Growth Through Superior Customer Experience Fourth Quarter and - - PowerPoint PPT Presentation

Growth Through Superior Customer Experience

Fourth Quarter and Full-Year Fiscal 2018 Conference Call November 15, 2018

Preliminary Statements

2

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.

Highlights Q4 Accelerating Growth Reflects Focus on Customer Experience

3

Amounts in this presentation are continuing operations only and comparisons are relative to same period in prior year unless otherwise stated. Amounts in this slide are adjusted for discrete items and constant currency unless otherwise identified. EZCORP Same Store amounts in this presentation exclude pawn stores acquired unless outstanding for the entire periods presented. See “EZCORP GAAP Results” in “Additional Information” and “GAAP to Non-GAAP Reconciliation.”

1 3

Exceptional Growth in Latin America

2

• PLO up 110% to $44m
• 18 consecutive quarters of Same Store PLO growth;

market leading Same Store PLO growth of 7%

• PLO per store of $96k (GAAP); highest year-end PLO per store since 2008
• 84% (+207 stores) increase in LatAm store count, ending at 453 stores
• Profit before tax increased 86% to $9.9m in Q4

Customer Experience Leadership Drives Growth in U.S. Pawn

• Same Store PLO growth of 5%
• 9 consecutive quarters of market leading PLO per store ending at

$305k (GAAP); highest year-end PLO per store since 2011

• Merchandise margin improved 240bps to 39%
• Unadjusted EBITDA up 15% in Q4
• Strong balance sheet with cash balance up 74% to $286m provides

strategic flexibility

• AlphaCredit payments remain current; $38m received in FY18 and expect

$30m in FY19 related to declining principal balance

• Focus on customer experience and leveraging predictive analytics

provides growth potential

Continued Opportunities for Business Expansion and Growth

4

Adjusted EPS up 38%

• PLO up 18% to $199m
• Market leading merchandise margin up 120bps to 37%
• EBITDA increased 35% to $28m in Q4
• Adjusted profit before tax increased 38% to $16.2m in Q4

$2.4 $3.3 $20.7 $28.0

FY15 FY16 FY17 FY18

$47.5 $25.1 $24.2 $28.3*

FY15 FY16 FY17 FY18

$106.7 $113.4 $116.5

4

*Excludes estimated impact of hurricanes on PSC. Amounts in this slide are in millions and adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

Proven Pawn Expertise and Outstanding Results in Growth Market EBITDA Latin America Pawn

Continued Improvements in Operating Leverage

6 % C A G R 6 % C A G R

Focused Execution Delivers EBITDA Growth EBITDA U.S. Pawn Continued Growth EBITDA Consolidated

28% CAGR

$63.0 $85.7 $2.7 $4.0 $5.5 $10.7

FY15 FY16 FY17 FY18

$8.7 $14.7 $19.4

FY EBITDA / Net Revenue 12% 15% 20% 21% 31% 31% 31%* 32%* 23% 30% 35% 37%

Up 17% FY18 Up 8% FY18 Q4 Q1, Q2, Q3 $100.6 Up 35% Q4FY18 Up 7% Q4FY18 $125.5 $35.9 $30.3* Up 85% FY18 Up 93% Q4FY18

Customer Experience Leadership Is Rewarded

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FY15 FY18

24% PLO and Annual PSC increase 17% Annual Corporate Expense Savings Customer Engagement and Satisfying Their Needs For Cash More Efficient and Productive Support Center 22% Higher Annual Merchandise Gross Profit 350bps Increase In Merchandise Margin Loan Values Based on Customer and Product Analytics

Comparisons are FY18 relative to FY15. Amounts are continuing operations only, adjusted for discrete items. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

Consolidated EBITDA

28% CAGR FY15 to FY18

$47.5m $100.6m

Positioned For Growth

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Acceleration in fourth quarter and strong results for the year reflect our continued investment in customer experience

Q4FY18 FY18

Pawn Loans Outstanding (PLO)* +18%

• -

Pawn Store Count* +27%

• -

EBITDA +35% +17% EBITDA Margin +310bps +120bps

*at end of period Amounts are continuing operations only and adjusted for discrete items. Comparisons are relative to the same period in prior year. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

Successful Focus on Customer Experience Leadership Net Revenue Growth in FY19

Significant Increase in Latin America Store Count

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FY2018 Beginning 246 Acquired 196 New 12 Closed 1 Total 453

U.S. Pawn 53% Latin America stores on 9/30/17 Latin America net stores acquired

• r opened

in FY18

EZCORP Pawn Store Count 9/30/18

246

• 47% of EZCORP pawn stores are in Latin

America as of September 30, 2018, specifically Mexico, Guatemala, El Salvador, Honduras, and Peru

• 84% increase (+207 stores) in LatAm

store count in FY18 to 453 stores

• LatAm contributed 28% of total EZCORP

pawn profit in Q4, up from 17% in Q4FY17

• Unique pawn operating model drives

proven customer experience leadership and accretion in acquisitions and store

• penings
• Delivered first year ROIC on GPMX

acquisition of 12%. On track for year 3 ROIC

• f >15%

508 207

84% Increase in FY18

Investment In Business

8

207

Cash Flow and Investment In Business

FY16 FY17 FY18

Net Cash From Operating Activities $68.1 $58.0 $88.7 Fund PLO Growth (13.0) (15.6) (18.9) Operating Cash Flow 55.1 42.4 69.8 AlphaCredit Principal Repayments

• -

29.5 32.4 Cash Flow Including AlphaCredit 55,1 71.9 102.2 Capital Expenditures (13.3) (25.0) (40.5) Cash Flow After Capital Expenditures $41.8 $46.9 $61.7

$68.1 $58.0 $88.7

Cash Flow

$11 FY16 FY17 FY18

1$32.4m principal repayments excludes $5.6 cash interest received from AlphaCredit in FY18.

Amounts in this slide are in millions.

$11.1 $13.2 $16.2 AlphaCredit Principal Repayments CapEx

FY18 Receipts From AlphaCredit Invested In Business

Discretionary Reinvestment In Stores Other Investments For Growth Maintenance CapEx $32.4 $40.5

2Investments in new stores, POS, leveraging

predictive analytics, and migration to cloud computing

1 2 2

Purchases + Forfeitures

9

+

• =

=

INCOME STATEMENT

Pawn Service Charges Total Up 3% to $63m Same Store Sales Up 2%1 Sales Gross Profit Up 8% to $33m Merchandise Margin 39%

ASSETS

SAME STORE UP 3%1

GROSS PROFIT SAME STORE UP 9%1

Inventory Up 2%;

• vs. up 7% in

Q3FY18

ADJUSTED NET REVENUE Up 5% to $96m

• Improved PLO and well-controlled inventory position. PLO was up

5% with inventory up 2%

• Market leading PLO per store at $305k (GAAP), the highest year

ending per store balance in seven years while maintaining high redemption rate

ADJUSTED TOTAL EXPENSES Up 4% to $70m ADJUSTED PBT Up 7% to $26m

• PLO monthly yield of 14% vs. 13% (GAAP)
• Inventory turns consistent at 1.9x (GAAP)
• Focus on serving our customer helped drive increase in ROEA to

135% from 130% (GAAP)

U.S. Pawn Q4FY18

Pawn Loans Outstanding Up 5%

SAME STORE UP 2%1

Quality Store Manager

SAME STORE UP 6%1

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 on PSC. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

Sales Gross Profit includes Merchandise Gross Profit, Scrap Gross Profit, and Other Revenue.

Focus on Business Execution and Pawn Fundamentals Leads to Profit Growth

Disciplined approach to pawn lending delivered market leading per store metrics on PLO, PSC, and Net Revenue Effective inventory management led to improved inventory position relative to PLO growth again this quarter while expanding merchandise margin Profit growth as recovery continued from the impact of Hurricanes Harvey and Irma

U.S. Pawn Per Store Economics vs. Competition

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EXCELLING IN SERVING AND SATISFYING CUSTOMERS’ NEEDS

Same Store PLO Growth¹

Two-Year Stacked YOY Change

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.

2EZCORP Same Store PLO in stores unaffected by Hurricanes Harvey and Irma were +3%, +2%, -1%, and +2% in the quarters one to four in FY18.

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

EZCORP Public Pawn Competitor

• Market leading Same Store PLO growth, PLO per store, PLO yield, and net

revenue per store

• PLO is the most influential driver of EZCORP revenue and profitability
• Market leading EBITDA growth

2 2 2 2

11

+

• =

=

INCOME STATEMENT

Pawn Service Charges Total Up 99% to $20m

Sales Up 58% Sales Gross Profit Total Up 63% to $8m Merchandise Margin 31%

ASSETS

SAME STORE UP 11%

Purchases + Forfeitures

Pawn Loans Outstanding Up 110% Inventory Up 49%

SAME STORE UP 7%

NET REVENUE Up 82% to $28m TOTAL EXPENSES Up 81% to 18m PBT Up 86% to $10m

• 18 consecutive quarters of Same Store PLO growth;

market leading at 7%

• Market leading PLO per store of $96k, up 14%
• PLO monthly yield of 15% vs. 16%
• Inventory turns of 2.7x vs. 2.3x
• Merchandise margin of 31% vs. 30%
• Improved sales velocity while maintaining margin allowed ROEA

to improve to 153% from 145%

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

Quality Store Manager

SAME STORE DOWN 2%

GROSS PROFIT SAME STORE UP 25%

Exceptional Growth in Latin America

Successful pawn store acquisitions and strong organic growth delivered 86% increase in PBT to $10m Focus on customer experience led to Same Store PLO growth of 7%

Latin America Pawn Q4FY18

Disciplined approach to pawn lending delivered market leading Same Store PLO growth, and PLO and PSC per store Effective inventory management led to improved inventory position relative to PLO growth again this quarter

EZCORP Public Pawn Competitor

Latin America Per Store Economics vs. Competition

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EXCELLING IN SERVING AND SATISFYING CUSTOMERS’ NEEDS

Same Store PLO Growth¹

Two-Year Stacked YOY Change

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 based on company GAAP results, average store count, and per store amounts are in thousands.

• Market leading Same Store PLO growth, PLO per store, and PLO yield
• Market leading EBITDA growth

Drivers to Long-Term Growth Investing in Pawn Fundamentals

13 Proven management track record of execution and market share gains Attractive industry dynamics More diversified geographic footprint with continued opportunities for store

• penings and acquisitions in high

growth markets Systems, incentives and coaching of Team members drives best in class understanding

• f customers

Best-in-class customer experience and meeting customers’ needs Scalability, strong margins and operating leverage

CUSTOMER EXPERIENCE LEADERSHIP

Drives Strong Competitive Advantage

Optimize lending value with focus on customer and product along with systems, incentives and coaching of Team members drives best in class understanding of customers, a strong competitive advantage

14

Additional Information

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Reduction in net interest expense due to continued interest income on promissory note associated with Grupo Finmart sale Accelerating PSC growth; up 18% in Q4 and 12% in FY18

EZCORP GAAP Results

Focus on lending driving PLO growth in the U.S. and Latin America

Business Execution Provides Basis For Further Growth

NM = not meaningful.

Other includes $11.7m impairment on Cash Converters investment in unconsolidated affiliate Increased operations expenses due primarily to acquired stores. Gained operating efficiency in relation to net revenue

16

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

31% Adjusted EPS Growth in FY18

Continued compound growth in EBITDA and PBT with strong operating leverage in both the quarter and fiscal year Net revenue performance accelerated in Q4, with PSC up 17% and Sales Gross Profit up 16%. For FY18 PSC up 12% and Sales Gross Profit up 9% Strong growth in Adjusted EPS in FY18, up 31%

EZCORP Continuing Operations Adjusted Results*

Increased operations expenses due primarily to acquired stores Corporate expense increase primarily from incentive compensation related to improved performance Focus on business fundamentals accelerated PLO growth, up 18% while continuing to improve inventory position, up only 10%

U.S. Pawn Per Store Economics vs. Competition

17

SUPERIOR STORE PERFORMANCE

Quarter Ended Sept 30, 2018

EZCORP

Public Pawn Competitor EZCORP Relative to Competitor Store Count 508 1070 EBITDA (YOY Growth) 15% 5% 3x Net Revenues per store $188 $144 31% Pawn Loans Outstanding per store $305 $261 17% Pawn Service Charges per store $124 $87 43% Average Monthly PLO Yield 14% 11% 300bps Sales per store $158 $151 5% Sales Gross Profit per store $61 $56 9% Merchandise Sales Margin 38.6% 36.8% 180bps Inventory Turns 1.9x 2.5x (.6x)

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

EXCELLING IN SERVING AND SATISFYING CUSTOMERS’ NEEDS

Latin America Pawn Per Store Economics vs. Competition

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SUPERIOR EBITDA GROWTH

Quarter Ended Sept 30, 2018

EZCORP

Public Pawn Competitor EZCORP Relative to Competitor Store Count 453 1346 EBITDA (YOY Growth) 86% 2% 43x Net Revenues per store $59 $59 Equal Pawn Loans Outstanding per store $96 $81 19% Pawn Service Charges per store $43 $33 30% Average Monthly PLO Yield 15% 15% Equal Sales per store $54 $75 (28%) Sales Gross Profit per store $17 $27 (37%) Merchandise Sales Margin 31.2% 35.5% (430bps) Inventory Turns 2.7x 3.7x (1.1x)

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

EXCELLING IN SERVING AND SATISFYING CUSTOMERS’ NEEDS

Receiving Notes Receivable Payments Within Schedule

19

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 September 30, 2018 for all future amounts.

GAAP Interest Income From Notes¹ $14.7 $5.5 $0.8 $21.0

Detail: Amortization (Income) of Deferred Compensation Fee² $9.1 $3.9 $0.8 $13.8 Cash Interest Income $5.6 $1.6 $0.0 $7.2

$32.4 $34.9 $25.7 $25.7

FY18 FY19 FY20 Total

Notes Receivable

(Principal as of 11/13/18) $28.2 $32.4 Notes Receivable Cash Received As of November 13, 2018 $0 $60.6

AlphaCredit has already paid $76.0m principal and interest owed to EZCORP in connection with the sale of Grupo Finmart We have received all payments to-date as contractually

• bligated

We received $32.4m principal in FY18 and we expect to receive an additional $25.7m principal 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

Convertible Senior Notes Potential EPS Dilution

20

In July 2017, we issued $143.75 million aggregate principal amount of 2.875% convertible senior notes due 2024 and in May 2018 we issued $172.5 million aggregate principal amount of 2.375% convertible senior notes due 2025. The notes are convertible into cash or shares of our 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:

• Notes due 2024 - an initial conversion rate of 100

shares per $1,000 principal amount of notes (equivalent to an initial conversion price of $10.00 per share)

• Notes due 2025 - an initial conversion rate of 62.8931

shares per $1,000 principal amount of notes (equivalent to an initial conversion price of $15.90 per share) We have included in the table 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, at a range of assumed average share prices during any period in which the convertible notes due 2024 and 2025, respectively, are outstanding. This method of accounting assumes settlement of the conversion premium in shares even though the company could opt to settle only in cash, eliminating share dilution.

Convertible Senior Notes Due 2024 Convertible Senior Notes Due 2025 Total 10.00 $

• 11.00

$ 1,306,818

• 1,306,818

12.00 $ 2,395,833

• 2,395,833

13.00 $ 3,317,308

• 3,317,308

14.00 $ 4,107,143

• 4,107,143

15.00 $ 4,791,667

• 4,791,667

16.00 $ 5,390,625 67,807 5,458,432 17.00 $ 5,919,118 701,998 6,621,116 18.00 $ 6,388,889 1,265,723 7,654,612 19.00 $ 6,809,211 1,770,109 8,579,320 20.00 $ 7,187,500 2,224,057 9,411,557 21.00 $ 7,529,762 2,634,771 10,164,533 22.00 $ 7,840,909 3,008,148 10,849,057 23.00 $ 8,125,000 3,349,057 11,474,057 24.00 $ 8,385,417 3,661,557 12,046,974 25.00 $ 8,625,000 3,949,057 12,574,057 Estimated Incremental Dilutive Shares for Period Average Share Price for Period

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 $10.00 on the convertible notes due 2024, and $15.90 on the convertible notes due 2025:

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

Convertible Senior Notes Due 2024 and 2025

21

EZCORP Investor Meeting Calendar

Date Event December 6, 2018 Jefferies Crossover Consumer Finance Investor Conference in New York City December 13, 2018 EZCORP Investor Day in New York City

Subject to change

22

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

23

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.

24

GAAP to Non-GAAP Reconciliation Q4 – Continuing Operations*

(B) (C) (A) (E) Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount excludes $0.2m of acquisition expenses Footnote (B) Amount excludes $11.7m impairment on CCV investment and $0.1m loss on FX Footnote (C) Amount excludes tax impact of items listed above and $2.0m expense from revaluation of DTA as a result of tax reform Footnote (D) Amount excludes $0.2m Net Revenue Impact from Hurricanes Harvey and Irma Footnote (E) Amount excludes Hurricane Store Operating Expenses Impact Footnote (F) Amount excludes Acquisition Expenses Footnote (G) Amount excludes 1) $0.5m Empeño Credit and $2.5m Corporate Credit from Restructure of Grupo Notes Receivable, 2) $5.2m expense from debt extinguishment costs reclass from Fortress notes and pay-down of 2019 converts Footnote (H) Amount excludes tax impact of items above *Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in Mexican pesos to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. We used the end-

• f-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

Mexican peso to U.S. dollar exchange rate as of September 30, 2018 and 2017 was 18.7 to 1 and 18.2 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for years ended September 30, 2018 and 2017 was 19.0 to 1 and 19.1 to 1, respectively. Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. 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) (F) (G) (H)

25

GAAP to Non-GAAP Reconciliation Q4 – U.S. Pawn*

Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount excludes $0.2m Net Revenue Impact from Hurricanes Harvey and Irma Footnote (B) Amount excludes Hurricane Store Operating Expenses Impact Footnote (C) Hurricane adjusted EBITDA of $30.3m includes estimated impact of hurricanes of $0.5m and discrete technology/business change related costs of $0.5m

(B) (A) (C)

26

GAAP to Non-GAAP Reconciliation Q4 – Latin America Pawn*

Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount excludes Empeño Credit from Restructure of Grupo Notes Receivable * Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in Mexican pesos to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. We used the end-

• f-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

Mexican peso to U.S. dollar exchange rate as of September 30, 2018 and 2017 was 18.7 to 1 and 18.2 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for years ended September 30, 2018 and 2017 was 19.0 to 1 and 19.1 to 1, respectively. Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. 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. The comparable Q4FY18 same store GAAP figures are PLO of 4%, inventory, net of -5%, PSC revenues of 4% and sales & scrap gross profit of 18%. (A)

27

GAAP to Non-GAAP Reconciliation FY – Continuing Operations*

(B) (C) (A) (F) Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount excludes $0.1 of acquisition expenses for Empeño Footnote (B) Amount excludes $0.7m of Acquisition Expenses Footnote (C) Amount excludes $11.7m impairment on CCV investment, $5.2m Legal Settlement Credit, $0.1m Asset Disposal and ~$0.2m in FX Gain Footnote (D) Amount excludes tax impact of items listed above and net $4.8m gain from reversal of Fin-48 reserves as well as $4.7m expense from revaluation of DTA as a result of tax reform Footnote (E) Amount excludes Shrink Net Revenue Impact from Hurricanes Harvey and Irma Footnote (F) Amount excludes $0.9m Hurricane Store Operating Expenses Impact Footnote (G) Amount excludes $1.1m in organizational realignment expenses and Acquisition Expenses Footnote (H) Amount excludes $0.4m Gain on FX and $0.2m Loss on Disposal of Assets Footnote (I) Amount excludes 1) $0.5m Empeño Credit and $2.5m Corporate Credit from Restructure of Grupo Notes Receivable, 2) $5.2m expense from debt extinguishment costs reclass from Fortress notes and pay-down of 2019 converts Footnote (J) Amount includes tax impact of items listed above * Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in Mexican pesos to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. 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 Mexican peso to U.S. dollar exchange rate as of September 30, 2018 and 2017 was 18.7 to 1 and 18.2 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for years ended September 30, 2018 and 2017 was 19.0 to 1 and 19.1 to 1, respectively. Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. 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) (G) (H) (I) (E) (J)

28

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

Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount excludes $0.1m of asset write-off for sold stores Footnote (B) Amount excludes Shrink Net Revenue Impact from Hurricanes Harvey and Irma Footnote (C) Amount excludes Hurricane Store Operating Expenses Impact Footnote (D) Hurricane adjusted EBITDA of $125.5m includes estimated impact of hurricanes of $6.9m and discrete technology/business change related costs of $2.5m

(A) (B) (C) (D)

29

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

Footnote * - Includes immaterial presentation reclassifications and rounding Footnote (A) Amount excludes $0.1 of acquisition expenses for Empeño Footnote (B) Amount excludes ~$0.1m gain on FX Footnote (C) Amount excludes $0.5m credit from Restructure of Grupo Notes Receivable * Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in Mexican pesos to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. We used the end-

• f-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

Mexican peso to U.S. dollar exchange rate as of September 30, 2018 and 2017 was 18.7 to 1 and 18.2 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for years ended September 30, 2018 and 2017 was 19.0 to 1 and 19.1 to 1, respectively. Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. 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) (C)

30

Consolidated Growth Reconciliation*

Footnote * - Includes immaterial presentation reclassifications and rounding