Driving Sustainable Growth CL King 15 th Annual Best Ideas Conference - - PowerPoint PPT Presentation

Successful Execution of Business Transformation Driving Sustainable Growth

CL King 15th Annual Best Ideas Conference 2017 September 14, 2017

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.

Company Overview

* Continuing operations excluding closed Mexico buy/sell business

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U.S. Pawn 85% Other 1% Mexico Pawn 14%

EZCORP Revenue Sources EZCORP is a leading provider of pawn loans in the United States and Mexico. At our pawn stores we also sell merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers.

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

(52 Week Range as of 9/12/17)

$413m to $638m Share Price

(52 Week Range as of 9/12/17)

$7.60 to $11.80 Convertible Debt Due 2019 Bond Price

(52 Week Range as of 9/12/17)

92 to 100 Convertible Debt Due 2024 Bond Price

(Range from 7/5/17 offering completed)

101 to 114 Adjusted Total Revenue in FY16* $747.9m Adjusted Profit Before Tax in FY16* $23.1m Institutional Holdings 88% Index inclusion: Russell 2000, S&P SmallCap 600, S&P 1000, NASDAQ Composite United States 515 Mexico 244 Cash Max in Canada 27

PAWN STORE LOCATIONS as of 6/30/17 FINANCIAL SERVICES LOCATIONS as of 6/30/17 KEY STATISTICS

U.S. Financial Services business closed Renewed Executive Leadership Team including CEO and President of Pawn

Successful Execution of Business Transformation

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25 Pawn Stores acquired in FY15 Closed 25 underperforming pawn stores in U.S. and Mexico in FY15 Sold Grupo Finmart Investment in field management enabling more coaching & mentoring 6 U.S. pawn stores acquired in Q2FY16 Procurement

• pportunities identified

Store incentive plans re-aligned to operating contribution

INITIATIVES TO DRIVE CONTINUED PROFITABLE GROWTH

1. POS will deliver improved customer experience and increase productivity 2. Further Investment in product and analytics of customer behavior and product data 3. Significant runway for continued store openings and acquisitions 4. Store refurbishment program commenced in Q3 5. Convertible debt due 2024 issued in July 2017; liquidity and debt maturity profile improved 6. Tracking toward annual corporate expense of $50m in FY18

Mexico Buy/Sell business closed

Transformational customer focused 3-year strategic plan released JULY 2015

New $100 million secured credit facility to support business growth

JUNE 2017

Initiated deployment

• f upgraded POS

Initiated store refurbishment program Opened six stores in Mexico YTD; four more expected in Q4FY17

Continued opportunities for accretive acquisitions EZCORP Adding Value To Acquisitions

• Systems
• Processes
• Capital
• People

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Pawn Stores EZCORP 4% Pawn Stores FirstCash 9% Pawn Stores Held By Independent Owner Operators 87%* Total U.S. Pawn Stores Estimated ~13,000

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

EZCORP Serves a Large U.S. Market 20% of U.S. Households are underbanked (~25 million households)* 7% of U.S. Households are unbanked (~9 million households)*

Attractive Industry Dynamics – U.S. Pawn

Massive and Highly Fragmented Market

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

CA NM KS NE MO KY LA SC NC WV OH MI ME VT MA NH CT RI PA VA 2 4 8 GA 97 FL AL 5 2 MS 1 AR 1 OK 21 TX 218 AZ 20 CO 35 UT 10 NV 16 OR 5 MN 7 WI 3 IA 11 IL 21 IN 15 TN 13 N J D E MD 33 11 27 7 3 31 1 18 416 25 8 45 77 27 41 6 26 25 25 41 119 44 28 3 AK 6

515 EZCORP U.S. Pawn store locations EZCORP Stores FirstCash Stores

35 Store count as of 06/30/17

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• EZCORP has ~4% market share in Mexico*
• ~6,500 pawn shops in Mexico*
• Significant runway for store openings and acquisitions

New Store Openings: – EZCORP will open 10 new stores in FY17 – Significant opportunity remains for further new store openings Acquisition Opportunities: – Large and small groups of pawn stores that meet our strict criteria may become available for acquisition

• EZCORP’s large store expertise drives opportunities

Attractive Industry Dynamics – Mexico Pawn

Massive and Highly Fragmented Market

*Source: PROFECO, the National Pawn Registry

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EZCORP Mexico Pawn Store Map

1 2 3 4 5 6 7 11 16 17 18 19

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21 22 12

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14 15 16 8 9

244 EZCORP Mexico Pawn store locations

Store count as of 6/30/17

Pawn 101: Understand 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 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.

Market Leading Same Store PLO Growth

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U.S. Pawn

YOY Growth

Mexico Pawn

YOY Growth

Strong Same Store PLO Growth

Compounding on Significant Prior Year Growth EZCORP achieved seven consecutive quarters of market leading U.S. Pawn Same Store PLO growth YOY EZCORP achieved twelve consecutive quarters of Mexico Pawn double-digit Same Store PLO growth YOY*

EZCORP FirstCash EZCORP FirstCash

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. Calculated in constant currency. Mexico PLO balance both increased and decreased over the same period on a GAAP basis.

Operating Leverage

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U.S. Pawn

YOY Growth

Mexico Pawn

YOY Growth

Net Revenue and Profit Before Tax

Focus and Investment on Customer Experience and Expense Control Delivering Net Revenue Growth and Operating Leverage

* Excludes $0.5m looting expense; the impact of looting in 12 stores in January 2017 reduced revenue through stolen pawn loan collateral and inventory effecting PSC and sales in addition to $0.5m in expenses Amounts in this slide are adjusted for restructuring and restatement charges, other discrete items and constant currency. Mexico Pawn excludes closed buy/sell businesses. See “EZCORP GAAP Results” and “GAAP to non-GAAP Reconciliation.”

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Drivers to Long-Term Growth Investing in Pawn Fundamentals

Updating and evolving incentive program, coupled with training, coaching & mentoring

• f field team,

to improve customer engagement and sustained results Disciplined store acquisitions and de novo store openings, drive profitable growth through efficient utilization of capital on productive assets

Targeted investments in market leadership to meet our customers’ need for cash

Analytics of customer behavior and product data and feedback improves understanding

• f customer behaviors

and product pricing to drive higher profitability Strengthening balance sheet and liquidity position Process analysis and improvements will deliver greater consistency and improved productivity Technology upgrades, including deployment of upgraded POS, will deliver improved customer and Team Member experience and increase productivity Store refurbishment program commenced in Q3, includes double-digit increase in GM display capacity with greater flexibility in the 75 stores this fiscal year Optimizing loan values and merchandise pricing to sustain PSC, sales gross profit and sales margins within target range

• f 35-38%

2.8 3.2 3.4 3.5 2.5 2.5

2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17

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*Amounts exclude the impact of cash and debt of Grupo Finmart in FY16.

Highlights

• Strengthening balance sheet and liquidity

supports continued investment in customer experience and expansion to drive increased profit

• Cash balance up 287% YOY to $114m at June 30
• Receiving regular payments on promissory notes

associated with Grupo Finmart sale. – In July 2017, received $6.1m, including early payment of $5.2m

• Convertible Senior Notes due 2024 offering

completed shortly after the end of the quarter

Strengthening Balance Sheet and Liquidity

Net Debt / Adjusted EBITDA Ratio (LTM)*

Earnings growth strengthens Net Debt / Adjusted EBITDA ratio

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Convertible Senior Notes with 2.875% Coupon Due July 2024

Convertible Senior Notes with 2.875% Coupon Due July 2024

• Highlights:
• Strengthened balance sheet and improved debt maturity profile at attractive fixed cash interest rate
• Net proceeds of $140.0m in July 2017
• Use of Proceeds:
• $51.6m used to retire principal, accrued interest and transaction fees on senior secured credit facility

which carried substantially higher cost of funds

• $34.4m to repurchase $35m face value of existing Cash Convertible Senior Notes due 2019, leaving

$195m of those convertible notes outstanding

• Remaining $54.0m increased company’s cash balance providing funding for general corporate

purposes, including potential acquisitions Expect one-time debt extinguishment charge totaling ~$5.3m in our fourth fiscal quarter comprised primarily of write-off of unamortized debt discount and issuance costs on partial repayment of Cash Convertible Notes due 2019 and retirement of secured credit facility Even with the net $54m increase in liquidity, expect annual cash interest to improve to ~$8.3m – a savings of ~$2m annually, due to lower coupon rates. Including non-cash accretion of debt discount and issuance costs, GAAP interest expense on our convertible notes is expected to be ~$6m in Q4FY17, excluding one-time debt extinguishment charge, and ~$24m in FY18

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• Initiatives to improve customer experience and deliver profitable growth:

– Deployment of upgraded POS – Further investment in analytics of customer behavior and product data

• Continuous measurement of customer experience and feedback driving higher

revenue and profitability Market Leadership in PLO Growth Disciplined Growth & Strong Performance Attractive Industry Dynamics

• Continue to assess acquisitions and store openings in U.S. and Mexico against strict

investment criteria: – Opened six stores in Mexico YTD; four more expected in Q4FY17 – Significant runway for store openings and acquisitions

• Strong balance sheet with cash balance up 287% YOY to $113.7m

EZCORP Strengths

Successful Focus on Customer Leadership

• Seven consecutive quarters of market leading U.S. Pawn Same Store PLO growth YOY
• Twelve consecutive quarters of Mexico Pawn double-digit Same Store PLO growth YOY*
• Six consecutive quarters of YOY profit before tax growth
• Solid demand for pawn services across economic cycles
• Fully collateralized loan portfolio
• Large and highly fragmented consumer market in U.S. and Mexico
• Stable pawn regulatory environment

*Calculated in constant currency. Mexico PLO balance both increased and decreased over the same period on a GAAP basis.

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Financial Information

Third Quarter FY17 Highlights Momentum Builds!

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Amounts in this slide are adjusted for restructuring and restatement charges, other discrete items and constant currency. Mexico Pawn excludes closed buy/sell businesses. See “EZCORP GAAP Results” and “GAAP to non-GAAP Reconciliation.” Comparisons in this presentation are Q3FY17 relative to same period in prior year. *Calculated in constant currency. Mexico PLO balance both increased and decreased over the same period on a GAAP basis.

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Strong profit growth

• Continued focus on net revenue growth and expense control

driving operating leverage – Earnings Per Share from continuing operations up 100% to $0.10; YOY growth in six consecutive quarters – Profit before tax up 133% to $8.9m

Track record of consistent PLO growth

• Track record of positive Same Store PLO YOY growth:

– Seven consecutive quarters in U.S. – Twelve consecutive double-digit quarters in Mexico*

• Market leading U.S. PLO of $289k per store

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Investing in customer experience driving future profitable growth

• Analytics of customer behavior and product data and recent

change in store team incentive (focused on operating contribution at the store level) assisted in delivering improved PLO, net revenue and renewed focus on expense management

• Commenced rollout of upgraded POS in Q2 and

store refurbishment program in Q3

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Strengthened balance sheet and liquidity

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• Cash balance up 287% to $114m
• Receiving regular payments on promissory notes associated with

Grupo Finmart sale

• Convertible Senior Notes due 2024 offering completed shortly

after the quarter, net proceeds of $140m

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Reduction in net interest expense due to interest income on promissory notes associated with Grupo Finmart sale Six consecutive quarters of YOY profit growth Continued focus and investment in customer experience and cost management driving EPS up 100% Continued focus and investment in customer-facing team. Expect

• perations expense in 2HFY17 to be

inside of 2HFY16 Corporate expense on track to $50m in FY18 Q3 Net Revenue up 5% as PSC increased 5% and merchandise sales increased 4% Continued focus on operating leverage led to EBITDA growth

Q1FY17 EPS and Profit Before Tax Doubled!

EZCORP GAAP Results

Continued focus on investment in customer experience and expense control driving net revenue growth and

• perational leverage

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*Adjusted for restructuring and restatement charges, other discrete items and constant currency. Mexico Pawn excludes closed buy/sell businesses. GAAP financials are included in the “GAAP to Non-GAAP Reconciliation.”

Corporate expense reduction of 9%; on track to $50m corporate expense in FY18 Reduction in net interest expense due to interest income on promissory notes associated with Grupo Finmart sale Continued focus and investment in customer experience and cost management driving profit up 120% Consolidated merchandise margin of 36%, in our target range of 35-38%

EZCORP Continuing Operations Adjusted Results*

Continued Strong Profit Growth

Continued focus on operating leverage led to EBITDA growth

Purchases + Forfeitures

Strong Management Actions Deliver PLO and Profit Growth

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INCOME STATEMENT

Pawn Service Charges Total Up 4% to $57m Sales Up 4% Sales Gross Profit Total up 5% to $33m Merchandise Margin 37%

ASSETS

SAME STORE UP 5% GROSS PROFIT SAME STORE UP 5%

Inventory Total Up 2% to $115m

NET REVENUE Up 5% to $90m

• Continued focus on customer experience led to Same Store PLO up

4% as Pawn Service Charges increased 4% and Merchandise Gross Profit increased 3%

• Market leading average PLO per store improved 5% to $289k

TOTAL EXPENSES flat at $66m PROFIT BEFORE TAX Up 18% at $24m

• PLO monthly yield consistent at 14%
• Inventory turns of 2.3 compared to 2.2
• Return on Earning Assets consistent at 141%

U.S. Pawn Q3FY17*

Pawn Loans Outstanding Total Up 3% to $149m

SAME STORE UP 4%

Quality Store Manager

SAME STORE UP 2% * Adjusted for restructuring charges and other discrete items. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” Sales Gross Profit includes Merchandise and Scrap Gross Profit.

Serving and satisfying customers’ need for cash fuels continued Same Store PLO growth Initiatives underway to continue improving Net Revenue and profitability in the long term, including upgrading POS and analytics

• f customer behavior and product data

Expect operating expense in 2HFY17 to be inside of 2HFY16 Analytics of customer behavior and product data and recent change in store team incentive (focused on operating contribution at the store level) assisted in delivering improved PLO, PSC and sales gross profit growth Four percent same store increase in PLO drove similar increases in pawn service charges and sales gross profit.

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U.S. Pawn Q3FY17*

*Adjusted for restructuring charges and other discrete items. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

• Net revenue growth and expense control driving profit growth of 18%
• Seven consecutive quarters of market leading Same Store PLO growth YOY
• U.S. merchandise margin of 37%, in our target range of 35-38%
• Inventory aged over one year improved to 11% from 12% in Q2FY17

Strong Management Actions Drive PLO and Profit Growth

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INCOME STATEMENT

Pawn Service Charges Total Up 16% to $9.5m Sales Up 10% Sales Gross Profit Total Up 13% to $5.5m Merchandise Margin 33%

ASSETS

SAME STORE UP 14%

Purchases + Forfeitures Pawn Loans Outstanding Total Up 16% to $19m Inventory Total Up 14% to $19m

SAME STORE UP 13%

NET REVENUE Up 15% to $15m TOTAL EXPENSES Up 5% to $10m PROFIT BEFORE TAX Up 56% to $6m

• Continued focus on customer experience led to PLO up 16%

as Pawn Service Charges increased 16% and Merchandise Gross Profit increased 13%

• Average PLO per store improved 13% to $77k
• PLO monthly yield consistent at 16%
• Inventory turns consistent at 2.3
• Return on earning assets 155% compared to 152%

Mexico Pawn Q3FY17*

* Adjusted for restructuring charges, other discrete items and constant currency. Excludes closed Mexico buy/sell business. 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 11% GROSS PROFIT SAME STORE UP 10%

Initiatives underway to continue improving Net Revenue and profitability in the long term, including upgrading POS and analytics

• f customer behavior and product data

Opened six stores in Mexico YTD; four more expected in Q4FY17. Significant runway for continued store openings and acquisitions

Strong Compounded PLO Growth Drives Profitable Growth

Strong management, consistent execution and cost control deliver profit before tax up 56% to $6m

*Adjusted for discrete items and constant currency. Excludes Mexico buy/sell business. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” Calculated in constant currency. Mexico PLO balance both increased and decreased over the same period on a GAAP basis.

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• Market leading Same Store PLO growth in Q3
• Opened six stores in Mexico YTD; four more expected in Q4FY17.

Significant runway for continued store openings and acquisitions

• Inventory aged over one year of 6%, consistent with Q2FY17

Mexico Pawn Q3FY17*

Strong Compound PLO Growth Drives Profitable Growth

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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Additional Information

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Investor Resources

Investor Resources (http://investors.ezcorp.com)

• Pawn 101: Understanding the

five Pawn growth drivers

• Helpful links to presentations,

transcripts, and financial results

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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

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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 Mexico 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
• ur 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 Q3 – Continuing Operations*

Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount includes $1.1m of CFO severance Footnote (B) Amount includes $0.1m of discrete adjustments in Corporate Footnote (C) Amount includes $0.2m 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. The end-of-period exchange rate as of June 30, 2017 and 2016 was 18.0 to 1 and 18.6 to 1, respectively. The approximate average exchange rate for the three months ended June 30, 2017 and 2016 was 18.6 to 1 and 18.1 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. (B) (A) (C)

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GAAP to Non-GAAP Reconciliation Q3 – U.S. Pawn*

Footnote * - Includes immaterial presentation reclassifications and rounding

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GAAP to Non-GAAP Reconciliation Q3 – Mexico 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. The end-of-period exchange rate as of June 30, 2017 and 2016 was 18.0 to 1 and 18.6 to 1, respectively. The approximate average exchange rate for the three months ended June 30, 2017 and 2016 and 2015 was 18.6 to 1, 18.1 to 1 and 15.3 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*

Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount includes $1.1m of CFO severance Footnote (B) Amount includes $0.2m Gain on FX Footnote (C) Amount includes $3.9m of discrete adjustments in Corporate ($4.2m Grupo Restatement and -$0.3m discrete adjustments) Footnote (D) Amount includes $1.4m loss on restructuring related expenses (U.S. Pawn $1.0m, Corporate $0.2m, Other International $0.2m) and $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. The end-of-period exchange rate as of June 30, 2017 and 2016 was 18.0 to 1 and 18.6 to 1, respectively. The approximate average exchange rate for the nine months ended June 30, 2017 and 2016 was 19.6 to 1 and 17.6 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. (B) (A) (C) (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 $1.0m restructuring expense (A)

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GAAP to Non-GAAP Reconciliation YTD – Mexico 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. The end-of-period exchange rate as of June 30, 2017 and 2016 was 18.0 to 1 and 18.6 to 1, respectively. The approximate average exchange rate for the nine months ended June 30, 2017 and 2016 was 19.6 to 1 and 17.6 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)

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Net Debt/Adjusted EBITDA Reconciliation*

Footnote * - Includes immaterial presentation reclassifications and rounding