTAL EXPENSES Up 54% to 14m PROFIT BEFORE TAX Up 112% to $7m

• Market leading PLO per store of $90k, up 21%
• PLO monthly yield of 15% vs 16%
• Inventory turns of 2.7x vs 2.6x
• Return on earning assets 151% vs 154%

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 13%

GROSS PROFIT SAME STORE UP 1%

Added 141 stores through acquisition and new store strategy YTD

Profit More Than Doubled in Latin America

Same store PLO up 9%. Continued focus on customer experience led to organic growth Successful pawn store acquisitions, strong organic growth, and

• perating leverage deliver more than double profit before tax

to $7m

Latin America Pawn Q2FY18

Acquisitions and Compound PLO Growth Drive Latin America Profit

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Same Store PLO Growth¹

Two-Year Stacked YOY Growth

LATIN AMERICA PAWN

EZCORP Public Pawn Competitors

¹Weighted 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. Amounts in this slide are adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

Latin America Net Revenue and Profit Before Tax

YOY Growth

Acquisitions, compound PLO growth, and expense control drives operating leverage EZCORP achieved 16 consecutive quarters of positive Same Store PLO growth YOY

*Includes stores acquired and new stores opened in 1HFY18

Latin America Pawn Per Store Economics vs. Competition

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SUPERIOR EBITDA GROWTH

Quarter Ended March 31, 2018

EZCORP

Public Pawn Competitors EZCORP Relative to Competitors Store Count 387 1105 EBITDA (YOY Growth) +103% +30% 3.4x Pawn Loans Outstanding per store $91 $77 18% Pawn Service Charges per store $40 $32 25% Average Monthly PLO Yield 15% 14% 100bps Sales per store $52 $81 (36%) Sales Gross Profit per store $17 $29 (41%) Merchandise Sales Margin 32.2% 35.7% (350bps) Inventory Turns 2.7x 3.8x (1.1x)

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

SUPERIOR PAWN SERVICE CHARGES AND YIELD FROM PAWN LOAN PORTFOLIO

Industry highest PLO, PSC, and PLO yield driven by disciplined lending

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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 and mentoring of

field team

Potential To Accelerate Growth Via Disciplined Store Acquisitions And New Stores

• 57% increase in pawn store count in

Latin America from 240 stores on 9/30/17 to 387 on 3/31/17

• Larger scale with 43% of total pawn

stores in Latin America, a 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

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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Additional Information

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 March 31, 2018 for all future amounts.

GAAP Interest Income From Notes¹ $14.8 $5.6 $0.8 $21.2

Detail: Amortization of Deferred Compensation Fee² $9.2 $4.0 $0.8 $14.0 Cash Interest Income $5.6 $1.6 $0.0 $7.2

$11.5 $11.5 $21.0 $28.3 $32.5 $49.3

FY18 FY19 FY20 Total

Notes Receivable

(Principal as of 4/30/18) Notes Receivable Cash Received As of April 30, 2018 $0 $60.8

AlphaCredit has already paid $49.4m 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 $21.0m principal in the remainder of FY18 and $28.3m 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

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. This method of accounting assumes conversion into shares even though the company could opt to settle only in cash, eliminating share dilution.

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

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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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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.

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GAAP to Non-GAAP Reconciliation Q2 – Continuing Operations*

(B) (C) (A) (E) Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount includes $0.3m true up of estimated cost to settle loans destroyed in hurricanes Footnote (B) Amount includes $0.1m asset write-off for sold stores. Footnote (C) Amount includes tax impact of items listed above Footnote (D) Amount includes $0.2m loss on FX Footnote (E) Amount includes tax impact of item D

*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 March 31, 2018 and 2017 was 18.3 to 1 and 18.7 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for the three months ended March 31, 2018 and 2017 was 18.7 to 1 and 20.4 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for the six months ended March 31, 2018 and 2017 was 18.8 to 1 and 20.1 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)

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GAAP to Non-GAAP Reconciliation Q2 – U.S. Pawn*

Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount includes $0.3m true up of estimated cost to settle loans destroyed in hurricanes Footnote (B) Amount includes $0.1m from closed stores. Footnote (C) Hurricane adjusted EBITDA of $34.3m includes estimated impact of hurricanes of $2.1m and discrete technology change related costs of $0.7m.

(A) (B) (C)

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GAAP to Non-GAAP Reconciliation Q2 – Latin America Pawn*

Footnote * - Includes immaterial presentation reclassifications and rounding 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 March 31, 2018 and 2017 was 18.3 to 1 and 18.7 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for the three months ended March 31, 2018 and 2017 was 18.7 to 1 and 20.4 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for the six months ended March 31, 2018 and 2017 was 18.8 to 1 and 20.1 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.

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GAAP to Non-GAAP Reconciliation YTD – Continuing Operations*

(B) (C) (A) (E) Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount includes $0.4m of Acquisition Expenses Footnote (B) Amount includes $0.3m Loss on FX and $0.1m asset write-off for sold stores

Footnote (C) Amount includes tax impact of items A and B as well as $1.6m gain from reversal of Fin-48 reserves and $2.8m loss from tax reform impact on deferred tax assets Footnote (D) Amount includes $0.2m Loss on FX Footnote (E) Amount includes tax impact of item D *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 March 31, 2018 and 2017 was 18.3 to 1 and 18.7 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for the three months ended March 31, 2018 and 2017 was 18.7 to 1 and 20.4 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for the six months ended March 31, 2018 and 2017 was 18.8 to 1 and 20.1 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)

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

Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount includes $0.1m asset write-off for sold stores

(A)

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

Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount includes ~$0.1m loss on FX Footnote (B) Amount includes ~$0.1m loss 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 March 31, 2018 and 2017 was 18.3 to 1 and 18.7 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for the three months ended March 31, 2018 and 2017 was 18.7 to 1 and 20.4 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for the six months ended March 31, 2018 and 2017 was 18.8 to 1 and 20.1 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) (B)

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Pawn Quarterly Growth Reconciliation*

Footnote * - Includes immaterial presentation reclassifications and rounding

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Consolidated Growth Reconciliation*

Footnote * - Includes immaterial presentation reclassifications and rounding